No action has been taken on rated notes issued by Newfoundland CLO I Limited following the periodic review.

The rating affirmation reflects the company's prudent efforts to deleverage and strengthen its balance sheet, including through capital increases, while the continued Negative Outlook reflects the risk of credit metrics remaining below Scope's thresholds.

The Negative Outlook reflects the challenging business climate in 2024 and the dim outlook for 2025. A very strong financial risk profile is the key support. The ratings have been converted into unsolicited public ratings for business reasons.

The rating of Mercedes-Benz Manufacturing Hungary Kft. is aligned with the rating on Mercedes-Benz Group AG, reflecting the latter’s explicit guarantee on an outstanding bond and Mercedes-Benz Group’s implicit guarantee to the rated entity.

The affirmation reflects Encavis’ strong business risk profile and the temporary challenges from delays in commissioning and meteorological conditions.

Scope downgrades class A notes issued by Red Sea SPV S.r.l., a static cash securitisation of Italian non-performing loans.

Scope Ratings UK Ltd (Scope) announces that the GBP 43.0m drawing on the Class A-1 note will not, in and of itself, result in a Rating Action or withdrawal of the current rating of the Class A-2 notes issued by Vantage Data Centers Jersey Borrower SPV Ltd

The rating action follows the acquisition of KÖBERL Group by B+N, a German FM services provider, which could improve the issuer’s business risk profile at the cost of higher leverage and an overall deterioration in credit metrics.

No action has been taken on the A/Positive corporate issuer rating on Air Liquide S.A. and its financing subsidiary Air Liquide Finance S.A. Similarly, no action was taken on the S-1 short-term rating and A senior unsecured debt rating.

The affirmation reflects an unchanged moderate business risk profile, constrained by improving but still weak credit metrics after large expansionary capex cycle.