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3 years ago
S&P revises outlook on Piaggio down to negative, rating affirmed
April 1, 2014 / 4:27 PM / 3 years ago

S&P revises outlook on Piaggio down to negative, rating affirmed

MILAN, April 1 (Reuters) - Standard & Poor's said on Tuesday it had revised its outlook on Italian scooter maker Piaggio to negative from stable, citing weaker credit ratios and shaky market conditions, but affirmed its long-term corporate rating on the firm at 'BB-'.

"The outlook revision follows the poor performance that Piaggio reported in 2013, which has triggered and could continue to prompt deteriorating credit ratios ... while pushing up the company's debt," the ratings agency said in a statement.

Reporting by Agnieszka Flak, editing by Isla Binnie

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