...Developing Franchise; Niche Segment: The ratings reflect Jet Group Ltd.'s (Jet) growing franchise in a niche micromobility segment, specialising in e-scooter and bicycle rental. The company operates in underserved emerging markets, with operations established across Central Asia and Latin America. Jet focuses on selective expansion in dense, high-traffic, tourist cities and has a strong presence across all of its countries, with the largest operations in Brazil and Kazakhstan. Rapid Expansion; Strong Recent Execution: Jet's strategy is focused on rapid expansion in underserved shared-micromobility markets rather than established markets. The group launched operations in Brazil at end-2023, benefitting from strong demand and expanding ridership, with revenue increasing fivefold in 2024-2025. Jet also entered Chile in 2025 and Mexico in 2026, benefitting from increased traffic during large-scale public events and the ability to replicate its operating model across new geographies. In Fitch...
