The downgrade reflects reduced debt protection post German residential acquisition and inadequate liquidity. The under-review status reflects heightened refinancing risk.

The affirmation is based on the issuer's proven capacity to manage leverage effectively through robust EBITDA growth.

The upgrade reflects the sustainable improvement in the financial risk profile of the issuer in light of its ongoing divestment and reorganization programme.

The rating affirmation reflects the issuer’s leading market position in pawn loans in Georgia, as well as a strong financial profile.

The rating is supported by the guarantee of the Federal Republic of Germany (AAA/Stable) for all KfW's existing and future obligations.

Strong capital base, excellent asset quality, very high liquidity buffers, growing strategic importance, and highly rated shareholders support the rating. High leverage relative to peers is the key credit challenge.

The issuances' ratings are supported by a guarantee from Agder County Municipality and are therefore aligned with Agder's AAA/Stable ratings.

The ratings of the issuances are underpinned by a co-guarantee from Rogaland County Municipality and the City of Stavanger and are thus aligned with the guarantors’ AAA/Stable ratings.

The affirmation reflects the solid credit metrics, benefitting from stable recurring cash income, while the high concentration in the income-generating portfolio, low portfolio liquidity and the complex organisational structure remain rating constraints.

The rating is driven by the credit-positive characteristics of the Georgian healthcare services market, GHG’s strong profitability and market leadership, as well as Scope’s expectation of a medium-term improvement in currently weak credit metrics.