Moody's reviews Safilo

Moody's Investors Service said it placed on review for downgrade the Ba3 corporate family rating of Safilo SpA and the B2 senior unsecured rating on the €195 million notes due 2013.

"The rating actions were prompted by weaker-than-expected half-year results and by Moody's concerns regarding decreasing headroom in the company's financial covenants," Marco Vetulli, a Moody's vice president, said in a written statement.

"The review process will focus on the resilience of Safilo's business model in light of adverse market conditions and consequently on the company's ability to reverse the negative trend," Vetulli said.

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