The upgrade follows the successful restructuring of the EUR 2021/2025 bond which provided some relief to AEI’s short-term liquidity pressure. Nevertheless, the rating reflects the still significant refinancing risk for the notes maturing in 2026.

The affirmation follows Scope’s assessment of AEI’s bond restructuring proposal whose execution would not constitute a Selective Default. Significant default risk remains in case noteholders reject the proposal, likely leading to a default.