- Language: English
- Published: January 2012
Research Update: Italian Scooter Maker Piaggio Outlook Revised To Positive On Improved Profitability/Cash Flow May 06
- ID: 1857055
- May 2006
- Region: Italy
- Standard & Poors
On May 8, 2006, Standard & Poor's Ratings Services revised its outlook to positive from stable on Piaggio & C. SpA (Piaggio), an Italian manufacturer of scooters, motorcycles, and light transportation vehicles. The 'B+' long-term corporate credit rating was affirmed. The outlook revision reflects Piaggio's improved profitability and its free cash flow generation capacity in 2005, which were further confirmed by first-quarter 2006 results. At the same time, Standard & Poor's raised its debt rating to 'B+' from 'B' on the existing senior unsecured €150 million notes issued by Piaggio Finance S.A. and guaranteed by Piaggio. The upgrade reflects the reduction of existing priority liabilities following the December 2005 refinancing. We view positively the company's smooth integration of scooter and...
Companies mentioned in this report are:
- Piaggio & C. SpA
Action: Outlook: Positive
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >