INMOBILIARIA DEL SUR SA

ISSUER RATING : EthiFinance Ratings affirms Grupo Insur "BB" rating, maintaining its Under Observation outlook. The group focuses its activity on the national market within the Real Estate sector. The group closed fiscal year 2022 (under the consideration of joint ventures by the proportional method) with a turnover and recurring EBITDA that amounted to € 117.9m and € 21.2m (-5.9% and -5.6% YoY) respectively, reaching an LTV of 40.5%. The group's market capitalization figure stood at € 132.9m at the end of 2022 (-7.5% vs 2021). INSTRUMENT RATING : EthiFinance Ratings affirms Grupo Insur's bond issue rating at "BBB-". In December 2021, the group issued a bond secured in the MARF for an amount of € 30m, bullet amortization and maturity in 5 years. This financing will be used for the acquisition of land and plots in order to take advantage of growth opportunities in the sector. This issue has a solid coverage rate supported both by the assigned collateral (acquired lots) and by the valuation and assets presented by the group.