The issuer rating reflects a weak business risk profile, primarily shaped by Nova’s small scale and limited diversification across geographies and industry segments, partially balanced by stable leverage expected to remain below 3.5x over the medium term.

The downgrade is based on the downward revision of EBITDA expectations in 2025-26. The Negative Outlook reflects the persistently difficult business environment as well as governance issues.

The downgrade stems from substantial EBITDA erosion and mounting liquidity risks ahead of scheduled amortizations. The Negative Outlook indicates persistent liquidity strain and increased refinancing risk should leverage stay at elevated levels.

The upgrade reflects easing liquidity pressure following the successful bond refinancing.

The affirmation reflects stabilised credit metrics, with continued efforts to manage working capital and pursue cost efficiencies.

The affirmation follows Scope’s assessment of AEI’s bond restructuring proposal whose execution would not constitute a Selective Default. Significant default risk remains in case noteholders reject the proposal, likely leading to a default.

The Outlook revision reflects the expectation that the company’s financial risk profile will deteriorate amid a new investment-heavy phase beginning in 2026.

Scope has corrected the bond rating for LT0000134439 to B from B-, assigned on 2 July 2025, due to an administrative error.

The Outlook revision to Stable reflects Scope’s expectation of rising leverage driven by moderating commodity prices but also by the impact of the fire at the Danube refinery in October 2025.

The issuer rating reflects the stable cash flow from a diversified Budapest office portfolio, strong profitability and relatively low leverage. The issuer’s small size, weak tenant and geographic diversification, and modest market share are constraints.