Mobico - comment

The company has confirmed Deloitte’s formal resignation as auditor of the group, effective 19th of September. We expect that with the deterioration of the business, Deloitte was looking to change approach in some areas, and the company thinks it can do without, but we are speculating. This move was previously flagged in the annual report, but comes at the wrong time now, pushing bonds down a little. We don’t see this as significant news, however, and are not adjusting our positioning as a result. The company is looking for new auditors.