The upgrade reflects improved competitive positioning with the acquisition of Vodafone Hungary, and slightly improved credit metrics. The rating is still constrained by execution and integration risks due to numerous acquisitions in the telecoms industry

The rating action reflects the recently announced transaction that upon completion will likely improve 4iG’s business and financial risk profiles

The rating action reflects weakened credit metrics and heightened execution and integration risk from large, mainly debt-funded acquisitions, which outweigh the positive impact on 4iG's business risk profile from the significant growth being pursued.

The rating action reflects heightened execution and integration risk given large and more numerous potential acquisitions as well as 4iG’s still-limited exposure to telecom services.

The rating action reflects the potential impact of the announced non-binding agreements to acquire shares in DIGI and Space-Communication, which upon completion are likely to improve 4iG’s business risk profile but weaken its financial risk profile.

The rating action reflects the positive impact of the recently announced preliminary agreement to acquire shares in Hungaro DigiTel, which upon completion is likely to improve 4iG’s business and financial risk profiles.