Corporate Credit Rating for INNOVATEC S.P.A.: B1+ (Upgrade)

modefinance published the Solicited Corporate Credit Rating of INNOVATEC S.P.A. on its CRA website and the rating assigned to the entity is B1+ (first issuance). The analysis revealed it is an adequate company with average capability of repaying financial obligations and it is little affected by adverse economic scenarios.

The company INNOVATEC S.P.A. is a holding company listed on Borsa Italiana (the Italian Stock Exchange), active in Clean Technology, i.e. the set of technologies that develop processes, products or services useful to reduce negative environmental impacts by improving energy efficiency, using sustainable resources or undertaking environmental protection activities. The Company was founded in 2013 and deals with the development of energy efficiency projects, products and services offered to companies. In addition, the company is active in the field of renewable sources and the construction and management of plants for the production of electricity from renewable sources. 

At a consolidated level, INNOVATEC S.P.A. presents a balanced economic-financial situation characterized by strong growth in investments and activities. This growth is continuous over time and sees the management constantly committed to seeking opportunities even in an uncertain and complex macroeconomic scenario such as the current one. 

The company's growth is important but balanced, bringing positive reflections on all areas of analysis and cash flows, demonstrating confidence to lenders, shareholders, and stakeholders broadly understood.

From the outset, the company has set itself the goal of being a leader in Clean Technology, a leadership which it is rapidly achieving in Italy thanks to the strategies adopted and the choices made in terms of acquisitions.

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 (Rating Analyst)
fabio.politelli@modefinance.com

Assistant Analyst – Christian Raimondo (Rating Analyst)
christian.raimondo@modefinance.com

Responsible for Rating Approval – Pinar Dilek
pinar.dilek@modefinance.com