Fitch cuts Safilo loans to BB-

Fitch Ratings said it downgraded the long-term issuer default rating of Safilo SpA to B from BB-, along with its €400 million senior credit facilities to BB- from BB+ and assigned a recovery rating of 2. Safilo Capital International SA's €195 million senior notes due 2013 also was downgraded to B- from BB- and assigned a recovery rating of 5. Safilo's short-term issuer default rating was affirmed at B.

The outlook remains negative.

The downgrade reflects the much sharper than expected deterioration in Safilo's results in the third quarter of 2008 and an expectation that there will be further pressure on EBITDA and cash flows as the global recession intensifies through 2009, Fitch said.

© 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.