Research Update: CIR-Compagnie Industriali Riunite SpA 'BB+/B' Ratings Affirmed; Off Watch; Outlook Negative

Standard & Poors, November 2008

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
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
On Nov. 18, 2008, Standard & Poor's Ratings Services affirmed its 'BB+/B' long- and short-term corporate credit ratings on Italy-based holding company CIR-Compagnie Industriali Riunite SpA (CIR), and removed them from CreditWatch with negative implications, where they had been placed on Aug. 1, 2008. The outlook is negative. At the same time, Standard & Poor's assigned its '3' recovery ratings to CIR's unsecured outstanding bonds and affirmed its 'BB+' issue ratings on this debt. The ratings affirmation follows the recently announced decision by CIR to cancel its demerger project. The ratings on CIR reflect its: Heavy value concentration of its investment portfolio on its 54%-owned power utility Sorgenia, which we view as weak from a credit standpoint, given execution risks...

Companies mentioned in this report are: CIR-Compagnie Industriali Riunite SpA
Action: Affirmed
Action: Removed From CreditWatch

CIR-Compagnie Industriali Riunite SpA

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