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Summary: IFIL SpA Nov 07

  • ID: 1786377
  • November 2007
  • Standard & Poors
1 of 3

FEATURED COMPANIES

  • EXOR SpA
  • Fiat SpA
  • Intesa Sanpaolo SpA
  • Sequana
  • MORE

Abstract
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
- Sequana

Action: Review

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 READ MORE >

Note: Product cover images may vary from those shown
2 of 3

- EXOR SpA
- Fiat SpA
- Intesa Sanpaolo SpA
- Sequana

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown

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