Strong loan growth in core products coupled with ongoing losses from its business model transformation exert pressure on capitalisation and drive the downgrade and placement ‘under review for downgrade’.

The European chemical industry faces difficult quarters ahead, as the recovery in demand expected after the cyclical destocking in 2024 has failed to materialise, Scope Ratings says.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The sustained reduction in the public debt-to-GDP ratio along with improved resilience of the banking sector drive the upgrade. The small, open economy, large external imbalances and still elevated level of NPLs are key challenges.

The periodic review has resulted in no rating action.

The rating action reflects the potential negative impact of a disease outbreak on the issuer`s credit profile.

The rating reflects the low-risk water concessions business and strong financial risk profile. The company’s modest size, high emerging-markets exposure and concentrated portfolio are constraints, while a project delay is dampening profitability.

Santander’s bid for Webster demonstrates its confidence in the US banking sector and its long-term business prospects, despite the current scenario of high political risk, deterioration in public finances and weakening of governance standards.