Credit Research

Deep-dive analysis on corporate credit profiles, prepared on the Accelio platform, in collaboration with AI.

BBB-
Stable
Credit Analysis
Investment Grade
Orsted
Wind

Ørsted Credit Analysis Post Approval of the Rights Issue

Ørsted continues to face pressure with the recent stop-work order for Revolution Wind, but rights issue cash should shore up the balance sheet to hold the IG ratings.

Background: • Ørsted A/S, global offshore wind developer/operator headquartered in Fredericia, Denmark; LTM 2024 EBITDA DKK 31.959bn; Total Net Leverage (company-reported interest‑bearing net debt/EBITDA) 1.82x at 31 Dec 2024; Current public ratings: Moody’s Baa2 (stable, Feb 2025) and S&P BBB− (Sep...
Accelio AI
9/6/2025
10 min read
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BB-
Stable
Credit Analysis
High Yield
Loxam
EquipmentRental

Loxam 2Q25 Current Trading

Q2 2025 revenue €620.9mm, down 6.5% yoy; H1 2025 revenue €1,205.1mm, down 6.1% yoy. EBITDA €224.1mm in Q2, down 12.4% yoy; margin 36.1%

Current Trading Overview: • Q2 2025 revenue €620.9mm, down 6.5% yoy; H1 2025 revenue €1,205.1mm, down 6.1% yoy. EBITDA €224.1mm in Q2, down 12.4% yoy; margin 36.1% (down 250bps). H1 EBITDA €414.0mm, margin 34.4% (down 150bps). Drivers: softer construction demand in France and Nordics, adverse comp f...
Accelio AI
9/3/2025
3 min read
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BB+
Positive
Credit Analysis
High Yield
Corporate Credit
Czechoslovak Group

Czechoslovak Group - 1H25 Current Trading

Revenue: €2.813bn in 1H25 versus €1.579bn in 1H24, up €1.234bn YoY, driven by defence programs and price/mix

Current Trading Overview: • Revenue: €2.813bn in 1H25 versus €1.579bn in 1H24, up €1.234bn YoY, driven by defence programs and price/mix; Ammo+ underperformed on softer demand and higher input costs. Operating EBITDA: €777mm in 1H25 versus €425mm in 1H24; margin broadly stable at c.28%. EBIT: €726mm...
Accelio AI
9/2/2025
3 min read
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B+
Negative
Credit Analysis
Ineos
Chemicals
High Yield

INEOS, High Leverage in a Cyclical Sector

INEOS faces multiple challenges, including elevated capex due to Project One, high leverage and weak current trading. Without a bounce in EBITDA, the credit profile is stabilising at a single B.

Background: • INEOS Group Holdings S.A. (INEOS), global commodity chemicals producer headquartered in Luxembourg, LTM EBITDA €2,048.4mm before exceptionals and Total Net Leverage c.5.55x; Moody’s Ba3 (negative), Fitch BB (negative), S&P rates subsidiary Ineos Quattro at BB (negative) • INEOS manufac...
Accelio AI
8/30/2025
8 min read
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B+
Stable
Credit Analysis
High Yield
WeSoda
Turkey

We Soda 1H25 Current Trading Update

Please see a summary of the We Soda 1H25 results, reported on 29-Aug-25.

Current Trading Overview: • H1 2025 revenue $996.8 mm vs $608.0 mm H1 2024; gross profit $220.7 mm vs $221.4 mm; gross margin compressed to 22.1% from 36.4% on weaker pricing and higher transportation and energy in mix, partly offset by cost actions. EBITDA reported $291.7 mm vs $209.2 mm, helped by...
Accelio AI
8/29/2025
3 min read
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B-
Negative
Credit Analysis
888
Evoke
UK
Gaming
High Yield

Evoke (888) - Struggling with high leverage and regulatory headwinds

Evoke will remain a show-me story, with management execution key to achieve synergies and cost savings and reduce the amount of EBITDA adjustments. Leverage remains elevated and FCF is poor. High risk of becoming a CCC+/Caa1.

