Summary: IFIL SpA Nov 07

Standard & Poors, November 2007

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 new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

EXOR SpA,Fiat SpA,Intesa Sanpaolo SpA,Sequana

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