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Reybanpac Assigned the Highest Credit Rating by the Agency BankWatch Ratings of Ecuador

10.7.2020

The rating agency, BankWatch Ratings of Ecuador, assigned AAA rating to Reybanpac's Second Commercial Paper Issuance Program because of its analysis.

In its report, BankWatch Ratings establishes that Reybanpac is a mature company with extensive knowledge and participation in its market, and with a strong competitive position. The diversification of its market and the relationship it maintains with its main customers and suppliers stand out. “As of April-2020, the revenue growth in the banana business line is a clear indicator that the company has not been affected by macroeconomic conditions by participating within a priority sector and that its position in international markets and customer diversification allows it to generate sustainable income over time.”

Thanks to proper management, Reybanpac has a solid financial position, which added to the structuring of long-term indebtedness and “combined with an indicator of financial expense coverage that is expected to remain at comfortable levels, provides in our opinion a high financial flexibility to the issuer within the term of the qualified program.”

According Vicente Wong, Reybanpac’s Executive Vicepresident, the position the company has achieved is the result of a clear and consistent direction, as well as an adequate management model. “In our more than 40 years of experience we have strived to achieve sustained growth that is based on solid corporate values, sustainable production committed to social and environmental issues, a strong commercial strategy, responsible management of resources and finances, and an innovative vision.”

The company estimates to negotiate the commercial paper in the local market in late July, subject to the approvals of the Superintendency of Companies and registration of the instruments in the respective exchanges.  These resources will contribute to the growth of the company accompanying the working capital needs derived from the increase in sales.

About Reybanpac

Reybanpac, Rey Banano del Pacífico C.L. is one of Ecuador's leading producer-exporter of Premium bananas. Founded in 1977, Reybanpac employs more than 6500 workers and governs its business model on the principles of sustainable production, compliance with the highest quality standards and strict adherence to national and international regulations. Currently, the company's main markets are located in Russia, the European Union, Asia and the Middle East, and its product is marketed to more than 50 clients on 5 continents.

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