<p>惠譽評級 - 紐約-2025 年 12 月 9 日：惠譽評級計劃於 2025 年 1 月 8 日左右因商業原因撤回對孩之寶公司的評級，距離本新聞稿發佈約 30 天。</p>
<p>惠譽目前對孩之寶公司的評級如下：</p>
<p>--長期發行人違約評級（IDR）為 ‘BBB-’；</p>
<p>--短期 IDR 為 ‘F3’；</p>
<p>--商業票據（CP）計劃為 ‘F3’；</p>
<p>--無擔保循環信貸額度為 ‘BBB-’；</p>
<p>--高級無擔保債券為 ‘BBB-’。</p>
<p>評級展望為積極。</p>
<p>惠譽保留在其自行決定的情況下，隨時因任何其認為充分的理由撤回或維持任何評級的權利。惠譽認為，投資者從惠譽提供的更廣泛的評級覆蓋中受益，並向市場提供約 30 天的通知，以便撤回孩之寶公司的評級。評級需經過分析審查，可能在惠譽撤回評級之前發生變化。</p>
<p>惠譽對孩之寶公司的最後一次評級行動發生在 2025 年 11 月 21 日，當時該機構確認了評級並將展望從穩定調整為積極。</p>
<p>聯繫方式：</p>
<p>Sonal Singh</p>
<p>董事，BRM 企業部</p>
<p>+1 646-582-4923</p>
<p>sonal.singh@fitchratings.com</p>
<p>惠譽評級公司</p>
<p>300 West 57th Street</p>
<p>紐約，NY 10019</p>
<p>媒體關係：Eleis Brennan，紐約，電話：+1 646 582 3666，電子郵件：eleis.brennan@thefitchgroup.com</p>
<p>更多信息請訪問 www.fitchratings.com</p>
<p>所有惠譽評級（Fitch Ratings）的信用評級均受某些限制和免責聲明的約束。請通過以下鏈接閲讀這些限制和免責聲明：https://www.fitchratings.com/understandingcreditratings。此外，以下鏈接 https://www.fitchratings.com/rating-definitions-document 詳細説明了惠譽對每個評級等級和評級類別的評級定義，包括與違約相關的定義。已發佈的評級、標準和方法論可隨時從該網站獲取。惠譽的行為準則、保密性、利益衝突、關聯方防火牆、合規性以及其他相關政策和程序也可在該網站的行為準則部分找到。董事和股東的相關利益可在 https://www.fitchratings.com/site/regulatory 獲取。惠譽可能已向被評級實體或其相關第三方提供其他允許或附屬服務。有關以 ESMA 或 FCA 註冊的惠譽評級公司（或該公司分支機構）為基礎的首席分析師的允許或附屬服務的詳細信息，可以在惠譽評級網站上該發行人的實體摘要頁面找到。在發佈和維持其評級以及製作其他報告（包括預測信息）時，惠譽依賴於其從發行人和承銷商以及惠譽認為可信的其他來源獲得的事實信息。惠譽根據其評級方法論對其依賴的事實信息進行合理調查，並在可用的情況下從獨立來源獲得該信息的合理驗證。惠譽的事實調查方式和所獲得的第三方驗證的範圍將根據被評級證券及其發行人的性質、被評級證券在提供和銷售的司法管轄區的要求和慣例、相關公共信息的可用性、對發行人及其顧問的管理層的訪問、預先存在的第三方驗證（如審計報告、約定程序函、評估、精算報告、工程報告、法律意見和其他第三方提供的報告）的可用性、與特定證券或發行人特定司法管轄區相關的獨立和合格的第三方驗證來源的可用性以及其他各種因素而有所不同。惠譽的評級和報告的用户應理解，增強的事實調查或任何第三方驗證都無法確保惠譽在評級或報告中依賴的所有信息都是準確和完整的。最終，發行人及其顧問對其提供給惠譽和市場的發行文件及其他報告中的信息的準確性負責。在發佈其評級和報告時，惠譽必須依賴於專家的工作，包括獨立審計師對財務報表的審計和律師對法律和税務事務的意見。此外，財務和其他信息的評級和預測本質上是前瞻性的，包含對未來事件的假設和預測，這些假設和預測本質上無法被驗證為事實。因此，儘管對當前事實進行了任何驗證，評級和預測仍可能受到在發佈或確認評級或預測時未預見的未來事件或條件的影響。本報告中的信息按 “原樣” 提供，不附帶任何形式的陳述或保證，惠譽不保證報告或其任何內容將滿足報告接收者的任何要求。惠譽評級是對證券信用 worthiness 的意見。惠譽的意見和報告基於惠譽不斷評估和更新的既定標準和方法論。