The rating affirmation reflects weak credit metrics, as well as the unchanged inadequate liquidity assessment. The Negative Outlook reflects the downside risks from the current business environment, amplified by the start of bond repayments.

The affirmation with a Negative Outlook reflects the increased risk that credit metrics will remain below the level required for the current rating beyond 2025.

US plans to slap hefty tariffs on pharmaceutical imports have led European firms to speed up US investment and reset supply chains, the full credit impact of which will depend on the products targeted and whether the extra costs compromise innovation.

As Russia’s war in Ukraine war drags on with no end in sight, the challenges for Ukraine’s debt sustainability and finances are mounting. Addressing them requires the use of frozen Russian reserves. Deeper debt restructuring should also be considered.

The periodic review has resulted in no rating action.

Robust growth prospects, strong reform momentum and strengthening external position drive the Outlook change. Low economic diversification, moderate income levels and adverse demographics are challenges.

Rising general government debt and political instability drive the outlook change. Leading role in Europe, economic resilience, robust banking sector, favourable debt profile and excellent market access anchor the ratings.

The periodic review has resulted in no rating action.

Scope Ratings has updated its rating report on Danske Bank A/S, rated A+, with Positive Outlook.

Scope downgraded DKR’s issuer rating to SD due to a distressed debt exchange. The rating was reinstated at C, reflecting the improved situation following the finalisation of the restructuring concept. This has reduced the likelihood of further default.