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INMOBILIARIA DEL SUR SA

Type of ratings: Corporate

Rating value: BB

Outlook: Observation

License: EthiFinance Ratings

Solicited

EthiFinance Ratings affirms Grupo Insur "BB" rating, maintaining its Stable outlook. The group focuses its activity on the national market within the Real Estate sector. The group closed fiscal year 2021 (under the consideration of joint ventures by the proportional method) with a turnover and recurring EBITDA that amounted to € 125.3MM and € 22.5MM (-5.7% and -8.5% YoY) respectively, reaching an LTV of 41.2%. The group's market capitalization figure stood at € 132.9MM at the end of 2022 (-7.5% vs 2021).

Ratings

Rating action: Affirmed

Action date: 2023-05-05

Date last rating: 2023-05-05

Date first rating: 2021-10-21

Documents

Executive summary:

Methodologies

Corporate Rating Methodology

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