The change in Outlook reflects the risk that leverage will remain at a level that is not commensurate with the rating, given a significant reduction in available cash.

This publication does not constitute a rating action.

European households will see housing affordability deteriorate as the supply-demand gap persists and prices continue to rise. Stimulus measures are urgently needed to boost housing supply in European countries where the situation is particularly acute.

The downgrade is driven by Scope’s view of Ilija Batljan Invest’s announced intention to restructure its senior unsecured corporate bonds, which may be treated as a (Selective) Default under the agency’s rating definitions.

Notification on the change of solicitation status

Political uncertainty in Romania is complicating fiscal consolidation, raising borrowing costs and delaying reforms linked to EU funding while shifts in United States trade and security policy add further challenges to the fiscal and growth outlooks.

This publication does not constitute a rating action.

The rating action reflects a revision of Scope’s expectations for Lufthansa’s credit metrics, primarily due to a slower-than-anticipated recovery in profitability and the group’s capex plan.

The periodic review has resulted in no rating action.

Resilient budgetary performance, solid liquidity position, low debt compared to peers and solid economic prospects support the rating. Limited flexibility in revenue and expenditure are constraints.