The affirmation is driven by stable business despite a decline in topline revenue, supported by strong liquidity and diversification efforts, while the Negative Outlook reflects lingering legal uncertainties and market challenges.

The Negative Outlook reflects the prospects of weaker credit metrics, driven by slowing order intakes affected by a challenging market environment.

The rating is driven by the company’s regional visibility and strong backlog. Constraints include the limited geographic diversification and the expected increase in leverage to finance the group’s expansion.