Corporate
Outlook: Observation
Action date: 02/26/2021
Rating action: Downgrade

SIDECU SA

Axesor Rating downgrades the bond rating of Sidecu from "BB-" with Stable outlook to "B+" with Under Observation outlook. The group is specialised in the development and management of sports centers, focused on concession business model. Their activity is concentrated in Spain (94% of turnover) and Portugal (6%). In 2020, as consequence of Covid-19 crisis, the group reached a turnover of € 22.3MM and an EBITDA of € 3.5MM (EBITDA margin 15,8%), with a NFD/EBITDA ratio of 25.5x.

Rating

Solicited
Date last rating: 02/26/2021
Date first rating: 03/09/2015