corporate rating component scores

FALSE

Corporate RatingComponentScoresEurope, the Middle East, and Africa

Q4 2020

EMEA Corporate Rating Component Scores Oct. 31, 2020

For more information on the corporate criteria framework, please refer to the Corporate Methodology.

Corporate Rating Component Scores

Source: S&P Global Ratings.

Europe, the Middle East, and AfricaS&P Global Ratings is publishing the rating component scores report for its public issuer credit ratings in Europe, the Middle East, and Africa (EMEA). This article reflects the scores defined in

of our corporate methodology, accompanied by charts that show the distribution of aggregated scores. We believe that the list and charts enhance benchmarking across industries and rating

levels for all market participants.

We disclose these scores in line with the information we provide in our rating research publications, such as research updates and full analyses. By releasing all scores for public corporate

ratings in EMEA, S&P Global Ratings confirms its commitment to deliver greater transparency and insight into the ratings process and simplify access for all market participants. Ratings are

organized alphabetically by industry sector.

The scores reflect the building blocks of the corporate ratings framework (see chart 1). Modifiers and components related to our group rating methodology or government-related entity

methodology are indicated only where they have a positive or negative effect on the rating.

The report reflects corporate credit ratings and scores as of Oct. 31, 2020. This document will not be updated for future rating actions or score revisions. To keep it concise, the list only

discloses scores for the main rated entity of larger corporate groups. We omit certain entities such as subsidiaries or holding companies where the ratings are linked to those on their parent

companies. In this report, we highlight changes since Jan. 6, 2020.

An Excel copy of the company scores data is embedded in this report (see attachment sidebar).

0

50

100

150

200

250

300

350

AAA AA A BBB BB B CCC

Issuer credit rating (foreigncurrency)

(No. of ratings)

S&P Global Ratings 2

https://www.capitaliq.com/CIQDotNet/CreditResearch/SPResearch.aspx?articleId=&ArtObjectId=8314109&ArtRevId=7&sid=&sind=A&


Source: S&P Global Ratings. The business risk profile and financial risk profile are combined to determine

the anchor.

Source: S&P Global Ratings. The business risk profile and financial risk profile are combined to determine the

anchor.

Source: S&P Global Ratings. The country risk and industry risk are combined to determine the CICRA

(Corporate Industry and Country Risk Assessment.

Distribution Of Component Scores The charts below provide a detailed breakdown of component scores for all publicly rated EMEA corporate entities that fall under the scope of our corporate criteria.

Source: S&P Global Ratings. Competitive position is a component score of the business risk profile.

Source: S&P Global Ratings. Volatility of profitability is a component score of competitive position. Source: S&P Global Ratings. Absolute profitability is a component score of competitive position.

Above average, 21%

Average, 63%

Below average, 17%

1

2

34

5

6 [1] Excellent, 6%

[2] Strong, 18%

[3] Satisfactory, 26%

[4] Fair, 27%

[5] Weak, 22%

[6] Vulnerable, 2%

12

3

45

6

[1] Minimal, 4%

[2] Modest, 9%

[3] Intermediate, 19%

[4] Significant, 20%

[5] Aggressive, 12%

[6] Highly leveraged, 36%

1

2

34

5

6 [1] Excellent, 6%

[2] Strong, 15%


[4] Fair, 27%

[5] Weak, 23%

[6] Vulnerable, 2%

1

2

3

4

5

6

[1] Very low risk, 4%

[2] Low risk, 22%

[3] Intermediate risk, 48%

[4] Moderately high risk, 20%

[5] High risk, 5%

[6] Very high risk, 0%

1

2

34

56 [1] Very low, 4%

[2] Low, 14%


[4] Fair, 36%

[5] High, 14%

[6] Very high, 2%



Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. Source: S&P Global Ratings. Modifiers notch the anchor to the final rating.

Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. Source: S&P Global Ratings. Modifiers notch the anchor to the final rating.

Distribution Of Component Scores (II)

Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. Source: S&P Global Ratings. Modifiers notch the anchor to the final rating. FS -- Financial Sponsor.

The charts below provide a detailed breakdown of component scores for all publicly rated EMEA corporate entities that fall under the scope of our corporate criteria.

Significant, 0%

Moderate, 0%

Neutral/undiversified, 100%

Very positive, 0%

Positive, 0%

Neutral, 99%

Negative, 1%

Very negative, 0%

Exceptional, 3%

Strong, 28%

Adequate, 65%

Less than adequate, 4%

Weak, 1% Positive, 0%

Neutral, 71%

Negative, 6%

FS-4, 0%

FS-5, 2%

FS-6, 21%

FS-6 (minus), 0%

Strong, 8%

Satisfactory, 37%

Fair, 54%

Weak, 1%

Positive, 10%

Neutral, 68%

Negative, 22%



Aerospace & Defense

Agribusiness & Commodity Foods

Auto OEM

Auto Suppliers

Branded Nondurables

Building Materials

Business & Consumer Services

Capital Goods

Commodity Chemicals

Consumer Durables

Containers & Packaging

Engineering & Construction

Environmental Services

Forest & Paper Products

Healthcare Equipment

Healthcare Services

Homebuilders & Developers

Leisure & Sports

Media & Entertainment

Metals & Mining Downstream

Metals & Mining Upstream

Midstream Energy

Oil & Gas Drilling, Equipment & Services

Oil & Gas Integrated, Exploration & Production

Oil & Gas Refining & Marketing

Pharmaceuticals

Railroads & Package Express

Real Estate Investment Companies

Regulated Utilities

Retail & Restaurants

Specialty Chemicals

Technology - Hardware & Semiconductors

Technology - Software & Services

Telecom & Cable

Transportation Cyclical

Transportation Infrastructure

Unregulated Power & Gas

Stronger

Stronger

Weaker

Weaker

Weaker

No change

Weaker

No change

No change

4.0

4.0

3.9

4.0

2.6

3.7

4.2

Financial risk profile³ Business risk profile² Industry

Change

¹Transportation leasing companies are currently out of the scope of this report.

²Business Risk Descriptors: 1 - Excellent, 2 - Strong, 3 - Satisfactory, 4 - Fair, 5 - Weak, 6 - Vulnerable

³Financial Risk Descriptors: 1 - Minimal, 2 - Modest, 3 - Intermediate, 4 - Significant, 5 - Aggressive, 6 - Highly Leveraged

Source: S&P Global Ratings. Click on an industry to navigate to the underlying company scores in the report.

Weaker

Weaker

Stronger

Stronger

Stronger

Weaker

Stronger

Weaker

Weaker

No change

No change

Weaker

Stronger

Stronger

Weaker

No change

Weaker

Stronger

Weaker

3.4

3.4

4.9

4.5

3.9

5.1

4.1

4.7

3.9

3.6

4.8

Weaker

No change

3.9

3.6

3.0

Stronger

5.2

3.5

5.3

4.3

3.5

5.4

4.6

4.1

3.7

2.9

2.2

4.0

3.2

5.3

No change

Weaker

Stronger

No change

3.3

3.4

3.9

2.8

2.1

3.9

5.3

3.5

3.7

4.2

4.0

3.9

4.2

3.9

3.6

3.7

4.1

4.1

4.8

4.2

3.7

3.2

3.2

3.9

3.9

4.3

4.3

4.4

5.1

4.1

4.2

4.9

5.4

3.6

4.5

4.0

3.4

5.3

4.8

Average Component Scores By Industry The table shows how the average scores for the Business Risk Profile (BRP) and Financial Risk Profile (FRP) assessments have changed since January 2020 across 37¹ nonfinancial corporate

industries, as defined in "Methodology: Industry Risk".

Jan-20

3.9

4.2

3.6

Change

Weaker

Weaker

Weaker

Oct-20

4.0

3.9

3.7

No. of

corporates

/industry Oct-20 Jan-20

4.6

3.7

4.1

3.0

Weaker

4.2

3.3

3.8

2.5

3.2

64

24

37

33

74

44

29

9

31

3.3

4.3 4.4

3.2

4.0

2.6

3.3

3.6 Weaker

Weaker

No change

Weaker

Weaker

Weaker

Weaker

No change

Weaker

Weaker

No change

4.3

5.0

4.1

4.1

4.8

5.3

3.5

5.3

3.1

3.2

3.8

3.9

Stronger

Weaker

Weaker

Weaker

4.2

4.8

4.2

4.1

4.5

5.2

4.4 Weaker

5.7

5.1

5.9

3.8

Table 1 | Average business risk profile and financial risk profile scores by industry

Weaker

Weaker

Weaker

Weaker

49

21

79

50

23

12

12

14

16

11

20

10

Stronger

Weaker

3.6

4.8

3.9 3.9

4.0

3.1

3.4

4.0

Stronger4.0

Stronger

No change

3.7

3.0

Stronger5.4

No change

Weaker4.1

23

4.3

3.9

3.4

5.0

3.6

3.7

3.2

6

28

30

Stronger

No change

Weaker4.8

4.4

4.0

Weaker

3

28

8

57

14

17

5

12

17

8

3

12

3.4

3.7

5.3

3.9No change

Stronger

Weaker

5.1



Component Scores Breakdown by Industry

Financial risk profile

Company CICRA¹ Competitive position Business risk Cash flow/leverage Anchor Modifiers (active) Liquidity FC LT³ Rating

AEROSPACE & DEFENSE

» Aernnova Aerospace Corp. S.A. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Airbus SE [3] Intermediate risk [2] Strong [2] Strong [2] Modest (was [1]) a (was aa-) Exceptional A (was A+)

» BAE Systems PLC [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Strong BBB

» Bleriot Midco Limited [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» F-Brasile S.p.A [3] Intermediate risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged b- (was b) Adequate B- (was B)

» Israel Aerospace Industries Ltd. [3] Intermediate risk [5] Weak [5] Weak [4] Significant bb- Strong BBB-

» Leonardo S.p.a. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Strong BB+

» MB Aerospace Holdings II Corp [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CCC+ (was B)

» Rafael Advanced Defense Systems Ltd. [3] Intermediate risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Positive (+1 notch) Strong A-

» Rebecca Bidco GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Rolls-Royce PLC [3] Intermediate risk [4] Fair (was [3]) [4] Fair (was [3]) [6] Highly leveraged (was [2]) b (was bbb+)

Liquidity: Strong (+1 notch)

Comparable ratings analysis: Positive (+1 notch, was Negative) Strong BB- (was BBB-)

» Thales S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Comparable ratings analysis: Positive (+1 notch) Strong BBB+ (was A-)

Average scores for Aerospace & Defense 3.0 4.0 4.0 4.6

AGRIBUSINESS & COMMODITY FOODS

» Aragvi Holding International Ltd. [5] High risk [6] Vulnerable [6] Vulnerable [5] Aggressive b Liquidity: Weak (-1 notch) Weak B-

» Barry Callebaut AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Bering III S.a.r.l [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Kernel Holding S.A. [4] Moderately high (was [6]) [5] Weak [5] Weak (was [6]) [4] Significant bb- (was b+) Comparable ratings analysis: Negative (-1 notch) Adequate B+ (was B)

» Kerry Group PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Koninklijke FrieslandCampina N.V. [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» MHP SE [4] Moderately high (was [6]) [4] Fair [4] Fair (was [6]) [5] Aggressive (was [4]) bb- (was b+)

Financial policy: Negative (-1 notch)

Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B

» Placin S.a.r.l [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Roquette Freres [3] Intermediate risk [3] Satisfactory [3] Satisfactory [1] Minimal a- Strong A-

» Suedzucker AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Tate & Lyle PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Financial policy: Negative (-1 notch) Adequate BBB

