The withdrawal was not preceded by a Credit Rating Action due to the lack of data and information needed to determine the most appropriate Credit Rating level for the withdrawal.

The affirmation is driven by credit metrics that have remained well within Scope’s rating guidance, largely thanks to the successful pipeline execution, which is predominantly exposed to the logistics segment with robust underlying fundamentals.

The rating reflects MG Real Estate's strong track record as a developer with a large backlog in segments with strong demand. High industry risk, relatively small size and high historic leverage and cash flow volatility are the main constraints.