Fitch Withdraws Tiffany & Co.'s Ratings

(The following statement was released by the rating agency)

Fitch Ratings-New York-16 March 2021:

Fitch Ratings has withdrawn all ratings for Tiffany & Co. following its acquisition by LVMH Moët Hennessy Louis Vuitton SE in January 2021. Following the acquisition, Fitch no longer has sufficient information to provide ratings on the entity or its debt instruments.

Fitch has withdrawn the ratings as the agency does not have sufficient information to provide ratings on the entity or its debt instruments.

Key Rating Drivers

Key Rating Drivers are no longer relevant, as the ratings have been withdrawn.

RATING SENSITIVITIES Rating sensitivities are no longer relevant given today's rating withdrawals.
Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria.

Tiffany & Co.; Long Term Issuer Default Rating; Withdrawn; WD
; Short Term Issuer Default Rating; Withdrawn; WD
----senior unsecured; Long Term Rating; Withdrawn; WD
----senior unsecured; Short Term Rating; Withdrawn; WD

Contacts:
Primary Rating Analyst
David Silverman, CFA
Senior Director
+1 212 908 0840
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004

Secondary Rating Analyst
Monica Aggarwal, CFA
Managing Director
+1 212 908 0282

Committee Chairperson
William Densmore,
Senior Director
+1 312 368 3125

Media Relations: Elizabeth Fogerty, New York, Tel: +1 212 908 0526, Email: elizabeth.fogerty@thefitchgroup.com

Additional information is available on www.fitchratings.com
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