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      Scope affirms the Grand Duchy of Luxembourg at AAA with Stable Outlook

      24/5/2024 Rating announcement

      Scope affirms the Grand Duchy of Luxembourg at AAA with Stable Outlook

      A wealthy economy, strong fiscal fundamentals, and a robust external position support the ratings. Exposure to global shocks as a small, open economy, ageing-related fiscal pressures and elevated financial imbalances are challenges.

      Scope affirms at AAA/Stable the covered bonds issued out of Realkredit's capital centres S and T

      24/5/2024 Rating announcement

      Scope affirms at AAA/Stable the covered bonds issued out of Realkredit's capital centres S and T

      The issuer rating of A+ combined with governance support results in the highest achievable ratings for the mortgage covered bonds. The cover pool provides additional rating stability.

      Scope affirms the issuer rating of ITK at BB-/Stable, resolving the under-review status

      24/5/2024 Rating announcement

      Scope affirms the issuer rating of ITK at BB-/Stable, resolving the under-review status

      The rating action is driven by the closer integration with MOL Group as a fully consolidated subsidiary, while credit metrics remain stressed.

      Scope assigns A(SF) rating to the notes of Vantage Data Centers Jersey Borrower SPV Limited

      23/5/2024 Rating announcement

      Scope assigns A(SF) rating to the notes of Vantage Data Centers Jersey Borrower SPV Limited

      Scope Ratings UK Limited (Scope) has assigned a final rating to the Class A-2 notes issued by Vantage Data Centers Jersey Borrower SPV Limited. The transaction is a securitisation of UK data centre lease receivables.

      Scope affirms Deutsche Lufthansa at BBB-/Positive

      23/5/2024 Rating announcement

      Scope affirms Deutsche Lufthansa at BBB-/Positive

      The rating action reflects Scope’s expectation that Lufthansa will maintain its good credit metrics in 2024 despite a challenging market environment.

      No rating impact on FCT Bpifrance SME 2020-1 following extension of the revolving period - SME ABS

      23/5/2024 Monitoring note

      No rating impact on FCT Bpifrance SME 2020-1 following extension of the revolving period - SME ABS

      Scope Ratings GmbH (Scope) announces that the extension of the revolving period, along with certain amendments to the transaction documents will not, in and of themselves, result in a Rating Action or withdrawal of the current rating.

      Italian Bank Quarterly: benign operating conditions support performance

      22/5/2024 Research

      Italian Bank Quarterly: benign operating conditions support performance

      With better-than-expected operating conditions, 2024 looks favourable for Italian banks. However, latent risks persist, as evidenced by developments around eco tax credits.

      Scope downgrades Textura Zrt.’s issuer rating to CCC/Negative from B-/Negative

      22/5/2024 Rating announcement

      Scope downgrades Textura Zrt.’s issuer rating to CCC/Negative from B-/Negative

      Inability to ramp up sales in the plastics division, impaired profitability of the textile division and no covenant cure may result in further downgrades in 2024, debt acceleration, a distressed liquidity situation and default by February 2025.

      United Kingdom: rising debt a key long-term rating risk

      22/5/2024 Research

      United Kingdom: rising debt a key long-term rating risk

      The UK likely faces rising public-debt levels after forthcoming general elections, given a lack of priority to change policy. Even though the UK benefits from among the world’s most-significant debt tolerance, rising debt poses a long-term rating risk.

      Pfandbriefe investors shielded from volatile CRE valuations

      21/5/2024 Research

      Pfandbriefe investors shielded from volatile CRE valuations

      With our negative CRE outlook persisting and the collateral values of CRE loans volatile, covenant breaches are also driving up NPLs. Regulators are seeking to address value volatility, but Pfandbriefe are shielded because of cover-pool eligibility caps.