The periodic review has resulted in no rating action.

The rating affirmation reflects Tensio’s monopoly position as a large, profitable grid distributor in central Norway and the expectation of leverage remaining moderate despite high investment needs causing negative free operating cash flow.

The affirmation reflects expected 2025 credit metric improvements from subsidiary SunDell project handovers. The Negative Outlook remains due to GOPD’s ongoing liquidity risks tied to its dependence on upstreamed dividends from SunDell.

The rating affirmation reflects SunDell's recovering 2025 credit metrics from project handovers. It remains constrained by the company's small size, Budapest-focused pipeline, and GOPD Nyrt.'s reliance on SunDell dividends for holding-level debt service.

The affirmation reflects the assessment of an overall credit-neutral rating impact of the divestment of the industrial waste management segment, based on information available at this stage. The issuer rating has been withdrawn due to business reasons.

The Negative Outlook reflects the risk of continued weaker credit metrics due to deteriorating operating profitability amid sluggish end-market demand.

The Outlook change reflects improving credit metrics in 2024 and Scope’s expectation that the continued stable performance will support credit metrics remaining within the rating case.

Following the affirmation of the BB- issuer rating and the revision of the Outlook to Negative on 21 May 2025, Scope has updated its analytical report on ITK Holding Zrt.

The downgrade reflects higher-than-expected EBITDA volatility from sector and supply risks, as well as weakened credit metrics, leading to repeated covenant breaches. The Outlook captures unresolved covenant breaches and limited visibility on recovery.

The rating affirmation reflects weak credit metrics, as well as the unchanged inadequate liquidity assessment. The Negative Outlook reflects the downside risks from the current business environment, amplified by the start of bond repayments.