Corporate Credit Rating 2024 for SPOT LIGHT IMPORT EXPORT SRL: B1+ (Downgrade)

modefinance published the Solicited Corporate Credit Rating of SPOT LIGHT IMPORT EXPORT SRL on the CRA website and the rating assigned to the entity is B1+ (downgrade). The analysis revealed that the Company expresses an adequate economic and financial situation,capable of facing adverse economic conditions in the medium and long term.

The company was established in 2002 as an advertising agency specialized in integrated communication, social media marketing, content and video production in the advertising field. Since 2020, with the entry of Mr. Napoletano Giuseppe as sole shareholder, the Company's activities have undergone diversification, seizing the business opportunities in the field of construction, marketing and leasing of billboards, as well as in the import/export of materials for the billboard and advertising printing sector. Hence, the Company name was changed from "Spot Light Advertising" to "Spot Light Import Export S.r.l.".

The company SPOT LIGHT IMPORT EXPORT S.R.L. is in a good financial position, similar to the previous year. It has no financial debt, indicating strong financial stability. Liquidity indicators have remained flat in comparison with 2022. The company's EBITDA and net income have slightly increased due to a 62% rise in sales revenues, totaling 8.79 million euros.

The company is solely owned by Mr. Napoletano Giuseppe, who also serves as a director alongside Mr. Esposito Aldo. In 2024, the company appointed a statutory auditor and does not hold shares in other companies. According to management’s indication within the business plan of 2023, the strategic plan envisioned large investments starting from 2024. There is no information available regarding the start of these investments.

The analysis of the sector peer group shows positive trends in solvency, liquidity, and profitability performance. The peer group's solvency indicators have improved over the period of 2020-2023, achieving a good balance between equity and debt. The liquidity profile is also well-maintained. Profitability performance after the Covid recovery remains strong, with ratios outperforming pre-pandemic levels. Compared to similar companies with a turnover range of up to 15 million euros, the company ranks higher than the median in solvency, profitability, and liquidity. 

Looking at the macroeconomic environment, Italy is expected to experience slow growth in 2024 due to the ongoing global uncertainty.

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 http://cra.modefinance.com/en

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 http://cra.modefinance.com/en/methodologies.

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  a buyer of ancillary services provided by modefinance (preliminary rating). 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.

Head Analyst - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com