TEXT-S&P cuts IFIL corporate credit ratings

Newswire

(The following statement was released by the rating agency) NEW YORK, June 30 - Standard & Poor's Ratings Services lowered its long-term and short-term corporate credit ratings on the Italian investment holding company IFIL SpA (IFIL) to 'A-' from 'A', and to 'A-2' from 'A-1', respectively. At the same time, the ratings were removed from CreditWatch, where they had been placed on March 5, 2003. The outlook is negative. The downgrade followed IFIL's decision, announced on June 26, ...

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