EMPRESA NAVIERA ELCANO SA


Type of ratings: Corporate

Rating value: BB+

Outlook: Stable

License: EthiFinance Ratings

Solicited

EthiFinance Ratings downgrades Empresa Naviera ElCano, S.A. rating from "BBB-" to "BB+", maintaining its Stable outlook. Group dedicated to the international maritime transport of raw materials in bulk. The activity is carried out through its own fleet and through third-party fleets contracted on a time or voyage basis. At the end of the 2021 financial year, the company had a turnover of $907.5M with an EBITDA of $74.0M, registering a DFN/EBITDA ratio of 4.4x.

Ratings

Rating action: Under Observation

Review due to methodologies update.

Action date: 2022-11-10

Date last rating: 2022-07-29

Date first rating: 2016-07-06

Documents

Executive summary:

Methodologies

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