Corporate Credit Rating for KEELT GROUP S.P.A. (First Issuance)

Press release 19 January 2022

Corporate Credit Rating (Solicited) for KEELT GROUP S.P.A.: B1+ (First Issuance)

modefinance published the Solicited Corporate Credit Rating of KEELT GROUP S.P.A. on its CRA website, and the rating assigned to the entity is B1+ (first issuance).

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

KEELT GROUP S.P.A. is a company based in Marcianise (Caserta) and active in the industry of services related to information technology and retail trade of products via internet.

Founded at the end of 2018 by Mr. Alessio Damiano, the Company now operates through the marketplace “kechiQ”, dedicated to the online sale of watches and is well renowned in the reference market.

Key Rating Assumption

The Company KEELT GROUP S.P.A. shows a good economic and financial situation, characterized by improving solvency indicators thanks to the increase in share capital injected as a result of an investment agreement. Trade payables constitute the main component of liabilities, although the supplier portfolio is in good health. The management of the balance between short-term assets and liabilities is adequate, also with reference to inventories. Profitability shows growing margins.

The cash flows analysis points out a valuable balance, with financing activity fully covering investments and operational activity increasing Company’s liquid resources. This is consistent with the Company’s development phase. However, the Company should improve the management of working capital, which is absorbing a substantial amount of resources to date.

The analysis of the Central Credit Register of the Bank of Italy highlights how the Company optimally manages its credit lines, not reflecting situations related to disputes or serious anomalies.

In terms of governance, the Company has a collegial administrative body made up of both internal and external figures. This body is flanked by a collegial control body. The corporate structure is easily identifiable, and the control is attributable to the incubator and accelerator ELTEIDE S.P.A.. It is noted that, during the year 2021, the Company was transformed into a joint-stock company, increasing its share capital from €30 to €50 thousand.

In terms of size, the Company is positioned above the sector median. As regards solvency and profitability, KEELT GROUP S.P.A. is positioned above the sector median as well, showing overall a good positioning.

The analysis of the performance of the peer group shows a constant and solid solvency trend. Liquidity is adequate and increasing, while profitability is constant and solid.

The Company operates in the industry of goods’ retailing, which was significantly affected by the pandemic crisis in 2020. However, it is worth noting the growth in sales volumes recorded by online commerce, which has succeeded in winning the trust of consumers.

The macroeconomic European landscape has been significantly affected by the recent health crisis, but the ongoing recovery is robust and will strengthen. Uncertainty and risks surrounding the growth outlook are high, but remain broadly balanced. Rapid and effective implementation of the proposed recovery plans at both national and EU level, which include substantial resources, will be crucial.

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.

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 Chrisich (Rating Analyst)
+39 040 3756740

Assistant Analyst – Christian Raimondo (Rating Analyst)
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740