This report does not constitute a rating action. Overview Key strengths Key risks Commitment to maintaining investment-grade credit metrics and a prudent financial policy. The rating is constrained by Hungary's sovereign rating, reflecting full state ownership, and predominantly domestic operations. Strong vertically integrated and diversified position across Hungary's electricity and gas value chains. Significant exposure to commodity-price volatility, seasonal working-capital requirements, and operational disruptions. Stable cash-flow generation supported by regulated infrastructure and a low-carbon generation portfolio. Large investment program creates execution risk and could pressure credit metrics through delays or cost overruns. Despite reduced headroom, S&P Global Rating expects MVM Energy Private LLC's credit metrics to remain commensurate with the'BBB-'rating. Our adjusted EBITDA will decline to approximately Hungarian
