Growth in HR services and solar power generation as well as moderate leverage support the rating. Low profitability, moderate volatility of the temporary staffing headcount, high customer concentration and shortening debt maturity profile are constraints.

The rating action is driven by a growing core business, complemented by recurring revenues from HR services and solar power generation.

The rating action is driven by a good core business complemented by an increasing share of recurring revenue from HR services and solar power generation.

The rating action is driven by diversification into renewables and increasing margins despite the pandemic.

The bond is issued under the Hungarian central bank's Bond Funding for Growth Scheme.

The issuer rating reflects the company's position as the fourth largest personnel services provider in Hungary but also its concentration and dependence on the domestic labour market.