Type of ratings: Corporate

Rating value: BBB-

Outlook: Stable

License: EthiFinance Ratings


EthiFinance Ratings assigns for the first time an "BBB-" rating with a Stable outlook to MaxamCorp Holding S.L. Maxam is a Spanish industrial group of recognised worldwide prestige. After carrying out a restructuring and divestment process, Maxam has dispensed business lines (outdoors and defence) to focus on the design, development, manufacture and marketing of explosives for civil industry. As a result, there has been a significant change that has allowed an increase in EBITDA and a reduction in financial debt. In FY August 2023, the company reported a turnover of € 1,094.8m (+10.2% yoy) with an EBITDA of € 239.3m (EBITDA margin of 21.9%), and an adjusted NFD/EBITDA ratio of 1.7x. EBITDA for covenant purposes was € 276.7m, and the NFD/EBITDA ratio was 1.6x.


Rating action: New

Action date: 2023-11-10

Date last rating: 2023-11-10

Date first rating: 2023-11-10


Executive summary:
Executive summary:


Return to the rating page