Italcementi cut to 'Ba2' from 'Ba1' by Moody's rating agency

Rating decision due to negative sector outlook, Italcementi says

Italcementi cut to 'Ba2' from 'Ba1' by Moody's rating agency

(ANSA) – New York, November 15 - Moody's cut its rating on Italian giant cement-maker Italcementi to 'Ba2' from 'Ba1', with a negative outlook, according to a statement released on Thursday by the ratings agency. Moody's decision reflects the negative outlook that had already been given to Italcement's stock a year ago and is based on the now-consolidated negative outlook that has been given to entire sector by the ratings agency, said Italcementi Chief Financial Officer Giovanni Maggiora. Maggiora said he believed Moody’s had not taken in recent developments relating to the company’s future prospects relating to new plans, adding that Italcementi had a solid financial profile and additional efficiency-boosting plans that would allow it to overcome the recession.

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