Significant capacity growth, followed by fast deleveraging and operation of a resilient business model with low volatility of operating profitability drive the upgrade of the issuer rating to BB from BB-.

Strong integration with its owning counties, high strategic importance in regional development, a strong market position, and resilient toll revenue are strengths. High leverage and significant capital expenditure are challenges.

The uncapped guarantee instruments senior risk covers in EIB SME initiative for Romania have been fully redeemed.

No action has been taken on Class A notes issued by Spring SPV S.r.l. following the monitoring review.

The rating action is based on the improving trend expected for credit metrics in the coming years amid the finalisation of the company’s investment phase, with a financial risk profile likely to strengthen which support the Positive Outlook.

Following the affirmation of the BB/Stable issuer rating on 15 August 2024, Scope has released an associated analytical report on Bonafarm Zrt.

Following the affirmation of the BB/Stable issuer rating on 15 August 2024, Scope has released an associated analytical report on Pick Szeged Zrt.

Following the recent affirmation of the BB-/Stable issuer rating, Scope has updated its analytical report on ÉPKAR Zrt.

The periodic review has resulted in no rating action.

The downgrade is based on the sustained deterioration of credit metrics due to a prolonged market slowdown in Hungary, while the under review status reflects concerns over a potential liquidity crunch.