• +353-1-416-8900(GMT OFFICE HOURS)
  • 1-800-526-8630(US/CAN TOLL FREE)
  • 1-917-300-0470(EST OFFICE HOURS)
Research Update: Italy-Based IFIL SpA 'A-' Rating Placed On CreditWatch Negative On Announced Fiat Investment Product Image

Research Update: Italy-Based IFIL SpA 'A-' Rating Placed On CreditWatch Negative On Announced Fiat Investment

  • Published: September 2005
  • Standard & Poors

Abstract
On Sept. 16, 2005, Standard & Poor's Ratings Services placed its 'A-' long-term corporate credit rating on the Italian investment holding company IFIL SpA on CreditWatch with negative implications. At the same time, Standard & Poor's affirmed its 'A-2' short-term corporate credit rating on IFIL. The CreditWatch placement follows the announcement that IFIL will spend -535 million ($640 million) in order to avoid being diluted by the upcoming capital increase at the industrial group Fiat SpA (BB-/Stable/B) and to maintain its current share (about 30%) in Fiat's capital. We are concerned that, after the announced investment, IFIL's Fiat stake will account for a significant proportion of its holdings portfolio (48%), thus increasing concentration of the portfolio and exposure of the...

Companies mentioned in this report are: EXOR SpA
Action: On CreditWatch:Negative

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 READ MORE >

EXOR SpA

Note: Product cover images may vary from those shown

RELATED PRODUCTS