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

© Reuters. FILE PHOTO: A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa’s harbour, Italy, November 19, 2015. 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.

“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)

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