The affirmation is driven by BGP's solid credit metrics, adequate cash flow visibility, and an expected recovery in the macroeconomic conditions in Hungary in the second half of 2024.

The rating action is driven by the resilience of near-term cash generation despite deterioration of the overall macro-economic environment.

The rating reflects Biggeorge Property's position as top development service provider for residential property in Hungary with a good performance track record. The rating is constrained by limited diversification, development risk and financial leverage.