No action has been taken on the BBB-/Positive issuer rating on MOL Nyrt. and its financing subsidiary MOL Group Finance Zrt. Similarly, no action was taken on the S-2 short-term debt rating and BBB- senior unsecured debt rating.

The underlying portfolio of secured and unsecured NPL loans was extended to companies and individuals by Unicredit S.p.A., and is serviced by doValue S.p.A..

The underlying portfolio of secured and unsecured NPL loans was extended to companies and individuals by BPER Banca S.p.A, and is serviced by Prelios Credit Servicing S.p.A.

The UK’s sovereign rating has remained resilient to recent crises, underpinned by the country’s institutional strengths. But greater structural risks in the UK government bond market and a worsening public debt outlook are downside factors.

The downgrade is due to deleveraging occurring more slowly than expected, as profitability has not recovered to its historical levels.

We expect Deutsche Bank’s performance to be more predictable this year but focus on cost efficiency is needed to avoid cost slippage. Frontloading non-operating costs weighed on 2024 results but should help bridge the gap to 2025 strategic targets.

Easing financial conditions and returning investor appetite for corporate debt have drawn a line under the European real estate sector’s funding squeeze, though a daunting short- to medium-term refinancing challenge remains.

With valuations at their highest in years and interest rates falling, Italian banks are seeking new levers of value creation, which has led to a surge in M&A and upbeat financial forecasts. In this context, increased risk-taking could pose challenges.

Rising tariffs, lower growth, higher defence spending, deeper political fragmentation and rising dollar-denominated borrowing costs are set to weaken the European credit outlook unless Europe unites and makes bold reforms in response, says Scope Ratings.

The periodic review has resulted in no rating action.