TYCHE GESTION CORPORATION BV

ISSUER RATING : Axesor Rating raises Tyche s rating from B to B+ , changing its outlook from Observation to Stable. Tyche operates as a hotel group that includes four five-star resorts, three of which are located in Punta Cana (Dominican Republic) and one in Cancún (Mexico). The establishments are oriented towards luxury all-inclusive tourism, which operate through the Majestic brand. In 2021 (non-audited), the group reached a consolidated turnover of € 101.0M and an EBITDA of € 16.8M, with a NFD/EBITDA ratio of 15.6x. INSTRUMENT RATING : Axesor Rating raises Tyche Group s bond issue rating from BB- to BB". In 2018, Tyche issued a corporate Bond (senior secured) for a total amount of € 30M. The main purpose of the issue was the repurchase of the Bond issue carried out by Cadena Mar (Grupo Batle) in 2017. The issue shows a solid security structure and covenants package, which give an adequate protection degree to the bondholder. In addition, the transaction has and adequate coverage degree under a hypothetical default scenario.