The rating action follows the restructuring of the issuer's financial debt that had a positive effect on the liquidity profile.

The affirmation continues to reflect ÉPKAR’s sound financial position, supported by its healthy backlog.

The Outlook revision to Negative reflects Scope’s expectation of rising leverage driven by ambitious capex plans, which could weigh on the issuer’s financial profile amid potential cost pressures.

The affirmation is driven by DNV’s leading position in maritime classification and services, coupled with robust cash generation and very strong financial metrics. Its dependence on the largest segments and its profitability remain constraints.

The affirmation reflects better-than-expected credit metrics in 2024 and forecasts for 2025, though the Negative Outlook remains in place amid Haugaland Kraft's further growth ambitions and increased capital expenditure expectations.

The short-term debt rating upgrade is driven by the issuers’ improved financial risk profile, with stronger credit metrics also expected in the coming years.

The periodic review has resulted in no rating action.

The rating affirmation reflects Tensio’s monopoly position as a large, profitable grid distributor in central Norway and the expectation of leverage remaining moderate despite high investment needs causing negative free operating cash flow.

The affirmation reflects expected 2025 credit metric improvements from subsidiary SunDell project handovers. The Negative Outlook remains due to GOPD’s ongoing liquidity risks tied to its dependence on upstreamed dividends from SunDell.

The rating affirmation reflects SunDell's recovering 2025 credit metrics from project handovers. It remains constrained by the company's small size, Budapest-focused pipeline, and GOPD Nyrt.'s reliance on SunDell dividends for holding-level debt service.