The default status is triggered by the non-payment of the principal of the company’s EUR 200m eurobond on due date.

The periodic review has resulted in no rating action.

The Outlook change indicates a slowdown in the improvement of credit metrics due to the recently proposed EUR 75m investment in a new automated warehouse planned from 2025 to 2027.

The affirmation reflects Scope’s view that while the cancellation supports credit metrics, it does not change the agency’s cautious stance on 4iG’s financial policy, which remains a rating constraint due to its track record of debt-funded acquisitions.

Portugal likely faces another minority government after an inconclusive snap parliamentary election which risks complicating policy making, including fiscal and economic reforms.

The rating action is driven by the sustained weak credit metrics, while visibility on medium-term financial and operational support from the main shareholder MOL Group remains limited.

EFL Lease ABS 2021-1 DAC is a cash securitisation of leasing receivables granted by EFL to its retail and SME clients in Poland.

The rating upgrade is driven by the improved financial risk profile, with stronger credit metrics after the end of a heavy investment phase, which also supports the Stable Outlook.

Italian banks are among the most profitable in Europe and the outlook is favourable, even if we anticipate lower profits in coming quarters. M&A may reshape the sector, though execution risks are rising.

Without substantive corrective fiscal measures, the US public debt ratio will reach 133% of GDP by 2030, exceeding our forecasts for France (122%) and the UK (111%), while interest payments will average 12% of revenues, at least twice that of peers.