Rating action

Eviny AS

• Issuer rating: BBB+ placed under review for a possible upgrade
   
• Senior unsecured debt rating: BBB+ placed under review for a possible upgrade
   
• Short-term debt rating: S-2 placed under review for a possible upgrade

Greenergy Holding Vagyonkezelő Zrt

• Issuer rating: B+ placed under review for a possible upgrade
   
• Senior unsecured debt rating: BB placed under review for a possible upgrade

MET Hungary Solar Park Kft

• Issuer rating: B placed under review for a possible upgrade
   
• Senior unsecured debt rating: B+ placed under review for a possible upgrade

Rating rationale

The rating actions follow the publication of Scope’s updated European Utilities Rating Methodology on 17 March 2023^1,2. The updated methodology has introduced new elements to the assessment of a utility’s business risk profile and has recalibrated the quantitative thresholds for the assessment of credit metrics. Moreover, companies which previously had been rated under the ratings framework of Scope’s Renewable Energy Rating Methodology (which has been retired) are now rated under the European Utilities Rating Methodology.

The application of the updated methodology will likely affect the mentioned ratings, as it is deemed likely that either the relevant business risk or financial risk assessments could improve and would likely lead to higher ratings.

The rating reviews will be resolved within the next six months, as soon as Scope has obtained all the information needed to resolve them.
 
Rating driver references
1. Press Release update European Utilities Methodology 
2. European Utilities Rating Methodology

Stress testing & cash flow analysis
No stress testing was performed. Scope Ratings performed its standard cash flow forecasting for the company.

Methodology
The methodologies used for all Credit Ratings and/or Outlooks, (General Corporate Rating Methodology, 15 July 2022; European Utilities Rating Methodology, 17 March 2023), are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies, as well as (Government Related Entities Rating Methodology, 6 May 2022) which was applied to Eviny AS Credit Ratings and Outlook.
Information on the meaning of each Credit Rating category, including definitions of default, recoveries, Outlooks and Under Review, can be viewed in ‘Rating Definitions – Credit Ratings, Ancillary and Other Services’, published on https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Historical default rates of the entities rated by Scope Ratings can be viewed in the Credit Rating performance report at https://scoperatings.com/governance-and-policies/regulatory/eu-regulation. Also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope Ratings’ definitions of default and Credit Rating notations can be found at https://www.scoperatings.com/governance-and-policies/rating-governance/definitions-and-scales. Guidance and information on how environmental, social or governance factors (ESG factors) are incorporated into the Credit Rating can be found in the respective sections of the methodologies or guidance documents provided on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
The Outlook indicates the most likely direction of the Credit Ratings if the Credit Ratings were to change within the next 12 to 18 months. 

Solicitation, key sources and quality of information
The Rated Entities and/or their Related Third Parties participated in the Credit Rating process.
The following substantially material sources of information were used to prepare the Credit Ratings for Enivy AS: public domain, the Rated Entity and Scope Ratings' internal sources.
The following substantially material sources of information were used to prepare the Credit Ratings for Greenergy Holding Vagyonkezelő Zrt.: public domain, the Rated Entity, the Rated Entities’ Related Third Parties and Scope Ratings’ internal sources.
The following substantially material sources of information were used to prepare the Credit Ratings for MET Hungary Solar Park Kft.: public domain, the Rated Entity and Scope Ratings' internal sources. The historical data used for the MET Hungary Solar Park Kft Credit Ratings is limited.
Scope Ratings considers the quality of information available to Scope Ratings on the Rated Entity or instrument to be satisfactory. Scope Ratings notes that the Credit Ratings for MET Hungary Solar Park Kft are based on limited historical data.The information and data supporting the Credit Ratings originate from sources Scope Ratings considers to be reliable and accurate. Scope Ratings does not, however, independently verify the reliability and accuracy of the information and data.

Prior to the issuance of the Credit Rating action, the Rated Entities were given the opportunity to review the Credit Ratings and/or Outlooks and the principal grounds on which the Credit Ratings and/or Outlooks are based. Following that review, the Credit Ratings were not amended before being issued.

Regulatory disclosures
These Credit Ratings and/or Outlooks are issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0. The Credit Ratings and/or Outlooks are UK-endorsed.
Lead analyst for Eviny AS: Michael-Marco Simonsen, Associate Director
Lead analyst for Greenergy Holding Vagyonkezelő Zrt: Sebastian Zank, Managing Director
Lead analyst for MET Hungary Solar Park Kft : Sebastian Zank, Managing Director
Person responsible for approval of the Credit Ratings: Olaf Tölke, Managing Director
The Credit Ratings/Outlooks for Eviny AS were first released by Scope Ratings on 22 August 2018. The Credit Ratings/Outlooks were last updated on 29 Jun 2022.
The Credit Ratings/Outlooks for Greenergy Holding Vagyonkezelő Zrt were first released by Scope Ratings on 15 June 2021. The Credit Ratings/Outlooks were last updated on 17 June 2022.
The Credit Ratings/Outlooks for MET Hungary Solar Park Kft were first released by Scope Ratings on 19 November 2021. The Credit Ratings/Outlooks were last updated on 9 November 2022.

Potential conflicts
See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest disclosures related to the issuance of Credit Ratings.

Conditions of use / exclusion of liability
© 2023 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, Scope Investor Services GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.