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Bulletin: IFIL SpA Ratings And Outlook Unchanged On Plan To Merge With Parent, IFI
Standard & Poors, Sep 2008
Abstract
PARIS (Standard & Poor's) Sept. 9, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on Italy-based investment holding company IFIL SpA (BBB+/Stable/A-2) remain unchanged following IFIL's announcement yesterday that the board has approved a plan for the merger of IFIL into its controlling parent, IFI (not rated). When and if shareholders approve the plan, we expect to ascribe the existing ratings to the surviving company. The ratings already take into consideration the presence of debt at the IFI level. Regarding ratio calculation, the merger will increase the computed loan-to-value ratio, but the latter will remain minimal and well within the acceptable 20% limit, given IFIL's current net cash position after proceeds recently received from the sale...
Companies mentioned in this report are: EXOR 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.
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