WHAT IS SACE ?
SACE is an A- rated group (Fitch), it can count on 30 years of experience, 25.000 client firms, 70 billions of Euros of insured operations in as many as 189 countries to support each type of enterprises in the business development, both in Italy and abroad.
SACE group can offer a wide range of finance and insurance products:
- export credit and credit insurance;
- investment protection;
- financial guarantees, securities and factoring.
COMPANIES OF SACE GROUP:
A unique partner for Italians firms accredited as global player, able to support the enterprises at every stage of growth projects throughout the world.
The offer of SACE as export credit agency, is enriched by the securities to operate abroad and by the guarantees to the supply of funding for the International development and the realization of strategic projects for the entire Italian economy.
Great experience in the assessment, assumption and management of risks connected to the operations on foreign markets, an office network throughout the national territory and in different other countries with high development potential.
SACE is part of “Cassa Depositi e Prestiti” Group and owns 100% of SACE BT e SACE Fct shares.
PRODUCTS AND SERVICES
SACE is the ideal partner for Italian businesses interested in foreign markets. It can offer a wide range of services which may enable to :
- transform into liquidity the credit towards private enterprises, public administrations and foreign buyers;
- participate in tenders and contracts with all the necessary guarantees;
- ensure the credit through competitive terms products, protecting Italian enterprises against the risk of non-payment.
LINK TO PRODUCTS AND SERVICES
Factoring company able to answer to the liquidity needs and to the management of Italian firms cash flow. ACE Fct is an active member of Assifact, Italian Association for the Factoring, and it is registered in the general list of Financial intermediaries (ex art. 107). It offers a diversified range of services for the credit disinvestment, for the Public Administration suppliers, for the large industrial groups and for the export companies.
Specialized in the insurance of short-term trade receivables, in the framework of securities and of protection against construction risks. It has its own offices and an agents network all over Italy. SACE BT is entirely controlled by SACE, and it is the sole shareholder of SACE SRV, whose specialisation refers to services of business information and debt collection.
It is specialized in services of business information and debt collection, dealing with information assets of the groups, producing credit opinion for SACE customers and for third parties. It has a network of legal correspondents both in Italy and abroad. It works for SACE and on behalf of foreign export credit agencies against Italian debtors, as it can deal with judicial and non-judicial activities achieving to negotiate restructuring agreements in the context of financial corporate and bank exposures, repossession and remarketing of abroad guaranteed supplies. SACE SRV is a member of ANCIC, National Association of Business Information enterprises and of Credit management.
TYPES OF RISKS
- Sovereign risk: concerns the ability and the will of a debtor government of honour the signed payment commitments. It is important to consider the effective availability of resources and the reputation as payer of the government, which could have the money and decide not to pay.
- Political risk: (systematic risk), which can derive from wars, changes in the Country Institutions, from Governments unilateral decisions, such as expropriations or nationalisations of private activities. Set of circumstances which translate into a non-repayment of the incurred debt, for reasons beyond the counterpart situation but related to the intervention of a sovereign state.
- Economic risk: related to coherence of the economic policy objectives, to the country development and the growth rates, to the degree of openness of the economy, to the tendency of economic exchanges between regions in different countries, etc.
- Transfer risk: connected to restrictions in capitals movement and in repatriation of dividends / profits resulted from economic activities. It can be related to the Sovereign risk in so far as a State could have monetary problems and for this reason the limitation of payment or provisions to foreign countries.
- Foreign Exchange risk: linked to currency fluctuations, both in transaction from a monetary system to another and in moving from a fixed exchange to a variable one or vice versa.
- Position risk: connected to the globalization and the contamination which spreads because of the proximity to a country, or in the case of common political or economic characteristics.
All of this is quite distinct from the Counterparty/ commercial risk which translates to a non-repayment of the incurred debt, because of the changed conditions in the counterpart economic financial situation. The nature of the latter is connected to the Enterprise therefore more specific.