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17/10/2025 Monitoring note
Scope has completed a monitoring review for Ukraine
The periodic review has resulted in no rating action.
17/10/2025 Rating announcement
Scope affirms the Land of Hesse’s AAA rating with Stable Outlook
Robust budgetary performance, conservative debt and liquidity management, and limited contingent liability risks support the rating. Low expenditure flexibility and lingering cost pressures remain the main credit challenges.
17/10/2025 Rating announcement
Scope affirms A-/Stable issuer rating of Tensio AS
The rating affirmation reflects Tensio’s monopoly position as a large, profitable grid distributor in central Norway and the expectation of leverage remaining moderate despite high investment needs causing negative free operating cash flow.
17/10/2025 Rating announcement
Scope affirms GOPD’s issuer rating at B-, maintains the Negative Outlook
The affirmation reflects expected 2025 credit metric improvements from subsidiary SunDell project handovers. The Negative Outlook remains due to GOPD’s ongoing liquidity risks tied to its dependence on upstreamed dividends from SunDell.
17/10/2025 Rating announcement
Scope affirms the issuer rating of Hungarian real estate developer SunDell at B-/Stable
The rating affirmation reflects SunDell's recovering 2025 credit metrics from project handovers. It remains constrained by the company's small size, Budapest-focused pipeline, and GOPD Nyrt.'s reliance on SunDell dividends for holding-level debt service.
16/10/2025 Rating announcement
Scope affirms and withdraws the BB-/Stable issuer rating on Global Refuse Holding
The affirmation reflects the assessment of an overall credit-neutral rating impact of the divestment of the industrial waste management segment, based on information available at this stage. The issuer rating has been withdrawn due to business reasons.
16/10/2025 Rating announcement
Scope affirms Alteo Circular’s issuer rating at BB- with Negative Outlook
The Negative Outlook reflects the risk of continued weaker credit metrics due to deteriorating operating profitability amid sluggish end-market demand.
16/10/2025 Research
Norwegian savings banks: equity capital structure proposals will have limited credit implications
Less dilution of equity capital certificates issued at a discount to book value would support savings banks’ credit profiles, but maintaining the cap on ECC holder representation on supervisory boards could have negative implications.
15/10/2025 Rating announcement
Scope affirms Abroncs Kereskedőház Kft.’s BB- rating and revises the Outlook to Stable from Negative
The Outlook change reflects improving credit metrics in 2024 and Scope’s expectation that the continued stable performance will support credit metrics remaining within the rating case.
