The affirmation reflects Scope’s view that the issuer will refinance the bond maturing in December 2025 after securing adequate external liquidity. The negative outlook accounts for the risk that the funding structure will not improve as expected.

The rating action follows the publication of Scope’s updated General Corporate Rating Methodology, which is likely to have a negative impact.

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.