Tuesday, June 20th 2023 - 3:00 PM (CEST)

Europe’s fast-moving consumer-goods sector is set for a partial recovery in Ebitda margins toward pre-Covid levels this year on single-digit percentage revenue growth, ensuring at least a stable credit outlook for investment-grade firms with top brands.

The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of investment holding companies. The application of the methodology will have a positive impact on a very limited number of outstanding ratings

Scope Ratings calls for comments on its Government Related Entities Rating Methodology by 05 June 2023. The proposed update refines and further clarifies Scope’s analytical approach.

Thursday, May 25th 2023 - 12:00 PM (CEST)

European residential real estate firms face price, interest-cover pressure; refinancing risk intensifies for CMBS; covered bonds to shine as go-to product in troubled times; higher rates challenge open-ended real estate funds.

Fair values of residential real estate portfolios of Europe’s top property investment firms will fall by as much as 10% on average by the end of next year as yields rise. Rental income growth is unlikely to offset higher cost of debt in the medium term.

The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of chemical corporates. The methodology update has no impact on outstanding ratings.

Europe’s retail sector is in danger of a new wave of bankruptcies as high inflation, slowing economic growth and the phasing out of pandemic- and energy-related government support for households and business take effect, says Scope Ratings.

UK telecom operators will struggle to deleverage in the medium term as they are in the middle of an upswing in the capital expenditure cycle, driven by increased investment in fibre networks, amid increasing interest rates and resurgent inflation.