Moody’s upgrades Grupo Aldesa

Moody’s Investors Service said it upgraded to B1 from Caa1 the corporate family rating and to B1-PD from Caa1-PD the probability of default rating of Grupo Aldesa SA. The outlook has been changed to stable from ratings under review.

This action concludes the review process started on Dec. 30, following the group’s announcement of its acquisition by Chinese CRCC International Investment Group, which was completed on May 8.

“The upgrade to B1 recognizes the completion of the acquisition of a 75% stake in Aldesa by CRCCII, a subsidiary of China Railway Construction Corp. Ltd. (CRCC, A3 stable) via a €256 million capital increase, and the subsequent redemption of its outstanding €245 million senior secured notes on May 19, 2020,” Moody’s said in a press release.

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