The affirmation is driven by improved transparency about the company’s operating recovery and its return to a growth path that is primarily driven by its large contract expected to be closed with the Hungarian Police Headquarters.

The periodic review has resulted in no rating action.

The rating action reflects poor performance expected for 2023, uncertainty over 2024, and potential breach of financial covenant.

The ratings are driven primarily by the company’s low leverage and profitability and are somewhat constrained by its small size, low diversification and expansion-related execution risk.

The upcoming issuance of senior unsecured debt does not alter the issuer’s rating case, with bond proceeds earmarked for to finance acquisitions and the creation of a maintenance JV.

The ratings are driven primarily by the company’s low leverage and profitability. The are somewhat constrained by its small size, low diversification, and expansion execution risks.