News

Germany’s municipal utilities face heavy market turmoil and transition of their business models in 2022/2023 resulting in an increasing dependence on their municipal shareholders. A massive slump and shifting patterns in consumption, headwinds from price increases, intensified competition, changed regulatory frameworks and limited room for cost savings will crimp profitability. Download the report “The biggest […]

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 […]

The rating has been withdrawn for business reasons. Rating action Scope Hamburg GmbH (Scope Hamburg) has withdrawn the A+ issuer rating of Erftverband Körperschaft öffentlichen Rechts. The rating has been withdrawn for business reasons given the termination of the rating relationship. Outlook and rating-change drivers Not applicable as the rating has been withdrawn.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

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 […]

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 […]

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 […]

The rating has been withdrawn for business reasons. Rating action Scope Hamburg GmbH (Scope Hamburg) has withdrawn the AA- issuer rating of Österreichischer Rundfunk Stiftung öffentlichen Rechts.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 […]

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 […]