The affirmation continues to reflect a moderate business and financial risk profile. Resilient operating performance and stable growth are offset by the ongoing expansion strategy, which is set to further pressure cash flow and liquidity.

The rating upgrade is driven by the improved financial risk profile enabled by higher revenue and EBITDA growth despite the significant expansion strategy that has strained cash flow and liquidity.

The rating affirmation is driven by the company’s resilient operating performance and stable growth reflected in faster-than-expected deleveraging

The rating affirmation reflects Nikora Trade’s solid and resilient operating performance. The rating continues to be constrained by the company’s limited scale and low liquidity.