The rating action is driven by the sustained weak credit metrics, while visibility on medium-term financial and operational support from the main shareholder MOL Group remains limited.

The rating upgrade is driven by the improved financial risk profile, with stronger credit metrics after the end of a heavy investment phase, which also supports the Stable Outlook.

The downgrade is driven by a slower-than-expected recovery in EBITDA generation, and concerns related to the upcoming refinancing of financial debt in 2026. The under-review status indicates the lack of visibility on short-term debt service.

The affirmation reflects the utility's comfortable financial position and significant headroom for a lower rating. However, EVN is likely to use this headroom over the next few years in line with its more ambitious investment plan.

Following the recent rating action on Lyse AS on 4 April 2025, Scope has released an associated analytical report.

The Outlook change reflects solid credit metrics and adequate liquidity, despite a temporary decline in EBITDA in 2025.

The change in Outlook reflects the risk that leverage will remain at a level that is not commensurate with the rating, given a significant reduction in available cash.

The downgrade is driven by Scope’s view of Ilija Batljan Invest’s announced intention to restructure its senior unsecured corporate bonds, which may be treated as a (Selective) Default under the agency’s rating definitions.

The rating action reflects a revision of Scope’s expectations for Lufthansa’s credit metrics, primarily due to a slower-than-anticipated recovery in profitability and the group’s capex plan.

The affirmation follows the announcement of Richter’s long-term strategy which outlines revenue and profitability improvement while maintaining a very strong financial risk profile.