HAL SERVICE S.P.A. Corporate Credit Rating (First Issuance)

Press release 11 February 2020

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

modefinance published on its CRA website the Corporate Credit Rating of HAL SERVICE S.P.A., and the rating assigned to the entity is B1+ (First Issuance). 

The Company is adequate, with average capability of repaying financial obligations, and it’s low dependent on an adverse economic scenario.

Key Rating Assumptions

modefinance’s rating is based on the following keyelements:

  • The Company’s economic and financial condition can be considered adequate. It shows a sufficient health on solvency area, thanks to a very good capitalization. Liquidity’s ratios are good and the Company’s profitability is particularly appreciable, growing compared to the previous year.
  • The cash flows analysis confirms that the Company is able to generate appreciable resources by its typical activity. The Company is able to repay credit institutions and fund new investments through its operating cash flow.
  • Bank debts are sustainable, and the Central Credit Register does not report any problem.
  • The Company is directly controlled by five shareholders, who hold positions in the board of directors. In December 2019, it became a joint stock company, with the aim to expand its social structure.
  • The Company shows a good turnover’s ranking, upper to 80° percentile of the analysis sample. At the same time, the profitability’s performance is also appreciable compared to its reference sector. Company’s solvency is in line with the sector’s median.
  • Over the past year, the Italian government carried out important actions in support of advanced technological sectors, and this could positively influence the Company’s economic scenario.


The present Corporate Credit rating is issued by modefinance under EU Regulation N. 1060/2009 and following amendments.

It 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.

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.

The rated entity is a buyer of ancillary services provided by modefinance (credit risk software). modefinance ensures that such situation does not imply a conflict of interest in the issuance of the present credit rating.

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.


Christian Raimondo – Head Analyst
+39 040 3756740

Giulia Valentina Facchini – Assistant Analyst
+39 040 3756742

Pinar Dilek – Responsible for Rating Approval
+39 040 3756740