Corporate Credit Rating 2025 for OFFICINE DI CARTIGLIANO SPA: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of OFFICINE DI CARTIGLIANO SPA on the website and the rating assigned to the entity is B1- (Affirm). The analysis revealed it is a company with adequate economic and financial situation, capable of facing adverse economic conditions in the medium and long term.

OFFICINE DI CARTIGLIANO SPA, located in Cartigliano (VI), has been studying, designing, and manufacturing systems for the transition  of leather from the wet to the dry phase for 50 years.

OFFICINE DI CARTIGLIANO S.P.A., at the end of fiscal year 2024, reports an economic and financial situation that is still not yet fully satisfactory. Solvency indicators have improved significantly due to increased capitalization. Liquidity has also strenghtened and is adequate, while the main profitability indicators — supported by the sale of the stake in the Mexican subsidiary — remain solid overall.

The company has a clear and well-defined corporate structure in terms of roles and responsibilities. Ownership can be easily traced to the Chairman, Antonio Polato, and the Vice Chair of the Board of Directors, Antonia Corner. In 2024, the company revised its governance and control system, adopting a single-tier model in which management is entrusted to the Board of Directors and the supervisory function is assigned to the Management Control Committee.

In 2024, OFFICINE DI CARTIGLIANO S.P.A. maintained a solid scale in terms of revenue and profitability. However, in terms of solvency, the company is positioned below the sector median.

Regarding macroeconomic trends, in the fourth quarter of 2024, economic activity in Italy remained weak. Manufacturing continued to show persistent sluggishness, while services and construction experienced slight growth, partly supported by the National Recovery and Resilience Plan (PNRR). Domestic demand was constrained by a slowdown in household spending, and investment conditions remained unfavorable. In autumn, Italian exports were impacted by a sharp decline in global demand. Looking ahead, protectionist policies announced by the new U.S. administration could negatively impact sales to the American market.

According to the latest projections by the Bank of Italy, GDP grew by 0.5% in 2024 and is expected to expand by an average of 1% annually over the 2025–2027 period.

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 is available at http://cra.modefinance.com/en

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 http://cra.modefinance.com/en/methodologies.

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. Modefinance ensures that such situation does not imply a conflict of interests 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 ongoing monitoring until withdrawal.

Head Analyst - Tommaso Viola, Rating Analyst
tommaso.viola@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com