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20. February 2023

Scope Hamburg GmbH has requested renouncement of its registration as a rating agency

Scope Hamburg GmbH (Scope Hamburg) has formally notified the European Securities and Markets Authority (ESMA) to expressly renounce its registration as Credit Rating Agency. For investors using Scope Hamburg’s credit ratings for regulatory purposes, it is important to note the following: Following Article 24 of the Regulation (EC) No. 1060/2009 of the European Parliament and […]

12. December 2022

Germany’s municipal utilities face challenging financial outlook: shareholder support will be vital

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 […]

5. January 2022


Infrastructure debt proved to be a highly resilient asset class throughout the 2020/21 pandemic crisis. In this context, we expect that issuers of crossover-rated infrastructure debt (low BBB to mid BB) will gain attraction. Download the report “As a result of the prolonged low interest-rate environment, investors with long-term liabilities (e.g. insurers, pension funds) are […]

5. January 2022

European auto parts suppliers: credit outlook worsens with supply-chain, digital, ESG challenges

Credit risks are rising medium term for Europe-based auto parts suppliers, with a decade-long trend of rising leverage and declining profitability set to continue this year amid the twin challenges of digitalisation and sustainability, says Scope Hamburg. “The automotive industry is facing a historic reorganisation. In the dramatic transition to digital and more sustainable manufacturing, […]

21. December 2021

Germany’s municipal utilities: will Covid, energy transition short-circuit profit, credit quality?

Germany’s municipal utilities face slimmer profit margins and growing pressure on credit quality as they contend with shifting patterns in energy consumption, tougher environmental regulations and fall-out from the pandemic. Download the report “The country’s 50 biggest municipal utilities face significant future capex as Germany has adopted stringent carbon-dioxide reduction targets just as competition intensifies […]

20. December 2021

German media sector faces extra credit risk as Covid-19 speeds up industry’s digital make-over

The Covid-19 pandemic has accelerated the change of consumer habits and the digitalisation of media consumption, with consequences for the credit outlook for the traditional media sector – not least in Germany. DOWNLOAD THE REPORT “The structural challenges that media companies have faced for a long time have intensified amid the Covid-19 pandemic and all […]

27. October 2021

Corporate zombification poses significant risk to the European economy

Loose monetary policy and government bailouts in response to the pandemic have accelerated corporate zombification just as insolvencies have declined sharply and decoupled from economic developments. This poses significant risks to the European economy. DOWNLOAD THE REPORT Zombie companies have increased significantly in recent years and there has been a greater persistence in zombification, with […]

18. February 2016

Special Comment: „Offshore wind opens up new opportunities as a new asset class”

Euler Hermes Rating published Special Comment entitled “Offshore wind opens up new opportunities as a new asset class”. (…).
> Download Special Comment (PDF)