Europe’s power utilities can put the summer’s liquidity crunch behind them as pressures ease in energy markets, but, with prices still high, state support, most visible in Germany’s planned nationalisation of Uniper, is crucial to avert a market collapse.

Thursday, September 29th 2022 - 3:00 PM (CEST) Join us for an in-depth discussion of our outlook for Hungarian sovereign, corporate and banking sector.

Europe’s chemicals sector faces a profit squeeze this quarter and next due to high natural gas prices and possible supply disruptions, having so far passed on higher costs to customers and maintained output – at least outside the fertiliser sector.

The proposed updates clarify and further refine Scope’s analytical approach. The methodology as proposed would have no impact on outstanding ratings.

Koninklijke KPN N.V. launched its EUR 500m green perpetual hybrid this morning, following a series of investor calls yesterday. Scope rates KPN on a subscription basis.

Hungary, like much of Central and Eastern Europe, faces tough economic challenges linked to the war in Ukraine, but uneven fiscal consolidation and regulation, and the unresolved dispute with the EU, jeopardise the effectiveness of government's response.

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Soaring power costs are forcing the closure of electricity-intensive aluminium and zinc smelters across Europe, but buoyant commodity prices have left the broader European metals industry in good shape despite the energy crisis.

The Schuldschein private-debt market has attracted an unexpectedly large number of issuers so far this year, with active deal-making continuing in July and August, leaving full-year issuance headed toward a record EUR 30bn, says Scope Ratings.

British Telecommunications plc, guaranteed by BT Group plc, went into the market this morning with a euro-denominated senior unsecured bond. Scope rates BT on a subscription basis.