S&P slices Adler Group

S&P said it downgraded Adler Group SA, its subsidiary Adler Real Estate AG and their senior unsecured debt to CCC from B-.

“The publication of the annual report, including a disclaimer of opinion by KPMG, suggests Adler is even less able to sustain its near-term financial commitments. In its audit process of Adler's financial statements for 2021, KPMG stated that it is unable to express an audited opinion on the accompanying consolidated financial statements of the group. This is due to missing information about the identification and disclosure of related parties and significant related party transactions and account balances. We understand that Adler has obtained a legal opinion on the audited status of its financial accounts, considering the report as audited,” S&P said in a press release.

The also noted Adler reported a noncompliance in its incurrence-based covenant related to the unencumbered asset base, restricting it from obtaining any new financing.

The outlook is negative.

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