Announcements
Drinks
28/3/2024 Research EN
Scope publishes final rating methodology for European Real Estate Rating Methodology
The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of European real estate corporates. The methodology might have a limited negative impact on outstanding ratings of one issuer.
13/3/2024 Research EN
Bayer proceeds with caution over restructuring: timing is crucial in any refocus on pharma
Bayer AG’s caution over a possibly far-reaching restructuring of its pharmaceutical and crop-science activities is frustrating shareholders but is understandable given the high stakes involved in restoring the company’s investment case.
19/2/2024 Research EN
Utilities credit outlook: slightly positive, favouring power generators vs grid/network operators
Europe’s integrated electricity utilities and power generators can look forward to reinforced credit profiles this year, although the change is less pronounced than it was at the beginning of 2023.
16/2/2024 Research EN
European ESG corporate bonds: pick-up expected after slow 2023
Investor appetite for ESG corporate bonds cooled in 2023 and issuance from European utilities and real estate companies, historically the market’s two main sector contributors, declined sharply. We expect a moderate pick-up of in overall volumes in 2024.
14/2/2024 Research EN
Telecommunication sector credit outlook stable on resilient cash flow; fixed-line capex remains high
The credit outlook for the European telecommunications services sector is stable. Corporate profitability remains robust despite low revenue growth. Steady mobile-related capital expenditure contrasts with higher fixed-line spending on fibre networks.
13/2/2024 Research EN
Real estate outlook: negative credit prospects in sector where scale, diversification crucial
The credit outlook in European real estate will diverge further this year: stable for firms with higher-quality assets, low leverage, robust business models and sufficient scale to refinance debt without sacrificing investment– and negative for the rest.
12/2/2024 Research EN
Chemicals sector outlook shifts to negative from stable: cost control, cash preservation in focus
Leverage in Europe’s chemicals sector will improve this year after peaking in 2023, but a return to more typical levels will have to wait until 2025 given the prolonged cyclical downturn. Offsetting high raw-material and energy costs is still a challenge.
8/2/2024 Research EN
Automotive outlook 2024: manufacturers’ credit prospects stable even as trading conditions worsen
European automotive manufacturers will remain resilient in 2024 despite fading momentum in demand for new vehicles, more intense price competition and persistent cost inflation, hence the stable credit outlook for the sector.