Moody’s changes Marcolin view to negative

Moody's Investors Service said it changed to negative from positive the outlook on Marcolin SpA’s B2 corporate family rating, B2-PD probability of default rating and B2 senior secured rating to the €200 million of notes due 2019.

Concurrently, the agency affirmed these ratings.

"The decision to change the outlook to negative on Marcolin's ratings reflects the liquidity deterioration and the slower-than-anticipated deleveraging, despite the successful integration of Viva. Although we still expect that the company will reduce its financial leverage over time, we now expect that financial leverage, measured by the ratio debt/EBITDA, adjusted for operating leases and pension deficits, will remain close to 5.5x over the next 12-18 months, a level that is high for the current rating," Lorenzo Re, Moody's senior analyst, vice president and lead analyst for Marcolin, said in a news release.

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