The Negative Outlook stems from the bank guarantee-supported shareholder buyout, which has heightened leverage and reduced the visibility on potential deleveraging.

The Outlook change is driven by the company’s improved financial risk profile due to resilient operating performance and HoReCa sales rebound.

The rating affirmation reflects GBC’s high levels of historical profitability and cash flow generation while the Negative Outlook reflects the potential likelihood of weaker operating performance.

The Outlook change is driven by the increased risk of pressure on the company’s financial risk profile from an increased interest payments and a higher-than-expected investment plans going forward.

The affirmation reflects Scope’s view of the company's unchanged business and financial risk profiles, despite weaker financial metrics in 2019.

The affirmation reflects the company's unchanged business and financial risk profiles, despite deteriorated financial metrics. The rating of the senior unsecured GEL 25m bond reflects its good expected recovery of about 70%