Lisbon, 26 March 2021 – ARC Ratings (ARC) has affirmed the final medium and long-term issuer public rating of ‘BB+’ assigned to Grupo Visabeira, S.A. (‘Grupo Visabeira’) and the ‘B’ public short-term issuer and issue ratings. The outlook on the final medium and long-term issuer public rating was changed to Stable from Negative. This action is based on some resilience shown by the Group’s EBITDA in the context of Covid 19 which, along with its divestment strategy, is estimated to allow a small improvement in its net financial debt/EBITDA ratio in the financial year to December 2020. In ARC’s’ view, the Group does not face current liquidity pressures, with significant cash and cash equivalents. There remains some uncertainty around the continuation of the impact of Covid-19 on the Group’s activity and profitability, despite the start of vaccinations and generally better knowledge of risk mitigation practices. However, the Group is committed to improving its net financial debt/EBITDA ratio to 4.0x by December 2021. ARC will closely monitor the Group’s performance and its financial structure.

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