Market leader for credit information services in Italy with broad and diverse client base. High barriers to entry. Weaker geographic diversity than international peers, with small-scale operations. Potential domestic bank consolidation which may reduce business opportunities with financial institutions. Aggressive financial policy due to ownership by its equity sponsors. Profitable and cash generative business. Rather low capital expenditure and working capital requirements. Improved credit metrics given deleveraging post the initial public offering. Standard&Poor's Ratings Services' stable outlook on Italy-based credit information provider Cerved Group SpA reflects our view that the company's operating performance will remain steady. We expect that Cerved will increase funds from operations (FFO) in 2015 and 2016 following a reduction in interest payments as result
