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Credit FAQ: Calculating Leverage For Large U.S. Media Companies (2023 Update)

S&P Global Ratings adjusts reported financials in our analysis of credit metrics in line with our methodologies, in part to increase comparability. Here, we provide the annual update to our analytical adjustments for EBITDA and debt for the five major U.S. media companies we rate: Fox Corp., Netflix Inc., Paramount Global, The Walt Disney Co., and Warner Bros. Discovery Inc.

Table 1

U.S. Media Companies: Peer Risk Profile Comparison
Ratings as of March 10, 2023; adjusted leverage as of Dec. 31, 2022
--Adjusted leverage threshold--
Rating Business/financial risk profile Upside Downside LTM adjusted leverage

Fox Corp.

BBB/Stable/-- Satisfactory/modest 2.0x 3.0x 1.1x

Netflix Inc.

BBB/Stable/-- Strong/significant 2.5x 3.5x 1.6x

Paramount Global

BBB/Negative/A-2 Satisfactory/significant 2.25x 3.0x 4.4x

The Walt Disney Co.

BBB+/Positive/A-2 Strong/significant 3.0x 3.5x 3.6x

Warner Bros. Discovery Inc.

BBB-/Stable/A-3 Satisfactory/significant 3.0x 3.5x 10.9x
Warner Bros. Discovery leverage is as reported. On a pro forma basis, we estimate LTM adjusted leverage to be 8.5x.
LTM--Last 12 months. Sources: Company reports, S&P Global Ratings estimates.

Frequently Asked Questions

What debt adjustments does S&P Global Ratings make for the five major U.S. media companies?

Many of our adjustments to a company's as-reported debt balance--such as the tax-effected unfunded portion of pension and other post-employment benefits (OPEB), operating lease debt, and netting of accessible cash and liquid investments--are common across most corporate issuers. However, we make several less-common adjustments to debt for these companies. The most significant involve the put options to purchase minority stakes in investments and joint ventures (usually disclosed within redeemable noncontrolling interests). The largest such adjustment is Disney's put/call option for Hulu, which was $8.743 billion as of Jan. 1, 2023. For more details on our methodology and adjustments, see "Corporate Methodology: Ratios And Adjustments" and "Guidance: Corporate Methodology: Ratios And Adjustments," both published April 1, 2019.

How does S&P Global Ratings treat one-time restructuring and programming charges?

Companies report restructuring charges each year. Some are seemingly recurring, such as severance driven by headcount reductions. Others are more transformational and driven by major companywide reorganizations or mergers. We break restructuring charges into three buckets, some of which we add back to EBITDA and some we consider the cost of doing business. We don't exclude these latter costs from our EBITDA calculation:

  • General restructuring costs, including severance and exit costs, as ongoing costs so we include them in EBITDA.
  • Programming charges or write-downs of ongoing operational costs. These charges are specific to programming investments either abandoned before completion or written down because the project is no longer likely to generate revenues it once expected.
  • Large mergers and acquisitions (M&A), such as Discovery's merger last year with Warner Media, which we consider transformational events, so we add those specific merger-related costs back to EBITDA. The merger-related costs also include cost-transformation initiatives. However, we generally only consider merger-related costs incurred in the first year of a transaction. Only in specific cases do we extend this beyond the first year. One example is Disney's Twenty-First Century Fox Inc. (TFCF) acquisition. Given the complexity of that merger, we added back merger-related costs through the quarter ended in September 2020.
Why does S&P Global Ratings use as-reported EBITDA instead of cash EBITDA?

Cost accounting for film and TV series allows for costs associated with a project to be capitalized and then amortized at the same pace as revenues are recognized. (Note that even though this is called programming or content amortization, we view this as an operating cost and treat such amortization as a cost of sales; see paragraphs 156-159 of "Guidance | Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments"). Cash costs, meanwhile, are recognized as spent. As a result, cash programming costs often differ in timing and amount from generally accepted accounting principles (GAAP) programming costs. For companies expanding their programming investments, cash programming costs will exceed GAAP costs. For those companies with programming investments that have reached a steady state, GAAP costs equal cash costs. Some would argue that substituting cash costs for GAAP costs would make cash EBITDA a more accurate measure of cash flow.

