Funds backed by U.S. private equity firm Permira are acquiring U.K.-based debt collection company Lowell Group Ltd. through its wholly owned subsidiary Garfunkelux Holdco 2 S.A. Subsequently, Permira is merging Lowell with existing portfolio company GFKL Financial Services AG (GFKL). Permira is funding the acquisition with debt raised through various instruments and an equity contribution. The Ontario Teachers' Pension Plan, which has shares in Lowell Group, will also make an equity contribution. We are assigning our 'B+/B' long- and short-term issuer credit rating to Garfunkelux Holdco 2 S.A. The ratings reflect our view of the consolidated group, including GFKL and Lowell. The outlook is stable. We are also assigning credit ratings to related debt instruments. We are lowering the rating
