The rating is supported by Opus’ good financial risk profile, despite some expected deterioration in credit metrics. The rating continues to be held back by high income concentration.

The rating is supported by Opus’ strong financial risk profile, despite some credit metrics’ deterioration in 2022. The rating continues to be held back by high income concentration.

The rating action reflects OPUS' resilient financial risk profile in light of potentially lower dividend income in the current year as well as improved asset diversification following transactions in the energy division.

The rating action reflects Scope’s neutral view on the holding company’s credit quality following recently announced transactions in its energy division.

The ratings continue to be supported by the holding company's strong projected cost coverage. They are constrained by high dividend concentration.

The ratings reflect the newly merged holding's comparatively strong credit metrics due to our view of its strongly increased income generation; ratings also reflect relatively high concentration risk; senior unsecured debt rated BBB-.