The affirmation reflects Sanofi’s robust operating performance, driven by a continued increase in Dupixent sales and low indebtedness.

The affirmation reflects credit metrics that have remained within Scope’s rating guidance, thanks to Cordia’s resilient operational performance. The Negative Outlook remains due to challenging market conditions and associated risks.

Savings bank consolidation has accelerated in 2024. With integration risks and capital impacts well controlled, this is positive from a credit risk perspective given economies of scale, stronger market positions, and business and regional diversification.

The GBP 389.5m CMBS is secured by two CRE loans backed by industrial and logistics properties throughout* the United Kingdom.

The downgrade is driven by the slower-than-expected recovery of the Hungarian construction market as Stavmat’s operating profitability continues to decline in 2024, putting further pressure on credit metrics.

The collapse of the French government will delay near-term fiscal consolidation and far-reaching reforms. France’s institutional safeguards should prevent a budget stalemate, but prolonged political gridlock could be credit negative.

Normalising global economic fundamentals partially offset rising fiscal pressures and geopolitical uncertainty in 2025, ensuring a balanced overall sovereign credit outlook, says Scope Ratings.

Consumer, corporate and SME ABS and RMBS have experienced positive ratings drift since the pandemic, a period characterised by extremely low levels of borrower insolvencies, mainly due to powerful policy measures in support of households and businesses.

Scope Ratings has updated its rating report on OTP Bank, rated BBB+ with Stable Outlook.

The EUR 480m underlying portfolio of residential mortgages was originated to private individuals by Unión de Créditos Inmobiliarios, S.A., Establecimiento Financiero de Crédito.