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      Instrument data
      Issuer
      KODAR Energomontaža doo
      Senority
      Senior Unsecured
      Currency
      RSD
      Instrument volume
      5,860,000,000
      -
      B Outlook: None
      B Outlook: None
      Latest change
      New
      12/02/2026
      General information
      Rating
      Public
      Solicited
      With issuer participation
      UK endorsed
      EU Rated
      Daniel Szebenyi Lead analyst
      Philipp Wass Committee chair
      Scope assigns first-time issuer rating of B/Stable to Serbian EPC contractor Kodar Energomontaža

      12/2/2026 Rating announcement EN

      Scope assigns first-time issuer rating of B/Stable to Serbian EPC contractor Kodar Energomontaža

      The rating reflects Kodar’s solid track record with major state-owned clients but is constrained by its small scale, high customer concentration, and the expected rise in leverage following the execution of two renewable-power-plant projects.

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