Moody's upgrades Piaggio

Moody's Investors Service said it upgraded Piaggio & C. SpA's corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD.

The senior unsecured rating on Piaggio's €250 million notes due in 2025 also was upgraded to Ba3 from B1.

The outlook also was revised to stable from positive.

The upgrades recognize the sustained improvements in the company's profitability, strengthening of its balance sheet and an expectation that its credit metrics will remain commensurate with a low Ba rating over the next 18- to 24-months, Moody's said.

The upgrades also reflect the company's demonstrated ability to grow while improving its margins in a challenging operating environment, the agency said.

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