26/11/2025 Rating announcement
Scope affirms Hypo-Bank Burgenland’s A- issuer rating with Stable Outlook
The rating reflects the bank’s well-established regional banking model, robust capitalisation and solid profitability metrics. Some asset quality risk, amid a weak macro-economic environment, is the main credit challenge.
26/11/2025 Rating announcement
Scope assigns B+/Stable first-time issuer rating to Georgian construction materials company Nova LLC
The issuer rating reflects a weak business risk profile, primarily shaped by Nova’s small scale and limited diversification across geographies and industry segments, partially balanced by stable leverage expected to remain below 3.5x over the medium term.
26/11/2025 Rating announcement
Scope downgrades Szabó Fogaskerékgyártó to B- and affirms Negative Outlook
The downgrade is based on the downward revision of EBITDA expectations in 2025-26. The Negative Outlook reflects the persistently difficult business environment as well as governance issues.
26/11/2025 Rating announcement
Scope assigns AA+ ratings to debt issuances of Vegfinans VoT guaranteed by Telemark
The issuance ratings are supported by a guarantee from Telemark County Municipality and are therefore aligned with Telemark’s AA+/Stable ratings.
26/11/2025 Rating announcement
Scope assigns AA+ ratings to debt issuances of Vegfinans VoT guaranteed by Vestfold
The issuance ratings are supported by a guarantee from Vestfold County Municipality and are therefore aligned with Vestfold’s AA+/Stable ratings.
26/11/2025 Research
Sovereign Outlook 2026: geopolitical tensions, fiscal headwinds outweigh growth, resilience
Elevated geopolitical tensions, deeper political polarisation and persistent fiscal challenges outweigh the potential for stronger growth and instances of fiscal resilience, driving our overall negative sovereign credit outlook.
25/11/2025 Rating announcement
Scope downgrades HR services Pannon-Work Zrt.’s issuer rating to CCC/Negative from B/Negative
The downgrade stems from substantial EBITDA erosion and mounting liquidity risks ahead of scheduled amortizations. The Negative Outlook indicates persistent liquidity strain and increased refinancing risk should leverage stay at elevated levels.
25/11/2025 Monitoring note
No rating impact on FCT Bpifrance SME 2020-1 following amendments to transaction documents – SME ABS
Scope Ratings GmbH (Scope) announces that extending the revolving period and amending the transaction documents will not, by themselves, trigger a Rating Action or lead to the withdrawal of current ratings of FCT Bpifrance SME 2020-1 class A notes.
24/11/2025 Rating announcement
Scope upgrades GTC’s issuer rating to B from B-, and assigns Positive Outlook
The upgrade reflects easing liquidity pressure following the successful bond refinancing.