28/3/2024 Rating announcement
Scope affirms BB/Stable issuer rating on Hörmann Industries GmbH
A good financial risk profile, a diversified product portfolio and the good market position of Funkwerk support the rating. Low profitability, a weak position in automotive, the customer and end-market concentration and volatile FOCF are constraints.
27/3/2024 Research
Georgia ratings constrained by geopolitical sensitivities, institutional risks
Georgia’s recently-affirmed sovereign ratings are anchored by a robust public-debt structure, declining government debt and strong growth. Still, heightened geopolitical risk and persistent domestic institutional challenges are core rating constraints.
27/3/2024 Rating announcement
Scope downgrades Nitrogenmuvek to B from BB-, places it under review for possible downgrade
The action follows rapid credit metric deterioration amid operational disruptions and concerns about refinancing a EUR 200m bond in May 2025. The under-review status signals further short-term rating pressure due to potential liquidity constraints.
26/3/2024 Research
Webinar: Commercial real estate – how concerned should debt investors be?
Thursday, April 11th 2024 - 3:30 PM (CEST)
26/3/2024 Research
German savings and co-operative banks well positioned to face challenges
The strong financial results of Germany's savings and co-operative banks demonstrate a high degree of resilience to current challenges, including continued cost pressures and credit risks, particularly in real estate.
25/3/2024 Rating announcement
Scope affirms BB-/Stable issuer rating of Infogroup Holding Kft.
The rating affirmation is based on the expectation that strong operating performance will offset temporary pressure on leverage and interest cover, both driven by debt financed development activity.
25/3/2024 Rating announcement
Scope affirms class A notes issued by VCL Master Sweden S.A. - Swedish Auto Lease ABS
Scope affirms class A notes and downgrades class B notes issued by VCL Master Sweden S.A. following an amendment of the transaction.
25/3/2024 Rating announcement
Scope affirms Opus Tigáz’s BBB- issuer rating and revises the Outlook to Positive from Stable
The revised Outlook reflects Scope's view that the leverage could support a higher rating, driven by tariff increases, lower costs for grid losses and cash-funded bond amortisation. Still, this is subject to the final shape of the new regulatory period.
25/3/2024 Rating announcement
Scope affirms AAA rating of Wüstenrot’s Austrian mortgage-covered bonds, with Stable Outlook
The issuer’s credit strength combined with governance and cover pool support result in the highest rating. Market risks are moderate. Sound credit quality of the cover pool with granular, low loan-to-value domestic residential mortgage secured loans.
25/3/2024 Research
The Wide Angle – European banking to 2030: more vigorous on the digital, more rigorous on risk
The future for European banks looks unmistakably digital and AI-driven. Emerging platform economies and the blurring of cyberspace borders between financial and non-financial businesses will further disrupt incumbent banks’ legacy structures.