The rating affirmation reflects the issuer’s leading market position in pawn loans in Georgia, as well as a strong financial profile.

The rating is supported by the guarantee of the Federal Republic of Germany (AAA/Stable) for all KfW's existing and future obligations.

The affirmation reflects the strong position in Italian PDL market, growing diversification, supportive earnings capacity and risk exposures, and adequate funding and solvency profile.

The rating affirmation reflects the bank’s progress in its transformation strategy which puts pressures on its financial viability, but which remains adequately buffered.

The rating action follows the completion of the merger between Sparebanken Vest and Sparebanken Sør to become Sparebanken Norge. Scope will re-assess the potential positive impact for Brage as a majority owned subsidiary of Sparebanken Norge.

The Positive Outlook reflects the improvements in governance and risk management embedded now as key element of the group’s culture, as the closure of the corporate probation period under ad-hoc regulatory oversight is approaching.

Scope Ratings has updated its rating report on Deutsche Bank, rated A- with Positive Outlook.

The rating is anchored by the consistent business model centred around commercial banking in Greece, and benefits from improving asset quality and solid capital metrics.

Scope has ceased analytical coverage on JSC Pasha Bank Georgia.

Scope Ratings has updated its report on the Danish mortgage covered bonds (særligt dækkede realobligationer – SDRO) issued by Realkredit Danmark A/S out of capital centre S and capital centre T.