The affirmation reflects the company’s above-average profitability, but also its small overall scale, limited geographic diversification and the dependency of its backlog on government contracts. Scope has withdrawn the ratings for business reasons.

The rating affirmation reflects the unchanged business risk and the continued intention to acquire a multifunctional shopping centre, which will result in significant capex at a time of uncertain future cash flows due to a short contract backlog.

The issuer rating is driven by the company’s above-average profitability and its good domestic market position. Constraints include weak diversification, a current dependency on government contracts and a short and concentrated backlog.