Announcements

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      Scope downgrades Pannonia Bio’s issuer rating to BB and maintains the Negative Outlook

      21/2/2024 Rating announcement

      Scope downgrades Pannonia Bio’s issuer rating to BB and maintains the Negative Outlook

      The rating action is mainly driven by weaker credit metrics affected by a challenging market environment.

      Scope upgrades senior notes of Wolf Receivables Financing Plc to AA(SF) - UK Re-performing accounts

      20/2/2024 Rating announcement

      Scope upgrades senior notes of Wolf Receivables Financing Plc to AA(SF) - UK Re-performing accounts

      Scope Ratings UK Limited (Scope) has upgraded the senior notes issued by Wolf Receivables Financing Plc, a cash securitisation of re-performing unsecured receivables acquired by Lowell Financial from UK lenders and credit providers.

      Scope Ratings has affirmed the B+/Stable issuer rating of Biggeorge Property Nyrt.

      19/2/2024 Rating announcement

      Scope Ratings has affirmed the B+/Stable issuer rating of Biggeorge Property Nyrt.

      The affirmation is driven by BGP's solid credit metrics, adequate cash flow visibility, and an expected recovery in the macroeconomic conditions in Hungary in the second half of 2024.

      Scope has downgraded the issuer rating of LANXESS AG to BBB with Negative Outlook

      19/2/2024 Rating announcement

      Scope has downgraded the issuer rating of LANXESS AG to BBB with Negative Outlook

      The downgrade is due to the ongoing destocking in the chemicals sector, which has led to a significantly weaker Scope-adjusted EBITDA in 2023 compared to LANXESS' guidance.

      EU’s revised fiscal rules would cut public investment

      19/2/2024 Research

      EU’s revised fiscal rules would cut public investment

      The EU’s revised fiscal rules are inadequate with respect to high green, digital and defence investment needs and would result in significant fiscal adjustments and cuts in public investment at a time when the economic growth outlook is already weak.

      Utilities credit outlook: slightly positive, favouring power generators vs grid/network operators

      19/2/2024 Research

      Utilities credit outlook: slightly positive, favouring power generators vs grid/network operators

      Europe’s integrated electricity utilities and power generators can look forward to reinforced credit profiles this year, although the change is less pronounced than it was at the beginning of 2023.

      Scope affirms Portugal’s credit ratings at A- with Stable Outlook

      16/2/2024 Rating announcement

      Scope affirms Portugal’s credit ratings at A- with Stable Outlook

      Enhanced macro-economic stability, a strong record of prudent fiscal policy and debt reduction, and a favourable debt structure anchor the ratings. Still high public debt and a limited growth potential are credit constraints.

      Scope withdraws ratings on City of Milan

      16/2/2024 Rating announcement

      Scope withdraws ratings on City of Milan

      The withdrawal follows Scope’s decision to cease analytical coverage due to business reasons.

      European ESG corporate bonds: pick-up expected after slow 2023

      16/2/2024 Research

      European ESG corporate bonds: pick-up expected after slow 2023

      Investor appetite for ESG corporate bonds cooled in 2023 and issuance from European utilities and real estate companies, historically the market’s two main sector contributors, declined sharply. We expect a moderate pick-up of in overall volumes in 2024.

      Scope has completed a monitoring review for Duke Global Funding Ltd – Multi-currency CLO

      15/2/2024 Monitoring note

      Scope has completed a monitoring review for Duke Global Funding Ltd – Multi-currency CLO

      The periodic review has resulted in no rating action.