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.

The rating affirmation reflects Tegeta Motors’ solid operating performance. The rating continues to be constrained by limited scale and working capital investment requirements.

The rating action reflects the company's better-than-expected operating performance in the first nine months of its 2020 fiscal year, driven by a fast recovery from the coronavirus-induced shutdown of non-food retailers in Georgia.

The rating action reflects the overall uncertainty around the impact of the coronavirus pandemic on Tegeta's 2021 results and the limited visibility regarding a return to normal retail volumes post deconfinement

The rating is driven by the group’s good financial risk profile as well as by its comparatively high operating profitability and robust domestic market shares. Constraints include low geographical diversification and the execution risk on expansion plans.