» Zara UK Topco Ltd. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

Average scores for Agribusiness & Commodity Foods 3.5 3.9 3.9 4.1

AGRICULTURAL CO-OPERATIVES

» Tereos SCA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

Average scores for Agricultural Co-Operatives 3.0 3.0 3.0 6.0

AUTO OEM

» AB Volvo [4] Moderately high risk [2] Strong [3] Satisfactory [1] Minimal a- Strong A-

» Aston Martin Holdings (UK) Ltd. [4] Moderately high risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged N/A CCC (was CCC+)

» BMW AG [4] Moderately high risk [1] Excellent [2] Strong [1] Minimal aa- Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong A (was A+)

» Daimler AG [4] Moderately high risk [2] Strong [3] Satisfactory [2] Modest (was [1]) bbb+ (was a) Comparable ratings analysis: Positive (+1 notch, was Neutral) Strong BBB+ (was A-)

» Fiat Chrysler Automobiles N.V. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» Jaguar Land Rover Automotive PLC [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Adequate B (was B+)

» McLaren Group Ltd. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC

» Peugeot S.A. [4] Moderately high risk [4] Fair [4] Fair [1] Minimal bbb- Exceptional BBB-

» Piaggio & C. SpA [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B+ (was BB-)

» Renault S.A. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate (was [1]) bb+ (was bbb-) Strong BB+ (was BBB-)

» Scania AB (publ.) [4] Moderately high risk [2] Strong [3] Satisfactory [1] Minimal (was [2]) a- (was bbb+) Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BBB (was BBB+)

» TRATON SE [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» Volkswagen AG [4] Moderately high risk [2] Strong [3] Satisfactory [2] Modest bbb+ Strong BBB+

» Volvo Car AB [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+

Average scores for Auto OEM 4.0 3.4 3.7 3.0

AUTO SUPPLIERS

» Adler Pelzer Holding GmbH [4] Moderately high risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged (was [5]) N/A (was bb-) CCC+ (was B+)

» Autoliv Inc. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Strong BBB (was BBB+)

» Bright Bidco B.V. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC (was CCC+)

» Compagnie Generale des Etablissements Michelin S.C.A. [4] Moderately high risk [1] Excellent [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Positive (+1 notch) Adequate A-

» Continental AG [4] Moderately high risk [3] Satisfactory (was [2]) [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BBB (was BBB+)

» Faurecia SE [4] Moderately high risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [3]) bb (was bbb-) Strong BB (was BB+)

» Gestamp Automocion [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB- (was BB)

» GKN Holdings Limited [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» Grupo Antolin Irausa SA [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b (was b+) Comparable ratings analysis: Negative (-1 notch) Adequate B- (was B)

» Kongsberg Automotive ASA [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b- (was b+) Adequate B- (was B+)

Business Risk Profile

Breakdown of corporate ratings component scores for EMEA Corporate Ratings, as of Oct. 31, 2020. Click on a company's name to navigate to its page on Capital IQ RatingsDirect.

An Excel copy of the data is embedded in this report (see attachment sidebar). Reports for other regions can be accessed at: here.

¹Corporate Industry and Country Risk Assessment. ²Active impact on rating from group/government influence. ³Foreign Currency Long Term Corporate Credit Rating.

S&P Global Ratings

6

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» Novem Group GmbH [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Robert Bosch GmbH [4] Moderately high risk [2] Strong (was [1]) [3] Satisfactory (was [2]) [1] Minimal a (was aa-)

Diversification effect: Moderate (+1 notch)

Comparable ratings analysis: Negative (-1 notch, was Neutral) Exceptional A (was AA-)

» Samvardhana Motherson Automotive Systems Group B.V. [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB (was BB+)

» Schaeffler AG [4] Moderately high risk [3] Satisfactory (was [2]) [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Strong BB+ (was BBB-)

» Valeo S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bb+ (was bbb) Adequate BB+ (was BBB)

» ZF Friedrichshafen AG [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BB+ (was BBB-)

Average scores for Auto Suppliers 3.9 3.6 3.7 4.3

BRANDED NONDURABLES

» Adidas AG [2] Low risk [2] Strong [2] Strong [1] Minimal aa- Comparable ratings analysis: Negative (-1 notch) Strong A+

» Afflelou SAS [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» Almarai Company [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Alpha BidCo SAS [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Amphora Intermediate II Limited [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Anadolu Efes Biracilik ve Malt Sanayii AS [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Anheuser-Busch InBev S.A./N.V. [2] Low risk [1] Excellent [1] Excellent [5] Aggressive (was [4]) bbb (was a-) Comparable ratings analysis: Positive (+1 notch, was Neutral) Strong BBB+ (was A-)

» Biscuit International [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Boparan Holdings Ltd. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC+

» Breitling Holdings S.a r.l. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» British American Tobacco PLC [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» CatLuxe Sarl [2] Low risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» CBR Service GmbH [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Cerelia [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Coca-Cola European Partners PLC [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Positive (+1 notch) Adequate BBB+

» Coca-Cola HBC AG [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB+

» Compagnie Financiere Richemont S.A. [2] Low risk [2] Strong [2] Strong [1] Minimal aa- Comparable ratings analysis: Negative (-1 notch) Strong A+

» Danone [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Deoleo S.A. [2] Low risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged b- (was N/A) Adequate B- (was CC)

» Diageo PLC [2] Low risk [1] Excellent [1] Excellent [4] Significant a- Adequate A-

» EssilorLuxottica [2] Low risk [2] Strong [2] Strong [2] Modest a

Management & governance: Fair (-1 notch)

Comparable ratings analysis: Positive (+1 notch) Strong A

» Essity AB [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» FAGE International S.A [2] Low risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Firmenich International SA [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» Froneri International Ltd. [2] Low risk [3] Satisfactory (was [4]) [3] Satisfactory (was [4]) [6] Highly leveraged b+ (was b) Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B+

» Givaudan SA [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Strong A-

» Heineken N.V. [2] Low risk [2] Strong [2] Strong [4] Significant (was [3]) bbb (was bbb+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BBB+

» Henkel AG & Co. KGaA [2] Low risk [2] Strong [2] Strong [1] Minimal aa

Financial policy: Negative (-2 notches)

Comparable ratings analysis: Negative (-1 notch) Strong A

» IM Growth SAS [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Imperial Brands PLC [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» JDE Peet's N.V. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Kering S.A. [2] Low risk [2] Strong [2] Strong [1] Minimal aa-

Financial policy: Negative (-2 notches)

Comparable ratings analysis: Negative (-1 notch) Strong A-

» LVMH Moet Hennessy Louis Vuitton S.E. [2] Low risk [1] Excellent [1] Excellent [3] Intermediate (was [2]) a+ (was aa) Adequate A+

» Marcolin SpA [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» Nestle S.A. [2] Low risk [1] Excellent [1] Excellent [2] Modest aa Comparable ratings analysis: Negative (-1 notch) Adequate AA-

» Nomad Foods Ltd [2] Low risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Financial policy: Negative (-1 notch) Adequate BB-

» Ontex Group N.V. [2] Low risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» Pernod Ricard S.A. [2] Low risk [2] Strong [2] Strong [4] Significant (was [3]) bbb (was bbb+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Strong BBB+

» Philip Morris International Inc. [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Comparable ratings analysis: Positive (+1 notch) Strong A

» Premier Foods PLC [2] Low risk [4] Fair [4] Fair [5] Aggressive (was [6]) bb- (was b) Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B+ (was B)

» Reckitt Benckiser Group PLC [2] Low risk [2] Strong (was [1]) [2] Strong (was [1]) [3] Intermediate (was [4]) a- Strong A-

» Refresco Group B.V. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Positive (+1 notch) Adequate B+

» Sigma HoldCo BV [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Positive (+1 notch) Adequate B+

» Sunshine Luxembourg VII S.a r.l. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Swedish Match AB [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Ulker Biskuvi [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Unilever PLC [2] Low risk [1] Excellent [1] Excellent [3] Intermediate a+ Adequate A+

» Walnut Bidco PLC [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Adequate B (was B+)

» WEPA Hygieneprodukte GmbH [2] Low risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

Average scores for Branded Nondurables 2.1 3.2 3.2 4.3

BUILDING MATERIALS

» Adolf Wuerth GmbH & Co. KG [3] Intermediate risk [2] Strong [2] Strong [2] Modest a Adequate A

» BME Group Holding BV [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Buzzi Unicem SpA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» Compagnie de Saint-Gobain [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Strong BBB


S&P Global Ratings

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» Corialis Group Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» CRH plc [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Ferguson plc [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Strong BBB+

» Geberit AG [3] Intermediate risk [2] Strong [2] Strong [1] Minimal aa- Comparable ratings analysis: Negative (-1 notch) Exceptional A+

» HeidelbergCement AG [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch) Strong BBB-

» Hestiafloor 2 [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» LafargeHolcim Ltd. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate (was [4]) bbb+ (was bbb) Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BBB

» Legrand S.A. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Financial policy: Positive (+1 notch) Strong A-

» LSF10 Edilians Investments S.a.r.l. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» LSF10 Wolverine Investments SCA [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» LSF10 XL Investments S.a.r.l [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

» LSFX Flavum Bidco SL [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Neptune Holdco S.a.r.l. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Quimper AB [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Rexel S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB

» Titan Cement International [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Strong BB

» Travis Perkins PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Strong BB+

Average scores for Building Materials 3.0 3.2 3.2 4.4

BUSINESS & CONSUMER SERVICES

» Adecco Group AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Exceptional BBB+

» AI Mistral Holdco Ltd. [3] Intermediate risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged N/A (was b) CCC+ (was B-)

» Amadeus IT Group S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb- (was bbb+) Adequate BBB- (was BBB)

» Andromeda Investissements [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» APCOA Parking Holdings GmbH [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B (was B+)

» Assemblin Financing AB [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» AVS Holding GmbH [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Azelis Holding S.a r.l. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Babcock International Group PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Financial policy: Positive (+1 notch, was Neutral) Strong BBB

» Bach Finance Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» BBD Bidco Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Befesa S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Belron Group S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Strong BB

» Brenntag AG [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Bunzl PLC [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Caldic Midco B.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Cardinal Holdings 3, LP [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Compass Group PLC [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Comparable ratings analysis: Positive (+1 notch) Strong A

» doValue SpA [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Comparable ratings analysis: Negative (-1 notch) Adequate BB

» Edenred S.A. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Element Materials Technology Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Elior Group S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Elis S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB (was BB+)

» Emerald 2 Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Experian Finance PLC [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Exceptional A-

» Financiere Groupe Proxiserve [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Foncia Management [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Franklin Ireland Topco Limited [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» French ParentCo [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» G4S PLC [3] Intermediate risk [3] Satisfactory (was [2]) [3] Satisfactory (was [2]) [4] Significant bbb- (was bbb) Adequate BBB-

» Galaxy Finco Ltd. (Domestic & General) [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Galileo Global Education Finance Sarl [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» gategroup Holding AG [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Less than adequate B (was B+)

» GEMS MENASA [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» GHD Verwaltung GesundHeits GmbH Deutschland GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Giralda Holding Conexion, S.L.U. [3] Intermediate risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Global University Systems Holding BV [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Haya Real Estate S.A.U [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged (was [5]) b- (was b) Adequate B-

» Hestia Holding SAS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» HNVR Midco Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CCC+ (was B-)

» House of HR NV [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B (was B+)

