
2/9/2025 Research
Political instability heightens risks to French banks’ profitability outlook
French banks are well positioned to navigate short-term market volatility, but a prolonged political crisis could weigh on the sector via lower growth in lending and higher funding costs, partially reversing recent improvements in profitability.

1/9/2025 Rating announcement
Scope downgrades issuer rating of Ilija Batljan Invest AB to SD (selective default)
Rating actions and SD status reflect both tender on senior unsecured bonds and ongoing disagreement between the company and creditors around acceleration clause triggered by noteholders under the terms of the bond indenture.

1/9/2025 Rating announcement
Scope downgrades class A notes issued by Bela 2022 S.r.l. - Italian NPL ABS
The underlying portfolio of secured and unsecured NPL loans was sold by illimity Bank S.p.A., and is serviced by Cerved Credit Management S.p.A.

1/9/2025 Rating announcement
Scope affirms BB/Positive issuer rating of Swedish real estate company Fastpartner AB
The affirmation reflects the expected stabilisation in credit metrics thanks to the sharp decline in interest rates but still constrained by risks from the exposure to floating interest rates.

1/9/2025 Monitoring note
Scope has completed the periodic review of BCC NPLs 2021 S.r.l. – Italian NPL ABS
This publication does not constitute a rating action.

29/8/2025 Rating announcement
Scope affirms BB- issuer rating on Georgian FMCG company JSC Nikora; revises Outlook to Negative
The rating affirmation highlights strong operational performance and sustained growth, supported by a robust financial risk profile; revision of Outlook reflects increased refinancing risks stemming from substantial upcoming bond maturities.

29/8/2025 Rating announcement
Scope affirms BB-/Stable issuer rating on Georgian retailer JSC Nikora Trade
The affirmation reflects resilient performance and steady growth, supported by a solid financial risk profile and despite an expansion strategy expected to increase pressure on cash flow and liquidity.

29/8/2025 Rating announcement
Scope downgrades GTC’s issuer rating to B- from B+, maintains under review for a developing outcome
The downgrade reflects elevated refinancing risk from approaching maturities, adding pressure on GTC’s liquidity profile.

28/8/2025 Rating announcement
Scope rates AAA(SF) Italian pharmacy SME notes issued by Emma SPV S.r.l.
The EUR 606.4m underlying portfolio of SME loan receivables was originated to SME borrowers operating pharmacies by Banca Credifarma S.p.A.