Borregaard's affirmed rating reflects its good business risk profile and strong financial risk profile, though increased debt in 2024 and higher expected capex over the next few years have slightly weakened credit metrics.

The affirmation reflects Scope’s unchanged view on Borregaard’s proven business model within wood-based specialty chemicals and stable financial risk profile.

The rating reflects the issuer’s efficient and unique production capabilities, strong positions in key specialty chemicals segments and markets, strong profitability and low financial leverage.