» Hyperion Insurance Group Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» ICON PLC [3] Intermediate risk [4] Fair [4] Fair [1] Minimal bbb Financial policy: Negative (-1 notch) Strong BBB-

» Indigo Cleanco Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Inspired Education Holdings Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B


S&P Global Ratings

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» International Car Wash Group Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Intertrust N.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Strong BB+

» Irel BidCo S.a.r.l [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

» ISS A/S [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Exceptional BBB

» Kiwi VFS SUB I S.ar.l [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Less than adequate B (was B+)

» La Financiere Atalian SAS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Lernen Bondco PLC [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» Loire UK Midco 3 (LGC) [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Minerva Parent Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Obol France 3 SAS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B (was B+)

» Parts Holding Europe SAS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» PHOENIX Pharmahandel GmbH & Co. KG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Promontoria Holding 264 B.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» Prosegur Cash, S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB

» Prosegur Compania De Seguridad S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Rekeep S.p.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Rentokil Initial PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Saga PLC [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [4]) b (was bb) Adequate B (was BB)

» Saphilux S.a.r.l. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Financial policy: FS-6 (minus) (-1 notch) Adequate B-

» Securitas AB [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BBB

» Selecta Group B.V. [3] Intermediate risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged N/A (was b) CCC+ (was B)

» Siaci Saint Honore [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Less than adequate B-

» Signature Aviation PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Strong BB

» Soco 1 [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Sodexo S.A. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Exceptional A-

» SPC Katren JSC [4] Moderately high risk [5] Weak [5] Weak [4] Significant bb- Adequate BB-

» Spie SA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Strong BB

» Syncreon Intermediate BV [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC+

» Techem Verwaltungsgesellschaft 674 mbH [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

» Teleperformance SE [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» TMF Sapphire Midco B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» Toro Private Holdings I, Ltd [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged N/A (was b) CCC+ (was B)

» Transcom TopCo AB [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» Waterlogic Holdings Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

Average scores for Business & Consumer Services 3.0 3.9 3.9 5.1

CAPITAL GOODS

» ABB Ltd. [3] Intermediate risk [2] Strong [2] Strong [2] Modest a Strong A

» Alfa Laval AB [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Strong BBB+

» Ammega Group B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Arvos LuxCo S.a.r.l. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Weak B-

» Ashtead Group PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Assa Abloy AB [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Strong A-

» Atlas Copco AB [3] Intermediate risk [2] Strong [2] Strong [1] Minimal aa- Comparable ratings analysis: Negative (-1 notch) Strong A+

» Automate Intermediate Holdings II S.a r.l. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Bilfinger SE [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB- (was BB)

» Boels Topholding B.V. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» Borets International Ltd. [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» CNH Industrial N.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Danfoss A/S [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Delachaux S.A. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B (was B+)

» Dometic Group AB [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB- (was BB)

» Epiroc AB [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Strong BBB+

» Heraeus Holding GmbH [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Strong BBB+

» Husqvarna AB (publ) [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Ilpea Parent Inc. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b (was b+) Less than adequate B

» INNIO Group Holding GmbH [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» KAEFER Isoliertechnik GmbH & Co. KG [3] Intermediate risk [5] Weak [5] Weak [5] Aggressive (was [4]) b+ (was bb-) Adequate B+ (was BB-)

» KAPLA Holding (Kiloutou) [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b (was b+) Adequate B (was B+)

» KION Group AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Knorr-Bremse AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [1] Minimal a Strong A

» KUKA AG [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BBB-

» Loxam SAS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Adequate B (was BB-)

» Mangrove Luxco III [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Metso Outotec Corp. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-


S&P Global Ratings

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» Minimax Viking GmbH [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Nordex SE [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B- (was B)

» Norican Global A/S [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Novafives SAS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Optimus Bidco SAS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Platin 1425. GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Praesidiad Group Ltd. [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged N/A CCC (was CCC+)

» Rubix Group Holdings Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Sandvik AB [3] Intermediate risk [3] Satisfactory [3] Satisfactory [1] Minimal a Comparable ratings analysis: Negative (-1 notch) Strong A-

» Schneider Electric S.E. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Strong A-

» SGL Carbon SE [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» Siemens AG [3] Intermediate risk [2] Strong [2] Strong [2] Modest a+ (was a) Exceptional A+

» Siemens Energy [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Siemens Gamesa Renewable Energy, S.A. [3] Intermediate risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Negative (-1 notch) Strong BBB (was BBB-)

» Smiths Group PLC [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» The Weir Group PLC [3] Intermediate risk [4] Fair (was [3]) [4] Fair (was [3]) [3] Intermediate bb+ (was bbb-) Adequate BB+ (was BBB-)

» TI Luxembourg S.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» TMK PAO [4] Moderately high risk [4] Fair [4] Fair [4] Significant (was [5]) bb (was bb-) Comparable ratings analysis: Negative (-1 notch) Adequate BB- (was B+)

» VAC Intermediate Holdings BV [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» VAT Group AG [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Comparable ratings analysis: Negative (-1 notch) Adequate BB

» Voith GmbH & Co. KGaA [3] Intermediate risk [4] Fair [4] Fair [2] Modest bbb- Strong BBB-

» Wittur International Holding GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

Average scores for Capital Goods 3.0 3.9 3.9 4.1

COMMODITY CHEMICALS

» BCP VII Jade Topco (Cayman) Ltd. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Borealis AG [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Strong BBB+

» Composite Resins Subholding B.V [3] Intermediate risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» EQUATE Petrochemical Co K.S.C.C. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [4]) bb (was bb+) Strong BBB (was BBB+)

» EuroChem Group AG [5] High risk [3] Satisfactory [4] Fair [4] Significant (was [5]) bb (was bb-) Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB-

» ICL Group Ltd. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Industries Qatar QSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [1] Minimal a- Comparable ratings analysis: Negative (-1 notch) Strong A+

» Ineos Group Holdings S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [4]) bb (was bb+) Strong BB

» Ineos Styrolution Holding Ltd. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB

» Inovyn Ltd. [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» K+S AG [4] Moderately high risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch, was Positive) Less than adequate B (was BB-)

» Nitrogenmuvek Zrt. [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive (was [6]) b+ (was b-) Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B (was B-)

» OCI N.V. [4] Moderately high risk [3] Satisfactory (was [4]) [3] Satisfactory (was [4]) [5] Aggressive bb (was bb-) Adequate BB

» OCP S.A. [4] Moderately high risk [2] Strong [3] Satisfactory [4] Significant bbb- Adequate BBB-

» OQ Chemicals International Holding GmbH [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Orion Engineered Carbons S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Strong BB

» PhosAgro PJSC [5] High risk [3] Satisfactory [4] Fair [2] Modest bbb- Adequate BBB-

» Rohm HoldCo II GmbH [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Saudi Basic Industries Corp. [4] Moderately high risk [1] Excellent [2] Strong [2] Modest a+ Strong A-

» Sibur Holding PJSC [5] High risk [3] Satisfactory [4] Fair [2] Modest bbb- Adequate BBB-

» Uralkali PJSC [5] High risk [2] Strong [4] Fair [5] Aggressive bb- Adequate BB-

» Venator Materials PLC [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b- (was b+) Adequate B- (was B+)

» Yara International ASA [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

Average scores for Commodity Chemicals 4.0 3.4 3.7 4.2

CONSUMER DURABLES

» AB Electrolux [3] Intermediate risk [3] Satisfactory [3] Satisfactory [1] Minimal a Financial policy: Negative (-1 notch) Strong A-

» Amer Sports Holding 1 Oy [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Less than adequate B- (was B+)

» Arcelik A.S. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [4]) bb (was bbb-)

Liquidity: Less than adequate (-1 notch)

Comparable ratings analysis: Positive (+1 notch, was Neutral) Less than adequate BB (was BB+)

» EVOCA S.p.A. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Fluidra S.A. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Frigoglass SAIC [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» International Design Group SpA [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Keter Group B.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was N/A) Adequate B- (was CCC+)

» LSF9 Balta Issuer S.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» Signify N.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Tennessee Acquisition B.V. [3] Intermediate risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Victoria PLC [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB-

Average scores for Consumer Durables 3.0 4.2 4.2 4.9


S&P Global Ratings

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CONTAINERS & PACKAGING

» Albea Beauty Holdings S.A. [3] Intermediate risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged b Adequate B

» Ardagh Group S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+


Comparable ratings analysis: Negative (-1 notch) Strong B+

» Bormioli Pharma SpA [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» CCP Lux Holding S.a.r.l. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» DS Smith Plc [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» Faerch Midco ApS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Guala Closures SpA [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Kleopatra Holdings 1 S.C.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» PACCOR Holdings GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Schoeller Packaging B.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Schur Flexibles GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» SIG Combibloc Group AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB- (was BB+)

» Smurfit Kappa Group PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Taghleef Industries Holdco Ltd. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» Trivium Packaging BV [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B (was B+)

» Verallia [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Positive (+1 notch) Adequate BB-

» Weener Plastics Group B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

Average scores for Containers & Packaging 3.0 4.0 4.0 5.4

ENGINEERING & CONSTRUCTION

» ACS Servicios Comunicaciones y Energia S.L. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Positive (+1 notch) Strong BBB

» ACS, Actividades de Construccion y Servicios SA [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Positive (+1 notch) Strong BBB

» HOCHTIEF AG [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Strong BBB

» Petrofac Ltd. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB+ (was BBB-)

» Saipem SpA [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Positive (+1 notch) Strong BB+

» Sarens Bestuur N.V. [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Strabag SE [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Webuild S.p.A. [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

Average scores for Engineering & Construction 4.0 3.6 3.6 3.6

ENVIRONMENTAL SERVICES

» Freshworld Holding III GmbH [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Paprec Holding [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Veolia Environnement S.A. [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

Average scores for Environmental Services 2.0 3.7 3.7 5.3

FOREST & PAPER PRODUCTS

» ENCE Energia y Celulosa S.A. [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Strong BB

» Fabric (BC) S.p.A. (Fedrigoni) [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Holmen AB [4] Moderately high risk [3] Satisfactory [3] Satisfactory [1] Minimal a- Financial policy: Negative (-2 notches) Adequate BBB+

» Lecta Ltd. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC+

» Metsa Board Corp. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Strong BBB-

» Mondi Plc [4] Moderately high risk [2] Strong [3] Satisfactory [2] Modest bbb+ Adequate BBB+

» Pfleiderer Group B.V. & Co. KG [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Pro.Gest SpA [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged N/A (was b) CCC+ (was B)

» Progroup AG [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Strong BB-

» Sappi Ltd. [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB- (was BB)

» Svenska Cellulosa Aktiebolaget SCA [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bb+ (was bbb-) Comparable ratings analysis: Positive (+1 notch) Adequate BBB- (was BBB)

» UPM-Kymmene Corp. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [1] Minimal a- Financial policy: Negative (-2 notches) Strong BBB

Average scores for Forest & Paper Products 4.0 3.8 3.9 3.9

HEALTHCARE EQUIPMENT

» Alcon Inc [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» Auris Luxembourg II S.a.r.l. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Positive) Less than adequate B- (was B+)

» CeramTec BondCo GmbH [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Cidron Ollopa Investment B.V. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Convatec Group Plc [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Comparable ratings analysis: Negative (-1 notch) Adequate BB

» European Optical Manufacturing S.a.r.l. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» Financiere N [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Koninklijke Philips N.V. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Lima Corporate S.p.a. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Molnlycke Holding AB (publ) [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Sam Bidco S.A.S. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

