Following the recent rating action on Vend Marketplaces ASA on 11 June 2025, Scope has released an associated analytical report.

The Outlook revision reflects the medium-term pressure on the EBITDA margin through high inflation in Hungary and the company’s shareholder-friendly policies.

Scope withdraws all ratings Textura Zrt. because of insufficient data and information to continue the analysis underpinning the credit ratings.

Following the recent rating action on Market Építő Zrt. on 15 July 2025, Scope has released an associated analytical report.

The affirmation reflects Scope’s view that the issuer will refinance the bond maturing in December 2025 after securing adequate external liquidity. The negative outlook accounts for the risk that the funding structure will not improve as expected.

The affirmation reflects a robust but concentrated order backlog and solid credit metrics. Some pressure is expected from new debt to finance real estate developments.

The affirmation reflects a solid business risk profile coupled with very strong and further improving credit metrics. Ratings upside is deemed limited for the time being due to potential usage of financial headroom.

Portfolio diversification and moderate leverage support the rating. The lack of recurring income and the investment strategy are constraints.

The rating action follows the publication of Scope’s updated Chemicals Rating Methodology which could have a positive rating impact.

The affirmation reflects a balanced view of the company’s business fundamentals and financial resilience, despite some structural limitations in its operating model.