Announcements

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      Scope publishes final rating methodology for European Real Estate Rating Methodology

      28/3/2024 Research

      Scope publishes final rating methodology for European Real Estate Rating Methodology

      The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of European real estate corporates. The methodology might have a limited negative impact on outstanding ratings of one issuer.

      France: higher-than-expected 2023 deficit tests ability to achieve fiscal targets

      28/3/2024 Research

      France: higher-than-expected 2023 deficit tests ability to achieve fiscal targets

      France faces important fiscal, social and political hurdles to finding additional savings in the next four years, challenging the timely execution of its medium-term fiscal consolidation strategy ahead of the 2027 elections.

      Scope affirms BB/Stable issuer rating on Hörmann Industries GmbH

      28/3/2024 Rating announcement

      Scope affirms BB/Stable issuer rating on Hörmann Industries GmbH

      A good financial risk profile, a diversified product portfolio and the good market position of Funkwerk support the rating. Low profitability, a weak position in automotive, the customer and end-market concentration and volatile FOCF are constraints.

      Georgia ratings constrained by geopolitical sensitivities, institutional risks

      27/3/2024 Research

      Georgia ratings constrained by geopolitical sensitivities, institutional risks

      Georgia’s recently-affirmed sovereign ratings are anchored by a robust public-debt structure, declining government debt and strong growth. Still, heightened geopolitical risk and persistent domestic institutional challenges are core rating constraints.

      Scope downgrades Nitrogenmuvek to B from BB-, places it under review for possible downgrade

      27/3/2024 Rating announcement

      Scope downgrades Nitrogenmuvek to B from BB-, places it under review for possible downgrade

      The action follows rapid credit metric deterioration amid operational disruptions and concerns about refinancing a EUR 200m bond in May 2025. The under-review status signals further short-term rating pressure due to potential liquidity constraints.

      Webinar: Commercial real estate – how concerned should debt investors be?

      26/3/2024 Research

      Webinar: Commercial real estate – how concerned should debt investors be?

      Thursday, April 11th 2024 - 3:30 PM (CEST)

      German savings and co-operative banks well positioned to face challenges

      26/3/2024 Research

      German savings and co-operative banks well positioned to face challenges

      The strong financial results of Germany's savings and co-operative banks demonstrate a high degree of resilience to current challenges, including continued cost pressures and credit risks, particularly in real estate.

      Scope affirms BB-/Stable issuer rating of Infogroup Holding Kft.

      25/3/2024 Rating announcement

      Scope affirms BB-/Stable issuer rating of Infogroup Holding Kft.

      The rating affirmation is based on the expectation that strong operating performance will offset temporary pressure on leverage and interest cover, both driven by debt financed development activity.

      Scope affirms class A notes issued by VCL Master Sweden S.A. - Swedish Auto Lease ABS

      25/3/2024 Rating announcement

      Scope affirms class A notes issued by VCL Master Sweden S.A. - Swedish Auto Lease ABS

      Scope affirms class A notes and downgrades class B notes issued by VCL Master Sweden S.A. following an amendment of the transaction.

      Scope affirms Opus Tigáz’s BBB- issuer rating and revises the Outlook to Positive from Stable

      25/3/2024 Rating announcement

      Scope affirms Opus Tigáz’s BBB- issuer rating and revises the Outlook to Positive from Stable

      The revised Outlook reflects Scope's view that the leverage could support a higher rating, driven by tariff increases, lower costs for grid losses and cash-funded bond amortisation. Still, this is subject to the final shape of the new regulatory period.