The rating reflects the groups’ well-established domestic franchise, alongside steadily improving financial fundamentals.

This publication does not constitute a rating action.

Strong loan growth in core products coupled with ongoing losses from its business model transformation exert pressure on capitalisation and drive the downgrade and placement ‘under review for downgrade’.

Scope Ratings has updated its rating report on Banco Santander S.A., rated AA-, with Stable Outlook.

Scope Ratings has updated its rating report on Georgian JSC Microbank MBC, rated B+ with Negative Outlook.

The affirmation reflects the credit-neutral impact of the planned acquisition of Austrian Anadi Bank AG, with Hypo-Bank Burgenland AG becoming the bank’s sole owner. Closing of the transaction is expected for February 2026.

Scope has ceased analytical coverage on Banca Popolare di Sondrio at the client’s request.

Tightened capital position following strong growth is only expected to moderate in the medium term. Profitability remains supportive and currently benefits from the microbank transition.

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

The rating is supported by BNP Paribas’s very resilient business model, supportive profitability and asset quality, and adequate buffers to prudential requirements based on the lighter risk intensity of the balance sheet.