Fitch downgrades Astaldi, debt to B/RR4

Fitch Ratings said it downgraded Astaldi SpA's long-term issuer default rating and senior unsecured rating to B/RR4 from B+.

The outlook is negative.

Fitch said the downgrade reflects Astaldi's failure to delever its capital structure in line with expectations.

“The company's rating will continue to be pressured by high leverage outside our negative rating guidelines, the cash outflow due to working-capital increases despite improved operational performance, and limited proceeds from disposals of concessions,” the agency said in a news release.

“Fitch expects any benefit from the usual reverse of the working capital in the last quarter to be limited and insufficient to materially reduce the gross debt.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.