The outlook change reflects the deterioration of B+N’s financial risk profile as operating profitability drops in 2023 paired with continued liquidity concerns.

The upgrade follows the removal of under review for a developing outcome after the delayed publication of B+N’s 2021 financial statements and reflects the group’s strong financial risk profile and attained stable project backlog.

The rating action reflects the lack of clarity caused by the delayed publication of the 2021 consolidated financial statements due to their conversion to IFRS.

The rating action reflects the removal of the one-notch negative adjustment for execution risk related to B+N’s M&A activity. It also incorporates an improved business risk profile supported by strong credit metrics.