The revision of the Outlook to Positive on Spain’s sovereign rating drives the Outlook change for the region.

The Outlook revision to Negative reflects the issuer's fragile capital structure, characterised by rising leverage amid weak asset sales, which drives refinancing risk and increases the likelihood of further debt restructuring.

The Outlook revision to Negative reflects the increased leverage of the issuer and the uncertainty surrounding the pace and extent of deleveraging.

The transaction is a securitisation of real estate and lease receivables related to two UK data centres managed by Vantage Data Centers.

The affirmation reflects the issuers stable operating profitability and moderate increase in leverage amidst a multi-year capital investment programme.

Scope has ceased analytical coverage of LR Health & Beauty due to business reasons.

Scope Ratings UK Limited (Scope) announces that the replenishment of the underlying CRE mortgage pool will not, in and of itself, result in a Rating Action or withdrawal of the current ratings of the notes issued by Shelby Real Estate Funding Limited.

The rating reflects the bank’s well-established regional banking model, robust capitalisation and solid profitability metrics. Some asset quality risk, amid a weak macro-economic environment, is the main credit challenge.

The issuer rating reflects a weak business risk profile, primarily shaped by Nova’s small scale and limited diversification across geographies and industry segments, partially balanced by stable leverage expected to remain below 3.5x over the medium term.

The downgrade is based on the downward revision of EBITDA expectations in 2025-26. The Negative Outlook reflects the persistently difficult business environment as well as governance issues.