Moody’s cuts Intrum

Moody's Investors Service said it downgraded Intrum AB's corporate family rating to B2 from B1 and its senior unsecured debt rating to B3 from B2. The agency also changed the issuer outlook to negative from stable.

“The downgrade, with a negative outlook, reflects Intrum's delayed deleveraging relative to its previous forecasts and Moody's expectations. This follows Intrum's announcement on Jan. 22 of a large asset sale (approximately 30% of the firm's investment portfolio by book value), resulting in a loss of investment income and EBITDA, and an increase of the firm's debt/EBITDA leverage notwithstanding the planned reduction in the nominal level of debt,” the agency said in a press release.

Moody’s said it forecasts Intrum’s debt/EBITDA leverage will rise to 4.9x as compared to 4x previously forecasted for 2024.

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