S&P cuts Reno De Medici

Standard & Poor's said it lowered its long-term corporate credit rating on Reno De Medici SpA to B from B+. The same rating action was taken on the senior unsecured debt of subsidiary Reno De Medici International SA.

The agency said it also affirmed the B short-term corporate credit rating on Reno De Medici with a negative outlook.

S&P said the downgrade reflects weaker-than-expected operating cash flows and persisting difficult market conditions, which have further deteriorated over the past months.

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