Moody’s has downgraded its solvency rating of Vigo, Spain-based Grupo Ibérica de Congelados (Iberconsa) due to its high debt load.
Iberconsa is a vertically integrated frozen seafood specialist, with operations stretching across fishing, processing, manufacturing, wholesale and retail marketing, cold storage, and distribution. The company’s fleet – comprised of 45 vessels in 2019 – operates primarily in Argentina, Namibia and South Africa, and the company’s products are sold in more than 60 countries. It was acquired in 2019 by U.S. investment fund Platinum Equity.
Iberconsa is pushing to refinance EUR 400 million (USD 442 million) of short-term debt Platinum Equity took on to finance its acquisition, according to El Confidencial. In May 2023, Moody’s downgraded that debt, as well as Iberconsa’s EUR 375 million (EUR 414 million) credit line, which matures in June 2024, to “junk bond” status, and it scaled up its rating ...
Photo courtesy of Iberconsa
