The periodic review has resulted in no rating action.

Scope Ratings has published an update to its Supranational Rating Methodology, with non-material changes. No outstanding ratings are impacted.

The assignment of the final BB+ bond rating follows the placement of the RSD 4.1bn bond in April 2025. The bond rating is based on Elixir’s underlying BB/Stable issuer rating and Scope’s expectations about an above-average recovery rate for the bond.

The default status is triggered by the non-payment of the principal of the company’s EUR 200m eurobond on due date.

The periodic review has resulted in no rating action.

The Outlook change indicates a slowdown in the improvement of credit metrics due to the recently proposed EUR 75m investment in a new automated warehouse planned from 2025 to 2027.

The affirmation reflects Scope’s view that while the cancellation supports credit metrics, it does not change the agency’s cautious stance on 4iG’s financial policy, which remains a rating constraint due to its track record of debt-funded acquisitions.

Portugal likely faces another minority government after an inconclusive snap parliamentary election which risks complicating policy making, including fiscal and economic reforms.

The rating action is driven by the sustained weak credit metrics, while visibility on medium-term financial and operational support from the main shareholder MOL Group remains limited.

EFL Lease ABS 2021-1 DAC is a cash securitisation of leasing receivables granted by EFL to its retail and SME clients in Poland.