Moody’s drops, to withdraw Waste Italia

Moody's Investors Service said it downgraded Waste Italia SpA’s probability of default rating to D-PD from Ca-PD/LD.

The outlook remains negative given the potentially meaningful losses to lenders.

The rating action follows Waste Italia's filing for concordato preventivo under Italian bankruptcy law at the beginning of April. The outcome of the process remains uncertain and is likely to result in meaningful losses for the holders of the senior secured notes.

Moody's said it will subsequently withdraw all ratings of Waste Italia due to the filing under Italian bankruptcy law, including the Ca corporate family rating and C instrument rating of the senior secured notes.

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