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�����������’s Standard & Poor’s Long Term Issuer Credit Rating can never deviate from that of its parent TRATON SE due to that Standard & Poor’s considers TRATON’s ownership of ����������� to be “Core”. Furthermore, due to that Volkswagen’s ownership of TRATON is considered ”Highly Strategic”, TRATON’s issuer credit rating is limited to the higher of (i) its stand-alone credit rating and (ii) a rating corresponding to one notch lower than Volkswagen’s . As from July 10, 2023 ����������� has ceased to be rated on a Stand-Alone basis by Standard & Poor’s. The major reason for this is the high degree of integration within the TRATON Group, for instance regarding R&D efforts and Financial Services. As a result of this, Standard & Poor’s rating analysis will only be done on TRATON level going forward.