Santiago, February 2, 2024. Risk rating agencies Humphreys and Feller Rate maintained their ratings at “AA” for the bond lines and debt securities issued by Sociedad Matriz SAAM S.A (SM-SAAM). The agencies also assigned them a “Stable” outlook as they do not envisage changes affecting the company’s risk in the medium term.
SAAM commented that this rating ratifies the company’s focused efforts to consolidate its leadership in the towage industry in the Americas and to continue growing globally.
According to Humphreys, the rating is based on the company’s sustained positive performance in recent years, in line with its strategic plan, showing growth and improving its market share in all its business segments.
“Although SM-SAAM recently completed the sale of its entire stake in the port terminals and inland logistics business, reducing its diversification in terms of operating segments, this will allow it to strengthen the towage business, where the company has greater experience, leadership and global recognition, positioning itself as the third largest operator in the sector by market share,” the rating agency added.
According to Humphreys, SAAM’s main strengths include: solid EBITDA generation, giving it a very solid liquidity position that enables it to withstand significant financial stress conditions. In addition, the company’s extensive experience, with more than 60 years in operation, has allowed it to generate a business model with a focus on geographic diversification and continuous improvement in its operating model.
Feller Rate highlighted that its rating is due to several factors: its leadership position in its markets and businesses, high diversification and greater relative control of its subsidiaries and a decrease in its business diversification mitigated by the stability of the towage business. In addition, they mention that “the company has invested significantly in tugboats, associated with an expansion strategy based on asset growth.”
On a consolidated basis as of September 2023, the company had revenue of US$ 395.6 million, an increase of 17.2% compared to the same period of the previous year, net income of US$ 492.4 million and EBITDA of US$ 122.5 million.