Average scores for Healthcare Equipment 2.0 3.9 3.9 5.1


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HEALTHCARE SERVICES

» Affidea [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Antin Amedes Bidco GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» CAB [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Constantin Investissement 3 [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Cube Healthcare Europe Bidco SAS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Diaverum Holding Sarl [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» ELSAN SAS [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

» Elysium Healthcare Holdings 2 Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Financiere Colisee SAS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Fresenius SE & Co. KGaA [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» HomeVi [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» IVC Acquisition Topco Ltd [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Mehilainen Yhtyma Oy [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Ramsay Generale de Sante [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Positive (+1 notch) Adequate BB-

» Sante Cie [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Synlab Bondco PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

» Turnstone Midco 2 Ltd [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC (was B-)

» Unilabs Holding AB [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Vivalto Santé Investissement [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Voyage BidCo Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

Average scores for Healthcare Services 3.0 4.2 4.2 5.9

HOMEBUILDERS & DEVELOPERS

» Altareit SCA [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BBB

» BI Group Development TOO [5] High risk [5] Weak [5] Weak [6] Highly leveraged b Management & governance: Weak (-1 notch) Less than adequate B-

» Consus Real Estate AG [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» Damac Real Estate Development Ltd. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b (was b+) Adequate B (was B+)

» Emaar Properties PJSC [3] Intermediate risk [4] Fair [4] Fair [4] Significant (was [2]) bb (was bbb-) Financial policy: Positive (+1 notch, was Neutral) Strong BB+ (was BBB-)

» Etalon LenSpetsSMU JSC [5] High risk [5] Weak [5] Weak [5] Aggressive b+ Financial policy: Negative (-1 notch, was Neutral) Adequate B- (was B+)

» Impact Developer & Contractor SA [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Less than adequate B-

» Leader Invest JSC [5] High risk [5] Weak [5] Weak [5] Aggressive b+ Comparable ratings analysis: Negative (-1 notch) Adequate B- (was B)

» Miller Homes Group Holdings PLC [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Setl Group LLC [5] High risk [5] Weak [5] Weak [4] Significant (was [3]) bb- (was bb) Comparable ratings analysis: Negative (-1 notch) Adequate B+

Average scores for Homebuilders & Developers 4.3 4.8 4.8 5.1

LEISURE & SPORTS

» Accor S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [3]) bb (was bbb) Comparable ratings analysis: Positive (+1 notch, was Negative) Strong BB+ (was BBB-)

» Awaze Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Casper MidCo SAS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» Cirsa Enterprises S.L.U. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Flutter Entertainment PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Formula One [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

» Gamesys Group PLC [3] Intermediate risk [5] Weak [5] Weak [4] Significant bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Gamma Bidco S.p.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» GVC Holdings PLC [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Positive (+1 notch) Adequate BB

» Hurtigruten Group AS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» InterContinental Hotels Group PLC [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BBB- (was BBB)

» International Park Holdings B.V. [3] Intermediate risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged b- (was b) Adequate B-

» Joye Media SLU [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) N/A (was bb-) CCC+ (was BB-)

» Koos Holding Cooperatief U.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Motion Midco Ltd [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged N/A (was b+) CCC+ (was B+)

» Novomatic AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Strong BB+

» Odyssey Europe Holdco S.à r.l [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CCC+ (was B)

» OPAP S.A. [4] Moderately high risk [5] Weak [5] Weak [4] Significant (was [2]) bb- (was bb+) Adequate B+ (was BB-)

» Piolin Bidco S.A.U. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged N/A (was b) CCC+ (was B-)

» Playtech Plc [3] Intermediate risk [4] Fair [4] Fair [4] Significant (was [3]) bb (was bb+) Comparable ratings analysis: Negative (-1 notch) Adequate BB- (was BB)

» Richmond UK Holdco Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» Safari Beteiligungs Gmbh [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC

» Sazka Group A.S. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Comparable ratings analysis: Negative (-1 notch) Adequate B+ (was BB-)

» Sisal Group S.p.A [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B (was B+)

» Tackle S.a.r.l (Tipico) [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Thame and London Ltd [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» TUI AG [3] Intermediate risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged (was [4]) N/A (was bb) CCC+ (was BB)


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» William Hill PLC [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive (was [4]) bb- (was bb) Adequate BB- (was BB)

Average scores for Leisure & Sports 3.0 4.2 4.2 5.4

MEDIA & ENTERTAINMENT

» AutoScout24 GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Banijay Group SAS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Adequate B (was B+)

» Bertelsmann SE & Co. KGaA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB (was BBB+)

» CD&R Artemis Holdco 3 Ltd [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Central European Media Enterprises Ltd. [3] Intermediate risk [5] Weak [5] Weak [4] Significant bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Cineworld Group PLC [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) N/A (was bb-) CCC- (was BB-)

» Comet Bidco Limited [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» Daily Mail & General Trust PLC [3] Intermediate risk [5] Weak [5] Weak [3] Intermediate bb Strong BB

» DLG Acquisitions Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Less than adequate B

» eDreams ODIGEO S.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Fleet Topco Ltd [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Infopro Digital Group B.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Informa PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB- (was BBB)

» ITV PLC [3] Intermediate risk [4] Fair (was [3]) [4] Fair (was [3]) [3] Intermediate bb+ (was bbb-) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BBB-

» JCDecaux S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Strong BBB- (was BBB)

» Kantar Global Holdings S.a r.l. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Owl Finance Ltd. [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged N/A CCC

» Peak Jersey Holdco [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Pearson PLC [3] Intermediate risk [4] Fair (was [3]) [4] Fair (was [3]) [2] Modest bbb- (was bbb+) Strong BBB- (was BBB)

» Promotora de Informaciones S.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CC (was B)

» Publicis Groupe S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» RELX PLC [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Financial policy: Negative (-1 notch) Strong BBB+

» Springer Nature [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B+

» Television Francaise 1 S.A. [3] Intermediate risk [4] Fair [4] Fair [1] Minimal bbb Strong BBB+

» Traviata B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Vivendi S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Financial policy: Negative (-1 notch) Strong BBB

» Vue International Bidco plc [3] Intermediate risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged N/A (was b) CCC+ (was B-)

» Wolters Kluwer N.V. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Financial policy: Negative (-1 notch) Strong BBB+

» WPP PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Zephyr Midco 2 Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

Average scores for Media & Entertainment 3.0 4.1 4.1 4.6

METALS & MINING DOWNSTREAM

» ArcelorMittal [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Comparable ratings analysis: Positive (+1 notch) Strong BBB-

» Constellium SE [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Evraz PLC [5] High risk [3] Satisfactory [4] Fair [3] Intermediate bb+ Strong BB+

» Ferroglobe PLC [4] Moderately high risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged N/A CCC+

» Groupe Ecore Holding [4] Moderately high risk [6] Vulnerable (was [5]) [6] Vulnerable (was [5]) [6] Highly leveraged N/A (was b) CCC+ (was B)

» Magnitogorsk Iron and Steel Works PJSC [5] High risk [2] Strong [4] Fair [2] Modest bbb- Strong BBB-

» Metinvest B.V. [5] High risk (was [6]) [5] Weak [5] Weak (was [6]) [5] Aggressive (was [4]) b+ Comparable ratings analysis: Negative (-1 notch) Less than adequate B

» Mytilineos S.A. [5] High risk [4] Fair [5] Weak [4] Significant bb- Adequate BB-

» Nexans S.A. [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Strong BB

» NLMK PJSC [5] High risk [2] Strong [4] Fair [2] Modest bbb- Strong BBB-

» Norsk Hydro ASA [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Severstal PAO [5] High risk [2] Strong [4] Fair [2] Modest bbb- Adequate BBB-

» SSAB AB [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+

» thyssenkrupp AG [4] Moderately high (was [3]) [4] Fair (was [3]) [4] Fair (was [3]) [4] Significant (was [5]) bb Comparable ratings analysis: Negative (-1 notch) Strong BB-

Average scores for Metals & Mining Downstream 4.4 3.7 4.3 3.9

METALS & MINING UPSTREAM

» ALROSA PJSC [5] High risk [3] Satisfactory [4] Fair [2] Modest bbb- Strong BBB-

» Anglo American PLC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» AngloGold Ashanti Ltd. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+

» BHP Group Ltd. [4] Moderately high risk [1] Excellent [2] Strong [2] Modest a Exceptional A

» Eurasian Resources Group (ERG) S.a.r.l. [5] High risk [4] Fair [5] Weak [6] Highly leveraged b- Less than adequate B-

» Ferrexpo PLC [5] High risk (was [6]) [4] Fair [5] Weak (was [6]) [4] Significant bb- (was b+)

Management & governance: Weak (-2 notches)

Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» First Quantum Minerals Ltd [5] High risk [4] Fair [5] Weak [6] Highly leveraged N/A (was b) CCC+ (was B-)

» GeoProMining Investment (CYP) Ltd. [5] High risk [4] Fair [5] Weak [5] Aggressive b+ Adequate B+

» Glencore PLC [4] Moderately high risk [1] Excellent [2] Strong [3] Intermediate a- Comparable ratings analysis: Negative (-1 notch) Strong BBB+

» Gold Fields Ltd. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» Holding Co. Metalloinvest JSC [5] High risk [3] Satisfactory [4] Fair [3] Intermediate bb+ Strong BB+


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» INEOS Enterprises Holdings Ltd. [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» MMC Norilsk Nickel PJSC [5] High risk [2] Strong [4] Fair [3] Intermediate bb+ Comparable ratings analysis: Positive (+1 notch) Strong BBB-

» Petropavlovsk PLC [5] High risk [5] Weak (was [4]) [5] Weak [5] Aggressive (was [6]) b+ (was b-)

Management & governance: Weak (-1 notch)

Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B-

» Polyus PJSC [5] High risk [3] Satisfactory [4] Fair [3] Intermediate bb+ Financial policy: Negative (-1 notch) Strong BB

» Rio Tinto PLC [4] Moderately high risk [1] Excellent [2] Strong [2] Modest a Exceptional A

» Sibanye Stillwater Ltd. [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

Average scores for Metals & Mining Upstream 4.5 3.2 3.9 3.6

MIDSTREAM ENERGY

» GasTerra B.V. [2] Low risk [2] Strong [2] Strong [1] Minimal aa Strong AA+

» KazTransGas [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» KazTransOil [4] Moderately high risk [4] Fair [4] Fair [1] Minimal bbb- Financial policy: Negative (-1 notch) Adequate BB

» Shell Energy North America (US) L.P. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate A+

» Urenco Ltd. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

Average scores for Midstream Energy 2.8 3.4 3.4 3.0

OIL & GAS DRILLING, EQUIPMENT & SERVICES

» ADES International Holdings PLC [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» CGG [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b (was b-) Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Eurasia Drilling Co. [5] High risk [4] Fair [5] Weak [2] Modest bb+ Adequate BB+

» Shelf Drilling Holdings Ltd. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» Vallourec [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC- (was B-)

» Welltec A/S [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

Average scores for Oil & Gas Drilling, Equipment & Services 4.2 4.8 5.0 5.2

OIL & GAS INTEGRATED, EXPLORATION & PRODUCTION

» Aker BP ASA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» BP PLC [3] Intermediate risk [1] Excellent [1] Excellent [4] Significant a- Strong A-

» Eni SpA [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Adequate A-

» EnQuest PLC [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CCC+ (was B-)

» Equinor ASA [3] Intermediate risk [2] Strong [2] Strong [2] Modest a+ Strong AA-

» Equinor US Holdings Inc. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate A

» Gazprom Neft PJSC [4] Moderately high risk [2] Strong [3] Satisfactory [3] Intermediate bbb Financial policy: Negative (-1 notch) Adequate BBB-

