Centurion Bidco S.p.A.: Covenant Quality Post-Sale Snapshot: ¬605m 5.875% Senior Secured Notes due 2026

Engineering Ingegneria Informatica S.p.A.: Update following downgrade to B3 - Credit Opinion – 2024/03/12 – US$ 250.00 – ... or the company) corporate family rating (CFR) has recently been downgraded to B3 with stable outlook, reflecting the company's weak financial metrics, characterized by elevated leverage and negative Moody's- adjusted free cash flow (FCF) as shown in Exhibit 1. Although we expect Engineering to grow revenue and EBITDA going forward, its financial metrics are likely to improve only gradually and thus remain consistent with a B3 CFR for at least the next two years. The rating also assumes that the company will refinance its debt maturities successfully in a timely manner. More generally, Engineering's B3 CFR is supported by the company's leading market position and strong technical know-how; an attractive Italian IT services market with good growth prospects; and a sizeable repeat customer base, with high customer retention. Concurrently, the rating is constrained by Engineering's limited geographical diversification and significant...

Moody's downgrades Engineering's CFR to B3; outlook changed to stable - Rating Action – 2024/03/01 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Engineering Ingegneria Informatica S.p.A.: Update to credit analysis - Credit Opinion – 2023/06/16 – US$ 250.00 – ... B2 corporate family rating (CFR) and negative outlook reflect the company's weak financial profile, and the execution risk associated with improving its Moody's-adjusted leverage to below 6.0x over the next 12 months on a sustained basis and achieving Moody's-adjusted free cash flow (FCF) in the mid- single digits as a percentage of Moody's-adjusted debt. More generally, Engineering's B2 CFR is supported by the company's leading market position and strong technical know-how; an attractive Italian IT market with growth potential; and the relatively high switching costs for Engineering's services and its good customer retention. Concurrently, the rating is constrained by Engineering's limited geographical diversification and significant customer concentration; the strong competition in the Italian IT services market; the risk of corporate governance issues because of the company's weak track record in this regard; and the possibility...

Centurion Bidco S.p.A.: Covenant Quality Pre-Sale Snapshot: ¬385m __% Senior Secured Notes due 2028 - Covenant Quality Assessment – 2023/05/05 – US$ 750.00 – ...Score: Weakest (5.00) Any restricted payment ("RP") can be made if the cons. total net leverage ratio 3.25x. With an estimated initial ratio of 3.9x, the Issuer is not able to satisfy the test on issue date. Until such time as the ratio is satisfied, the Issuer can make restricted payments with the accumulating credit under the RP income basket and carve-outs. + Restricted payments. All 4 standard RP categories (dividends, capital stock, subordinated debt, restricted investments) plus subordinated shareholder funding. + RP income basket. 50% cons. net income ("CNI") basket, subject to no default and 1 debt test (standard). Start dates. RPs and additions: engineering acquisition date (July/23/2020); CNI basket: first day of the first fiscal quarter prior to the engineering acquisition dates. Upfront credit: 20m. + Non-cash asset valuation. Non-cash additions to RP income basket. Liquidated investments and unrestricted subsidiaries redesignated as restricted are valued at FMV at time of...

Moody's assigns a B2 rating to Engineering's new backed senior secured notes - Rating Action – 2023/05/04 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Centurion Bidco S.p.A.: Update to credit analysis - Credit Opinion – 2022/12/12 – US$ 250.00 – ...Centurion Bidco S.p.A.'s (Engineering) B2 corporate family rating (CFR) and negative outlook reflects the weakening of Engineering's financial profile following the debt-funded acquisition of BE Shaping the Future S.p.A. (BE). Although we expect that the company will improve its financial metrics over the next 12-18 months as shown in Exhibit 1, we consider there to be execution risk, with the recent disclosure of accounting errors, which constitutes the second corporate governance issue faced by the company since June 2020, negatively impacting the company's risk profile. More generally, Engineering's B2 CFR is supported by the company's leading market position and strong technical know-how; an attractive Italian IT market with significant growth potential; and relatively high switching costs for Engineering's services as well as good customer retention. Concurrently, the rating is constrained by Engineering's limited geographical diversification and significant customer concentration;...

Moody's affirms Engineering's B2 CFR, outlook changed to negative - Rating Action – 2022/12/02 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...