Strengths are strong debt protection, good leverage and resilient business operations. Constraints are size, customer diversification, the focus on a single product category and as a result volatile credit metrics.

Good management of Hungary’s soaring inflation, decreasing operating profitability yet moderate leverage and adequate liquidity support the rating.

The affirmation is supported by a double-digit EBITDA margin, low leverage and decisive action on the energy transition. The rating remains constrained by the issuer’s small size, delayed subsidies and geopolitical risk.

The Outlook change is due to the intensive capex programme and rising input prices. The rating remains constrained by the group’s small size.

The Outlook change corresponds to an improvement in financial metrics supported by a rise in profitability. The rating remains constrained by the small size of the group.

The bond is issued under the Hungarian central bank's Bond Funding for Growth Scheme.

The rating action was driven by modifications made to the final bond prospectus.

The issuer rating reflects Fulmer Hungarian Branch's business and financial risk profile, as Aranynektar Kft is fully dependent on the relationship between the two entities for its operations.