Cross-Default Debt Clauses Main Driver Of Negative Outlook On Italy-Based CIR, Says Credit FAQ

Standard & Poors, October 2007

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
PARIS (Standard & Poor's) Oct. 2, 2007--Standard & Poor's Ratings Services takes an in-depth look at the negative outlook on Italy-based holding company CIR-Compagnie Industriali Riunite SpA (CIR; BBB-/Negative/A-3) in a report published today. "We are mainly concerned about risks arising from cross-default provisions in three bonds issued by CIR's subsidiaries," said Standard & Poor's credit analyst Xavier Buffon. The outlook on CIR has been negative since Nov. 9, 2006. The credit FAQ, "What's Behind The Negative Outlook On Italy-Based CIR-Compagnie Industriali Riunite SpA," is available on RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, and addresses some of the questions that we are most often receiving. -- Why is the outlook negative?...

Companies mentioned in this report are: CIR-Compagnie Industriali Riunite SpA
Action: General Comment

CIR-Compagnie Industriali Riunite SpA

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