Fitch changes Maccaferri to negative

Fitch Ratings said it revised the outlook on Officine Maccaferri SpA to negative from stable and affirmed its long-term issuer default rating and senior unsecured rating at B.

The negative outlook reflects the risk that leverage, which at 6.8 times at end-2014 was materially above the downgrade guideline of 5 times, may remain high for the rating, especially if the company's performance in the short to medium term falls short of Fitch's expectations.

In addition, free cash flow will be inadequate to carry out the expected reduction of debt levels and leverage to levels commensurate with the rating, the agency said.

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