Moody’s changes Officine Maccaferri to stable

Moody's Investors Service said it changed the outlook on Officine Maccaferri SpA to stable from negative.

All ratings, including the B3 corporate family rating, B2-PD probability of default rating and the B3 senior unsecured rating assigned to Officine Maccaferri's €200 million (outstanding €190 million) worth of senior notes due in 2021 were affirmed.

"The outlook stabilization reflects the recovery in Officine Maccaferri's operating performance during 2017 as a result of improved trading conditions – especially in Western Europe, India and the US – that allowed to compensate for the still-missing contribution from Brazil, which has been traditionally a key market for Maccaferri," Giuliana Cirrincione, Moody's lead analyst for Officine Maccaferri, said in a news release.

"We expect global macroeconomic conditions will remain supportive of a moderate topline and earnings growth for the company over the next 12-18 months, with Moody's-adjusted leverage ranging between 5.2x-5.0x by end-2019."

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