We choose to stick with as-reported EBITDA for three reasons:

  • To maintain a consistent definition for EBITDA across all sectors and companies;
  • Cash EBITDA is more volatile than as-reported EBITDA; and
  • The disclosure of programming costs among media companies is inconsistent.

Some companies disclose both cash and amortized programming costs, a few others disclose only the difference between the two, and some don't disclose them at all.

Table 2

U.S. Media Companies' Cash Versus Amortized Programming Spending
(Mil. $)
GAAP content spending Cash content spending Change

Fox Corp.

5,358 (5,585) (227)

Netflix Inc.

14,026 (16,839) (2,813)

Paramount Global

14,951 (17,164) (2,213)

The Walt Disney Co.

24,050 (30,270) (6,220)

Warner Bros. Discovery Inc.

14,161 (12,562) 1,599
Last-12-months spending as of Dec. 31, 2022. Fox does not disclose cash content spending and only discloses programming rights amortization in note 5. It does disclose the change between GAAP and cash spending. GAAP--Generally accepted accounting principles. Sources: Company reports, S&P Global Ratings estimates.
How do we treat the step-up of the fair value of content due to an acquisition?

We do not treat this as an operating cost, which occurs as accounting rules require that the purchase price be allocated across the acquired company's assets. More often than not, a significant portion of this value is allocated to goodwill, but also across the acquired company's assets including intangibles (intellectual property, trademarks); property, plant, and equipment; and inventory. With media companies, it's also their film and TV content libraries. We find EBITDA useful to our credit analysis because it reflects underlying profitability. Including the step-up amount in cost of goods sold would, in our opinion, distort EBITDA and thus our profitability analysis. Therefore, we don't include amortization or expense related to fair value step-up in our EBITDA calculation.

When a company buys or merges with another, does S&P Global Ratings assess the rating based on pro forma adjusted leverage?

We generally don't assess the impact of M&A on ratings using pro forma EBITDA unless there's a compelling reason. Company-provided pro forma financial statements allow for a more representative measure of full-year performance and more meaningful ratios. Still, pro forma has several limitations. First, it reflects the financial performance of the acquisition under a different management team, so at best it's an approximation of how the larger company will perform. Each company may have somewhat different accounting standards, especially for how they amortize programming costs. Also, pro forma estimates that companies provide to the market reflect recognition of all immediate synergies. Most synergies are realized over time (and some may not be achieved at all), and most companies' pro forma guidance don't include the costs (i.e., severance, restructuring) they will incur to achieve them. For example, Paramount Global's original 2020 pro forma guidance for the new company recognized all $750 million in expected synergies, even though the company expected to achieve those synergies over three years.

How does S&P Global Ratings treat programming guarantees?

We don't consider these obligations to be debt. We believe they are future operating costs that will be paid with future cash flow. In addition, if a media company defaults on its programming obligations, we believe these contracts would be voided. Depending on how attractive the programming guarantee is, the owner could easily sell those rights to a third party.

How does S&P Global Ratings calculate EBITDA for diversified media companies?

We define S&P Global Ratings-adjusted EBITDA as a company's revenues minus operating expenses (excluding depreciation, amortization, and noncurrent asset impairment and impairment reversals). We include cash dividends a company may receive from investments accounted for under the equity method and exclude its share of these investees' profits. We also exclude share-based compensation expense payable in shares. We add back acquisition-related transformational/M&A restructuring costs in our EBITDA calculation and don't exclude current asset impairments and write-downs. We treat programming amortization as a cost of sales (an operating cost) and therefore include the amortization (and any related write-downs) in our EBITDA calculation. Our adjustments to EBITDA include the interest and depreciation expenses associated with capitalizing operating leases.

How frequently does S&P Global Ratings update its adjustments?

We update our adjustments for pension and OPEB each year, when the companies release their annual Form 10-K reports. However, we make midyear adjustments when they're deemed material. For example, we made an adjustment for Disney, which closed on its acquisition of TFCF on March 20, 2019, after disclosing its revised pension and operating lease liabilities. We update all other adjustments quarterly.