» Gazprom PJSC [4] Moderately high risk [2] Strong [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Ithaca Energy Ltd. [3] Intermediate risk [5] Weak (was [6]) [5] Weak (was [6]) [4] Significant (was [5]) N/A (was b) CCC+ (was B+)

» KazMunayGas NC JSC [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Financial policy: Negative (-2 notches) Adequate BB

» LUKOIL PJSC [4] Moderately high risk [2] Strong [3] Satisfactory [1] Minimal a- Financial policy: Negative (-1 notch) Adequate BBB

» MOL Hungarian Oil and Gas PLC [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Strong BBB-

» Neptune Energy Group Midco Ltd [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» NOVATEK PJSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [1] Minimal a-


Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» Repsol S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Rosneft Oil Co. PJSC [4] Moderately high risk [2] Strong [3] Satisfactory [5] Aggressive bb


Comparable ratings analysis: Positive (+1 notch) Adequate BBB-

» Royal Dutch Shell PLC [3] Intermediate risk [1] Excellent [1] Excellent [3] Intermediate a+ Comparable ratings analysis: Positive (+1 notch) Strong AA-

» Sasol Ltd. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [4]) bb (was bbb-) Adequate BB (was BBB-)

» Seplat Petroleum Development Company PLC [6] Very high risk [6] Vulnerable [6] Vulnerable [4] Significant b+ Financial policy: Negative (-1 notch) Adequate B

» State Oil Company of Azerbaijan Republic [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive bb-



Comparable ratings analysis: Negative (-1 notch, was Neutral)

Less than adequate BB-

» Tengizchevroil LLP [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Comparable ratings analysis: Positive (+1 notch) Adequate BBB

» Total SE [3] Intermediate risk [1] Excellent [1] Excellent [3] Intermediate a+ Strong A+

» Tullow Oil [4] Moderately high risk [5] Weak (was [4]) [5] Weak (was [4]) [6] Highly leveraged (was [5]) N/A (was bb-) CCC+ (was B)

Average scores for Oil & Gas Integrated, Exploration & Production 3.6 3.0 3.2 3.5

OIL & GAS REFINING & MARKETING

» CEPSA [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Positive (+1 notch) Strong BBB-

» KazMunayGas International N.V. [4] Moderately high risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged (was [4]) b- (was b+) Financial policy: Negative (-1 notch) Weak B

» Raffinerie Heide GmbH [4] Moderately high risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged N/A (was b-) CCC+ (was B)

Average scores for Oil & Gas Refining & Marketing 4.0 5.3 5.3 5.3

OPERATING LEASING

» Algeco Investments B.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Europcar Mobility Group [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) N/A (was bb-) CC (was BB-)

» Norske tog AS [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Strong A+

» VTG AG [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

Average scores for Operating Leasing 3.0 3.3 3.3 5.0

PHARMACEUTICALS


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» ADVANZ PHARMA Corp [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Capital structure: Negative (-1 notch) Adequate B-

» Aenova Holding GmbH [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was N/A) Adequate B- (was CCC)

» Ai Sirona (Luxembourg) Acquisition Sarl [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Almirall S.A. [2] Low risk [5] Weak [5] Weak [4] Significant bb- Adequate BB-

» Antigua Bidco Ltd [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» AstraZeneca PLC [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Adequate BBB+

» Bayer AG [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» Cheplapharm Arzneimittel GmbH [2] Low risk [5] Weak [5] Weak [6] Highly leveraged (was [5]) b (was b+) Adequate B

» Curium Midco S.a.r.l. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Diocle S.P.A. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Financiere Top Mendel SAS [2] Low risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B (was B+)

» GlaxoSmithKline PLC [2] Low risk [1] Excellent [1] Excellent [4] Significant (was [3]) a- (was a+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Strong A (was A+)

» Grifols S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB

» H. Lundbeck A/S [2] Low risk [4] Fair [4] Fair [2] Modest bbb- Strong BBB-

» Hikma Pharmaceuticals PLC [2] Low risk [4] Fair [4] Fair [2] Modest bbb- Adequate BBB- (was BB+)

» Huvepharma EOOD [2] Low risk [4] Fair [4] Fair [3] Intermediate bb+ Comparable ratings analysis: Negative (-1 notch) Adequate BB

» IWH UK Finco Ltd. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Lonza Group Ltd. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Adequate BBB+

» Merck KGaA [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Diversification effect: Moderate (+1 notch) Strong A

» Neuraxpharm Holdco SARL [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Nidda BondCo GmbH [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B (was B+)

» Novartis AG [2] Low risk [1] Excellent [1] Excellent [2] Modest (was [1]) aa (was aa+) Financial policy: Negative (-1 notch) Strong AA-

» Novo Nordisk A/S [2] Low risk [2] Strong [2] Strong [1] Minimal aa- Strong AA-

» Roche Holding AG [2] Low risk [1] Excellent [1] Excellent [1] Minimal aa+ Financial policy: Negative (-1 notch) Strong AA

» Rossini Acquisition Sarl [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Sanofi [2] Low risk [1] Excellent [1] Excellent [2] Modest aa Strong AA

» UniFin SAS [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Vifor Pharma AG [2] Low risk [4] Fair [4] Fair [1] Minimal bbb Financial policy: Negative (-1 notch) Adequate BBB-

Average scores for Pharmaceuticals 2.0 3.5 3.5 4.3

RAILROADS & PACKAGE EXPRESS

» bpost SA/NV [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Exceptional A

» CEVA Logistics AG [2] Low risk [5] Weak (was [4]) [5] Weak (was [4]) [5] Aggressive b+ (was bb-) Comparable ratings analysis: Negative (-1 notch) Adequate B+

» DSV Panalpina A/S [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Georgian Railway JSC [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b (was 0) Adequate B+

» Logwin AG [2] Low risk [5] Weak [5] Weak [1] Minimal bb+ Strong BB+

» PostNL N.V. [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Exceptional BBB

» Royal Mail plc [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» TransFin-M PC [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

Average scores for Railroads & Package Express 2.5 3.9 3.9 3.5

REAL ESTATE INVESTMENT COMPANIES

» Adler Group S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb)


Comparable ratings analysis: Negative (-1 notch) Adequate BB (was BBB-)

» Adler Real Estate AG [2] Low risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb


Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BB

» Akelius Residential Property AB [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» Alstria Office REIT-AG [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Altarea SCA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Comparable ratings analysis: Positive (+1 notch) Adequate BBB

» Annington Ltd [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» Aroundtown S.A. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Befimmo S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» Blackstone Property Partners Europe Holdings S.a r.l. [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb (was bbb-) Adequate BBB

» Carmila S.A. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Ceetrus S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB-

» Citycon Oyj [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Cofinimmo S.A./N.V. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» Covivio [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Adequate BBB+

» Covivio Hotels [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Comparable ratings analysis: Negative (-1 notch) Adequate BBB+

» CPI Property Group SA [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» CTP B.V. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» DEMIRE Deutsche Mittelstand Real Estate AG [2] Low risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Positive (+1 notch) Adequate BB

» Deutsche Wohnen SE [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Adequate A-

» DIFC Investments Ltd. [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+ (was BBB-)

» Emaar Malls PJSC [3] Intermediate risk [4] Fair [4] Fair [2] Modest (was [1]) bbb- Strong BB+ (was BBB-)

» Ezdan Holding Group Q.S.C. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b

Liquidity: Weak (-1 notch, was Less than adequate)

Management & governance: Weak (-1 notch) Weak B- (was B)

» Fastighets AB Balder [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB


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» Gecina [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Positive (+1 notch) Strong A-

» Global Switch Holdings Ltd. [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» Globalworth Real Estate Investments Ltd. [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Comparable ratings analysis: Positive (+1 notch) Adequate BBB-

» Goodman European Partnership [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Comparable ratings analysis: Positive (+1 notch) Adequate BBB+

» Grainger PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Grand City Properties S.A. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Heimstaden Bostad AB [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch) Adequate BBB-

» Icade S.A. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Adequate BBB+

» IGD Siiq S.P.A [3] Intermediate risk [4] Fair [4] Fair [4] Significant (was [3]) bb (was bb+) Comparable ratings analysis: Positive (+1 notch) Adequate BB+ (was BBB-)

» Immofinanz AG [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Comparable ratings analysis: Positive (+1 notch) Adequate BBB-

» in'li [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong A (was A-)

» Inmobiliaria Colonial, Socimi, S.A. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Jernhusen AB [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate A

» Klepierre S.A. [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Adequate A-

» Logicor Financing S.a.r.l. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Positive (+1 notch) Adequate BBB

» Majid Al Futtaim Holding LLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Mercialys [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» Merlin Properties, Socimi, S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» NEPI Rockcastle PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» Peach Property Group AG [2] Low risk (was [3]) [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Comparable ratings analysis: Positive (+1 notch, was Negative) Adequate B+

» Pinewood Group Ltd [2] Low risk [4] Fair (was [5]) [4] Fair (was [5]) [5] Aggressive bb- (was b+) Adequate BB-

» Prologis European Logistics Fund, FCP-FIS [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Positive (+1 notch) Strong A-

» Samhallsbyggnadsbolaget i Norden AB (publ) [2] Low risk [2] Strong (was [3]) [2] Strong (was [3]) [4] Significant bbb (was bbb-) Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BBB-

» SATO Oyj [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB

» Societe Fonciere Lyonnaise S.A. [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Steen & Strom AS [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate A-

» Summit Properties Ltd. [2] Low risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» TLG Immobilien AG [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB+ (was BBB)

» Unibail-Rodamco-Westfield SE [2] Low risk [1] Excellent [1] Excellent [3] Intermediate a Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong A- (was A)

» Unite Group PLC [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB

» Vesteda Residential Fund FGR [2] Low risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Vivion Investments S.a.r.l. [2] Low risk [4] Fair [4] Fair [3] Intermediate bb+ Financial policy: Negative (-1 notch) Adequate BB

» Vonovia SE [2] Low risk [1] Excellent (was [2]) [1] Excellent (was [2]) [4] Significant a- (was bbb) Comparable ratings analysis: Negative (-1 notch, was Positive) Adequate BBB+

» Workspace Group PLC [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Adequate BBB

Average scores for Real Estate Investment Companies 2.1 2.8 2.8 3.4

REGULATED UTILITIES

» 2i Rete Gas [2] Low risk [1] Excellent [1] Excellent [5] Aggressive bbb Strong BBB

» Alliander N.V. [1] Very low risk [1] Excellent [1] Excellent [2] Modest aa Comparable ratings analysis: Negative (-1 notch) Adequate AA-

» Azerenerji JSC [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b- Less than adequate BB

» Cadent Gas Ltd. [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Adequate BBB+

» Caruna Networks Oy [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Coentreprise de Transport d'Electricite [1] Very low risk [1] Excellent [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Adequate A-

» Czech Gas Networks Investments S.a r.l. [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Adequate BBB+

» E.ON SE [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» Electricity North West Ltd. [1] Very low risk [1] Excellent [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Adequate BBB+

» Electricity Supply Board [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Adequate A-

» Elia Group SA/NV [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Enagas S.A. [1] Very low risk [3] Satisfactory [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Enel SpA [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Enemalta PLC [1] Very low risk [6] Vulnerable [5] Weak [6] Highly leveraged b- Weak BB-

» ENERGO-PRO a.s. [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» Enexis Holding N.V. [1] Very low risk [1] Excellent [1] Excellent [3] Intermediate a+ Adequate A+

