The affirmation is driven by the stable operating profitability and good credit metrics, while the more challenging domestic market conditions underscore the inherent risks associated with the company's limited size and scope.

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

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.

The affirmation reflects Scope’s expectation of a stable market position and comfortable financial risk profile, despite significant capex plans, which helps Cellfie manage liquidity risk posed by the upcoming bond maturity.

The rating action reflects Cordia’s improved earnings visibility and adequate liquidity.

The DIG acquisition reduces balance-sheet flexibility and limits potential upside to credit metrics, driving the Outlook change.

The Outlook revision to Negative reflects refinancing risks tied to the senior unsecured bond’s amortization schedule, as well as the potential for sustained pressure on credit metrics should market recovery be further delayed.

The affirmation reflects Sanofi’s solid credit metrics and resilient operating performance, underpinned by sustained growth in Dupixent sales.

The Outlook revision to Negative reflects the issuer's fragile capital structure, characterised by rising leverage amid weak asset sales, which drives refinancing risk and increases the likelihood of further debt restructuring.