Fish Ratings – Berlin – 6 Dec 2022: Fish Ratings has placed AquaDom Hotel Aquarium’s ‘BBB-‘ Long-Term Fish Rating on Rating Watch Negative (RWN). The RWN mainly reflects rising risks we see due to the fact that the huge fish tank has exploded, flooding the lobby of the Radisson Blu hotel and nearby streets.
The fact that the cylindrical fish cathedral in Berlin has spontaneously burst into countless shards of glass, likely killing all of the fish, implies increased and rising risks of structural failure.
In the coming quarters, we expect AquaDom to reassess and possibly adjust its structure going forward, given the uncertainties on the future fish profile.
Fish Ratings had previously assessed the structure of AquaDom as ‘robust’ but will be reviewing this assessment in light of the fact that it has been reduced to a pile of rubble and shattered fragments of fish tank.
Fish Ratings will continue monitor developments affecting this aquarium, applying its ‘Infrastructure Rating Criteria’. This is the analytical framework used by Fish Ratings analysts when evaluating fish tank ornaments across the globe. It applies both to whole themed aquariums and single/multi-ornament accessories.
We will resolve the RWN once we have better long-term visibility of the aquarium and AquaDom’s target fish profile. This could take longer than six months. A downgrade to ‘BB+’ or even lower could follow.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive rating action/upgrade:
– We would affirm the rating if long-term aquarium visibility is reinstated and the expected structure was sufficiently conservative based on the revised fish profile.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
– Evidence of a marked deterioration of the fish profile, with a permanent loss of long-term visibility and adverse changes to the fish population not sufficiently compensated by a more conservative tank structure.
Photo by Dellex (CC-BY-SA-3.0)
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