The affirmation reflects MARSO’s unchanged leading market position and moderate financial risk profile despite economic headwinds.

The rating action reflects Scope’s view of Magyar Telekom’s strong and stable market position in the Hungarian mobile and fixed internet markets, and its robust financial risk profile.

The AAA rating of NOK 50bn (ISIN NO0013056184) covered bond issued by DNB Boligkreditt has been withdrawn as the note has been repurchased and cancelled out.

Strong capitalisation, high liquidity buffers and excellent capital markets access, a very strong mandate and highly rated shareholders support the rating; relatively weak asset quality is the key challenge.

The ratings are supported by a wealthy and diversified economy, moderate public debt and a strong external position. High private sector indebtedness, exposure to global shocks and labour market duality are credit challenges.

High fiscal deficits, rising general government debt, and a modest growth outlook drive the outlook change. A wealthy and diversified economy, sound external position, stable banking sector, and strong debt affordability are credit strengths.

The periodic review has resulted in no rating action.

The ratings are supported by a wealthy, large, diversified economy, sound public finances and a strong external position. Global geopolitical and trade risks, transition risks related to carbon neutrality targets and an ageing population are challenges.

The affirmation is driven by Scope's expectation that the construction materials company will maintain solid credit metrics and order backlog, despite the challenging local construction market witnessing significant reduction in Foreign Direct Investment.

The rating on Compagnie de Financement Foncier’s French obligations foncières reflects the issuer's A+ rating enhanced by four notches from governance support. Five notches provide a buffer against an issuer downgrade.