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Summary: Gruppo Editoriale L'Espresso SpA
Standard & Poors, March 2010
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Italy-based newspaper and magazine publisher Gruppo Editoriale L'Espresso SpA (Gruppo Espresso) reflect the group's high financial leverage and weak credit metrics due to the pronounced economic downturn; and its relative concentration of earnings from a single business franchise ("la Repubblica"), although this covers a range of products. Additional constraints on the ratings are that the group competes for advertising revenues with Italy's highly concentrated TV broadcasting industry; and that it is 53.9% owned by holding company CIR-Compagnie Industriali Riunite SpA (CIR; BB/Stable/B). The ratings are supported by the group's leading position in the Italian national and local newspaper markets; the cash-generative nature of its business, with moderate working capital requirements; significant cost savings which have yet to...
Companies mentioned in this report are: Gruppo Editoriale L'Espresso SpA
Gruppo Editoriale L'Espresso SpA