S&P drops SNAI

Standard & Poor's said it lowered its long-term corporate credit rating on SNAI SpA to CCC+ from B-.

At the same time, the ratings were removed from Creditwatch where they were placed with negative implications on April 27.

The outlook is negative.

"The one-notch downgrade primarily reflects the lack of reported progress in the refinancing the bank loans of SNAI Servizi Srl, the parent company of SNAI," said S&P credit analyst Diego Festa.

"In its view, the slow progress signals uncertainties in respect of SNAI's liquidity position, which we consider as weak. This risk is exacerbated by SNAI's operating performance over the first quarter of financial 2010, which was weaker than we anticipated."

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