The downgrade is driven by a slower-than-expected recovery in EBITDA generation, and concerns related to the upcoming refinancing of financial debt in 2026. The under-review status indicates the lack of visibility on short-term debt service.

The rating is anchored by the consistent business model centred around commercial banking in Greece, and benefits from improving asset quality and solid capital metrics.

The affirmation reflects the utility's comfortable financial position and significant headroom for a lower rating. However, EVN is likely to use this headroom over the next few years in line with its more ambitious investment plan.

Italian NPL collections in March rose 45% month on month, consistent with previous years. But while monthly volumes bounced back from a poor February, they were still 43% below the three-year March average.

The Spanish economy’s growth continues to outpace the euro area’s due to improving labour markets, strong tourism receipts and ample EU funds. Still, further fiscal consolidation and reforms are needed to improve Spain’s resilience to potential shocks.

Scope has ceased analytical coverage on JSC Pasha Bank Georgia.

Weak public finances, rising policy uncertainty challenging the predictability of US policymaking weigh on the outlook. A wealthy, competitive economy, institutional resilience and the dollar’s reserve currency status anchor the ratings.

The periodic review has resulted in no rating action.

The securitised portfolio consists of consumer loans originated by BBVA to borrowers in Spain.

The transaction is a securitisation of real estate and lease receivables related to four German data centres, valued at EUR 928m, and managed by Vantage Data Centers.