Type of ratings: Corporate

Rating value: BB-

Outlook: Stable

License: EthiFinance Ratings


EthiFinance Ratings assigns for the first time an "BB-" rating with a Stable outlook to Euskaltel Group. The group is an operator located in the telecommunications sector that offers fixed, mobile and fiber services, among others, targeting both the residential segment, companies and operators. Since August 2021, the company had a major change in the shareholder structure, becoming wholly owned by Grupo MásMóvil. The company operates in the national market, with a greater presence in the north of Spain (highlighting the Basque Country, Galicia and Asturias). At the end of 2022, Euskaltel had a turnover and EBITDA figure of € 628.8m and € 246m respectively, with a NFD/EBITDA of 7x (incorporating intercompany financing).


Rating action: New

Action date: 2023-07-12

Date last rating: 2023-07-12

Date first rating: 2023-07-12


Executive summary:


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