On March 3, 2022, we lowered our long-term foreign currency sovereign rating on Russia to 'CCC-' from 'BB+' and kept it on CreditWatch with negative implications. We also revised down our transfer and convertibility (T&C) assessment on the country to 'CCC-' from 'BBB-', which reflects our view of the likelihood that the government would restrict access to foreign exchange liquidity for Russian companies. Softline Holding PLC (Softline)'s credit measures will weaken given its material exposure to Russia, with revenue and EBITDA contribution of about 62% and 74% in financial year 2021 (ended March 31, 2021). However, the company has substantial liquidity, with more than $290 million of cash at its London headquarters, which is sufficient to cover its needs over
