This report does not constitute a rating action. Overview Key strengths Key risks Viewed as highly strategic to the Koch Group including parent Koch Companies LLC. Earnings at key business have potential for volatility. Expectation that the Koch Group will support the company. The relatively small trading business is susceptible to high-impact shocks. Absence of any reported debt. We base this view on Koch's stated intention of a long-term commitment to Koch Solutions, which we believe to be almost integral to Koch's current identity and future strategy. Koch Solutions is entirely owned by Koch. Our view also takes into account the support provided to Koch Solutions in the form of meaningful initial equity and ongoing liquidity support. We do not
