Fitch upgrades Aldesa

Fitch Ratings said it upgraded Grupo Aldesa SA’s long-term issuer default rating to BB- from B- and removed the ratings from rating watch positive.

Concurrently, Fitch withdrew the B- senior secured rating of the wholly owned subsidiary Aldesa Financial Services SA as the company redeemed the bond on Tuesday.

“The upgrade is driven by the completion of Aldesa’s investment agreement with its immediate parent, CRCC International Investment Group (CRCCII), a wholly owned subsidiary of China Railway Construction Corporation Ltd. (CRCC). On May 8, 2020, CRCCII completed the acquisition of a 75% stake in Aldesa while existing shareholders retained the remaining 25% of the share capital. The transaction included an around €56 million capital increase, which was used to redeem Aldesa’s €245 million Luxembourg bond on May 19,” Fitch said in a press release.

The outlook is stable.

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