S&P upgrades Piaggio

S&P said it raised its long-term issuer credit rating on Piaggio & C. SpA to BB- from B+.

The outlook is stable.

At the same time, the agency raised the issue rating on the €250 million senior notes due July 2021 to BB- from B+. The recovery rating remains at 3, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate 65%) in the event of a default.

S&P said the upgrade reflects a view that Piaggio will be able to maintain credit metrics, namely funds from operation to debt in the high teens, on a sustainable basis, which S&P views as in line with the BB- rating level.

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