Scope Affirms AutoWallis B+ Issuer Rating, Outlook Stable
Scope Ratings has affirmed the B+ issuer rating of listed Hungarian car seller AutoWallis, while changing the outlook on the rating to stable from positive, according to a report by state news wire MTI.
The rating reflects AutoWallis's "solid position" in Hungary and continued growth in Central Europe, as well as improved profitability and the successful integration of new business, Scope said.
The rating agency acknowledged Auto Wallis's plans to accelerate its expansion in the region, leading to a rise in external funding over the next three years, increasing leverage, and weakening interest cover.
Scope justified the change in outlook citing the expected increase in the company's debt-to-EBITDA ratio.
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