The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Weakening public finances and a fragmented political environment challenging fiscal consolidation prospects drive the downgrade. A wealthy economy, favourable debt profile, and sound external position anchor the ratings.

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.

ABN AMRO’s announced acquisition of NIBC Bank carries low execution risk and is marginally supportive of the group’s strategic development and long-term credit profile.

Scope has published the annual update of its General Project Finance Rating Methodology. The changes are mainly editorial and aimed at providing further clarity and ensuring consistency with Scope’s other rating methodologies and rating definitions.

The downgrade reflects recurring loan covenant breaches due to increasing margin volatility that has weakened credit metrics. The Outlook captures the continued uncertainty on a recovery and the unresolved waivers.

The rating is supported by the issuer’s hydropower reservoir utilization and strong credit metrics. Exposure to power price volatility and limited diversification constrains the rating.

EU banks trail US peers in profitability amid rising compliance costs. So policymakers are pushing to simplify regulation. This could bring positive outcomes but the potential for missteps should not be overlooked.

Poste Italiane’s strategic importance to Italy, diversified business structure and solid financial profile support the rating. The Outlook revision of Italy’s sovereign rating, to which Poste Italiane’s ratings are aligned, drives the Outlook change.