Fitch rates Almaviva BB-, facilities BB

Fitch Ratings said it assigned Almaviva SpA a long-term issuer default rating of BB-. Fitch also gave expected BB/RR3 instrument ratings to the company's planned secured debt facilities.

“Almaviva's ratings reflect its entrenched positions as a leading Italian IT services company with a good growth outlook, strong free cash flow, and moderate and improving leverage. Ongoing discussion about the renewal of its contract with its largest customer, Ferrovie dello Stato Italiane SpA (BBB-/stable), is a key risk to expected EBITDA growth and deleveraging,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.