waltermasoni
Caribbean Trader
Fitch Assigns Nexi Final 'B+' IDR; Outlook Stable
26 JUL 2018 5:38 AM ET
Fitch Ratings-Milan/London-26 July 2018: Fitch Ratings has assigned Latino Italy S.p.A (Nexi S.p.A.) a final Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable. Fitch has assigned Nexi Capital S.p.A's senior secured notes a final rating of 'BB-' with a Recovery Rating of 'RR3'/57%.
The rating actions follow the completion of the planned reorganisation of the group on 1 July 2018 after receiving regulatory approval. This effectively separates the legacy banking business of ICBPI from the Nexi business. There have been no material changes to the financing documentation since our assignment of expected ratings in May 2018 and financial performance remains in line with Fitch's forecasts.
26 JUL 2018 5:38 AM ET
Fitch Ratings-Milan/London-26 July 2018: Fitch Ratings has assigned Latino Italy S.p.A (Nexi S.p.A.) a final Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable. Fitch has assigned Nexi Capital S.p.A's senior secured notes a final rating of 'BB-' with a Recovery Rating of 'RR3'/57%.
The rating actions follow the completion of the planned reorganisation of the group on 1 July 2018 after receiving regulatory approval. This effectively separates the legacy banking business of ICBPI from the Nexi business. There have been no material changes to the financing documentation since our assignment of expected ratings in May 2018 and financial performance remains in line with Fitch's forecasts.