Sara Lee Overseas Finance N.V. Credit Rating

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Date	Document Type	Title	Source
01 Jul 2020	Sector Profile	Consumer Products – EMEA: Second quarter 2020 newsletter	Moody's Investors Service
24 Jun 2020	Outlook	Packaged Foods – US: Outlook Update: Pandemic will bolster revenue and profit in 2020	Moody's Investors Service
22 Jun 2020	Sector In-Depth	ESG – Canada: Focus on Indigenous rights increasingly vital for project execution, corporate activities	Moody's Investors Service
11 Jun 2020	Sector In-Depth	Nonfinancial companies – China: Heat map: Most rated companies have low or moderate exposure to virus disruptions	Moody's Investors Service
08 Jun 2020	Sector In-Depth	Nonfinancial companies – Asia (ex Japan and Australia): Coronavirus and India rating action push potential fallen angels to record high	Moody's Investors Service
01 Jun 2020	Sector In-Depth	Government Policy – China: Policy sessions indicate economic recovery, employment are government's top priorities	Moody's Investors Service
25 May 2020	Sector In-Depth	Nonfinancial companies – Asia Pacific: Heat map update: More companies have high exposure to coronavirus disruptions	Moody's Investors Service
13 May 2020	Sector In-Depth	Nonfinancial companies – Asia (ex Japan): Rated companies can address most of their $569 billion bond maturities through 2021	Moody's Investors Service
06 May 2020	Compilation	Renminbi Bonds Monitor: May 2020	Moody's Investors Service
28 Apr 2020	Sector In-Depth	Coronavirus – China: Policy response aims to support short-term growth and employment; credit effects vary	Moody's Investors Service
28 Apr 2020	Sector Comment	Consumer Products – Latin America & Caribbean: More consumption at home helps offset outbreak-related drop in food service sales	Moody's Investors Service
28 Apr 2020	Sector In-Depth	Packaging and consumer goods – Europe: Impact of sustainability targets, regulation greater for packaging manufacturers	Moody's Investors Service
02 Apr 2020	Sector In-Depth	Nonfinancial companies – Asia Pacific : Heat map: Exposure to coronavirus disruptions is high for 20% of companies	Moody's Investors Service
10 Mar 2020	Sector Comment	Onshore bond market - China: First official exchange offer provides new path for companies' debt management	Moody's Investors Service
28 Feb 2020	Sector Profile	Consumer Products – EMEA: First quarter 2020 newsletter	Moody's Investors Service
26 Feb 2020	Compilation	Renminbi Bonds Monitor: February 2020	Moody's Investors Service
26 Feb 2020	Sector In-Depth	Leveraged Finance — Canada: Defaults decline in 2020, aided by stronger liquidity even as ratings trend lower	Moody's Investors Service
20 Feb 2020	Sector Comment	Food and beverage companies – US: Global diversity will limit downside risk as coronavirus dampens growth in China	Moody's Investors Service
19 Feb 2020	Sector Comment	Manufacturing, Packaged Goods – China: Coronavirus outbreak causes weakened demand and supply chain, a credit negative	Moody's Investors Service
10 Feb 2020	Sector Comment	Coronavirus - Global: Widespread negative credit effects	Moody's Investors Service
22 Jan 2020	Sector Comment	Central SOEs – China: New SASAC policies will reduce investment and operational risk, a credit positive	Moody's Investors Service
13 Dec 2019	Outlook	Consumer packaged goods and beverages – Global, Consumer durables and food – US: 2020 outlooks mostly stable, beverages outlook is positive (Slides)	Moody's Investors Service
13 Dec 2019	Outlook	Consumer, Retail and Telecom – Latin America: 2020 outlooks mostly stable for consumer-related companies, but more stressed in Argentina (slides)	Moody's Investors Service
13 Dec 2019	Outlook	Packaged goods, food and consumer durables – EMEA: 2020 outlook mixed as economic growth slows (Slides)	Moody's Investors Service
02 Dec 2019	Sector Comment	EMEA Consumer Products: Newsletter November 2019	Moody's Investors Service
28 Nov 2019	Sector Comment	State-owned enterprises – China: Tewoo’s debt-exchange offer highlights differentiation in government support	Moody's Investors Service
27 Nov 2019	Outlook	Non-financial companies - China: 2020 credit conditions negative amid slowing GDP growth and trade tensions (Slides)	Moody's Investors Service
26 Nov 2019	Outlook	Non-financial companies – Asia (ex Japan): 2020 credit conditions will be negative amid slowing GDP growth (Slides)	Moody's Investors Service
04 Nov 2019	Compilation	Renminbi Bonds Monitor: November 2019	Moody's Investors Service
17 Oct 2019	Sector Profile	Speculative-grade nonfinancial corporates - Europe: An overview of sector credit trends	Moody's Investors Service
10 Oct 2019	Outlook	Packaged Foods – US: Pricing pressures will flatten sales and moderate earnings growth in 2020	Moody's Investors Service
18 Sep 2019	Sector Comment	August: Asian High-Yield Market Pulse	Moody's Investors Service
17 Sep 2019	Compilation	Renminbi Bonds Monitor: September 2019	Moody's Investors Service
02 Sep 2019	Sector Comment	EMEA Consumer Products: Newsletter August 2019	Moody's Investors Service
14 Aug 2019	Sector Comment	July: Asian High-Yield Market Pulse	Moody's Investors Service
08 Aug 2019	Sector In-Depth	Corporate Credit Quality – Mexico: Hesitant investment, higher costs and trade tensions undermine growth prospects	Moody's Investors Service
27 Jun 2019	Sector In-Depth	Raw milk - China: Price will continue rising during coming 12 months as market rebalances	Moody's Investors Service
27 Jun 2019	Sector Comment	Consumer and Retail – Argentina: Spending on goods will remain depressed in 2019-20 even as high inflation eases slightly	Moody's Investors Service
18 Jun 2019	Sector Comment	May: Asian High-Yield Market Pulse	Moody's Investors Service
10 Jun 2019	Sector In-Depth	Non-financial corporates – US: Cash pile declines 15.2% as capex, dividends, buybacks and acquisitions hit record highs	Moody's Investors Service
05 Jun 2019	Sector Comment	Packaged Goods – China: Plan to boost domestic supply of infant milk formula credit positive for market leaders	Moody's Investors Service
30 May 2019	Sector Comment	EMEA Consumer Products: Newsletter May 2019	Moody's Investors Service
22 May 2019	Sector In-Depth	Corporates – China: Credit Trend Monitor for 2019	Moody's Investors Service
17 May 2019	Sector Comment	April 2019: Asian High-Yield Market Pulse	Moody's Investors Service
13 May 2019	Sector Comment	Rated non-financial companies - China: Increased US tariffs are credit negative	Moody's Investors Service
13 May 2019	Sector In-Depth	Consumer Products - Emerging Markets: Cautious spending sentiment in 2019-20 reflects tentative or weak growth prospects	Moody's Investors Service
13 May 2019	Sector Comment	Trade - US and China: Increased US tariffs to weigh on economic growth in China and the rest of Asia	Moody's Investors Service
30 Apr 2019	Compilation	Renminbi Bonds Monitor: April 2019	Moody's Investors Service
23 Apr 2019	Sector In-Depth	Non-financial companies — Asia (ex Japan): Bond refinancing risk is manageable for most rated companies through 2023	Moody's Investors Service
10 Apr 2019	Compilation	Inside Japan: April 2019	Moody's Investors Service

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