Standard & Poor’s Ratings Services in London, said on the 13 May it lowered its long-term corporate credit rating on Italy-based eyewear manufacturer Safilo SpA (Safilo) from ‘B-‘ to ‘CCC+’.
At the same time, it lowered the issue rating on Safilo’s euro 195 million 9.625 per cent senior subordinated notes due 2013, issued by Safilo Capital International S.A from ‘CCC+’ to ‘CCC’. The recovery rating on the debt is unchanged at ‘5′.
The rating actions reflect Standard & Poor’s view that the persistent downturn in discretionary consumer spending will continue to affect Safilo’s operating performance and liquidity.
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