The senior secured bonds with a first-ranking pledge on the Fondbygget property are assigned a new rating of BBB. In addition, the senior secured bond with a pledge on Drammensveien 60 is assigned a new rating of BBB.

The outlook change follows the expectation that new debt-financed acquisitions will drive higher leverage and lower debt protection in the medium term.

France’s planned consolidation of its public finances risks being deferred considering the most likely outcomes of the legislative elections, with important consequences for the EU’s policy agenda and potentially euro area investor sentiment.

Following the recent affirmation of the BBB-/Stable issuer rating, Scope has updated its analytical report on Uniper SE.

The Negative Outlook reflects the significant risk that high leverage may persist for a prolonged period, despite the company’s ongoing deleveraging efforts through asset sales.

The persistent negative rating drift in place between the fourth quarter of 2021 and third quarter of 2023 continues to recede. The upward shift is mainly due to reduced rating pressure on CRE/CMBS and secured NPL transactions.

Sustained profit retention, very high asset quality, excellent access to capital markets and ECB facilities, a very strong mandate and highly rated shareholders support the rating. High leverage is the key challenge.

Une importance stratégique élevée, une interdépendance financière forte et une haute probabilité de soutien extraordinaire justifient l'égalisation des notations avec celles de la République française.

High strategic importance, strong financial interdependence and high probability of extraordinary support underpin the equalization on French Republic's long-term ratings.

Robust budgetary performance, ample liquidity, a sustainable economy and a well-integrated institutional framework support the rating. A high debt stock, limited revenue flexibility and limited expenditure flexibility are challenges.