GCR Ratings (“GCR”) has placed Ardova Plc’s long-term and short-term national scale Issuer ratings of A-(NG) and A2(NG) respectively, as well as the Series 1 Senior Unsecured Bonds on ‘Review Extension’.
The rating process is ongoing and GCR expects to publicly release the updated ratings result on or before 31 March 2023. The ratings assigned in the last review are still in effect and remain unchanged until the review process is completed.
Ratings History
Ardova Plc
Rating class | Review | Rating scale | Rating | Outlook/Watch | Date |
Long Term Issuer | Initial | National | A-(NG) | Stable | June 2016 |
Short Term Issuer | Initial | National | A1-(NG) | ||
Long Term Issue | Initial | National | A-(NG) | Stable | August 2022 |
Long Term Issuer | Last | National | A-(NG) | Rating Watch Negative | August 2022 |
Short Term Issuer | Last | National | A2(NG) | ||
Long Term Issue | Last | National | A-(NG) | Rating Watch Negative | August 2022 |
Salient Points of Accorded Rating
GCR affirms that a.) no part of the ratings process was influenced by any other business activities of the credit rating agency; b.) the ratings were based solely on the merits of the rated entity, security or financial instrument being rated; and c.) such ratings were an independent evaluation of the risks and merits of the rated entity, security or financial instrument.