Announcements
Drinks
2/5/2024 Rating announcement EN
Scope affirms the Class A1 Guaranteed secured securities issued by Virtuo Finance SARL
Scope Ratings has today affirmed the BBB rating of the USD 84.5m Class A1 securities issued by Virtuo Finance SARL, maturing in 2041. The financing covers six operational photovoltaic power plants with a total capacity of 300MW located near Benban, Egypt.
1/3/2024 Rating announcement EN
Scope affirms the Arab Republic of Egypt’s ratings at B- and maintains the Negative Outlook
Additional financial assistance and robust relations with international partners support the ratings. Weakening debt affordability and high external liquidity risk remain credit challenges.
15/9/2023 Rating announcement EN
Scope downgrades Egypt’s ratings to B- and maintains Negative Outlook
Higher external liquidity risk and weakening debt affordability amid limited progress on reforms drive the downgrade. A resilient economy and robust relations with official creditors support the ratings.
9/5/2023 Rating announcement EN
Scope downgrades the Class A1 Guaranteed secured securities issued by Virtuo Finance SARL
Scope Ratings GmbH downgrades the USD 84.5m Class A1 Guaranteed securities issued by Virtuo Finance SARL (the Benban solar project). The downgrade reflects the weakening business environment in Egypt and the significant devaluation of the Egyptian pound.
31/3/2023 Rating announcement EN
Scope assigns Egypt first-time sovereign rating of B with Negative Outlook
A resilient economy, robust relations with international partners, and a record of reforms support the ratings. Elevated external financing requirements, large fiscal deficits, high public debt, and weak governance are challenges.
18/5/2022 Rating announcement EN
Scope assigns BBB+ to the Class A1 Guaranteed securities issued by Virtuo Finance SARL
Scope Ratings has today assigned a final BBB+ rating to the USD 84.5m Class A1 Guaranteed securities issued by Virtuo Finance SARL maturing in March 2041. The bonds are intended to refinance the existing debt of a brownfield Egyptian photovoltaic plant.
18/3/2022 Rating announcement EN
Scope assigns (P)BBB+ to the Class A1 Guaranteed securities to be issued by Virtuo Finance SARL
Scope Ratings has today assigned a (P)BBB+ rating to the USD 86m Class A1 Guaranteed securities to be issued by Virtuo Finance SARL maturing in March 2041. The bonds are intended to refinance the existing debt of a brownfield Egyptian photovoltaic plant.