The Outlook change reflects the continued deterioration of operating profitability in 2024, and the uncertainties surrounding medium-term cash generation, which is highly exposed to shifts in the market environment.

The affirmation is driven by moderate EBITDA growth, despite persisting macro-economic headwinds, supporting stable leverage and positive free operating cash flow.

Scope Ratings GmbH (Scope) announces that certain amendments to the transaction documents will not, in and of themselves, result in a Rating Action or withdrawal of the current rating of the class A notes issued by Leviticus SPV S.r.l.

The affirmation reflects Scope’s unchanged view on Arva’s financial risk profile despite expectations of lower capex.

This publication does not constitute a rating action.

Notification on the change of solicitation status.

A good financial risk profile and solid position in some market niches support the rating. A weak position in Automotive, high dependence on Funkwerk, customer and end-market concentration, and volatile free operating cash flow are constraints.

French banks’ profits will grow moderately in 2025, supported by net interest income and commissions, notably in corporate and investment banking. But improvements in profitability could be slowed by the subdued performance of the domestic economy.

The periodic review has resulted in no rating action.

Sterling's reserve-currency status, deep capital markets, a robust international framework and large and diversified economy support the ratings. Rising public debt, elevated financing costs, and a weak external sector are challenges.