The affirmation is driven by Vöröskő’s stable EBITDA and strong cash generation, which support robust credit metrics.

The affirmation reflects the company’s low indebtedness, balancing its exposure to volatile power prices and an expected increase in capex.

The affirmation reflects the company’s ability to maintain adequate liquidity and execute a healthy development pipeline despite a transitional year in 2025 marked by limited EBITDA generation. The reliance on project completions remains a key constraint.

The affirmation is driven by the stable operating profitability and good credit metrics, while the more challenging domestic market conditions underscore the inherent risks associated with the company's limited size and scope.

The Outlook revision is mainly supported by the company’s recent successful GEL 60m bond issuance that has significantly reduced refinancing risks.

Following the recent affirmation of the AA/Stable issuer rating, Scope has updated its analytical report on Sanofi S.A.

The decision made at Deutsche Konsum REIT-AG's extraordinary general meeting to approve a capital increase paves the way for the implementation of the restructuring plan and associated rating improvements. Execution risks remain.

The affirmation reflects Scope’s expectation of a stable market position and comfortable financial risk profile, despite significant capex plans, which helps Cellfie manage liquidity risk posed by the upcoming bond maturity.

The rating action reflects Cordia’s improved earnings visibility and adequate liquidity.

The DIG acquisition reduces balance-sheet flexibility and limits potential upside to credit metrics, driving the Outlook change.