The latest information on the rating, including rating reports and related methodologies, is available on this LINK.

Converted ratings relate to Merck KGaA (issuer rating, long-term and short-term debt ratings); Merck Financial Services GmbH (issuer rating, long-term debt rating), EMD Finance LLC (issuer rating, long-term debt rating).

All of the following ratings are converted into unsolicited subscription ratings:

• Issuer ratings and Outlook: A/Stable
   
• Short-term debt rating: S-1
   
• Long-term senior unsecured debt ratings: A
   
• Long-term contractually subordinated (hybrid) debt ratings: BBB+