Market leader in European credit management services with diversified revenues, strengthened by merger with Lock Lower Holding (Lindorff). Operational hurdles of new organization, which will temporarily outweigh diversification and scale improvements. A long-standing ownership structure that supports a stable business model and long-term decision-making. Potential regulatory risks, but a track record of overcoming regulatory changes in core markets and demonstrated ability to adapt its business. Increased leverage following 2017 merger that is expected to reduce gradually due to conservative approach and market discipline, despite significant stake of private equity firm, Nordic Capital. Relatively weak tangible equity metrics, given the high share of goodwill. Established banking relationships and significant available liquidity. The stable outlook on Sweden-based credit management services (CMS) and
