<p>惠誉评级 - 纽约-2025 年 12 月 9 日：惠誉评级计划于 2025 年 1 月 8 日左右因商业原因撤回对孩之宝公司的评级，距离本新闻稿发布约 30 天。</p>
<p>惠誉目前对孩之宝公司的评级如下：</p>
<p>--长期发行人违约评级（IDR）为 ‘BBB-’；</p>
<p>--短期 IDR 为 ‘F3’；</p>
<p>--商业票据（CP）计划为 ‘F3’；</p>
<p>--无担保循环信贷额度为 ‘BBB-’；</p>
<p>--高级无担保债券为 ‘BBB-’。</p>
<p>评级展望为积极。</p>
<p>惠誉保留在其自行决定的情况下，随时因任何其认为充分的理由撤回或维持任何评级的权利。惠誉认为，投资者从惠誉提供的更广泛的评级覆盖中受益，并向市场提供约 30 天的通知，以便撤回孩之宝公司的评级。评级需经过分析审查，可能在惠誉撤回评级之前发生变化。</p>
<p>惠誉对孩之宝公司的最后一次评级行动发生在 2025 年 11 月 21 日，当时该机构确认了评级并将展望从稳定调整为积极。</p>
<p>联系方式：</p>
<p>Sonal Singh</p>
<p>董事，BRM 企业部</p>
<p>+1 646-582-4923</p>
<p>sonal.singh@fitchratings.com</p>
<p>惠誉评级公司</p>
<p>300 West 57th Street</p>
<p>纽约，NY 10019</p>
<p>媒体关系：Eleis Brennan，纽约，电话：+1 646 582 3666，电子邮件：eleis.brennan@thefitchgroup.com</p>
<p>更多信息请访问 www.fitchratings.com</p>
<p>所有惠誉评级（Fitch Ratings）的信用评级均受某些限制和免责声明的约束。请通过以下链接阅读这些限制和免责声明：https://www.fitchratings.com/understandingcreditratings。此外，以下链接 https://www.fitchratings.com/rating-definitions-document 详细说明了惠誉对每个评级等级和评级类别的评级定义，包括与违约相关的定义。已发布的评级、标准和方法论可随时从该网站获取。惠誉的行为准则、保密性、利益冲突、关联方防火墙、合规性以及其他相关政策和程序也可在该网站的行为准则部分找到。董事和股东的相关利益可在 https://www.fitchratings.com/site/regulatory 获取。惠誉可能已向被评级实体或其相关第三方提供其他允许或附属服务。有关以 ESMA 或 FCA 注册的惠誉评级公司（或该公司分支机构）为基础的首席分析师的允许或附属服务的详细信息，可以在惠誉评级网站上该发行人的实体摘要页面找到。在发布和维持其评级以及制作其他报告（包括预测信息）时，惠誉依赖于其从发行人和承销商以及惠誉认为可信的其他来源获得的事实信息。惠誉根据其评级方法论对其依赖的事实信息进行合理调查，并在可用的情况下从独立来源获得该信息的合理验证。惠誉的事实调查方式和所获得的第三方验证的范围将根据被评级证券及其发行人的性质、被评级证券在提供和销售的司法管辖区的要求和惯例、相关公共信息的可用性、对发行人及其顾问的管理层的访问、预先存在的第三方验证（如审计报告、约定程序函、评估、精算报告、工程报告、法律意见和其他第三方提供的报告）的可用性、与特定证券或发行人特定司法管辖区相关的独立和合格的第三方验证来源的可用性以及其他各种因素而有所不同。惠誉的评级和报告的用户应理解，增强的事实调查或任何第三方验证都无法确保惠誉在评级或报告中依赖的所有信息都是准确和完整的。最终，发行人及其顾问对其提供给惠誉和市场的发行文件及其他报告中的信息的准确性负责。在发布其评级和报告时，惠誉必须依赖于专家的工作，包括独立审计师对财务报表的审计和律师对法律和税务事务的意见。此外，财务和其他信息的评级和预测本质上是前瞻性的，包含对未来事件的假设和预测，这些假设和预测本质上无法被验证为事实。因此，尽管对当前事实进行了任何验证，评级和预测仍可能受到在发布或确认评级或预测时未预见的未来事件或条件的影响。本报告中的信息按 “原样” 提供，不附带任何形式的陈述或保证，惠誉不保证报告或其任何内容将满足报告接收者的任何要求。惠誉评级是对证券信用 worthiness 的意见。惠誉的意见和报告基于惠誉不断评估和更新的既定标准和方法论。因此，评级和报告是惠誉的集体工作成果，没有任何个人或个人群体对评级或报告单独负责。该评级不涉及由于信用风险以外的风险导致的损失风险，除非特别提及。惠誉不参与任何证券的发行或销售。所有惠誉报告均为共享作者。报告中提到的个人参与了该报告的意见，但并不单独对其中的意见负责。这些个人仅为联系目的而被列出。提供惠誉评级的报告既不是招股说明书，也不是发行人及其代理人在证券销售过程中向投资者汇编、验证和呈现的信息的替代品。评级可能随时因惠誉的单独裁量而更改或撤回。惠誉不提供任何形式的投资建议。评级不是购买、出售或持有任何证券的推荐。评级不对市场价格的适 adequacy、任何证券对特定投资者的适用性或与任何证券相关的支付的免税性质或应税性进行评论。惠誉从发行人、保险人、担保人、其他债务人和承销商那里收取评级证券的费用。这些费用通常在每个发行中从 1,000 美元到 750,000 美元（或适用货币等值）不等。