...MADRID (S&P Global Ratings) Feb. 16, 2024--S&P Global Ratings said today that the limited amount of Intrum AB (publ)'s announced debt repurchase suggests nearly no impact on the company's creditworthiness. Intrum repurchased 68.8 million of notional debt (51.3 million at discount), equivalent to about 2% only of its outstanding market debt. We consider the repurchase as opportunistic, rather than distressed, even though market conditions for Intrum so far this year have not been positive. In our opinion, the company holds enough liquidity to repay its maturities coming due in the next 12 months. Additionally, we estimate Intrum's cash collections near Swedish krona (SEK) 20 billion (approximately 1.7 billion) over the next 24 months. This, alongside expected net proceeds from its deal with Cerberus of about 0.7 billion, should sufficiently give Intrum financial flexibility to meet its short-term liquidity needs. We will continue to closely monitor Intrum's cash collections and refinancing...
