In mid-December 2024, auto classifieds group Speedster Bidco closed the €2.7 billion acquisition of Trader Corp., parent of AutoTrader Canada (the country's leading auto classifieds group) in line with our expectations. The combined group is benefiting from an improved scale and stronger competitive standing, with estimated revenue of €782 million in 2024, but also has very high leverage and muted free operating cash flow (FOCF) generation. We therefore affirmed our 'B-' long-term issuer credit rating on the group. We also affirmed our 'B' issue ratings on the euro- and U.S. dollar-denominated first-lien term loans due 2031. We withdrew our issue ratings on Speedster?s old capital structure following the refinancing transaction. The stable outlook indicates our expectation that over the next
