Strengthened fiscal outlook, sustained GDP growth, and improved external resilience drive the upgrade. Structural labour supply shortages and adverse demographic trends are challenges.

The periodic review has resulted in no rating action.

Scope Ratings has updated its rating report on Deutsche Bank, rated A- with Positive Outlook.

Scope Ratings UK Ltd announces that the GBP 40.0m drawing on the Class A-1 notes will not, in and of itself, result in a Rating Action or withdrawal of the current rating of the Class A-2 notes issued by Vantage Data Centers Jersey Borrower SPV Limited.

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.