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Research Update: IFIL SpA Product Image

Research Update: IFIL SpA

  • Published: June 2003
  • Standard & Poors

Abstract
On June 30, 2003, Standard & Poor's Ratings Services lowered its long-term and short-term corporate credit ratings on the Italian investment holding company IFIL SpA (IFIL) to 'A-' from 'A', and to 'A-2' from 'A-1', respectively. At the same time, the ratings were removed from CreditWatch, where they had been placed on March 5, 2003. The outlook is negative. The downgrade followed IFIL's decision, announced on June 26, 2003, to subscribe to the -1.8 billion capital increase recently approved by Italy-based industrial group Fiat SpA (BB+/WatchNeg/B), pro rata for its 30.4% stake in the company (-564 million). The one-notch downgrade reflects the concern expressed by Standard & Poor's at the time of the CreditWatch placement that IFIL's participation in a...

Companies mentioned in this report are: EXOR SpA,Sanpaolo IMI SpA,Fiat SpA,Sequana
Action: Downgraded, Off CreditWatch

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 READ MORE >

EXOR SpA,Sanpaolo IMI SpA,Fiat SpA,Sequana

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