Following the end of the contract, Scope withdraws the Corporate Issuer Credit Rating of DF Deutsche Forfait AG.

The rating action follows Deutsche Forfait’s (DFAG) announcement that it has filed an application for the opening of a ‘Schutzschirmverfahren in Eigenverwaltung’ under the German Insolvency Code.

As the company’s financial restructuring and going concern status depend on completion of all identified financial restructuring measures, Scope’s rating on DFAG will remain SD until all restructuring is complete.

The rating action follows the bondholders’ agreement on 19 February 2015 to a restructuring of the EUR 30m senior unsecured corporate bond (7.785% p.a., maturing on 27 May 2020).

The CCC rating remains under review for a negative rating action.

Scope Ratings has revised the status of Deutsche Forfait AG’s CCC rating to “under review for possible downgrade” from the previous “under review with a developing outcome”.

Scope Ratings changes Deutsche Forfait AG’s (“DFAG”) Rating Review Direction to CCC under Review with a Developing Outcome from CCC under Review for Possible Downgrade.

Versagungsvermerk des Wirtschaftsprüfers für den Jahres- und Konzernabschluss 2013 von Deutsche Forfait ohne Auswirkungen auf das CCC Rating. Das Rating bleibt “under review for a negative rating action”.

Adverse audit opinion on Deutsche Forfait AG’s 2013 financial statements does not have a negative impact on its CCC rating. The rating remains under review for a negative rating action.

Scope Ratings (“Scope”) has downgraded the rating of Deutsche Forfait AG (“DFAG”) to CCC from B-. The rating remains under review for downgrade.