The downgrade reflects a deterioration of the financial risk profile due to a significant decline of the order backlog. The Outlook is Negative amid headwinds including the low order intake and an unsupportive macroeconomic environment.

The Outlook change is driven by the shrinking construction backlog that could lead to lower revenues and thinner profit margins.

The affirmation reflects Vasútvill's niche market position, long track record and healthy financial metrics. The rating is held back by the company's small size, concentrated backlog and customer portfolio as well as weakened profitability.

The rating is supported by the company's niche market position, long track record, and healthy financial metrics. The company's small size as well as its concentrated backlog and customer portfolio are the main constraints.