Moody's ups Safilo

Moody's Investors Service said it upgraded Safilo SpA's corporate family and probability of default ratings to B3 from Caa1, along with the senior unsecured rating on its outstanding €195 million notes due 2013 to Caa2 from Caa3.

The outlook is stable.

The upgrade reflects the improvement in the group's operating performance, a degree of recovery in market conditions and the expectation that key credit metrics will continue to support the rating going forward, Moody's said.

During the nine months to Sept. 30, 2010, Safilo reported revenues of €818.2 million and EBITDA of €82.5 million, up 5.6% and 50%, respectively, compared to the same period in 2009, the agency said.

This result was due to a combination of improved operating efficiency, thanks to increased utilization of production capacity and recovery in consumer demand, in particular for sunglasses, Moody's said.

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