Intrum’s third-quarter results were below our previous expectations, notably in the servicing business, and in our view, recovery in 2027 is uncertain. We also think weaker results impair the company’s access to financial markets, increasing refinancing risks. We therefore revised our outlook on Intrum to negative from positive, reflecting the possibility of a downgrade absent improvement in performance over the next few quarters. We also affirmed our'B-'long-term issuer credit rating on the company. We consider Intrum’s announced below par tender offer for up to €100 million of its bonds opportunistic rather than distressed, given the limited size. Intrum's third-quarter results were weaker than our expectations, mainly because of underperformance in its servicing business. Servicing sits at the core
