The periodic review has resulted in no rating action.

The ratings are supported by Norway’s economic resilience, its large savings accumulated in its sovereign wealth fund and strong macroeconomic governance. Challenges include financial imbalances and its long-run economic transition.

Strengthened economic sustainability and sustained fiscal consolidation drive the upgrade. Elevated unemployment, structural budget pressures related to ageing expenditures, and still-high public debt are constraints.

A wealthy and competitive economy, sound public finances and a solid external position are strengths. High household debt and banking sector vulnerabilities represent challenges.

The periodic review has resulted in no rating action.

The affirmation of Ukraine’s long-term issuer rating in foreign currency at SD represents settlement of the Eurobond debt exchange. The downgrade of rated Eurobond securities to single-D considers average rates of recovery.

Scope Ratings has updated its rating report on the Obligasjoner med fortrinnsrett (Norwegian mortgage-covered bonds) issued by Totens Sparebank Boligkreditt AS.

Strong public finances and robust economic growth drive the upgrade. High reliance on multinational corporations and exposure to global shocks as a small, open and financially interconnected economy remain challenges.

The wealthy and diversified economy, prudent fiscal policy management and a robust external position are key credit strengths. High levels of private sector debt and the risk of a more severe housing market correction represent challenges.

The selective default on Ukraine’s long-term debt in foreign currency reflects non-payment of a February-2026 Eurobond due to debt-servicing moratorium. The restructuring of Eurobond securities is expected to be completed in the coming weeks.