Fitch Ratings has assigned a short-term rating of 'F1' to
The notes are issued under the
The senior unsecured notes will constitute a direct, unsecured, unconditional and unsubordinated obligation of MMC and, by way of the guarantee,
MMC is a wholly owned subsidiary of
Key Rating Drivers
The rating on the guaranteed notes is aligned with the Short-Term Issuer Default Rating (IDR) of the guarantor,
For the key rating drivers and rating sensitivities for
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Negative rating action on the Short-Term IDR on
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Positive rating action on the Short-Term IDR on
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Summary of Financial Adjustments
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.
Public Ratings with Credit Linkage to other ratings
The rating of MMC's guaranteed senior unsecured notes is directly linked to the IDR of the guarantor,
ESG Considerations
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This 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. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
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