Scope Group

Scope Ratings has received its first rating mandate from a Serbian company, chemical and agribusiness firm Elixir Group, one of the corporate issuers taking advantage of a new bond programme run by Serbia’s Finance Ministry and the World Bank. Darko Vukovic, CFO from Elixir Group, said: “The rating from Scope is a very important milestone in our corporate development as it marks our capital-market debut. We are delighted that with a rating from Scope we can present our investors with a professional and capital-market-accepted perspective on our company's credit quality. We are impressed by the rigour and efficiency with which the rating process was carried out.” Florian Stapf, Head of Business Development Fundamental Ratings at Scope Ratings, said: “We are delighted that Elixir Group is the first major Serbian company to select Scope for a rating mandate as part of the government-World Bank programme to enhance Serbian companies’ access to capital markets. We are confident that other Serbian companies will follow suit later this year. The rating mandate also strengthens Scope’s focus on the CEE/CIS regions where we have more than 100 rating mandates delivered for companies across multiple sectors from Hungary to Georgia.” Sebastian Zank, CFA Giacomo Barisone, PhD Guillaume J. Vincent Georgel O'Reilly Marc Lefèvre Keith Gilmour

The European corporate hybrid bond market has seen over EUR 5bn of primary issuance so far this year and we’re forecasting new supply of up to EUR 36bn. What are the principal drivers of activity? Tell us what you think and read our hybrid outlook - https://lnkd.in/gPm63spG. Azza Chammem, CESGA® Sebastian Zank, CFA Giacomo Barisone, PhD #corporates

Be sure to join Marc Orell Stadthaus, Florent Albert and Benjamin Bouchet at Outvie’s 20th Securitisation Event, the number one event for the Dutch securitisation market. Discussion topics will cover regulatory shifts, the EU securitisation framework consultation, and synthetic and green securitisation against the backdrop of tough economic and political dynamics. We would be delighted to meet you there. You can register here: https://lnkd.in/eqSpxi6V Scope Ratings is delighted to be a Gold Sponsor this year, and you can contact Marc Orell Stadthaus (m.stadthaus@scopegroup.com) to take advantage of a 5% delegate discount. Mike Mackenzie Alexander Gotzmann Keith Gilmour Joe Mackenzie Vincent Georgel O'Reilly Benoit Vasseur, CFA

Scope affirmed issuer rating of Fnac Darty at BBB and assigned Stable Outlook. The rating action reflects Scope’s views that the acquisition of Unieuro is credit-neutral, as the temporary increase in leverage is balanced by enhanced diversification and market positioning. Read the full rating action from 10 March, 2025: https://lnkd.in/eGDVU99D Claudia Aquino Sebastian Zank, CFA Giacomo Barisone, PhD #corporates

Spain's proposed EUR 83bn debt relief for autonomous communities, equal to 25% of total regional debt, is credit-positive as it will reduce the regions’ debt burden but it risks moral hazard, underscoring the need for financing reform. Read the full analysis by Jakob Suwalski and Brian Marly, Sovereign and Public Sector Alvise Lennkh-Yunus, CFA Giacomo Barisone, PhD #sovereigns

Keep up to date with all of Scope’s ratings and research via our newsletter service. Tailor your daily or weekly emails to the credit, ESG or funds content you want to see. Sign up now by going to: https://lnkd.in/exY5866t Vincent Georgel O'Reilly Marc Lefèvre Mike Mackenzie Keith Gilmour Florian Stapf Carlos Terre Carlos Romera Cano Luigi Calvo Florent Albert Marc Orell Stadthaus Charles-Henry Aulagner Keith Mullin Matthew Curtin Felix Hoffmann

Scope has affirmed Madrid’s A rating with a Stable Outlook. Robust budgetary performance, strong access to capital markets, solid liquidity buffer, a favourable debt profile, and a wealthy, diversified economy support the rating. A high but declining debt burden and limited expenditure flexibility are constraints. Read the full rating action from March 07, 2025: https://lnkd.in/euzZFBN4 Jakob Suwalski Alvise Lennkh-Yunus, CFA Giacomo Barisone, PhD Carlos Romera Cano Florian Stapf Vincent Georgel O'Reilly Marc Lefèvre Luigi Calvo #sovereigns

Does the surge in European government bond yields alter the profit outlook for European banks? Tell us what you think and read the full analysis by Marco Troiano, CFA: https://lnkd.in/eCQxSTAH Giacomo Barisone, PhD #financialinstitutions

BP plans to appease disgruntled shareholders and reduce its heavy debt load amid a mild cyclical downturn in the oil market. Further declines in crude prices could exacerbate financial pressures. We expect BP’s strategy to be marginally positive for the company’s credit profile in the short term, given the company’s explicit commitment to reduce net debt and significantly improve cashflow. Failure to keep leverage under control will reduce the headroom for BP’s issuer rating. Over the longer term, however, continuing investments in traditional oil and gas activities could support profitability at the expense of the business risk profile, particularly as the global energy transition accelerates. Read the full analysis below by Rohit N. Sebastian Zank, CFA Giacomo Barisone, PhD #corporates

Congratulations to Vantage Data Centers for being awarded IFR’s EMEA Structured Finance Issue of the Year for 2024. A well-deserved accolade for this first ever securitisation of data centre assets in EMEA.   We were thrilled to have worked with Vantage and the deal’s arrangers on rating this landmark transaction – we assigned an A(SF) rating to the £600m Class A-2 notes. See the rating report here - https://lnkd.in/edFxeBvS.   We also hosted a tremendous webinar on the transaction and on data centre financing more broadly, alongside Vantage and other panellists. You can view the session here https://lnkd.in/e9Gu9QDr   Adam Plajner Benjamin Bouchet Benoit Vasseur, CFA Antonio C. David Bergman Vincent Georgel O'Reilly Keith Gilmour IFR