The downgrade stems from the absence of a tangible refinancing strategy for the EUR 200m bond due in May 2025, compounded by uncertain operational prospects for 2024.

The downgrade stems from the absence of a valid refinancing strategy for the EUR 200m bond due in May 2025, compounded by uncertain operational prospects for 2024.

The action follows rapid credit metric deterioration amid operational disruptions and concerns about refinancing a EUR 200m bond in May 2025. The under-review status signals further short-term rating pressure due to potential liquidity constraints.

The periodic review has resulted in no rating action.

The rating reflects the issuer's solid profitability, cost position and financial risk profile but is constrained by weak diversification.

The rating reflects Nitrogenmuvek's solid profitability and cost position, but is constrained by weak diversification, outlined by operating one production site.

The rating reflects Nitrogenmuvek's solid profitability and cost position, but is constrained by weak diversification, with the company operating only one production site.