The assignment of the final BB- bond rating follows the placement of the GEL 350m bond in September 2025. The bond rating is based on GHG’s underlying B+/Stable issuer rating and Scope’s expectations of an excellent recovery rate for the bond.

The affirmation reflects MARSO’s unchanged leading market position and moderate financial risk profile despite economic headwinds.

The rating action reflects Scope’s view of Magyar Telekom’s strong and stable market position in the Hungarian mobile and fixed internet markets, and its robust financial risk profile.

The affirmation is driven by Scope's expectation that the construction materials company will maintain solid credit metrics and order backlog, despite the challenging local construction market witnessing significant reduction in Foreign Direct Investment.

The affirmation reflects Duna's improved business setup, primarily due to enhanced geographical diversification. This has largely offset the impact of a substantial increase in gross debt, a trend expected to continue due to Duna’s growth in Africa.

The Negative Outlook reflects the near-term pressure on the financial risk profile due to normalising price environments and elevated capex.

The downgrade is driven by continued weak credit metrics. The under-review placement reflects pending risk of liquidity issues related to future negotiations on bond covenant modifications.

A good financial risk profile, heterogenous portfolio of six companies and BioMar’s market position support the rating. Moderate profitability, reliance on BioMar and GPV, and sizeable EBITDA* input from small companies constrain the rating.

Following the recent rating action on Compactor Fastigheter AB on 3 September 2025, Scope has released an associated analytical report.

The affirmation reflects Summus’ solid operating performance and successful expansion into Poland, without credit metrics moving beyond Scope’s expectations.