VISTA ALEGRE ATLANTIS SGPS SA


Type of ratings: Senior Secured Corporate Bond

Rating value: BBB-

Outlook: No Trend

License: EthiFinance Ratings

Solicited

Axesor Rating affirms VAA s bond issue rating at "BBB-". In 2019, the company issued a corporate Bond (senior secured) for a total amount of € 50M. The main purpose of the issue was the refinancing of the part of group's debt. The issue shows a solid security structure (pledge of Ria Stone's shares, among others) and covenants package, which give an adequate protection degree to the bondholder. In addition, the transaction has and adequate coverage degree under a hypothetical default scenario.

Ratings

Rating action: Affirmed

Action date: 2022-12-02

Date last rating: 2022-12-02

Date first rating: 2019-10-23

Documents

Executive summary:

Methodology

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