The rating reflects the low-risk water concessions business and strong financial risk profile. The company’s modest size, high emerging-markets exposure and concentrated portfolio are constraints, while a project delay is dampening profitability.

Following the recent rating action on GS Inima Environment S.A.U. on 31 January 2025, Scope has released an associated analytical report.

GS Inima's rating reflects its low-risk water concessions business and a good financial risk profile due to low leverage. The rating is constrained by the limited size, the high exposure to emerging markets, and the concentrated concession portfolio.