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 size of operations. Exposed to potential litigation and reputational damage. Aggressive financial policy due to ownership by its equity sponsors. Profitable and cash generative business. Rather low capital expenditure and working capital requirements. Adequate liquidity. The stable outlook reflects Standard&Poor's Ratings Services' view that Italy-based information provider Cerved Technologies SpA's credit metrics will stay at levels in line with the group's "highly leveraged" financial risk profile. In our base-case scenario for 2013-2014, we assume that adjusted EBITDA margins will stand between 45% and 46%. Our key credit ratios, funds from operations (FFO)-to-debt
