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10. November 2022

Scope Hamburg affirms B+/Stable issuer credit rating on Hungarian logistic company Trans-Sped Kft.

The rating is mainly driven by the group’s operations within the fragmented and highly cyclical transportation industry and currently increasing corporate leverage due to ongoing growth investments along with only weak free cash flow generation potential. The latest information on the rating, including rating reports and related methodologies, is available on this LINK . Rating […]

7. Oktober 2022

Scope Hamburg withdraws the A+ issuer rating of Erftverband Körperschaft öffentlichen Rechts

The rating has been withdrawn for business reasons. Rating action Scope Hamburg GmbH (Scope Hamburg) has withdrawn the A+ issuer rating of Erftverband Körperschaft öffentlichen Rechts. The rating has been withdrawn for business reasons given the termination of the rating relationship. Outlook and rating-change drivers Not applicable as the rating has been withdrawn. Stress testing […]

4. Oktober 2022

Scope Hamburg downgrades issuer rating of KÉSZ Group from BB/Stable to BB-/Stable and affirms debt instrument ratings at BB

The downgrade is driven by the risk that credit metrics are expected to come under pressure amid mounting headwinds including inflationary supply-side pressures, decreasing gross profit margins, increasing leverage and an overall unsupportive macroeconomic mid-term outlook for the construction sector. KÉSZ’s good competitive positioning and solid contracted backlog remain supportive factors. The latest information on […]

27. September 2022

Scope Hamburg downgrades issuer rating of German physible GmbH to BB / Stable from BBB- / Stable and unsecured bond issue rating of physible GmbH to BB+ from BBB due to downgrade of KGAL GmbH & Co. KG’s underlying issuer rating following methodology change

The downgrade of KGAL GmbH & Co. KG’s underlying issuer rating mainly reflects a change in Scope Hamburg’s assessment of corporates under the methodologies introduced on 2 May 2022. Rating action Scope Hamburg GmbH (Scope Hamburg) has downgraded the issuer rating of physible GmbH to BB / Stable from BBB- / Stable and likewise the […]

27. September 2022

Scope Hamburg downgrades issuer rating of German KGAL GmbH & Co. KG to BB/Stable from BBB-/under review for changes in methodologies following methodology change

The downgrade mainly reflects a change in Scope Hamburg’s assessment under the methodology introduced on 2 May 2022. Simultaneously, Scope Hamburg has assigned a S-3 short-term debt rating and a senior unsecured debt category rating of BB+. Rating action Scope Hamburg GmbH (Scope Hamburg) has downgraded the issuer rating of KGAL GmbH & Co. KG […]

20. September 2022

Scope Hamburg withdraws the AA- issuer rating of Österreichischer Rundfunk Stiftung öffentlichen Rechts

The rating has been withdrawn for business reasons. Rating action Scope Hamburg GmbH (Scope Hamburg) has withdrawn the AA- issuer rating of Österreichischer Rundfunk Stiftung öffentlichen Rechts. The rating has been withdrawn for business reasons given the termination of the rating relationship. Outlook and rating-change drivers Not applicable as the rating has been withdrawn. Stress […]

9. September 2022

Scope Hamburg confirms issuer rating of ‘BBB-‘ for German truck & trailer supplier SAF-Holland SE and changes the outlook to negative

The rating reflects the expected impact of SAF Holland’s acquisition of the Swedish brake manufacturer HALDEX AB (Haldex) which is expected to result in a weakening of credit metrics. Rating action Scope Hamburg GmbH (Scope) has confirmed the issuer rating of ‘BBB-‘ for German truck & trailer supplier SAF-Holland SE and changed the outlook to […]

29. August 2022

Scope Hamburg GmbH (Scope) affirms Hörmann’s issuer rating of BB/Stable on Hörmann Industries GmbH and as-signs short-term rating of S-3

Scope Hamburg GmbH (Scope) affirms Hörmann’s issuer rating of BB/Stable on Hörmann Industries GmbH and as-signs short-term rating of S-3. The rating reflects the supportive credit metrics but is constrained by market cyclicality, weak geographical diversification and low profitability. Rating action Scope Hamburg GmbH (Scope) today affirmed its BB/Stable issuer rating for Hörmann Industries GmbH. […]