An integrated institutional framework, low debt, ample liquidity, strong budgetary performance and a wealthy economy support the rating. Limited expenditure flexibility, sizeable contingent liabilities, and high pension liabilities are challenges.

Strong public finances and robust economic growth anchor the ratings. High reliance on multinational enterprises and exposure to global shocks as a small, open and financially interconnected economy are challenges.

A wealthy and diversified economy, prudent fiscal management, and strong external position are key credit strengths. High private sector debt and housing market imbalances represent structural challenges.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

This publication does not constitute a rating action.

The EUR 500.0m underlying portfolio of auto lease receivables with residual value risk was originated to corporate, SME and private individual borrowers by Axus Nederland N.V.

This publication does not constitute a rating action.

Following the recent rating action on Vend Marketplaces ASA on 11 June 2025, Scope has released an associated analytical report.

Scope Ratings has updated its rating report on Georgian JSC Silk Bank, rated B- with Stable Outlook.