Euro area accession effective 1 January 2026 drives the upgrade. Institutional weaknesses and recurrent episodes of political instability, demographic pressures and vulnerability to shocks as a small, open economy remain key credit constraints.

The periodic review has resulted in no rating action.

The affirmation reflects a solid business risk profile coupled with very strong and further improving credit metrics. Ratings upside is deemed limited for the time being due to potential usage of financial headroom.

Scope Ratings GmbH (Scope) announces that the special servicer's replacement does not, in and of itself, result in a Rating Action or withdrawal of the current rating of the class A notes issued by 2Worlds S.r.l.

Portfolio diversification and moderate leverage support the rating. The lack of recurring income and the investment strategy are constraints.

Competitive pressures have intensified but we still expect French banks’ profits to grow this year, supported by retail and corporate and investment banking. But profitability still lags EU peers, as large operating structures weigh on cost efficiency.

Wednesday, July 23rd 2025 - 3:00 PM (CEST)

Tuesday, July 15th 2025 - 3:00 PM (CEST)

The rating on Danske Mortgage Bank PLC’s Finnish mortgage covered bonds (Katettu joukkolaina) reflects the issuer's A+/Positive rating enhanced by four notches from governance support. Another four notches provide a buffer against an issuer downgrade.

This publication does not constitute a rating action.