The rating action follows the publication of Scope’s updated Chemicals Rating Methodology which could have a positive rating impact.

The affirmation reflects a balanced view of the company’s business fundamentals and financial resilience, despite some structural limitations in its operating model.

The rating action reflects Futureal’s solid pipeline execution, improved earnings stability, and adequate liquidity.

The affirmation reflects Wing’s solid pipeline execution and improved earnings visibility; The Negative Outlook signals limited headroom in credit metrics.

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.