Summary: CIR-Compagnie Industriali Riunite SpA

Standard & Poors, March 2005

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The ratings reflect Italy-based holding company CIR-Compagnie Industriali Riunite SpA's (CIR) moderate financial profile and the creditworthiness of its main subsidiary, the media group Gruppo Editoriale L'Espresso SpA (L'Espresso; BBB-/Positive/--). The ratings are constrained by the weak diversification and moderate liquidity of CIR's portfolio. The estimated value of the portfolio was -2.3 billion ($3.0 billion at -1.00/$1.31) at Sept. 30, 2004. Representing 73% of its estimated value are three core holdings, majority-controlled but not 100%-owned: L'Espresso (51%-owned), power-utility group Energia (56.5%), and the automotive-component producer Sogefi SpA (60.8%). Majority ownership of these three assets supports CIR's business profile, as the company has good control of the subsidiaries' strategies, access to dividends, and a high likelihood of obtaining a premium for...

Companies mentioned in this report are: CIR-Compagnie Industriali Riunite SpA,Edison SpA,Gruppo Editoriale L'Espresso SpA
Action: Review

CIR-Compagnie Industriali Riunite SpA,Edison SpA,Gruppo Editoriale L'Espresso SpA

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