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      23/5/2024 Research EN

      TEMPORARY WEBSITE ISSUES

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      Italian Bank Quarterly: benign operating conditions support performance

      22/5/2024 Research EN

      Italian Bank Quarterly: benign operating conditions support performance

      With better-than-expected operating conditions, 2024 looks favourable for Italian banks. However, latent risks persist, as evidenced by developments around eco tax credits.

      United Kingdom: rising debt a key long-term rating risk

      22/5/2024 Research EN

      United Kingdom: rising debt a key long-term rating risk

      The UK likely faces rising public-debt levels after forthcoming general elections, given a lack of priority to change policy. Even though the UK benefits from among the world’s most-significant debt tolerance, rising debt poses a long-term rating risk.

      Pfandbriefe investors shielded from volatile CRE valuations

      21/5/2024 Research EN

      Pfandbriefe investors shielded from volatile CRE valuations

      With our negative CRE outlook persisting and the collateral values of CRE loans volatile, covenant breaches are also driving up NPLs. Regulators are seeking to address value volatility, but Pfandbriefe are shielded because of cover-pool eligibility caps.

      Italy: tax breaks, investment delays, rising debt-to-GDP increase the need for fiscal consolidation

      17/5/2024 Research EN

      Italy: tax breaks, investment delays, rising debt-to-GDP increase the need for fiscal consolidation

      Italy’s government needs to devise and implement a credible, medium-term fiscal consolidation plan to stabilise public debt given the challenges of high interest costs, excessive past tax incentives, and delays in growth-enhancing recovery plan spending.

      Hungarian corporate bonds: cliff risk rises for high-yield issuers amid tough operating conditions

      16/5/2024 Research EN

      Hungarian corporate bonds: cliff risk rises for high-yield issuers amid tough operating conditions

      Bondholders in the Hungarian National Bank’s Bond Funding for Growth programme (‘NKP’) face a covenant-related credit challenge amid difficult domestic economic conditions, says Scope Ratings.

      BBVA’s Sabadell bid reflects solid prospects for Spanish banking sector

      15/5/2024 Research EN

      BBVA’s Sabadell bid reflects solid prospects for Spanish banking sector

      BBVA’s determination to pursue Banco de Sabadell and Sabadell’s confidence in its standalone strategy align with our view of the supportive banking environment in Spain, which remains an attractive market to deploy capital.

      Bank Capital Quarterly: dealing with the TBTF dilemma

      14/5/2024 Research EN

      Bank Capital Quarterly: dealing with the TBTF dilemma

      Significant efforts have been made since the GFC to improve the supervision of systemically important banks and address the issue of too-big-to-fail. But on this and the effectiveness of AT1s in supporting G-SIB recovery, there is room for improvement.

      German covered bonds not imperilled by CRE but office exposure a concern

      13/5/2024 Research EN

      German covered bonds not imperilled by CRE but office exposure a concern

      EU supervisors remain concerned that banks’ real-estate exposure is vulnerable, and US contagion risk is an issue. But while German banks’ CRE portfolios are unlikely to have endangered the safe-haven status of Pfandbriefe, office exposure is a worry.

      Scope publishes updated supranational methodology and calls for comments

      10/5/2024 Research EN

      Scope publishes updated supranational methodology and calls for comments

      Scope Ratings requests comments on its Supranational Rating Methodology by 10 June 2024. The proposed changes to the methodology are not expected to have an impact on outstanding supranational ratings assigned by Scope.