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.

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.

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

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 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.

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 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.

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.

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.

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.