France-based nursing homes operator Colisée Group faces a liquidity crunch as it fails to finalize an asset disposal in due time, while at the same time continuing to face greater operational challenges than previously anticipated. Therefore, the group formerly requested its lenders to defer its next interest payment on its term loan B (TLB) due April 11, 2025. This proposed transaction could be viewed as distressed exchange under our criteria and it appears inevitable within the next six months. Therefore, we lowered our issuer credit rating to 'CCC-' from 'B-' and our issue-level rating on the company's TLB due in 2027 to 'CCC-' from 'B-'. The recovery rating remains '3' for the TLB, indicating our expectation for meaningful (50%-70%; rounded
