By  on November 19, 2008

MILAN — As if slumping share prices weren’t enough, credit ratings agencies downgraded Safilo Group SpA and IT Holding SpA on concerns the weakening market conditions could further undermine the Italian companies’ ability to service debt and make interest payments.

Moody’s Investors Service revised down Safilo’s corporate family rating, or CFR, to B1 from Ba3 and the senior unsecured rating on the eyewear firm’s 195 million euro, or $246.1 million at current exchange, bond due in 2013 to B3 from B2. The outlook for the rating is negative, Moody’s said Tuesday.

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