Moody’s cuts Manutencoop, notes to B3

Moody's Investors Service said it downgraded Manutencoop Facility Management SpA's corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

Concurrently, the agency downgraded the instrument rating on the senior secured notes to B3 from B2.

The outlook is stable.

"The downgrade has been triggered by the announcement of the Italian Competition Authority (ICA) to levy a €48.5 million fine against Manutencoop Facility Management SpA and the company's potential resulting tight liquidity profile," Pieter Rommens, Moody's lead analyst for Manutencoop, said in a news release.

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