The rating case develops fully in line with expectations, resulting in the Hungarian holding company's issuer rating remaining unchanged at B+/Stable.

The issuer rating continues to be supported by LP's strong financial risk profile and its progress on portfolio sustainability and diversification. Ratings continue to be held back by the holding company's overall small size.

The issuer rating continues to be supported by strong financial performance and progress on diversification. It is held back by the company’s small size.

The rating continues to be supported by LP’s strong cost coverage and increased diversification, but held back by the company’s limited size.

LP Portfolio has announced plans to issue a new HUF 1 bn senior unsecured bond later this year and maturing in 2030.

The rating action reflects credit metrics which continue to be relatively solid amid the company's expansion plan.

The ratings reflect comparatively strong credit metrics and a mix of credit-supportive underlying industries. Relatively high concentration risk constrains the ratings. Senior unsecured debt is rated BB-.