Scope completed the monitoring review for Hell Energy Magyarország Kft. including the current issuer and instrument ratings on 30 October 2020. This monitoring note does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term.

The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

After the release of the audited full year 2019 numbers, the company’s financials and expansion activity are in line with Scope’s financial base case and assumptions used in Scope’s initial rating as of 31 October 2019. All relevant parts of the issuer’s business risk profile including market position, asset quality, diversification and profitability do not show material change. Financial performance assessed in the financial risk profile including revenues, Scope-adjusted-EBITDA and financial leverage as measured by Scope-adjusted Debt (SaD)/Scope-adjusted EBITDA are also in line with the agency’s latest financial forecasts. Scope therefore deems the current rating case as unchanged and takes no rating action at this point. 

The methodologies applicable for the reviewed ratings and rating Outlook: (Corporate Rating Methodology 26 February 2020; Consumer Products Rating Methodology 30 September 2020) are available on https://www.scoperatings.com/#!methodology/list.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst: Denis Kuhn, Associate Director
Analytical team head: Olaf Tölke, Managing Director

© 2020 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Analysis GmbH, Scope Investor Services GmbH and Scope Risk Solutions GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin. Scope Ratings GmbH, Lennéstraße 5, 10785 Berlin, District Court for Berlin (Charlottenburg) HRB 192993 B, Managing Director: Guillaume Jolivet.