Fitch Ratings has downgraded
The 'D' IDR reflects Fitch's view that the
Simultaneously, Fitch is withdrawing SDHB's IDR and Recovery Rating as the company has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for SDHB
Key Rating Drivers
ESG - Governance: Management Strategy and Financial Transparency: SDHB is subject to an ongoing independent review requested by its auditors. In addition, there has been a delay in the publication of its audited financial reports.
RATING SENSITIVITIES
Ratings sensitivities do not apply, as the ratings have been withdrawn.
Best/Worst Case Rating Scenario
International scale credit ratings of Non-Financial Corporate 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 '
Issuer Profile
SDHB is one 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.
ESG Considerations
SDHB has an ESG Relevance Score of '4' for Management Strategy due to an independent review requested by its auditors, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors.
SDHB has an ESG Relevance Score of '4' for Financial Transparency due to a delay in publishing audited financial results, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors.
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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