Moody's gives Bahia De Las Islestas Caa2

Moody's Ratings said it assigned a Caa2 corporate family rating and Caa2-PD probability of default rating to Bahia De Las Isletas, SL, a holding company owning 100% of Naviera Armas, SA. Concurrently, the agency assigned a Caa3 rating to the €194 million senior secured notes, issued by Anarafe, SLU due December 2026. The outlook on both issuers is stable.

"Today's rating action balances the significantly de-risked capital structure with still high uncertainty around the probability of a successful second corporate restructuring," said Daniel Harlid, lead analyst for Naviera Armas, in a press release.

"Although Moody's recognizes that the company's new management has a comprehensive turnaround plan for the company, the company has limited financial resources to adjust to adverse effects such as increased fuels costs or weak operating performance over the next 12-18 months," Harlid added.

The stable outlook reflects lender support for the company’s turnaround plan to a more sustainable business, the agency said.

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