Table 3

Fox Corp. Debt Reconciliation
As of Dec. 31, 2022
Amount (Mil. $) Comments Financial Statements Reference Criteria reference
Reported debt 7,208
S&P Global Ratings adjustments
Reported lease liabilities 1,009 On-balance sheet (operating & finance) lease liability Page 17; 10-Q dated Feb. 8, 2023 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Postretirement benefit obligations/deferred compensation 146 Tax-effected pension (21%) and other post retirement obligations of the direct and shared plans net off trust asset ($264 million) Page 95; 10-K dated Aug. 12, 2022 Para 56-58; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Accessible cash and liquid investments (4,683) 100% of cash and cash equivalents. Also includes $625 million of liquid long-term investments (Flutter Entertainment) Page 3 and 8; 10-Q dated Feb. 8, 2023 Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments Para 23-25; Criteria: General: Corporate Methodology: Ratios And Adjustments
Redeemable noncontrolling interests 196 Put options outside control of the company Page 3; 10-Q dated Feb. 8, 2023 Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Earnouts and deferred consideration for business acquisitions 45 Deferred consideration for Tubi acquisition Page 76; 10-K dated Aug. 12, 2022 Para 95-99; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments Para 36; Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments (3,287)
S&P Global Ratings-adjusted Debt 3,921
Sources: Company reports, S&P Global Ratings estimates.

Table 4

Fox Corp. EBITDA Reconciliation
For the 12 months ended Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
Reported EBITDA 3,182
S&P Global Ratings adjustments
Operating lease rent 143 Estimated last-12-months operating lease rent based on the reported annual lease rent Page 84; 10-K dated Aug. 12, 2022 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Share-based compensation expense 87 Page 11; 10-Q dated Feb. 8, 2023 Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments 230
S&P Global Ratings-adjusted EBITDA 3,412
Sources: Company reports, S&P Global Ratings estimates

Table 5

Netflix Inc. Debt Reconciliation
As on Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
Reported debt 14,353.1
S&P Global Ratings adjustments
Reported lease liabilities 2,578.5 On-balance sheet (operating and finance) lease liability Page 51; 10-K dated Jan. 26, 2023 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Accessible cash and liquid investments (6,058.5) We assume anything above two months of Last-12-months revenue is surplus cash given high cash spending on programming Page 41; 10-K dated Jan. 26, 2023 Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments Para 23-25; Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments (3,480.0)
S&P Global Ratings-adjusted debt 10,873.1
Sources: Company reports, S&P Global Ratings estimates.

Table 6

Netflix Inc. EBITDA Reconciliation
For the 12 months ended Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
Reported EBITDA 5,969.5
S&P Global Ratings adjustments
Operating lease rent 413.7 Operating lease rent as reported by the company Page 51; 10-K dated Jan. 26, 2023 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Share-based compensation expense 575.5 Page 56; 10-K dated Jan. 26, 2023 Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments 989.2
S&P Global Ratings-adjusted EBITDA 6,958.7
Sources: Company reports, S&P Global Ratings estimates.

Table 7

Paramount Global As-Reported EBITDA Calculation
For the 12 months ended Dec. 31, 2022
Amount (Mil. $)
Total operating income 2,342
Depreciation and amortization 405
Restructuring and other corporate matters 585
Gain on sale of assets (56)
Company-reported adjusted operating income before depreciation and amortization 3,276
Restructuring and corporate expenses (585)
Restructuring (cost-transformation initiatives related to the merger) 0
Gain on sale of assets 56
S&P Global Ratings reported EBITDA 2,747
Sources: Company reports, S&P Global Ratings estimates.

Table 8

Paramount Global Debt Reconciliation
As of Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
Reported debt 15,836
S&P Global Ratings adjustments
Reported lease liabilities 1,730 On-balance-sheet (operating and finance) lease liability Page II-79; 10-K dated Feb. 16, 2023 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Postretirement benefit obligations/deferred compensation 1,201 Tax-effected pension (21%) and other post-retirement obligations Page II-92; 10-K dated Feb. 16, 2023 Para 56-58; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Accessible cash and liquid investments (2,885) 100% of cash and cash equivalents and unrestricted marketable securities Page II-53; 10-K dated Feb. 16, 2023 Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments Para 23-25; Criteria: General: Corporate Methodology: Ratios And Adjustments
Intermediate hybrids reported as debt (825) 50% value of junior subordinated debentures As disclosed by the company Para 82-88; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Guarantee/Contingent liability 40 Tax-effected (21%) present value of guarantee obligation toward CBS Television City Page II-101; 10-K dated Feb. 16, 2023 Para 92-94; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Redeemable non-controlling interests 0 Value of the put rights as a component of redeemable equity Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments (739)
S&P Global Ratings-adjusted debt 15,097
Sources: Company reports, S&P Global Ratings estimates.

