The periodic review has resulted in no rating action.

The ratings are supported by Norway’s economic resilience, its large savings accumulated in its sovereign wealth fund and strong macroeconomic governance. Challenges include financial imbalances and its long-run economic transition.

Strengthened economic sustainability and sustained fiscal consolidation drive the upgrade. Elevated unemployment, structural budget pressures related to ageing expenditures, and still-high public debt are constraints.

A wealthy and competitive economy, sound public finances and a solid external position are strengths. High household debt and banking sector vulnerabilities represent challenges.

Scope affirms the class A notes and class B notes issued by BBVA RMBS 22 FT, following the review of the transaction.

Scope affirms the class A notes and upgrades the class B notes issued by BBVA RMBS 21 FT, following the review of the transaction.

Scope affirms the class A notes and upgrades the class B notes issued by BBVA RMBS 20 FT, following the review of the transaction.

The affirmation is supported by Compactor's low loan-to-value ratio and its strong total cost coverage.

The rating continues to be supported by DFDS’ good business risk profile in European ferry and logistics operations. A moderate financial risk profile constrains the rating.

A good financial risk profile, diversified services, and the size and market position of BioMar support the rating. Moderate profitability and high exposures to the salmon feed segment as well as businesses with small market shares constrain the rating.