The rating downgrade reflects DKR’s recent announcement of significant write-downs on property values and shareholder loans, impairing both credit metrics and upcoming refinancings.

The Positive Outlook is driven by the possibility of a very strong credit metrics until 2025, as power prices in the NO2 price region are expected to remain higher than historical levels for the foreseeable future.

The rating’s placement under review reflects the recently announced change in shareholder structure, with Hungarian oil and gas company MOL Group advancing towards full control of ITK Holding.

The withdrawal follows Scope’s decision to cease analytical coverage due to business reasons.

Scope understands that purchases under the tender offer will be done without curtailing the liquidity needed to address upcoming maturities.

The rating reflects the company’s low-cost and environmentally friendly power generation, and its robust dividend income from a 12.91% ownership in Å Energi. It also reflects a good financial profile and status as a government-related entity.

The new rating reflects the unconditional and irrevocable guarantee provided by the parent company Mercedes-Benz Group AG.

The rating action follows dispelled concerns about covenant compliance in FY 2023 after a re-definition of the debt service coverage ratio covenant and the execution of a waiver by debtholders.

Following the recent affirmation of the BB-/Stable issuer rating, Scope has updated its analytical report on Duna House Holding Nyrt.

The affirmation is driven by stable operating profitability, a strong order book and liquidity remaining adequate despite negative free operating cash flow due to increasing working capital needs.