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

Press release 11 July 2022

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

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+ (first issuance). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

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 most important player in the italian world of innovation, focused in the scenario of 4.0 enabling technologies, digitalization of processes and experiential evolution in the enjoyment of cultural heritage. 

Key Rating Assumptions

The economic and financial situation is characterized by adequate capitalization, followed by a consistent and sustainable exposure to the financial system, which is based on the earnings produced. The liquidity area appears adequate, although, within the current assets, the attention must be maintained on trade receivables growing substantially in 2021. 

ROE also appears adequate and increasing in the last years. Analyzing cash flows, it’s possible to notice an appreciable balance between resources raised from the financial system and investments, while in the positive operating cash flows there is erosion operated by the trade receivables growth over the years. 

The Company was founded in 2001 and in a few years became an important Italian player in the world of innovation. In recent times, the Company has made several changes in its structure, expanding the administrative body to include an independent member and providing itself with a supervisory body as requested by D. Lgs. 231/2001, in addition to the control body and certification of the annual report by an auditing firm. The group structure is confirmed to be articulated and constantly changing, with the ownership aiming at the establishment of a “one company”. 

The Company presents a largely sufficient positioning in terms of size and profitability, while, concerning solvency, it ranks well above the industry median, being one of the most capitalized companies among those surveyed. The peer group expresses declining leverage throughout the period examined and such that it can be considered adequate, while the sector's financial leverage remains good in 2021 despite the growth expressed. Moreover, the sector expresses an adequate financial balance.The macroeconomic outlook looks positive but is impacted by the growing uncertainty of recent months: geopolitical tensions and rising inflation are likely to negatively affect economic growth.

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 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 - Christian Raimondo, Rating Analyst

Assistant Analyst - Andrea Marion, Rating Analyst

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager