Research Update: Italy-Based Holding Company EXOR Outlook Revised To Stable On Consistently Low Leverage; 'BBB+/A-2' Ratings Affirmed Nov 11

Standard & Poors, November 2011

Abstract
In our view, Italy-based operating holding company EXOR SpA has demonstrated its ability to consistently meet our loan-to-value objective of 20% for the ratings over the last few years, even in times of high equity market volatility. We believe that the demerger of Fiat SpA has improved the credit characteristics of EXOR's portfolio, with stronger liquidity and diversification. In addition, we think that the company's conservative financial policy will help maintain leverage at a modest level. As a result, we are revising our outlook on EXOR to stable from negative, and affirming our 'BBB+/A-2' ratings on the company. The stable outlook reflects our view that EXOR will continue to maintain its conservative capital structure and, consequently, its meaningful financial flexibility....

Companies mentioned in this report are: EXOR SpA
Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

EXOR SpA

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