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.

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.

The rating action reflects Scope’s view that DKR’s planned debt-to-equity swap is a distressed exchange to avoid a default, imposing a loss of value for creditors and potentially qualifying as a Selective Default under Scope’s definitions.

The downgrade reflects a deterioration in the financial risk profile. The cancellation of dividend and interest payments by holdings has resulted in a lower-than-expected accumulation of recurring cash income, causing total cost cover to fall below par.

The rating action follows a rapid deterioration in credit metrics amid operational disruptions in HR services and concerns regarding a potential recovery.

The downgrade reflects the weaker business and financial risk profiles, while the under-review placement is based on pending refinancing risks in December 2025 that have only been partially addressed.

The rating action reflects a further improvement in the utility’s financial risk profile coupled with a gradual business model shift towards low-carbon, contracted activities.

Following the recent affirmation of the B+/Stable issuer rating, Scope has updated its analytical report on Lexholding Zrt.

The downgrade reflects reduced debt protection post German residential acquisition and inadequate liquidity. The under-review status reflects heightened refinancing risk.

The affirmation is based on the issuer's proven capacity to manage leverage effectively through robust EBITDA growth.