Italy-Based Gruppo Espresso Downgraded To 'BB-' On Persistently Decreasing Profitability; Outlook Negative Apr 13
- Language: English
- Published: April 2013
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LONDON (Standard & Poor's) Dec. 23, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Italy-based newspaper and magazine publisher Gruppo Editoriale L'Espresso SpA (Espresso; BBB-/Positive/--) would not be affected by the group's -115 million acquisition of RETE A's music TV assets. Although the acquisition will utilize the majority of Espresso's 2005 free operating cash flow capacity, the group is expected to remain within the -500 million lease-adjusted debt threshold for the rating level. The acquisition is to be funded with -100 million of proceeds from the group's October 2004 -300 million bond issue, with the remainder of the proceeds earmarked for the repayment of the -200 million bond maturing in 2005. The integration risk of...
Companies mentioned in this report are: Gruppo Editoriale L'Espresso SpA
Gruppo Editoriale L'Espresso SpA