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.

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.

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.

The issuance ratings are supported by a guarantee from Telemark County Municipality and are therefore aligned with Telemark’s AA+/Stable ratings.

The issuance ratings are supported by a guarantee from Vestfold County Municipality and are therefore aligned with Vestfold’s AA+/Stable ratings.

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.

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.

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.

The upgrade reflects easing liquidity pressure following the successful bond refinancing.

The affirmation reflects stabilised credit metrics, with continued efforts to manage working capital and pursue cost efficiencies.