EthiFinance Ratings Cuts Greening Group to CCC From B+ on Weak Liquidity

• EthiFinance Ratings cut Greening Group Global’s long-term rating to CCC from B+ on October 20, 2026, retaining a negative outlook.
• The EUR 30 million senior secured green bond program was downgraded to CCC+ from BB-; estimated recovery fell to 61% from 72%.
• The agency cited very weak liquidity, with EUR 15.9 million in promissory notes maturing between October 22 and December 17, 2026.
• Net financial debt/EBITDA reached 21.5 times in 2025, versus 13 times projected; EBITDA/interest fell to 0.4 times versus 1.3 times projected.
• A bank debt restructuring process is underway, but EthiFinance lacks visibility on its completion; short-term debt coverage remains uncertain.

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