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Summary: CIR-Compagnie Industriali Riunite SpA
Standard & Poors, March 2005
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
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
CIR-Compagnie Industriali Riunite SpA,Edison SpA,Gruppo Editoriale L'Espresso SpA