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.

The withdrawal follows Scope’s decision to cease analytical coverage due to business reasons.

The periodic review has resulted in no rating action.

The affirmation is driven by Haniel’s continuously good financial risk profile which offsets the persistent concentration risks on the holding’s recurring income and asset values.

The amendment to the special servicer agreements will not in itself result in a rating action or withdrawal of the current class A note rating.