S&P downgrades Vespa maker Piaggo

Newswire

MILAN, Nov 30 (Reuters) - Standard & Poor's has downgraded Italy's Piaggio, the maker of the Vespa scooter, to three notches below investment grade, citing the impact of weak economic conditions in Europe. In a statement on Friday, the ratings agency said it had lowered its long-term credit rating on Piaggio by one notch to 'BB-' from 'BB' with a stable outlook. S&P said the Italian company's credit metrics would be weaker than previously expected and ...

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