The rating affirmation highlights strong operational performance and sustained growth, supported by a robust financial risk profile; revision of Outlook reflects increased refinancing risks stemming from substantial upcoming bond maturities.

The affirmation reflects resilient performance and steady growth, supported by a solid financial risk profile and despite an expansion strategy expected to increase pressure on cash flow and liquidity.

The downgrade reflects elevated refinancing risk from approaching maturities, adding pressure on GTC’s liquidity profile.

The rating is underpinned by the utility’s good overall market position and government-related entity status. The exposure to volatile power prices, limited geographical diversification and relatively weak credit metrics are constraints.

Increased recurring cash flows, supported by the flexibility to continue streamlining the portfolio with the aim of increasing the diversity of recurring upstream dividends to reduce downside risks. However, this is offset by an increased dividend payout.

Following the recent affirmation of the BB/Stable issuer rating on 14 August 2025, Scope has released an associated analytical report on Bonafarm Zrt.

Following the recent affirmation of the BB/Stable issuer rating on 14 August 2025, Scope has released an associated analytical report on Pick Szeged Zrt.

The rating action reflects the agri-business company’s good financial risk profile, underpinned by strong EBITDA generation, while limited size and scope are constraints.

The preliminary BB- bond rating was assigned following the company's decision to issue a senior secured bond for GEL 350m instead of the previously planned senior unsecured bond guaranteed by subsidiaries.

The Outlook has been revised to Negative given an increased risk that credit metrics will weaken compared to Scope’s previous expectations.