This report does not constitute a rating action. Ion Investment Corp. (IIC) S.a r.l., parent entity of the Ion Group, primarily invests in software and data and analytics companies focusing in the financial services sector. Of the group's subsidiaries, the following five are rated by S&P Global Ratings: Ion Corporate Solutions Finance Ltd. (Ion Corporates, B/Stable); I-Logic Technologies Bidco Ltd. (Ion Analytics, B/Stable); Cedacri SpA (Ion Core Banking, B/Negative); Ion Trading Technologies Ltd. (Ion Markets, B-/Stable); and Cerved Group SpA (Ion InsightScore, B-/Stable). We are frequently asked how our view of the Ion Group's overall creditworthiness informs our ratings on the group's subsidiaries. In particular, investors have asked for clarity on our treatment of an estimated $3 billion-equivalent of subordinated
