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S&P revises Exor view to positive
S&P said it revised its outlook on Exor to positive from stable and affirmed its BBB+ rating.
“We expect the quality of Exor’s portfolio to improve following the completion of the proposed merger of Fiat Chrysler Automobiles (FCA; BB+/Watch Pos/B) and Peugeot S.A. (PSA; BBB-/Stable), which foresees an extraordinary dividend of about €1.6 billion for Exor and the planned separation of CNH Industrial (CNHI) into two listed companies,” the agency said in a press release.
Exor’s portfolio is worth about €25 billion, of which 28% is represented by PartnerRe, 25% by Ferrari, 23% by FCA, and 16% by CNHI. Today the top four assets represent about 92% of Exor’s portfolio. Exor’s portfolio composition has been almost unaltered since 2016, when it acquired PartnerRe, S&P said.
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