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

Rating action

Scope Ratings GmbH (Scope) has affirmed its BB/Stable issuer rating on Hungarian investment holding company Opus Global Nyrt (Opus). Scope has also affirmed the BBB- senior unsecured debt rating.

The rating affirmation reflects Opus' good financial risk profile, in particular Scope-adjusted total cost cover*, supported by its cash-generative investment portfolio and lean cost structure. Operating performance in FY 2024 was in line with Scope’s expectations. Total cost cover deteriorated to 2.0x in FY 2024 from 3.2x in FY 2023 due to a more shareholder-focused financial policy. However, the rating continues to benefit from the strong total cost cover, which Scope expects to remain well above the negative rating trigger into the medium term. The affirmed rating also reflects Opus' conservative, long-term buy-and-build investment approach, which continues to grow portfolio value, positively impacting the loan/value ratio.

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

Key rating drivers

Business risk profile: BB- (unchanged). The portfolio’s diversification and investment philosophy are credit-supportive factors, but Scope’s concerns around the portfolio’s sustainability and liquidity remain constraints.

Opus' business risk profile remains constrained by its modest portfolio sustainability. Around 60% of cash inflow in FY 2024 was from one portfolio holding, Mészáros és Mészáros Zrt. Therefore, any adverse developments or changes in this subsidiary’s financial performance could significantly impact Opus’ cash flow stability and overall portfolio sustainability.

Opus' core holdings mainly operate in Hungary, exposing the issuer to risks related to local economic conditions. However, the energy segment’s share in the investment portfolio is gradually increasing (45% of gross asset value as of YE 2024), now providing more balanced asset value diversification. In recent years, Opus has streamlined its portfolio through strategic acquisitions and disposals. In the short to medium term, growth initiatives are focused on improving synergies within the existing portfolio. No major portfolio rebalancing is expected in the foreseeable future.

The mix of weighted average industry portfolio risk has remained unchanged despite net asset value appreciation in both food processing and energy sectors recently.

Financial risk profile: BBB- (unchanged). Opus' financial risk profile is constrained by its moderate leverage, although its total cost cover remains credit-supportive.

The agency expects total cost cover to remain at around 2.0x for the next few years, supported by: i) relatively stable management and service fees; ii) increasing interest received on shareholder loans; and iii) fixed interest payments on the outstanding bonds. In addition, the concentration of dividends from the industrial segment raises concerns about Opus' ability to sustainably pay dividends based on operating performance, which constrains the overall assessment of total cost cover.

Strong portfolio growth resulted in a decrease in leverage, with loan/value falling to 34% in 2024 from 39% in 2023. Scope expects the level of debt to continue to decrease in the medium term, thanks to the good performance of the core investment portfolio, the declining nature of guarantees and the amortisation of bonds from 2026.

Liquidity: adequate (unchanged). Opus’ liquidity remains adequate. This is mainly driven by limited short-term debt positions and sound total cost cover.

Opus’ senior unsecured bonds issued under the Hungarian National Bank’s Bond Funding for Growth Scheme have a covenant requiring the accelerated repayment of the outstanding nominal debt amount (HUF 67.7bn) if the debt rating of the bonds stays below B+ for more than two years (grace period) or drops below B- (accelerated repayment within 90 days). Such a development could adversely affect the company’s liquidity profile. The rating headroom to entering the grace period is five notches. Scope therefore sees no significant risk of the rating-related covenant being triggered.

Supplementary rating drivers: credit-neutral (unchanged). Supplementary rating drivers have no effect on the ratings.

Outlook and rating sensitivities

The Stable Outlook incorporates a broadly unchanged investment portfolio over the next two years, a focus on streamlining and developing the existing portfolio, no major cash outflows (other than the already started share buyback programme of HUF 8bn over the next two years and dividend payments to shareholders) as well as of total cost cover of significantly above 1.0x.

The upside scenario for the ratings and Outlook is:

• Improved business risk, particularly with regard to concentration risks related to dividend income. However, Scope does not foresee any material changes in this regard in the short-to-medium term.

The downside scenario for the ratings and Outlook is:

• Total cost cover to be sustained below 1.0x.

Debt ratings

Scope has affirmed the senior unsecured debt rating at BBB-, including on the HUF 28.6bn (ISIN HU0000359278) and HUF 39.0bn (ISIN HU0000360409) bonds, two notches above the issuer rating, reflecting the superior recovery prospects.

For the recovery assessment, Scope constructed a hypothetical default scenario in 2026, derived a liquidation value and compared it with the senior unsecured debt to determine its recovery rate. Scope’s calculation of a superior recovery for Opus’ senior unsecured debt positions is mainly supported by the minimal amount of higher-ranked secured bank debt and the comparatively high market value of the portfolio companies. Recovery remains superior even with a 50% discount on market value and additional guarantees and suretyships of about HUF 40bn.

Scope’s assessment assumes no cross-default clauses in the portfolio companies’ debt documentation.

Environmental, social and governance (ESG) factors

ESG factors have no impact on this rating action.

All rating actions and rated entities

Opus Global Nyrt.

Issuer rating: BB/Stable, affirmation

Senior unsecured debt rating: BBB-, affirmation

*All credit metrics refer to Scope-adjusted figures.

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 and/or Outlook, (General Corporate Rating Methodology, 14 February 2025; Investment Holding Companies Rating Methodology, 16 May 2025), 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.
The Outlook indicates the most likely direction of the Credit Ratings if the Credit Ratings were to change within the next 12 to 18 months.

Solicitation, key sources and quality of information
The Credit Ratings were not requested by the Rated Entity or its Related Third Parties. The Credit Rating process was conducted:
With the Rated Entity or Related Third Party participation     YES
With access to internal documents                                        YES
With access to management                                                YES
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 satisfactory. 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/or Outlook and the principal grounds on which the Credit Ratings and/or Outlook are based. Following that review, the Credit Ratings and/or Outlook were not amended before being issued.

Regulatory disclosures
These Credit Ratings and/or Outlook are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings and/or Outlook are UK-endorsed.
Lead analyst: Zurab Zedelashvili, Senior Director
Person responsible for approval of the Credit Ratings: Sebastian Zank, Managing Director
The Credit Ratings/Outlook were first released by Scope Ratings on 29 August 2019. The Credit Ratings/Outlook were last updated on 31 July 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. Public Ratings are generally accessible to the public. Subscription Ratings and Private Ratings are confidential and may not be shared with any unauthorised third party.