Italy-based credit information services provider Cerved Group S.p.A.has announced its intention to launch an IPO. We understand that Cerved will use part of the IPO proceeds to repay the €250 million senior secured floating-rate notes due 2019, which we believe will improve the group's financial risk profile. We are therefore placing our 'B' ratings on Cerved on CreditWatch positive. The CreditWatch reflects the possibility of an upgrade following our review of the potential positives of an IPO for Cerved, particularly its financial policy and capital structure. On June 10, 2014, Standard&Poor's Ratings Services placed its 'B' long-term corporate credit rating on Italian credit information services provider Cerved Group S.p.A. on CreditWatch with positive implications. At the same time,
