Fitch lowers Eurofidi

Fitch Ratings said it downgraded Eurofidi's long-term issuer default rating to BB from BB+ and affirmed its short-term issuer default rating at B.

The long-term issuer default rating remains on Rating Watch negative.

The downgrades follow the downgrade of Eurofidi's largest ultimate shareholder, the Region of Piemonte, Fitch said.

The ratings are based on potential support from Piemonte, and Fitch said it considers that the probability that the region will provide support to Eurofidi in case of need has reduced as a result of the downgrade.

Eurofidi's current ratings reflect its close relationship with the region, the agency added.

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