The rating action reflects the agri-business company’s good financial risk profile, underpinned by strong EBITDA generation, while limited size and scope are constraints.

The preliminary BB- bond rating was assigned following the company's decision to issue a senior secured bond for GEL 350m instead of the previously planned senior unsecured bond guaranteed by subsidiaries.

The Outlook has been revised to Negative given an increased risk that credit metrics will weaken compared to Scope’s previous expectations.

The rating continues to reflect Bonafarm’s moderate business risk and financial risk profiles, despite increasing leverage. Pick Szeged’s rating continues to be based on the unconditional and irrevocable guarantee of its parent Bonafarm.

The rating action reflects improved earnings visibly and consistently strong credit metrics.

The upgrade follows Scope’s application of its updated chemicals rating methodology and recognition that the company's deleveraging strategy is bearing fruit.

The rating action follows the publication of Scope’s updated Retail and Wholesale Rating Methodology, which might have a negative rating impact.

The issuer rating continues to be supported by a strong financial risk profile. The company’s small size and portfolio liquidity are still constraints.

The Negative Outlook reflects the Hungarian security systems provider’s continued suboptimal execution of its plans and delays in using bond proceeds for their intended purpose, both of which could lead to a deterioration in its financial standing.

The rating benefits from Opus’ good financial risk profile despite some deterioration in credit metrics. High income concentration remains a constraint.