Bonds

On 05/06/2024 Cerved Rating Agency upgraded E.S.TR.A. rating from B1.1 to A3.1.

The rating upgrade reflects:
(i) the significant increase of operating profitability in FY23 along with better leverage ratios at Dec23, despite the increase in adj NFP;
(ii) the normalization of industry dynamics and an expected consolidation of economics in FY24, still maintaining a balanced financial structure.