The downgrade is driven by weaker operating performance resulting in deteriorating credit metrics, liquidity and governance concerns. The Outlook change reflects the uncertainties around the refinancing of the unsecured bonds maturing in December 2024.

The rating affirmation reflects the company’s favourable prospects in the Georgian residential property market and its strong credit metrics and liquidity. The rating is constrained by the company’s small size and lack of diversification.

The rating affirmation reflects the company's robust credit metrics and successful refinancing of the USD 12m bond in December 2021. The small size, lack of significant recurring revenues and concentrated project pipeline remain the main constraints.