The rating is supported by Opus’ strong financial risk profile, despite some credit metrics’ deterioration in 2022. The rating continues to be held back by high income concentration.

OPUS Global's group results in the first nine months of 2022 show reslience.

The rating action reflects OPUS' resilient financial risk profile in light of potentially lower dividend income in the current year as well as improved asset diversification following transactions in the energy division.

The upcoming issuance of the senior unsecured debt does not alter the issuer’s rating case, with bond proceeds primarily earmarked for acquisitions.

The rating action reflects Scope’s neutral view on the holding company’s credit quality following recently announced transactions in its energy division.

The ratings continue to be supported by the holding company's strong projected cost coverage. They are constrained by high dividend concentration.

The ratings reflect the newly merged holding's comparatively strong credit metrics due to our view of its strongly increased income generation; ratings also reflect relatively high concentration risk; senior unsecured debt rated BBB-.