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      Scope affirms European Financial Stability Facility’s AA+ rating with Stable Outlook

      19/7/2024 Rating announcement

      Scope affirms European Financial Stability Facility’s AA+ rating with Stable Outlook

      Highly rated shareholders, a strong guarantee mechanism and favourable capital market access support the rating; risks include high exposure to crisis countries and concentrated shareholder base.

      Scope affirms European Stability Mechanism’s AAA rating with Stable Outlook

      19/7/2024 Rating announcement

      Scope affirms European Stability Mechanism’s AAA rating with Stable Outlook

      A strong capital base, very high liquidity buffers, excellent capital market access and highly rated key shareholders support the rating. High crisis-country exposure and a concentrated shareholder structure are challenges.

      Scope affirms Market Építő Zrt.’s BB-/Stable issuer rating

      19/7/2024 Rating announcement

      Scope affirms Market Építő Zrt.’s BB-/Stable issuer rating

      The affirmation reflects a relatively robust yet concentrated order backlog and solid financial metrics. Some pressure is expected from the addition of new-debt financed real estate developments and weakening profitability.

      Scope affirms Encavis AG's BBB- issuer rating and revises the Outlook to Stable

      19/7/2024 Rating announcement

      Scope affirms Encavis AG's BBB- issuer rating and revises the Outlook to Stable

      Pressure on credit metrics from moderating power prices and further acceleration of the company’s growth strategy is partly offset by potential support from new shareholders.

      Germany: 2025 draft budget tests debt brake flexibilities to partially address investment needs

      19/7/2024 Research

      Germany: 2025 draft budget tests debt brake flexibilities to partially address investment needs

      The German government is maximising the modest leeway it has under the so-called debt brake to inject public funds into the economy, but the measures are insufficient for addressing the country’s large and widening investment gap.

      Egypt gains room for manoeuvre but vulnerability to external shocks remains

      19/7/2024 Research

      Egypt gains room for manoeuvre but vulnerability to external shocks remains

      Egypt’s public finances remain vulnerable to external shocks given the government’s limited fiscal space though external support, increased foreign direct investment and progress on reforms are improving resilience.

      Scope assigns a first-time public issuer rating of B- to Pasha Bank Georgia. Outlook is Stable

      18/7/2024 Rating announcement

      Scope assigns a first-time public issuer rating of B- to Pasha Bank Georgia. Outlook is Stable

      The issuer rating factors the bank's ongoing initiatives to improve financial performance and asset quality by refocusing on corporate and investment banking. Capital and funding remain tight in this context.

      Covered Bond Quarterly: Steady sailing over the summer with few clouds on the horizon

      18/7/2024 Research

      Covered Bond Quarterly: Steady sailing over the summer with few clouds on the horizon

      This year will not set any records for investor-placed covered bonds. After moderate-to-strong activity for most of the year, issuance in June was the slowest in over 10 years. But we still believe our projected volume of EUR 170bn for 2024 is feasible.

      Scope Ratings publishes new RMBS Rating Methodology following call for comments

      17/7/2024 Research

      Scope Ratings publishes new RMBS Rating Methodology following call for comments

      The new structured finance methodology is specific to residential mortgage-backed securities, mainly in Europe.

      Scope has completed the monitoring review for the Series 2022-308 notes issued by SPIRE SA

      17/7/2024 Monitoring note

      Scope has completed the monitoring review for the Series 2022-308 notes issued by SPIRE SA

      No action has been taken on the Series 2022-308 notes issued by SPIRE SA, a EUR 120.9m issuance of repackaged instalment notes of Czech collateral due 2032.