The periodic review has resulted in no rating action.

Resilient budgetary performance, solid liquidity position, low debt compared to peers and solid economic prospects support the rating. Limited flexibility in revenue and expenditure are constraints.

A wealthy economy, strong fiscal fundamentals and a robust external position are credit strengths. Exposure to external shocks as a small, open economy, ageing-related fiscal pressures and financial imbalances are challenges.

The affirmation follows the announcement of Richter’s long-term strategy which outlines revenue and profitability improvement while maintaining a very strong financial risk profile.

The affirmation is based on the covenant reset agreement reached with bondholders and the company's largely unchanged business and financial risk profiles.

Scope Ratings has updated its rating report on Aurskog Sparebank, rated A- with Stable Outlook.

The changed direction of the under-review status follows the company’s proposal of a restructuring of its EUR 200m eurobond which is originally due in May 2025.

High aftermarket exposure, strong market positions and a strong financial risk profile support the rating. The low profitability and cyclicality of the OEM business are rating constraints. The revised Outlook reflects the business risks from tariffs.

The affirmation reflects credit metrics being broadly in line with Scope’s forecast despite weaker operating profitability in 2024.

The underlying portfolio of secured and unsecured NPL loans was extended to companies and individuals by multiple originators and serviced by doValue S.P.A.