Fitch upgrades Eleving Group to 'B' with a stable outlook

Fitch Ratings has upgraded Eleving Group's Long-Term Issuer Default Rating (IDR) from 'B-' to 'B' with a stable outlook. The senior secured debt rating also moved to 'B' with a Recovery Rating 'RR4'.

This upgrade is driven by Eleving Group's improved performance over the past 24 months. Key factors include lower leverage, stabilized business model, and enhanced access to debt capital markets.

Additionally, the company's progress in corporate governance, initiatives for a possible IPO, and establishment of an international supervisory board were highlighted as credit-positive. Plans to publish a dividend policy soon further support this view.

Eleving Group's CEO, Modestas Sudnius, remarked that the rating upgrade validates the company’s recent achievements and strategic execution. He emphasized the company’s commitment to sustaining its momentum, delivering value, and maintaining a healthy business model.