Moody’s downgrades Safilo

Moody’s Investors Service said it downgraded the corporate family rating of Safilo SpA to B2 from B1 and its probability of default rating to B2-PD from B1-PD.

The agency also changed Safilo's outlook to negative from stable.

"Today's actions factors in Safilo's difficulties to address its refinancing need in a timely manner at a time when operating performances are under pressure," Vincent Gusdorf, Moody's vice president, senior analyst and lead analyst for Safilo, said in a news release.

"The current rating still assumes that Safilo will successfully refinance its capital structure but further negative pressure would build if it does not make significant progress in the coming months."

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