The negative outlooks on the Seven&i group members reflect our view that there is at least a one-in-three chance of the benefits of integration with Speedway being delayed, resulting in slower debt reduction over the next one to two years than we assume. The outlooks also reflect our expectation that there is potential for Seven&i's credit measures to improve at a slower pace than we assume, even if it prioritizes debt repayment in its use of cash flows, due to its EBITDA growing only gradually. We may consider downgrading Seven&i and its subsidiaries if we see a heightened likelihood of any of the following scenarios: Seven&i's debt to EBITDA not recovering toward
