S&P lowers Italcementi credit rating, Italy

Standard and Poor's lowered the long-term corporate credit rating on Italian cement maker Italcementi  to BB+ from BBB-, and its short term rating to B from A-3.

The agency set a "stable" outlook.

The downgrade was prompted by Italcementi's continued underperformance against S&P's rating guidelines, the agency said. The group's operating performance in 2012 is expected to continue to suffer due to depressed end-markets, S&P added. (SeeNews Italy).