The affirmation reflects the solid credit metrics, benefitting from stable recurring cash income, while the high concentration in the income-generating portfolio, low portfolio liquidity and the complex organisational structure remain rating constraints.

The rating affirmation reflects sufficient total cost cover and a balanced financing structure with only moderate financial debt.

The rating affirmation reflects the company’s sufficient total cost cover and the balanced financing structure with only moderate financial debt.

The rating affirmation reflects the sufficient fixed-cost coverage position. Stelius’ limited scale and certain lack of transparency remain constraints.

The ratings are primarily driven by the company's majority ownership of its core investments and high share of management fee income.