The affirmation continues to reflect a moderate business and financial risk profile. Resilient operating performance and stable growth are offset by the ongoing expansion strategy, which is set to further pressure cash flow and liquidity.

The affirmation is supported by strong operating performance due to solid growth in the fast-moving consumer goods and retail business units. It also reflects strong investment plans limiting cash flow and liquidity improvement.

The Outlook change is driven by the company’s improved financial risk profile due to resilient operating performance and HoReCa sales rebound.

The Outlook change is driven by a deterioration in the group’s financial risk profile due to higher-than-expected leverage.

The rating is supported by the company's comparatively high profitability and is constrained by its limited size and inadequate liquidity.

The issuer rating mainly reflects Scope's perception of Nikora JSC as one of the national key players of the FMCG (fast-moving consumer goods) and retail industries. The negative free operating cash flow and low liquidity are negative rating drivers.