A less bleak economic outlook and the prospect that inflation and interest rates will peak in Europe this year have eased capital market conditions as refinancing gets underway, supporting credit quality. However, pockets of corporate distress remain.

Europe’s hybrid bond market has started the year with a flurry of large new deals in contrast with the slump in activity in the last nine months of 2022 when volatile market conditions and rising yields deterred non-financial corporate issuers.

Wednesday, February 8th 2023 - 3:00 PM (CET)

The European Utilities Rating Methodology as proposed might have a limited impact on outstanding ratings, with a positive rating impact.

The proposed update clarifies and further refines Scope’s analytical approach. The methodology as proposed could have an impact on outstanding ratings.

Tuesday, January 24th 2023 - 3:00 PM (CET)

The EU carbon border tax, targeting materials and energy, could lead to increased carbon leakage as a large amount of embodied carbon is imported in non-carbon-taxed manufactured goods while materials imports account for a small share of local production.

The proposed update clarifies and further refines Scope’s analytical approach. The methodology as proposed would have no impact on outstanding ratings.

The regulation-driven transformation confronting the European auto industry is putting the sector’s ability to preserve cashflows to the test as manufacturers prepare for the de facto ban on new internal-combustion vehicles from 2035.

The inconsistency of disclosure and the GHG-reduction goals of companies in France’s benchmark CAC-40 stock market index points to the broad Europe-wide ESG challenge ahead for fund managers and corporate executives, says Scope ESG Analysis.