The rating continues to reflect a weak business and good financial risk profile. Resilient operating performance and stable growth are offset by the ongoing expansion strategy, which is set to further pressure cash flow.

Following the recent rating action on Szinorg Universal Zrt. on 28 January 2025, Scope has released an associated analytical report.

GS Inima's rating reflects its low-risk water concessions business and a good financial risk profile due to low leverage. The rating is constrained by the limited size, the high exposure to emerging markets, and the concentrated concession portfolio.

The rating is driven by Elixir's robust position in the production of fertilisers and phosphoric acid, and Scope's expectations for gradual improvements in the company's margin profile and credit metrics during the current investment phase.

The downgrade is driven by weaker credit metrics. The under-review placement reflects pending risks related to unresolved covenant reset discussions.

Szinorg's credit profile benefits from growing real estate portfolio diversification and adequate liquidity, yet faces headwinds from small scale, cyclical construction business, and increasing leverage.

The periodic review has resulted in no rating action.

The affirmation reflects unchanged business and financial risk profiles. Financial headroom to the downside scenario is shrinking, however.

The under-review placement follows the announced acquisition of Éltex by Hungary-based utility company Alteo.

Following the recent rating action on Akershus Energi AS on 13 December 2024, Scope has released an associated analytical report.