Morningstar DBRS Assigns R-1 (high) Rating to Sfil's EUR 3 Billion Negotiable European Commercial Paper Programme

DBRS Ratings GmbH (Morningstar DBRS) assigned an R-1 (high) rating with a Stable trend to the EUR 3 billion Negotiable European Commercial Paper Programme of Sfil SA's (Sfil or the Bank). The Programme is for the issuance of short-term debt securities with maturities not exceeding 365 days (366 days in a leap year) from the issue date. These securities constitute direct, unsecured and unsubordinated obligations and rank at least pari passu with the Issuer's other current and future direct, unsecured, and unsubordinated liabilities. The rating is in line with the Short-Term Debt rating of Sfil.

CREDIT RATING DRIVERS

The rating for this Programme will move in tandem with the Short-Term Debt rating of Sfil. An upgrade of Sfil's Short-Term Debt would lead to an upgrade of the Programme.

Conversely, a downgrade of Sfil's Short-Term Debt would result in a downgrade of the Programme.

ENVIRONMENTAL, SOCIAL, AND 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 Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (23 January 2024) https://dbrs.morningstar.com/research/427030.

Notes:
All figures are in Euros unless otherwise noted.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (04 June 2024) https://dbrs.morningstar.com/research/433881 In addition Morningstar DBRS uses the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (23 January 2024) https://dbrs.morningstar.com/research/427030 in its consideration of ESG factors.

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

The sources of information used for this credit rating include Morningstar Inc. and company documents. Other sources include Sfil EUR 3 billion Negotiable European Commercial Paper Programme 2024 Memorandum. Morningstar DBRS considers the information available to it for the purposes of providing this credit rating to be of satisfactory quality.

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

Morningstar DBRS does not audit the information it receives in connection with the credit 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. Morningstar DBRS's outlooks and credit ratings are under regular surveillance.

For further information on Morningstar DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication. For further information on Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

The sensitivity analysis of the relevant key credit rating assumptions can be found at: https://dbrs.morningstar.com/research/435928.

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

Lead Analyst: Sonja Forster, Vice President
Rating Committee Chair: Vitaline Yeterian, Senior Vice President
Initial Rating Date: September 10, 2018
Last Rating Date: Not applicable as there is no last rating date.

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