Strong market positions, a broad customer base and high aftermarket exposure support the rating. Moderate profitability and volatile free cash flow are rating constraints.

The affirmation is driven by Haniel’s consistently solid total cost cover and modest leverage, which offset credit weaknesses related to concentration risks on recurring income and asset values.

The affirmation reflects a resilient operating performance with stable growth. All ratings have been withdrawn due to business reasons.

The periodic review has resulted in no rating action.

The affirmation reflects the stressed financial risk profile as profitability remains under pressure in a more challenging market environment characterised by lower demand and higher operating costs.

The withdrawal was not preceded by a Credit Rating Action due to the lack of data and information needed to determine the most appropriate Credit Rating level for the withdrawal.

Scope downgrades SBB’s senior unsecured debt to CCC from B- due to reduced recovery expectations.

The affirmation reflects Scope's unchanged view that Lyse can sustain good credit metrics amid the ongoing investment phase in its telecommunications division.

The downgrade is driven by increased liquidity risks, as DKR's extension of the maturity of its senior unsecured bond to within the payment grace period limits its room for manoeuvre.

The rating affirmation reflects the successful integration of recently acquired properties and solid operating performance, which has allowed credit metrics to stand well within Scope’s rating guidance.