Despite AT's successful disposal strategy and good track record, recent market volatility and a weaker German economy are expected to hinder the company's ability to complete about €1.1 billion in previously expected asset sales in 2025. The company is not expected to supplement this shortfall with equity, equity-like instruments, or other measures. As a result, disposal expectations for fiscal year 2025 have been lowered to about €500 million-€700 million, with no disposals anticipated in 2026. GCP has created headroom under S&P Global's downside threshold of 45% for debt-to-debt-plus-equity. As of December 31, 2024, GCP reported an S&P Global Ratings-adjusted debt-to-debt-plus-equity ratio of 43.5%, a significant improvement from 49.3% reported a year earlier. The improvement is primarily due to GCP successfully exchanging its non-called hybrid notes, which led to a reassessment of its equity content from 0% to 50%.