The downgrade reflects reduced debt protection post German residential acquisition and inadequate liquidity. The under-review status reflects heightened refinancing risk.

The affirmation is based on the issuer's proven capacity to manage leverage effectively through robust EBITDA growth.

The upgrade reflects the sustainable improvement in the financial risk profile of the issuer in light of its ongoing divestment and reorganization programme.

The affirmation reflects the solid credit metrics, benefitting from stable recurring cash income, while the high concentration in the income-generating portfolio, low portfolio liquidity and the complex organisational structure remain rating constraints.

The rating is driven by the credit-positive characteristics of the Georgian healthcare services market, GHG’s strong profitability and market leadership, as well as Scope’s expectation of a medium-term improvement in currently weak credit metrics.

The upgrade reflects Scope’s view that stronger credit metrics and cash flow generation are supported by sustained above-average power prices and reduced pressure from a scaled-back investment programme.

Strong market positions, particularly in the high-margin Collection and Recycling segments, industry dynamics and a strong financial risk profile support the rating. Food lower profitability, diversification and cash flow cover are constraints.

Following the recent rating action on Å Energi AS on 10 March 2025, Scope has released an associated analytical report.

The affirmation is based on the waiver and covenant reset recently agreed among the involved banks as well as the company’s largely unchanged business and financial risk profiles.

The downgrade reflects the issuer’s still-elevated leverage, which, despite gradual improvement, remains above levels consistent with the previous rating. All ratings have been withdrawn due to business reasons.