S&P might lower Salini Impregilo

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

Salini Impregilo published its 2017 results, reporting weaker-than-expected credit metrics, mainly owing to depressed operating cash flow generation and adverse movements in foreign exchange rates that hurt its net financial position, the agency explained.

“The company's revised 2018-2019 financial targets may result in lower adjusted credit metrics for the same period than in our base case that may not be commensurate with the current ratings,” S&P said in a news release.

The agency said it aims to resolve the CreditWatch once it gains clarity on management's deleveraging strategy in 2018-2019.

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