Moody’s changes Intrum’s credit rating

Moody’s Investors Service (“Moody’s”) has today announced its downgrading of Intrum AB’s credit rating (corporate family rating) from Ba3 to B1, with a stable outlook.

De-leveraging and de-risking of the balance sheet is Intrum’s key priority as highlighted during the recent Capital Markets Day.

Intrum’s discretionary cash generation remains strong with any upcoming debt maturities until the end of 2025 fully covered by organic cash flow generation as well proceeds from market exits and portfolio sales currently being executed.

“We have a well-balanced and highly diversified business, complemented by a self-liquidating investing book, which together generate substantial cash flows for many years to come. Our communicated path to de-risk and de-lever our balance sheet, supported by growing our Servicing business and extracting value from our Investing business with the resulting strong cash generation, makes me comfortable with our liquidity and overall financial position. We have laid out a detailed trajectory, with clear objectives and targets, that we are now executing step by step, creating a strong foundation for success. We will continue to work with Moody’s, as well as all other stakeholders, to ensure that they understand the positive attributes of our business and progress towards new financial targets focused on de-risking and de-leveraging”, says Michael Ladurner, CFO, Intrum.

For further information, please contact:
Emil Folkesson, Head of CFO Office & Investor Relations Director
ir@intrum.com

This information is information that Intrum AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 19:30 CET on 22 September 2023.

Intrum is the industry-leading provider of Credit Management Services with a presence in 20 markets in Europe. By helping companies to get paid and support people with their late payments, Intrum leads the way to a sound economy and plays a critical role in society at large. Intrum has circa 10,000 dedicated professionals who serve around 80,000 companies across Europe. In 2022, revenues amounted to SEK 19.5 billion. Intrum is headquartered in Stockholm, Sweden and publicly listed on the Nasdaq Stockholm exchange. For further information, please visit www.intrum.com 

Tags: