The protectionist tilt of US trade policy has unsettled investors, partly by clouding the outlook for global growth. But for European companies with US exposure, the impact of higher tariffs on cashflow and credit quality are mixed and case specific.

Scope Ratings calls for comments on its Pharmaceutical Companies’ Rating Methodology by 4 May 2025. The update strengthens, refines and further clarifies Scope’s analytical approach. No impact is expected on out-standing issuer and debt ratings.

The US’s imposition of 25% tariffs on car imports comes at a bad time for European auto makers which face structural challenges in the shift to electric vehicles, growing competition from Chinese brands, and relatively soft demand in Europe and China.

The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of automotive suppliers. No impact is expected on outstanding issuer and debt ratings.

The proposed update refines and further clarifies Scope’s approach. Scope is calling for comments on the methodology by 27 April 2025. The methodology as proposed might have a limited negative impact on the outstanding ratings of two issuers.

Rearming Europe is set to boost demand for the region’s defence companies but will test the sector’s fragmented production capabilities, R&D, supply chains, and access to capital, says Scope Ratings.

Wednesday, April 9th 2025 - 11:00 AM (CEST)

BP plans to appease disgruntled shareholders and reduce its heavy debt load amid a mild cyclical downturn in the oil market. Further declines in crude prices could exacerbate financial pressures.

Europe’s real estate firms find funding respite but refinancing challenge looms; covered bonds provide stability in turbulent times; non-prime office segment faces rising vacancy rates; what can Frederick the Great tell us about today’s capital markets?

European corporate hybrid bond issuance could reach EUR 36bn in 2025, driven by a busy call schedule and lower subordination premiums. Almost EUR 25bn of hybrids hit call dates this year, rising to EUR 38bn in 2026.