A strong capital base, very high liquidity buffers, excellent capital market access and highly rated key shareholders support the rating. Concentration of sovereign borrower exposure and shareholder structure are challenges.

A resilient and diversified economy, favourable debt profile, and strong institutions are strengths; high public debt, structural unemployment, and ageing-related fiscal pressures are constraints.

The periodic review has resulted in no rating action.

Highly rated shareholders, a strong guarantee mechanism and favourable capital market access support the rating; challenges are concentrated sovereign borrower exposures and a concentrated shareholder base.

Scope Ratings has updated its rating report on Georgian MFO Rico Express LLC, rated B+ with Stable Outlook.

Rating affirmation reflects the group’s robust operating performance and strong prudential metrics.

Following the recent rating action on Market Építő Zrt. on 15 July 2025, Scope has released an associated analytical report.

The affirmation reflects Scope’s view that the issuer will refinance the bond maturing in December 2025 after securing adequate external liquidity. The negative outlook accounts for the risk that the funding structure will not improve as expected.

The government’s commitment to fiscal discipline is challenged by a rising interest burden, an economic slowdown and a fragmented and uncertain political environment weighing on the country’s fiscal and reform outlook.

The periodic review has resulted in no rating action.