Cirsa's aggressive financial risk profile is primarily driven by its financial
policy, which we regard as aggressive, its unhedged open foreign exchange
positions, and its fairly modest free cash flows (FCFs) after capital
expenditures (capex). Nonetheless, we believe the group has the willingness
and the ability to maintain a financial risk structure commensurate with its
current ratings. In particular, we believe Cirsa should maintain its
aggressive financial risk profile under our base-

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