Moody's

......Vivendi SE Baa# rating reflects the company's strong and established positions in diverse markets and geographies; Canal+'s subscription-based revenue model in the pay-TV segment, with limited dependence on advertising; and the company's good liquidity, which is further supported by the value of its various liquid investments in listed corporations, well in excess of the group's Moody's-adjusted debt. Our credit view also takes into account the challenges in the pay-TV industry because of growing competition from global TV streaming platform companies and content inflation; intense competition and cyclicality that advertising agencies such as Havas face; the expected high gross leverage for the rating category (see Exhibit #); and a degree of uncertainty around the group's strategy owing to its plan to split its operations, currently under study......

......On # May, we affirmed EQUATE Petrochemical Co. K.S.C.C's Baa# rating and changed the outlook to negative from stable. The rating action reflects the weak industry conditions and uncertainty over the pace of market recovery, which will result in elevated leverage over the next ## months. According to our Government-Related Issuers (GRI) rating methodology, EQUATE's Baa# rating incorporates a Baseline Credit Assessment (BCA) of ba# and a two-notch uplift based on the assumption of strong extraordinary support from the Government of Kuwait (A# stable). The BCA factors in EQUATE's (#) competitive business position given its low-cost operations; (#) high level of operating efficiency and strong safety record; and (#) track record of healthy operational cash flow even amid weak market conditions. At the same time, the BCA reflects EQUATE's (#) exposure to the cyclical petrochemical industry and its relatively small scale of operations; (#) high product concentration, with ethylene glycol (EG......

......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT......

...#/# NEWS Contact: ##-####-#### ##-####-#### ##-####-#### ##-####-#### [MJKK] ####### A#A# baa#BCABCAP-# P-#A# /P-#/A#(cr) /P-#(cr)/ ##-## FG########% IIIFG TCE/TCE########.#%##% ##### #...

......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT......

......Contacts Avula Murali, +, Murali.Avula@moodys.com Nicolas Odella, +####-####-####, Nicolas.Odella@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.RMBS@moodys.com......

......Contacts Ayantika Bhowmik, +, Ayantika.Bhowmik@moodys.com Rudolf Kurz, +## ### #######, Rudolf.Kurz@moodys.com Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......

......Contacts Ayantika Bhowmik, +, Ayantika.Bhowmik@moodys.com Maria Margiotta, +####-####-####, Maria Client Service Desk London: +####-####-####, clientservices@moodys.com Monitoring Monitor.ABS@moodys.com......

......Page # (note #) The data reported in this PO is based on information provided by the issuer and may include certain assumptions made by Moody's. Moody's accepts no responsibility for the information provided to it and, whilst it believes the assumptions it has made are reasonable, cannot guarantee that they are or will remain accurate. Although Moody's encourages all issuers to provide reporting data in a consistent manner, there may be differences in the way that certain data is categorised by issuers. The data reporting template (which Issuers are requested to use) is available on request. Credit ratings, TPI and TPI Leeway shown in this PO are as of publication date. (note #) This assumes the Covered Bonds rating is not constrained by the TPI. Also to the extent rating assumptions change following a downgrade or an upgrade of the Issuer, the necessary OC stated here may also change. This is especially significant in the case of CR assessments of A#(cr) or Baa#(cr), as discretion is applied......

......Page # (note #) The data reported in this PO is based on information provided by the issuer and may include certain assumptions made by Moody's. Moody's accepts no responsibility for the information provided to it and, whilst it believes the assumptions it has made are reasonable, cannot guarantee that they are or will remain accurate. Although Moody's encourages all issuers to provide reporting data in a consistent manner, there may be differences in the way that certain data is categorised by issuers. The data reporting template (which Issuers are requested to use) is available on request. Credit ratings, TPI and TPI Leeway shown in this PO are as of publication date. (note #) This assumes the Covered Bonds rating is not constrained by the TPI. Also to the extent rating assumptions change following a downgrade or an upgrade of the Issuer, the necessary OC stated here may also change. This is especially significant in the case of CR assessments of A#(cr) committee discretion is applied......

