Fitch lowers International Design Group

Fitch Ratings said it downgraded International Design Group SpA's ratings, including the long-term issuer default rating and senior secured notes to B from B+.

“The downgrade reflects our expectation of an increase in leverage to levels that are more compatible with a 'B' rating from 2020 through to at least 2022. This is due to a precautionary drawdown of the revolving credit facility (RCF) – which should, however, be temporary – but mainly to the revenue drop caused by the coronavirus pandemic, affecting the profitability of IDG despite cost-cutting measures and a flexible cost base,” said Fitch in a press release.

The outlook is negative.

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