The affirmation reflects the working capital management efforts achieved during 2024, which keeps the expected credit metrics unchanged from last year, despite negative impacts from the cyberattack and negative market sentiment throughout the year.

Scope takes no action on ratings for Felleskjøpet Agri SA as the company has developed in line with Scope's rating case, last updated in January 2023.

A strong grain harvest in 2022 and a positive outlook for farmers in 2023 bode well for Felleskjøpet and point to a strengthened result and credit metrics in the short to medium term.

Felleskjøpet is a co-operative with leading Norwegian agricultural market positions. More conservative leverage ratios have been reported lately.