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Tasks to be completed when documenting an operation (from creation to publication)1. Enter the Title of the operation / page2. Add the following Labels :
3. Fill in all fields as described above4. Name the title of each section using OPD methodology naming convention - Infinitive verb without the “to”, mainly action verb...something) - " I do something..."5. Once the description of the operation is completed, ensure it is approved and published by launching the SBS-Finance approval workflow |
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| Domain: Treasury Reporting |
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Responsibility area: Ensure correct data is provided to rating companies for Solvay Syensqo rating for quarterly closure |
Table of contents
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ScopePlease remove the icon when not applicable.ERPPlease remove the icon when not applicable.FrequencyPlease remove the icon when not applicable.ReferencesFormsAttachments
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1. Objective and Scope
1.1. Objective of this Operation
Objective is to complete the Moody's and the S&P's rating agency file quarterly to ensure correct credit rating of Syensqo.
Syensqo's credit rating is important for external borrowings, relationship with our banking partners etc.
A credit rating determines the likelihood that the borrower will be willing and able to pay back a loan within the confines of the agreement without defaulting. An individual's credit rating affects their chances of approval for a given loan and favorable terms for that loan.
At the corporate level, Investors oftentimes base part of their decision to buy a corporation's bonds, or even the stock, on the credit rating of the company's debt.
Investors often look at the credit rating given by these international agencies as well as ratings given by domestic rating agencies before deciding to invest. The demarcation line for corporate credit rating is investment grade. Investment grade and above are considered to be less risky, while below investment grade carries more risk but sometimes more reward, particularly through higher yields on bonds.
1.2. Scope
ww, treasury reporting
2. Definitions
See Finance Glossary:
- BFC
3. Tasks description
When: D+10 (check within the TSU reporting team and GAR if the consolidated net indebtedness BFC retrieve is final)
D+11 Release of the liquidity report
Deadline: We will never send the report to the agencies before the publication of our Quarterly results (as we disclose confidential information )
Location of the files: \\lucapfs01sco.oxo.priv\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\12 - Treso GAR Drive\Rating (P2)
Files:
Rating agencies: Moody's and S&P. Each rating agency has their own format.
Corporate Treasury team: responsible for Syensqo rating.
TSU Reporting is responsible for numbers and DSM team for comments.
Check Data Source:
\\lucapfs01sco.oxo.priv\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\3 - Monthly closing\2 - Treasury and net debt\2025\06.2025\Net Debt
3.1. I update the file "Trapped cash for rating agencies QX YYYY"
Location file \\lucapfs01sco.oxo.priv\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\12 - Treso GAR Drive\Rating (P2)
Steps to execute:
Go to tab 
Change the date in the row 7.
Retrieve data from BFC.
After, check if any company is missing. The check should be 0.
if not, add the missing legal entity(s)
Example:
If check is not zero, insert the line of the missing company in the correct place of the report above.
Copy/Paste the formula from the line which is above or below (does not matter).
Put the legal entity number which is missing in column A only and do BFC refresh.
Note: remove all filters before BFC retrieve.
After BFC retrieve, go to sheet 
The trapped cash figure is located in the cell M32 
. It is linked to the liquidity reports via the links.
3.2. I update the file "Liquidity Assessment Template QXYY"
3.2.1.
I update the tab "Input" with the dates and tab "Rates" with the closing rates
Open the file "Liquidity Assessment Template QXYY"
Update the tab 
with the dates.
Update the tab tab 
with with the FX rates by doing BFC retrieve.
3.2.2. I retrieve the data from BFC
Go to tab: 
Refresh BFC report.
Settings of the report:
Column D: BFC retrieve based on Column A GL accounts.
Column F: formula example example =+D9/1000 as we need the data in Millions of EUR.
3.
12.3. I
copy Tab "Summary BT" from the fileupdate the "Moody's Liquidity Template"
Go to tab 
In this report, some cells need to be input manually. For that, follow the instructions below.
3.2.3.1 I update External Sources of Liquidity
This information is automatically filled using the information in sheet 
. Original information stored in GDrive. Corporate Treasury is in charge of this information.
3.2.3.2 I update Commercial Paper Program
The Commercial Paper program is booked in Syensqo SA books in Quantum.
I copy a data from the tab 
from the file 
to the template file "Liquidity Assessment Template QXYY MOODY'S.xls to the same tab name .
There are links from the tab to the final report.
Location: \\capfs01\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\3 - Monthly closing\2 - Treasury and net debt\2021\12 2021\Net indebtedness
3.2. I update EXTERNAL SOURCES OF LIQUIDITY part for Committed securities of all companies of the Group.
3.2.1. I request the information on Committed credit lines
3.3. I update Moody's template
Update Moody's template with the information retrieved in the previous step.
