Fitch Ratings has assigned a long-term rating of 'A-' and a short-term rating of 'F1' to
The rating is assigned to the programme and not to the notes issued under the programme. There is no assurance that notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the rating assigned to the programme.
The senior unsecured notes issued under the programme will constitute direct, unsecured, unconditional and unsubordinated obligations of
MMC is a wholly owned subsidiary of
KEY RATING DRIVERS
The rating on the guaranteed programme is aligned with the Long-Term Issuer Default Rating (IDR) and the Short-Term IDR of the guarantor,
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Negative rating action on the Long-Term IDR and Short-Term IDR on
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Positive rating action on the Long-Term IDR and Short-Term IDR on
For the rating sensitivities for
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
The total assets and total liabilities of
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 ratings of MMC's programme are directly linked to the IDRs of the guarantor
RATING ACTIONS
ENTITY/DEBT RATING
senior unsecured
LT A- New Rating
senior unsecured
ST F1 New Rating
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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