The affirmation is driven by Haniel’s continuously good financial risk profile which offsets the persistent concentration risks on the holding’s recurring income and asset values.

The Outlook change is driven by the recovery in demand for Naturtex’s discretionary products and its profitability which have resulted in an improved financial risk profile.

The Negative Outlook reflects increased leverage in 2024, with additional large growth investments in the next few years expected to limit deleveraging potential, which has resulted in a weaker financial risk profile.

The affirmation reflects the company’s solid operating performance, which has allowed credit metrics to remain well within Scope’s rating guidance.

The Outlook change reflects the continued deterioration of operating profitability in 2024, and the uncertainties surrounding medium-term cash generation, which is highly exposed to shifts in the market environment.

The affirmation is driven by moderate EBITDA growth, despite persisting macro-economic headwinds, supporting stable leverage and positive free operating cash flow.

The affirmation reflects Scope’s unchanged view on Arva’s financial risk profile despite expectations of lower capex.

A good financial risk profile and solid position in some market niches support the rating. A weak position in Automotive, high dependence on Funkwerk, customer and end-market concentration, and volatile free operating cash flow are constraints.

Borregaard's affirmed rating reflects its good business risk profile and strong financial risk profile, though increased debt in 2024 and higher expected capex over the next few years have slightly weakened credit metrics.

Following the recent affirmation of the B+/Stable issuer rating, Scope has updated its analytical report on Biggeorge Property Nyrt.