Following the recent rating action on Market Építő Zrt. on 15 July 2025, Scope has released an associated analytical report.

The affirmation reflects Scope’s view that the issuer will refinance the bond maturing in December 2025 after securing adequate external liquidity. The negative outlook accounts for the risk that the funding structure will not improve as expected.

The affirmation reflects a robust but concentrated order backlog and solid credit metrics. Some pressure is expected from new debt to finance real estate developments.

The affirmation reflects a solid business risk profile coupled with very strong and further improving credit metrics. Ratings upside is deemed limited for the time being due to potential usage of financial headroom.

Portfolio diversification and moderate leverage support the rating. The lack of recurring income and the investment strategy are constraints.

The rating action follows the publication of Scope’s updated Chemicals Rating Methodology which could have a positive rating impact.

The affirmation reflects a balanced view of the company’s business fundamentals and financial resilience, despite some structural limitations in its operating model.

The rating action reflects Futureal’s solid pipeline execution, improved earnings stability, and adequate liquidity.

The affirmation reflects Wing’s solid pipeline execution and improved earnings visibility; The Negative Outlook signals limited headroom in credit metrics.

The affirmation is underpinned by credit metrics that align with projections, along with the expectation that leverage will not increase due to the issuer's decision to resume strategic growth in 2026.