Top Credit Stories ASTM (ATIM) - Increased offer price raises downgrade risk Amadeus IT (AMSSM) - Weak 1Q21 results, but management notes progress in March and April BMW (BMW) - Sees Automotive EBIT margin now at the upper end of the forecast range of 6-8% BayWa (BYWGR) - Guidance for 2021 confirmed despite strong 1Q21 results - offers positive surprise potential Buzzi Unicem (BZUIM) - Confirms cautious outlook after solid 1Q21 trading update Cellnex Telecom (CLNXSM) - 1Q21 results Deutsche Pfandbriefbank (PBBGR) - 1Q21 pre-tax profit of EUR 52mn, confirms FY21 guidance Eurofins Scientific (ERFFP) - New investment-grade rating by Fitch Henkel (HENKEL) - Strong organic sales growth in 1Q21 with guidance increase 2021 Hera (HERIM) - S&P upgrade to BBB+ with stable outtlook Société Générale (SOCGEN) - Publishes medium-term strategic paper for Global Banking and Investor Solutions Traton (TRAGR); CNH Industrial (CNHI) - S&P revises outlook to stable and EUR 568mn squeeze-out for remaining 5.64% in MAN SE planned

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