Corporate Credit Rating for BORA S.P.A.: B1 (Affirm)

Press release 12 July 2022

Solicited Corporate Credit Rating for BORA S.P.A.: B1 (Affirm)

modefinance published the Solicited Corporate Credit Rating of BORA S.P.A. on the 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 it is 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 for the automotive and household appliances sectors, presenting itself today as a leading reality in its sector. In addition to the domestic market, it also serves the main European markets and can boast among its customers some important multinational companies.

Key Rating Assumptions

The Company BORA S.P.A. presents a “sufficient” economic and financial situation. Despite the increase in financial exposure the solvency area remains stable and overall sufficient ; liquidity management appears adequate while the profitability area shows an improvement thanks to the increase in turnover and cost containment policies, which have resulted in better margins. 

The analysis of the cash flows produced by the Company points out how the resources found through financing activities are necessary to cover the absorption of resources due to investment and operational activities. The latter, despite a good level of self-financing, continues in particular to suffer from the erosion of resources by working capital. 

At the Governance level, the Company has a collegial form, composed by two shareholders. The Company also has a collegial control body and a Supervisory Board pursuant to Legislative Decree 231/2001, while auditing activities are entrusted to a specialized company. 

In terms of size, the company obtains a good positioning with reference to both turnover and profitability, above the industry median, while solvency is below that median, remaining low. The peer group points out a constant solvency that should be considered adequate as well as liquidity, which shows an upward trend in indicators. The sector’s profitability, which shows a marked contraction, appears to be the least healthy area. 

The automotive sector, of primary importance to the Company, appears to be slowly recovering in terms of both industrial production and sales, with both components expected to achieve growth rates in the coming years in line with the weak recovery of the Italian economy. The household appliances sector also shows signs of recovery after a problematic 2020, but in the period 2023-2026 growth is expected to be modest overall. 

The macroeconomic picture for Italy shows that the recovery in 2021 has overall met forecasts, with sustained economic growth that could be confirmed in the coming years. However, recent geopolitical tensions undermine the forecasts, especially in terms of maintaining adequate economic growth, with domestic consumption likely to be affected by rising inflation. The 2022 macroeconomic forecast figures are therefore likely to be revised downward.

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 – Stefano Chirsich (Rating Analyst)

Assistant Analyst – Fabio Politelli (Rating Analyst)

Responsible for Rating Approval – Pinar Dilek (Rating Process Manager)