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S&P Global ratings ups Saipem to ‘BB’ from ‘BB-‘ on planned capital hike -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: On the bridge of Saipem 10000 deepwater drillship, Genoa harbour (Italy), November 19, 2015, you can see a Saipem Logo. Picture taken November 19, 2015. REUTERS/Alessandro Garofalo

MILAN (Reuters) – S&P Global (NYSE:) ratings said on Friday it had raised Italy’s Saipem to ‘BB’ from ‘BB-‘ on the energy services group’s 2 billion euros ($2.21 billion) capital hike planned for this year to help fund a turnaround plan.

S&P removed the company from CreditWatch with negative implications, adding it had a positive outlook on the stock.

It stated that Saipem could be upgraded if it fulfilled its business plan over the next six to twelve months, and reestablished its historical track record of disciplined execution as well as better profitability.

($1 = 0.9066 euros)

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