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The downgrade of MAS PLC’s ratings reflects its limited liquidity ahead of a EUR173 million bond maturing in May 2026, aggravated by the EUR72 million of undrawn capital commitments for PKM Development (DJV) at 30 June 2024 (FYE24). ���������ֳ� expects to resolve the Rating Watch Negatives (RWNs) as the company procures reliable liquidity sources ahead of the main maturity. The previous RWNs related to MAS’s announcement of DJV’s potential acquisition of 60% of DJV’s ordinary equity from Prime Kapital (PK). That proposal has been withdrawn in August 2024 and the company has announced another approach to simplify the group structure in November 2024. We expect the final terms to be announced in due course. The ratings encompass the stability of its Romania-weighted portfolio of 21 wholly owned shopping centres, which were valued at about EUR1.0 billion at FYE24. The assets, mainly in secondary locations with limited competition in their catchment areas, had FYE24 occupancy of over 97% and rental growth driven by indexation and rent reversions. ���������ֳ�-calculated FY24 net debt/EBITDA (including cash-paid coupons from preferred shares in DJV) was 6.1x and we expect it to remain below 7.5x by FYE28.