Moody's lifts Safilo

Moody's Investors Service said it has upgraded Safilo SpA's corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

The outlooks remain positive.

"We have upgraded Safilo's ratings to reflect its success in weathering the impact of the loss of its licence agreement with Armani and in improving its liquidity profile in recent weeks," said Paolo Leschiutta, a Moody's vice president-senior credit officer and lead analyst for Safilo.

"We recognize that Safilo has been able to maintain its profitability at satisfactory levels during 2012 and the first three months of 2013, notwithstanding the negative impact of the expiry of the license agreement with Armani and the difficult macroeconomic environment across key markets."

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