The withdrawal follows Scope’s decision to cease analytical coverage due to business reasons.

The rating downgrade to D follows Euroboden announcement on 11 August 2023 to file for bankruptcy under the German insolvency code.

The downgrade is driven by Scope’s view on the company’s weak financial risk profile and the announced intention of restructuring Euroboden’s senior unsecured corporate bonds.

The downgrade reflects Euroboden’s weakening credit metrics, driven by lower-than-expected EBITDA in an unsupportive macroeconomic environment.

The change in Outlook reflects the risk of very high leverage for the next two years, driven by weaker operating performance amid impending headwinds, including higher financing costs and an unsupportive macroeconomic environment.

The rating affirmation is supported by operating profits and project progress in line with Scope's expectations as well as continued high asset quality but remains constrained by its higher leverage and inherent development risks.

The rating affirmations are supported by the growth and increased granularity of the company's project portfolio but constrained by its higher leverage and inherent development risks.

Scope Ratings completes monitoring review after the recent release of the half-year figures and updates on the development portfolio resulting in no action.

The final rating assignment follows the issuance of the EUR 40m bond (2019/24 – 5.500% I ISIN DE000A2YNXQ5) on 01 October 2019.

The affirmation is driven by the issuer's credit metrics and the growth of its development pipeline, both of which have evolved in line with Scope’s expectations.