ֳ

Entity - Ultimate Parent

Polaris Inc.

EU Endorsed, UK Endorsed; Solicited by a party other than the issuer or its agents (buy side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
BBBAffirmed31-Mar-2025Long Term Issuer Default Rating
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :31-Mar-202504-Sep-202401-May-202406-Nov-2023
Rating :BBBBBBBBBBBB
Action :AffirmedReview - No ActionReview - No ActionNew Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Issuer: Polaris Inc.
Debt Level: senior unsecured
Issue: USD 500 mln 6.95% bond/note 15-Mar-2029
31-Mar-2025
BBB
Affirmed
Long Term Rating

Rating History
Country: United States
Sectors: Autos; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by a party other than the issuer or its agents (buy side)
senior unsecured; bond/note
CUSIP: 731068AA0 (Public)
ISIN: US731068AA07 (Public)
Maturity Date: 15-Mar-2029
Currency: USD
Amount: 500,000,000
Coupon Rate: 6.95%
Placement: Public
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06ֳ Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating06-Nov-2023
Endorsement Status
EU Endorsed, UK Endorsed
Country of ֳ Office
UNITED STATES
Solicitation Status
Long Term Issuer Default RatingSolicited - Buy Side
Country of Analyst
UNITED STATES

08Identifiers

Type:CIK CodeCUSIPLEI
Identifier:0000931015731068549300QJSN8UVWN1EI78

09Criteria

06Dec
2024
Active Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria
06Dec
2024
Active Criteria
Corporate Rating Criteria
02Aug
2024
Active Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria
13Oct
2023
Expired Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria - Effective from 13 October 2023 to 2 August 2024
21Jul
2023
Expired Criteria
Climate Vulnerability in Corporate Ratings Criteria - Effective from 21 July 2023 to 3 November 2023
More Criteria

10Analysts

Stephen Brown
Primary Rating Analyst

Hugh Shim, CFA
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red