DBRS Morningstar Finalises Provisional Rating of BBB (low), Stable Trend, on Elis S.A.’s EUR 300 Million Senior Unsecured Notes Issuance

DBRS Ratings GmbH (DBRS Morningstar) finalised its provisional rating of BBB (low) with a Stable trend on the EUR 300 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 17 May 2022.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology is Rating Companies in the Services Industry (28 January 2022, https://www.dbrsmorningstar.com/research/391428), 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 (17 May 2022, https://www.dbrsmorningstar.com/research/396929).

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

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.

The conditions that lead to the assignment of a Negative or Positive trend are generally 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: https://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.

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

Lead Analyst: Giuseppe Fresta, Senior Vice President
Rating Committee Chair: Charles Halam-Andres, Managing Director
Initial Rating Date: 28 March 2019
Last Rating Date: 16 March 2022

DBRS Ratings GmbH, Sucursal en España
Paseo de la Castellana 81
Plantas 26 & 2728046 Madrid
Spain
Tel. +34 (91) 903 6500

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

-- Rating Companies in the Services Industry (28 January 2022),
https://www.dbrsmorningstar.com/research/391428/rating-companies-in-the-services-industry.
-- DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (17 May 2022),
https://www.dbrsmorningstar.com/research/396929/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.