The rating reflects the groups’ well-established domestic franchise, alongside steadily improving financial fundamentals.

The rating reflects Kodar’s solid track record with major state-owned clients but is constrained by its small scale, high customer concentration, and the expected rise in leverage following the execution of two renewable-power-plant projects.

EUR 2.1bn coatings acquisition along with other deals, full details of which are yet to be announced, points to higher leverage; but credit neutral for Henkel’s ratings.

The rating reflects the issuer’s established position in the Serbian and Balkan apparel retail markets, and Scope’s expectation that the company will maintain credit metrics commensurate with the rating, despite its continued debt financed expansion.

Posten Bring’s improved profitability and stable market position in the Nordic region support the rating, despite its large capital investment programme leading to weak cash flow and forthcoming changes in government regulations.

This publication does not constitute a rating action.

Strong loan growth in core products coupled with ongoing losses from its business model transformation exert pressure on capitalisation and drive the downgrade and placement ‘under review for downgrade’.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.