The rating affirmation is based on the company's strong operating performance and its ability to pass on cost increases to customers.

The rating downgrade is driven by expected lower operating profitability and integration risk of acquired companies, reflecting a weaker financial risk profile.

The rating affirmation reflects solid operating cash flow generation and net cash positions. GVC’s limited scale and high dependence on public tenders remain constraints.

The planned HUF 7bn senior unsecured bond will now amortise yearly from 2026 and bond proceeds allocated to the refinancing of loans are higher than expected.

The issuer rating of BB reflects GVC’s sound financial performance, driven by relatively high profitability, and well-established business operations. The rating is constrained by limited scale and a lack of geographical and revenue stream diversification