Passuello F.lli Corporate Credit Rating 2021 (Affirm)

Press release 27 September 2021

Corporate Credit Rating (Solicited) for PASSUELLO F.LLI SRL: A3+ (Affirm)

modefinance published the Solicited Corporate Credit Rating of PASSUELLO F.LLI SRL on its CRA website, and the rating assigned to the entity is A3+ (Affirm). The analysis revealed that the Company has average capability of repaying financial obligations, and is little affected by adverse economic scenarios.

Passuello F.lli Srl, based in Calalzo di Cadore (BL), is a family business with a long tradition in the energy sector, operating from several decades as suppliers of electricity, diesel, LPG gas, methane and pellets.

Key Rating Assumption

PASSUELLO F.LLI S.R.L. has a good economic and financial situation, with a strong capital structure; comparing short-term assets and liabilities, we can appreciate the relevant amount of cash and cash equivalents. In 2020 profitability ratios improved, with higher values than 2019.

The cash flow analysis revealed the company generated a consistent amount of liquid assets thanks to the core business, a very good sign considering most of the flows is originated from income management.

The company is rooted in Passuello family, which has been running a markedly family business since its foundation. Beyond the long tradition in business management, the company could benefit from a more structured organization. In 2020 the company strengthen its position as a full provider of energy, increasing the sales amount of electricity and diesel.

The entity is very well-positioned in terms of size and above the median values of the peer group in all considered areas. The industry’s creditworthiness trend improved in 2020 as regard solvency and liquidity ratios, while profitability could be considered at a sufficient level yet improvable.

The Italian energy industry is going through a profound transformation which aims to abandon fossil fuels in favor of renewable sources. However, the transition process is expected to slow down due to the pandemic as well as the reduction of the energetic consumption.

From the macroeconomic point of view, Italy has been hit by the crisis caused by the Covid restrictions, but in the second half-year of 2021 the economy began a recovering process. The observance of the vigorous Government’s agenda, a political stability and a restrained uncertainty of citizens and companies, could lead the country to recover briefly.

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 – Fabio Politelli
+39 040 3756740

Assistant Analyst –Andrea Marion
+39 040 3756740

Responsible for Rating Approval – Pinar Dilek
+39 040 3756740