The revised Outlook to Positive from Stable reflects an improved financial risk profile which is driven by higher revenue and EBITDA growth while keeping indebtedness stable.

The affirmation reflects a relatively robust yet concentrated order backlog and solid financial metrics. Some pressure is expected from the addition of new-debt financed real estate developments and weakening profitability.

Pressure on credit metrics from moderating power prices and further acceleration of the company’s growth strategy is partly offset by potential support from new shareholders.

Scope has obtained sufficient clarity on the implementation of SBB’s strategic review process to resolve the under-review status.

The issuer rating reflects Michelin’s strong business risk profile as a leading global tyre manufacturer and an even stronger financial risk profile, supported by low leverage.

Scope upgraded Ilija Batljan Invest’s issuer rating to CC following the debt restructuring, based on improved liquidity and credit metrics.

No action taken following the periodic review concluded on Futureal.

High growth, protected market position as well as low leverage support the rating. Low diversification, regulatory risk and changing financial policy are constraints.

The affirmation reflects Wing’s successful pipeline execution and refinancing of the 2024 bond maturities. The Negative Outlook continues to reflect the limited headroom left by current credit metrics.

The senior secured bonds with a first-ranking pledge on the Fondbygget property are assigned a new rating of BBB. In addition, the senior secured bond with a pledge on Drammensveien 60 is assigned a new rating of BBB.