» EP Infrastructure [2] Low risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» ESKOM Holdings SOC Ltd. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC+

» Eurogrid GmbH [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Financial policy: Negative (-1 notch) Strong BBB+

» EVN AG [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Positive (+1 notch) Strong A

» Federal Grid Co. of the Unified Energy System [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BBB-

» Fingrid Oyj [1] Very low risk [1] Excellent [1] Excellent [3] Intermediate a+ Adequate AA-

» Galp Gas Natural Distribuicao, S.A. [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Comparable ratings analysis: Negative (-1 notch) Adequate BBB-

» Gas Networks Ireland [1] Very low risk [1] Excellent [1] Excellent [3] Intermediate a Financial policy: Negative (-1 notch) Strong A

» GELSENWASSER AG [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Strong A-

» Hera SpA [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Strong BBB

» Hrvatska Elektroprivreda d.d. [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» Iberdrola S.A. [3] Intermediate risk (was [2]) [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Adequate BBB+


S&P Global Ratings

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» Ignitis Group UAB [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Adequate BBB+

» Interregional Distribution Grid Company of Centre PJSC [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB+

» Israel Electric Corp. Ltd. [1] Very low risk [4] Fair [3] Satisfactory [5] Aggressive bb Comparable ratings analysis: Negative (-1 notch) Adequate BBB

» Kazakhstan Electricity Grid Operating Co. (JSC) [4] Moderately high risk [5] Weak [5] Weak [4] Significant bb- Adequate BB+

» Kraftringen Energi AB (publ) [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Comparable ratings analysis: Negative (-1 notch) Adequate BBB+

» Madrilena Red de Gas, S.A.U. [1] Very low risk [3] Satisfactory (was [2]) [2] Strong (was [1]) [5] Aggressive bb+ (was bbb) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BBB- (was BBB)

» MM SpA [2] Low risk [2] Strong [2] Strong [4] Significant (was [3]) bbb (was bbb+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BBB

» Mosvodokanal JSC [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Adequate BBB-

» N.V. Nederlandse Gasunie [1] Very low risk [1] Excellent [1] Excellent [3] Intermediate a Adequate AA-

» National Grid PLC [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Adequate A-

» Natsionalna Elektricheska Kompania EAD [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- Weak B+

» Naturgy Energy Group S.A. [2] Low risk [2] Strong [2] Strong [4] Significant bbb Strong BBB

» NorteGas Energia Distribucion, S.A.U. [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Adequate BBB-

» Northern Ireland Electricity Networks Ltd. [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Strong BBB+

» Northern Powergrid Holdings Co. [1] Very low risk [2] Strong [1] Excellent [3] Intermediate a+ Financial policy: Negative (-2 notches) Adequate A

» Northumbrian Water Ltd. [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Adequate BBB+

» Portsmouth Water Ltd. [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Adequate BBB

» Rand Water [2] Low risk [4] Fair (was [3]) [4] Fair (was [3]) [3] Intermediate bb+ (was bbb-) Comparable ratings analysis: Negative (-1 notch) Adequate BB- (was BB)

» Red Electrica Corporacion S.A. [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Adequate A-

» Redexis Gas, S.A. [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Comparable ratings analysis: Negative (-1 notch) Adequate BBB-

» REN-Redes Energeticas Nacionais SGPS S.A. [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Adequate BBB

» Rosseti Moscow Region PJSC [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB+

» Rosseti PJSC [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BBB-

» RTE Reseau de Transport d Electricite [1] Very low risk [1] Excellent [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Adequate A

» Saudi Electric Co. [2] Low risk [4] Fair [4] Fair [5] Aggressive bb- Adequate A-

» Scotland Gas Networks PLC [1] Very low risk [1] Excellent [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Adequate BBB+

» Scottish Power Ltd. [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Adequate BBB+

» Severn Trent Water Ltd. [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Comparable ratings analysis: Negative (-1 notch) Strong BBB+

» SNAM SpA [2] Low risk [1] Excellent [1] Excellent [4] Significant a- Adequate BBB+

» Societa Metropolitana Acque Torino SpA [2] Low risk [2] Strong [2] Strong [2] Modest a

Management & governance: Fair (-1 notch)

Comparable ratings analysis: Negative (-1 notch) Adequate BBB-

» South Staffordshire Water PLC [1] Very low risk (was [2]) [2] Strong [1] Excellent (was [2]) [5] Aggressive (was [4]) bbb Comparable ratings analysis: Positive (+1 notch) Adequate BBB+

» Statnett SF [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Adequate A+

» Stedin Holding N.V. [1] Very low risk [1] Excellent [1] Excellent [4] Significant a- Adequate A-

» Stockholm Exergi Holding AB (publ) [1] Very low risk [3] Satisfactory [2] Strong [4] Significant bbb Adequate BBB+

» Sutton and East Surrey Water PLC [1] Very low risk [2] Strong [1] Excellent [5] Aggressive (was [4]) bbb (was a-) Adequate BBB (was BBB+)

» Tekniska verken i Linkoping AB [2] Low risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Adequate A+

» TenneT Holding B.V. [1] Very low risk [2] Strong [1] Excellent [5] Aggressive bbb Adequate A-

» Terna SpA [2] Low risk [1] Excellent [1] Excellent [4] Significant a- Strong BBB+

» Transneft PJSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [1] Minimal (was [2]) a- (was bbb+)


Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BBB-

» UK Power Networks Holdings Ltd. [1] Very low risk [1] Excellent [1] Excellent [4] Significant a- Financial policy: Negative (-1 notch) Adequate A-

» Vier Gas Transport GmbH [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Adequate A-

» Viesgo Holdco S.A.U. [2] Low risk [2] Strong [2] Strong [5] Aggressive bb+ Comparable ratings analysis: Positive (+1 notch) Adequate BBB-

» Vodokanal St. Petersburg [4] Moderately high risk [5] Weak [5] Weak [2] Modest bb+ Financial policy: Negative (-1 notch) Adequate BB+

» Western Power Distribution PLC [1] Very low risk [1] Excellent [1] Excellent [4] Significant a- Adequate A-

» Zagrebacki Holding d.o.o. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b

Liquidity: Weak (-1 notch, was Less than adequate)

Comparable ratings analysis: Negative (-1 notch) Weak B- (was B+)

» Zapadoslovenska energetika a.s. [1] Very low risk [3] Satisfactory [2] Strong [3] Intermediate a- Strong A-

Average scores for Regulated Utilities 1.8 2.5 2.1 4.0

RETAIL & RESTAURANTS

» Ahold Delhaize N.V. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Financial policy: Negative (-1 notch) Strong BBB

» Auchan Holding [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Comparable ratings analysis: Positive (+1 notch) Adequate BBB-

» B&M European Value Retail S.A. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» BURGER KING France SAS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Carrefour S.A. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Casino Guichard - Perrachon S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb


Comparable ratings analysis: Negative (-1 notch) Adequate B

» CD&R Firefly 4 Ltd. (Motor Fuel Group) [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Co-operative Group Ltd. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Adequate BB

» Distribuidora Internacional de Alimentacion S.A. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged N/A CCC- (was CCC)

» Dufry AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged (was [4]) b+ (was bb+) Adequate B+ (was BB)

» EG Group Ltd. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+

Financial policy: FS-6 (minus) (-1 notch, was FS-6)

Comparable ratings analysis: Negative (-1 notch) Adequate B- (was B)

» El Corte Ingles, S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Esselunga SpA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Eurotorg LLC [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Capital structure: Negative (-1 notch) Adequate B-

» FNAC Darty SA [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB (was BB+)

» Foodco Bondco SAU [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC-


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» Hornbach Baumarkt AG [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Positive (+1 notch) Adequate BB

» Iceland Topco Ltd. (Iceland Foods) [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Kingfisher PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB- (was BBB)

» Kirk Beauty One GmbH [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged N/A (was b) CCC+ (was B)

» L1R HB Finance Ltd [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

» Mabel Topco Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Less than adequate B- (was B)

» Magnit PJSC [4] Moderately high risk [4] Fair [4] Fair [4] Significant bb Adequate BB

» Marks & Spencer PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ (was bbb-) Adequate BB+ (was BBB-)

» Maxima Grupe UAB [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BB+

» Metro AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Missouri TopCo Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC- (was B-)

» Mobilux 2 S.A.S. [3] Intermediate risk [5] Weak [5] Weak [5] Aggressive b+ Comparable ratings analysis: Negative (-1 notch) Adequate B

» Next PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB- (was BBB)

» Novartex [3] Intermediate risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged (was [5]) N/A (was b) CCC- (was B-)

» PAX Midco Spain [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged N/A B-

» Peer Holding III B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Positive (+1 notch) Adequate B+

» Petrol d.d., Ljubljana [3] Intermediate risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BBB-

» Picard Groupe S.A.S. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» PrestigeBidCo GmbH [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Punch Taverns Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC+

» REWE Group [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Takko Fashion S.a.r.l. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC- (was B-)

» Tendam Brands S.A.U. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Adequate B (was B+)

» Tesco PLC [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch) Strong BBB-

» THG Holdings PLC [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» THOM Europe S.A.S. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Vivo Energy PLC [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+

» X5 Retail Group N.V. [4] Moderately high risk [3] Satisfactory (was [4]) [3] Satisfactory (was [4]) [4] Significant bb+ (was bb) Adequate BB+ (was BB)

Average scores for Retail & Restaurants 3.1 3.9 3.9 4.9

SPECIALTY CHEMICALS

» Akzo Nobel N.V. [2] Low risk [3] Satisfactory [3] Satisfactory [1] Minimal a Financial policy: Negative (-2 notches) Strong BBB+

» Allnex (Luxembourg) & Cy SCA [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Archroma Holdings S.à r.l. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Arkema S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Strong BBB+

» Atotech UK Topco Ltd. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» BASF SE [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Comparable ratings analysis: Positive (+1 notch) Adequate A

» Centrient Holding B.V. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Clariant AG [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Evonik Industries [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Fire (BC) S.a r.l. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Flint HoldCo S.a r.l. [2] Low risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC+

» Ignition Topco BV [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Imerys SA [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Strong BBB- (was BBB)

» Koninklijke DSM N.V. [2] Low risk [2] Strong [2] Strong [2] Modest a Financial policy: Negative (-1 notch) Strong A-

» L'Air Liquide S.A. [2] Low risk [1] Excellent [1] Excellent [4] Significant a- Adequate A-

» LANXESS AG [2] Low risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Linde plc [2] Low risk [1] Excellent [1] Excellent [3] Intermediate a+ Financial policy: Negative (-1 notch) Strong A

» Monitchem Holdco 2 S.A. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» Nouryon Holding B.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Strong B+

» Orano [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+


Comparable ratings analysis: Negative (-1 notch) Strong BB+

» Perstorp Holding AB (publ) [2] Low risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Adequate B- (was B)

» Root Bidco S.a.r.l. [2] Low risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Seqens Group Holding [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Sika AG [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Strong A-

» Solvay S.A. [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Strong BBB

» SPCM S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Specialty Chemicals International B.V. [2] Low risk [4] Fair [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Syngenta AG [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch) Adequate BBB-

» Synthomer PLC [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Adequate BB

Average scores for Specialty Chemicals 2.3 3.3 3.3 4.5

TECHNOLOGY - HARDWARE & SEMICONDUCTORS

» AI Ladder (Luxembourg) Subco S.a.r.l. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» ASM International N.V. [4] Moderately high risk [5] Weak [5] Weak [2] Modest bb+ Exceptional BB+


