CIR-Compagnie Industriali Riunite SpA
Standard & Poors, November 2006
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.
Research Type: Full Analysis
Abstract
The good credit profiles of two core, majority-owned subsidiaries Long-term investment strategy Moderate initial investments in start-up ventures Substantial cash and other liquid holdings Moderate diversity in the portfolio Lack of full control over core assets' cash flows Appetite for investments in new unproven businesses Presence of cross-default provisions in outstanding bonds The ratings on Italy-based holding company CIR-Compagnie Industriali Riunite SpA (CIR) reflect the good business profiles of its main majority-owned subsidiaries--the media group Gruppo Editoriale L'Espresso SpA (BBB-/Positive/--) and the automotive component producer Sogefi SpA--some degree of business diversity underpinned by noncorrelated industries; solid financial flexibility provided by a substantial amount of liquid assets; and a long-term maturity schedule. These strengths are mitigated by some portfolio concentration on...
Companies mentioned in this report are: CIR-Compagnie Industriali Riunite SpA
Action: Review
CIR-Compagnie Industriali Riunite SpA
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