S&P: Manutencoop still on watch

Standard & Poor's said it maintained the CreditWatch with negative implications on the B long-term corporate credit rating on Manutencoop Facility Management SpA.

The agency also said it maintained the CreditWatch negative on the B rating on the company’s €425 million senior secured notes. The recovery rating on these notes is unchanged at 3, indicating 50% to 70% expected default recovery.

The CreditWatch follows the Italian Competition Authority's decision to levy a €48.5 million fine for the company’s infringement of competition rules in the tender arranged by Consip for the cleaning services of school buildings, S&P said.

The company plans to appeal the decision and seek the suspension of enforcement of the penalty until the appeal process is completed, the agency said.

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