The periodic review has resulted in no rating action.

Scope Ratings has today affirmed the BBB rating of the USD 84.5m Class A1 securities issued by Virtuo Finance SARL, maturing in 2041. The financing covers six operational photovoltaic power plants with a total capacity of 300MW located near Benban, Egypt.

Renegotiation of the IMF programme and strong commitment to reform drive the Outlook change. Weak debt affordability and high government debt remain credit challenges.

Additional financial assistance and robust relations with international partners support the ratings. Weakening debt affordability and high external liquidity risk remain credit challenges.

Higher external liquidity risk and weakening debt affordability amid limited progress on reforms drive the downgrade. A resilient economy and robust relations with official creditors support the ratings.

Scope Ratings GmbH downgrades the USD 84.5m Class A1 Guaranteed securities issued by Virtuo Finance SARL (the Benban solar project). The downgrade reflects the weakening business environment in Egypt and the significant devaluation of the Egyptian pound.

A resilient economy, robust relations with international partners, and a record of reforms support the ratings. Elevated external financing requirements, large fiscal deficits, high public debt, and weak governance are challenges.

Scope Ratings has today assigned a final BBB+ rating to the USD 84.5m Class A1 Guaranteed securities issued by Virtuo Finance SARL maturing in March 2041. The bonds are intended to refinance the existing debt of a brownfield Egyptian photovoltaic plant.

Scope Ratings has today assigned a (P)BBB+ rating to the USD 86m Class A1 Guaranteed securities to be issued by Virtuo Finance SARL maturing in March 2041. The bonds are intended to refinance the existing debt of a brownfield Egyptian photovoltaic plant.