IMAP is pleased to announce that Fitch Ratings has assigned the Autonomous Region of the Azores (RAA), a Long-Term Local-Currency Issuer Default Rating (IDR) of ‘BBB-’ with Stable Outlook and Short-Term IDR of ‘F3’.
The rating has resulted in RAA returning to investment-grade status, one notch below the Portuguese Republic (BBB), which reflects a positive comparison with international peers.
RAA is one of the 2 autonomous regions of Portugal (along with Madeira) and an archipelago, comprised of 9 small islands that are located 1,500 km from Portugal.
Banco Invest, S.A. (Invest Corporate Finance – IMAP Portugal) acted as rating advisor to the RAA.
The advisory services provided included: coordination of workflow with the rating agency, compiling the information pack required to produce the Rating Book that served as the basis for the rating agency decision, supporting RAA during meetings with the rating agency, successfully promoting RAA’s creditworthiness, developing an optimal positioning strategy and providing all necessary execution support.
IMAP closed 193 M&A transactions valued at over $7.0 billion in 2020, down from the 7 year high of 235 deals closed in 2019.
GMD holds 12 food retail stores in the Azorean Autonomous Region, on the São Miguel, Santa Maria and Pico islands, and 1 wholesale cash and carry store on São Miguel island.
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