The Outlook change reflects weakening credit metrics in 2024 and a deteriorating capital structure with increased short-term exposure to capital market debt leading to recurring maturity walls.

The Outlook change reflects resilient credit metrics, which after deteriorating in 2022, are recovering thanks to a strong operating performance.

The Outlook change reflects weakened credit metrics driven by partially debt-funded capital-intensive projects and stockpiling, which outweigh the positive impact on Tegeta's business risk profile from the significant growth being pursued.