The rating is supported by a very strong business risk profile and the company’s status as a government-related entity, while the relatively weak financial risk profile is a constraint.

The affirmed rating reflects the issuer’s moderate business risk and financial risk profiles, assessed at BB+, and a positive one-notch adjustment for the group’s status as a government-related entity.

The issuer rating of the rated entity is derived from the A rating of its parent Mercedes-Benz Group AG, reflecting the latter’s explicit guarantee on an outstanding bond and implicit guarantee to the rated entity.

The downgrade reflects the effects of adverse business conditions in 2025, which are likely to continue into 2026. The Outlook reflects the good prospects of the planned product launches combined with ongoing cost reductions.

The affirmation reflects the issuer’s ability to maintain resilient credit metrics in adverse market conditions in 2025.

The rating action reflects the application of Scope’s revised definition of credit metrics for retailers with a large portion of leased assets.

Revised Retail and Wholesale Rating Methodology in 2025 results in no rating impact on Ceconomy’s ratings.

The affirmation is driven by Vöröskő’s stable EBITDA and strong cash generation, which support robust credit metrics.

The affirmation reflects the company’s low indebtedness, balancing its exposure to volatile power prices and an expected increase in capex.

The affirmation reflects the company’s ability to maintain adequate liquidity and execute a healthy development pipeline despite a transitional year in 2025 marked by limited EBITDA generation. The reliance on project completions remains a key constraint.