Moody’s lowered Thursday the outlook on all credit ratings of Italy’s cement maker Italcementi SpA and its units to "negative" from "stable".

The rating agency cut to "negative" the outlook on Italcementi Finance and its French subsidiary Ciments Francais.

Moody’s explained the move with Italcementi’s lower first-half and second-quarter results.

Italcementi reported a 15% drop in first-half earnings before interest, tax, depreciation and amortisation (EBITDA) and a 20% fall in the second-quarter EBITDA.
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