Moody : Rating Action, Moody's downgrades Saipem to Ba2, stable outlook

Frankfurt - Moody's Investors Service, ('Moody's') has today downgraded the corporate family rating (CFR) of Saipem S.p.A. (Saipem) to Ba2 from Ba1 as well as its probability of default rating (PDR) to Ba2-PD from Ba1-PD.

Concurrently, Moody's has also downgraded the backed senior unsecured MTN rating of Saipem's guaranteed subsidiary Saipem Finance International B.V. to (P)Ba2 from (P)Ba1 as well as the subsidiary's backed senior unsecured rating to Ba2 from Ba1. The outlook on Saipem has been changed to stable from negative. The full list of all affected ratings and entities is included in the end of the press release.

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