The stable outlook on Intrum Justitia AB (publ) reflects S&P Global Ratings' expectation that higher growth in the purchased-debt portfolios, 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. In addition, if there were material improvements in the share of tangible equity and we saw a lower risk that regulatory developments would hinder the group's business model, we could raise the rating. We consider this to be unlikely to occur in the near term, however. We could lower the rating if adjusted debt to EBITDA were to increase and approach 3x, compared with 1.9x at year-end