.
Go to tab
3.3.1. I update Commercial Paper, Financial debt (ST debt), Financial debt (maturing LT) and NB Hybrid bonds of all companies of the Group.
3.3.1.1 I update Commercial Paper Program
Source: Treasury, The Commercial Paper program is booked in Solvay SA books in Quantum.
Do convert Commercial Paper Program (USA) from USD to EUR at the closing rate.
It is currently not utilized - > 0. The size of the program can be checked with Treasury.
To check the outstanding amount:
Go to TMS Quantum.
Click on Transaction by Deal itself to see more options to choose.
Search for Commercial Paper outstanding.
3.
3.1.2
I update Financial Debt Short term.Source: BFC retrieve
Short Term Treasury Notes
Lease
Source: BFC retrieve
Sum of two lines:
.3.
1.3 I update Financial
debt Long term
Debt Short term, Financial Debt Long term
. Source: BFC retrieve or Cell K9 inand Cash and cash equivalents
For Leasing, Others and Cash and cash equivalents, check the amounts in file
stored in \\lucapfs01sco.oxo.priv
Location: \\capfs01\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\3 - Monthly closing\2 - Treasury and net debt\2021\12 20212025\06.2025\Net indebtedness
The split by debt is coming from TMS Quantum: TMS Quantum
We need only this GL account. Remove others and Press Button "Apply" .
Download to xls and update the figures if changes.
We need to report figures in EUR.
Convert USD into EUR for the loans which are issued in USD using the closing rate for the reporting month.
3.3.1.4 I update Financial debt Long term: Leasing
Source: BFC retrieve or file
Sum of two lines:
3.3.1.5. I update Financial debt Long Term: Hybrid Bonds
Follow the steps in 3.3.2 to arrive at Hybrid Bonds in TMS Quantum.
Select the view Check on Hybrid.
Download to excel by pressing on the button:
Check the data is still the same.
3.3.1.6 I update Thereof Marketable securities
Source: BFC retrieve or File 
3.4. I update Trapped cash data and comments of all companies of the Group.
3.4.1 I update Trapped cash figures of all companies of the Group.
I update the line related to "thereof restricted cash".
It is the cash which is not easily available for distribution due to legal, tax or other reasons.
Source: File 
Location: \\nohvfs01\Treasury-GAR\Rating\2021\2021 Q4
3.4.2. I update the file "Trapped cash for rating agencies QX YYYY"
Debt
For Senior Bonds, the amounts are filled using the information on the dedicated sheet 
Data is extracted from Quantum.
To Excel.
For Hybrid Bonds, the amounts are filled using the information on the dedicated sheet 
Data is extracted from Quantum.
To Excel.
3.2.3.4 I update Thereof Restricted cash
Source: 
Location: Location file \\lucapfs01sco.oxo.priv\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\12 - Treso GAR Drive\Rating (P2)
Steps to execute:
Go to tab
Change the date in the row 7.
Retrieve data from BFC.
After, check if any company is missing. The check should be 0.
if not, add the missing legal entity(s)
Example:
If check is not zero, insert the line of the missing company in the correct place of the report above.
Copy/Paste the formula from the line which is above or below (does not matter).
Put the legal entity number which is missing in column A only and do BFC refresh.
Note: remove all filters before BFC retrieve.
After BFC retrieve, go to sheet
The trapped cash figure is located in the cell M32 . It is linked to the liquidity reports via the links.
3.5 I update S&P credit rating template
Purpose: Each credit rating agency has their own template. We need to fill in the required information. There is another file for S&P form.
We can do either to maintaining two files or use one template file which will be used to create two different files when data is ready by copy the template tubs of two credit rating agencies into two separate files.
Steps to execute:
Go to the tub 
\2025\Q2 2025
To fill the "Thereof restricted cash", check the amount retrieved in the sheet "2025 Q2" from the file above (divided by 1000).
3.2.4. I update the "S&P Liquidity Template"
Go to tab 
This sheet The file is normally filled automatically from Moody's template and other sources due to the data required are the same.
You need to only change the correct period on the form and update the comments related to the figures.
Hybrid debt copy paste from Moody's template tub.
Check all the report data with file stored in \\lucapfs01sco.oxo.priv\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\3 - Monthly closing\2 - Treasury and net debt\2025\06.2025\Net Debt
3.3. Create files for each rating agency.
In the end of the process create two individual files and share them with Capital Markets team.
Corporate Treasury team.
Location: \\lucapfs01sco.oxo.priv\LUCAP-USERS\Financial Controlling & Cash Accounting process\7 - Financial Controlling\12 - Treso GAR Drive\Rating (P2)\2025\Q2 2025
And send them to Corporate Treasury.
End of document.