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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Gap, Inc. (The)Global Credit Research - 22 Mar 2021New York, March 22, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Gap, Inc. (The) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 18 March 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Gap Inc.'s Ba2 corporate family rating is supported by its conservative financial strategies which include the suspension of its common dividends and share repurchases at the onset of the pandemic, as well as its historically conservative level of funded debt to cash balances. The company has a solid market position in the specialty apparel market with its ownership of leading specialty apparel brands (Old Navy, Gap, Banana Republic, and Athleta). The relatively shorter term of its store leases (approximately five years) has enabled right sizing of its mature brands (Gap and Banana Republic) while adding stores to its higher growth concepts (Old Navy and Athleta). Investments in its online and mobile business have also strengthened its operational profile and improved customer experience as online sales grew to over $6 billion, approximately 45% of sales) in 2020. Continued integration of its online and store experiences supports its efforts to increase customer conversion.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Retail Industry published in May 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Christina Boni Senior Vice President Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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