Announcements

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      Scope affirms BB- issuer rating on Hungarian real estate company Futureal; Outlook revised to Stable

      4/7/2025 Rating announcement EN

      Scope affirms BB- issuer rating on Hungarian real estate company Futureal; Outlook revised to Stable

      The rating action reflects Futureal’s solid pipeline execution, improved earnings stability, and adequate liquidity.

      Scope affirms B+/Negative issuer rating on Hungarian real estate developer Wingholding Zrt.

      4/7/2025 Rating announcement EN

      Scope affirms B+/Negative issuer rating on Hungarian real estate developer Wingholding Zrt.

      The affirmation reflects Wing’s solid pipeline execution and improved earnings visibility; The Negative Outlook signals limited headroom in credit metrics.

      Scope affirms B+/Stable rating on AutoWallis Nyrt.

      1/7/2025 Rating announcement EN

      Scope affirms B+/Stable rating on AutoWallis Nyrt.

      The affirmation is underpinned by credit metrics that align with projections, along with the expectation that leverage will not increase due to the issuer's decision to resume strategic growth in 2026.

      Scope publishes analytical report on Helgeland Kraft

      30/6/2025 Monitoring note EN

      Scope publishes analytical report on Helgeland Kraft

      Following the recent rating action on Helgeland Kraft AS on 26 June 2025, Scope has released an associated analytical report.

      Scope affirms BBB+/Stable issuer rating of Norwegian utility TrønderEnergi AS

      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.

      Scope assigns first-time issuer rating of B+/Stable to Grammer

      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.

      Scope affirms Norwegian utility Helgeland Kraft’s BBB issuer rating, revises Outlook to Negative

      26/6/2025 Rating announcement EN

      Scope affirms Norwegian utility Helgeland Kraft’s BBB issuer rating, revises Outlook to Negative

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

      Scope withdraws all ratings for Nitrogénművek

      25/6/2025 Rating announcement EN

      Scope withdraws all ratings for Nitrogénművek

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

      Scope affirms Norwegian dairy company Tine’s A-/Stable issuer rating

      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.

      Scope affirms Vonovia’s issuer rating at A- and maintains Negative Outlook

      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.