在某些情况下，惠誉将对特定发行人发行的所有或部分发行，或由特定保险人或担保人承保或担保的发行，收取单一年度费用。这些费用预计在 10,000 美元到 1,500,000 美元（或适用货币等值）之间变化。惠誉的评级的分配、发布或传播不构成惠誉同意在与美国证券法、2000 年英国金融服务和市场法或任何特定司法管辖区的证券法相关的任何注册声明中使用其名称作为专家。由于电子出版和分发的相对效率，惠誉的研究可能在电子订阅者处比印刷订阅者早最多三天可用。仅限澳大利亚、新西兰、台湾和韩国：惠誉澳大利亚有限公司持有澳大利亚金融服务许可证（AFS 许可证编号 337123），授权其仅向批发客户提供信用评级。惠誉发布的信用评级信息不打算被根据 2001 年公司法定义的零售客户使用。惠誉评级公司在美国证券交易委员会注册为国家认可的统计评级机构（'NRSRO'）。虽然某些 NRSRO 的信用评级子公司在 NRSRO 表格的第 3 项中列出，因此被授权代表 NRSRO 发布信用评级（见 https://www.fitchratings.com/site/regulatory），但其他信用评级子公司未在 NRSRO 表格中列出（'非 NRSRO'），因此这些子公司发布的信用评级并不是代表 NRSRO 发布的。然而，非 NRSRO 人员可能参与确定由 NRSRO 发布或代表 NRSRO 发布的信用评级。</p>
<p>版权 © 2025 由惠誉评级公司、惠誉评级有限公司及其子公司拥有。地址：33 Whitehall Street, NY, NY 10004。电话：1-800-753-4824, (212) 908-0500。未经许可，禁止全部或部分复制或转发。保留所有权利。</p>

孩之宝

<p>惠誉评级计划于 2025 年 1 月 8 日左右因商业原因撤回对孩之宝（Hasbro, Inc.）的评级。目前，孩之宝的长期发行人违约评级（Long-Term IDR）为'BBB-'，短期发行人违约评级（Short-Term IDR）为'F3'，评级展望为积极（Positive Rating Outlook）。惠誉保留根据其自行判断撤回或维持评级的权利，并提前 30 天通知市场。最后一次评级行动是在 2025 年 11 月 21 日，确认了评级并将展望修订为积极</p>

<p>Fitch Ratings-New York-09 December 2025: Fitch Ratings plans to withdraw ratings on Hasbro, Inc. for commercial reasons on or around Jan. 8, 2025, approximately 30 days from date of this press release.</p>
<div class="lb-trans"><p>惠誉评级 - 纽约-2025 年 12 月 9 日：惠誉评级计划于 2025 年 1 月 8 日左右因商业原因撤回对孩之宝公司的评级，距离本新闻稿发布约 30 天。</p>
</div><p>Fitch currently rates Hasbro, Inc. as follows:</p>
<div class="lb-trans"><p>惠誉目前对孩之宝公司的评级如下：</p>
</div><p>--Long-Term Issuer Default Rating (IDR) at ‘BBB-’;</p>
<div class="lb-trans"><p>--长期发行人违约评级（IDR）为 ‘BBB-’；</p>
</div><p>--Short-Term IDR at ‘F3’;</p>
<div class="lb-trans"><p>--短期 IDR 为 ‘F3’；</p>
</div><p>--Commercial paper (CP) program at ‘F3’;</p>
<div class="lb-trans"><p>--商业票据（CP）计划为 ‘F3’；</p>
</div><p>--Unsecured revolving credit facility at ‘BBB-’;</p>
<div class="lb-trans"><p>--无担保循环信贷额度为 ‘BBB-’；</p>
</div><p>--Senior unsecured notes at ‘BBB-’.</p>
<div class="lb-trans"><p>--高级无担保债券为 ‘BBB-’。</p>
</div><p>The Rating Outlook is Positive.</p>
<div class="lb-trans"><p>评级展望为积极。</p>
</div><p>Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient. Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days' notice to the market of the rating withdrawal of Hasbro, Inc. Ratings are subject to analytical review and may change up to the time Fitch withdraws the ratings.</p>
