The transaction is a securitisation of real estate and lease receivables related to four German data centres, valued at EUR 928m, and managed by Vantage Data Centers.

The periodic review has resulted in no rating action.

This publication does not constitute a rating action.

Following the recent rating action on Lyse AS on 4 April 2025, Scope has released an associated analytical report.

The Outlook change reflects solid credit metrics and adequate liquidity, despite a temporary decline in EBITDA in 2025.

The periodic review has resulted in no rating action.

Class B notes have been fully repaid.

Scope Ratings has updated its report on the Danish mortgage covered bonds (særligt dækkede realobligationer – SDRO) issued by Realkredit Danmark A/S out of capital centre S and capital centre T.

The change in Outlook reflects the risk that leverage will remain at a level that is not commensurate with the rating, given a significant reduction in available cash.

This publication does not constitute a rating action.