Victoria – have the ratings agencies fallen asleep….again?
News that, heavily indebted flooring group, Victoria (AIM:VCP) has secured a BB- rating from S&P has left us scratching our heads in disbelief.
In connection with the launch of its €450 million bond offering of senior secured notes, Victoria has confirmed ratings of BB (stable) and BB- from global ratings agencies Fitch and Standard & Poor’s respectively.
With due regard to the fragile nature of Victoria’s balance sheet and worsening cash flow, as reflected in the proforma financial stattements, we are absolutely staggered.
Our previous Blog highlighted a balance sheet at 30 June 2018 with…
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