A longer-standing trend of weakening standards of governance and weakening of the underlying inflation outlook drive the downgrade. Sound macroeconomic fundamentals, a moderate public debt level, and a well-capitalised banking system support the ratings.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

A highly integrated institutional framework, track record of fiscal consolidation, prudent liquidity management and a solid economic base support the rating. High debt, limited revenue flexibility and sizeable contingent liabilities are challenges.

The affirmation reflects positive industry dynamics, strong market positions in key segments and markets, continued strong profitability and low leverage.

Following the recent affirmation of the BBB- issuer rating and the change in Outlook to Negative from Stable, Scope has updated its analytical report on Ceconomy AG.

Scope Ratings GmbH (Scope) withdraws the rating on the senior tranche of EIB SME Initiative for Italy (BP Bari) - SME SRT due to its full repayment.

Scope Ratings GmbH (Scope) has assigned a final rating to the Series 11-2023 Class A notes issued by Marzio Finance S.r.l., a static cash securitisation of a EUR 308.9m portfolio of payroll-deductible loans extended by IBL Banca to individuals in Italy.

The periodic review has resulted in no rating action.

The rating continues to reflect the very strong credit metrics despite profitability pressures from severe input cost inflation and divisional restructuring costs.