S&P Global Ratings

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» Ericsson (Telefonaktiebolaget L.M.) [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Negative (-1 notch) Exceptional BB+

» Idemia France SAS [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» Infineon Technologies AG [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb- (was bbb+) Exceptional BBB- (was BBB)

» Navico Group AS [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A CCC

» Nokia Corp. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Negative (-1 notch) Exceptional BB+

» STMicroelectronics N.V. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Positive (+1 notch) Strong BBB

» Technicolor S.A. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b) CCC+ (was B)

Average scores for Technology - Hardware & Semiconductors 4.0 4.3 4.3 3.9

TECHNOLOGY - SOFTWARE & SERVICES

» AI Avocado Holding B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» Almaviva S.p.A. [3] Intermediate risk [5] Weak [5] Weak [5] Aggressive b+ Comparable ratings analysis: Negative (-1 notch) Adequate B

» Aston Midco Ltd [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Athena Bidco GmbH [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Atos SE [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Exceptional BBB+

» Avast Holding B.V. [3] Intermediate risk [5] Weak [5] Weak [3] Intermediate bb Strong BB

» Axion Holding Cyprus Ltd. [4] Moderately high risk [6] Vulnerable [6] Vulnerable [4] Significant b+ Financial policy: Negative (-1 notch) Less than adequate B

» Capgemini SE [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Strong BBB (was BBB+)

» Dassault Systemes SE [3] Intermediate risk [2] Strong [2] Strong [2] Modest a Comparable ratings analysis: Negative (-1 notch) Exceptional A-

» Dedalus Holding S.p.A. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Everest Bidco SAS [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Finastra Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged N/A (was b) CCC+ (was B-)

» IGT Holding IV AB [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» ION Trading Technologies Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» IRIS Midco Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Itiviti Group AB [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Adequate B

» Marcel Lux IV Sarl [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Micro Focus International PLC [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Negative (-1 notch) Strong BB-

» Nets Topco 3 S.a r.l. [3] Intermediate risk [4] Fair (was [3]) [4] Fair (was [3]) [6] Highly leveraged b (was b+) Comparable ratings analysis: Negative (-1 notch) Adequate B- (was B)

» Northpole Newco S.a.r.l. [3] Intermediate risk [5] Weak [5] Weak [5] Aggressive b+ Comparable ratings analysis: Negative (-1 notch) Adequate B

» Particle Investments S.a.r.l. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Paysafe Group Holdings II Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B- (was B)

» Precise Midco B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» SAP SE [3] Intermediate risk [2] Strong [2] Strong [1] Minimal aa-


Comparable ratings analysis: Negative (-1 notch) Exceptional A

» Sector Alarm Holding AS [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Surf Intermediate I Ltd [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Triton UK Midco Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

» Verisure Midholding AB [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Worldline SA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Exceptional BBB

» WP/AV CH HOLDINGS II B.V. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b Strong B

» Zellis Holdings Ltd. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged N/A (was b-) CCC+ (was B-)

Average scores for Technology - Software & Services 3.0 4.2 4.2 5.1

TELECOM & CABLE

» Altice Europe N.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch) Adequate B

» Altice France S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B

» Altice International S.a.r.l. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate B

» Bahrain Telecommunications Co. [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Bouygues S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Positive (+1 notch) Strong A-

» BT Group PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Positive (+1 notch) Adequate BBB

» Cellnex Telecom S.A. [3] Intermediate risk [1] Excellent (was [2]) [1] Excellent (was [2]) [6] Highly leveraged (was [5]) bb+ Strong BB+

» Connect Bidco Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Positive (+1 notch) Adequate B+

» Crystal Almond Intermediary Holdings Ltd. [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Comparable ratings analysis: Negative (-1 notch) Adequate B

» Cyfrowy Polsat S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» Deutsche Telekom AG [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB (was BBB+)

» DIGI Communications N.V. [3] Intermediate risk [4] Fair [4] Fair [4] Significant bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» DKT Holdings ApS [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate B (was B+)

» eircom Holdings (Ireland) Ltd. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive (was [6]) bb- (was b) Comparable ratings analysis: Negative (-1 notch, was Positive) Adequate B+

» Elisa Oyj [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Adequate BBB+

» Emirates Telecommunications Group Company PJSC [3] Intermediate risk [2] Strong [2] Strong [1] Minimal aa- Strong AA-

» ER-Telecom [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Financial policy: Negative (-1 notch) Adequate B

» euNetworks Holdings 2 Ltd. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Euskaltel S.A. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» Eutelsat Communications S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Comparable ratings analysis: Negative (-1 notch) Strong BBB-

» Gamma Infrastructure III BV [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-


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» Helios Towers PLC [6] Very high risk [4] Fair [6] Vulnerable [5] Aggressive b Adequate B

» Hellenic Telecommunications Organization S.A. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+


Comparable ratings analysis: Negative (-1 notch) Adequate BBB-

» IHS Netherlands Holdco B.V. [6] Very high risk [4] Fair [6] Vulnerable [5] Aggressive b Comparable ratings analysis: Positive (+1 notch) Adequate B- (was B+)

» Kazakhtelecom JSC [4] Moderately high risk [4] Fair [4] Fair [2] Modest bbb- Comparable ratings analysis: Negative (-1 notch) Adequate BB+

» Koninklijke KPN N.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Liberty Global PLC [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Comparable ratings analysis: Negative (-1 notch) Strong BB-

» Masmovil Ibercom SA. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» Matterhorn Telecom Holding S.A. [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Financial policy: Negative (-1 notch) Adequate B+

» MegaFon PJSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Negative (-1 notch) Adequate BB+

» Melita BidCo Ltd [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» Mobile TeleSystems PJSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate (was [2]) bbb (was bbb+) Comparable ratings analysis: Negative (-1 notch) Strong BBB- (was BB+)

» MTN Group Ltd. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Comparable ratings analysis: Negative (-1 notch) Adequate BB- (was BB+)

» NOS, SGPS, S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BBB-

» Ooredoo Q.P.S.C. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Strong A-

» Orange S.A. [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» PPF Telecom Group B.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bb+ Adequate BB+

» PrJSC VF Ukraine [4] Moderately high risk [5] Weak [5] Weak [4] Significant bb- Comparable ratings analysis: Negative (-1 notch) Adequate B

» Proximus S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Positive (+1 notch) Adequate A

» Rostelecom PJSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Comparable ratings analysis: Negative (-1 notch) Adequate BB+

» Saudi Telecom Co. [3] Intermediate risk [2] Strong [2] Strong [1] Minimal aa- Comparable ratings analysis: Negative (-1 notch) Strong A-

» SES S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Strong BBB-

» Sunrise Communications Group AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» Swisscom AG [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate a- Adequate A

» TalkTalk Telecom Group PLC [3] Intermediate risk [4] Fair [4] Fair [5] Aggressive bb- Adequate BB-

» Tele 2 [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Strong BBB

» Tele Columbus AG [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch) Adequate B-

» Telecom Italia SpA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [4]) bb (was bbb-) Comparable ratings analysis: Positive (+1 notch, was Negative) Adequate BB+

» Telefonica S.A. [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB

» Telekom Austria AG [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb Comparable ratings analysis: Positive (+1 notch) Strong BBB+

» Telenet Group Holding N.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Financial policy: Negative (-1 notch) Adequate BB-

» Telenor ASA [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Adequate A-

» Telia Co. AB [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Strong BBB+

» Telkom SA SOC Ltd. [3] Intermediate risk [4] Fair [4] Fair [2] Modest bbb- Adequate BB (was BB+)

» Tivana France Holdings SAS [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch) Strong BBB-

» Turk Telekom [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BB-

» Turkcell Iletisim Hizmetleri A.S. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Financial policy: Negative (-1 notch) Adequate BB-

» United Group B.V. [3] Intermediate risk [4] Fair [4] Fair [6] Highly leveraged b Adequate B

» UPC Holding B.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» VEON Ltd. [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Comparable ratings analysis: Negative (-1 notch) Adequate BB+

» Virgin Media Inc. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Adequate BB-

» Vodafone Group PLC [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Strong BBB

» VodafoneZiggo Group B.V. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Zacapa S.a.r.l. [3] Intermediate risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B-

Average scores for Telecom & Cable 3.3 3.2 3.3 4.1

TRANSPORTATION CYCLICAL

» A.P. Moller - Maersk A/S [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest (was [3]) bbb+ (was bbb-) Financial policy: Negative (-1 notch, was Neutral) Exceptional BBB

» Air Baltic Corp AS [5] High risk [5] Weak [5] Weak [6] Highly leveraged b- Adequate B

» Avia Solutions Group Plc [4] Moderately high risk [5] Weak [5] Weak [4] Significant (was [3]) bb- (was bb) Adequate BB- (was BB)

» Boluda Towage S.L. [5] High risk [3] Satisfactory [4] Fair [5] Aggressive bb- Adequate BB-

» British Airways PLC [5] High risk [2] Strong [4] Fair [5] Aggressive (was [2]) bb- (was bbb-) Adequate BB (was BBB)

» CMA CGM S.A. [5] High risk [3] Satisfactory [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Deutsche Lufthansa AG [5] High risk [1] Excellent [3] Satisfactory [6] Highly leveraged (was [3]) b+ (was bbb) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BB (was BBB)

» easyJet PLC [5] High risk [1] Excellent [3] Satisfactory [4] Significant (was [1]) bbb- (was a-) Strong BBB- (was BBB+)

» FirstGroup PLC [5] High risk [1] Excellent [3] Satisfactory [4] Significant bbb- Adequate BBB-

» Global Ship Lease, Inc. [5] High risk [4] Fair [5] Weak [5] Aggressive b+ Adequate B+

» Hapag-Lloyd AG [5] High risk [3] Satisfactory (was [4]) [4] Fair (was [5]) [4] Significant bb (was bb-) Comparable ratings analysis: Negative (-1 notch) Adequate BB- (was B+)

» International Consolidated Airlines Group, S.A. [5] High risk [1] Excellent [3] Satisfactory [5] Aggressive (was [2]) bb (was bbb+) Strong BB (was BBB)

» Nakilat Inc. [5] High risk [1] Excellent [2] Strong [5] Aggressive bb+ Comparable ratings analysis: Positive (+1 notch) Strong A+

» Navios Maritime Acquisition Corp. [5] High risk [5] Weak [5] Weak [6] Highly leveraged b (was b-) Comparable ratings analysis: Negative (-1 notch, was Neutral) Less than adequate B-

» Navios Maritime Holdings Inc. [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged N/A (was b) CCC+ (was B)

» Navios Maritime Partners L.P. [5] High risk [5] Weak [5] Weak [4] Significant bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

» Ryanair Holdings PLC [5] High risk [1] Excellent [3] Satisfactory [2] Modest (was [1]) bbb+ (was a-) Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BBB (was BBB+)

» Sovcomflot PAO [5] High risk [3] Satisfactory [4] Fair [4] Significant (was [5]) bb (was bb-) Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB+

» Stagecoach Group PLC [5] High risk [1] Excellent [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Strong BBB-


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» Stena AB [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b

Diversification effect: Moderate (+1 notch)


Comparable ratings analysis: Negative (-1 notch)

Strong B+

» The Go-Ahead Group PLC [5] High risk [1] Excellent [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Strong BBB-

» Transportes Aereos Portugueses, SGPS, S.A. [5] High risk [5] Weak [5] Weak [6] Highly leveraged ccc Weak B-

» Turk Hava Yollari A.O. [5] High risk [3] Satisfactory [4] Fair [6] Highly leveraged (was [5]) b (was bb-) Adequate B (was B+)

