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      Nordic utilities: north-south price gap benefits southern generators; TSOs also gain

      24/11/2022 Research EN

      Nordic utilities: north-south price gap benefits southern generators; TSOs also gain

      Nordic utilities will likely face a prolonged period of high electricity prices, but divergence between pricing in the north and south of Norway and Sweden favours southern generators over regulated network operators, says Scope Ratings.

      TLTRO repayments – more to come

      22/11/2022 Research EN

      TLTRO repayments – more to come

      Banks are repaying just EUR 296bn of TLTRO funding this week, the low end of expectations, raising the question as to whether the ECB may have to consider other forms of quantitative tightening as it normalises its monetary policy stance.

      Economic performance is the key issue for UK banks; not tax or bonuses

      21/11/2022 Research EN

      Economic performance is the key issue for UK banks; not tax or bonuses

      Following the UK Autumn Statement, the focus with regard to the banks has been on the reduction in the corporation tax surcharge and removal of the bonus cap. But what matters more is how the economy performs and the impacts on households and businesses.

      Italian banks: solid Q3 performance; constructive outlook for 2023

      17/11/2022 Research EN

      Italian banks: solid Q3 performance; constructive outlook for 2023

      Italian banks’ Q3 results were strong. Wider interest margins reflect higher rates, operating expenses and cost of risk are under control, asset-quality trends are intact and banks maintain healthy capital buffers; trends that should continue into 2023.

      Hungary’s corporate credit outlook: inflation, currency clouds gather after decade of fair weather

      14/11/2022 Research EN

      Hungary’s corporate credit outlook: inflation, currency clouds gather after decade of fair weather

      Hungary’s corporate sector faces a further deterioration in credit quality as soaring inflation, rising interest rates, exchange-rate volatility and uncertainty about EU funds take their toll on private and public-sector demand, says Scope Ratings.

      Spanish banks: solid 9m results, risks from real estate exposures manageable

      11/11/2022 Research EN

      Spanish banks: solid 9m results, risks from real estate exposures manageable

      Spanish banks’ Q3/9M results saw net interest income trend higher, better revenues absorb higher OpEx, and credit costs contained. Asset quality was broadly flat but several banks increased NPL coverage. CET1 ratios stabilised after some QoQ declines.

      The Wide Angle – European bank profitability is no longer a major problem

      8/11/2022 Research EN

      The Wide Angle – European bank profitability is no longer a major problem

      Contrary to the broadly held market view that European banks continue to be insufficiently profitable, the sector’s bottom line is now reaching an adequate level. Analysts and investors should revisit their views that profits remain a risk for the sector.

      Scope Ratings publishes its updated Consumer Products Rating Methodology

      4/11/2022 Research EN

      Scope Ratings publishes its updated Consumer Products Rating Methodology

      The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of consumer products corporates. The methodology update has no impact on outstanding ratings.

      Norway’s residential housing boom is over: prices starting to fall

      4/11/2022 Research EN

      Norway’s residential housing boom is over: prices starting to fall

      Norway’s house prices are falling as the economic backdrop deteriorates and the era of ultra-low interest rates ends. This will expose households to an affordability shock. Banks are entering the challenging environment from a position of strength.

      European real estate grapples with inflation, higher yields: assessing challenges for debt holders

      3/11/2022 Research EN

      European real estate grapples with inflation, higher yields: assessing challenges for debt holders

      Europe’s real-estate sector is creaking under the pressure of inflation, rising yields and slowing economic growth, all with repercussions for real-estate companies and loan markets.