Class A1 rated notes have been fully redeemed.

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 EUR 625.0m underlying portfolio of auto lease receivables with residual value risk was originated to corporate, SME and private individual borrowers by Axus Nederland N.V.

The Bank’s rating is anchored by the consistent business model centered around commercial banking in Greece, and benefits from improving asset quality and solid capital metrics.

Large fiscal deficits, external vulnerabilities and a modest growth outlook drive the outlook change. EU and euro area membership, a competitive industrial base and a favourable debt profile remain credit strengths.

High strategic importance, sustained profit retention, very high asset quality, excellent capital markets access, and highly rated shareholders support the rating. High leverage is the key challenge.

A rise in political, institutional, and regional geopolitical risk drives the Outlook change. Strong GDP growth and solid FDI inflows, a stronger external position, and modest public debt support the ratings.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.