The affirmation reflects the higher, but still volatile recurring cash income generation of the investment portfolio, while limited scale and lack of medium-term visibility on investment strategy constrain the rating.

The upgrade reflects an improved financial risk profile, benefitting from recent acquisitions. These are expected to significantly increase the recurring cash generation capabilities of the investment portfolio.

The downgrade is driven by the weaker financial risk profile as delayed acquisitions resulted in a slower-than-anticipated build-up of recurring cash income, with total cost coverage ratio dropping below par.

The ratings are primarily driven by the company's total cost coverage as well as its net cash position and remain constrained due to uncertainty on cash income.

The ratings are primarily driven by the company's total cost coverage as well as its current and planned portfolio structure.