If the effect of the changes are classified as abnormal items, the Simulated FHR (Section 4 of the FHR report), will provide a view of the FHR as if these were excluded from the income statement.
If the spinoff is related to discontinued operations, it is treated as an extraordinary item, so the effect would be seen in the actual FHR and not isolated via the simulated FHR.
If the changes result in a newly formed corporate entity, we will not continue to rate the former. This is why our Operations & Enablement team conducts an annual cleanup effort to pick up corporate activity and inactive ratings for publicly traded companies.