Moody’s trims Officine Maccaferri

Moody's Investors Service said it downgraded to C from Ca the rating of the €190 million senior unsecured notes due June 2021 issued by Officine Maccaferri SpA.

Maccaferri's current Ca corporate family rating and Ca-PD/LD probability of default rating are unchanged.

The outlook remains negative.

“The downgrade of the notes' rating to C reflects the proposed terms of the company's debt restructuring plan, which envisages a recovery rate of 30% or less for the noteholders,” Igor Kartavov, Moody's lead analyst for Maccaferri, said in a news release.

“However, if debt restructuring is executed as planned, the overall family recovery rate will likely fall within the 35% to 65% range, consistent with Maccaferri's current Ca corporate family rating.”

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