A strong institutional framework, excellent market access, conservative financial, debt and liquidity management, and sound economic fundamentals are strengths. Relatively high debt and some budget pressures, with moderate flexibility, are challenges.

This periodic review has resulted in no rating action.

A durably more restrictive policy stance supporting the gradual rebalancing of the economy underpins the revision of the Outlooks. Persistent external and financial vulnerabilities anchor the ratings.

The periodic review has resulted in no rating action.

Growing divergence of the fiscal trajectory from highly-rated peers and a constrained medium-term macro-economic outlook drive the downgrade. A wealthy, diversified economy, strong debt affordability and sound external position are credit strengths.

A favourable track record of sound macroeconomic policies and moderate debt drive the affirmation. Vulnerability to external shocks, labour shortages and rising budget pressure from an ageing population are credit challenges.

The periodic review has resulted in no rating action.

Scope downgrades the class A notes and affirmed the Class B notes issued by POP NPLs 2019 S.r.l., a static cash securitisation of a portfolio of Italian non-performing loan receivables, following a performance review.

This periodic review has resulted in no rating action.

Scope Ratings has updated its issuer report on Banca Popolare di Sondrio, rated BBB with Stable Outlook.