Recovery Report: Piaggio & C. SpA's Recovery Rating Profile Jul 08
- ID: 1858177
- July 2008
- Standard & Poors
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
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