Significant capacity growth, followed by fast deleveraging and operation of a resilient business model with low volatility of operating profitability drive the upgrade of the issuer rating to BB from BB-.

Significant expansion following heavy investment, coupled with deleveraging and a resilient business model, drive the Positive Outlook.

The affirmation reflects good navigation through the pandemic and rising input costs thereafter, with healthy profitability and an expansion of business with leverage kept under control.

The rating action reflects the changed investment strategy, higher-than-expected state subsidies, better-than-planned Q3 results and greater transparency and therefore visibility on the future business plan and capital structure.

The rating action reflects Baromfi-Coop’s changed investment strategy, resulting in uncertainty with regard to the company’s future business plan and capital structure.

The rating reflects the company’s solid EBITDA margin and its position as the largest chicken-processing company in Hungary, its proven track record of expansion, and its resilience. The rating is constrained by weak diversification.

The rating reflects the company’s solid EBITDA margin and its position as the biggest chicken processing company in Hungary. The rating is held back by weak diversification.

The acquisition of SaGa Foods has strengthened Baromfi-Coop’s position in the Hungarian poultry processing industry and improved its diversification by adding the turkey to its mix of poultry species.

The rating reflects the company’s solid EBITDA margin and its position as the biggest chicken processing company in Hungary. The rating is held back by its weak diversification.