Ratings Actions On Eight European Distressed Debt Purchasers Reflect Tough Environment For The Sector Amid COVID-19

S&P Global Ratings believes that the COVID-19 outbreak is likely to materially test the earnings, collections, and overall credit profiles of Europe's distressed debt purchasers. Additionally, although none of the distressed debt companies we rate has large immediate refinancing needs in 2020, we consider access to market funding could become more difficult, and more costly. Consequently, we are taking a number of actions on our ratings on Europe's distressed debt purchasers. We are affirming the long-term issuer credit ratings, and revising the outlook to negative from stable, on Arrow Global Group PLC (Arrow) and Cabot Financial Ltd. (Cabot). We are affirming the long-term credit rating on Garfunkelux HoldCo 2 and keeping the outlook negative. We have also affirmed the issue

...April 15, 2020 - S&P Global Ratings believes that the COVID-19 outbreak is likely to materially test the earnings, collections, and overall credit profiles of Europe's distressed debt purchasers. - Additionally, although none of the distressed debt companies we rate has large immediate refinancing needs in 2020, we consider access to market funding could become more difficult, and more costly. - Consequently, we are taking a number of actions on our ratings on Europe's distressed debt purchasers. - We are affirming the long-term issuer credit ratings, and revising the outlook to negative from stable, on Arrow Global Group PLC (Arrow) and Cabot Financial Ltd. (Cabot). We are affirming the long-term credit rating on Garfunkelux HoldCo 2 and keeping the outlook negative. We have also affirmed the issue level ratings on the debt issued by these entities. - We are placing the long-term issuer and issue level credit ratings on AnaCap Financial Europe S.A. (AFE) on CreditWatch with negative implications....

Ratings Action