Corporate
Outlook: Stable
Action date: 07/29/2022
Rating action: Downgrade

EMPRESA NAVIERA ELCANO SA

EthiFinance Ratings downgrades Empresa Naviera ElCano, S.A. rating from "BBB-" to "BB+", maintaining its Stable outlook. Group dedicated to the international maritime transport of raw materials in bulk. The activity is carried out through its own fleet and through third-party fleets contracted on a time or voyage basis. At the end of the 2021 financial year, the company had a turnover of $907.5M with an EBITDA of $74.0M, registering a DFN/EBITDA ratio of 4.4x.

Rating

Solicited
Date last rating: 07/29/2022
Date first rating: 07/06/2016