...- Transcom Holding AB (publ) intends to issue 300 million senior secured floating rate notes and a 45 million super senior revolving credit facility (RCF) to refinance existing debt, easing our concerns on upcoming debt maturities. - Despite our expectation of strong operational performance in 2021 leading to leverage close to 5.0x by year-end, we forecast free operating cash flow generation will remain only slightly positive, pressured by exceptional costs in 2021. - We therefore raised our long-term issuer credit rating on Transcom Holding AB (publ) and Transcom Topco AB to 'B-' from '###+'. At the same time, we assigned a 'B-' issue rating to the group's proposed 300 million senior secured floating rate notes due in 2026. - The positive outlook indicates the potential of an upgrade if Transcom continues to see positive operating trends that support growth, margins, and cash generation....
