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      Scope publishes final rating methodology for European Real Estate Rating Methodology

      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.

      Webinar: Commercial real estate – how concerned should debt investors be?

      26/3/2024 Research EN

      Webinar: Commercial real estate – how concerned should debt investors be?

      Thursday, April 11th 2024 - 3:30 PM (CEST)

      Scope updates its European Utilities Rating Methodology and calls for comments

      15/3/2024 Research EN

      Scope updates its European Utilities Rating Methodology and calls for comments

      The proposed update clarifies and further refines Scope’s analytical approach. The methodology as proposed will not have an impact on outstanding ratings.

      Bayer proceeds with caution over restructuring: timing is crucial in any refocus on pharma

      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.

      Utilities credit outlook: slightly positive, favouring power generators vs grid/network operators

      19/2/2024 Research EN

      Utilities credit outlook: slightly positive, favouring power generators vs grid/network operators

      Europe’s integrated electricity utilities and power generators can look forward to reinforced credit profiles this year, although the change is less pronounced than it was at the beginning of 2023.

      European ESG corporate bonds: pick-up expected after slow 2023

      16/2/2024 Research EN

      European ESG corporate bonds: pick-up expected after slow 2023

      Investor appetite for ESG corporate bonds cooled in 2023 and issuance from European utilities and real estate companies, historically the market’s two main sector contributors, declined sharply. We expect a moderate pick-up of in overall volumes in 2024.

      Telecommunication sector credit outlook stable on resilient cash flow; fixed-line capex remains high

      14/2/2024 Research EN

      Telecommunication sector credit outlook stable on resilient cash flow; fixed-line capex remains high

      The credit outlook for the European telecommunications services sector is stable. Corporate profitability remains robust despite low revenue growth. Steady mobile-related capital expenditure contrasts with higher fixed-line spending on fibre networks.

      Real estate outlook: negative credit prospects in sector where scale, diversification crucial

      13/2/2024 Research EN

      Real estate outlook: negative credit prospects in sector where scale, diversification crucial

      The credit outlook in European real estate will diverge further this year: stable for firms with higher-quality assets, low leverage, robust business models and sufficient scale to refinance debt without sacrificing investment– and negative for the rest.

      Chemicals sector outlook shifts to negative from stable: cost control, cash preservation in focus

      12/2/2024 Research EN

      Chemicals sector outlook shifts to negative from stable: cost control, cash preservation in focus

      Leverage in Europe’s chemicals sector will improve this year after peaking in 2023, but a return to more typical levels will have to wait until 2025 given the prolonged cyclical downturn. Offsetting high raw-material and energy costs is still a challenge.

      Automotive outlook 2024: manufacturers’ credit prospects stable even as trading conditions worsen

      8/2/2024 Research EN

      Automotive outlook 2024: manufacturers’ credit prospects stable even as trading conditions worsen

      European automotive manufacturers will remain resilient in 2024 despite fading momentum in demand for new vehicles, more intense price competition and persistent cost inflation, hence the stable credit outlook for the sector.