Scope Ratings has updated its rating report on Georgian Finbureau LLC, rated B with Stable Outlook.

This publication does not constitute a rating action.

Scope Ratings has updated its rating report on Intesa, rated A with Stable Outlook.

Germany’s ambitious defence and infrastructure borrowing plans will lead to a marked increase in its deficit and debt-to-GDP. Sustaining fiscal space over the long term will depend on associated growth effects but also pension and labour market reforms.

Euro area accession effective 1 January 2026 drives the upgrade. Institutional weaknesses and recurrent episodes of political instability, demographic pressures and vulnerability to shocks as a small, open economy remain key credit constraints.

The periodic review has resulted in no rating action.

The affirmation reflects a solid business risk profile coupled with very strong and further improving credit metrics. Ratings upside is deemed limited for the time being due to potential usage of financial headroom.

Scope Ratings GmbH (Scope) announces that the special servicer's replacement does not, in and of itself, result in a Rating Action or withdrawal of the current rating of the class A notes issued by 2Worlds S.r.l.

Portfolio diversification and moderate leverage support the rating. The lack of recurring income and the investment strategy are constraints.

Competitive pressures have intensified but we still expect French banks’ profits to grow this year, supported by retail and corporate and investment banking. But profitability still lags EU peers, as large operating structures weigh on cost efficiency.