The upgrade follows the successful restructuring of the EUR 2021/2025 bond which provided some relief to AEI’s short-term liquidity pressure. Nevertheless, the rating reflects the still significant refinancing risk for the notes maturing in 2026.

The affirmation follows Scope’s assessment of AEI’s bond restructuring proposal whose execution would not constitute a Selective Default. Significant default risk remains in case noteholders reject the proposal, likely leading to a default.

Scope has corrected the bond rating for LT0000134439 to B from B-, assigned on 2 July 2025, due to an administrative error.

The downgrade is driven by Scope’s assessment of AEI’s continued refinancing efforts relating to its bond maturing in December 2025. Should these efforts prove unsuccessful, there is a significant risk that AEI could enter into default.

The downgrade reflects the weaker business and financial risk profiles, while the under-review placement is based on pending refinancing risks in December 2025 that have only been partially addressed.