The rating affirmation reflects weak credit metrics, as well as the unchanged inadequate liquidity assessment. The Negative Outlook reflects the downside risks from the current business environment, amplified by the start of bond repayments.

The downgrade is driven by Scope’s revised EBITDA expectation for 2024-25 and the inadequate liquidity assessment. The negative outlook reflects the risk of an accelerated repayment of the bonds unless a waiver is obtained.

The company’s small size, customer concentration, weak product diversification and weak financial risk profile constrain the rating. Good profitability in a peer group context is supportive.

The company's small size, customer concentration and weak product diversification constrain the rating. Good profitability and a moderate financial risk profile are supportive. Weaker credit metrics and rising downside risks drive the Outlook change.

The company’s small size, customer diversification and limited aftermarket activities are rating constraints. Profitability, a solid financial risk profile and cash subsidies from the state support the rating.

MetMax Europe issues a HUF 5.0bn bond with a guarantee provided by its parent company. We have assigned a rating of B+ to the HUF 5.0bn bond