Moody’s drops Twin Set, notes to B2

Moody's Investors Service said it downgraded Twin Set - Simona Barbieri SpA’s corporate family rating to B2 from B1 and probability of default rating to B1-PD from Ba3-PD.

Concurrently, the agency downgraded the senior secured rating assigned to the €150 million notes issued by Twin Set and due July 2019 to B2 from B1, with a loss given default (LGD) assessment of LGD4.

The outlook was changed to stable from negative.

Moody’s said the downgrade and change to a stable outlook take into account Twin Set’s modest EBITDA growth, which is below forecast levels, and high adjusted leverage, which will reduce slowly and is unlikely to fall below 4 times before 2018.

"We have downgraded Twin Set’s corporate family rating to reflect that its adjusted leverage metrics will continue to exceed the guidance for a B1 rating for the next 12-18 months," Moody's vice president, senior analyst Lorenzo Re said in a news release.

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