The downgrade is driven by deteriorating credit metrics due to the demerger and weaker operating performance. The Outlook change reflects uncertainties around the refinancing of the unsecured bonds maturing in November 2024.

The rating affirmation reflects the company’s resilient operations, cash flow generation potential and ability to grow while maintaining moderate leverage.

The rating affirmation reflects Evex’s resilient operations, cash flow generation and moderate leverage. The rating continues to be constrained by limited scale and high dependence on government-funded revenue streams.

Scope's rating affirmation reflects Evex's solid operating cash flow generation and conservative liquidity management. The rating continues to be constrained by limited scale and high dependence on government-funded revenue streams.

The affirmation reflects Scope’s view of the company's unchanged business and financial risk profiles, despite weaker expected financial metrics in 2020 due to the Covid-19 pandemic.

The credit-positive characteristics of the healthcare services market, the company’s strong operating profitability and market shares in Georgia, and Scope’s expectation of a rapid improvement in financial metrics equally support the ratings.