Revenue and Issuance Analysis

Interest Coverage Debt Leverage and Interest Coverage Remain Stable in North America and Europe Credit Metrics: North American Speculative Grade Companies 5.4x 6.0x 4.6x 4.6x 4.7x 4.6x 4.8x 5.0x 5.1x 5.2x 5.2x 5.2x 4.5x 4.3x 4.4x 5.0x 4.0x 3.0x 2.9x 3.0x 3.1x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 2.8x 2.9x 2.6x 2.7x 2.4x 2.0x 1.0x 0.0x 2006 2007 2008 2009 2010 2011 Debt/ EBITDA 2012 2013 2014 2015 2016 2017 2018 20191 EBITDA / Interest Expense Credit Metrics: European Speculative Grade Companies Interest Coverage 5.1x 6.0x 4.7x 4.8x 4.6x 4.5x 5.0x 4.2x 4.4x 4.5x 4.5x 4.5x 4.1x 4.1x 4.0x 4.0x 4.0x 3.6x 3.8x 3.6x 3.7x 3.4x 3.4x 3.2x 3.0x 3.0x 3.0x 3.1x 3.1x 3.2x 3.3x 2.9x 2.0x 1.0x 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 Debt/EBITDA 2014 2015 2016 EBITDA / Interest Expense 2017 2018 20191 MOODY'S 1. Trailing twelve months as of September 30, 2019. Note: Historical figures may change due to timing differences in issuer reporting deadlines. Source: Moody's Investors Service. November 4, 2019 20

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