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Fitch, Moody's act on Italian payments firm Nexi

Fitch Ratings and Moody's on March 25 took similar actions on the ratings of Nexi SpA after the company filed for its IPO.

Fitch placed the Italian payments firm's ratings on Rating Watch Positive, including its B+ long-term issuer default rating and BB- super senior revolving credit facility rating. The agency noted that it will resolve the review once Nexi completes its listing, which could lift the ratings by a notch.

Meanwhile, Moody's placed the company's B1 corporate family rating and B1-PD probability of default rating on review for upgrade. Moody's noted that it will review Nexi's post-IPO ownership structure, the terms and conditions of the new bank facilities as well as its financial policy and strategic objectives, adding that it could raise the firm's corporate family rating by at least one notch if its listing is executed as expected.

Nexi's IPO comprises a capital increase, excluding pre-emptive rights, of newly issued shares with a total expected value of between €600 million and €700 million. The company noted that the final structure of the offering will be determined immediately before its launch in April, with a greenshoe option expected to be provided as well.