Corporate Credit Rating 2023 for MARE ENGINEERING GROUP SPA: B1+ (Affirm)

Press release 13 July 2023

Solicited Corporate Credit Rating for MARE ENGINEERING GROUP SPA: B1+ (Affirm)

modefinance published the Solicited Corporate Credit Rating of MARE ENGINEERING GROUP S.P.A. on the website and the rating assigned to the entity is B1+ (Affirm). The analysis revealed it is a company with an adequate economic and financial situation, capable of facing adverse economic conditions in the medium and long term.

The company MARE ENGINEERING GROUP S.P.A. (also abbreviated as “Mare Group S.p.A.” and hereafter also referred to as the “Company”) is the main company of Mare Group, one of the key players in the Italian world of innovation. The Company is focused in the scenario of 4.0 enabling technologies, digitalization of processes and experiential evolution in the enjoyment of the cultural heritage. 

Key Rating Assumptions

At the end of 2022, the Company’s economic and financial situation is characterized by a strengthening in capitalization, with solvency ratios describing a correct risk coverage by equity. ROI and ROE also moved on sustained values and the ratio between current assets and current liabilities is balanced. The company’s cash and cash equivalent appear to be shrinking due to the new increase in trade receivables, while the balance between investments and resources raised from the financial system appears correct. Finally, the management of credit lines is adequate.

The structure of the Company’s governance and control bodies are aligned with best practices. In this regard, the ex-231/2001 supervisory body recently consolidate the corporate structure takinga collegial form. The corporate structure confirms a broad shareholders base, while the Company’s subsidiaries constantly change, in line with traditional acquisition activity.

The Company’s positioning within the peer group is adequate in all areas of analysis: looking at turnover, the Company is in line with the 80th percentile, while it is positioned close to the 40th percentile in terms of solvency. Profitability is above the industry median. The peer group proves good performances in terms of solvency and liquidity, while sector ROE appears to be declining, although still adequate. 

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 1060/2009 and following amendments.

The present rating is solicited and is 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 at

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 at

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  a buyer of ancillary services provided by modefinance (preliminary rating). 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 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, Rating Analyst

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager