Fitch Ratings has assigned
Key Rating Drivers
The MCCP rating is equalised with
Commercial paper issued under the programme is senior, unsecured, and ranks pari passu with all other senior preferred obligations of
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
The programme's rating would be downgraded if
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
The programme's rating could be upgraded if
The programme's rating is also sensitive to
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
RATING ACTIONS
Entity / Debt
Rating
Senior preferred
ST
F3
New Rating
Page
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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