Following the affirmation of the BB- issuer rating and the revision of the Outlook to Negative on 21 May 2025, Scope has updated its analytical report on ITK Holding Zrt.

The downgrade reflects higher-than-expected EBITDA volatility from sector and supply risks, as well as weakened credit metrics, leading to repeated covenant breaches. The Outlook captures unresolved covenant breaches and limited visibility on recovery.

The rating affirmation reflects weak credit metrics, as well as the unchanged inadequate liquidity assessment. The Negative Outlook reflects the downside risks from the current business environment, amplified by the start of bond repayments.

The affirmation with a Negative Outlook reflects the increased risk that credit metrics will remain below the level required for the current rating beyond 2025.

Scope downgraded DKR’s issuer rating to SD due to a distressed debt exchange. The rating was reinstated at C, reflecting the improved situation following the finalisation of the restructuring concept. This has reduced the likelihood of further default.

The affirmation reflects Scope's expectation that Eviny’s leverage will settle at around 2.5x despite significant capex investments into its grid business.

The Negative Outlook reflects the potential liquidity risks related to sustained negative free operating cash flow generation while the visibility on medium-term revenue generation remains limited.

Affirmation reflects strong profitability, market leadership, low leverage, and expected material reduction in financial debt by 2026. Constraints include small scale, limited geographic reach, and dependence on a cyclical single segment/product category.

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.