The rating affirmation reflects the company's prudent efforts to deleverage and strengthen its balance sheet, including through capital increases, while the continued Negative Outlook reflects the risk of credit metrics remaining below Scope's thresholds.

The Negative Outlook reflects the challenging business climate in 2024 and the dim outlook for 2025. A very strong financial risk profile is the key support. The ratings have been converted into unsolicited public ratings for business reasons.

The rating of Mercedes-Benz Manufacturing Hungary Kft. is aligned with the rating on Mercedes-Benz Group AG, reflecting the latter’s explicit guarantee on an outstanding bond and Mercedes-Benz Group’s implicit guarantee to the rated entity.

The affirmation reflects Encavis’ strong business risk profile and the temporary challenges from delays in commissioning and meteorological conditions.

The rating action follows the acquisition of KÖBERL Group by B+N, a German FM services provider, which could improve the issuer’s business risk profile at the cost of higher leverage and an overall deterioration in credit metrics.

No action has been taken on the A/Positive corporate issuer rating on Air Liquide S.A. and its financing subsidiary Air Liquide Finance S.A. Similarly, no action was taken on the S-1 short-term rating and A senior unsecured debt rating.

The affirmation reflects an unchanged moderate business risk profile, constrained by improving but still weak credit metrics after large expansionary capex cycle.

The rating action is driven by a slower-than-expected recovery in credit metrics amid continued market headwinds, which has led to a downward revision of the financial risk profile.

Neova’s affirmed rating reflects its moderate business risk and financial risk profiles, still assessed at BB+, and a positive one-notch adjustment for the group’s status as a government-related entity.

The rating is supported by the recent bond restructuring, which provides time to continue with the divestment plan to reduce leverage and stabilise the capital structure. The rating is constrained by ongoing refinancing risk.