The periodic review has resulted in no rating action.

Resilient budgetary performance, solid liquidity position, low debt compared to peers and solid economic prospects support the rating. Limited flexibility in revenue and expenditure are constraints.

A wealthy economy, strong fiscal fundamentals and a robust external position are credit strengths. Exposure to external shocks as a small, open economy, ageing-related fiscal pressures and financial imbalances are challenges.

Scope Ratings calls for comments on its Retail and Wholesale Rating Methodology by 26 May 2025. The update strengthens, refines and further clarifies Scope’s analytical approach. The methodology might have a limited negative impact on two issuers ratings.

The affirmation follows the announcement of Richter’s long-term strategy which outlines revenue and profitability improvement while maintaining a very strong financial risk profile.

The affirmation is based on the covenant reset agreement reached with bondholders and the company's largely unchanged business and financial risk profiles.

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

The first quarter of 2025 saw the highest quarterly issuance of European CMBS since the global financial crisis but refinancing risk for securitised loans is still high, while US tariffs could affect industrial, logistics and retail assets.

The changed direction of the under-review status follows the company’s proposal of a restructuring of its EUR 200m eurobond which is originally due in May 2025.

High aftermarket exposure, strong market positions and a strong financial risk profile support the rating. The low profitability and cyclicality of the OEM business are rating constraints. The revised Outlook reflects the business risks from tariffs.