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      Germany: demographic challenges require reforms amid political fragmentation

      2/10/2024 Research

      Germany: demographic challenges require reforms amid political fragmentation

      Germany is facing severe demographic challenges with more acute structural pressures than other advanced economies. Labour-market and pension reforms are essential, but fragmented politics risks eroding the country’s competitiveness.

      Updated rating report on MFO Rico Express LLC

      1/10/2024 Monitoring note

      Updated rating report on MFO Rico Express LLC

      Scope Ratings has updated its rating report on MFO Rico Express LLC, rated B+ with Stable Outlook.

      Scope has completed a monitoring review for Sirius Funding plc - Corporate CLO

      1/10/2024 Monitoring note

      Scope has completed a monitoring review for Sirius Funding plc - Corporate CLO

      No action has been taken on the Class A and Class B notes following the monitoring review.

      Scope affirms Cassa Depositi e Prestiti's issuer rating of BBB+ with Stable Outlook

      1/10/2024 Rating announcement

      Scope affirms Cassa Depositi e Prestiti's issuer rating of BBB+ with Stable Outlook

      The ratings are driven by the high integration with the Italian Republic and the likelihood of exceptional support.

      Global economic outlook: A resilient world economy faces US election test

      1/10/2024 Research

      Global economic outlook: A resilient world economy faces US election test

      The US and global economies remain resilient ahead of forthcoming US elections. However, Europe’s economic fragility poses challenges for credit despite support from the easing of interest rates.

      European CRE/CMBS: only six of 20 loans have repaid or been refinanced

      1/10/2024 Research

      European CRE/CMBS: only six of 20 loans have repaid or been refinanced

      Only six of the 20 loans in European CMBS that were scheduled to refinance this year have been repaid or refinanced. Nine were modified and three were extended. Meanwhile, two thirds of the loans still fail bank lenders’ refinancing requirements.

      Scope affirms B/Stable issuer rating on Reneszánsz Kőfaragó Zrt.

      30/9/2024 Rating announcement

      Scope affirms B/Stable issuer rating on Reneszánsz Kőfaragó Zrt.

      The affirmation is driven by stable operating profitability and a strong order backlog, providing visibility on revenues until 2026, while weak diversification and limited size make the issuer vulnerable to adverse market developments.

      Scope downgrades Class A notes issued by Maior SPV S.r.l. - Italian NPL ABS

      30/9/2024 Rating announcement

      Scope downgrades Class A notes issued by Maior SPV S.r.l. - Italian NPL ABS

      Scope downgrades the class A notes issued by Maior SPV S.r.l., a static cash securitisation of Italian NPLs, following a monitoring review.

      Scope affirms Germany's AAA rating with Stable Outlook

      27/9/2024 Rating announcement

      Scope affirms Germany's AAA rating with Stable Outlook

      The ratings are supported by a wealthy, large, diversified economy, sound public finances and a strong external position. Transition risks related to carbon neutrality targets, an ageing population and global geopolitical risks are challenges.

      Scope has completed a monitoring review for the Council of Europe Development Bank

      27/9/2024 Monitoring note

      Scope has completed a monitoring review for the Council of Europe Development Bank

      The periodic review has resulted in no rating action.