October 2025
- We have revised our quantitative assessment tool for domestic enterprises—the Enterprise Rating System (ERS). This system provides several key advantages
- By employing fully transparent and measurable criteria, enterprises can be classified into four rating categories, thereby enhancing risk assessment capabilities.
- The ERS identifies enterprises demonstrating robust financial performance—specifically those meeting the requirements for sound financing.
- Additionally, it distinguishes enterprises with weak performance, defined by negative results but positive earnings before interest, tax, depreciation, and amortization (EBITDA). These entities may benefit from restructuring programs designed to reduce liabilities and facilitate recovery.
- Lastly, the system is capable of detecting enterprises experiencing severe financial difficulties, including liquidity issues or consistently insufficient operating results that are inadequate to cover financial expenses. In such cases, alternative measures beyond restructuring may be necessary.
- In 2023, out of a sample of 13,590 enterprises, 96.7% were small and medium-sized enterprises (SMEs) with turnover up to €50 million.
- Enterprises that outperformed and received the highest ERS rating (“a”) made up 13.3% of the sample, an increase from 10.9% in 2022.
- The largest portion of the sample, 41.8%, consisted of enterprises with good but somewhat less satisfactory performance, rated “b”.
- Those enterprises that lagged significantly and were assigned a “c” rating represented 36.3% of the sample.
- Enterprises facing serious difficulties, rated “d”, accounted for 8.6% of the sample.
- Compared to 2022, there was a shift toward higher ratings among companies, reflecting economic recovery after the adverse impacts of the COVID-19 pandemic.
- The sectors with the highest proportions of outperformers (“a”) within their companies were construction and accommodation and food service, registering 18.3% and 18.2%, respectively.
- Good performers were most prevalent in the water supply, sewerage, etc. and manufacturing of equipment and machinery sectors, each accounting for 49.3%.
- Conversely, a significant share of companies in the agriculture and trade and repair of vehicles sectors exhibited medium performance ("c"), at 47.4% and 45%, respectively.
- Lastly, 17.3% of firms in other service activities and 14% in retail trade were classified as underperformers, receiving a "d" rating.