The affirmation reflects Scope’s expectation of a stable market position and comfortable financial risk profile, despite significant capex plans, which helps Cellfie manage liquidity risk posed by the upcoming bond maturity.

The rating action reflects Cordia’s improved earnings visibility and adequate liquidity.

The DIG acquisition reduces balance-sheet flexibility and limits potential upside to credit metrics, driving the Outlook change.

The Outlook revision to Negative reflects refinancing risks tied to the senior unsecured bond’s amortization schedule, as well as the potential for sustained pressure on credit metrics should market recovery be further delayed.

The affirmation reflects Sanofi’s solid credit metrics and resilient operating performance, underpinned by sustained growth in Dupixent sales.

The Outlook revision to Negative reflects the issuer's fragile capital structure, characterised by rising leverage amid weak asset sales, which drives refinancing risk and increases the likelihood of further debt restructuring.

The Outlook revision to Negative reflects the increased leverage of the issuer and the uncertainty surrounding the pace and extent of deleveraging.

The affirmation reflects the issuers stable operating profitability and moderate increase in leverage amidst a multi-year capital investment programme.

Scope has ceased analytical coverage of LR Health & Beauty due to business reasons.

The issuer rating reflects a weak business risk profile, primarily shaped by Nova’s small scale and limited diversification across geographies and industry segments, partially balanced by stable leverage expected to remain below 3.5x over the medium term.