Research Update: Italy-Based CIR-Compagnie Industriali Riunite Outlook Revised To Negative; 'BB/B' Ratings Affirmed
- ID: 1723887
- July 2010
- Standard & Poors
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Product Type: Research Update
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In our opinion, challenges faced by Compagnie Industriali Riunite SpA's (CIR) power utility subsidiary may further weaken the quality of CIR's investment portfolio, weigh on the estimated value of its portfolio, and affect its loan-to-value ratio. We are revising our outlook on CIR to negative from stable and affirming its 'BB/B' ratings. The negative outlook reflects the likelihood of ratings being lowered should our assessment of the company's investment portfolio quality or the estimated loan-to-value ratio be further affected by the combination of ongoing price weaknesses, aggressive debt leverage, and execution risks at Sorgenia, CIR's electricity subsidiary. On July 15, 2010, Standard & Poor's Ratings Services revised its outlook on Italy-based holding company CIR-Compagnie Industriali Riunite SpA (CIR) to negative...
Companies mentioned in this report are: CIR-Compagnie Industriali Riunite SpA,Verbund AG,Gruppo Editoriale L'Espresso SpA
Action: Outlook: Negative
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