Corporate Credit Rating for BETTER SILVER SPA: A3+ (Affirm)

modefinance has published on the website the Corporate Credit Rating (Solicited) of  BETTER SILVER SPA, assigning the rating of A3+ (Affirm). The analysis revealed company's capacity to meet its commitment on financial obligations is strong.

BETTER SILVER S.P.A. is a company engaged in the design, production, and marketing of silver jewelry. Founded in 1977 by the Bettinardi brothers, it is still led today by the second generation of the family, whose ongoing efforts over the years have positioned the company among the leading international players in the sector. The company’s long history positively contributes to its know-how, further strengthened by a continuous focus on production efficiency and strategic investments in innovation and sustainability. In 2025, the Company demonstrated strong resilience in a challenging market environment, achieving solid financial performance, with revenues amounting to EUR 78 million, generated predominantly in international markets and from leading clients in the jewelry sector.

BETTER SILVER S.P.A. also confirmed an adequate economic and financial position in 2025, characterized by a solid capital structure (leverage = 0.67x) and sound financial profile. Net financial debt remained stable at EUR 17.39 million and sustainable in relation to both shareholders’ equity (0.44x) and EBITDA (1.84x). Liquidity management also remained appropriate. During 2025, the Company recorded a slight reduction in liquidity, while continuing to demonstrate a strong capacity to generate operating cash flow, sufficient to fully finance its investment plan. From a financial perspective, cash outflows were mainly related to dividend distributions and the reduction of bank debt, only partially offset by new sources of financing. Finally, with regard to economic performance, which has historically been positive, the Company experienced a slight decline in revenues (EUR 77.55 million; -3%) and margins (EBITDA = EUR 9.42 million; -22%) due to unfavorable market conditions; nevertheless, overall performance remained satisfactory.

The governance and control system is confirmed to be sound, with a collegial board of directors and board of statutory auditors, complemented by the work of an external audit firm. Additionally, it is noted that in November 2024, the company adopted the OdV model pursuant to Legislative Decree 231. The corporate structure is lean and clearly defined in terms of roles, with control firmly held by the Bettinardi family.

Compared with its peer group of competitors, the Company demonstrates a strong market position, ranking among the best performers in the areas of analysis considered. The industry peer group itself also shows an overall sound financial condition, supported by a balanced capital and financial structure, as well as satisfactory economic performance.

The ECB’s macroeconomic projections for the euro area indicate an increase in inflation to 2.6% in 2026, mainly driven by higher energy prices resulting from the conflict in the Middle East, followed by stabilization around 2% in 2027–2028. Tensions in commodity markets are reducing real incomes and consumer confidence, thereby weighing on consumption and investment. Real GDP growth is forecast at 0.9% in 2026, lower than previous estimates, while growth is expected to rise to 1.3% and 1.4% in 2027 and 2028, respectively. Over the medium term, growth is expected to be supported primarily by domestic demand, driven by a stable labor market, public investment in defense and infrastructure, and digitalization linked to artificial intelligence. Nevertheless, structural weaknesses remain in the euro area’s external competitiveness, with continued losses in market share. Furthermore, the energy crisis highlights the urgency of the ecological transition and the adoption of the digital euro in order to strengthen European competitiveness and financial integration.

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 published 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 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 adopts the following definition of default: a company in bankruptcy, in involuntary liquidation, in controlled administration, or that is insolvent with respect to an expired financial commitment. 

The quality of the information available for evaluating the rating of the analyzed company has been 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 (ESG 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 people 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 - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

Responsible for Rating Approval - Giada D'Avenia, Rating Process Manager
giada.davenia@modefinance.com