A firmly declining debt trajectory and favourable medium-term growth prospects drive the Outlook revision. Low economic diversification and adverse demographic trends are the main credit constraints.

The periodic review has resulted in no rating action.

The Negative Outlook is based on a burdened credit profile following recent large property acquisitions.

The rating action reflects the possibility of a rating-related covenant breach, which needs to be resolved by the end of a grace period that expires in October 2024.

The affirmation reflects a relatively robust yet concentrated backlog and weak credit metrics, including adequate debt protection and liquidity. The rating is constrained by the company’s small size and limited diversification.

Scope Ratings has today affirmed the BBB rating of the USD 84.5m Class A1 securities issued by Virtuo Finance SARL, maturing in 2041. The financing covers six operational photovoltaic power plants with a total capacity of 300MW located near Benban, Egypt.

The rating and Outlook reflect Air Liquide’s leadership position in industrial gases and the displayed trend on decreasing leverage.

CRE refinancing risk remains high. We still believe that 40% of fully-extended securitised loans present high or very high refinancing risks but based on recent extension requests, moderate refi risk has increased materially from 23% to 41%.

The rating affirmation factors Finbureau's initiatives to strengthen the resilience of its debt purchase and collection activities, and the maintenance of strong profitability.

Scope Ratings has updated its issuer report on Aurskog Sparebank, rated A- with Stable Outlook.