Moody's rates Immobiliare Grande

Moody's Investors Service said it assigned a new corporate family rating of Ba1 to Immobiliare Grande Distribuzione SiiQ SpA.

The senior unsecured rating on its €300 million notes due in 2021 were downgraded to Ba1 from Baa3.

The outlook also was revised to stable from negative.

Moody's said it withdrew the company's issuer rating of Baa3 following its downgrade to Ba1 as per the agency's practice for companies with non-investment-grade ratings.

The downgrades were driven by the overall challenging operating environment for the retail property sector and the weak growth prospects for the Italian economy, the agency said.

These factors are expected to weigh more heavily on the company's credit metrics over the next months, Moody's said.

The downgrades reflect the increasingly challenging operating environment for shopping center landlords amid structural changes in the retail sector and a sluggish Italian economy, Moody's said.

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