Summary: Gruppo Editoriale L'Espresso SpA

Standard & Poors, September 2010

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Abstract
The ratings on Italy-based newspaper and magazine publisher Gruppo Editoriale L'Espresso SpA (Gruppo Espresso) reflect Standard & Poor's Ratings Services' view of the group's exposure to the cyclical nature of the advertising sector and its relative concentration of earnings from a single business franchise, "la Repubblica," though this covers a range of products. The ratings are also constrained by our belief that the group competes for advertising revenues within Italy's highly concentrated media industry, and its 53.9% ownership by holding company CIR-Compagnie Industriali Riunite SpA (CIR; BB/Negative/B). The ratings are supported by the group's leading position in the Italian national and local newspaper markets. In 2009, this sector was worth approximately -2.3 billion--according to the market research firm ACNielsen--of which...

Companies mentioned in this report are: Gruppo Editoriale L'Espresso SpA
Action: Review

Gruppo Editoriale L'Espresso SpA

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