- Published: May 2010
Summary: IFIL SpA
- Published: November 2008
- Standard & Poors
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 automotive group Fiat SpA (BBB-/Negative/A-3), Italian bank Intesa Sanpaolo SpA (AA-/Stable/A-1+), and in the certification business SGS (not rated); liquidity of assets thanks to a large proportion of listed holdings; and a conservative financial profile. These strengths are mitigated by heavy portfolio concentration on Fiat, which accounts for around half of IFIL's asset portfolio, and the very core nature of this controlling stake, which is unlikely to be sold and therefore removes any liquidity benefits derived from its being listed. IFIL's investment portfolio, currently worth about -4.7 billion, is largely reliant on the price of Fiat...
Companies mentioned in this report are: EXOR SpA
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