(Finance) – Moody’s ha The Pro-Gest rating has been withdrawnthe main Italian paper group that is in a state of financial tension, including the Corporate Family Rating “Caa3”. Previously, before retreat, the outlook was negative.
These actions reflect Governance considerations associated with the start of a crisis negotiated composition procedure (CNC) pursuant to the Italian code of the business crisis and insolvency following the completion of a revision of the company’s company plan and a proposal to its financial creditors to reprogram the debt of the group.
The decision to withdraw the rating reflects a significant delay in the publication of the budgets of Pro-Gest for 2023 and the lack of clarity on when these budgets would have been made available. The delay in the publication of the financial statements was caused by the process of reprogramming the group’s investigation.