Equity 1 March 2023, 5:25pm

Scope Ratings reviews ratings of Hungary's Opus

Portfolio

Having the January-September 2022 results of Hungary's Opus shown resilience, Scope Ratings has completed a monitoring review of the company. Said reviews are aimed at determining whether material changes and/or changes in macroeconomic or financial market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

Scope expects the holding to be focused on integration and consolidation in 2023, in contrast with the more M&A-driven environment in the past 18 months.

"While in 2023, raw materials prices, high interest rates and geopolitical uncertainties will remain high, the rating on the holding is aided by a credit-supportive mix of businesses, a large exposure to fixed interest rates and an export advantage from the weak Hungarian forint," it said.

After the completion of the monitoring review (on 21 February 2023), OPUS Global's

issuer rating remains BB/Stable, and its
senior unsecured debt rating remains BBB-.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term.

Opus shares gained 8.6 this year.