LONDON (S&P Global Ratings) Sept. 20, 2022--S&P Global Ratings today raised three issue ratings on secured instruments issued by Italy-based corporates. We also affirmed one issue rating on an unsecured instrument (see the Ratings List for full details). This follows the upward revision--to Group A from Group B--to our jurisdiction assessment for the Italian insolvency regime. The issue ratings on unsecured debt issued by Italy-based corporates are unchanged because the caps on unsecured debt still apply in Group A, as explained in our methodology. Bormioli Pharma SpA: Issue rating on the €55 million super senior revolving credit facility (RCF) raised to 'BB-' from 'B+' with a recovery rating of '1' (estimated recovery prospects of 95%). Evoca SpA: Issue rating on
