The affirmation reflects a relatively robust yet concentrated order backlog and solid financial metrics. Some pressure is expected from the addition of new-debt financed real estate developments and weakening profitability.

The affirmation is driven by solid financial metrics despite a decrease in profitability due to competitive pressures, high building material prices and an unsupportive macroeconomic environment.

The affirmation is driven by good 2021 results and solid financial metrics that provide some headroom against impending headwinds including a shorter backlog, higher input prices and an unsupportive macroeconomic outlook.

The Outlook change is driven by the reduced financial pressures from the large investment plan due to stronger operating cash flows.

The Outlook change is driven by the increased risk of pressure on the company’s financial risk profile from a new, more ambitious investment plan.