The upgrade on Hungary's leading livestock exporter is supported by the improvement in debt protection thanks to the implementation of cross-currency interest rate swaps in 2022.

The Outlook change on Hungary's leading livestock exporter is supported by the expected improvement in debt protection thanks to the progressive implementation of cross-currency interest rate swaps during 2022.

The credit rating remains supported by the issuer's status as Hungary's leading livestock exporter, but is still constrained by its high expected leverage and low profitability.

The bond is issued under the Hungarian National Bank's Bond Funding for Growth Scheme.

The credit rating is supported by the issuer's status as Hungary's leading livestock exporter, but constrained by its high expected leverage and low, decreasing profitability.