The ratings on Italy-based investment holding company IFIL SpA reflect the satisfactory quality of the company's assets, primarily underpinned by its capital holdings in Italian bank Intesa Sanpaolo SpA (AA-/Stable/A-1+) and in the certification business SGS (not rated), good liquidity given its portfolio of essentially listed holdings; and a conservative financial profile. These strengths are mitigated by heavy portfolio concentration on the still-weak, albeit quickly improving, Fiat SpA (BB+/Positive/B), which accounts for about two-thirds of IFIL's revalued assets; exposure to the challenging paper industry through a stake in Sequana Capital (--/--/B); as well as by the fact that the controlling stake in Fiat constrains the liquidity benefits derived from being listed. IFIL's revalued investment portfolio is worth close to €11...
Companies mentioned in this report are:
- EXOR SpA
- Fiat SpA
- Intesa Sanpaolo SpA
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