Bonafarm and Pick Szeged credit ratings downgraded by Scope Ratings

Scope Ratings has downgraded the credit ratings of Bonafarm Zrt. and its subsidiary, Pick Szeged Zrt., from BB to BB-minus. This move places both companies further away from the investment grade category, which begins at BBB-minus.

The downgrade affects the companies' senior unsecured debt, including corporate bonds issued by Pick Szeged. The decision is accompanied by a negative outlook, suggesting that further downgrades are more likely than an upgrade in the next assessment period.

According to Scope Ratings, the downgrade is driven by declining operating performance in 2025, increasing debt levels due to significant investments, and delayed receipt of certain subsidies. Contributing factors to the weakened performance include weak pork and animal protein markets, production and export disruptions related to animal diseases, and underperformance in certain segments of the food processing portfolio.