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
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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: Affirmed
Action: Outlook: Positive

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- Piaggio & C. SpA

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