The affirmation is underpinned by credit metrics that align with projections, along with the expectation that leverage will not increase due to the issuer's decision to resume strategic growth in 2026.

Following the recent rating action on Helgeland Kraft AS on 26 June 2025, Scope has released an associated analytical report.

The rating affirmation reflects Scope's expectation that, in the absence of significant capex needs and positive free cash flow, a normalisation of power prices will allow TrønderEnergi to deleverage to around 3x.

A good market position in commercial vehicles and expected improvement in leverage support the rating. Very weak cash flow cover due to sustained negative FOCF*, low overall profitability and cluster risk on refinancing in 2027 are constraints.

The Negative Outlook reflects the risk of sustained weaker credit metrics, amplified by adverse regional market conditions, even with the expected market normalisation.

Scope has ceased analytical coverage of Nitrogénművek due to business reasons.

Solid domestic market shares and brands, low cyclicality products, and strong credit metrics providing ample rating headroom support the rating. Moderate profitability and low country diversification remain constraints.

The Negative Outlook continues to reflect Vonovia’s high leverage and the risk that the loan/value ratio remains above 45%, despite ongoing asset disposals, deleveraging measures and improved market conditions.

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.