EthiFinance (formerly Axesor) has upgraded Sacyr’s rating to BBB-, considered an investment grade with a stable outlook. Sacyr received its first EthiFinance rating in July 2020, a BB+ score that it has maintained until now.
This is the first time that EthiFinance, a major rating agency, gives Sacyr an investment grade rating. Reasons behind this upgrade are the favorable fundamentals of the infrastructure sector, Sacyr’s strong global competitive position and EthiFinance’s positive assessment of company’s governance improvements undertaken in the past few months.
Moreover, EthiFinance considered Sacyr’s positive performance in 2022, driven by the commissioning of some of its main P3 assets, which has raised the importance of this the within the group’s activity. EthiFinance also recognizes Sacyr’s efforts to reduce its recourse net debt, which are expected to intensify in 2023 with the sale of its Services units.
Lastly, EthiFinance also considers other noteworthy aspects that might influence the current credit rating: profitability performance, debt evolution and its subsequent effect on financial expenses, and the evolution of debt-to-equity ratios.