Fitch cuts Safilo view to negative

Fitch Ratings said it changed Safilo SpA's outlook to negative from stable and affirmed its long-term issuer default rating at BB-, short-term issuer default rating at B, along with the BB+ rating on its €400 million senior secured facilities. Safilo Capital International SA's €195 million senior notes due 2013 also are affirmed at BB-.

Demand for luxury eyewear is considered cyclical and the agency said it anticipates a weaker revenue growth profile in 2008 and 2009, with further pressure on margins as a result of slowing economic growth worldwide, Fitch said.

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