Rekeep - Steady numbers, refinancing next year.

Following the Q3 financials, we have updated our model as we build on our previous work around the growth of the Italian and Polish businesses. The performance since the last refinancing has been poor, with limited underlying deleveraging, and we consider important shifts in the capital structure over the lifetime of the bond. Q3 numbers were in line with our model and we maintain our investment stance, especially after adjusting for the changes in on- and off-balance sheet liabilities.