The latest information on the rating, including rating reports and related methodologies, is available on this LINK.

Rating action

Scope Ratings GmbH (Scope) has assigned a SD issuer rating to Textura Zrt. Scope has also assigned a default status with CC debt instrument rating to the HUF 5bn senior unsecured guaranteed bond (ISIN HU0000361449), reflecting a default with an average to high level of expected recovery and high certainty for current bondholders.

These rating actions resolve the under-review status on all ratings.

The rating action reflects the issuer’s payment default on its HUF 5bn senior unsecured bond (ISIN HU0000361449).

The full list of rating actions and rated entities is at the end of this rating action release.

Key rating drivers

Textura has been assigned an SD (selective default) issuer rating as the issuer has failed to repay the outstanding principal amount of the HUF 5bn senior unsecured guaranteed bond (ISIN HU0000361449) due 28 December 2024 (early repayment triggered by the downgrade of the issuer's rating to below ‘B-‘ on 28 November 2024, which requires repayment within 30 days). 80% of the nominal value of the bonds is guaranteed by the state-owned MFB Hungarian Development Bank Zrt. (rated BBB/Stable by Scope¹). Textura has been unable to obtain (i) refinancing to cover the early repayment of the outstanding principal amount of the bond or (ii) an investor waiver of the early repayment.

While Textura has been in discussions with the bondholders to obtain a waiver and restructure the HUF 5bn bond, it has not been able to complete the negotiations prior to the accelerated repayment date. The failure to redeem the bond until the due date meets Scope’s definition of default (Scope’s rating definition), as the company has experienced an uncured payment default on a material obligation.

Business risk profile: CCC (unchanged). Textura’s business risk profile reflects continued weak operating profitability, low market shares and weak diversification is weak in both the textile and plastics divisions.

Financial risk profile: C (unchanged). Scope's assessment of Textura's financial risk profile is driven by insufficient liquidity, high leverage and negative free operating cash flow, resulting in continued cash burn. There is limited visibility on Textura's business prospects, and the company is not able to provide a comprehensive and reliable business plan. This limits Scope’s ability to provide a meaningful forecast of the development of Textura’s income and expenses, balance sheet items and cash flows beyond 2024. However, Scope does not expect cash generation, and therefore credit metrics, to improve in the near term.

Liquidity: inadequate (-2 notches). Liquidity remains inadequate due to weak cash generation resulting in the inability to repay the HUF 5bn bond issued under the MNB bond funding for growth scheme on the due date. Negative current cash generation and available cash (HUF 0.9bn as of end-September 2024) were insufficient to enable repayment from internal sources, and access to external sources remains weak.

Supplementary rating drivers: credit neutral (unchanged). Although supplementary rating drivers are credit neutral, Scope's assessment of the company's business and financial risk profile reflects governance concerns. These include frequent changes in the issuer’s financial planning which are detrimental to creditors as this constrains visibility and may indicate underlying operational issues. Other governance concerns include inadequate reporting practices and the failure to disclose key information in a timely manner.

Debt ratings

Scope assigned a default status to the HUF 5.0bn senior unsecured guaranteed bond (ISIN HU0000361449), following the payment default on 28 December 2024. The current debt instrument rating is CC as the agency sees an average to high level of expected recovery with a high degree of certainty, as 80% of the bond notional is guaranteed² by the MFB Hungarian Development Bank. The irrevocable and unconditional guarantee will benefit current bondholders but will cease to exist once the guarantee is drawn, as current bondholders will only receive payments under the guarantee in exchange for the bonds they hold. Once the guarantee has been successfully drawn, Scope will reassess the appropriateness of the current rating level.

Environmental, social and governance (ESG) factors

Scope notes the small size of the company and its family business nature and highlights key person risk, new product risk, transparency concerns, concerns for respect of creditors (use of cash proceeds earmarked for investments for operational expenditures, placing the inventories to a sister company with a six-months payment term and little cash conversion) and complex structure.

All rating actions and rated entities

Textura Zrt.

Issuer rating: Selective Default, Default

Senior unsecured guaranteed debt instrument rating (ISIN: HU0000361449): CC, Default with average to high level of expected recovery and high certainty

Rating driver references
1. MFB issuer rating
2. MFB unconditional and irrevocable bank guarantee

Stress testing & cash flow analysis
No stress testing was performed. Scope Ratings performed its standard cash flow forecasting for the company.

Methodology
The methodologies used for these Credit Ratings, (General Corporate Rating Methodology, 16 October 2023; Retail and Wholesale Rating Methodology, 26 April 2024), are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
Information on the meaning of each Credit Rating category, including definitions of default, recoveries, Outlooks and Under Review, can be viewed in ‘Rating Definitions – Credit Ratings, Ancillary and Other Services’, published on https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Historical default rates of the entities rated by Scope Ratings can be viewed in the Credit Rating performance report at https://scoperatings.com/governance-and-policies/regulatory/eu-regulation. Also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope Ratings’ definitions of default and Credit Rating notations can be found at https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Guidance and information on how environmental, social or governance factors (ESG factors) are incorporated into the Credit Rating can be found in the respective sections of the methodologies or guidance documents provided on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.

Solicitation, key sources and quality of information
The Rated Entity and/or its Related Third Parties participated in the Credit Rating process.
The following substantially material sources of information were used to prepare the Credit Ratings: public domain, the Rated Entity and Scope Ratings' internal sources.
Scope Ratings considers the quality of information available to Scope Ratings on the Rated Entity or instrument to be unsatisfactory. The information and data supporting these Credit Ratings originate from sources Scope Ratings considers to be reliable and accurate. Scope Ratings does not, however, independently verify the reliability and accuracy of the information and data.
Prior to the issuance of the Credit Rating action, the Rated Entity was given the opportunity to review the Credit Ratings and the principal grounds on which the Credit Ratings are based. Following that review, the Credit Ratings were not amended before being issued.

Regulatory disclosures
These Credit Ratings are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings are UK-endorsed.
Lead analyst: Istvan Braun, Senior Representative
Person responsible for approval of the Credit Ratings: Philipp Wass, Managing Director
The issuer Credit Rating/Outlook was first released by Scope Ratings on 3 February 2022. The Credit Rating was last updated on 28 November 2024.
The bond final Credit Rating was first assigned by Scope Ratings on 21 February 2022. The Credit Rating was last updated on 28 November 2024.

Potential conflicts
See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest disclosures related to the issuance of Credit Ratings, as well as a list of Ancillary Services and certain non-Credit Rating Agency services provided to Rated Entities and/or Related Third Parties.

Conditions of use/exclusion of liability
© 2025 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, Scope Innovation Lab GmbH and Scope ESG Analysis 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.