Table 9

Paramount Global EBITDA Reconciliation
For the 12 months ended Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
S&P Global Ratings reported EBITDA 2,747
S&P Global Ratings adjustments
Operating lease rent 373 Operating lease rent as reported by the company Page II-80; 10-K dated Feb. 16, 2023 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Share-based compensation expense 158 Excluding compensation related to merger transction, which is already included in one-time charges Page II-100; 10-K dated Feb. 16, 2023 Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Gain on sale of assets (56) Reflects a $41 million gain recognized upon the contribution of certain assets of Paramount+ in Denmark, Finland, Norway, and Sweden to SkyShowtime, its streaming joint venture, as well as gains totaling $15 million from the sale of international intangible assets and a working capital adjustment to the gain from the fourth quarter 2021 sale of CBS Studio Center. Page II-6; 10-K dated Feb. 16, 2023 Para 28; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
One-time expenses related to restructuring 0 Includes only the restructuring and merger related charges associated with the transaction Para 29; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Dividends received from equity investments 3 Calculated as equity in losses of investee companies, net of cash distributions less loss on equity method investees Page II-54 and II-100; 10-K dated Feb. 16, 2023 Para 25; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Litigation charges/settlement 211 Adjusted as a material cost Page II-74; 10-K dated Feb. 16, 2023 Para 107; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments 689
S&P Global Ratings-adjusted EBITDA 3,436
Sources: Company reports, S&P Global Ratings estimates.

Table 10

The Walt Disney Co. As-Reported EBITDA Calculation
For the 12 months ended Dec. 31, 2022
Amount (Mil. $)
Income from continuing operations before income taxes 5,370
Equity in the income of investees (768)
Interest expense, net 1,386
Other income, net 273
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs 1,691
Depreciation and amortization (excluding purchase accounting) 3,509
Impairment charge on Russian operations 306
S&P Global Ratings reported EBITDA 11,767
Sources: Company reports, S&P Global Ratings estimates.

Table 11

The Walt Disney Co. Debt Reconciliation
As on Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
Reported debt 48,377.0
S&P Global Ratings adjustments
Reported lease liabilities 3,863.0 As disclosed by company Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Postretirement benefit obligations/deferred compensation 866.6 Tax-effected (21%) pension and other post retirement obligations Page 95; 10-K dated Nov. 29, 2022 Para 56-58; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Accessible cash and liquid investments (8,470.0) 100% of cash and cash equivalents Page 5; 10-Q dated Feb. 8, 2023 Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments Para 23-25; Criteria: General: Corporate Methodology: Ratios And Adjustments
Noncontrolling interests
Option to purchase Hulu stake from NBCUniversal 8,743.0 NBCU’s interest in Hulu Page 5 and 8; 10-Q dated Feb. 8, 2023 Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments 5,002.6
S&P Global Ratings-adjusted debt 53,379.6
Sources: Company reports, S&P Global Ratings estimates.

Table 12

The Walt Disney Co. EBITDA Reconciliation
For the 12 months ended Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
S&P Global Ratings reported EBITDA 11,767
S&P Global Ratings adjustments
Operating lease rent 809 As disclosed by company Page 106; 10-K dated Nov. 29, 2022 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Share-based compensation expense 1,051 Page 6; 10-Q dated Feb. 8, 2023 Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Fair value step-up on film and television costs 636 Page 10; 10-Q dated Feb. 8, 2023
Dividends received from equity investments 732 Page 6; 10-Q dated Feb. 8, 2023 Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments 3,228
S&P Global Ratings-adjusted EBITDA 14,995
Sources: Company reports, S&P Global Ratings estimates.

