S&P cuts IT Holding to negative

Standard & Poor's said it revised its outlook to negative from stable on IT Holding SpA, reflecting a deterioration in credit protection metrics.

At the same time, the agency said it affirmed its B- long-term corporate credit rating on IT Holding.

In addition, the agency said it raised its senior unsecured issue rating on the €185 million senior secured notes issued by IT Holding Finance SA to CCC+ from CCC.

The outlook revision reflects the company's excessive financial leverage after operating profits deteriorated in the quarter ended June 30, S&P noted.

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