"The Positive Outlook reflects the start of deleveraging following a heavy investment phase and the improving margins after an expansionary strategy in an inflationary environment," Scope said in the rating action taken on Tuesday.
Hell Energy is market leader for energy drinks in Hungary and nine other countries, mostly in Central and Eastern Europe.
Scope said Hell Energy's single, albeit relatively new, production site hindered the company's growth and suggested a second production site could be needed in the near term, pointing to "room for organic growth" as production capacity expanded.
Hell Energy's corporate bonds are listed on the Budapest Stock Exchange.
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