The affirmation reflects the expectation that financial metrics are returning to 2022 level in the medium-term.

The affirmation benefits from the resilient financial metrics amid a slowing loan market, the solid liquidity and the successful integration of a recent acquisition.

The affirmation is supported by a strong performance in 2021 and H1 2022 but constrained by a slowdown in volumes in H2 2022, driven by rising interest rates, which has negatively impacted loan demand.

Scope Ratings has affirmed the issuer and senior unsecured debt ratings after the announcement of a major acquisition of a loan brokerage group in Italy and plans for another bond placement.

The ratings are primarily driven by the company's market position and profitability but constrained by its small absolute size and limited visibility on potential acquisitions.

The ratings are primarily driven by the company's market position and profitability but constrained by its small absolute size and overall dependency on real estate transaction volumes.