S&P lifts Bahia de las Isletas

S&P said it raised Bahia de las Isletas SL’s issuer rating to CCC+ from SD, Selective Default, and assigned a CCC+ issuer credit rating to Anarafe SLU, a core financing subsidiary of Bahia, and rated its €194 million of senior secured notes due in 2026 B-. The agency assigned a 2 recovery rating to the notes, based on substantial recovery prospects (rounded estimate 80%). Finally, at Bahia’s request, S&P withdrew its ratings on Naviera Armas SA, at the company's request.

Through a financial restructuring, Bahia lopped nearly 59% of its financial debt. However, “In our view, Bahia is likely dependent on its ability to refinance its debt in due course and secure liquidity from external sources. These might include the sale of more non-core assets to boost its liquidity position, notably to tackle the €61 million loan maturity in June 2025,” the agency said in a press release.

S&P said it forecasts S&P Global Ratings-adjusted debt to EBITDA of 7x-9x in 2024, based on adjusted debt of €430 million-€440 million (still comparatively high) and a slow increase in EBITDA.

The outlook is stable.

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