TEXT - S&P cuts Piaggio &C. SpA rating to 'BB-'

Newswire

(The following statement was released by the rating agency) Overview -- The Italian manufacturer of scooters, motorcycles, and light transportation vehicles, Piaggio &C. SpA, has announced a decrease in revenues and an increase in reported debt for the first nine months of 2012. -- We think that credit metrics for Piaggio will not be commensurate with a 'BB' rating at year-end 2012 and that they are unlikely to recover in 2013. -- We are lowering the long-term corporate ...

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