The stable outlook on Intrum Justitia AB (publ) reflects Standard&Poor's Ratings Services' expectation that sustained growth in the purchased-debt portfolio, combined with steady revenues, will support Intrum's credit profile over the next two years. We could raise the rating if we believed that Intrum's adjusted debt to EBITDA would remain sustainably below 2x and we saw a lower risk that regulatory developments would hinder the group's business model. We consider this to be unlikely to occur in the near term. We could lower the rating if adjusted debt to EBITDA were to increase and approach 3x, compared with 1.9x at year-end 2014, and we considered that Intrum were less committed to maintaining a conservative leverage and liquidity policy--for
