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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The rating has been withdrawn for business reasons. Rating action Scope Hamburg GmbH (Scope Hamburg) has withdrawn the AA- issuer rating of Österreichischer Rundfunk Stiftung öffentlichen Rechts. The rating has been withdrawn for business reasons given the termination of the rating relationship. Outlook and rating-change drivers Not applicable as the rating has been withdrawn.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 places A+/Stable issuer rating of German Erftverband Körperschaft öffentlichen Rechts under review for changes in methodologies

Scope Hamburg places A+/Stable issuer rating of German Erftverband Körperschaft öffentlichen Rechts under review for changes in methodologies. Rating action Scope Hamburg GmbH (Scope Hamburg) has placed the A+ issuer rating of Erftverband Körperschaft öffentlichen Rechts (Erftverband) under review for changes in methodologies. The re-view is focused on how the newly introduced government related entities […]

5. August 2022

Scope Hamburg upgrades issuer rating and corresponding debt instrument rating of OPUS TIGÁZ from BB+/under re-view to BBB+/Stable due to changes in methodologies

The upgrades reflect a change in how Scope Hamburg assesses European utility companies under the methodologies introduced on 2 May 2022. Key drivers are stable business operations in a state-regulated market environment, a history of strong credit metrics and an overall strong liquidity profile. The latest information on the rating, including rating reports and related […]

7. Juli 2022

Scope Hamburg affirms the A- issuer rating of Elia Group SA/NV and withdraws the rating

The rating has been withdrawn for business reasons and is related to the repayment of the Fixed Rate Secured Notes of Solar Chest SA with the total issue volume of € 275 million and the related interest costs. The latest information on the rating, including rating reports and related methodologies, is available on this LINK […]