European rating agency. Objective, transparent, independent.
European rating agency. Objective, transparent, independent.

Metalcorp Group S.A. (Konzern)

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BB- Outlook NEG 01.09.2020 02.09.2020 27.02.2021
BB- Watch NEW 02.04.2020 07.04.2020 27.02.2021
BB- Outlook STA 28.02.2020 03.03.2020 27.02.2021
BB Outlook STA 27.02.2019 05.03.2019 26.02.2020
BB Watch NEW 26.04.2018 27.04.2018 04.03.2019
BB Outlook STA 05.03.2018 07.03.2018 04.03.2019
BB Outlook STA 06.03.2017 07.03.2017 05.03.2018
BB+ 13.06.2016 14.06.2016 03.03.2017
BB Watch UNW 29.04.2016 02.05.2016 03.03.2017
BB 04.03.2016 07.03.2016 03.03.2017
BB 05.03.2015 06.03.2015 04.03.2016
BB 17.04.2014 17.04.2014 16.04.2015
BB 08.05.2013 08.05.2013 07.05.2014

News

  • 02.09.2020
    Creditreform Rating AG has withdrawn the addition Watch NEW for the SME Issuer Rating of Metalcorp Group S.A. and assigned a negative outlook. The SME Issuer Rating now stands at BB- / negative. The impact of COVID-19 has remained limited due to the risk averse business model of the Group. However, due to lower market prices, reduced turnover, especially from the automotive sector and the aluminium production, which was below budget, the revenues and operating results in the first half of 2020 were considerably lower than in the same period in the prior year. The operating margin remained stable. The EAT however, decreased significantly due to higher interest expenses and a negative impact from foreign exchange effects. We expect that the Group will not meet its forecast for 2020, something we still expected during our last full-rating update in February 2020. The investments in the mining operations, including the corresponding infrastructure investments, were higher in the first half of 2020 than we recently expected. Additionally, we continue to see a difficult market environment, with many uncertainties, which might hamper the Group´s recovery in the second half of the business year and further contributes to the negative outlook.
  • 07.04.2020
    Creditreform Rating AG has assigned the SME Issuer Rating of Metalcorp Group S.A. (BB-) the addition ‘‘Watch NEW‘‘. The reasons for this are the adverse effects that are expected to arise from the COVID-19 pandemic, which has currently slowed trading activities for MCG. Additionally, there are currently considerable uncertainties regarding the development of the pandemic and the counter measures required by governments and public authorities. At this point in time it is difficult to assess how long, and how severe the COVID-19 pandemic will affect MCG. However, we consider there to be an increased risk that could have a negative impact on its asset, financial and earnings position resulting from the lower trading activity caused by an economic downturn and slumps in industries that are important for MCG such as the automotive industry.
  • 03.03.2020
    Creditreform Rating adjusted the corporate rating of Metalcorp Group S.A. from BB to BB-. The rating outlook is stable. The Group continued its conservative business model and the positive earnings trend in 2019. However, the performance of the Group stayed, against our expectations, behind the forecasted results. Furthermore the earnings expectations in the coming years have been adjusted downwards too. Significant potential and risk arise from the recent acquisitions and the mining project in Guinea, which could have a negative impact on the results of the current and the coming financial year, but which offer long-term growth opportunities. We would expect a further significant decrease in earnings only during a recession in the world´s business cycle or in the metal commodity markets.
  • 05.03.2019
    Creditreform Rating confirmed the rating of Metalcorp Group S.A. of BB. The addition watch negative was lifted. The rating outlook is stable. The group continued to operate their conservative business model and managed, according to the unaudited financial figures of 2018, to grow again. The financial key performance indicators have since 2016 and 2017 been deteriorating, but have been offset by qualitative factors and the overall profitable business development. The financial leeway the company has on the rating date supports the rating. Based on the expectations of the company and our own estimates we expect a small positive development of business and stable profitability in 2019.
  • 27.04.2018
    Creditreform added the supplement of watch to the current corporate rating of BB of Metalcorp Group B.V. Essential for this decision for a closer review is the bond (ISIN: DE000A1HLTD2) which will reach its maturity in June 2018, as well as the fact that the company wants to increase the bond (ISIN: DE000A19MDV0) which was issued in 2017 with a further 30 Mio. EUR. Up to the redemption of the bond in June and until the increase of the bond (ISIN DE000A19MDV0) with up to 30 Mio. EUR the rating will keep the rating supplement ,,watch´´. Within the framework of a reorganization to simplify the corporate structure, the Metalcorp Group moved its head office from Amsterdam to Luxembourg on November 1st, 2018. In this context, the corporation changed its name to Metalcorp Group S.A.. The current rating of former Metalcorp Group B.V. will be continued by Creditreform Rating AG under the name Metalcorp Group S.A..
  • 07.03.2018
    Creditreform rating has confirmed the corporate rating of Metalcorp Group B.V. at BB. The outlook is stable. The group continued its conservative business model and its positive earnings trend in 2017. The company has largely secured the redemption of the bond that will reach its maturity date at June 2018 with the issue of two bonds during the business year, to which we hold a positive view. There remains a considerable amount to cover the repayment of the bond that is currently employed in the operative business. To this point we see a short term risk. We would expect a significant decrease in earnings only in a recession in the world´s business cycle or in the metal commodity markets. For the business year 2018 we expect in case of a further increase in revenues a confirmation of the EAT of 2017.
  • 07.03.2017
    Creditreform Rating has adjusted the corporate rating Metalcorp Group B.V. from BB+ to BB. The rating outlook is stable. The group continued its conservative business model and its positive earnings trend in 2016 , however the earnings increase was accompanied by an increase in leverage and a decline in some financial ratios. Potential and risks are inherent in current acquisitions and projects. The rating is adversely affected by corporate governance aspects related to integration of Metalcorp Group into a superordinate holding structure. We would expect a significant decrease in earnings only in a recession in the world´s business cycle or in the metal commodity markets.