VISTA ALEGRE ATLANTIS SGPS SA

ISSUER RATING : EthiFinance Ratings affirms Vista Alegre Atlantis, S.A's "BB+" rating, but changes its outlook from Stable to Positive. Vista Alegre Atlantis, S.A, established in 1824, operates as a parent company of a multinational group whose activity is focused on the manufacturing and marketing of porcelain and ceramics, crystal and glass for the tableware, giftware, decorative and hotelware segments. VAA is present in 19 countries across four continents, with around 372 points of sale (43 stores, 78 corners, 250 premium retail shops and one showroom in New York). The company's turnover in 2022 amounted to € 143.3m (+22.5% YoY), with EBITDA of € 27.5m and an EBITDA margin of 19.2%. Adjusted NFD/EBITDA stood at 2.8x. In 1H 2023, the company's turnover amounted to € 64.3m, with an EBITDA of € 14.7m and an EBITDA mg of 22.9%. Adjusted NFD/EBITDA stood at 2.4x. INSTRUMENT RATING : EthiFinance Ratings affirms Vista Alegre Atlantis, S.A's bond issue rating at "BBB-". In a stress scenario, we assess that the group would cover 90% of the value of the bond (total of € 50m). This results in a one notch upgrade of the corporate rating of BB+.