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.

The affirmation reflects Sanofi’s solid credit metrics and resilient operating performance, underpinned by sustained growth in Dupixent sales.

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%.

The revision of the Outlook to Positive on Spain’s sovereign rating drives the Outlook change for the region.

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.

The Outlook revision to Negative reflects the increased leverage of the issuer and the uncertainty surrounding the pace and extent of deleveraging.

The transaction is a securitisation of real estate and lease receivables related to two UK data centres managed by Vantage Data Centers.

Scope’s 12-month trailing ratings drift for structured finance transactions continued its shift into positive territory in the third quarter of 2025, with a positive ratio of upgrades over downgrades not seen since early 2022.

The affirmation reflects the issuers stable operating profitability and moderate increase in leverage amidst a multi-year capital investment programme.

Scope has ceased analytical coverage of LR Health & Beauty due to business reasons.