Five years after the pandemic and the collapse of the output agreement between OPEC and Russia sent oil prices into free fall, oil markets face another shock, this time from changes in US trade policy and in the OPEC+ group’s production limits.

Scope Ratings calls for comments on its Chemicals Rating Methodology by 14 May 2025. The update strengthens, refines and further clarifies the analytical approach. The methodology as proposed might have a positive impact of one notch for one rated entity.

The protectionist tilt of US trade policy has unsettled investors, partly by clouding the outlook for global growth. But for European companies with US exposure, the impact of higher tariffs on cashflow and credit quality are mixed and case specific.

Scope’s 12-month trailing ratings drift for structured finance transactions moved into positive territory in the first quarter of 2025, with a positive ratio of upgrades over downgrades not seen since 2022.

Scope Ratings calls for comments on its Pharmaceutical Companies’ Rating Methodology by 4 May 2025. The update strengthens, refines and further clarifies Scope’s analytical approach. No impact is expected on out-standing issuer and debt ratings.

The US’s imposition of 25% tariffs on car imports comes at a bad time for European auto makers which face structural challenges in the shift to electric vehicles, growing competition from Chinese brands, and relatively soft demand in Europe and China.

The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of automotive suppliers. No impact is expected on outstanding issuer and debt ratings.

The proposed update refines and further clarifies Scope’s approach. Scope is calling for comments on the methodology by 27 April 2025. The methodology as proposed might have a limited negative impact on the outstanding ratings of two issuers.

Italian NPL collections fell 11% month on month in February, a noticeable deviation from past years, where February collections have typically been aligned with or slightly above January’s.

Monday, April 7th 2025 - 1:00 PM (CEST)