Elite Basket Bond

Molteni Farmaceutici is among the Italian companies that on 12 December 2017 first issued the Elite Basket Bond. This is a ten-year bond involving ten companies with a solid business model and a clear growth strategy participating in the Italian Stock Exchange’s Elite program.
The operation, which sees the EIB, the European Investment Bank, and the Cassa Depositi e Prestiti (CDP) as the main investors, was structured by Banca Finint, through the subsidiary FISG. The bonds were underwritten by a Special Purpose Vehicle (SPV) which in turn issued new securities, guaranteed in a mutual form by the issuing companies. Because of its peculiar characteristics, and because it involves a selected group of excellent companies representing the best part of the country's economic fabric, Elite Basket Bond is the first system financial transaction.
On 20 December 2017 Molteni Farmaceutici was renewed for six months by Credit Data Research, the Credit Passport CP. This is a complete system for assessing the credit risk of SMEs, based on Credit Data Research’s behavior model DefaultMetrics and Moody's Analitics financial model RiskCalc. The first estimates the probability that a private company will become solvent within a year, the latter estimates the risk associated with the credit position and financial results. The use of information drawn from the Bank of Italy’s Risks Center makes this assessment of short-term credit risk highly reliable.

The analysis and the report indicate that Molteni has an excellent ability to carry out its activity according to financial obligations. The overall judgment, expressed by the probability of default (PD) certifies excellent credit quality, corresponding to A+ in the Credit Passport rating scale, consisting of seven categories from A++ to E. The Molteni financial component shows all economic, financial and equity indicators as positive; the behavior component shows a decrease in the number of indicators and a very low probability of default and improving. The CP badge, quality mark, certifies the creditworthiness of the company.