Scope performs monitoring reviews to determine whether material changes and/or changes in macroeconomic or financial market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

Monitoring reviews are conducted by performing a peer comparison, benchmarking against the rating-change drivers, and/or reviewing the credit ratings’ performance over time, as deemed appropriate by the Lead Analyst or Analytical Team Head, in addition to an assessment of all aspects of the relevant methodology, including key rating assumptions. Scope publicly announces the completion of each monitoring review on its website.

Scope completed the monitoring review for OPUS Global Nyrt. (issuer rating: BB/Stable, senior unsecured debt rating: BBB-) on 21 February 2023.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

The OPUS Global holding’s main operating divisions showed a resilient operating performance in the first nine months of 2022. This is encouraging given current macroeconomic uncertainties and the rise of input prices and interest rates. The group’s robust performance against the difficult macroeconomic backdrop was brought about by a strong recovery of demand after the Covid-19-related poor performance in 2021. In addition, some group companies were able to increase selling prices in 2022, especially in the tourism and food processing divisions. The group’s strong operating performance in the first nine months of 2022 was also supported by the first-time consolidation of the two large acquisitions (Tigaz and Titasz) in the energy division.

Scope expects the holding to be focused on integration and consolidation in 2023, in contrast with the more M&A-driven environment in the past 18 months.

While in 2023, raw materials prices, high interest rates and geopolitical uncertainties will remain high, the rating on the holding is aided by a credit-supportive mix of businesses, a large exposure to fixed interest rates and an export advantage from the weak Hungarian forint.

The methodology applicable for the reviewed rating and rating Outlook (General Corporate Rating Methodology, 15 July 2022) is available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst: Olaf Tölke, Managing Director

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