Sara Lee Overseas Finance N.V. Credit Rating

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Date	Document Type	Title	Source
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
29 Mar 2019	Sector In-Depth	Leveraged Finance - Canada: Defaults will decline in 2019 despite lower ratings and weakening liquidity	Moody's Investors Service
20 Mar 2019	Sector Comment	February: Asian High-Yield Market Pulse	Moody's Investors Service
05 Mar 2019	Sector In-Depth	Non-Financial Companies - Mexico: Insecurity poses greatest risk for oil and lodging but causes broad logistical problems	Moody's Investors Service
05 Mar 2019	Sector Comment	EMEA Consumer Products: Newsletter February 2019	Moody's Investors Service
28 Feb 2019	Outlook	Packaged Foods — US: Inflation will push sales higher, but core profit margin will flatten	Moody's Investors Service
25 Feb 2019	Sector Comment	January: Asian High-Yield Market Pulse	Moody's Investors Service
22 Feb 2019	Sector Comment	Cross-Sector – China: Level playing field pledges have little near-term credit impact, could be positive for government, business in long run	Moody's Investors Service
13 Feb 2019	Sector Profile	Speculative-grade nonfinancial corporates - Europe: An overview of sector credit trends	Moody's Investors Service
10 Jan 2019	Compilation	Renminbi Bonds Monitor: January 2019	Moody's Investors Service
18 Dec 2018	Sector Comment	November: Asian High-Yield Market Pulse	Moody's Investors Service
14 Dec 2018	Outlook	Packaged Goods, Food and Consumer Durables - EMEA: 2019 outlook stable for regional packaged goods, positive for others (Slides)	Moody's Investors Service
13 Dec 2018	Outlook	Consumer packaged goods, durables, food and beverages - Global: 2019 outlook features low to mid-single-digit EBIT growth (Slides)	Moody's Investors Service
29 Nov 2018	Sector Comment	EMEA Consumer Products: Newsletter November 2018	Moody's Investors Service
21 Nov 2018	Outlook	Non-financial corporates - China: 2019 outlook (Slides)	Moody's Investors Service
20 Nov 2018	Outlook	Non-financial corporates - Asia (ex Japan): 2019 Outlook (Slides)	Moody's Investors Service
22 Oct 2018	Sector In-Depth	Packaged Foods - US: Food companies that gorged on M&A debt have little room for missteps	Moody's Investors Service
10 Oct 2018	Compilation	Inside Japan: October 2018	Moody's Investors Service
02 Oct 2018	Sector Profile	Speculative-grade nonfinancial corporates - Europe: An overview of sector credit trends	Moody's Investors Service
28 Sep 2018	Sector Comment	Non-financial corporates - Turkey: Lowering of foreign currency bank deposit ceiling highlights rising risk for companies	Moody's Investors Service
27 Sep 2018	Compilation	Renminbi Bonds Monitor: September 2018	Moody's Investors Service
26 Sep 2018	Sector In-Depth	Cross-Sector - China: Focus on new energy vehicles to hurt automakers, have limited effect on others	Moody's Investors Service
25 Sep 2018	Sector Comment	August 2018: Asian High-Yield Market Pulse	Moody's Investors Service
05 Sep 2018	Sector Comment	EMEA Consumer Products: Newsletter September 2018	Moody's Investors Service
30 Aug 2018	Sector In-Depth	Non-financial companies – China: Shareholders’ use of share-pledged loans can weaken listed companies’ credit quality	Moody's Investors Service
23 Aug 2018	Sector Comment	Consumer goods - Europe: Exposure to Turkey is modest, but emerging market currency volatility could hit earnings	Moody's Investors Service
20 Aug 2018	Sector Comment	July 2018: Asian High-Yield: Market Pulse	Moody's Investors Service
13 Aug 2018	Sector In-Depth	Corporate credit quality – Mexico: Most sectors will remain stable through 2019, but new energy agenda poses risks	Moody's Investors Service
13 Aug 2018	Sector In-Depth	Corporate credit quality – Peru: Companies will strengthen through 2019 as political and climatic disruptions fade away	Moody's Investors Service

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