
8/8/2025 Rating announcement EN
Scope affirms Berlin’s AAA rating with Stable Outlook
A strong institutional framework, conservative fiscal management, excellent capital market access, a sound debt profile and liquidity, and a solid economy are strengths. High debt, budgetary pressures, and moderate budgetary flexibility remain challenges.

1/8/2025 Rating announcement EN
Scope affirms Finland’s credit ratings at AA+ and changes the Outlook to Negative
Rising general government debt, high fiscal deficits and a modest growth outlook drive the outlook change. A wealthy economy, high net financial assets, and effective institutions remain credit strengths.

1/8/2025 Rating announcement EN
Scope affirms Madrid’s A rating with a Stable Outlook
Solid budgetary metrics, deep capital market access, ample liquidity and a resilient, high-income economic base support the rating. Elevated but declining debt levels and structurally rigid spending remain constraints.

1/8/2025 Rating announcement EN
Scope affirms the Republic of South Africa’s BB foreign currency ratings with Stable Outlook
A large and well-diversified economy, strong public-debt structure, robust monetary policy framework and a resilient banking system anchor the rating. Rising government debt and moderate economic growth are the main credit challenges.

1/8/2025 Rating announcement EN
Scope affirms the Kingdom of Norway’s AAA rating with Stable Outlook
Economic resilience, large sovereign wealth fund savings and strong macroeconomic governance are key credit strengths. High household debt, financial imbalances and the long-run economic transition represent challenges.

25/7/2025 Rating announcement EN
Scope affirms the Free State of Bavaria’s AAA rating with Stable Outlook
An integrated institutional framework, low debt, ample liquidity, strong budgetary performance and a wealthy economy support the rating. Limited expenditure flexibility, sizeable contingent liabilities, and high pension liabilities are challenges.

25/7/2025 Rating announcement EN
Scope affirms the Republic of Ireland’s long-term foreign-currency rating at AA with Stable Outlook
Strong public finances and robust economic growth anchor the ratings. High reliance on multinational enterprises and exposure to global shocks as a small, open and financially interconnected economy are challenges.