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      Scope withdraws its Aircraft Non-payment Insurance Methodology

      28/2/2024 Research EN

      Scope withdraws its Aircraft Non-payment Insurance Methodology

      Scope incorporates the Aircraft Non-payment Insurance Methodology into its Aviation Finance Rating Methodology and subsequently withdraws the Aircraft Non-payment Insurance Methodology.

      Scope updates its Aviation Finance Rating Methodology

      28/2/2024 Research EN

      Scope updates its Aviation Finance Rating Methodology

      Scope incorporates the Aircraft Non-payment Insurance Methodology into its Aviation Finance Rating Methodology and subsequently withdraws the Aircraft Non-payment Insurance Methodology.

      Utilities credit outlook: slightly positive, favouring power generators vs grid/network operators

      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.

      European ESG corporate bonds: pick-up expected after slow 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.

      Telecommunication sector credit outlook stable on resilient cash flow; fixed-line capex remains high

      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.

      Real estate outlook: negative credit prospects in sector where scale, diversification crucial

      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.

      Chemicals sector outlook shifts to negative from stable: cost control, cash preservation in focus

      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.

      Automotive outlook 2024: manufacturers’ credit prospects stable even as trading conditions worsen

      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.

      Webinar: European Corporate Outlook 2024

      5/2/2024 Research EN

      Webinar: European Corporate Outlook 2024

      Tuesday, February 20th 2024 - 3:30 PM (CET)

      Bond market access a credit differentiator for real estate companies

      5/2/2024 Research EN

      Bond market access a credit differentiator for real estate companies

      The return of European real estate companies to the bond market is noteworthy because reasonable-cost capital market funding will be vital to de-risk balance sheets. But the market will not be open to all and this will drive divergences in credit quality.