RE: Fitch just upgraded THG2 May 2025 12:46
There's a huge amount in their update but here's a snippet:
Ā The upgrade of the senior secured rating reflects an improved recovery following a debt reduction in its amend-and-extend (A&E) transaction.
The Stable Outlook reflects our expectations of continued EBITDA recovery in 2025. The completed demerger of Ingenuity, together with the debt reduction, makes for a big rating headroom build-up in 2025, sufficient to accommodate strategy execution risks aimed at profitability expansion and the potential of weakening consumer demand in THG's markets, especially the US.