MILAN — Two credit ratings services downgraded IT Holding SpA on Tuesday after the Italian fashion group asked lender Intesa Sanpaolo SpA to postpone for a second time a 9.4 million euro, or $11.9 million, payment on a loan that was due Monday.
The company, which owns the Gianfranco Ferré, Malo and Extè brands and operates under license the Just Cavalli, Costume National C’N’C and Galliano labels, is seeking to delay the payment until April 18. It was initially due on Oct. 20. Moody’s Investors Service lowered IT Holding’s Corporate Family Rating and Probability of Default Rating to Ca from Caa1. Paolo Leschiutta, vice president at Moody’s and lead analyst for IT Holding, said the “rating downgrade follows the operating difficulties the company is facing due to adverse market conditions and soft consumer spending and Moody’s view that ongoing uncertainties on future operating performances might challenge the company to obtain further support from key banks.”
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