The Outlook change reflects the very slow sales ramp-up in the plastics division, below plan performance of the textile division and no cure foreseen for the covenant breach.

The downgrade reflects the company' switch in business focus, the early phase of its new products and the lack of supply contracts.

80% of the bond notional is guaranteed by the Hungarian Development Bank MFB.

The rating is driven by the solid development in 2020 and a positive growth perspective, but also negatively impacted by the high uncertainty regarding Textura’s new plastic business line that leads to a further increased volatility of credit metrics.