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MILAN – S&P Global 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.
“We could upgrade Saipem if the company delivered on its business plan in the coming six-to-twelve months and restored its historic track record of disciplined execution and better profitability,” it added.
($1 = 0.9066 euros)
(Reporting by Federico Maccioni; editing by Agnieszka Flak)
