The affirmation is based on the waiver and covenant reset recently agreed among the involved banks as well as the company’s largely unchanged business and financial risk profiles.

The downgrade reflects the issuer’s still-elevated leverage, which, despite gradual improvement, remains above levels consistent with the previous rating. All ratings have been withdrawn due to business reasons.

The affirmation reflects the gradual improvement in leverage following a period of heavy investment and moderate cash generation resilient to inflationary pressures.

The affirmation reflects Scope’s view that growing EBITDA generation will allow ALTEO to withstand pressure on credit metrics resulting from new investments and increased debt.

The assignment of the final BB+ bond rating follows the placement of the RSD 4.1bn bond in April 2025. The bond rating is based on Elixir’s underlying BB/Stable issuer rating and Scope’s expectations about an above-average recovery rate for the bond.

The default status is triggered by the non-payment of the principal of the company’s EUR 200m eurobond on due date.

The periodic review has resulted in no rating action.

The Outlook change indicates a slowdown in the improvement of credit metrics due to the recently proposed EUR 75m investment in a new automated warehouse planned from 2025 to 2027.

The affirmation reflects Scope’s view that while the cancellation supports credit metrics, it does not change the agency’s cautious stance on 4iG’s financial policy, which remains a rating constraint due to its track record of debt-funded acquisitions.

The rating action is driven by the sustained weak credit metrics, while visibility on medium-term financial and operational support from the main shareholder MOL Group remains limited.