The downgrade on the bond rating reflects the change in recovery assessment on higher bank debt. The issuer rating is derived from the rating of the guarantor parent, Envien International Ltd, and reflects deteriorated yet still good credit metrics.

The rating is derived from the corporate rating of the parent, Envien International, which provides guarantees to its fully owned subsidiary.

The ratings are derived from the corporate rating of the parent, which provides both implicit and explicit guarantees for its fully owned subsidiary.

The upcoming guaranteed bond to be issued by Envien Magyaroraszág is rated (P)BB, based on the explicit unconditional guarantee to the debt given by Envien International, the holding company of the group.