Moody's downgrades Marcolin

Moody's Investors Service said it downgraded to B3 from B2 the corporate family rating and to B3-PD from B2-PD the probability of default rating of Marcolin SpA and placed the ratings on review for downgrade.

Moody's also downgraded to B3 from B2 the senior secured rating of Marcolin's €250 million of notes. The rating on the notes is also on review for downgrade. The outlook was changed to rating under review from stable.

"Today's rating action reflects the risk that the spread of the Coronavirus across Europe and the subsequent weakening consumer sentiment will negatively impact Marcolin's results and financial profile in 2020, impairing its ability to reduce leverage and straining its liquidity," said Lorenzo Re, a Moody's senior analyst and lead analyst for Marcolin, in a press release.

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