Please find our initiation on Rino Mastrotto here. 

Following your requests and as a natural comparison to our earlier work on Pasubio, we undertook a detailed review of Rino Mastrotto. While the credit sits outside our usual size focus, the shared sector dynamics warranted deeper analysis. The bonds were heavily shorted ahead of the Q1 results, and sentiment remains cautious. However, the company benefits from solid liquidity and a strategically important role within its customers’ supply chains, which limits the risk of any near-term credit events.

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