Inter Media and Communication SpA have confirmed that a new bond rating for the club’s €300 million bond will be sought from a different rating agency as early as next week in a press release today.
In today’s press release, Inter Media and Communication SpA, the sole director of media, transmission and sponsorship of FC Internazionale Milano SpA, state that they do not agree with the rating given by S&P and believe it was erroneous/wrong. For this reason they will be seeking a new rating for the bond that they have.
Back in April this year, American financial services company Standard & Poor’s (S&P) reduced Inter’s bond rating downward to a B-.
That decision was made in light of the Coronavirus pandemic and a negative credit watch rating was assigned to it as well at the time. S&P also warned that due to the situation the bond could be further revised downward.
The press release reads: “Inter Media and Communication SpA (“Inter Media” or “we”), sole director and manager of the media, transmission and sponsorship of FC Internazionale Milano SpA, today announces that, following the incorrect application by S&P of its rating criteria on the 300 million bond guaranteed until 2022, and the subsequent withdrawal by S&P at the request of Inter Media, we currently expect that the securities will be evaluated by a different rating agency as early as next week.”