S&P lowers SNAI

Standard & Poor's said it lowered its long-term corporate credit rating on SNAI SpA to B- from B, and placed it on Creditwatch with negative implications.

"The downgrade reflects its view that SNAI's financial policy remains aggressive and that execution risks surrounding the rollover of the company's short-term funding have increased in the current credit environment," said S&P credit analyst Diego Festa.

The agency noted that the vast majority of SNAI's outstanding financial debt is due in March 2011, and it believes that the lack of reported progress in refinancing the debt signals uncertainty in respect of the company's liquidity position.

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