DBRS Morningstar Finalises Provisional Rating of BBB (low), Stable, on Elis S.A.’s EUR 200 Million Senior Unsecured Notes Issuance

DBRS Ratings GmbH (DBRS Morningstar) finalised its provisional rating of BBB (low) with a Stable trend on the EUR 200 million Senior Unsecured Notes (the Notes) issued by Elis S.A. (Elis). After its review of the documentation associated with the recent offering, DBRS Morningstar confirmed that all terms of the Notes issuance were consistent with those contemplated at the time it assigned the provisional rating on 13 September 2021.

The Notes will assimilate with the existing EUR 350 million notes issued on 3 October 2019, which mature in 2028 and have the same terms and conditions. In addition, the Notes will rank pari passu with all other unsecured and unsubordinated obligations of Elis.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology is Rating Companies in the Services Industry (29 January 2021), https://www.dbrsmorningstar.com/research/372947/rating-companies-in-the-services-industry, which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (3 February 2021), https://www.dbrsmorningstar.com/research/373262/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The primary sources of information used for this rating include Elis’ audited and interim financial statements, investor presentations, forecasts, budgets, and presentations provided by Elis. DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

This rating concerns a newly issued financial instrument. This is the first DBRS Morningstar rating on this financial instrument.

DBRS Morningstar does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.

The sensitivity analysis of the relevant key rating assumptions can be found at: https://www.dbrsmorningstar.com/research/384323.

This rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Giuseppe Fresta, Vice President
Rating Committee Chair: Andrea Zanda, Senior Vice President
Initial Rating Date: 28 March 2019
Last Rating Date: 16 March 2021

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-- Rating Companies in the Services Industry methodology (29 January 2021), https://www.dbrsmorningstar.com/research/372947/rating-companies-in-the-services-industry.
-- DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings
(3 February 2021),
https://www.dbrsmorningstar.com/research/373262/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com.