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S&P lowers Salini Impregilo
S&P said it lowered its long-term issuer credit rating on Salini Impregilo to BB from BB+. The outlook is stable.
At the same time, the agency lowered to BB from BB+ the long-term issue rating on Salini Impregilo's 283 million senior notes maturing in 2018, 600 million senior notes maturing in 2021 and on 500 million senior notes maturing in 2024.
The recovery rating remains 4, reflecting recovery prospects of 45%.
Additionally, S&P removed both ratings from CreditWatch where they were placed with negative implications on March 21.
The downgrade reflects a view that Salini Impregilo's adjusted funds from operations (FFO) to debt will remain below 30% in 2018-2019, following a pronounced drop in 2017 as result of reported sluggish operating cash flow generation and adverse movement in foreign exchange (forex) rates that hurt its net financial position, the agency said in a news release.
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