HAL SERVICE S.P.A. Corporate Credit Rating (Affirm)

Press release 25 June 2020

Corporate Credit Rating (Solicited) for HAL SERVICE S.P.A.: B1+ (Affirm)

modefinance published the Corporate Credit Rating of HAL SERVICE 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.

Reason of the review: publication of 2019 annual financial statment.

Key Rating Assumption

modefinance’s rating is based on the following keyelements:

  • The Company’s economic and financial condition can be considered balanced. The solvency level appears adequate, also favored by a substantial capitalization, while liquidity ratios, even if they do not raise concern, are influenced by the high value of trade receivables compared to total assets. The Company is particularly appreciable in terms of profitability.
  • The cash flows analysis revealed the Company generated positive cash flow from operating activity, yet not sufficient to cover cash absorbed by investment and financing activities. The decrease in cash and cash equivalent is mainly due to the increase in trade receivables.
  • The Central Credit Register analysis does not reveal any critical issue. No financial distress was found on any of the credit lines.
  • The Company is controlled by five shareholders, who also hold positions in the board of directors. Aiming at expanding its social structure, in December 2019, it became a joint-stock company.
  • The Company occupies a prominent position in terms of turnover, ranking in the 80° percentile of the analysis sample. Likewise, profitability’s performance is also appreciable compared to the reference sector. Regarding solvency, the Company’s positioning is perfectly median.
  • The industry to which the Company belongs has not been particularly affected by the Covid-19 pandemic. In 2019’s management reports, the Company declares that the operative revenues trend for 2020 does not differ from the previous year.
  • The macroeconomic scenario envisaged by the International Monetary Fund foresees a difficult situation for Italy.

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 – Christian Raimondo (Rating Analyst)
+39 040 3756740

Assistant Analyst – Eva Vocci
+39 040 3756742

Responsible for Rating Approval – Pinar Dilek (Rating Process Manager)
+39 040 3756740