S&P downgrades Astaldi, notes

S&P said it lowered the long-term corporate credit rating on Astaldi SpA to CCC+ from B-.

The outlook is negative.

At the same time, the agency lowered the issue rating on Astaldi's €750 million senior notes to CCC+ from B-, in line with the long-term corporate credit rating.

The recovery rating remains at 4, indicating an expectation of average recovery prospects (30%-50%; rounded estimate 35%) in the event of a payment default.

“The downgrade reflects our view that Astaldi's operating cash flow generation has further weakened during the third quarter of 2017, and is below our previous expectations,” S&P said in a news release.

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