S&P cuts Haya Real Estate

S&P said it downgraded its ratings on Haya Real Estate SAU and its senior secured notes due November 2022 to CCC- from CCC+.

“We view a heightened risk of near-term default, as Haya's liquidity is insufficient to meet the maturing bullet debt. Haya's cash balance has continued to increase to around €109 million as of third-quarter 2021 and we expect that this will continue to grow by year end, supported by the recovery in collections in the coming quarter. However, we do not expect the company will have sufficient funds to meet the maturing debt obligations totaling around €425 million,” S&P said in a press release.

The agency noted Haya is considering its refinancing options, and that its revolver, due in May, is undrawn.

The outlook is negative.

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