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CREDIT SUPPLY: Teleperformance Pre-Supply Notes

CREDIT SUPPLY

RCFFP                NR/BBB

AI debate dominates what would otherwise look like a set of broadly steady fundamentals with decent rating headroom. One view is that AI will commoditise labour-intensive outsourcing into undifferentiated services while the other sees AI as enhancing efficiency and quality via AI-augmented, human-led processes. Teleperformance is front-and-centre on the list of names facing disruption though we have yet to see any material impact on fundamentals and the risk, for now, remains mostly hypothetical. Headline risk, however, remains real and is likely to drive volatility in the near term as evidenced by the AI-related selloffs in 2024 (i.e. Klarna, Salesforce). 

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RCFFP                NR/BBB

AI debate dominates what would otherwise look like a set of broadly steady fundamentals with decent rating headroom. One view is that AI will commoditise labour-intensive outsourcing into undifferentiated services while the other sees AI as enhancing efficiency and quality via AI-augmented, human-led processes. Teleperformance is front-and-centre on the list of names facing disruption though we have yet to see any material impact on fundamentals and the risk, for now, remains mostly hypothetical. Headline risk, however, remains real and is likely to drive volatility in the near term as evidenced by the AI-related selloffs in 2024 (i.e. Klarna, Salesforce). 

Keep reading...Show less