Following the IPO by Scania's parent company, Traton, in June 2019, we believe Scania may be further integrated with Traton over the medium term, including a common treasury function. This could lead us to equalize our rating on Scania with the group credit profile of Traton. In our view, there is an increasing likelihood of weaker demand for the truck industry from 2020 due to a deterioration of global economic conditions, which might weigh on the group's potential to deploy synergies. We are therefore revising our outlook on Scania to negative, and affirming our 'BBB+' issuer credit rating. The negative outlook reflects the potential dilution of Scania's solid credit risk profile linked to its increasing integration with Traton and its
