U.S.-based Mars Inc. entered into a $4 billion commercial paper program. The company's operating performance through the first nine months of 2023 continues to be in line with our expectations. As a result, we affirmed all of our ratings on the company, including our 'A+' issuer credit rating. The outlook is stable. At the same time, we assigned our 'A-1' short-term issuer credit rating to Mars and our 'A-1' short-term rating to the company's 4(a)(2) $4 billion commercial paper program. Mars has a strong portfolio with high growth prospects. Our assessment of Mars' business risk profile as excellent reflects its position as a global leader in chocolate, gum, and confections; pet food; and pet care. Mars has significant scale. The
