The underlying portfolio of secured and unsecured NPL loans was sold by illimity Bank S.p.A. and is serviced by Prelios Credit Servicing S.p.A.

The affirmation reflects the issuer's strong financial risk profile and resilient credit metrics; its relatively small size and scope remain constraints.

The credit outlook for European sub-sovereign issuers is balanced overall though credit trajectories continue to diverge amid growing sovereign rating constraints.

Following the recent affirmation of the BB-/Stable issuer rating, Scope has updated its analytical report on 4iG Nyrt.

European utilities are navigating an intensive, multi-year power-grid investment cycle. While capex has risen gradually in recent years, the vast scale of planned upgrades for the decade ahead remains the main challenge to the sector’s credit quality.

The affirmation reflects Biggeorge Property’s integrated real estate and fund management platform, strong pipeline and stable debt. Earnings are set to increase, while risks stem from cash flow volatility and concentration in Hungary.

The recent capital increase has stabilised the company's financial risk profile by significantly reducing LTV and increasing interest cover, leading to a change in Outlook to Stable from Negative.

The targets of the strategic plan and the bank’s 2025 performance both align with expectations already embedded in our ‘A’/Stable/’‘S1’ ratings.

Every month saw collections underperform in 2025. Not even the more than doubling of proceeds in December could salvage the poor performance, as collections were still 32% lower than the average for that month relative to the previous three years.

The root causes of growing credit stress remain firmly in place despite investors’ relatively benign response to structural shifts, leaving a mixed but increasingly negative outlook for corporate credit through the rest of 2026, says Scope Ratings.