This publication does not constitute a rating action.

The underlying portfolio is composed of secured and unsecured Italian NPL loans originated by Banco BPM S.p.A. and serviced by Gardant Liberty Servicing S.p.A.

This publication does not constitute a rating action.

The Outlook revision is mainly supported by the company’s recent successful GEL 60m bond issuance that has significantly reduced refinancing risks.

The rating is supported by BNP Paribas’s very resilient business model, supportive profitability and asset quality, and adequate buffers to prudential requirements based on the lighter risk intensity of the balance sheet.

The rating reflects the bank’s very resilient business model that combines banking, wealth management and insurance. Profitability is relatively modest compared to peers but supported by strong asset quality and a solid capital position.

The underlying portfolio is composed of secured and unsecured NPL loans sold by Banca Agricola Popolare di Ragusa S.C.p.A. and serviced by Phoenix Asset Management.

This publication does not constitute a rating action.

Following the recent affirmation of the AA/Stable issuer rating, Scope has updated its analytical report on Sanofi S.A.

The decision made at Deutsche Konsum REIT-AG's extraordinary general meeting to approve a capital increase paves the way for the implementation of the restructuring plan and associated rating improvements. Execution risks remain.