Scope has ceased analytical coverage on BK Group AG due to business reasons.

The rating affirmation is mainly driven by the strong business risk profile exemplified by the company’s market position in Sweden, while balance sheet management through disposals and debt repayments is helping to safeguard credit metrics.

The rating affirmation reflects the company’s resilient operations, cash flow generation potential and ability to grow while maintaining moderate leverage.

The upgrade follows significant improvements in Hafslund’s financials, which are likely to last due to elevated power prices. Further upside is reflected by the Positive Outlook, assuming leverage does not exceed 2.0x beyond 2025.

The ratings are withdrawn following a monitoring of Å Energi AS, the surviving company of the merger of Agder Energi AS and Glitre Energi AS.

The upgrade is driven by prospects of sustained higher power prices, which strengthens Å Energi’s financials, in addition to an improved business risk profile. The Positive Outlook reflects further upside if leverage remain below 2.0x longer-term.

The affirmation reflects positive industry dynamics, strong market positions in key segments and markets, continued strong profitability and low leverage.

Following the recent affirmation of the BBB- issuer rating and the change in Outlook to Negative from Stable, Scope has updated its analytical report on Ceconomy AG.

The periodic review has resulted in no rating action.

The rating continues to reflect the very strong credit metrics despite profitability pressures from severe input cost inflation and divisional restructuring costs.