Amorim Energia - Rating Initiation
​We initiate coverage on Amorim Energia B.V. (Amorim) and assign a BB- corporate credit rating.  Amorim owns a 33.34% economic and voting stake in Galp Energia, SGPS, S.A. (Galp), the listed Portuguese integrated oil & gas company with upstream and downstream activities. We initiated on 23 September 2016 the coverage of Galp with a corporate credit rating of BB+. Our rating was supported by Galp’s scale of operation and cash generating businesses in Portugal. Nevertheless, our rating was constrained by Galp’s large upstream asset concentration in Brazil, oil price volatility, and our expectation of negative free cash flow due to CapEx to...
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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