17/1/2024 Rating announcement EN
Scope affirms B+N’s BB issuer rating and changes the Outlook to Negative from Stable
The outlook change reflects the deterioration of B+N’s financial risk profile as operating profitability drops in 2023 paired with continued liquidity concerns.
20/1/2023 Rating announcement EN
Scope upgrades B+N’s issuer rating to BB/Stable
The upgrade follows the removal of under review for a developing outcome after the delayed publication of B+N’s 2021 financial statements and reflects the group’s strong financial risk profile and attained stable project backlog.
18/10/2022 Rating announcement EN
Scope places B+N’s issuer rating of BB- under review for a developing outcome
The rating action reflects the lack of clarity caused by the delayed publication of the 2021 consolidated financial statements due to their conversion to IFRS.
15/10/2021 Rating announcement EN
Scope upgrades B+N Referencia Zrt.’s issuer rating to BB-/Positive
The rating action reflects the removal of the one-notch negative adjustment for execution risk related to B+N’s M&A activity. It also incorporates an improved business risk profile supported by strong credit metrics.
20/4/2021 Rating announcement EN
Scope places B+N Referencia Zrt’s issuer rating of B+ under review for possible upgrade
The rating action follows B+N’s agreement to acquire Central and Eastern European subsidiaries of ISS Group, which upon completion is likely to improve both business risk and financial risk profiles.
12/10/2020 Rating announcement EN
Scope affirms B+ issuer rating on B+N Referencia Zrt and raises outlook to Positive
The rating action reflects solid credit metrics amid the company's sales growth.
4/10/2019 Rating announcement EN
Scope assigns B+ initial issuer rating to Hungary-based B+N Referencia Zrt., with a Stable Outlook
The rating is supported by the comparatively strong credit metrics. Constraints include the company's small scale, weak diversification, stiff competition and agressive financial policy.