The underlying portfolio of Cypriot NPLs and REO properties was originated by Hellenic Bank PCL and Cooperative Asset Management Company Ltd. The portfolio is currently serviced by Themis Portfolio Management Limited.

The downgrade reflects business risk and financial risk profiles weakened by ongoing sector volatility. The Negative Outlook highlights the persisting pressure on credit metrics, reducing Envien’s headroom to a lower rating.

The Stable Outlook reflects good business and financial risk profiles, which remain commensurate with the rating. However, rating headroom has shrunk amid recent strategic investments.

The rating action reflects Scope’s views that the acquisition of Unieuro is credit-neutral, as the temporary increase in leverage is balanced by enhanced diversification and market positioning.

No action was taken on the senior notes issued by Gode Wind 1 Investor Holding GmbH. Performance in 2024 was satisfactory, and the projected deterioration in the short-term DSCR is offset by reserves and the robust PLCR.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Robust budgetary performance, strong access to capital markets, solid liquidity buffer, a favourable debt profile, and a wealthy, diversified economy support the rating. A high but declining debt burden and limited expenditure flexibility are constraints.

Scope Ratings has updated its rating report on Rogaland Sparebank, rated A- with Stable Outlook.

Scope Ratings has updated its rating report on Landkreditt Bank, rated A- with Stable Outlook.