SIDECU SA


Type of ratings: Senior Secured Corporate Bond

Rating value: B+

Outlook: No Trend

License: EthiFinance Ratings

Solicited

EthiFinance Ratings affirms Sidecu s bond issue rating at B+ . The issue was carried out in the MARF in March 2020 for a total a amount of € 70M, with a coupon of 5% and maturity in 2025, under a solid structure of guarantees and a package of financial covenants that provide an adequate degree of protection to the bondholder. It has an adequate degree of coverage in the event of a hypothetical default scenario. The use of the issuance funds was to refinance the previous issuance carried out in 2015 and to make investments for the expansion of the group .

Ratings

Rating action: Affirmed

Action date: 24/04/2023

Date last rating: 24/04/2023

Date first rating: 02/03/2020

Documents

Executive summary:

Methodology

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