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16/5/2024 Research EN
Hungarian corporate bonds: cliff risk rises for high-yield issuers amid tough operating conditions
Bondholders in the Hungarian National Bank’s Bond Funding for Growth programme (‘NKP’) face a covenant-related credit challenge amid difficult domestic economic conditions, says Scope Ratings.
7/5/2024 Research EN
Aircraft finance: Boeing’s 737 MAX issues delay post-Covid normalisation of aviation market
Safety-related production problems at Boeing Co. are delaying the normalisation of the aviation finance sector, partly to the benefit of aircraft-leasing companies, as post-pandemic demand for air travel grows faster than the supply of aircraft.
10/4/2024 Research EN
Germany’s auto parts sector: defaults point to consolidation in cyclical downturn rather than crisis
Multiple bankruptcies in Germany’s automotive parts sector since mid-2023 are less a sign of a sector-wide crisis than the impact of a cyclical downturn and tight credit conditions on suppliers with financial and commercial weaknesses.
5/4/2024 Research EN
Scope publishes final rating methodology for Pharmaceutical Companies’ Rating Methodology
The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of corporates in the sector. The application of the updated methodology will not trigger any rating changes.
28/3/2024 Research EN
Scope publishes final rating methodology for European Real Estate Rating Methodology
The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of European real estate corporates. The methodology might have a limited negative impact on outstanding ratings of one issuer.
13/3/2024 Research EN
Bayer proceeds with caution over restructuring: timing is crucial in any refocus on pharma
Bayer AG’s caution over a possibly far-reaching restructuring of its pharmaceutical and crop-science activities is frustrating shareholders but is understandable given the high stakes involved in restoring the company’s investment case.