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      US government shutdown reflects deepening political polarisation in credit-negative development

      1/10/2025 Research EN

      US government shutdown reflects deepening political polarisation in credit-negative development

      The latest government shutdown in the United States occurred as a result of policy disagreements between Republicans and Democrats on issues such as healthcare, but it reflects the country’s deepening political polarisation.

      Ukrainian debt sustainability challenges remain heightened as new IMF programme talks accelerate

      29/9/2025 Research EN

      Ukrainian debt sustainability challenges remain heightened as new IMF programme talks accelerate

      As Russia’s war in Ukraine war drags on with no end in sight, the challenges for Ukraine’s debt sustainability and finances are mounting. Addressing them requires the use of frozen Russian reserves. Deeper debt restructuring should also be considered.

      Germany: ambitious 2025-26 spending plans likely delayed, weighing on near-term growth

      25/9/2025 Research EN

      Germany: ambitious 2025-26 spending plans likely delayed, weighing on near-term growth

      Germany’s ramp-up of infrastructure and defence spending will likely be more gradual than planned, posing risks to an already fragile growth outlook, particularly if additional investments and associated private-sector co-investment fail to materialise.

      Euro area inflation pressures balanced; higher long-end yields a concern

      18/9/2025 Research EN

      Euro area inflation pressures balanced; higher long-end yields a concern

      The decision to keep rates on hold last week confirms that the ECB remains in wait-and-see mode. With inflation around 2%, there is little justification for a cut next month. The economy is relatively resilient and risks to inflation are balanced.

      Federal Reserve runs risk of loosening before inflation is contained

      16/9/2025 Research EN

      Federal Reserve runs risk of loosening before inflation is contained

      The Fed’s expected 25bp rate cut on Wednesday appears premature given the latest increase in headline inflation to 2.9%, an economy still expanding at around 2%, the uncertain effects of higher tariffs and only modest signs of labour market softening.

      Scope updates its Sub-Sovereign Rating Methodology

      12/9/2025 Research EN

      Scope updates its Sub-Sovereign Rating Methodology

      Scope has updated its sub-sovereign methodology by integrating ESG factors into the core analytical framework and enhancing the institutional and individual credit profile assessments. No rating changes are expected as a result of this update.

      Cyprus: robust fiscal performance and sustained declines in NPLs strengthen country’s resilience

      11/9/2025 Research EN

      Cyprus: robust fiscal performance and sustained declines in NPLs strengthen country’s resilience

      Cyprus’s public debt is set to fall below 60% of GDP this year driven by robust growth and prudent fiscal policy while bad debts on bank balance sheets continue to decline, offsetting risks from a challenging geopolitical and external environment.

      France: upcoming confidence vote raises further uncertainty over budgetary outlook

      26/8/2025 Research EN

      France: upcoming confidence vote raises further uncertainty over budgetary outlook

      Unresolved divisions in France’s parliament risk exacerbating political instability and associated credit challenges given large budget deficits and rising public debt.

      Five reasons why Trump’s trade war is likely to escalate

      12/8/2025 Research EN

      Five reasons why Trump’s trade war is likely to escalate

      Buoyant markets, a resilient US economy, rising customs revenues, appeasement by trading partners and conducive politics point to further escalation in US trade tensions, already set to cut global output by an estimated 0.7pps in the medium term.

      Austria: persistent fiscal pressures coupled with weak growth challenge resilience to future crises

      7/8/2025 Research EN

      Austria: persistent fiscal pressures coupled with weak growth challenge resilience to future crises

      The Austrian government's planned fiscal consolidation is unlikely to stabilise general government debt-to-GDP over the next five years without further measures to help offset rising structural spending pressures amid the weak outlook for economic growth.