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.

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.

The issuer rating is predominately driven by the industry specific risks and the currently low diversification of the issuer, but also by it's low leverage.