Luxembourg-based Garfunkelux Holdco 2 S.A., the intermediate holding company consolidating primary operating companies Lowell Group Ltd. and GFKL Financial Services GmbH, announced on Sept. 12, 2016, that its subsidiary Garfunkelux Holdco 3 S.A. will issue €230 million in new senior secured floating rate notes. We understand that the proceeds will be used to refinance a bridge facility that was put in place to finance the acquisition of Tesch Inkasso Group, and to pay related fees and expenses. We are revising the outlook on Garfunkelux Holdco 2 S.A. to negative, affirming our 'B+/B' long- and short-term issuer credit ratings on the company, and assigning a 'B+' issue rating to the proposed notes. The negative outlook on Garfunkelux Holdco 2 S.A. indicates
