Summary: Piaggio & C. SpA Sep 11

Standard & Poors, September 2011

Abstract
The ratings on Piaggio & C. SpA, an Italian manufacturer of scooters, motorcycles, and light transportation vehicles, reflect Standard & Poor's Ratings Services' view of the cyclical, seasonal, and competitive nature of the group's markets. Nevertheless, we view as positive rating factors Piaggio's leading positions in Europe, low profitability volatility, strong dealer network, and increasing product and geographic diversification (including India and other emerging markets in Asia). The weakness of the European two-wheel market has not improved in the first-half, with unit sales decreasing 7%. However, in the same period, the East Asian 5 countries of Vietnam, Thailand, Indonesia, Malaysia, and the Philippines have sustained healthy growth, with unit sales increasing 10.2%. Piaggio's reported results for first-half 2011 include the...

Companies mentioned in this report are: Piaggio & C. SpA
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Piaggio & C. SpA

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