5/4/2023 Rating announcement EN
Scope upgrades issuer rating of Appeninn to B+/Stable from B under review for possible downgrade
The rating upgrade is driven by the recent acquisitions done by cash on the balance sheet and a conservative debt uptake, which significantly improve the company’s financial risk profile.
2/3/2023 Rating announcement EN
Scope places B rating of Appeninn Holding Nyrt under review for possible downgrade
The rating action is driven by the possibility of a default of one of the issuer’s outstanding bonds in April 2023.
12/4/2021 Rating announcement EN
Scope downgrades Appeninn Holding Nyrt.'s issuer rating to B with a Stable Outlook
The downgrade is driven by the company's large development projects, which burden it with significantly more debt and put a strain on credit metrics.
2/10/2020 Rating announcement EN
Scope places Appeninn Holding’s B+ rating under review for possible downgrade
The rating action reflects increased credit risks in light of the change in management and strategy, including the exposure to development risks.
1/10/2019 Rating announcement EN
Scope assigns a first-time issuer rating of B+ to Appeninn Holding Nyrt., Outlook Stable
The issuer rating is driven by the company’s relatively strong credit metrics, exposure to Budapest and low vacancy rates. Constraints include weak diversification, high tenant concentration and a short WAULT providing limited visibility.