The downgrade reflects business risk and financial risk profiles weakened by ongoing sector volatility. The Negative Outlook highlights the persisting pressure on credit metrics, reducing Envien’s headroom to a lower rating.

The Stable Outlook reflects good business and financial risk profiles, which remain commensurate with the rating. However, rating headroom has shrunk amid recent strategic investments.

The rating action reflects Scope’s views that the acquisition of Unieuro is credit-neutral, as the temporary increase in leverage is balanced by enhanced diversification and market positioning.

The Negative Outlook reflects the weaker credit metrics observed in 2024, which will continue to be negatively impacted by profitability pressures in 2025, increasing the likelihood of a weaker financial risk profile for an extended period.

The rating is underpinned by Sogn og Fjordane Energi AS' low-cost and environmentally friendly hydropower generation and strong credit metrics. The high volatility of achievable power prices and low diversification are constraints.

The rating action follows the publication of Scope’s updated General Corporate Rating Methodology, which is likely to have a negative impact.

The downgrade reflects weaker business and financial risk profiles which are impacted by ongoing volatile sector dynamics. The under-review placement reflects pending risks related to unresolved waiver approval discussions.

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

The affirmation follows a debt exchange into subsidiary SBB i Norden Holding and the subsequent withdrawal of legal proceedings brought by a sole hedge fund bondholder regarding an alleged breach of the interest coverage covenant in 2022.