Various Rating Actions Taken On Distressed Debt Purchasers On New Criteria And Sector Review; Ratings Removed From UCO

The April 4, 2024, publication of our revised criteria, "Criteria Corporates General: Sector-Specific Corporate Methodology," affected our view of revenue and calculation of EBITDA for the nine distressed debt purchasers (DDPs) we rate. Implementation of the revised criteria indicated that financial leverage at Garfunkelux Holdco 2 S.A. (Lowell) and Sherwood Parentco Ltd. exceeded the level at other companies rated 'B+'. We have lowered our long-term issuer credit ratings on these companies to 'B' from 'B+'. We also affirmed our 'BB-' rating on KRUK S.A. These ratings are no longer under criteria observation. Industry conditions remain difficult and refinancing risks have increased. Therefore, we also reviewed our ratings on companies in the sector that had not been placed under

...- The April 4, 2024, publication of our revised criteria, "Criteria | Corporates | General: Sector-Specific Corporate Methodology," affected our view of revenue and calculation of EBITDA for the nine distressed debt purchasers (DDPs) we rate. - Implementation of the revised criteria indicated that financial leverage at Garfunkelux Holdco 2 S.A. (Lowell) and Sherwood Parentco Ltd. exceeded the level at other companies rated 'B+'. We have lowered our long-term issuer credit ratings on these companies to 'B' from 'B+'. We also affirmed our '##-' rating on KRUK S.A. These ratings are no longer under criteria observation. - Industry conditions remain difficult and refinancing risks have increased. Therefore, we also reviewed our ratings on companies in the sector that had not been placed under criteria observation after we published the revised criteria. - We lowered our ratings on iQera Group SAS and its senior secured notes to '###+' from 'B' because the group recently announced that it is...

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