因此，評級和報告是惠譽的集體工作成果，沒有任何個人或個人羣體對評級或報告單獨負責。該評級不涉及由於信用風險以外的風險導致的損失風險，除非特別提及。惠譽不參與任何證券的發行或銷售。所有惠譽報告均為共享作者。報告中提到的個人參與了該報告的意見，但並不單獨對其中的意見負責。這些個人僅為聯繫目的而被列出。提供惠譽評級的報告既不是招股説明書，也不是發行人及其代理人在證券銷售過程中向投資者彙編、驗證和呈現的信息的替代品。評級可能隨時因惠譽的單獨裁量而更改或撤回。惠譽不提供任何形式的投資建議。評級不是購買、出售或持有任何證券的推薦。評級不對市場價格的適 adequacy、任何證券對特定投資者的適用性或與任何證券相關的支付的免税性質或應税性進行評論。惠譽從發行人、保險人、擔保人、其他債務人和承銷商那裏收取評級證券的費用。這些費用通常在每個發行中從 1,000 美元到 750,000 美元（或適用貨幣等值）不等。在某些情況下，惠譽將對特定發行人發行的所有或部分發行，或由特定保險人或擔保人承保或擔保的發行，收取單一年度費用。這些費用預計在 10,000 美元到 1,500,000 美元（或適用貨幣等值）之間變化。惠譽的評級的分配、發佈或傳播不構成惠譽同意在與美國證券法、2000 年英國金融服務和市場法或任何特定司法管轄區的證券法相關的任何註冊聲明中使用其名稱作為專家。由於電子出版和分發的相對效率，惠譽的研究可能在電子訂閲者處比印刷訂閲者早最多三天可用。僅限澳大利亞、新西蘭、台灣和韓國：惠譽澳大利亞有限公司持有澳大利亞金融服務許可證（AFS 許可證編號 337123），授權其僅向批發客户提供信用評級。惠譽發佈的信用評級信息不打算被根據 2001 年公司法定義的零售客户使用。惠譽評級公司在美國證券交易委員會註冊為國家認可的統計評級機構（'NRSRO'）。雖然某些 NRSRO 的信用評級子公司在 NRSRO 表格的第 3 項中列出，因此被授權代表 NRSRO 發佈信用評級（見 https://www.fitchratings.com/site/regulatory），但其他信用評級子公司未在 NRSRO 表格中列出（'非 NRSRO'），因此這些子公司發佈的信用評級並不是代表 NRSRO 發佈的。然而，非 NRSRO 人員可能參與確定由 NRSRO 發佈或代表 NRSRO 發佈的信用評級。</p>
<p>版權 © 2025 由惠譽評級公司、惠譽評級有限公司及其子公司擁有。地址：33 Whitehall Street, NY, NY 10004。電話：1-800-753-4824, (212) 908-0500。未經許可，禁止全部或部分複製或轉發。保留所有權利。</p>

孩之寶

<p>惠譽評級計劃於 2025 年 1 月 8 日左右因商業原因撤回對孩之寶（Hasbro, Inc.）的評級。目前，孩之寶的長期發行人違約評級（Long-Term IDR）為'BBB-'，短期發行人違約評級（Short-Term IDR）為'F3'，評級展望為積極（Positive Rating Outlook）。惠譽保留根據其自行判斷撤回或維持評級的權利，並提前 30 天通知市場。最後一次評級行動是在 2025 年 11 月 21 日，確認了評級並將展望修訂為積極</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>惠譽評級 - 紐約-2025 年 12 月 9 日：惠譽評級計劃於 2025 年 1 月 8 日左右因商業原因撤回對孩之寶公司的評級，距離本新聞稿發佈約 30 天。</p>
</div><p>Fitch currently rates Hasbro, Inc. as follows:</p>
<div class="lb-trans"><p>惠譽目前對孩之寶公司的評級如下：</p>
</div><p>--Long-Term Issuer Default Rating (IDR) at ‘BBB-’;</p>
<div class="lb-trans"><p>--長期發行人違約評級（IDR）為 ‘BBB-’；</p>
</div><p>--Short-Term IDR at ‘F3’;</p>
<div class="lb-trans"><p>--短期 IDR 為 ‘F3’；</p>
</div><p>--Commercial paper (CP) program at ‘F3’;</p>
<div class="lb-trans"><p>--商業票據（CP）計劃為 ‘F3’；</p>
