- Published: January 2011
Research Update: CIR 'BBB-/A-3' Ratings On Watch Negative On Plans To Spin Off Non Media Assets
- Published: August 2008
- Standard & Poors
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Product Type: Research Update
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On Aug. 1, 2008, Standard & Poor's Ratings Services put its 'BBB-/A-3' long- and short-term corporate credit and all debt ratings on Italy-based holding company CIR-Compagnie Industriali Riunite SpA on CreditWatch with negative implications, following the group's announcement yesterday that it will spin off its non media assets. CIR's portfolio will be considerably reduced and the company will now focus on its about 50% stake in media group Gruppo Editoriale L'Espresso SpA (BBB-/Watch Neg/--). CIR's business profile will be markedly dented by this transaction. The portfolio's diversification and liquidity will materially weaken, with the group's heavy exposure to one single asset and ensuing vulnerability to the volatility of the Milan stock exchange. CIR's -300 million bond maturing 2024 will continue...
Companies mentioned in this report are: CIR-Compagnie Industriali Riunite SpA,Gruppo Editoriale L'Espresso SpA
Action: On CreditWatch:Negative
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CIR-Compagnie Industriali Riunite SpA,Gruppo Editoriale L'Espresso SpA
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