17/5/2024 Research
Italy: tax breaks, investment delays, rising debt-to-GDP increase the need for fiscal consolidation
Italy’s government needs to devise and implement a credible, medium-term fiscal consolidation plan to stabilise public debt given the challenges of high interest costs, excessive past tax incentives, and delays in growth-enhancing recovery plan spending.
17/5/2024 Rating announcement
Scope upgrades class A notes and affirms class B notes issued by Marathon SPV S.r.l. - NPL ABS
Scope upgraded the class A notes and affirmed the Class B notes issued by Marathon SPV S.r.l., a static cash securitisation of a portfolio of Italian non-performing loan receivables, following a performance review.
16/5/2024 Rating announcement
Scope affirms class A1 and class A2 and upgrades class B of Alba 13 SPV S.r.l. - Italian SME ABS
Scope Ratings GmbH (Scope) upgrades the class B notes and affirms the class A1 and A2 notes issued by Alba 13 SPV S.r.l. following its periodic review.
16/5/2024 Monitoring note
Scope has completed a monitoring review for PolSolar Kft
No action has been taken on the rating for the senior unsecured bonds issued by PolSolar Kft. maturing in April 2037. The bonds have financed the construction of five greenfield photovoltaic plants in Hungary.
16/5/2024 Monitoring note
Scope has completed the monitoring review for Alba 12 SPV S.r.l. - Italian SME ABS
No action has been taken on the rated notes issued by Alba 12 SPV S.r.l. following the monitoring review. Class A1 has been repaid in full in January 2024.
16/5/2024 Research
Hungarian corporate bonds: cliff risk rises for high-yield issuers amid tough operating conditions
Bondholders in the Hungarian National Bank’s Bond Funding for Growth programme (‘NKP’) face a covenant-related credit challenge amid difficult domestic economic conditions, says Scope Ratings.
16/5/2024 Rating announcement
Scope affirms A- issuer rating of Å Energi and revises the Outlook to Stable
The Outlook change reflects increased debt in 2023 combined with lower but still higher-than-historical power prices and the prospect of higher investments.
15/5/2024 Research
BBVA’s Sabadell bid reflects solid prospects for Spanish banking sector
BBVA’s determination to pursue Banco de Sabadell and Sabadell’s confidence in its standalone strategy align with our view of the supportive banking environment in Spain, which remains an attractive market to deploy capital.
15/5/2024 Monitoring note
Scope has updated its analytical report on Arva AS
Monitoring review announcement.
14/5/2024 Research
Bank Capital Quarterly: dealing with the TBTF dilemma
Significant efforts have been made since the GFC to improve the supervision of systemically important banks and address the issue of too-big-to-fail. But on this and the effectiveness of AT1s in supporting G-SIB recovery, there is room for improvement.