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S&P lifts Italcementi view to positive
Standard & Poor’s said it revised the outlooks on Italcementi SpA and its core subsidiary, Ciments Francais SA, to positive from developing.
The agency also said it affirmed the BB long-term and B short-term corporate credit ratings on both companies.
S&P also said it affirmed the BB ratings on the €500 million and €750 million senior unsecured notes issued by Italcementi Finance SA and guaranteed by Italcementi.
The recovery rating on this debt is 4, indicating 30% to 50% expected default recovery.
The agency also said it affirmed the BB rating on the €500 million senior unsecured notes due 2017 issued by Ciments Francais. The recovery rating on this debt is 3, indicating 50% to 70% expected default recovery.
The outlook revision follows the completion of a review of HeidelbergCement’s plans to purchase Italmobiliare SpA’s 45% shareholding in Italcementi, which was announced in July, S&P said.
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