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Aegea’s Dollar Bonds Plummet after Delaying Results; Downgradeed to B+ by S&P
April 2, 2026
Aegea’s dollar bonds plumetted after the company decided to delay the release of its 2025 full-year financial results. Aegea was also downgraded by S&P to B+ from BB-, and was placed on CreditWatch Negative. The company postponed the publication after a review of certain accounting practices and estimates related to its customer portfolio was required to have a restatement of its 2024 financial statements. Aegea stated that the adjustments were purely accounting in nature, do not affect operating cash generation or liquidity, and will not cause any breach of financial covenants. However, the company has not given a date for when the revised numbers will be published. S&P noted that the restatements increase uncertainty and may raise the risk of weaker credit metrics when the revised numbers are eventually disclosed. The rating agency also indicated that Aegea’s debt-to-EBITDA was high at 4.3x as of end-September 2025. Moreover, S&P added that the failing to publish its financial statements within the 7-business-day cure period under its covenants could trigger debt acceleration provisions.
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