
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.

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.

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.

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.

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.

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.

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.

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.

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.

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.