Category: Credit Rating Agency

Hal Service Spa Corporate Credit Rating (First Issuance)

Corporate Credit Rating (Solicited) for Hal Service Spa: B1+ (First Issuance)

modefinance published on its CRA website the Corporate Credit Rating of Hal Service Spa, and the rating assigned to the entity is B1+ (First Issuance). The Company is adequate, with average capability of repaying financial obligations, and it’s low dependent on an adverse economic scenario.

modefinance’s rating is based on the following keyelements:

  • The Company’s economicand financial condition can be considered adequate. It shows a sufficienthealth on solvency area, thanks to a very good capitalization. Liquidity’sratios are good and the Company’s profitability is particularly appreciable, growingcompared to the previous year.
  • The cash flowsanalysis confirms that the Company is able to generate appreciable resources byits typical activity. The Company is able to repay credit institutions and fundnew investments through its operating cash flow.
  • Bank debts are sustainable, and the Central Credit Register does not report any problem.
  • The Company isdirectly controlled by five shareholders, who hold positions in the boardof directors. In December 2019, it became a joint stock company, with the aim toexpand its social structure.
  • The Company shows agood turnover’s ranking, upper to 80° percentile of the analysis sample. At thesame time, the profitability’s performance is also appreciable compared to its referencesector. Company’s solvency is in line with the sector’s median.
  • Over the past year,the Italian government carried out important actions in support of advanced technologicalsectors, and this could positively influence the Company’s economic scenario.


The present Corporate Credit rating is issued by modefinance under EU Regulation N. 1060/2009 and following amendments.

It is solicited, and based on both private and public information.The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available here.

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available here.Forinformation on historical default rates of modefinance Corporate Credit Ratingsplease refer to ESMA Central Repository and ESMA European Rating Platform.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

The rated entity is a buyer of ancillary services provided by modefinance (credit risk software). modefinance ensures that such situation does not imply a conflict of interest in the issuance of the present credit rating.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of thegeneral creditworthiness that modefinance issues on the rated entity, andshould be relied upon to a limited degree. The issued rating is subject to anongoing monitoring until withdrawal.


Christian Raimondo – Head Analyst
+39 0403756740

Giulia Valentina Facchini – Assistant Analyst
+39 0403756742

Pinar Dilek – Responsible for Rating Approval
+39 0403756740  

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