The affirmation is based on the covenant reset agreement reached with bondholders and the company's largely unchanged business and financial risk profiles.

The downgrade is driven by weaker credit metrics. The under-review placement reflects pending risks related to unresolved covenant reset discussions.

The upgrade reflects the disciplined acquisition policy and moderate shareholder remuneration.

The updated corporate strategy and financial policy are in line with the current rating levels.

The rating reflects the company’s acquisition of the leading HR services provider in Hungary but is constrained by its financial policy including debt-funded acquisitions and dividends.

The rating reflects the company’s expected acquisition of the leading HR services provider in Hungary but is constrained by a rather aggressive financial policy, including the purely debt-funded acquisition and dividends.