Wednesday, June 7th 2023 - 3:30 PM (CEST)

Tuesday, June 20th 2023 - 3:00 PM (CEST)

March Italian NPL collections increased by 33% on the month but were 23% and 28% lower than March 2021 and 2022, respectively. Meanwhile, first quarter 2023 volumes were 16% below the average of the same period of the previous two years.

Europe’s fast-moving consumer-goods sector is set for a partial recovery in Ebitda margins toward pre-Covid levels this year on single-digit percentage revenue growth, ensuring at least a stable credit outlook for investment-grade firms with top brands.

The updated methodology, now final following a call-for-coment period, will apply to all covered bonds ratings.

We expect the performance of Italian NPL securitisations to remain subdued in 2023, although stable relative to last year. A series of factors is slowing the Italian economy and weakening affordability, which could in turn compromise collections.

The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of investment holding companies. The application of the methodology will have a positive impact on a very limited number of outstanding ratings

Recent events regarding Credit Suisse and US regional banks have a direct read-across to covered bonds in that it was not credit quality but liquidity that led to the banks’ downfall, plus the crystallisation of market-value losses on high-quality assets.

The uncertain economic environment continues to push European house prices lower. But challenges are also crystallising in net residential mortgage lending, which nosedived to almost zero in the half year to February 2023, only slowly reverting in March.

Scope Ratings calls for comments on its Government Related Entities Rating Methodology by 05 June 2023. The proposed update refines and further clarifies Scope’s analytical approach.