Piaggio’s long-term rating raised on financial improvement, outlook stable
June 26, 2007
Filed under Features
Standard & Poor’s Ratings Services said it raised Piaggio & C SpA’s long-term corporate credit rating, saying it continued improvement in the company’s profitability and cash generation. The outlook is stable, according to the press release.
S&P said the Italian manufacturer has proven its capability to generate a sound free operating cash flow and has used a large part of it to repay debt.
Reducing its reliance on European markets and turning around the motorcycle business are important targets if Piaggio is to strengthen its risk profile, the release added.