Following the recent affirmation of the BBB-/Stable issuer rating, Scope has updated its analytical report on Uniper SE.

The Negative Outlook reflects the significant risk that high leverage may persist for a prolonged period, despite the company’s ongoing deleveraging efforts through asset sales.

Sustained profit retention, very high asset quality, excellent access to capital markets and ECB facilities, a very strong mandate and highly rated shareholders support the rating. High leverage is the key challenge.

Une importance stratégique élevée, une interdépendance financière forte et une haute probabilité de soutien extraordinaire justifient l'égalisation des notations avec celles de la République française.

High strategic importance, strong financial interdependence and high probability of extraordinary support underpin the equalization on French Republic's long-term ratings.

Robust budgetary performance, ample liquidity, a sustainable economy and a well-integrated institutional framework support the rating. A high debt stock, limited revenue flexibility and limited expenditure flexibility are challenges.

More effective economic policies supporting external rebalancing and liquidity buffers drives the upgrade. Persistently high inflation remains a challenge.

No action has been taken on Class A and Class B notes issued by Buonconsiglio 4 S.r.l. following the monitoring review.

Scope has assigned final ratings to tranches A to D (series Colossus 2024-1) of Santander UK plc's synthetic securitisation programme.

Scope has assigned final ratings to tranches A to E and to class E credit-linked notes (series Colossus 2024-2) of Santander UK plc's synthetic securitisation programme.