Table 13

Warner Bros. Discovery Inc. As-Reported EBITDA Calculation
For the 12 months ended Dec. 31, 2022
Amount (Mil. $)
Total operating income (7,370)
Restructuring and other charges 3,757
Depreciation and amortization 7,193
Employee share-based compensation 410
Transaction and integration costs 1,195
Gain on asset disposition 117
Amortization of step-up to fair value of content related to acquisitions 2,416
Company-reported adjusted EBITDA 7,718
Restructuring and corporate expenses (3,133)
Employee share-based compensation (410)
Organization restructuring (607)
Amortization of step-up to fair value of content related to acquisitions (2,416)
Transaction and integration costs (1,195)
Other contract termination (17)
S&P Global Ratings reported EBITDA (60)
Sources: Company reports, S&P Global Ratings estimates.

Table 14

Warner Bros. Discovery Inc. Debt Reconciliation
As of Dec. 31, 2022
Amount (Mil. $) Comments Financial statements reference Criteria reference
Reported debt 48,999.0
S&P Global Ratings adjustments
Reported lease liabilities 3,603.0 On-balance sheet (operating and finance) lease liability Page 95; 10-K dated Feb. 24, 2023 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Accessible cash and liquid investments (3,731.0) 100% of cash and cash equivalents Page 64; 10-K dated Feb. 24, 2023 Para 38-45; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments Para 23-25; Criteria: General: Corporate Methodology: Ratios And Adjustments
Postretirement benefit obligations/deferred compensation 180.9 Tax-effected pension (21%) and other post-retirement obligations Page 109; 10-K dated Feb. 24, 2023 Para 56-58; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Revolving receivables program 0.0 Outstanding portfolio of receivables recognized Para 77; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Accounts receivable factoring program 5,366.0 Trade accounts receivable sold under factoring arrangement Page 90; 10-K dated Feb. 24, 2023 Para 77; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Redeemable noncontrolling interests 318.0 Put options outside control of the company Page 116; 10-K dated Feb. 24, 2023 Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Discovery Family 0.0 Value of the put rights as a component of redeemable equity Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
MTG 0.0 Value of the put rights as a component of redeemable equity Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Other 0.0 Value of the put rights as a component of redeemable equity Para 19; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments 5,736.9
S&P Global Ratings-adjusted debt 54,735.9
Sources: Company reports, S&P Global Ratings estimates.

Table 15

Warner Bros. Discovery Inc. EBITDA Reconciliation
For the 12 months ended Dec. 31, 2022
Amount (mil. $) Comments Financial statements reference Criteria reference
S&P global Ratings reported EBITDA (60)
S&P Global Ratings adjustments
Operating lease rent 372 Operating lease rent as reported by the company Page 96; 10-K dated Feb. 24, 2023 Para 46-55; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Share-based compensation expense 408 Stock-based compensation reported on the cash flow statement less cash and liability settled compensation; we assume performance based restricted stock units and stock appreciation rights is cash/liability settled Page 65; 10-K dated Feb. 24, 2023 Para 26; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Dividends received from equity investments 51 Calculated as equity in losses of investee companies, net of cash distributions less loss on equity method investees Page 65 and 122; 10-K dated Feb. 24, 2022 Para 25; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
One-time expenses related to restructuring 607 Organization restructuring expense related to WarnerMedia acquisition Page 88; 10-K dated Feb. 24, 2023 Para 30; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Transaction and integration costs 1,195 Transaction and integration cost related to WarnerMedia acquisition Page 122; 10-K dated Feb. 24, 2023 Para 30; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Amortization of step-up to fair value of content related to acquisitions 2,416 Amortization related to WarnerMedia acquisition Page 122; 10-K dated Feb. 24, 2023 Para 156; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Other contract termination 17 Contract termination related to WarnerMedia acquisition Page 88; 10-K dated Feb. 24, 2023 Para 30; Guidance: Criteria: General: Corporate Methodology: Ratios And Adjustments
Total adjustments 5,066
S&P Global Ratings-adjusted EBITDA 5,006
Sources: Company reports, S&P Global Ratings estimates.

Related Criteria

Related Research

This report does not constitute a rating action.

Primary Credit Analyst:Naveen Sarma, New York + 1 (212) 438 7833;
naveen.sarma@spglobal.com
Research Assistant:Karan Shah2, Pune

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