S&P puts Salini Impregilo on watch

S&P said it placed its BB- ratings on Salini Impregilo SpA on CreditWatch with negative implications.

“Salini Impregilo recently published its 2019 annual results and posted operating cash flows that were weaker than our expectations,” said S&P in a press release. The Covid-19 epidemic increases uncertainty on projects' operations and working capital performance in 2020.

S&P aims to resolve the CreditWatch in the coming months, once it has more visibility on Salini Impregilo's working capital path, including the company's ability to collect delayed payments and on Covid-19's effect on the company's operations.

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