S&P slashes Haya Holdco

S&P said it lowered its ratings on Haya Holdco 2 and its subsidiary, Haya Real Estate SAU, to CC from CCC+. The agency also cut the group’s senior secured floating-rate notes to CC from CCC+. The recovery rating remains 4.

The parent agreed to sell Haya Real Estate to Intrum Holding Spain for €140 million, and more than 85% of the floating-rate noteholders entered a lock up-agreement to facilitate the sale.

“We view this as a distressed exchange since investors would receive less value than the promise of the original securities, with a nominal outstanding balance of €350 million under Haya Holdco 2's senior secured notes at the end of first-quarter 2023, and this is tantamount to a default under our criteria,” S&P said in a statement.

The outlook is negative.

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