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
Methodology