Scope Ratings has published the performance overview of notes issued by Marzio Finance, a EUR 10bn securitisation programme backed by ‘cessione del quinto’ and ‘delegazione di pagamento’ (CQS) loans originated by IBL Banca.

Scope’s 12-month trailing ratings drift for structured finance transactions continued its shift into positive territory in the second quarter of 2025, with a positive ratio of upgrades over downgrades not seen since early 2022.

Collections fell 28% in the first half of 2025 compared to H1 2024, confirming the downward trend that began in 2023. All collection strategies contributed to the decline: judicial proceeds fell 30%, DPOs by 27% and note sales by 20%.

Higher mortgage rates have increased pressure on housing affordability. Longer fixed-rate mortgages periods limit the risk of shocks to the banking system and support the resilience of euro-area mortgage markets.

The credit outlook for Spanish non-financial corporates is markedly favourable compared with the rest of Europe but the shallowness of domestic debt capital markets remains an obstacle for investment and growth at smaller companies, says Scope Ratings.

The methodology is now final following a call-for-comments period and will apply to all issuer and debt ratings of chemicals companies. The methodology might have a positive impact of one notch for one rated entity.

The methodology is now final and applies to all issuer and debt ratings of European retail and wholesale companies. The update refines Scope’s analytical approach and may have some negative impact on the current ratings of two issuers.

Collections in May 2025 rose 12% month-on-month to EUR 144m but were 38% lower than the average May volumes of the previous three years.

Les économies américaine et européenne connaîtront une croissance plus lente que prévue en 2025, contribuant à un ralentissement de la croissance économique globale. Les perspectives de l’économie mondiale restent orientées à la baisse, selon Scope Group.

The US and European economies will expand more slowly in 2025 than previously forecast, contributing to more moderate global economic growth, with risks for the global economy and global credit risk skewed to the downside, Scope Group says.