“The affirmation reflects Cordia’s ongoing business expansion (including an assumed HUF 33 billion corporate bond issue…) and its impact on the company’s business and financial risk. The affirmation also reflects greater uncertainty in the overall market environment,” Scope said in its rating rationale.
Scope noted that Cordiaʼs business expansion includes the acquisition of a 93% stake in Polish peer Polnord as well as a stake of around 20% in Argo Properties NV, a company with exposure in the German residential real estate market.
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