SKYSEA FLYER SL

ISSUER RATING : EthiFinance Ratings assigns for the first time an "BB" rating with a Stable outlook to Skysea Flyer S.L. Skysea Flyer S.L and its subsidiaries constitute a hotel group consisting of four five-star resorts, three of them located in Punta Cana (Dominican Republic) and one in Cancun (Mexico). Its establishments are oriented towards luxury tourism (5*), with modern facilities for accommodation and leisure and with an all-inclusive format, operated through its own brand 'Majestic'. Based on preliminary 2022 figures (unaudited), revenue would reach € 172M (+114.1% YoY) with EBITDA of € 44.3M (EBITDA margin of 25.8%) and a DFN/EBITDA ratio of 5.9x. INSTRUMENT RATING : EthiFinance Ratings assigns for the first time an BBB- to Skysea Flyer S.L's bond issue. Skysea Flyer S.L and its subsidiaries constitute a hotel group consisting of four five-star resorts, three of them located in Punta Cana (Dominican Republic) and one in Cancun (Mexico). Its establishments are oriented towards luxury tourism (5*), with modern facilities for accommodation and leisure and with an all-inclusive format, operated through its own brand 'Majestic'. Based on preliminary 2022 figures (unaudited), revenue would reach € 172M (+114.1% YoY) with EBITDA of € 44.3M (EBITDA margin of 25.8%) and a DFN/EBITDA ratio of 5.9x.