DBRS Morningstar Assigns Rating of BBB (low), Stable, to Elis S.A.’s Outstanding Senior Unsecured Notes

DBRS Ratings GmbH (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to all of the following Senior Unsecured Notes (the Notes) issued by Elis S.A. (Elis) that DBRS Morningstar does not already rate:

-- EUR 450 million 1.875% maturing in 2023
-- EUR 500 million 1.75% maturing in 2024
-- EUR 500 million 1% maturing in 2025
-- EUR 350 million 2.875% maturing in 2026

The rating being assigned is based upon the rating on already-outstanding series of the above-mentioned debt instrument. The Notes were issued pursuant to the EUR 3 billion Euro Medium Term Note (EMTN) Programme base prospectus dated 30 January 2018 as well as the EUR 3 billion EMTN Programme base prospectus dated 26 March 2019 and their respective executed final term documents. In addition, the Notes rank pari passu with all other existing and future 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.

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.

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.

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

Lead Analyst: Giuseppe Fresta, Vice President
Rating Committee Chair: Charles Halam-Andres, Managing Director
Initial Rating Date: 28 March 2019
Last Rating Date: 27 September 2021

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-- Rating Companies in the Services Industry (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.