Despite the deterioration of operating profitability in 2022, the issuer rating continues to be supported by its financial risk profile, backed by modest leverage and adequate interest coverage.

No action has been taken on the B+/Stable issuer rating of CLA Pig Kft. following a monitoring review.

The rating action is driven by solid operating profitability and an upgrade to the financial risk profile, after the concerns about liquidity constraints were dispelled.

The HUF3.26bn bond, benefitting from a guarantee, has been erroneously assigned a rating within the senior unsecured debt category. The debt instrument rating of B+ has been withdrawn to correct this administrative error.

The rating is supported by the finanical risk profile, but held back by weak market position, diversification.