SIDECU SA
Type of ratings: Senior Secured Corporate Bond
Rating value: B+
Outlook: No Trend
License: EthiFinance Ratings
Solicited
EthiFinance Ratings affirms Sidecu s bond issue rating at B+ . The issue was carried out in the MARF in March 2020 for a total a amount of € 70M, with a coupon of 5% and maturity in 2025, under a solid structure of guarantees and a package of financial covenants that provide an adequate degree of protection to the bondholder. It has an adequate degree of coverage in the event of a hypothetical default scenario. The use of the issuance funds was to refinance the previous issuance carried out in 2015 and to make investments for the expansion of the group .
Ratings
Rating action: Affirmed
Action date: 2023-04-24
Date last rating: 2023-04-24
Date first rating: 2020-03-02
Methodology