Annual Review For NMN Holdings III Corp.
This publication does not constitute a rating action.
S&P Global Ratings has performed annual reviews of the credit ratings of this issuer. When applicable, this review would include the review of the issuer’s subsidiaries or associated entities.
In an annual review, S&P Global Ratings reviews current credit ratings against the latest issuers/issues performance data as well as any recent market developments. Annual reviews may, depending on their outcome, result in a referral of a credit rating for a committee review, which may result in a credit rating action. This publication is not an indication of whether or not a credit rating action is likely in the near future.
Please refer to the below information for the key elements considered during this review and underlying the current credit rating.
| Rating Component Scores | |
|---|---|
| Business risk | Weak |
| Country risk | Very Low Risk |
| Industry risk | Intermediate Risk |
| Competitive position | Weak |
| Financial risk | Highly Leveraged |
| Cash flow/leverage | Highly Leveraged |
| Anchor | b- |
| Diversification/portfolio effect | Neutral (no impact) |
| Capital structure | Neutral (no impact) |
| Financial policy | FS-6 (no impact) |
| Liquidity | Adequate (no impact) |
| Management and governance | Fair (no impact) |
| Comparable rating analysis | Neutral (no impact) |
| Stand-alone credit profile | b- |
| Current Credit Rating | |
| Foreign currency issuer credit rating | B-/Stable/-- |
| Local currency issuer credit rating | B-/Stable/-- |
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