SOCIEDAD ANONIMA DE OBRAS Y SERVICIOS COPASA

Ethifinance Ratings affirms Sociedad Anónima de Obras y Servicios, COPASA's "BB" rating with a Stable Outlook. On February 15th, 2022, EthiFinance Ratings has revised the methodology applied to the credit ratings of corporate issuers, requiring by regulation the approval of the updated rating by our Rating Committee within a maximum period of 6 months. Thus, the credit rating has been revised on the same basis of information and rationale as our previous rating report dated on 25/11/2021, resulting in no changes to the rating. Copasa is a Spanish multinational group that operates in the construction and services sector, focused mainly on civil works. The group operates in more than 15 countries mainly in Spain and Latin America. At the close of fiscal year 2020, the company presented a turnover of € 278.5M with an EBITDA of € 25M (EBITDA margin 9.0%), registering a NFD / EBITDA ratio of 11.3x.