...+ On Nov. 22, 2018, Luxembourg-based debt collection company Garfunkelux Holdco 2 S.A., which trades as Lowell, announced that it has issued a new private asset-backed senior facility, which will be used to refinance the existing revolving credit facility (RCF) drawings. Therefore, we expect the facility to have a neutral impact on Lowell's credit metrics. + We are affirming our 'B+/B' long- and short-term issuer credit ratings on Garfunkelux Holdco 2. We understand the company plans to use its RCF liquidity headroom for general corporate purposes, including possibly to refinance the asset-backed facility. + We are reducing our estimate of the recovery prospects for Lowell's senior secured creditors to 40% from 50% in the event of a hypothetical default, and affirming the 'B+' issue rating on its senior secured notes. + The stable outlook reflects our base-case scenario of flat portfolio purchases in 2019, gradual reduction of the group's collection costs, and leverage improvement in line...
