Car rental company Autonom Services, owned by Marius and Dan Stefan, is the sole entrepreneurial company in Romania with corporate bonds listed on the local capital market to be rated by Fitch.
Autonom Services listed EUR20 million in corporate bonds on the Bucharest Stock Exchange main market in December 2019.
Fitch said in its report the rating factors in Autonom’s small but growing franchise, adequate profitability, reasonable asset quality, experienced management team and a funding profile that is predominantly secured.
It said the negative outlook primarily reflects Fitch’s view that the fallout from the coronavirus pandemic will put pressure on Autonom’s asset quality and profitability, as well as constrain potential funding access, limiting near-term growth prospects.
Autonom Services had consolidated revenues of RON339 million in 2019, up 35% on the year, an EBITDA of RON132 million, up 57%, and a net profit of RON17.5 million, up 7%. Consolidated results include Autonom’s two main business lines – operational leasing and rent-a-car services.