Narrow business model, focusing on purchasing distressed receivables from the financial services industry. Potentially volatile cash collections given bias toward secured debt portfolios and smaller scale. Good position in core markets through its ability to utilize the financial services expertise of AnaCap Financial Partners (the group). Controlled growth and selective investment strategy have led to stable credit metrics. Strong profitability supported by low-cost operating model. Shareholders' long-term approach toward AFE provides some protection against the traditionally more aggressive financial policy of sponsor-owned companies, which limits downside to leverage and debt-service metrics, in our view. The stable outlook on AnaCap Financial Europe S.A. (AFE) reflects S&P Global Ratings' view that the company's leverage and debt-service metrics will remain within the current
