Senior Secured Corporate Bond
Outlook: No Trend
Action date: 10/22/2021
Rating action: Affirmed

VISTA ALEGRE ATLANTIS SGPS SA

Axesor Rating affirms VAA s bond issue rating at "BBB-". In 2019, the company issued a corporate Bond (senior secured) for a total amount of € 50M. The main purpose of the issue was the refinancing of the part of group's debt. The issue shows a solid security structure (pledge of Ria Stone's shares, among others) 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.

Rating

ISIN: PTVAAAOM0001
Solicited
Date last rating: 10/22/2021
Date first rating: 10/23/2019