BIODIESEL ARAGON SL

ISSUER RATING : EthiFinance Ratings affirms Biodiesel Aragon's rating at "BB-" maintaining the Stable outlook. Biodiesel Aragon is a niche company with an international focus specialized in the manufacture of double counting and advanced biofuel from vegetable and animal waste. Through its only production plant (Huesca), which produces 51.000 tons/year (maximum production capacity of 100.000 tons/year), Bioarag sells biodiesel (own production and tolling) to large petrochemical groups. At year-end 2021, the company reported revenues of € 46.5MM (-4% YoY), with EBITDA of € 3.3MM (EBITDA margin of 7%). The NFD/EBITDA ratio was 1.5x. INSTRUMENT RATING : EthiFinance Ratings affirms the rating of Biodiesel Aragón's bond program at "BB". The company formalized in July 2021 a € 10MM bond program under which it carried out a first issue of € 2MM bullet bonds with a 4-year maturity and quarterly interest linked to the evolution of Euribor (with floor 0%) plus a spread of 4.5% (act/365). The program is collateralized through a mortgage pledge with irrevocable power of attorney (cause of contract) on factory, machinery and essential assets.