Research Update: Italy-Based Gruppo Espresso Downgraded To 'BB-' On Persistently Decreasing Profitability; Outlook Negative Apr 13
- Language: English
- Published: April 2013
The ratings on Italy-based newspaper and magazine publisher Gruppo Editoriale L'Espresso SpA (Gruppo Espresso) reflect Standard & Poor's Ratings Services' view of the group's exposure to the cyclical nature of the advertising sector and its concentration of earnings from a single business franchise, "la Repubblica," although it covers a range of products. Our belief that the group competes for advertising revenues within Italy's highly concentrated media industry, and its 53.9% ownership by holding company CIR-Compagnie Industriali Riunite SpA (CIR; BB/Stable/B) constrain the ratings. The ratings are supported by the group's leading position in the Italian national and local newspaper markets. In 2010, this sector was worth approximately -2.3 billion--according to the market research firm ACNielsen--of which Gruppo Espresso held an...
Companies mentioned in this report are: Gruppo Editoriale L'Espresso 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.
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.
SHOW LESS READ MORE >
Gruppo Editoriale L'Espresso SpA