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      Pfandbriefe investors shielded from volatile CRE valuations

      21/5/2024 Research

      Pfandbriefe investors shielded from volatile CRE valuations

      With our negative CRE outlook persisting and the collateral values of CRE loans volatile, covenant breaches are also driving up NPLs. Regulators are seeking to address value volatility, but Pfandbriefe are shielded because of cover-pool eligibility caps.

      Italy: tax breaks, investment delays, rising debt-to-GDP increase the need for fiscal consolidation

      17/5/2024 Research

      Italy: tax breaks, investment delays, rising debt-to-GDP increase the need for fiscal consolidation

      Italy’s government needs to devise and implement a credible, medium-term fiscal consolidation plan to stabilise public debt given the challenges of high interest costs, excessive past tax incentives, and delays in growth-enhancing recovery plan spending.

      Scope upgrades class A notes and affirms class B notes issued by Marathon SPV S.r.l. - NPL ABS

      17/5/2024 Rating announcement

      Scope upgrades class A notes and affirms class B notes issued by Marathon SPV S.r.l. - NPL ABS

      Scope upgraded the class A notes and affirmed the Class B notes issued by Marathon SPV S.r.l., a static cash securitisation of a portfolio of Italian non-performing loan receivables, following a performance review.

      Scope affirms class A1 and class A2 and upgrades class B of Alba 13 SPV S.r.l. - Italian SME ABS

      16/5/2024 Rating announcement

      Scope affirms class A1 and class A2 and upgrades class B of Alba 13 SPV S.r.l. - Italian SME ABS

      Scope Ratings GmbH (Scope) upgrades the class B notes and affirms the class A1 and A2 notes issued by Alba 13 SPV S.r.l. following its periodic review.

      Scope has completed a monitoring review for PolSolar Kft

      16/5/2024 Monitoring note

      Scope has completed a monitoring review for PolSolar Kft

      No action has been taken on the rating for the senior unsecured bonds issued by PolSolar Kft. maturing in April 2037. The bonds have financed the construction of five greenfield photovoltaic plants in Hungary.

      Scope has completed the monitoring review for Alba 12 SPV S.r.l. - Italian SME ABS

      16/5/2024 Monitoring note

      Scope has completed the monitoring review for Alba 12 SPV S.r.l. - Italian SME ABS

      No action has been taken on the rated notes issued by Alba 12 SPV S.r.l. following the monitoring review. Class A1 has been repaid in full in January 2024.

      Hungarian corporate bonds: cliff risk rises for high-yield issuers amid tough operating conditions

      16/5/2024 Research

      Hungarian corporate bonds: cliff risk rises for high-yield issuers amid tough operating conditions

      Bondholders in the Hungarian National Bank’s Bond Funding for Growth programme (‘NKP’) face a covenant-related credit challenge amid difficult domestic economic conditions, says Scope Ratings.

      Scope affirms A- issuer rating of Å Energi and revises the Outlook to Stable

      16/5/2024 Rating announcement

      Scope affirms A- issuer rating of Å Energi and revises the Outlook to Stable

      The Outlook change reflects increased debt in 2023 combined with lower but still higher-than-historical power prices and the prospect of higher investments.

      BBVA’s Sabadell bid reflects solid prospects for Spanish banking sector

      15/5/2024 Research

      BBVA’s Sabadell bid reflects solid prospects for Spanish banking sector

      BBVA’s determination to pursue Banco de Sabadell and Sabadell’s confidence in its standalone strategy align with our view of the supportive banking environment in Spain, which remains an attractive market to deploy capital.

      Scope has updated its analytical report on Arva AS

      15/5/2024 Monitoring note

      Scope has updated its analytical report on Arva AS

      Monitoring review announcement.