Moody’s might cut Officine Maccaferri

Moody's Investors Service said it placed the B3 corporate family rating of Officine Maccaferri SpA on review for downgrade.

Concurrently, Moody's also placed on review for downgrade the company's B2-PD probability of default rating and the B3 senior unsecured rating on Officine Maccaferri's €190 million outstanding notes due in June 2021.

The outlook was changed to rating under review from stable.

“The review for downgrade reflects the company's weakening liquidity, high leverage and the uncertainty around the implications that the restructuring process of Maccaferri's ultimate parent company (SECI SpA) may have on Maccaferri's ability to refinance its capital structure by the end of 2019, and to execute its strategic plan,” Giuliana Cirrincione, Moody's lead analyst for Maccaferri, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.