EQS-Adhoc: physible GmbH: Preliminary rating results of Scope Hamburg GmbH

On 23 September 2022, Scope Hamburg GmbH informed us of the preliminary rating result that it had downgraded the issuer rating of KGAL GmbH & Co. KG from BBB-/Stable to BB/Stable. The downgrade of the issuer rating mainly reflects a change in Scope Hamburg GmbH's rating methodology as of 2 May 2022.

Simultaneously, Scope Hamburg GmbH has assigned a S-3 rating for short-term debt liabilities of KGAL GmbH & Co. KG, reflecting the assessment of acceptable credit risk with adequate ability to repay short-term obligations; the rating for senior unsecured debt category was assigned with BB+.

In particular, since KGAL GmbH & Co. KG has given an unconditional and irrevocable guarantee to its subsidiary physible GmbH for the proper and timely payment of interest as well as the nominal amount for the entire term of the bond physible Enterprise I 18/23 (ISIN / WKN: DE000A2LQST9 / A2LQST), a corresponding downgrade of the issue rating (bond rating) of physible GmbH from BBB to BB+ was carried out.

Contact:
Axel Kriebitz
Compliance Department
KGAL GmbH & Co. KG

T +49 89 64143-429
M +49 172-6265347