On June 21, Nordic debt collector Intrum AB (publ) gave an update regarding its capital structure and shared potential terms of an offering to the market. In our opinion, the proposed terms indicate an increase likelihood that we would deem the transaction as a distressed exchange since we consider that investors would not be adequately compensated for the exchange under those terms. As a result, we lowered to 'CCC' from 'B' our long-term credit ratings on Intrum and its senior notes and lowered to 'C' from 'B' our short-term issuer credit rating on Intrum. The negative outlook reflects the increased likelihood of a distressed exchange. Full repayment of its bonds maturing in July 2024; All bonds maturing 2025 and beyond
