We expect GE Vernova Inc.'s planned acquisition of Trench Group from Triton Partners for approximately $9.0 billion to close in late 2027, subject to customary regulatory approvals and closing conditions. In our view, Trench Group's creditworthiness could benefit materially from becoming part of the higher-rated GE Vernova group (BBB/Positive/--), although we understand that change-of-control provisions under Trench's debt documentation will likely result in the refinancing and repayment of its debt upon the transaction's closing. As a result, we placed our ratings, including our'B+'long-term issuer credit rating, on Trench Group on CreditWatch with positive implications, reflecting the potential for a materially stronger credit profile under GE Vernova's ownership. We expect to resolve the CreditWatch once the transaction closes, depending
