Borregaard's affirmed rating reflects its good business risk profile and strong financial risk profile, though increased debt in 2024 and higher expected capex over the next few years have slightly weakened credit metrics.

Following the recent affirmation of the B+/Stable issuer rating, Scope has updated its analytical report on Biggeorge Property Nyrt.

The affirmation is driven by stable business despite a decline in topline revenue, supported by strong liquidity and diversification efforts, while the Negative Outlook reflects lingering legal uncertainties and market challenges.

The upgrade reflects the sustained strengthening of credit metrics, supported by higher tariffs, the recovery of past grid losses, and cash-funded bond amortisation.

The upcoming EUR 300m senior unsecured bond issue does not change Fnac Darty's rating case. The proceeds will be used to refinance the OCEANE bond maturing in 2027.

The affirmation is based on a broadly unchanged business risk profile and financial risk profile following the acquisition of Germany’s KÖBERL Group. The largely debt-financed acquisition is forecasted to only temporarily deteriorate leverage in 2025.

The rating affirmation reflects Scope's expectation that strong operating performance will allow the company to keep moderate leverage and maintain sufficient interest coverage, even with new debt financing.

The downgrade reflects business risk and financial risk profiles weakened by ongoing sector volatility. The Negative Outlook highlights the persisting pressure on credit metrics, reducing Envien’s headroom to a lower rating.

The Stable Outlook reflects good business and financial risk profiles, which remain commensurate with the rating. However, rating headroom has shrunk amid recent strategic investments.

The rating action reflects Scope’s views that the acquisition of Unieuro is credit-neutral, as the temporary increase in leverage is balanced by enhanced diversification and market positioning.