Scope Ratings has published the performance overview of notes issued by Marzio Finance, a EUR 10bn securitisation programme backed by ‘cessione del quinto’ and ‘delegazione di pagamento’ (CQS) loans originated by IBL Banca.

The rating reflects a well-established cooperative franchise, solid asset quality metrics and sound capital and funding positions.

The Outlook revision to Negative reflects Scope’s expectation of rising leverage driven by ambitious capex plans, which could weigh on the issuer’s financial profile amid potential cost pressures.

Class A notes have been fully redeemed.

Scope Ratings has updated its rating report on Skagerrak Sparebank, rated A- with Stable Outlook.

This publication does not constitute a rating action.

State guarantees, strong operational links and high strategic importance underpin the equalisation on Republic of Malta’s ratings. High concentration and rising debt are challenges.

Germany’s largest banks are poised for robust operating performance in the quarters ahead, resilience which they will need to absorb the relatively high cost of risk amid lingering concerns about asset quality, says Scope Ratings.

The periodic review has resulted in no rating action.

Government stability, a reinforced commitment to fiscal consolidation, and stronger economic resilience drive the Outlook change. High government debt, weak GDP growth and adverse demographics are challenges.