18/12/2025 Research
European retailing outlook: corporates face growing capex challenge amid slow growth, tight margins
The European retail sector, particularly in food and electronics, continues to face a challenging operating environment shaped by shifting consumer behaviour, rising cost pressures and investment-heavy structural transformation, says Scope Ratings.
18/12/2025 Rating announcement
Scope downgrades class A notes and affirms class B notes issued by POP NPLs 2020 S.r.l. – NPL ABS
The underlying portfolio is composed of secured and unsecured NPL loans originated by 15 Italian banks and serviced by Special Gardant S.p.A. and Fire S.p.A. as special servicers.
18/12/2025 Research
European telecoms: leverage heads for decade low as capex downswing continues
Europe’s telecoms operators are on course to reduce leverage to the lowest level in a decade as the capex cycle continues to turn down over the next two years, assuming no major outlays on M&A and technology.
17/12/2025 Rating announcement
Scope affirms Hunland Trade’s BB-/Stable issuer rating
The affirmation reflects the issuer’s ability to maintain resilient credit metrics in adverse market conditions in 2025.
17/12/2025 Rating announcement
Scope rates AAA(SF) Lithuanian renovation loan notes issued by Vytis Reno Loans 2025-1 DAC
The EUR 160.5m underlying portfolio of apartment renovation loans was originated to individual apartment owners by UAB ILTE.
17/12/2025 Rating announcement
Scope upgrades Italian NPL Class A notes issued by Sirio SPV S.r.l.
The underlying portfolio is composed of secured and unsecured NPL loans.
17/12/2025 Rating announcement
Scope affirms JSC Microbank MBC’s B+ issuer rating and changes Outlook to negative
Tightened capital position following strong growth is only expected to moderate in the medium term. Profitability remains supportive and currently benefits from the microbank transition.
17/12/2025 Rating announcement
Scope downgrades class A notes issued by Relais SPV S.r.l. – Italian non-performing lease ABS
The underlying portfolio is composed of non-performing leases originated by Unicredit Leasing S.p.A. and serviced by doValue S.p.A.
16/12/2025 Rating announcement
Scope downgrades Fnac Darty to BBB- from BBB after methodology changes and assigns Stable Outlook
The rating action reflects the application of Scope’s revised definition of credit metrics for retailers with a large portion of leased assets.