Credit Research

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

BB-
Negative
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 Group ("Asda") is a UK food & general merchandise retailer headquartered in Leeds. LTM (FY-24) Adjusted EBITDA is equal to £1.1 bn and Total Net Leverage is equal to 5.5x • Third-largest UK grocer (c. 15% value share, Kantar) operating 633 superstores, 170 supermarkets, 145 Asd...
Accelio AI
8/10/2025
10 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 acqu...
Accelio AI
8/11/2025
12 min read
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Baa3/BBB-
Negative
Credit Analysis
LANXESS
Specialty Chemicals
Investment Grade

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 €538 mm and Total Net Leverage 4.4x company-defined net debt to reported EBITDA and 5.0x on stricter net debt to reported EBITDA, Moody's Baa3 negative outlook; S&P public rating discontinued in 2022 • LANXESS is a di...
Accelio AI
1/15/2025
15 min read
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