Europe's most heavily indebted companies are facing a renewed refinancing squeeze as interest rates rise and debt maturities approach. The group includes Merlin, owner of Legoland and Madame Tussauds; Lipton Teas and Infusions; residential property manager Emeria; Patrick Drahi's Altice International; and Aston Martin. Most sit in or near the CCC range, among the lowest credit ratings before default. The European Central Bank has raised its deposit rate to 2.5% after two increases, while the Federal Reserve lifted its rate to 3.75% to 4% in September. S&P Global Ratings found that European collateralised loan obligations (CLOs, portfolios of bundled corporate loans) held €5.3 billion of CCC-rated loans maturing in 2028 at the end of June, up from €3.5 billion at the end of 2025. Six of the 10 largest CCC borrowers identified by S&P face maturities in 2027 or 2028. Restructurings have bought some companies time, but often without reducing debt. Bond yields range from roughly 5% for Colisée after its restructuring to more than 60% for Altice Financing, while Aston Martin's 2029 bond implied a yield of about 37%. CCC-rated bonds account for 4.3% of Europe's high-yield market, meaning the stress is concentrated among the weakest borrowers rather than spread evenly across corporate Europe.