Significant expansion following heavy investment, coupled with deleveraging and a resilient business model, drive the Positive Outlook.

The affirmation reflects good navigation through the pandemic and rising input costs thereafter, with healthy profitability and an expansion of business with leverage kept under control.

The rating action reflects the changed investment strategy, higher-than-expected state subsidies, better-than-planned Q3 results and greater transparency and therefore visibility on the future business plan and capital structure.

The rating action reflects Baromfi-Coop’s changed investment strategy, resulting in uncertainty with regard to the company’s future business plan and capital structure.

The rating reflects the company’s solid EBITDA margin and its position as the largest chicken-processing company in Hungary, its proven track record of expansion, and its resilience. The rating is constrained by weak diversification.