Transcom Topco's 2020 performance was better than we expected, and we see prospects for improvement in 2021. Nevertheless, liquidity remains tight, and we are uncertain if Transcom will be able to refinance its debt maturing in September 2022 and March 2023. We therefore affirmed our 'CCC+' ratings on Transcom Topco, and the group's €180 million senior secured bonds due in March 2023, and assigned our 'CCC+' rating to Transcom Holding AB, the group's subsidiary that issued the debt. The outlook is negative because of uncertainty relating to upcoming debt maturities, despite significantly improved operating performance and our expectation that EBITDA margins will increase to 10.5%-11.5% and debt to EBITDA will decrease to 4.3x-4.5x in 2021. Our negative outlook reflects the
