The periodic review has resulted in no rating action.

Robust budgetary performance, conservative debt and liquidity management, and limited contingent liability risks support the rating. Low expenditure flexibility and lingering cost pressures remain the main credit challenges.

The rating affirmation reflects Tensio’s monopoly position as a large, profitable grid distributor in central Norway and the expectation of leverage remaining moderate despite high investment needs causing negative free operating cash flow.

The affirmation reflects expected 2025 credit metric improvements from subsidiary SunDell project handovers. The Negative Outlook remains due to GOPD’s ongoing liquidity risks tied to its dependence on upstreamed dividends from SunDell.

The rating affirmation reflects SunDell's recovering 2025 credit metrics from project handovers. It remains constrained by the company's small size, Budapest-focused pipeline, and GOPD Nyrt.'s reliance on SunDell dividends for holding-level debt service.

The affirmation reflects the assessment of an overall credit-neutral rating impact of the divestment of the industrial waste management segment, based on information available at this stage. The issuer rating has been withdrawn due to business reasons.

The Negative Outlook reflects the risk of continued weaker credit metrics due to deteriorating operating profitability amid sluggish end-market demand.

The Outlook change reflects improving credit metrics in 2024 and Scope’s expectation that the continued stable performance will support credit metrics remaining within the rating case.

This publication does not constitute a rating action.

The underlying portfolio of secured and unsecured NPL loans was sold by Unicredit S.p.A. and is serviced by doValue S.p.A. as special servicer and doNext S.p.A. as master servicer.