Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate, vol.3

Victoria PLC 9,875% 25/29​

ISIN: XS3142312019

Taglio: Euro 100’000

Victoria PLC currently has a CCC+ credit rating from S&P Global Ratings, reflecting an upgrade from a "SD" (Selective Default) rating on August 29, 2025, following a distressed debt exchange by the company. The previous rating was lowered by Fitch Ratings to 'CCC-' due to potential distressed debt and Moody's had previously downgraded the company's corporate family rating to B2 in October 2023.

Key Information
  • S&P Global Ratings:
    Upgraded Victoria PLC's local and foreign currency long-term credit ratings to CCC+ from SD in late August 2025.

  • S&P's Rationale:
    The downgrade to SD had occurred because Victoria completed a distressed debt exchange.

  • Fitch Ratings:
    Downgraded Victoria PLC's long-term issuer default rating (IDR) to CCC- in late July 2025, citing potential distressed debt exchange. Fitch had previously rated the company 'B+' in May 2024 and 'B+' in January 2025.

  • Moody's Ratings:
    Downgraded Victoria PLC's corporate family rating to B2 from B1 in October 2023.
Context
  • Market Conditions: Fitch noted weakened EBITDA generation due to lower volumes in the ceramic tile and soft flooring segments.

  • Distressed Debt Exchange: In August 2025, Victoria completed a distressed debt exchange.

  • Refinancing Risk: Increased refinancing risk due to high leverage and negative free cash flow was a factor in recent downgrades from Fitch.

 
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