Moody's downgrades Valdostana delle Acque

Moody's Investors Service said it confirmed CDP RETI SpA's long-term issuer rating and the rating on CDP RETI's €750 million senior unsecured notes at Baa3.

Moody's said it downgraded the long-term issuer rating of Compagnia Valdostana delle Acque SpA to Baa2 from Baa1.

The outlook is stable.

The actions were prompted by the recent downgrade of the government of Italy's bond rating to Baa3 with stable outlook from Baa2 under review for downgrade.

The ratings are driven by a view that CDP RETI will remain strategically important for its 59% shareholder, Cassa Depositi e Prestiti SpA and the Italian government, Modoy's explained.

The company will receive financial support from its immediate parent in case of need, the agency said.

The stable outlook is in line with the stable outlook on Italy.

© 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.