Summary: Gruppo Editoriale L'Espresso SpA

Standard & Poors, March 2010

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Abstract
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
Action: Review

Gruppo Editoriale L'Espresso SpA

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