Background: • 888 Holdings plc (rebranding to “evoke plc”), global online betting and gaming operator headquartered in Gibraltar and the UK. LTM EBITDA £230.6mm (statutory, FY2024). Total Net Leverage c.6.8x using Clean EBITDA. • Operates William Hill, 888casino, 888sport, Mr Green and retail betti...
Accelio AI
8/29/2025
8 min read
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B-
Negative
High Yield
Credit Analysis
Corporate Credit
UK

Travelodge - Facing pressure from lower RevPAR and cost inflation

A concentration to London where RevPAR is weak and cost inflation on both the rent and the personnel expenses side are weighing on the business, increasing leverage. There is borderline no implied equity in the asset.

Background: • Thame and London Limited (trading as Travelodge), economy hotel operator headquartered in the UK; latest FY2024 IFRS-16 EBITDA c. £449.6mm; Total Net Leverage including IFRS‑16 lease liabilities c. 7.2x; unrated publicly but legacy debt stack is sub‑investment grade; peers in the BB/B ...
Accelio AI
8/28/2025
9 min read
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B+
Stable
Credit Analysis
Corporate Credit
Credit Rating

Verisure on the path to deleveraging

Highly leveraged alarm security business on the path to lower leverage and potentially an exit for the shareholder

Background: • Verisure Midholding AB (Verisure), monitored security services, HQ in Geneva, Switzerland. LTM Adjusted EBITDA c. €1.71bn and Total Net Leverage 4.5x as of Q2 2025; total adjusted net leverage 4.8x at FY 2024. Current ratings: Moody’s B1 (positive outlook in 2024); S&P B+. • Verisure s...
Accelio AI
8/27/2025
9 min read
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B+
Stable
Credit Analysis
UK Retail
Grocery
High Yield

Asda Group Credit Analysis: Highly Levered UK Grocer at Critical Juncture

A comprehensive credit assessment of Asda Group, the UK's third-largest grocer, examining its stretched capital structure, execution risks, and path to deleveraging following the 2021 LBO.

**Background:** • Asda (Bellis Finco PLC), UK food and general merchandise retailer headquartered in Leeds; FY24 EBITDA (IFRS-16) £1.141bn; Total Net Leverage (TNL) varies materially by lease treatment: c.7.3x on IFRS-16 net debt and c.3.36x on pre-IFRS-16 external net debt; no public corporate rati...
Accelio AI
8/26/2025
15 min read
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B+/B
Negative
Credit Analysis
Satellite Communications
LEO/GEO
High Yield

Eutelsat Group Credit Analysis: GEO/LEO Pivot with Elevated Execution and Leverage Risk

Deep-dive on Eutelsat Group's pivot to integrated GEO/LEO connectivity post-OneWeb, with cash burn near term, stretched capital structure, clustered refinancing needs, and ambitious synergy targets.

**Background** • Eutelsat Group, Satellite Communications, HQ Paris, France, LTM EBITDA €676 mm and TNL 3.88x • Global fixed and mobile satellite operator providing video distribution, broadband connectivity and government services via 34 GEO satellites and a 650-satellite LEO constellation acquir...
Accelio AI
8/26/2025
12 min read
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Ba2/BB
Negative
Credit Analysis
LANXESS
Specialty Chemicals
High Yield

LANXESS AG Credit Analysis: Specialty Chemicals at Cyclical Trough with Deleveraging Path

Comprehensive credit assessment of LANXESS AG, examining the German specialty chemicals company's stretched capital structure, strategic portfolio shift, and path to deleveraging amid cyclical headwinds.

Background: • LANXESS AG, specialty chemicals, HQ Cologne, Germany. LTM EBITDA and TNL: FY2024 reported EBITDA €538mm and Clean EBITDA €614mm; Total Net Leverage 5.0x on reported EBITDA and 4.4x on Clean EBITDA using net debt as defined below. Moody's Baa3 with negative outlook; no public S&P rating...
Accelio AI
8/26/2025
15 min read
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