Scope Ratings proposes material changes to its General Structured Finance Rating Methodology and invites market participants to submit comments by 13 March 2026. The revised methodology could affect structured finance ratings assigned by Scope.

European corporate hybrid issuance remained resilient in 2025, with nearly EUR 38bn placed amid firmer market conditions, an active call schedule and attractive spreads. We expect issuance to stay robust in 2026, close to last year’s level.

The rating reflects the groups’ well-established domestic franchise, alongside steadily improving financial fundamentals.

The rating reflects Kodar’s solid track record with major state-owned clients but is constrained by its small scale, high customer concentration, and the expected rise in leverage following the execution of two renewable-power-plant projects.

TotalEnergies’ 2025 results reinforce the increasingly important role of capital discipline in the company’s forward strategy as it navigates softer and more volatile commodity prices.

Novo Nordisk’s recent warning of weaker-than-expected sales of its blockbuster weight-loss and diabetes treatments illustrates how scale can mask concentration risk in the pharmaceutical sector until a shock forces recognition of the problem.

EUR 2.1bn coatings acquisition along with other deals, full details of which are yet to be announced, points to higher leverage; but credit neutral for Henkel’s ratings.

The rating reflects the issuer’s established position in the Serbian and Balkan apparel retail markets, and Scope’s expectation that the company will maintain credit metrics commensurate with the rating, despite its continued debt financed expansion.

Posten Bring’s improved profitability and stable market position in the Nordic region support the rating, despite its large capital investment programme leading to weak cash flow and forthcoming changes in government regulations.

This publication does not constitute a rating action.