Moody’s cuts Officine Maccaferri, view to negative

Moody’s Investors Service said it downgraded the corporate family rating of Officine Maccaferri SpA to Caa3 from Caa1, and its probability of default rating to Caa3-PD from B3-PD. Concurrently, Moody’s downgraded to Caa3 from Caa1 the rating on the €190 million senior unsecured notes due June 2021 sold by Maccaferri. The outlook changed to negative from stable.

“The downgrade to Caa3 with a negative outlook reflects a further deterioration in Maccaferri’s liquidity due to delays in the debt restructuring process pursued by its parent company, exacerbated by a weak operating performance in the first nine months of 2019. As a result, the risk of default because of missed payment or distressed exchange in the coming months is very high,” said Donatella Maso, Moody’s lead analyst for Maccaferri, in a press release.

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