Sweden-based customer relationship management (CRM) services company Transcom TopCo AB?s capital structure is approaching maturity with its €380 million senior secured notes due in December 2026. There is limited time for the company to address its debt maturity before it becomes current. In our view, the difficult trading environment amid volatile macroeconomic conditions and the sector?s adaptation to risks and opportunities raised by Gen AI, render the path to EBITDA and cash flow improvement uncertain for Transcom. We therefore lowered our long-term issuer credit ratings on Transcom Holding AB (publ) and Transcom Topco AB, as well as our issue rating on the group?s €380 million senior secured notes due 2026, to ?B-? from ?B?. The negative outlook reflects that we
