Despite we acknowledge that the retail sector is currently facing remarkable challenges, both through the online ideology and more recently, with a higher mark, the COVID-19 saga, from a debt service perspective, the Group holds the ability to service its debt.

It is important to remark that the Guarantor has an important weight on the Group, through its different target market, namely office space and its current strong tenant base. In addition, it is fundamental to note that the Guarantor’s EBITDA generation can cover the entire Group’s financial obligations, if the Group is faced with a prolonged stressful scenario brought about by COVID-19. As a result, we are issuing a Neutral credit opinion on the Issuer.

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