Liquidity is further supported by the company's strong track record in generating meaningful FCF. Moody's expects that Thales will continue to generate positive Moody's adjusted FCF consistently through 2022. The revolving credit facility is subject to a financial covenant -- consolidated net debt/EBITDA below 3.0x -- but only if the French government no longer holds a golden share. Moody's considers this a highly unlikely scenario, but in the event the French government does relinquish its golden share, Thales would be comfortably in compliance considering its current net cash position on a reported basis. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure is unlikely in the short term.