Grupo Oesía improves its credit rating and renews its promissory notes program in MARF


  • EthiFinance Ratings upgrades Grupo Oesía’s rating from “BB” to “BB+”.
  • The new rating is based on the strong attractiveness of the sectors where Grupo Oesía operates, as well as on factors such as competitive positioning, structure, sales and profitability of the company.


Madrid, June 27, 2024 – Grupo Oesía, a multinational company dedicated to digital and industrial dual-use engineering, has registered a rating improvement before a new issue of promissory notes. On the occasion of the transaction that places a new promissory note program for a total amount of 30 million on the BME Fixed Income Market (MARF), the financial rating agency EthiFinance Ratings has decided to upgrade the Group’s rating from “BB” to “BB+”.

The rating is based on the strong attractiveness of the sectors in which Grupo Oesía operates, characterized by high entry barriers, adequate profitability levels, low volatility of operating margins and high growth prospects. In addition, the Group shows robust and sustained revenue growth, reaching a record figure of 221.7 million euros in 2023 and exceeding initial estimates for that period.

In addition, the company’s rating has been favored by a growing deleveraging, with the financial debt/EBITDA ratio at controlled thresholds (2.0x). In addition, the company has ample liquidity, which allows it to meet its financial and capex commitments in the coming years.

EthiFinance Ratings has also taken into account aspects such as the Group’s competitive positioning, considering it a strategic partner, thanks to its extensive track record of over 45 years and high degree of specialization in digital transformation and development for national security (aerospace, naval and land). It also emphasizes that the Group “has differential know-how, highly specialized technology, products and proprietary technology that give it a competitive advantage over other players and enable it to sustain steady growth.”

The company’s highly concentrated, family-owned ownership structure and double-digit revenue growth in the last fiscal year also contributed to the improved rating.

Finally, EthiFinance Ratings has highlighted the favorable macroeconomic scenario in which Grupo Oesía operates. For the rating agency, the current expansive defense budgets, which are expected to be maintained in the coming years, favor the company’s interests and position it as a safe and bullish stock.

This is the second time that Grupo Oesía accesses the fixed income markets, diversifying its sources of financing and consolidating its position with regard to investors.

At the beginning of June, the company presented its financial results for fiscal 2023 with record figures confirming an excellent trend: in the last two years alone, it has managed to multiply its turnover by 1.5x, double its EBITDA (2x) and triple its pre-tax profit (3x).


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