Reducing CoStar's Uncertainty to High in Line With Our Updated Uncertainty Rating Methodology

We are reducing our Uncertainty Rating for wide-moat-rated CoStar Group to High from Very High to align with our updated uncertainty rating methodology. CoStar Group has built industry-leading positions in its various business lines, and we believe that the updated uncertainty rating better reflects its risk profile and competitive positioning within the industry. Our reduced uncertainty rating also reflects our increased confidence in the company's aggressive residential investments. The company is showing good progress in its residential initiative, and we increasingly believe that the residential investments are strategically sound and the company’s differentiated approach to monetizing its residential platform will be helpful in competing with the established players in the industry.