Robust economic performance, stronger public finances and receding external vulnerabilities drive the Outlook change. High public debt, structural unemployment, ageing-related fiscal pressures and parliamentary fragmentation are challenges.

EU membership, a still-moderate public debt burden, and strong growth support the rating. High fiscal deficits and budgetary rigidities, elevated political polarisation, and vulnerability to external shocks are challenges.

The periodic review has resulted in no rating action.

The ratings are supported by moderate debt levels, effective debt management, solid liquidity and adequate reserves. Challenges relate to high operating expenditure, limited revenue flexibility and demographic pressures.

Strong liquidity and ample reserves, moderate debt levels and a resilient debt structure support the ratings. Challenges relate to operating pressures coupled with high investment needs and limited budgetary flexibility.

The periodic review has resulted in no rating action.

The affirmation follows Scope’s assessment of AEI’s bond restructuring proposal whose execution would not constitute a Selective Default. Significant default risk remains in case noteholders reject the proposal, likely leading to a default.

France’s intrinsic resilience underpins our four-notch rating differential with Italy, as similar funding conditions contrast with different budgetary dynamics and governance challenges, although rating convergence is now more likely in the years ahead.

The Outlook revision reflects the expectation that the company’s financial risk profile will deteriorate amid a new investment-heavy phase beginning in 2026.

The rating reflects the group’s well diversified business model, solid fundamentals, and capital optimisation in line with the adjusted CET1 ratio target.