Scope Ratings

Find out more about Scope's offer to investors: https://lnkd.in/efPVWjw2

Scope’s credit analysis provides independent insights that are often distinct from the views of the large US rating agencies. In today's evolving financial landscape, a strong European perspective and diversity of opinion are key when talking about the sovereignty of Europe’s financial markets. For institutional investors seeking to strengthen risk management and enhance investment decision-making, Scope offers further distinct advantages: ✅ Forward-looking analysis focused on long-term, structural credit fundamentals, rather than short-term market noise ✅ Broad European rating coverage on a par with the major global credit rating agencies ✅ Seamless integration through optimised rating feeds that fit directly into asset managers’ investment workflows ✅ Easy accessibility via leading market platforms, including Bloomberg and WM Datenservice As investors navigate an increasingly complex market environment, access to independent credit opinions and differentiated insights has never been more valuable. Discover how Scope helps institutional investors gain a broader perspective on credit risk and opportunity.

The new mandates mark another milestone for Scope's sovereign and public-sector ratings franchise. German federal states are the most important sub-sovereign issuers in European capital markets, with outstanding bond volumes of more than EUR 400bn. Florian Schoeller, CEO of Scope Group, said: "We are delighted that Hamburg and Schleswig-Holstein have chosen Scope Ratings. These mandates underline Scope's growing relevance for issuers and investors alike and demonstrate the increasing demand for a strong European credit-rating perspective in capital markets. They also reflect the trust placed in our expertise, independence and market acceptance." Dr. Andreas Dressel, Finance Senator of Hamburg, said: “With the AAA rating from the European agency Scope Ratings, Hamburg’s financial strength and excellent creditworthiness have now also been confirmed by a second independent rating agency. This is a strong signal, even in challenging times, and encourages us to continue on our path of investing and consolidating.” Dr. Silke Schneider, Minister of Finance of Schleswig-Holstein, said: “The AAA rating is a strong confirmation of Schleswig-Holstein’s financial strength and stability. It demonstrates that we are pursuing the right course with our fiscal policy and that we are recognised as a reliable partner in the capital markets. In the international competition for investment, this reliability is an important factor in the attractiveness of our location. The AAA rating therefore not only strengthens our position in the capital markets, but also reinforces international investors’ confidence in Schleswig-Holstein as an attractive and reliable investment destination.” Read the full announcement below. Florian Stapf Jes Pedersen Holger Maier Moritz Vincent Georgel O'Reilly Giacomo Barisone, PhD Alvise Lennkh-Yunus, CFA Jakob Suwalski Eiko Sievert

Regulatory support and fibre adoption, not coverage, will determine how EUR50bn of European fibre debt refinances in 2028-40. Certain countries may face higher refinancing or restructuring risks due to weak take-up and bullet loans. Read the full analysis by Marisa Grier Fontenit Fontenit, Senior Director, Project Finance & Infrastructure Torsten Schellscheidt, CFA Giacomo Barisone, PhD Florian Stapf

A sustained decline in the public debt ratio, resilient economic growth and continued improvement in Portugal’s external position drive the upgrade. On 2 October 2026 Scope Ratings GmbH (Scope) upgraded the Portuguese Republic’s (Portugal) long-term issuer and senior unsecured debt ratings in both local and foreign currency to A+ from A and revised the Outlooks from Positive to Stable. Scope has also upgraded Portugal’s short-term issuer ratings in both local and foreign currency to S-1+ from S-1 . As per Scope’s Rating Definitions updated in December 2025, Outlooks are not assigned to short-term ratings; hence the Positive Outlooks for its short-term ratings have been withdrawn (irrelevant rating category).

A large, wealthy economy, dollar’s status as the leading reserve currency and deep capital markets are credit strengths. Sustained deterioration in public finances, weakened governance and medium-term financial stability risks are credit challenges. On 2 October 2026 Scope Ratings GmbH (Scope) affirmed the United States of America’s (US) long-term issuer and senior unsecured debt ratings at AA- in both local and foreign currency, with Stable Outlooks. The short-term issuer ratings have been affirmed at S-1+ in both local and foreign currency. As per Scope’s Rating Definitions updated in December 2025, outlooks are not assigned to short-term ratings; hence the Stable Outlooks of the S-1+ short-term ratings for the US have been withdrawn (irrelevant rating category).