The downgrade reflects deteriorating credit metrics, caused by weaker operating profitability amid more adverse market conditions, characterised by lower demand and increasing operating and personnel expenses.

The affirmation reflects the stressed financial risk profile as profitability remains under pressure in a more challenging market environment characterised by lower demand and higher operating costs.

The Negative Outlook reflects weaker operating profitability and credit metrics due to the more challenging macroeconomic environment.

The rating reflects the issuer’s improving diversification in logistic services, while maintaining stable operating profitability in a highly competitive market. The rating is constrained by the high leverage, limited company size and geographical scope.