Ion Group, the parent company of Cerved Group SpA, is pursuing a merger of three of its subsidiaries, Ion Trading Technologies Ltd. (Ion Markets), Ion Corporates Solutions Finance Ltd. (Ion Corporates), and I-Logic Technologies Bidco Ltd. (Ion Analytics). It plans to form a new company, named Ion Platform Investment Group Ltd. (Ion Platform). On May 8, 2025, we assigned a preliminary 'B+' issuer credit rating to Ion Platform, with a stable outlook. Given that Ion Platform will make a significant contribution to the Ion Group, we consider that creditworthiness of the overall group will be closely aligned with that of Ion Platform. We placed our 'B-' rating on Cerved on CreditWatch with positive implications to indicate that we could upgrade
