CRED.IT SOCIETÀ FINANZIARIA S.P.A. Corporate Credit Rating (Affirm)

Press release 24 September 2020

Corporate Credit Rating (Solicited) for CRED.IT SOCIETÀ FINANZIARIA S.P.A.: B1- (Affirm)

modefinance published the Solicited Corporate Credit Rating of CRED.IT SOCIETÀ FINANZIARIA S.P.A. on its CRA website, and the rating assigned to the entity is B1- (Affirm). The analysis revealed that the Company has average capability of repaying financial obligations, and is little affected by adverse economic scenarios.

The Company CRED.IT SOCIETÀ FINANZIARIA S.P.A. was established in 2010 and deals with financing and consultancy activities for companies and private customers. The Company is specialized in the credit sector, for which it is registered in the T.U.B. general register held by Bank of Italy.

Key Rating Assumption

The Company CRED.IT SOCIETÀ FINANZIARIA S.P.A. shows a fragile economic and financial situation, worsened compared to previous year due to a strong contraction in profitability. However, the Company maintains appreciable values both in solvency and liquidity areas. The cash flows analysis reveals the Company is able to generate a positive cash flow from operations, which is high enough to remunerate the amount absorbed by the financing activity as well as to increase liquidity. However, it should be noted that the management of working capital should be improved.

Looking at Central Credit Register of Bank of Italy, it is possible to note a full use of the revocable credit lines, balanced out by an overall good management of financial debts. No black records have been found.

The corporate has twenty-five shareholders and is controlled by Mrs. Caputo Annamaria Pia and Mrs. Di Cio Antonella. The shareholder structure and the board of directors involve various professional figures, who guarantee an important know-how both in the administrative and commercial field. has been operating in the sector since 2010 and over the years has become an important player in Southern Italy. The company aims at strengthening its positioning on the national market, also through the increase of the equity capital.

Compared to the reference peer group, the Company is better positioned in terms of size than the previous year (65/100), while it is among the most capitalized companies as regards solvency (94/100). The profitability area (10/100) recorded a significant drop, putting the Company among the least profitable of the entire analysis sample.

The peer group has steadily reduce the indebtedness over the years and shows to date adequate solvency values, while liquidity values remain stable above 1. As regard profitability, the peer group expresses a ROE in constant growth and such as to be considered particularly appreciable.

The Italian macroeconomic situation is significantly affected by the serious pandemic crisis that has hit the country, on which the lockdown imposed by the central government to fight the spread of the virus seems to have had a fundamental impact. To date, the financial services sector does not seem to be particularly influenced in its activities by the current crisis, although its close connection with the trend of the real economy could lead to a drop in turnover for various operators.

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 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
+39 040 3756740

Assistant Analyst – Eva Vocci
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740