Announcements
Drinks
8/12/2023 Rating announcement EN
Scope downgrades Cordia’s issuer rating to BB- from BB and maintains Negative Outlook
The rating action reflects the risk that credit metrics could deteriorate amid weak market fundamentals for newly built apartments. This risk has led to a weaker assessment of the financial risk profile.
26/5/2023 Rating announcement EN
Scope affirms Cordia International Zrt’s BB/Negative issuer rating
The affirmation reflects credit metrics that have remained well within Scope’s rating guidance, thanks largely to strong profitability that has allowed the company to withstand the weak market fundamentals on newly built apartments.
2/6/2022 Rating announcement EN
Scope changes Outlook to Negative for BB issuer rating of Cordia International Zrt
The ratings are primarily driven by the company's well diversified project pipeline and currently moderate leverage but constrained by a lack of recurring revenues and negative free operating cash flows due to forecasted expansion plans.
26/6/2020 Rating announcement EN
Scope affirms BB/Stable issuer rating of Hungarian real estate developer Cordia International Zrt.
The ratings are primarily driven by the company's well diversified project pipeline and moderate leverage but constrained by a lack of recurring revenues and negative free operating cash flows.
12/9/2019 Rating announcement EN
Scope assigns first-time issuer rating of BB to Cordia International Zrt., Outlook Stable
The issuer rating is driven by the company’s well-diversified project pipeline and strong debt protection, but held back by its status as a pure-play developer and significantly negative free operating cash flows.
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