» Vista Global Holding Ltd. [5] High risk [3] Satisfactory [4] Fair [5] Aggressive bb- Comparable ratings analysis: Negative (-1 notch) Adequate B+

Average scores for Transportation Cyclical 4.8 2.8 3.8 4.7

TRANSPORTATION INFRASTRUCTURE

» Abertis Infraestructuras S.A. [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BBB- (was BBB)

» Aeroporti di Roma SpA [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate (was [2]) bbb+ (was a+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate BB+ (was BBB)

» Aeroports de Paris [2] Low risk [1] Excellent [1] Excellent [4] Significant (was [3]) a- (was a) Adequate A (was A+)

» APRR S.A. [2] Low risk [1] Excellent [1] Excellent [3] Intermediate a Comparable ratings analysis: Negative (-1 notch) Strong A-

» Atlantia SpA [2] Low risk [3] Satisfactory (was [2]) [3] Satisfactory (was [2]) [4] Significant bb+ (was bbb)

Liquidity: Less than adequate (-1 notch, was Adequate)

Comparable ratings analysis: Negative (-1 notch) Less than adequate BB- (was BBB-)

» Autoroutes du Sud de la France S.A. [2] Low risk [1] Excellent [1] Excellent [3] Intermediate a Strong A-

» Avinor AS [2] Low risk [2] Strong [2] Strong [5] Aggressive (was [3]) bb+ (was bbb+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate A (was AA-)

» Cofiroute [2] Low risk [1] Excellent [1] Excellent [3] Intermediate a Strong A-

» daa PLC [2] Low risk [2] Strong [2] Strong [3] Intermediate (was [2]) bbb+ (was a) Strong A- (was A)

» DARS d.d. [2] Low risk [2] Strong [2] Strong [5] Aggressive bb+ Adequate A+

» DeloPorts LLC [4] Moderately high risk [5] Weak [5] Weak [4] Significant bb- Financial policy: Negative (-1 notch) Adequate B+

» Deutsche Bahn AG [2] Low risk [2] Strong [2] Strong [4] Significant (was [3]) bbb (was bbb+) Comparable ratings analysis: Positive (+1 notch) Adequate AA- (was AA)

» Ellaktor S.A. [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b- (was b) Less than adequate B- (was B)

» EP Bco S.A. [2] Low risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» Federal Passenger Co. JSC [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Financial policy: Negative (-1 notch) Adequate BBB-

» Ferrovial S.A. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch, was Neutral) Exceptional BBB

» Ferrovie dello Stato Italiane [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Adequate BBB

» Flughafen Zurich AG [2] Low risk [2] Strong [2] Strong [2] Modest a Strong A+ (was AA-)

» Getlink [2] Low risk [2] Strong [2] Strong [6] Highly leveraged (was [5]) bb (was bb+) Adequate BB- (was BB)

» Indigo Group S.A. [2] Low risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Negative (-1 notch, was Neutral) Strong BBB- (was BBB)

» Kazakhstan Temir Zholy [4] Moderately high risk [4] Fair [4] Fair [6] Highly leveraged b Less than adequate BB-

» MEIF 5 Arena Holdings SLU [2] Low risk [3] Satisfactory [3] Satisfactory [5] Aggressive bb Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB- (was BB)

» Mersin International Port [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Adequate BB-

» NATS (En Route) PLC [2] Low risk [2] Strong [2] Strong [3] Intermediate (was [2]) a- (was a) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate A+

» Novorossiysk Commercial Sea Port PJSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [4] Significant bb+


Comparable ratings analysis: Negative (-1 notch, was Neutral) Adequate BB

» NS Groep N.V. [2] Low risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bbb- (was bbb) Comparable ratings analysis: Positive (+1 notch) Adequate A (was A+)

» Q-Park Holding I BV [2] Low risk [2] Strong [2] Strong [6] Highly leveraged bb Comparable ratings analysis: Negative (-1 notch) Adequate BB-

» Royal Schiphol Group N.V. [2] Low risk [1] Excellent [1] Excellent [5] Aggressive (was [3]) bbb (was a) Comparable ratings analysis: Positive (+1 notch, was Neutral) Adequate A (was A+)

» Russian Railways JSC [4] Moderately high risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [4]) bb (was bb+) Adequate BBB-

» Sanef [2] Low risk [1] Excellent [1] Excellent [3] Intermediate a Comparable ratings analysis: Negative (-1 notch) Strong BBB- (was BBB)

» Societe Nationale des Chemins de Fer Belges [2] Low risk [3] Satisfactory [3] Satisfactory [6] Highly leveraged b+ Comparable ratings analysis: Negative (-1 notch) Adequate A

» Societe nationale SNCF [2] Low risk [2] Strong (was [3]) [2] Strong (was [3]) [4] Significant (was [3]) bbb Comparable ratings analysis: Negative (-1 notch) Adequate AA-

» Transnet SOC Ltd. [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant (was [3]) bb+ (was bbb)

Liquidity: Less than adequate (-1 notch)

Comparable ratings analysis: Negative (-1 notch) Less than adequate BB- (was BB)

» Ukrainian Railways JSC [4] Moderately high (was [5]) [5] Weak [5] Weak [6] Highly leveraged b Comparable ratings analysis: Negative (-1 notch, was Neutral) Less than adequate B-

» VINCI S.A. [3] Intermediate risk [2] Strong [2] Strong [2] Modest a+


Comparable ratings analysis: Negative (-1 notch) Strong A-

» VR-Yhtyma Oy [2] Low risk [3] Satisfactory [3] Satisfactory [1] Minimal a Comparable ratings analysis: Negative (-1 notch) Adequate A+

» Vygruppen AS [3] Intermediate risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong A-

Average scores for Transportation Infrastructure 2.6 2.5 2.5 3.9

UNREGULATED POWER & GAS

» A2A SpA [3] Intermediate risk [3] Satisfactory [3] Satisfactory [4] Significant bbb- Comparable ratings analysis: Positive (+1 notch) Adequate BBB

» Atomic Energy Power Corp. JSC [4] Moderately high risk [4] Fair [4] Fair [1] Minimal bbb Financial policy: Negative (-1 notch) Strong BBB-

» Centrica PLC [4] Moderately high risk [3] Satisfactory (was [2]) [3] Satisfactory [3] Intermediate bbb- (was bbb) Comparable ratings analysis: Positive (+1 notch, was Neutral) Strong BBB

» CEZ a.s. [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Adequate A-

» Drax Group Holdings Ltd. [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Strong BB+

» DTEK Renewables B.V. [5] High risk (was [6]) [4] Fair [5] Weak (was [6]) [6] Highly leveraged (was [5]) b Comparable ratings analysis: Negative (-1 notch) Less than adequate B-

» Edison SpA [4] Moderately high risk [3] Satisfactory [3] Satisfactory [3] Intermediate bbb- Strong BBB-

» EDP - Energias de Portugal S.A. [3] Intermediate risk [2] Strong [2] Strong [5] Aggressive bb+ Comparable ratings analysis: Positive (+1 notch) Strong BBB-

» Eesti Energia AS [3] Intermediate risk [3] Satisfactory [3] Satisfactory [5] Aggressive (was [4]) bb (was bb+) Adequate BBB-

» Electricite de France S.A. [3] Intermediate risk [3] Satisfactory (was [2]) [3] Satisfactory (was [2]) [4] Significant bbb- (was bbb) Comparable ratings analysis: Negative (-1 notch) Strong BBB+ (was A-)

» EnBW Energie Baden-Wuerttemberg AG [2] Low risk (was [3]) [2] Strong [2] Strong [4] Significant (was [3]) bbb (was bbb+) Comparable ratings analysis: Positive (+1 notch, was Neutral) Strong A-

» Energie AG Oberoesterreich [3] Intermediate risk [2] Strong [2] Strong [3] Intermediate bbb+ Comparable ratings analysis: Positive (+1 notch) Strong A

» Energie Steiermark AG [2] Low risk [2] Strong [2] Strong [3] Intermediate a- Adequate A

» ENGIE SA [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Exceptional BBB+ (was A-)

» Fortum Oyj [4] Moderately high risk [2] Strong [3] Satisfactory [3] Intermediate (was [4]) bbb- Strong BBB

» Georgian Oil and Gas Corp. JSC [5] High risk [4] Fair [5] Weak [5] Aggressive b+ Less than adequate BB-

» Holding Slovenske elektrarne d.o.o [4] Moderately high risk [5] Weak [5] Weak [6] Highly leveraged b Comparable ratings analysis: Positive (+1 notch) Adequate BB


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» InterGen N.V. [4] Moderately high risk [5] Weak [5] Weak [5] Aggressive b+ Adequate B+

» KELAG [3] Intermediate risk [2] Strong [2] Strong [2] Modest a Strong A

» Landsvirkjun [4] Moderately high risk [4] Fair [4] Fair [5] Aggressive bb- Strong BBB

» Mosenergo PJSC [4] Moderately high risk [4] Fair [4] Fair [1] Minimal bbb- Adequate BBB-

» N.V. Eneco Beheer [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Adequate A- (was BBB+)

» Orsted A/S [4] Moderately high risk [2] Strong [3] Satisfactory [3] Intermediate bbb Strong BBB+

» Public Power Corp. S.A. [4] Moderately high risk [6] Vulnerable [6] Vulnerable [6] Highly leveraged b- Less than adequate B-

» PZEM N.V. [4] Moderately high risk [6] Vulnerable [6] Vulnerable [1] Minimal bb- Comparable ratings analysis: Positive (+1 notch) Adequate BB

» RusHydro PJSC [4] Moderately high risk [4] Fair [4] Fair [3] Intermediate bb+ Adequate BBB-

» SSE PLC [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Comparable ratings analysis: Positive (+1 notch) Adequate BBB+

» Statkraft AS [4] Moderately high risk [1] Excellent [2] Strong [4] Significant (was [3]) bbb (was bbb+) Strong A-

» Teollisuuden Voima Oyj [4] Moderately high risk [1] Excellent [2] Strong [6] Highly leveraged bb Adequate BB (was BB+)

» TGC-1 PJSC [4] Moderately high risk [4] Fair [4] Fair [2] Modest (was [1]) bbb- Adequate BBB-

» Uniper SE [4] Moderately high risk [3] Satisfactory [3] Satisfactory [2] Modest bbb+ Comparable ratings analysis: Negative (-1 notch) Strong BBB

» Vattenfall AB [3] Intermediate risk [2] Strong [2] Strong [4] Significant bbb Adequate BBB+

» Verbund AG [3] Intermediate risk [2] Strong [2] Strong [2] Modest a Financial policy: Negative (-1 notch) Strong A

Average scores for Unregulated Power & Gas 3.6 3.1 3.2 3.6

UTILITIES

» United Utilities Water Ltd [1] Very low risk [2] Strong [1] Excellent [4] Significant a- Comparable ratings analysis: Unfavorable (-1 notch) Strong BBB+

Average scores for Utilities 1.0 2.0 1.0 4.0


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Lekha Prabhakar

[email protected]

Paul Watters, CFA

This report does not constitute a rating action.

Regional Credit Conditions Chair, EMEA

+1-212-438-1809, [email protected]

Secondary Contact:

Head of Corporate Credit Research


Research Associate, NA

Gregg Lemos-Stein, CFA

Gareth Williams

Yucheng Zheng

Managing Director, Head of Analytics & Research, Corporate Ratings


Related Criteria:

Related Research:

Primary Contact:


Related Criteria and Research



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