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27. November 2020

Euler Hermes Rating confirms B+ issuer and issuance ratings of Hungarian logistics company Trans-Sped Kft.

The B+ issuer credit rating is mainly driven by Trans-Sped’s operations in the transportation and logistics sector which we assess as highly cyclical and highly competitive with low barriers to entry, low profit margins and a highly fragmented landscape. Due to the asset intense operations, Trans-Sped is subject of rather low capital returns and slightly […]

25. November 2020

Euler Hermes Rating has confirmed the BB- issuer credit rating of Swiss waste management company Helvetia Environnement Groupe SA. The rating outlook was revised from “watch negative” to “stable”.

The BB- issuer credit rating is driven by moderate business risks mainly characterised by the moderate cyclicality of the Swiss waste market, long-term market growth potential spurred by structural change, high barriers to entry due to regulation and high investment requirements and Helvetia’s leading market position in a fragmented market with a diversified customer portfolio […]

2. Oktober 2020

Euler Hermes Rating upgrades issuance rating of senior bond financing for offshore wind farm Gode Wind 1 to BBB+ from BBB

Euler Hermes Rating upgrades the issuance rating for the senior notes of Gode Wind 1 Investor Holding GmbH to BBB+ from BBB based on a stable operational track record, steady deleveraging and improved recovery expectations. Key rating considerations remain a combination of moderate project risks, moderate financial risks, low operational risks and adequate terms of […]

2. Juli 2020

Euler Hermes Rating has downgraded Grammer AG’s rating from BBB- to BB+

Euler Hermes Rating has downgraded Grammer AG’s rating from BBB- to BB+. According to the rating agency, the downgrade is driven by an increase in financial risk resulting from the direct and indirect consequences of the COVID-19 pandemic. Persistent market challenges may create additional pandemic- and recession-driven revenue and earnings risks in the au-tomotive sector […]

25. Juni 2020

Euler Hermes Rating assigns an A- issuer credit rating to Elia Group S.A./ N.V.

Euler Hermes Rating assigns an A- issuer credit rating to Elia Group S.A./ N.V. The agency affirms the credit rating existing since 2015. The agency expects the rating to remain stable over the next twelve months. Euler Hermes Rating assesses the business risk of Elia Group S.A./ N.V. as low. The agency views as strengths […]

25. Juni 2020

Euler Hermes Rating affirms the BBB+ rating of the Fixed Rate Secured Notes of Solar Chest SA with an issue volume of € 275 million maturing between 2020 and 2022 depending on the tranche.

Euler Hermes Rating affirms the BBB+ rating of the Fixed Rate Secured Notes with an issue volume of € 275 million. The issue rating is largely based on Elia Group’s SA/ NV and Elia Transmission Belgium‘s SA/ NV („ETB“) guarantees to repurchase green certificates that Solar Chest had previously acquired from ETB as legal successor […]

15. Juni 2020

Euler Hermes Rating confirms Vitens N.V. A+ issuer credit rating

Euler Hermes Rating has confirmed Vitens N.V.s issuer credit rating at A+. The underlying factors were a combination of a low business risk profile, a moderate financial risk profile and a four-notch uplift for implied governmental support. We expect the rating to remain stable over the next twelve months. The overall low business risk profile […]

16. April 2020

Euler Hermes Rating has affirmed Schön Klink SE’s BBB- Rating. The outlook is negative.

Euler Hermes Rating has determined that the Schön Klinik Group has a moderate business risk. Rating strengths include a good market position from the Group’s specialisation in attractive medical growth disciplines, large business opportunities from privately insured patients and generally low sector volatility. In the agency’s view, the Group enjoys sustainable potential for growth due […]