DBRS Morningstar Finalizes Its Provisional Ratings of BBB With Stable Trends to Stellantis Finance US Inc.'s New Debt Issuance.

ENPNewswire-September 16, 2021--DBRS Morningstar Finalizes Its Provisional Ratings of BBB With Stable Trends to Stellantis Finance US Inc.'s New Debt Issuance

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Release date- 15092021 - DBRS Limited (DBRS Morningstar) finalized its provisional ratings of BBB with Stable trends to the following securities issued by Stellantis Finance US Inc. (Stellantis Finance US).

USD 1.0 billion 1.711% senior notes due January 29, 2027; and

USD 1.0 billion 2.691% senior notes due September 15, 2031 (collectively, the Notes).

The Notes are guaranteed by Stellantis Finance US' ultimate parent, Stellantis N.V. (Stellantis). The use of proceeds of the Notes is for general corporate purposes, which may include repayment or refinancing of other indebtedness. DBRS Morningstar anticipates, however, that the proceeds of the Notes will be substantially applied toward such refinancing, as substituting the Notes for Stellantis' other obligations will result in an associated reduction in interest expense. Additionally, as of June 31, 2021, Stellantis' liquidity was substantial, in the amount of EUR 51.4 billion, consisting of cash/cash equivalents balances of EUR 40.9 billion and availability of EUR 10.5 billion of undrawn committed credit lines.

ESG CONSIDERATIONS

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:

All figures are in U.S. dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 22, 2020; https://www.dbrsmorningstar.com/research/368670), and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021; https://www.dbrsmorningstar.com/research/379424), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021; https://www.dbrsmorningstar.com/research/373262).

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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