Announcements

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      Scope places Deutsche Konsum REIT-AG’s C issuer rating under review for a possible downgrade

      18/6/2025 Rating announcement

      Scope places Deutsche Konsum REIT-AG’s C issuer rating under review for a possible downgrade

      The rating action reflects Scope’s view that DKR’s planned debt-to-equity swap is a distressed exchange to avoid a default, imposing a loss of value for creditors and potentially qualifying as a Selective Default under Scope’s definitions.

      Scope downgrades investment holding company Forrás Nyrt.’s issuer rating to B/Stable from B+/Stable

      18/6/2025 Rating announcement

      Scope downgrades investment holding company Forrás Nyrt.’s issuer rating to B/Stable from B+/Stable

      The downgrade reflects a deterioration in the financial risk profile. The cancellation of dividend and interest payments by holdings has resulted in a lower-than-expected accumulation of recurring cash income, causing total cost cover to fall below par.

      Scope downgrades Hungarian HR services Pannon-Work Zrt.’s issuer rating to B/Negative from B+/Stable

      18/6/2025 Rating announcement

      Scope downgrades Hungarian HR services Pannon-Work Zrt.’s issuer rating to B/Negative from B+/Stable

      The rating action follows a rapid deterioration in credit metrics amid operational disruptions in HR services and concerns regarding a potential recovery.

      Scope downgrades investment holding company AEI to B- from B+ and places all ratings under review

      18/6/2025 Rating announcement

      Scope downgrades investment holding company AEI to B- from B+ and places all ratings under review

      The downgrade reflects the weaker business and financial risk profiles, while the under-review placement is based on pending refinancing risks in December 2025 that have only been partially addressed.

      Greece’s debt profile supports resilience but improving market liquidity remains key

      18/6/2025 Research

      Greece’s debt profile supports resilience but improving market liquidity remains key

      Greece’s favourable debt profile is a core credit strength but relying less on official-sector borrowing and more on market-based funding is vital to improve liquidity, deepen the pool of domestic investors and safeguard long-term debt sustainability.

      Scope upgrades Uniper's issuer rating to BBB with a Stable Outlook

      17/6/2025 Rating announcement

      Scope upgrades Uniper's issuer rating to BBB with a Stable Outlook

      The rating action reflects a further improvement in the utility’s financial risk profile coupled with a gradual business model shift towards low-carbon, contracted activities.

      BPCE’s acquisition of Novo Banco is a step towards greater European Banking Union

      17/6/2025 Research

      BPCE’s acquisition of Novo Banco is a step towards greater European Banking Union

      BPCE’s announcement of the acquisition of 75% of Novo Banco, Portugal’s 4th largest bank, from Lone Star Funds represents an important development in European bank M&A.

      Scope affirms the ‘A+/Stable’ issuer rating on Credit Foncier and Compagnie de Financement Foncier

      16/6/2025 Rating announcement

      Scope affirms the ‘A+/Stable’ issuer rating on Credit Foncier and Compagnie de Financement Foncier

      The rating affirmation reflects Scope’s expectation of full support from the parent, BPCE group, given the guarantee and solidarity mechanism that covers the group’s subsidiaries/affiliates.

      Scope bestätigt das AA- Rating des ORFs mit Stabilem Ausblick

      16/6/2025 Rating announcement

      Scope bestätigt das AA- Rating des ORFs mit Stabilem Ausblick

      Das Rating spiegelt die enge Verknüpfung mit der Republik Österreich wider. Außerdem berücksichtigt das Rating das starke Geschäftsprofil und konservative Finanzmanagement. Der eingefrorene ORF-Beitrag und sinkende Werbeeinnahmen sind Herausforderungen.

      Scope affirms the AA- rating of the ORF with Stable Outlook

      16/6/2025 Rating announcement

      Scope affirms the AA- rating of the ORF with Stable Outlook

      The rating reflects the close link to Austria through ORF’s government-related entity status. Further, the rating reflects a strong business profile and conservative financial management. Frozen ORF-levies and declining ad revenues are challenges.