The change in Outlook is driven by the expected stabilization of EBITDA contribution from Szinorg’s real estate portfolio, which supports the financial risk profile. High leverage, small size and limited diversification remain the main constraints.

The Outlook change is driven by the risk of a sharp rise in leverage, caused by the potential deterioration in future revenue, a limited order book for 2024 amid multiple headwinds, including higher input prices and an unfavourable macroeconomic outlooks.

The rating affirmation reflects Szinorg's robust performance and adequate credit metrics, including debt protection and liquidity, in 2021. The rating remains limited by the company's small size, limited backlog and weak geographic diversification.

The rating affirmation reflects Szinorg's moderate credit metrics, including adequate debt protection and strong liquidity. The rating continues to be held back by the company's small size, limited backlog and weak geographic diversification.

The rating is driven by the company´s good regional market visibility. Constraints include weak diversification as well as the anticipated increase in leverage to finance the build-up of a real estate portfolio