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Standard & Poors, May 2008
High asset quality of holdings in Intesa Sanpaolo and SGS A portfolio essentially made up of listed stakes Conservative financial policy Heavy portfolio concentration on Fiat Exposure, through Sequana, to the challenging paper industry Mainly majority owned, or controlled, subsidiaries, reducing the liquidity benefits of their being listed 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-/Stable/A-3), Italian bank Intesa Sanpaolo SpA (AA-/Stable/A-1+), and in the certification business SGS (not rated); strong liquidity given its portfolio of essentially listed holdings; and a conservative financial profile. These strengths are mitigated by heavy portfolio concentration on Fiat, which accounts for about 60%...
Companies mentioned in this report are: EXOR SpA,Fiat SpA
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: Full Analysis
EXOR SpA,Fiat SpA