......On ## May, Nippon Life Insurance Company (Insurance Financial Strength Rating (IFSR) A# stable) said it agreed to buy a ##% stake in Corebridge Financial, Inc. (Baa# stable; its insurance operating subsidiaries, IFSR A# stable) from American International Group, Inc. (Baa# stable) for around $#.## billion or ¥### billion. Nippon Life plans to make Corebridge an equity method affiliate after the purchase. The planned equity purchase is credit positive for Nippon Life because it will increase its profit and geographic diversification. The deal is also credit positive for Corebridge because it adds a long-term, strategic partner committed to Corebridge's franchise value and could lead to product and distribution synergies over time. Nippon Life will fund the purchase with cash on hand, which will help maintain its leverage and coverage strength. The purchase amount will account for just #.#% of Nippon Life's adjusted shareholders' equity as of end-March #### and will only slightly weaken its......

......issued renminbi-denominated total loss-absorbing capacity (TLAC) noncapital bonds, the first in the Chinese onshore market. Bank of China Limited (BOC, A# negative, baa#) followed the next day with its own TLAC bond issuance. These issuances are credit positive for the two banks because the bonds increase their buffers for loss absorption and recapitalization, in the event of failure. The offering circulars of the issuances contractually subordinate the TLAC bonds relative to senior unsecured bonds, in the contingency of a regulatorily mandated write-down during the issuing banks' resolution. Each of the two banks' issuances has two tranches with maturities of four or six years, and issuers have the option to redeem the bonds one year before their maturity dates. We expect that some elements of government support will flow through to support TLAC noncapital bonds credit. ICBC and BOC has each issued RMB## billion ($#.# billion) in TLAC bonds, exceeding the RMB## billion announced amount......

...Structured Finance SECTOR IN-DEPTH ## May #### # ABS # ABS # # +##.#.####.#### VP- / SF atsushi +##.#.####.#### / SF yusuke.seki@moodys.com CLIENT SERVICES Americas #-###-###-#### Asia Pacific ###...

......On ## May ####, we downgraded to Ba# from Baa# the long-term senior unsecured rating of Vivo Energy Limited's (Vivo Energy) $### million bond maturing in September #### issued by Vivo Energy Investments B.V. We also withdrew Vivo Energy Limited 's Baa# long term issuer rating and assigned a corporate family rating (CFR) of Ba# and Ba#-PD probability of default rating (PDR), in line with our practice for corporates with non-investment grade ratings. All outlooks were changed to stable from negative. Vivo Energy's Ba# CFR reflects the company's business profile supported by (#) a large and supportive shareholder; (#) its limited exposure to petroleum product price risk through arrangements with suppliers to sell products at prevailing prices set by regulators; (#) exposure to regulated markets with absolute margins granted on fuel prices; (#) the strength of the Shell and Engen brands in Africa; and (#) the critical socioeconomic role that fuel retailers play in African countries. Increasing......

......SK Broadband Co., Ltd.'s (SKB) A# issuer rating incorporates its solid underlying credit strength and a two-notch rating uplift, reflecting our expectation that the company will receive support from its parent SK Telecom Co., Ltd. (SKT, A# stable) in case of need. SKB's underlying credit strength is primarily underpinned by its established position as Korea's second-largest fixed-line telecom operator in terms of number of broadband and internet protocol television (IPTV) subscribers, substantial operational synergies with SKT and low leverage. SKB benefits from its ability to offer bundled products, and leverage SKT's extensive sales network and large mobile subscriber base, which significantly mitigates the risk related to SKB's small scale and wireline-only business model on a standalone basis. We expect SKB to maintain low adjusted debt/EBITDA of around #.#x-#.#x over the next ##-## months (see Exhibit #), largely similar to #.#x in ####. This level of financial leverage lends key support......

......Singapore Telecommunications Limited (Singtel) is an integrated communications services provider whose services include fixed, mobile, data, internet, TV and info-communications technology and digital solutions. Singtel operates in Australia, Africa, India, Indonesia, the Philippines and Thailand through its wholly owned subsidiary Singtel Optus Pty Ltd and its regional associates Bharti Telecom Limited (BTL)/Bharti Airtel (Airtel) (India, South Asia and Africa), Telekomunikasi Selular (P.T.) (Telkomsel, Indonesia), Globe Telecom (Globe, Philippines), Advanced Info Service (AIS, Thailand) and Intouch Holdings Public Company Limited#......

...MOODY'S INVESTORS SERVICE # Moody's Ratings, KB `A#' ; `' #### # ## . . Moody's Ratings( `') ( `KB ') 'A#'/`P-#' / (issuer rating) `A#' . KB `' `' . KB `' `' . KB . , KB #### #.#% #### #.#% . #### ###% . , #### . KB `baa#' KB(A#...

......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT......