Inability to ramp up sales in the plastics division, impaired profitability of the textile division and no covenant cure may result in further downgrades in 2024, debt acceleration, a distressed liquidity situation and default by February 2025.

The Outlook change reflects the very slow sales ramp-up in the plastics division, below plan performance of the textile division and no cure foreseen for the covenant breach.

Following the recent downgrade of the issuer rating to B-/Stable, Scope has updated its analytical report on Textura Zrt.

The downgrade reflects the company' switch in business focus, the early phase of its new products and the lack of supply contracts.

The rating is driven by the solid development in 2020 and a positive growth perspective, but also negatively impacted by the high uncertainty regarding Textura’s new plastic business line that leads to a further increased volatility of credit metrics.