Cerba - comment

While the latest figures do not alter our conviction, we are reviewing them in greater detail. The bonds have have seen a slight uptick this morning, likely in response to EQT’s announcement of a capital injection into Colisée—another highly leveraged asset under the same sponsor. Colisée is receiving an additional €200 million in new equity to enhance liquidity and establish a more sustainable capital structure. However, we remain unconvinced that a similar approach will be applied to Cerba.