Under our revised base case for the next 12 months there is now a material risk that Lowell (the trading name of Garfunkelux Holdco 2 S.A.) will not be able to achieve sustainably lower leverage. We are revising our outlook on the group to negative to reflect this potential risk, but affirming our 'B+/B' long- and short-term issuer credit ratings on Garfunkelux Holdco 2 S.A. Our recovery ratings on the outstanding super senior revolving credit facility, senior secured debt, and unsecured debt remain unchanged. On May 22, 2019 S&P Global Ratings revised its outlook on Luxembourg-based debt collection company Garfunkelux Holdco 2 S.A. (Lowell) to negative from stable. We affirmed our 'B+/B' long- and short-term issuer credit ratings on the
