Moody’s assigns B2 CFR, notes to Condotte

Moody's Investors Service said it assigned a provisional B2 corporate family rating to Societa Italiana per Condotte d'Acqua SpA (Condotte).

Concurrently, the agency assigned a provisional B2 rating to the proposed €300 million senior unsecured notes.

The outlook is stable.

Moody’s said the provisional B2 corporate family rating reflects the company's strong order backlog, equivalent to about 3.4 years of current revenue, supporting ongoing revenue growth and expectations of profit margin improvement.

The current rating also reflects the agency’s expectations of an improvement in leverage below 5 times in the next 12-18 months, from 6.3 times at the end of December 2014, based on Moody's adjusted figures. Moody's adjustments mainly relate to pensions, operating leases and financial guarantees and follow the recent change in OIC 23 of the Italian GAAP.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.