The rating affirmation reflects Scope's expectation that, in the absence of significant capex needs and positive free cash flow, a normalisation of power prices will allow TrønderEnergi to deleverage to around 3x.

A good market position in commercial vehicles and expected improvement in leverage support the rating. Very weak cash flow cover due to sustained negative FOCF*, low overall profitability and cluster risk on refinancing in 2027 are constraints.

The Negative Outlook reflects the risk of sustained weaker credit metrics, amplified by adverse regional market conditions, even with the expected market normalisation.

Scope has ceased analytical coverage of Nitrogénművek due to business reasons.

Solid domestic market shares and brands, low cyclicality products, and strong credit metrics providing ample rating headroom support the rating. Moderate profitability and low country diversification remain constraints.

The Negative Outlook continues to reflect Vonovia’s high leverage and the risk that the loan/value ratio remains above 45%, despite ongoing asset disposals, deleveraging measures and improved market conditions.

The rating action reflects Scope’s view that DKR’s planned debt-to-equity swap is a distressed exchange to avoid a default, imposing a loss of value for creditors and potentially qualifying as a Selective Default under Scope’s definitions.

The downgrade reflects a deterioration in the financial risk profile. The cancellation of dividend and interest payments by holdings has resulted in a lower-than-expected accumulation of recurring cash income, causing total cost cover to fall below par.

The rating action follows a rapid deterioration in credit metrics amid operational disruptions in HR services and concerns regarding a potential recovery.

The downgrade reflects the weaker business and financial risk profiles, while the under-review placement is based on pending refinancing risks in December 2025 that have only been partially addressed.