3/12/2025 Research
Poland unveils ambitious plans for covered bonds
The cut in minimum Long-Term Funding Ratio (WFD) requirements from 40% to 20% recommended by Poland’s Financial Supervision Authority and the inclusion of capped retail deposits come alongside bold measures to strengthen the covered bond market.
2/12/2025 Rating announcement
Scope affirms UniCredit‘s A issuer rating with Stable Outlook
The rating continues to benefit from the groups’ well-executed geographical diversification, with solid franchises in several European countries and strong financial fundamentals.
2/12/2025 Rating announcement
Scope affirms Air Liquide’s credit ratings at A and revises the Outlook to Stable
The DIG acquisition reduces balance-sheet flexibility and limits potential upside to credit metrics, driving the Outlook change.
2/12/2025 Rating announcement
Scope revises Outlook on Stavmat’s B issuer rating to Negative
The Outlook revision to Negative reflects refinancing risks tied to the senior unsecured bond’s amortization schedule, as well as the potential for sustained pressure on credit metrics should market recovery be further delayed.
1/12/2025 Rating announcement
Scope affirms Sanofi’s AA/Stable issuer rating
The affirmation reflects Sanofi’s solid credit metrics and resilient operating performance, underpinned by sustained growth in Dupixent sales.
1/12/2025 Research
Italian NPL collections: downward trend not only persists but worsens
Collections for first 10 months of 2025 are consistent with the negative trend that started in 2023. The split between recovery strategies, meanwhile, has been constant. October collections were in line with September’s, recording a slight decrease of 2%.
28/11/2025 Rating announcement
Scope affirms Madrid’s credit ratings at A and revises the Outlook to Positive
The revision of the Outlook to Positive on Spain’s sovereign rating drives the Outlook change for the region.
28/11/2025 Rating announcement
Scope revises Outlook on DEMIRE’s B- issuer rating to Negative
The Outlook revision to Negative reflects the issuer's fragile capital structure, characterised by rising leverage amid weak asset sales, which drives refinancing risk and increases the likelihood of further debt restructuring.
28/11/2025 Rating announcement
Scope affirms Vardar’s BBB+ issuer rating, changes Outlook to Negative
The Outlook revision to Negative reflects the increased leverage of the issuer and the uncertainty surrounding the pace and extent of deleveraging.
