Research Update: Italy-Based Nexi Payments SpA Ratings Lowered To 'B+' And Withdrawn At Issuer's Request

On July 2, 2018, Mercury UK HoldCo announced that it had completed the reorganization process entailing the carve-out of its payments business. As such, Nexi Payments (Nexi Cartasi) has been transferred to Latino Italy SpA (renamed as Nexi). We are therefore lowering to 'B+' from 'BB-' our rating on Nexi Payments, to align it with its new parent, and removing it from CreditWatch with negative implications, where we placed it on May 2, 2018. We are subsequently withdrawing the ratings at the issuer's request. The outlook was stable at the time of the withdrawal, reflecting that on its new parent entity, Nexi. On July 5, 2018, S&P Global Ratings lowered to 'B+' from 'BB-' the long-term issuer credit rating on

...+ On July 2, 2018, Mercury UK HoldCo announced that it had completed the reorganization process entailing the carve-out of its payments business. + As such, Nexi Payments (Nexi Cartasi) has been transferred to Latino Italy SpA (renamed as Nexi). + We are therefore lowering to 'B+' from '##-' our rating on Nexi Payments, to align it with its new parent, and removing it from CreditWatch with negative implications, where we placed it on May 2, 2018. + We are subsequently withdrawing the ratings at the issuer's request. + The outlook was stable at the time of the withdrawal, reflecting that on its new parent entity, Nexi....

Research Update