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

Rating action

Scope Ratings GmbH (Scope) has today placed Hungarian pig farmer CLA Pig Kft.’s B+ issuer rating and BB- senior unsecured guaranteed bond rating (ISIN: HU0000360672) under review for a possible downgrade.

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

Key rating drivers

The under-review placement of the ratings follows CLA Pig’s announcement on 27 January 2026¹. In early January 2026, Aujeszky's disease virus has been detected in the issuer's breeding pig herd, and the premises were placed under lockdown.

Scope notes the acute operational risk, including temporary suspension of business operations, that arises from the disease. The event may impact cash flow generation, hinder the issuer’s ability to fulfil existing contractual obligations or result in liquidity shortages, depending on the extension of the outbreak and subsequent mitigating factors.

Scope highlights that CLA Pig’s guaranteed senior unsecured bond issued under the Hungarian Central Bank’s bond scheme has an accelerated repayment clause. The clause requires CLA Pig to repay the nominal amount (HUF 3.26bn) if the debt rating of the bond stays below B+ for more than two years (grace period) or drops below B- (accelerated repayment within 30 days). Such a development could adversely affect the company’s liquidity profile. The rating headroom to entering the grace period is currently two notches, but could be impacted by the impact of the above-mentioned event on the issuer and debt rating.

Under review for a possible downgrade

CLA Pig’s ratings have been placed under review for a possible downgrade. Scope aims to resolve the review as soon as possible, actively seeking additional management input to provide insight on the impact of the disease outbreak.

The rating could be affirmed if the issuer is able to mitigate the negative effects of the disease outbreak, as reflected by no sustained deterioration of the issuer’s credit profile.

A downgrade by at least one notch is possible if the disease outbreak will result in sustained deterioration of CLA Pig‘s credit profile, e.g. its business and/or financial risk profile.

The upside scenarios for the ratings and Outlook are remote.

All rating actions and rated entities

CLA Pig Kft.

Issuer rating: B+/Under review for a possible downgrade, under-review placement

Senior unsecured (guaranteed) debt instrument rating (ISIN: HU0000360672): BB-/Under review for a possible downgrade, under-review placement

Rating driver references
1. Announcement of CLA Pig dated 27 January 2026

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

Methodology
The methodology used for these Credit Ratings, (General Corporate Rating Methodology, 14 February 2025), is available on 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 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 scoperatings.com/governance-and-policies/regulatory/eu-regulation. Also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): registers.esma.europa.eu/cerep-publication. A comprehensive clarification of Scope Ratings’ definitions of default and Credit Rating notations can be found at 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 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 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, the Rated Entities’ Related Third Parties 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 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: Sebastian Zank, Managing Director
The Credit Ratings/Outlook were first released by Scope Ratings on 3 August 2021. The Credit Ratings/Outlook were last updated on 19 August 2025.

Potential conflicts
See 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
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