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Safilo S.p.A.: S&P upgrades the rating

Padova, 18th April 2006 - Safilo Group, worldwide leader in the high-end and luxury eyewear sector, has learnt with satisfaction of Standard and Poor’s decision to increase the corporate rating of the Company from B to BB- with a stable outlook.

The Company believes that this improvement of its rating reflects the Group’s greater financial stability following the listing on the Milan stock exchange.


The Safilo Group is leader in premium eyewear and in a leadership position in the sector of prescription, sunglasses, fashion and sports eyewear.
Present on the international market through exclusive distributors and 28 subsidiaries in the principal countries (in U.S.A., Europe and Far East), Safilo distributes its own brand collections Safilo, Carrera, Smith, Oxydo, Blue Bay, as well as licensed branded collections, Alexander McQueen, Bottega Veneta, Boucheron, Christian Dior, Diesel, 55DSL, Emporio Armani, Giorgio Armani, Gucci, Imatra, Marc Jacobs, Max Mara, Oliver, Pierre Cardin, Ralph Lauren, Stella McCartney, Valentino, Yves Saint Laurent. In addition the following are exclusively for the American market: Fossil, Juicy Couture, Nine West, Kate Spade, Saks Fifth Avenue, Liz Claiborne and J.Lo by Jennifer Lopez.

Safilo S.p.A.
Press Office
Nicoletta Chinello
Tel. 0039 049 6985379

This press release is also available on the web site

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*S&P Raises Safilo SpA To 'BB-'; Outlook Stable; Off Watch Pos
2006-04-18 10:44 (New York)

PARIS (Standard & Poor's) April 18, 2006--Standard & Poor's Ratings Services said today that it raised its long-term corporate credit rating on Italy-based eyewear manufacturer Safilo SpA to 'BB-' from 'B'.
At the same time, Standard & Poor's raised its senior secured bank loan ratings on the group to 'BB-' from 'B'. The recovery rating on the group's senior secured facilities was raised to '2' from '3'. A recovery rating of '2' reflects our expectation of substantial (80%-100%) recovery of principal for senior lenders in the case of a payment default.
Standard & Poor's also removed all its ratings on the group from CreditWatch, where they had been placed with positive implications on Nov. 18, 2005. The outlook is stable.
"The upgrade and CreditWatch removal reflect Safilo's much enhanced financial profile following a EUR295 capital increase, as well as expectations that the loss of the Polo Ralph Lauren license will be compensated by robust organic growth," said Standard & Poor's credit analyst Nicolas Baudouin.
Standard & Poor's expects Safilo to restore and maintain adequate financial measures, notably adjusted FFO to net debt of about 20%.
"There is currently little possibility of an upgrade because of the threat of license nonrenewal and limited future free cash flow generation," said Mr. Baudouin.
Despite the very sharp decrease in interest payments, free cash flow will be constrained by an increase in both working capital and capital expenditures. Furthermore, any problems with renewing the Dior and Gucci
licenses in 2008 would clearly put pressure on the ratings.

Ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at can also be found on Standard & Poor's public Web site at; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. Alternatively, call one of the following Standard & Poor's numbers:
Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33)
1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914;
or Moscow (7) 495-783-4017. Members of the media may also contact the European
Press Office via e-mail on:

Primary Credit Analyst: Nicolas Baudouin, Paris (33) 1-4420-6672;
Secondary Credit Analyst: Christian Wenk, London (44) 20-7176-3511;
Additional Contact: Industrial Ratings Europe;

Analytic services provided by Standard & Poor's Ratings Services ("Ratings Services") are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor's may have information that is not available to Ratings Services. Standard & Poor's has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process.

Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor's reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at

Copyright (c) 2006, Standard & Poor's Ratings Services

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Last update: 20/07/2010, 10:30

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