<div class="lb-trans"><p>惠誉保留在其自行决定的情况下，随时因任何其认为充分的理由撤回或维持任何评级的权利。惠誉认为，投资者从惠誉提供的更广泛的评级覆盖中受益，并向市场提供约 30 天的通知，以便撤回孩之宝公司的评级。评级需经过分析审查，可能在惠誉撤回评级之前发生变化。</p>
</div><p>Fitch's last rating action on Hasbro, Inc. occurred on Nov. 21, 2025, when the agency affirmed the ratings and revised the Outlook to Positive from Stable.</p>
<div class="lb-trans"><p>惠誉对孩之宝公司的最后一次评级行动发生在 2025 年 11 月 21 日，当时该机构确认了评级并将展望从稳定调整为积极。</p>
</div><p>Contact:</p>
<div class="lb-trans"><p>联系方式：</p>
</div><p>Sonal Singh</p>
<div class="lb-trans"><p>Sonal Singh</p>
</div><p>Director, BRM Corporates</p>
<div class="lb-trans"><p>董事，BRM 企业部</p>
</div><p>+1 646-582-4923</p>
<div class="lb-trans"><p>+1 646-582-4923</p>
</div><p>sonal.singh@fitchratings.com</p>
<div class="lb-trans"><p>sonal.singh@fitchratings.com</p>
</div><p>Fitch Ratings, Inc.</p>
<div class="lb-trans"><p>惠誉评级公司</p>
</div><p>300 West 57th Street</p>
<div class="lb-trans"><p>300 West 57th Street</p>
</div><p>New York, NY 10019</p>
<div class="lb-trans"><p>纽约，NY 10019</p>
</div><p>Media Relations: Eleis Brennan, New York, Tel: +1 646 582 3666, Email: eleis.brennan@thefitchgroup.com</p>
<div class="lb-trans"><p>媒体关系：Eleis Brennan，纽约，电话：+1 646 582 3666，电子邮件：eleis.brennan@thefitchgroup.com</p>
</div><p>Additional information is available on www.fitchratings.com</p>
<div class="lb-trans"><p>更多信息请访问 www.fitchratings.com</p>
</div><p>All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch's rating definitions for each rating scale and rating categories, including definitions relating to default. Published ratings, criteria, and methodologies are available from this site at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the Code of Conduct section of this site. Directors and shareholders’ relevant interests are available at https://www.fitchratings.com/site/regulatory. Fitch may have provided another permissible or ancillary service to the rated entity or its related third parties. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001. Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the 'NRSRO'). While certain of the NRSRO's credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the 'non-NRSROs') and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.</p>
