|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: Ratings on IFIL SpA Unchanged Following Disposal of La Rinascente's Food Business
Standard & Poors, Nov 2004
Abstract
PARIS (Standard & Poor's) Nov. 8, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Italy-based investment holding company IFIL SpA (A-/Negative/A-2) remain unchanged following IFIL's announced agreement to sell its stake in La Rinascente's food business to French retailer Groupe Auchan SA (A/Stable/A-1) for approximately -1.06 billion ($1.37 billion). Subject to approval from the relevant antitrust authorities, the disposal is expected to be completed by year-end 2004. IFIL's financial policy is conservative, and the company is expected to keep its net debt-to-net asset value at less than 20% at all times. IFIL is expected to be in a net cash position following its disposal of La Rinascente's food business. Nevertheless, there is uncertainty about IFIL's...
Companies mentioned in this report are: EXOR SpA,Fiat SpA
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
