BORA S.P.A. Corporate Credit Rating (Upgrade)

Press release 22 September 2021

The Corporate Credit Rating for BORSA S.P.A has been updated: B1 (Upgrade)

modefinance published the review of the Solicited Corporate Credit Rating of BORA S.P.A. on its CRA website, and the rating assigned to the entity is B1 (Upgrade). The analysis revealed it is an adequate company with average capability of repaying financial obligations and little affected by adverse economic scenarios.

BORA S.P.A. is a company based in Maiolati Spontini (Ancona), which has been active for over forty years in design, manufacturing, maintenance and molding services of metal components. In the early years of its activity, the Company’s main market was the household appliance, while in recent years the automotive sector has become increasingly strategic.

Key Rating Assumption

The Company BORA S.P.A. presents a “sufficient” economic and financial situation, characterized by a significant improvement in the solvency area thanks to the increase in share capital and to a greater sustainability of the financial debt. The liquidity is appreciable, while the profitability area shows a contraction.

The cash flows analysis shows an increase of liquid resources, due to the greater efficiency in the management of working capital.

The analysis of the Central Credit Register of the Bank of Italy highlights how the Company optimally manages its credit lines, not presenting situations related to disputes or serious anomalies.

At the Governance level, the Company has a collegial form, composed by two shareholders. Starting from September 2020, the Company transformed its legal form into a joint-stock company, thus expanding its shareholder structure.

The Company has a widely adequate positioning in terms of size, being among the bigger companies in terms of turnover of the entire analysis sample. Profitability also shows a good positioning, while solvency remains at a low level.

The peer group’s solvency trend is stable and to be considered adequate, as well as liquidity. Profitability appears to be the least healthy area. The Company operates in the automotive sector, which represents about 51% of turnover, while 42% derives from the household appliances market. The margins of both sectors are expected to grow in 2021.

The ongoing pandemic and the consequent losses lead to a contraction in GDP and employment rate, affecting any company, regardless of the political and economic measures undertaken by the Government. 

Sensitivity Analysis

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized:


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

The present rating 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. For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

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. No amendments were applied after the notification process.

The rated entity is not a buyer of ancillary services provided by modefinance (credit risk software). 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 the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.


Head Analyst – Stefania Latin (Rating Analyst)
+39 040 3756740

Assistant Analyst – Christian Raimondo (Rating Analyst)
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740