Recovery Report: Piaggio & C. SpA's Recovery Rating Profile Jul 08

  • ID: 1858177
  • July 2008
  • Standard & Poors
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The issue and recovery ratings on the unsecured debt of Piaggio Finance S.A., a subsidiary of Italy-based manufacturer of scooters, motorbikes, and light transportation vehicles Piaggio & C. SpA, remain unchanged. The issue-level rating on Piaggio Finance's senior unsecured debt remains at 'BB', in line with the 'BB' corporate credit rating on Piaggio & C., while the recovery rating is '3', indicating Standard & Poor's Ratings Services' expectation of meaningful (50%-70%) recovery in the event of a payment default. Piaggio has the following debt facilities: €150 million unsecured notes maturing in 2012 €150 term loan A maturing in 2012 (not rated) €100 million revolving facility agreement maturing in 2012 (not rated) The €150 million notes maturing in 2012 are unsecured...

Companies mentioned in this report are:
- Piaggio & C. SpA

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.

Research Type: Full Analysis

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- Piaggio & C. SpA

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