Corporate Credit Rating 2021 for CRED.IT SOCIETÀ FINANZIARIA S.P.A. (Affirm)

Press release 10 November 2021

Corporate Credit Rating (Solicited) for CRED.IT SOCIETÀ FINANZIARIA S.P.A.: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of CRED.IT SOCIETÀ FINANZIARIA S.P.A. on its CRA website, and the rating assigned to the entity is B1- (Affirm). 

The analysis revealed it is an adequate Company, with average capability of repaying financial obligations, and is little affected by adverse economic scenarios.

The company CRED.IT SOCIETÀ FINANZIARIA S.P.A. (here also referred to as “Company”) was founded in 2010 and deals with the granting of loans and consulting activities for companies and individuals. The Company is highly specialized in the credit sector and this knowledge has allowed it to offer targeted advice over the years. The organizational process is developed in several stages, starting from the first contact with the customer and the collection of information, attaining the assessment of creditworthiness, and completing the procedure with the resulting resolution, stipulation and release of the loan contract.

Key Rating Assumption

The Company’s economic and financial situation is “sufficient”, characterized by strong capitalization, which leads to a low recourse to external capital. The management of the relationship between current assets and current liabilities remains adequate, and the cash cycle shows a good state of health. Profitability has recovered, with the result for the period returning to positive.

An analysis of cash flows confirms a valuable management of the Company’s liquidity. The operational management independently finances the absorption caused by other activities. The good performance of the operational management is affected by the working capital, which has shown an improvement over the last year.

Among financial liabilities, the Company presents revocable risks only, which prove to be fully utilized, although their overall management does not result worrying.

The Company has a Board of Directors that is subject to the supervision of the Board of Statutory Auditors, while the budget review is audited by a specialized firm. The corporate structure is characterized by a rather large shareholding structure, although recent transactions have concentrated control in the hands of a company led by the entrepreneur Annamaria Pia Caputo.

The Company has been operating since 2010 within the financial services sector: in 2020 it was subject to an inspection by the Bank of Italy. The Company is currently operating under precautionary measures, while waiting for the dispute with the Authority to be resolved. No black records were found regarding the Company, its shareholders or members of the administrative body.

The Company is very well positioned in terms of solvency, while as far as size is concerned, it is in line with its peer group. In this respect, the weak point is confirmed by the profitability, which shows a particularly low positioning.

The peer group shows adequate solvency, as well as adequate and constant liquidity indicators during the period under review. On the other hand, the ROE expressed by the peer group decreased in 2020, yet adequate.

The Italian financial industry does not appear to be the most exposed sector to the Covid-19 crisis, although the interruption of the economy will hinder the development of new activities, intended as loans, insurance underwriting and investments in the financial market.

The macroeconomic picture appears weak, yet recovering: in this sense, compliance with the government’s agenda and the maintenance of political stability are of particular importance. 

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 – Christian Raimondo
+39 040 3756740

Assistant Analyst – Eva Vocci
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740