Moody's cuts its corporate family rating by Italcementi to 'Ba3' and the probability of default to 'Ba3-PD', with a stable outlook, and the decision has unleashed the wrath of the Italian company.
This is what we read in a note from the rating agency, which underlines how the company's credit parameters have been below expectations in the last twelve months and remains concerned about the concentration of the group's activities in France, Belgium, Egypt and Morocco. noting that Egypt's credit rating has recently been downgraded.
For its part, Italcementi believes that this is “a hasty decision that does not fully evaluate the increasingly tangible results of our cost efficiency measures and strong liquidity position. An evaluation carried out by looking in the rear-view mirror.
