The ratings are primarily driven by the company's low leverage and robust sales growth but constrained by a lack of significant recurring revenues and a very concentrated project pipeline.

The change in Outlook is driven by delays of the Buknari project that was expected to contribute improved diversification and increased recurring revenue earlier.

The Outlook change is driven by the larger development pipeline and improved visibility on funding for the company's two main projects. The rating of the senior unsecured notes worth USD 12m reflects their strong expected recovery.