...- We believe Sweden-based Intrum's collections from portfolio investments and earnings from third-party servicing will improve in the next 12 months, allowing it to achieve further deleveraging after absorbing most of the difficulties caused by the impact of COVID-19. - We regard as positive that major financial sponsor, Nordic Capital, has reduced its shareholding in Intrum to below 40%, which implies slightly reduced dependence on a single private-equity investor and may imply lower pressure on aggressive growth in the future. - We project our gross debt-to-cash-adjusted EBITDA ratio will remain within the 4.0x-4.3x range by the end of 2022, and that Intrum's liquidity profile will stay sound. - We are therefore revising our outlook on Intrum to stable from negative and affirming our '##/B' ratings on the company, while affirming our '##' rating on Intrum's senior unsecured notes, with the recovery rating staying at '4', indicating our expectation of average recovery in the event of default....
