Rekeep - comment

S&P’s downgrade of Rekeep to B- reinforces pressure on credit metrics after weaker 1H26 results, though the rating report adds little to our existing analysis. We continue to expect a rebound in activity in H2 to support improved operating performance, but with the bonds now trading just below 60c, the market is clearly questioning this outlook, and it is becoming harder to maintain confidence in the expected recovery. The potential Teckal disposal remains the key near-term catalyst, offering a more immediate route to debt reduction.