The affirmation is driven by an improved financial risk profile and robust order book, while the more challenging domestic market conditions underscore the inherent risks associated with the company's limited size and scope.

The periodic review has resulted in no rating action.

The affirmation is driven by an improving order book and a solid financial risk profile, despite operating margins coming under pressure from project delays in a more challenging business environment.

The rating is supported by historically strong operating profitability and robust credit metrics, but is constrained by the company’s limited size.