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Fitch rates Almaviva BB-, facilities BB
Fitch Ratings said it assigned Almaviva SpA a long-term issuer default rating of BB-. Fitch also gave expected BB/RR3 instrument ratings to the company's planned secured debt facilities.
“Almaviva's ratings reflect its entrenched positions as a leading Italian IT services company with a good growth outlook, strong free cash flow, and moderate and improving leverage. Ongoing discussion about the renewal of its contract with its largest customer, Ferrovie dello Stato Italiane SpA (BBB-/stable), is a key risk to expected EBITDA growth and deleveraging,” Fitch said in a press release.
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