</div><p>--Unsecured revolving credit facility at ‘BBB-’;</p>
<div class="lb-trans"><p>--無擔保循環信貸額度為 ‘BBB-’；</p>
</div><p>--Senior unsecured notes at ‘BBB-’.</p>
<div class="lb-trans"><p>--高級無擔保債券為 ‘BBB-’。</p>
</div><p>The Rating Outlook is Positive.</p>
<div class="lb-trans"><p>評級展望為積極。</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>惠譽保留在其自行決定的情況下，隨時因任何其認為充分的理由撤回或維持任何評級的權利。惠譽認為，投資者從惠譽提供的更廣泛的評級覆蓋中受益，並向市場提供約 30 天的通知，以便撤回孩之寶公司的評級。評級需經過分析審查，可能在惠譽撤回評級之前發生變化。</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>惠譽對孩之寶公司的最後一次評級行動發生在 2025 年 11 月 21 日，當時該機構確認了評級並將展望從穩定調整為積極。</p>
</div><p>Contact:</p>
<div class="lb-trans"><p>聯繫方式：</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 企業部</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>惠譽評級公司</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>紐約，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>媒體關係：Eleis Brennan，紐約，電話：+1 646 582 3666，電子郵件：eleis.brennan@thefitchgroup.com</p>
</div><p>Additional information is available on www.fitchratings.com</p>
<div class="lb-trans"><p>更多信息請訪問 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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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided 'as is' without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. 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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>所有惠譽評級（Fitch Ratings）的信用評級均受某些限制和免責聲明的約束。請通過以下鏈接閲讀這些限制和免責聲明：https://www.fitchratings.com/understandingcreditratings。此外，以下鏈接 https://www.fitchratings.com/rating-definitions-document 詳細説明了惠譽對每個評級等級和評級類別的評級定義，包括與違約相關的定義。已發佈的評級、標準和方法論可隨時從該網站獲取。惠譽的行為準則、保密性、利益衝突、關聯方防火牆、合規性以及其他相關政策和程序也可在該網站的行為準則部分找到。董事和股東的相關利益可在 https://www.fitchratings.com/site/regulatory 獲取。惠譽可能已向被評級實體或其相關第三方提供其他允許或附屬服務。有關以 ESMA 或 FCA 註冊的惠譽評級公司（或該公司分支機構）為基礎的首席分析師的允許或附屬服務的詳細信息，可以在惠譽評級網站上該發行人的實體摘要頁面找到。在發佈和維持其評級以及製作其他報告（包括預測信息）時，惠譽依賴於其從發行人和承銷商以及惠譽認為可信的其他來源獲得的事實信息。