"In a highly uncertain environment, Redbridge’s support has helped to improve credit rating agencies’ perception of our credit risk and was key in obtaining our State-guaranteed loan before the summer."

Brunot Bayet
Group Controller

Description of the project

  • Helping the Group meet challenges related to the evaluation of its credit profile
  • Providing support in the arrangement of a €50m French State-guaranteed loan (PGE)

Objectives

  • Identification of possible sticking points and communication levers in order to help the Atalian Group optimize its credit risk profile
  • Definition of dedicated short- and medium-term communication strategies for each rating agency in order to improve the Group’s rating
  • Establishment of a SGL within eight weeks in order to strengthen short-term liquidity against the backdrop of the COVID-19 crisis

Key results 

  • Proactive management of communication and relationships with agencies in close collaboration with the new management team
  • Monitoring of credit KPIs and comparative sector analysis
  • Perceptible change in the understanding of our business and the perception of our credit risk
  • €50m SGL with three historical banks (BNPP, CADIF and CIC) communicated to the market upon publication of Q2 results

Methodology

  • Quarterly analysis of the Group’s results and support with the messages and wording to be used in the Group’s official publications
  • Adaptation of the approach to dealing with rating agencies to the new context (enhanced monitoring, systematic sector-based approach)
  • Consultation with historical banks and continuation of bilateral negotiations until board agreements are obtained
  • Support in obtaining the ministerial ruling, up to the disbursement of funding

Value provided by Redbridge

  • Expertise in the world of credit and in rating agencies’ approaches and evaluation models
  • Neutral and independent approach ensuring total objectivity in analyses and recommendations
  • Strong knowledge of state support mechanisms implemented in response to the COVID-19 crisis
  • Collaborative project management with the Group Finance Department and all stakeholders: Treasury Finance Department, Banking, Legal Advice and Bpifrance/French Treasury
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