Scope Hamburg has downgraded the issuer credit rating of Helvetia Environnement Groupe SA to CCC+ from B and placed the rating on watch with uncertain direction. The downgrade to CCC+ is driven by a revised assessment of the company’s financial risk profile, which changed to “significantly increased” from “increased”, reflecting a revised liquidity assessment, as the company has still not yet secured an adequate refinancing facility for the CHF 75m bullet bond due for repayment in July 2022. The company’s short-term liquidity prospects are dependent on the successful attraction of new external (debt) financing within the next six months. With the beginning of 2022 the company has mandated a bank to arrange a syndicated credit facility and bringing this to financial close not later than May 2022, which is why the rating was placed on watch uncertain.
Helvetia Environnement Groupe SA (HEG), headquartered in the Canton of Geneva, is a group of several Swiss com-panies specialised in the collection and recycling of commercial and domestic waste. Since its foundation in 2005, and especially with the acquisition of Swiss Recycling Services SA (SRS) in 2017, Helvetia Environnement Groupe evolved to one of the key players in the Swiss waster management market. In 2018 HEG acquired the family-owned recycling firm Constantin SA, which enabled HEG to expand its waste treatment capacities further. At the end of 2020, HEG employed a workforce of around 560 employees and had generated revenues totalling CHF 106 million.
Scope Hamburg GmbH (formerly Euler Hermes Rating GmbH) was founded in 2001 as an independent European rating agency focusing on issuer and issuance ratings. Scope Hamburg GmbH is registered as a credit rating agency (CRA) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council (as amended) and is considered as an external credit assessment institution (ECAI) by the European Banking Authority (EBA). Scope Hamburg GmbH is a subsidiary of Scope Group, the leading European provider of independent credit ratings, ESG analyses and fund analyses.
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