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.

Scope Ratings UK Limited (Scope) announces that the replenishment of the underlying CRE mortgage pool will not, in and of itself, result in a Rating Action or withdrawal of the current ratings of the notes issued by Shelby Real Estate Funding Limited.

The rating reflects the bank’s well-established regional banking model, robust capitalisation and solid profitability metrics. Some asset quality risk, amid a weak macro-economic environment, is the main credit challenge.

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.

The downgrade is based on the downward revision of EBITDA expectations in 2025-26. The Negative Outlook reflects the persistently difficult business environment as well as governance issues.

The issuance ratings are supported by a guarantee from Telemark County Municipality and are therefore aligned with Telemark’s AA+/Stable ratings.

The issuance ratings are supported by a guarantee from Vestfold County Municipality and are therefore aligned with Vestfold’s AA+/Stable ratings.

The downgrade stems from substantial EBITDA erosion and mounting liquidity risks ahead of scheduled amortizations. The Negative Outlook indicates persistent liquidity strain and increased refinancing risk should leverage stay at elevated levels.

Scope Ratings GmbH (Scope) announces that extending the revolving period and amending the transaction documents will not, by themselves, trigger a Rating Action or lead to the withdrawal of current ratings of FCT Bpifrance SME 2020-1 class A notes.