The rating action reflects the application of Scope’s revised definition of credit metrics for retailers with a large portion of leased assets.

The underlying portfolio is composed of secured and unsecured NPL loans originated by Unicredit S.p.A. and serviced by doValue S.p.A.

Revised Retail and Wholesale Rating Methodology in 2025 results in no rating impact on Ceconomy’s ratings.

The underlying portfolio of secured and unsecured NPL loans was originated by 90 Italian banks and is serviced by doValue S.p.A. and doNext S.p.A.

The affirmation is driven by Vöröskő’s stable EBITDA and strong cash generation, which support robust credit metrics.

Scope Ratings has updated its rating report on UniCredit, rated A with Stable Outlook.

The affirmation reflects the company’s low indebtedness, balancing its exposure to volatile power prices and an expected increase in capex.

The affirmation reflects the company’s ability to maintain adequate liquidity and execute a healthy development pipeline despite a transitional year in 2025 marked by limited EBITDA generation. The reliance on project completions remains a key constraint.

The EUR 302.9m underlying portfolio of solar and heat pump system loan receivables was originated to homeowners by Enpal B.V. and Enpal Heat GmbH.

The underlying portfolio of secured and unsecured NPL loans was originated by 23 Italian banks and is serviced by Master Gardant S.p.A. and Special Gardant S.p.A.