(Finance) – Cerved Rating Agency has raised the rating of public credit Greenthesisa company listed on Euronext Milan and active in the integrated management of the waste cycle, from B1.2 to B1.1. The upgrade reflects: (i) the consolidation of revenues and margins in 2023; (ii) maintaining both a positive Net Operating Cash Flow and a sustainable level of leverage; (iii) the forecasts of the new Group Industrial Plan 2024-2028 which indicate growth in revenues, further consolidation of margins and parallel downsizing of the adjusted Net Financial Position in the face of greater operating cash flows; (iv) the expected entry into the share capital of Greenthesis by Patrizia SE, leading partner for investments in the global real estate and infrastructure market.
Based on the same assessments, the new B1.1 creditworthiness class was confirmed by Cerved Rating Agency for the two bonds fully subscribed by Understanding as part of the broader Basket Bond operations promoted by the same bank in partnership with ELITE – the first of 8 million euros, with a duration of 7 years, issued on 31 March 2020 and the second of 10 million euros, with a duration of 7-year bond, issued on 28 July 2022 – is attributed to the additional 10 million euro bond, with a duration of 6 years, issued on 7 July 2023 and subscribed equally by Unicredit And Credit Agricole.
“This result represents the culmination of a journey that began over five years agowhich had placed at the basis of the Group’s strategic vision all those actions aimed at improving the balance sheet fundamentals, as well as the overall improvement of the entire “business world” from an organizational point of view, attention to environmental sustainability, balanced corporate governance and of corporate sociality”, commented the Chief Financial Officer of Greenthesis, Vincenzo Cimini.
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