2 October 2018 - 20:59
S&P DOWNGRADES ASTALDI’S RATING TO ‘D’
Astaldi S.p.A. announces that, as of today’s date, the rating agency S&P Global Ratings has downgraded Astaldi S.p.A. and its senior unsecured notes to ‘D’ (default) from ‘CCC-’.
S&P’s decision follows Astaldi’s application for composition with creditors “with reservation,” in accordance with Italian Insolvency Law, announced on September 28, 2018. Consequently, S&P considers Astaldi’s current situation to be tantamount to a default, because the application foresees the suspension of payments related to outstanding obligations, unless authorized by the court, during the period related to the process of composition with creditors.