The rating is driven by Elixir's robust position in the production of fertilisers and phosphoric acid, and Scope's expectations for gradual improvements in the company's margin profile and credit metrics during the current investment phase.

The downgrade is driven by weaker credit metrics. The under-review placement reflects pending risks related to unresolved covenant reset discussions.

Szinorg's credit profile benefits from growing real estate portfolio diversification and adequate liquidity, yet faces headwinds from small scale, cyclical construction business, and increasing leverage.

The periodic review has resulted in no rating action.

This publication does not constitute a rating action.

This publication does not constitute a rating action.

This publication does not constitute a rating action.

This publication does not constitute a rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.