The periodic review has resulted in no rating action.

The assignment of the final BB+ bond rating follows the placement of the RSD 4.1bn bond in April 2025. The bond rating is based on Elixir’s underlying BB/Stable issuer rating and Scope’s expectations about an above-average recovery rate for the bond.

The default status is triggered by the non-payment of the principal of the company’s EUR 200m eurobond on due date.

The periodic review has resulted in no rating action.

The Outlook change indicates a slowdown in the improvement of credit metrics due to the recently proposed EUR 75m investment in a new automated warehouse planned from 2025 to 2027.

The affirmation reflects Scope’s view that while the cancellation supports credit metrics, it does not change the agency’s cautious stance on 4iG’s financial policy, which remains a rating constraint due to its track record of debt-funded acquisitions.

The rating action is driven by the sustained weak credit metrics, while visibility on medium-term financial and operational support from the main shareholder MOL Group remains limited.

EFL Lease ABS 2021-1 DAC is a cash securitisation of leasing receivables granted by EFL to its retail and SME clients in Poland.

The rating upgrade is driven by the improved financial risk profile, with stronger credit metrics after the end of a heavy investment phase, which also supports the Stable Outlook.

Strengthened fiscal outlook, sustained GDP growth, and improved external resilience drive the upgrade. Structural labour supply shortages and adverse demographic trends are challenges.