Sustained deterioration in public finances and a weakening of governance standards drive the downgrade. A wealthy, competitive economy, institutional resilience and the dollar’s reserve currency status anchor the ratings.

Disinflation, fiscal discipline and higher international reserves anchor the ratings. High inflation and lingering external and financial vulnerabilities are the main credit challenges.

The affirmation reflects better-than-expected credit metrics in 2024 and forecasts for 2025, though the Negative Outlook remains in place amid Haugaland Kraft's further growth ambitions and increased capital expenditure expectations.

The underlying portfolio of secured and unsecured NPL loans was originated by Cassa di Risparmio di Asti banking group and is serviced by Prelios Credit Servicing S.p.A. as special and master servicer.

The periodic review has resulted in no rating action.

Scope Ratings has updated its rating report on BN Bank ASA, rated A- with Stable Outlook.

Scope Ratings has published its rating report on JSC Microbank Crystal, rated B+, with Stable Outlook.

The class A and B notes have been fully redeemed.

The short-term debt rating upgrade is driven by the issuers’ improved financial risk profile, with stronger credit metrics also expected in the coming years.

Scope Ratings has updated its rating report on ABBank, rated BB/Stable.