MILAN — Moody’s Investors Services downgraded Safilo Group SpA on Friday on concerns the slowdown in demand and exchange rate fluctuations could dent operating performance this year.
Moody’s revised down Safilo’s Corporate Family Rating to “B2” from “B1” and the senior unsecured rating on its 195 million notes, or $250.8 million, due 2013 to “Caa1” from “B3.” It also placed the ratings on review for possible further downgrades due to uncertainties surrounding Safilo’s need to renegotiate existing financial covenants in its main bank facility and the company’s ability to meet future payment obligations.
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