The government’s commitment to fiscal discipline is challenged by a rising interest burden, an economic slowdown and a fragmented and uncertain political environment weighing on the country’s fiscal and reform outlook.

Germany’s ambitious defence and infrastructure borrowing plans will lead to a marked increase in its deficit and debt-to-GDP. Sustaining fiscal space over the long term will depend on associated growth effects but also pension and labour market reforms.

Tuesday, July 15th 2025 - 3:00 PM (CEST)

The credit outlook for Spanish non-financial corporates is markedly favourable compared with the rest of Europe but the shallowness of domestic debt capital markets remains an obstacle for investment and growth at smaller companies, says Scope Ratings.

The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of chemicals companies. The methodology might have a positive impact of one notch for one rated entity.

Achieving NATO’s higher defence spending target of 3.5% of GDP will increase budget deficits and public debt across the EU, weakening sovereign credit profiles unless governments consider a mix of spending cuts, tax hikes, and joint defence funding

The Israel-Iran truce fails to permanently reduce geo-political uncertainties weighing on an already subdued economic outlook for Europe, exposed to continued volatility in energy prices, but the crisis’s impact on Europe’s economy is limited for now.

The methodology is now final and applies to all issuer and debt ratings of European retail and wholesale companies. The update refines Scope’s analytical approach and may have some negative impact on the current ratings of two issuers.

Poland’s polarised politics and institutional tensions are hindering reforms while wide budget deficits and rising structural spending are curbing fiscal space. Still, EU funds and investment inflows continue to underpin the economy’s robust fundamentals.

Les économies américaine et européenne connaîtront une croissance plus lente que prévue en 2025, contribuant à un ralentissement de la croissance économique globale. Les perspectives de l’économie mondiale restent orientées à la baisse, selon Scope Group.