No action has been taken on Class A and Class B notes issued by Buonconsiglio 3 S.r.l. following the monitoring review.

There is less than six months to go until the property value in the updated Capital Requirements Regulation takes effect. This could have a notable impact on covered bonds as market values are directly linked to the amount of bonds that can be issued.

Scope Ratings has updated its rating report on Crédit Foncier de France, rated A+ with Stable Outlook.

Declining public debt, improved banking-system resilience and favourable structural-reform momentum drive Outlook revision. Very elevated government debt and sustained structural economic weaknesses remain credit constraints.

Extensive European support mechanisms, economic resilience, fiscal prudence and a favourable debt profile anchor the rating. High public debt, low productivity and weak demographics are challenges.

The periodic review has resulted in no rating action.

Scope has obtained sufficient clarity on the implementation of SBB’s strategic review process to resolve the under-review status.

The issuer rating reflects Michelin’s strong business risk profile as a leading global tyre manufacturer and an even stronger financial risk profile, supported by low leverage.

Scope upgraded Ilija Batljan Invest’s issuer rating to CC following the debt restructuring, based on improved liquidity and credit metrics.

Interest-rate cuts boosting loan demand and improving net interest margins were supposed to drive French banks’ performance in the second half but political uncertainty has put investment decisions on hold while mortgage demand was already hesitant.