Moody’s acts on debt collectors

Moody’s Investors Service said it took rating actions on seven debt purchasers.

The agency downgraded the corporate family rating and backed senior secured rating of Anacap Financial Europe SA Sicav-RAIF to B2 and B1 from B3 and B2, respectively. and it affirmed the CFR and ratings of six other debt purchasers and/or their supported entities: Arrow Global Group plc, B2Holding ASA, Cabot Financial Ltd., Garfunkelux Holdco 2 SA, Intrum AB and Louvre BidCo SAS.

The issuer-level outlook on Anacap remains stable after the downgrade. Moody’s changed the outlooks on B2Holding and Intrum to negative from stable, the outlook on Arrow remains negative, the outlooks on Cabot and Garfunkelux remain stable, and the outlook on Louvre BidCo remains positive.

“The rating action on seven EMEA debt purchasers reflects Moody’s view that debt purchasing companies will be particularly affected by the deteriorating economic conditions stemming from the coronavirus crisis. In Moody’s view, measures taken by countries to limit the spread of the virus, including courts closures and suspension of bailiffs, social distancing measures, combined with households’ diminished ability to repay their debts, will meaningfully reduce debt purchasers’ near-term cash collections,” the agency said in a press release.

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