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.

No action has been taken following the monitoring review.

The affirmation reflects credit metrics developing in line with expectations, which provide continued support to the utility’s consistently strong financial profile.

The assignment of a default status follows the execution of a debt restructuring that Scope regards as a distressed debt exchange.

EU supervisors remain concerned that banks’ real-estate exposure is vulnerable, and US contagion risk is an issue. But while German banks’ CRE portfolios are unlikely to have endangered the safe-haven status of Pfandbriefe, office exposure is a worry.

Scope affirms the ratings on the class A-1, class A-2, class B-1 and class B-2 notes, following the review of the transaction.

The downgrade of Ukraine’s foreign-currency issuer rating reflects start of negotiations for near-term external debt treatment for preservation of foreign-exchange liquidity and reducing the financing gap.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.