S&P downgrades Moby

S&P said it lowered its long-term issuer credit rating on Moby SpA to B from B+.

The outlook is negative.

The agency also lowered the issue rating on Moby's senior secured debt to B+ from BB-. The recovery rating is unchanged at 2, indicating an expectation of substantial recovery (70%-90%; rounded estimate: 85%) in the event of a payment default.

S&P removed the ratings from CreditWatch with negative implications where they were placed on Dec. 20, 2017.

“The downgrade reflects that on the back of a more competitive trading environment than previously expected, Moby's reported EBITDA base has fallen to close to €110 million (excluding the gain from asset disposals) in 2017 and we do not think it will climb to our previously forecast levels of €130 million-€140 million in 2018-2019,” the agency said in a news release.

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