<div class="lb-trans"><p>所有惠誉评级（Fitch Ratings）的信用评级均受某些限制和免责声明的约束。请通过以下链接阅读这些限制和免责声明：https://www.fitchratings.com/understandingcreditratings。此外，以下链接 https://www.fitchratings.com/rating-definitions-document 详细说明了惠誉对每个评级等级和评级类别的评级定义，包括与违约相关的定义。已发布的评级、标准和方法论可随时从该网站获取。惠誉的行为准则、保密性、利益冲突、关联方防火墙、合规性以及其他相关政策和程序也可在该网站的行为准则部分找到。董事和股东的相关利益可在 https://www.fitchratings.com/site/regulatory 获取。惠誉可能已向被评级实体或其相关第三方提供其他允许或附属服务。有关以 ESMA 或 FCA 注册的惠誉评级公司（或该公司分支机构）为基础的首席分析师的允许或附属服务的详细信息，可以在惠誉评级网站上该发行人的实体摘要页面找到。在发布和维持其评级以及制作其他报告（包括预测信息）时，惠誉依赖于其从发行人和承销商以及惠誉认为可信的其他来源获得的事实信息。惠誉根据其评级方法论对其依赖的事实信息进行合理调查，并在可用的情况下从独立来源获得该信息的合理验证。惠誉的事实调查方式和所获得的第三方验证的范围将根据被评级证券及其发行人的性质、被评级证券在提供和销售的司法管辖区的要求和惯例、相关公共信息的可用性、对发行人及其顾问的管理层的访问、预先存在的第三方验证（如审计报告、约定程序函、评估、精算报告、工程报告、法律意见和其他第三方提供的报告）的可用性、与特定证券或发行人特定司法管辖区相关的独立和合格的第三方验证来源的可用性以及其他各种因素而有所不同。惠誉的评级和报告的用户应理解，增强的事实调查或任何第三方验证都无法确保惠誉在评级或报告中依赖的所有信息都是准确和完整的。最终，发行人及其顾问对其提供给惠誉和市场的发行文件及其他报告中的信息的准确性负责。在发布其评级和报告时，惠誉必须依赖于专家的工作，包括独立审计师对财务报表的审计和律师对法律和税务事务的意见。此外，财务和其他信息的评级和预测本质上是前瞻性的，包含对未来事件的假设和预测，这些假设和预测本质上无法被验证为事实。因此，尽管对当前事实进行了任何验证，评级和预测仍可能受到在发布或确认评级或预测时未预见的未来事件或条件的影响。本报告中的信息按 “原样” 提供，不附带任何形式的陈述或保证，惠誉不保证报告或其任何内容将满足报告接收者的任何要求。惠誉评级是对证券信用 worthiness 的意见。惠誉的意见和报告基于惠誉不断评估和更新的既定标准和方法论。因此，评级和报告是惠誉的集体工作成果，没有任何个人或个人群体对评级或报告单独负责。该评级不涉及由于信用风险以外的风险导致的损失风险，除非特别提及。惠誉不参与任何证券的发行或销售。所有惠誉报告均为共享作者。报告中提到的个人参与了该报告的意见，但并不单独对其中的意见负责。这些个人仅为联系目的而被列出。提供惠誉评级的报告既不是招股说明书，也不是发行人及其代理人在证券销售过程中向投资者汇编、验证和呈现的信息的替代品。评级可能随时因惠誉的单独裁量而更改或撤回。惠誉不提供任何形式的投资建议。评级不是购买、出售或持有任何证券的推荐。评级不对市场价格的适 adequacy、任何证券对特定投资者的适用性或与任何证券相关的支付的免税性质或应税性进行评论。惠誉从发行人、保险人、担保人、其他债务人和承销商那里收取评级证券的费用。这些费用通常在每个发行中从 1,000 美元到 750,000 美元（或适用货币等值）不等。在某些情况下，惠誉将对特定发行人发行的所有或部分发行，或由特定保险人或担保人承保或担保的发行，收取单一年度费用。这些费用预计在 10,000 美元到 1,500,000 美元（或适用货币等值）之间变化。惠誉的评级的分配、发布或传播不构成惠誉同意在与美国证券法、2000 年英国金融服务和市场法或任何特定司法管辖区的证券法相关的任何注册声明中使用其名称作为专家。由于电子出版和分发的相对效率，惠誉的研究可能在电子订阅者处比印刷订阅者早最多三天可用。仅限澳大利亚、新西兰、台湾和韩国：惠誉澳大利亚有限公司持有澳大利亚金融服务许可证（AFS 许可证编号 337123），授权其仅向批发客户提供信用评级。惠誉发布的信用评级信息不打算被根据 2001 年公司法定义的零售客户使用。惠誉评级公司在美国证券交易委员会注册为国家认可的统计评级机构（'NRSRO'）。虽然某些 NRSRO 的信用评级子公司在 NRSRO 表格的第 3 项中列出，因此被授权代表 NRSRO 发布信用评级（见 https://www.fitchratings.com/site/regulatory），但其他信用评级子公司未在 NRSRO 表格中列出（'非 NRSRO'），因此这些子公司发布的信用评级并不是代表 NRSRO 发布的。然而，非 NRSRO 人员可能参与确定由 NRSRO 发布或代表 NRSRO 发布的信用评级。</p>
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<div class="lb-trans"><p>版权 © 2025 由惠誉评级公司、惠誉评级有限公司及其子公司拥有。地址：33 Whitehall Street, NY, NY 10004。电话：1-800-753-4824, (212) 908-0500。未经许可，禁止全部或部分复制或转发。保留所有权利。</p>
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惠誉计划撤销孩之宝公司的信用评级