Fitch affirms Officine Maccaferri at B-

Fitch Ratings said it affirmed Officine Maccaferri SpA's long-term issuer default rating and senior unsecured rating at B- with a recovery rating RR4 (50%).

The outlook is stable.

Fitch said the ratings reflect volatile cash flow and high funds from operations (FFO) adjusted gross leverage against improving operating performance, solid market positions and geographic diversification.

Rating headroom is limited at the current rating level due to volatile and currently negative free cash flow generation and high FFO leverage, the agency added.

However, there is no immediate pressure on liquidity due to the absence of short-term debt maturities.

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