Moody’s changes Manutencoop to negative

Moody's Investors Service said it affirmed Manutencoop Facility Management SpA's B2 corporate family rating and probability of default rating of B2-PD and the B2 instrument rating to its €425 million senior secured notes.

The outlook was changed to negative from stable.

"The change in outlook from stable to negative has been triggered by Manutencoop's weak current trading in the nine months to September 2014 as a result of severe and accelerating price and margin pressure from competition, the reduction in the size of its order book as a result of the general economic environment in Italy with fewer commercial opportunities, the increased management distraction caused by two separate investigations and the decline in share of private sector contracts as a percentage of total revenue." Pieter Rommens, Moody's lead analyst for Manutencoop, said in a news release.

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