Moody’s downgrades Moby

Moody's Investors Service said it downgraded Moby SpA's corporate family rating to Caa1 from B2 and its probability of default rating to Caa1-PD from B2-PD.

The outlook was changed to stable from negative.

The agency also downgraded the rating assigned to the €300 million of senior secured notes to B3 from B1.

"Our decision to downgrade Moby by two notches reflects continued erosion of the company's credit metrics, the limited prospects for a turnaround in performance and liquidity concerns as the company faces potentially significant cash outflows over the next 12 to 18 months on the back of an Italian anti-trust fine and an ongoing investigation by the European Commission," Guillaume Leglise, Moody's assistant vice president and lead analyst for Moby, said in a news release.

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