Announcements
Drinks

27/6/2025 Rating announcement EN
Scope affirms BBB+/Stable issuer rating of Norwegian utility TrønderEnergi AS
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.

26/6/2025 Rating announcement EN
Scope assigns first-time issuer rating of B+/Stable to Grammer
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.

19/6/2025 Rating announcement EN
Scope affirms Norwegian dairy company Tine’s A-/Stable issuer rating
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.

19/6/2025 Rating announcement EN
Scope affirms Vonovia’s issuer rating at A- and maintains Negative Outlook
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.