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Fitch publishes Anima's issuer default ratings

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Fitch publishes Anima's issuer default ratings

Fitch Ratings on Oct. 8 published Anima Holding SpA's BBB/F3 long- and short-term issuer default ratings, with a negative outlook on the long-term rating.

The ratings reflect the Italian asset manager's stable franchise, strong EBITDA and sound liquidity profile, the agency said. However, the ratings also take into account the company's elevated cash flow leverage, its Italian geographical focus and concentrated distribution network and weakening net new money flows, Fitch added.

The negative outlook reflects the agency's assessment of the negative pressure on the company's financial metrics, particularly its cash flow leverage, with Italy's operating environment likely to impact asset values and net new money flows.