The affirmation reflects MARSO’s adequate financials after the completion of the logistics centre in Dunaharaszti amid challenging market conditions.

The rating continues to reflect BLS’ good position in the rapidly growing German bike-leasing market and strong cash generation. It also reflects challenges around increasing financing requirements and safeguarding product availability.

The affirmation reflects a stronger financial risk profile that compensated for the loss of parent support after the German state sold its remaining stake.

The downgrade reflects an anticipated increase in leverage combined with profitability already under pressure. The issuer rating benefits from a growing market share and strong EBITDA interest cover.

The rating action reflects weakened business and financial risk profiles amid retaliatory measures against Western countries by Russia, which outweigh the positive impact on Uniper’s issuer rating from its status as a government-related entity.

The upgrade is driven by the company’s solid market position in its niche that shows near-term revenue growth helping to keep credit metrics at current healthy levels despite impending headwinds including an unsupportive macroeconomic outlook.

The rating action reflects the significant strengthening in credit metrics paired with gradually improving diversification that has more than offset the decreasing exposure to regulated power generation.

The upgrade is driven by the strong growth of profitability experienced and Scope’s expectation that macroeconomic headwinds will have limited impact on the group’s credit metrics.

The rating action reflects Fastpartner’s stable operations and its unchanged business risk profile (assessed at BBB-) as well as a resilient financial risk profile (assessed at BBB) that can tolerate expected interest rate increases.

The affirmation is supported by Compactor's high total cost coverage, which is expected to remain above 2x despite the rising interest environment.