Research Update: Gruppo Espresso 'BBB-' Ratings Remain On Watch Neg After Parent Company Downgrade
- ID: 1723339
- October 2008
- Standard & Poors
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.
Product Type: Research Update
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On Oct. 6, 2008, Standard & Poor's Ratings Services said that its 'BBB-' long-term corporate credit rating and all issue ratings on Italy-based newspaper and magazine publisher Gruppo Editoriale L'Espresso SpA (Gruppo Espresso) remain on CreditWatch with negative implications, where they were originally placed on Aug. 1, 2008. This comes in the context of today's lowering of the ratings on parent company CIR-Compagnie Industriali Riunite SpA (CIR) to 'BB+/B' from 'BBB-/A-3' (for more information on the rating action and ongoing CreditWatch placement on CIR, please refer to the article titled "CIR-Compagnie Industriali Riunite SpA Cut To 'BB+/B' On Spin-Off Project; Still On Watch Neg"). The continuing CreditWatch placement reflects the possible credit quality implications for Gruppo Espresso of the lowering...
Companies mentioned in this report are: Gruppo Editoriale L'Espresso SpA
Action: CreditWatch Update
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