惠譽根據其評級方法論對其依賴的事實信息進行合理調查，並在可用的情況下從獨立來源獲得該信息的合理驗證。惠譽的事實調查方式和所獲得的第三方驗證的範圍將根據被評級證券及其發行人的性質、被評級證券在提供和銷售的司法管轄區的要求和慣例、相關公共信息的可用性、對發行人及其顧問的管理層的訪問、預先存在的第三方驗證（如審計報告、約定程序函、評估、精算報告、工程報告、法律意見和其他第三方提供的報告）的可用性、與特定證券或發行人特定司法管轄區相關的獨立和合格的第三方驗證來源的可用性以及其他各種因素而有所不同。惠譽的評級和報告的用户應理解，增強的事實調查或任何第三方驗證都無法確保惠譽在評級或報告中依賴的所有信息都是準確和完整的。最終，發行人及其顧問對其提供給惠譽和市場的發行文件及其他報告中的信息的準確性負責。在發佈其評級和報告時，惠譽必須依賴於專家的工作，包括獨立審計師對財務報表的審計和律師對法律和税務事務的意見。此外，財務和其他信息的評級和預測本質上是前瞻性的，包含對未來事件的假設和預測，這些假設和預測本質上無法被驗證為事實。因此，儘管對當前事實進行了任何驗證，評級和預測仍可能受到在發佈或確認評級或預測時未預見的未來事件或條件的影響。本報告中的信息按 “原樣” 提供，不附帶任何形式的陳述或保證，惠譽不保證報告或其任何內容將滿足報告接收者的任何要求。惠譽評級是對證券信用 worthiness 的意見。惠譽的意見和報告基於惠譽不斷評估和更新的既定標準和方法論。因此，評級和報告是惠譽的集體工作成果，沒有任何個人或個人羣體對評級或報告單獨負責。該評級不涉及由於信用風險以外的風險導致的損失風險，除非特別提及。惠譽不參與任何證券的發行或銷售。所有惠譽報告均為共享作者。報告中提到的個人參與了該報告的意見，但並不單獨對其中的意見負責。這些個人僅為聯繫目的而被列出。提供惠譽評級的報告既不是招股説明書，也不是發行人及其代理人在證券銷售過程中向投資者彙編、驗證和呈現的信息的替代品。評級可能隨時因惠譽的單獨裁量而更改或撤回。惠譽不提供任何形式的投資建議。評級不是購買、出售或持有任何證券的推薦。評級不對市場價格的適 adequacy、任何證券對特定投資者的適用性或與任何證券相關的支付的免税性質或應税性進行評論。惠譽從發行人、保險人、擔保人、其他債務人和承銷商那裏收取評級證券的費用。這些費用通常在每個發行中從 1,000 美元到 750,000 美元（或適用貨幣等值）不等。在某些情況下，惠譽將對特定發行人發行的所有或部分發行，或由特定保險人或擔保人承保或擔保的發行，收取單一年度費用。這些費用預計在 10,000 美元到 1,500,000 美元（或適用貨幣等值）之間變化。惠譽的評級的分配、發佈或傳播不構成惠譽同意在與美國證券法、2000 年英國金融服務和市場法或任何特定司法管轄區的證券法相關的任何註冊聲明中使用其名稱作為專家。由於電子出版和分發的相對效率，惠譽的研究可能在電子訂閲者處比印刷訂閲者早最多三天可用。僅限澳大利亞、新西蘭、台灣和韓國：惠譽澳大利亞有限公司持有澳大利亞金融服務許可證（AFS 許可證編號 337123），授權其僅向批發客户提供信用評級。惠譽發佈的信用評級信息不打算被根據 2001 年公司法定義的零售客户使用。惠譽評級公司在美國證券交易委員會註冊為國家認可的統計評級機構（'NRSRO'）。雖然某些 NRSRO 的信用評級子公司在 NRSRO 表格的第 3 項中列出，因此被授權代表 NRSRO 發佈信用評級（見 https://www.fitchratings.com/site/regulatory），但其他信用評級子公司未在 NRSRO 表格中列出（'非 NRSRO'），因此這些子公司發佈的信用評級並不是代表 NRSRO 發佈的。然而，非 NRSRO 人員可能參與確定由 NRSRO 發佈或代表 NRSRO 發佈的信用評級。</p>
</div><p>Copyright © 2025 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.</p>
<div class="lb-trans"><p>版權 © 2025 由惠譽評級公司、惠譽評級有限公司及其子公司擁有。地址：33 Whitehall Street, NY, NY 10004。電話：1-800-753-4824, (212) 908-0500。未經許可，禁止全部或部分複製或轉發。保留所有權利。</p>
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惠譽計劃撤銷孩之寶公司的信用評級