ARC Ratings, S.A. (ARC Ratings) affirms the “BB+” rating assigned to the medium and long-term financial commitments and “B” rating assigned to the short term financial commitments of Grupo Visabeira, SGPS, S.A. (GRUPO VISABEIRA SGPS). ARC also changes the outlook on the “BB+” rating assigned to positive, from stable. These rating actions are based on the growing capacity of the Group to generate funds, which combined with the deleveraging strategy of divestment in equity holdings, allowed a net debt decrease and improvements in the debt coverage ratios in 2017. The Group’s perspectives point to expansion of activity and strengthening of its capacity to generate funds in 2018, in the context of a strategy of focusing in its core business, in European strategic markets, benefiting from its vast knowledge and skills and of the investment cycle expected, and increase of the production capacity in Industry area. This growth phase requires investments and therefore the Group estimates an increase in its net debt in 2018, however maintaining the improvement trajectory of debt coverage ratios.

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