ARC Ratings, S.A. has upgraded the public final ratings assigned to Grupo Visabeira, S.A. to “BBB-”, with stable outlook, from “BB+”, with positive outlook, and to “A-3”, from “B”.

This action is based on the proven resilience of the Group’s cash flow generation, in the Covid-19 pandemic context, and on the expected acceleration of its growth strategy focusing on its main business area in developed markets. In ARC’s view, the Group continues to not face liquidity pressures. Additionally, the group is committed to continue to improve its net financial debt/EBITDA ratio fundamentally on the back of the growth of its main business area, supported by the investment agreement with Goldman Sachs Asset Management (Goldman Sachs or institutional investor), which is deemed credit positive. In the short-term the impact of the recent Ukraine/Russia conflict on its business and profitability is expected to be low, however the evolution and length of this conflict and consequent negative impact on the global economy raises concerns about potential specific impacts on the Group. ARC will monitor closely the Group’s performance and its financial structure.