...- Because of declining revenues, decreasing active customer numbers, and the anticipated exit from Russia, German TV home shopping broadcaster HSE's profitability and cash flow weakened and led to higher leverage. We assume that improvements will not be fast enough for HSE to timely refinance its debt maturities in 2026. - We think the company's ability to manage cash generation and its positive, albeit modest, free operating cash flow after leases will enable it to cover its liquidity uses with its sources by more than 1.9x for the next 12-18 months. - We lowered to '###+' from 'B-' our ratings on HSE and its senior secured notes. At the same time, we lowered the recovery rating on the senior secured notes to '4' from '3'. - The stable outlook is underpinned by HSE's available liquidity and the absence of near-term debt maturities, enabling the company to accommodate an expected gradual recovery of demand despite current uncertainty in the trading environment....
