Scope Ratings has updated its rating report on Georgian MFO Rico Express LLC, rated B+ with Stable Outlook.

Rating affirmation reflects the group’s robust operating performance and strong prudential metrics.

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 government’s commitment to fiscal discipline is challenged by a rising interest burden, an economic slowdown and a fragmented and uncertain political environment weighing on the country’s fiscal and reform outlook.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Higher mortgage rates have increased pressure on housing affordability. Longer fixed-rate mortgages periods limit the risk of shocks to the banking system and support the resilience of euro-area mortgage markets.

The upgrade reflects Scope’s view that BPS will become part of the stronger BPER group.

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.