Following the recent rating action on Corem Property Group AB on 23 December 2025, Scope has released an associated analytical report.

The upgrade follows the successful restructuring of the EUR 2021/2025 bond which provided some relief to AEI’s short-term liquidity pressure. Nevertheless, the rating reflects the still significant refinancing risk for the notes maturing in 2026.

The Trump administration’s escalation of political pressure on the Federal Reserve underlines the White House’s increasingly unconventional policy approach which has placed pressure on the long-standing checks and balances of US governance.

Collections in November 2025 were around 40% below the three-year average for the month, and 3% lower than October. In absolute EUR terms, volumes received between September and November were stable in a narrow range.

The rating is supported by the issuer’s competitive position, well-diversified business, and strong credit metrics.

The EU NPL ratio continues to be low and stable, but corporate NPLs are elevated in some core countries. At a time of rising geopolitical risk, trade tensions and an uncertain economic outlook, we expect a modest deterioration in asset quality.

European CMBS issuance accelerated in 2025 to EUR 8.7bn, almost 75% higher than the previous three years combined. We expect the momentum to continue, driven by the growing role of private credit in CRE financing and sustained demand for securitisation.

The rating reflects expected synergies from the vertical integration of Beton Plus and a solid real estate portfolio. Small scale, high concentration risk, limited liquidity, high leverage and limited ability to deleverage are constraints.

Our 2026 base case for credit is defined by a resilient economy and tight labour markets. Transaction performance will be supported by an easing in lending and refinancing conditions and robust securitisation structures will support rating stability.

Class A notes have been fully repaid.