Disclosure pass · scored on the day of the 8-K
Credit materiality by dimension
Re-scored as a new audit trail row when the next 10-Q states the cost. The first score is never edited.
Overall materiality
Moderate
The overall tier is the highest of Financial Risk, Business Risk and the Liquidity gate. Governance evidence can only raise it. There is no weighted average. scoring_rules.md 4.5scoring_rules.md 4.6
low
moderate
elevated
high
Low · 0 days ModerateBase · 0 days ModerateHigh · 0 days Moderate
Financial risk
FFO to debt and debt to EBITDA, before and after the shock, against S&P published bands.
Moderate
FFO to debt12.9%Verifiedpre-event
Debt to EBITDA3.83xVerifiedpre-event
Pre-eventAfter shock, high caseWithin 10% of a band boundary
Corporate Methodology Table 17, standard volatility Corporate Methodology Table 17
Why
- Low (0 days): FFO to debt 12.9% to 12.9%, stays in the 12% to 20% band. 7.5% from the 12% boundary, inside the 10% borderline zone.
- Low (0 days): Debt to EBITDA 3.83x to 3.83x, stays in the 3x to 4x band. 4.2% from the 4x boundary, inside the 10% borderline zone.
- Base (0 days): FFO to debt 12.9% to 12.9%, stays in the 12% to 20% band. 7.5% from the 12% boundary, inside the 10% borderline zone.
- Base (0 days): Debt to EBITDA 3.83x to 3.83x, stays in the 3x to 4x band. 4.2% from the 4x boundary, inside the 10% borderline zone.
- High (0 days): FFO to debt 12.9% to 12.9%, stays in the 12% to 20% band. 7.5% from the 12% boundary, inside the 10% borderline zone.
- High (0 days): Debt to EBITDA 3.83x to 3.83x, stays in the 3x to 4x band. 4.2% from the 4x boundary, inside the 10% borderline zone.
Business risk
Operational status, share of earnings in the affected unit, outage length, data type.
Moderate
low
moderate
elevated
high
| Scenario | Driver | Tier |
|---|---|---|
| Low | PHI exposed outside data-intensive sectors (pharma devices). | Moderate |
| Base | PHI exposed outside data-intensive sectors (pharma devices). | Moderate |
| High | PHI exposed outside data-intensive sectors (pharma devices). | Moderate |
- Affected unit share
- 1.0 Derived single reportable segment: share 1.0
- Data types
- PHI Derived
- Third-party impact
- Needs analyst input
Liquidity gate
Sources over uses for 12 months after the event cost, with a 15% EBITDA stress.
Low
low
moderate
elevated
high
| Input | USD m | Source |
|---|---|---|
| Cash (source) | 9,129Derived | XBRL FY2025 (2025-01-01 to 2025-12-31) |
| Undrawn committed facilities, beyond 12 months (source) | 6,857 | n/a |
| Contracted asset sales (source) | 0 | n/a |
| Working capital change, 12 months (source) | (381) | n/a |
| Debt maturing in 12 months (use) | 4,571Verified | XBRL FY2025 (2025-01-01 to 2025-12-31) |
| Capex (use) | 1,858Derived | XBRL FY2025 (2025-01-01 to 2025-12-31) |
| Contracted acquisitions (use) | 0 | n/a |
| Shareholder distributions (use) | 5,124 | n/a |
Governance evidence
Flags that can only raise the overall tier, never lower it.
No flags in this pass
Outage scenarios
lost EBITDA = EBITDA × affected share × disruption fraction × days / 365
| Measure | Pre-event | Low · 0 days | Base · 0 days | High · 0 days |
|---|---|---|---|---|
| Lost EBITDA (USD m) | n/a | 0Derived | 0Derived | 0Derived |
| FFO to debt | 12.9%Verified | 12.9%Verified | 12.9%Verified | 12.9%Verified |
| Debt to EBITDA | 3.83xVerified | 3.83xVerified | 3.83xVerified | 3.83xVerified |
| Ratio band moved | n/a | No | No | No |
| Business risk tier | n/a | Moderate | Moderate | Moderate |
| Overall tier | n/a | Moderate | Moderate | Moderate |
Financial context, FY2025 (USD m)
As-reported proxies. S&P adjustments not applied.
DerivedVerified
| Metric | USD m | Provenance | XBRL tags or formula |
|---|---|---|---|
| EBITDA | 14,247Derived | Derived | OperatingIncomeLoss + DepreciationDepletionAndAmortization |
| Debt | 54,604Derived | Derived | CommercialPaper + LongTermDebtCurrent + LongTermDebtNoncurrent |
| FFO | 7,047Derived | Derived | OperatingIncomeLoss + DepreciationDepletionAndAmortization + InterestPaid + IncomeTaxesPaidNet |
| CFO | 9,958Verified | Verified | NetCashProvidedByUsedInOperatingActivities |
| FOCF | 8,100Derived | Derived | NetCashProvidedByUsedInOperatingActivities + PaymentsToAcquirePropertyPlantAndEquipment |
| DCF | 2,976Derived | Derived | NetCashProvidedByUsedInOperatingActivities + PaymentsToAcquirePropertyPlantAndEquipment + PaymentsOfDividendsCommonStock + PaymentsForRepurchaseOfCommonStock |
| Cash interest | 2,900Verified | Verified | InterestPaid |
| Operating leases (shown separately) | 831Verified | Verified | OperatingLeaseLiability |