KÉSZ Group's credit rating confirmed by Scope Ratings

The rating of KÉSZ Holding Zrt. has been confirmed by Scope Ratings in its annual review. Corporate bonds retained their BB rating, while KÉSZ Holding Zrt. as issuer remained in the BB band. With the review, KÉSZ Holding continues to meet the requirements of the National Bank of Hungary (MNB)’s Bond Funding for Growth Scheme and, with these ratings, the company is in the strongest category of the Hungarian construction industry. 

The credit rating of KÉSZ Holding Zrt. was affirmed by Scope Ratings GmbH with the publication date of 4 April 2024. The corporate bonds issued by KÉSZ Holding Zrt. continue to hold BB ratings, while the company itself, as issuer, is rated BB. 

The company continues to meet the requirements of the MNB’s Bond Funding for Growth Scheme and, with these ratings, is in the strongest category of the Hungarian construction industry.  

Scope Ratings highlighted that KÉSZ Holding Zrt. reached a milestone in 2023, with preliminary data showing that its consolidated sales revenue rose to HUF 232 billion, exceeding expectations. In addition, the Group's existing order volume reached an all-time high in the past year. 

With more than four decades of history and a structure unique in the market, KÉSZ Group is able to serve the entire construction value chain, from design, through manufacturing and construction, to operation. Scope Ratings highlighted the company's regional and vertical diversification relative to industry peers as a positive feature. Although KÉSZ Group is primarily active in the construction industry, it has also made its mark in a number of other sectors. In addition to its core activity, it is also present in the fields of energy (energy management and production), property development and management, hydraulic engineering and fire protection. In addition, it has also acquired a majority stake in FRONTAL Holding Zrt., which has made it a dominant player not only in the domestic but also in the international aluminium-glass facade technology market, and is able to provide complex solutions to its customers. In 2024, the Group further reinforced its activities in Romania and the Ukraine, and also entered the US market, with new large-scale contracts with international investors.  

"The performance of KÉSZ Group remains stable despite the risks of the current business environment, providing a good foundation for our domestic and international investment projects. Our aim is to continuously increase capacities and further strengthen our international presence. As regards future order volume, it is positive that the recent period has seen the launch of the largest investment projects in the industrial sector in Hungary's history, in which several KÉSZ Group member companies have played a key role. These include the CATL battery factory in Debrecen and the expansion of the Mercedes-Benz factory in Kecskemét," said KÉSZ Group CEO Tamás Vida.