S&P affirms MM

S&P said it affirmed its BBB long-term issuer credit rating on MM SpA.

The outlook is stable.

At the same time, the agency affirmed the BBB issue rating on MM's €100 million senior secured notes maturing in 2035.

“The affirmation follows MM's stronger than anticipated performance in 2017. In particular, adjusted EBITDA increased 4.8% year-on-year to €56 million thanks to operating efficiencies in MM's water and engineering activities,” S&P said in a news release.

“This, coupled with lower than forecast capital expenditure (capex) at €36 million, led to adjusted funds from operations (FFO) to debt of 24.6%, higher than our expectation of 20.7% for 2017.”

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