The affirmation reflects a relatively robust yet concentrated order backlog and solid financial metrics. Some pressure is expected from the addition of new-debt financed real estate developments and weakening profitability.

The affirmation is driven by solid financial metrics despite a decrease in profitability due to competitive pressures, high building material prices and an unsupportive macroeconomic environment.

The affirmation is driven by good 2021 results and solid financial metrics that provide some headroom against impending headwinds including a shorter backlog, higher input prices and an unsupportive macroeconomic outlook.

The Outlook change is driven by the increased risk of pressure on the company’s financial risk profile from a new, more ambitious investment plan.

The rating is driven by Market's leading position in the Hungarian construction segment and solid financial metrics. The company's small scale, lack of geographical diversification, and concentration risks are credit-negative.