Category A-
The change in the risk rating of EISA’s bonds, from “Category BBB+” to “Category A-”, is driven by the sustained growth in the issuer’s cash flows over recent years, which has contributed to a reduction in relative leverage levels.
In real terms and since 2024, EBITDA has reached historical highs, totaling $59,215 million over the last twelve months ending in September 2025, while the financial debt to EBITDA ratio shows a downward trend, standing at 3.6x, below the average of over 5.0x for the past five years.
Additionally, it is valued that the issuer has concentrated a greater proportion of its cash flows in services with higher and more stable margins, strengthening the solidity of its results.
EISA is an engineering, construction, and real estate company with more than 46 years of experience, with its main shareholders being the Echeverría and Izquierdo families, holding more than 70% ownership. In addition to Chile, the company operates in Peru and other countries in the region.
Between January and September 2025, the company reported revenues of $430,122 million and an EBITDA of $39,703 million, with financial debt of $211,446 million and equity of $181,409 million. As of that date, the company held current inventories of $113,520 million.
