251117.mbx

251117.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, November 17, 2025, Vol. 28, No. 229 Headlines A U S T R A L I A AUSTRALIA SUNNY: First Creditors' Meeting Set for Nov. 21 BARTON SERIES 2025-1: S&P Assigns BB (sf) Rating to Class E Notes DAINTREE BIDCO: Fitch Assigns BB-(EXP) LongTerm IDR, Outlook Stable DAINTREE BIDCO: Moody's Assigns 'Ba2' CFR, Outlook Stable DAINTREE BIDCO: S&P Assigns Prelim 'B+/B' ICRs; Outlook Stable DISTINCTIVE PROPERTY: First Creditors' Meeting Set for Nov. 19 ECHOSTAR CORP: Net Loss Widens to $12.8 Billion in 2025 Q3 JASZAC INVESTMENTS: First Creditors' Meeting Set for Nov. 19 KOORALBYN RESORT: Second Creditors' Meeting Set for Nov. 18 MWL FINANCIAL: To be Sue by ASIC on Alleged Shield Advice Failures PEPPER PRIME 2025-1: S&P Assigns Prelim B+ (sf) Rating to F Notes REX AIRLINES: ATEC Flags Carrier Sale as Positive Sign for Tourism SHIELD MASTER: ASIC Sues Interprac Over Alleged Licensee Failure SHIELD MASTER: ASIC Sues SQM Research Alleging Misleading Reports STERLING FIRST: Three Men to Stand Trial Over Failed Scheme THINK TANK 2025-4: S&P Assigns B (sf) Rating to Class F Notes WILTON GREEN: First Creditors' Meeting Set for Nov. 19 ZIP MASTER 2025-2: S&P Assigns BB (sf) Rating to Class E Notes [] Fitch Hikes Rating on 2 Classes on 2 Pepper Asset Deals to BB+ C A M B O D I A PRINCE HOLDING: Denies Link to Scams After Asset Seizures C H I N A COUNTRY GARDEN: Seeks Shareholder Nod on US$13B Conv. Bonds Issue FOSUN INTERNATIONAL: S&P Rates New Sr. Unsecured Euro Notes 'BB-' H O N G K O N G UNITED ENERGY: S&P Assigns 'B' Rating to Proposed U.S. Dollar Bond I N D I A ADITYA OIL: CARE Keeps B- Debt Rating in Not Cooperating Category AJIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating ANNA BHAU: CARE Keeps D Debt Rating in Not Cooperating Category APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating ASHTECH BUILDPRO: CARE Keeps B- Debt Rating in Not Cooperating BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating Category BHUSHAN POWER: JSW Steel in Talks to Sell Up to 50% Stake in Firm BYJU'S: Manipal Group Submits Second Bid to Acquire Parent Company CENTURY VENTURES: CARE Keeps B- Debt Rating in Not Cooperating CONSOLIDATED CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating DWARKA METROHILLS: CARE Keeps C Debt Rating in Not Cooperating GEE EMM: CARE Lowers Rating on INR39.45cr LT Loan to B+ GREEN FIELD: CARE Keeps D Debt Rating in Not Cooperating Category HANUMAN COTTON: CARE Keeps D Debt Rating in Not Cooperating IMP POWERS: CARE Keeps D Debt Ratings in Not Cooperating Category INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category JAGDISH PRASAD: CARE Keeps C Debt Rating in Not Cooperating JANANI EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating JP AGRO: CARE Keeps D Debt Rating in Not Cooperating Category KPG INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating MAHAKALI RICE: CARE Keeps B- Debt Rating in Not Cooperating MUBARAK OVERSEAS: CARE Cuts Rating on INR65.33cr LT Loan to B+ RAJIB CASHEW: CARE Keeps D Debt Rating in Not Cooperating Category RAMA KRISHNA: CARE Keeps D Debt Ratings in Not Cooperating SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating TSN ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating UMACHI FOODS: CARE Keeps D Debt Rating in Not Cooperating Category VEDIC RESORTS: CARE Keeps D Debt Rating in Not Cooperating I N D O N E S I A GLOBAL DIGITAL: Blibli Cuts 270 Jobs After Suffering Losses J A P A N NIDEC CORP: To Submit Improvement Plan to Tokyo Stock Exchange NISSAN MOTOR: To Cut Jobs at European Regional Office M A L A Y S I A BTM RESOURCES: Proposes MYR80MM Capital Reduction to Clear Losses N E W Z E A L A N D JAIS ABEN: Creditors' Proofs of Debt Due on Dec. 25 PEACOCKS LIMITED: Creditors' Proofs of Debt Due on Dec. 8 QUEST INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating UBCO LIMITED: Creditors' Proofs of Debt Due on Jan. 9 WAINUI TRANSPORT: Court to Hear Wind-Up Petition on Nov. 20 S I N G A P O R E AVATION PLC: S&P Raises ICR to 'B' on Refinancing, Outlook Stable TWELVE CUPCAKES: Workers Seek Recourse After Chain Suddenly Closes S O U T H K O R E A HOMEPLUS CO: Protesters Demand Gov't Action Amid Acquisition Talks [] KOREA: FSS, Banks Expand Corporate Restructuring Candidates V I E T N A M ASIA COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive MB SHINSEI: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable MILITARY BANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable SAIGON THUONG: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable SAIGON-HANOI COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR VIETNAM TECHNOLOGICAL: Fitch Assigns 'BB-' LongTerm IDR - - - - - ================= A U S T R A L I A ================= AUSTRALIA SUNNY: First Creditors' Meeting Set for Nov. 21 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Australia Sunny Glass Group Limited will be held on Nov. 21, 2025 at 10:00 a.m. via only meeting only. Mathieu Tribut of Mackay Goodwin was appointed as administrator of the company on Nov. 11, 2025. BARTON SERIES 2025-1: S&P Assigns BB (sf) Rating to Class E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to six of the seven classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for Barton Series 2025-1 Trust. Barton Series 2025-1 Trust is a securitization of prime residential mortgage loans originated by Beyond Bank Australia Ltd. The ratings assigned to the prime floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of rated notes are commensurate with the ratings assigned. Subordination and lenders' mortgage insurance (LMI) cover where applicable provide credit support for the rated notes. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. S&P's assessment of credit risk takes into account Beyond Bank's underwriting standards and approval process, which are consistent with industrywide practices; Beyond Bank's servicing quality; and the support provided by the LMI policies on applicable loans in the portfolio. The LMI policies on 15.3% of the portfolio cover the outstanding principal of each insured loan, accrued interest, and reasonable selling costs. The rated notes can meet timely payment of interest and ultimate repayment of principal under the rating stresses. Key rating factors are the level of subordination provided, the LMI cover, the fixed-rate swap, the mechanism for trapping excess spread into a yield reserve, the provision of a liquidity reserve, and the principal draw function. All rating stresses are made on the basis that the notes are not called at or beyond the call-option date, and that all rated notes must be fully redeemed via the principal waterfall mechanism, under the transaction documents. S&P said, "Our ratings also take into account the counterparty exposure to Westpac Banking Corp. as fixed-rate swap provider and National Australia Bank Ltd. as bank account provider. Some 7.9% of the portfolio is made up of loans for which the interest rate is fixed for up to five years. A fixed-rate swap is provided to hedge the mismatch between the fixed-rate receipts on the fixed-rate loans and the floating-rate interest payable on the notes. "The transaction documents for the swap include downgrade language consistent with our counterparty criteria. "We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Ratings Assigned Barton Series 2025-1 Trust Class A, A$690.00 million: AAA (sf) Class AB, A$30.75 million: AAA (sf) Class B, A$12.75 million: AA (sf) Class C, A$8.85 million: A (sf) Class D, A$2.77 million: BBB (sf) Class E, A$2.48 million: BB (sf) Class F, A$2.40 million: Not rated DAINTREE BIDCO: Fitch Assigns BB-(EXP) LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned Australia's Daintree BidCo Pty Ltd an expected Long-Term Issuer Default Rating (IDR) of 'BB-(EXP)', on a Stable Outlook. Fitch has also assigned an expected senior secured Long-Term Rating of 'BB-(EXP)' to Daintree BidCo and co-borrower Daintree FinCo, LLC's proposed AUD1,930 million equivalent, seven-year first-lien term loan. Daintree BidCo is the acquisition and funding vehicle for investment firms CC Capital Partners, LLC and One Investment Management Ltd's purchase of Insignia Financial Limited (Insignia). The assignment of final ratings is contingent on completion of the acquisition and financing in line with terms already presented. Insignia is one of Australia's largest wealth managers with key business lines in wealth-platform administration, investment management and wealth advice. CC Capital is a US-based private investment firm with a portfolio of investments spanning financial services, media, consumer brands and supply-chain software. Both parties have agreed that CC Capital and One Investment Management, via Daintree BidCo, will acquire all issued shares in Insignia under a scheme implementation deed published in July 2025. The acquisition is subject to satisfaction of conditions precedent including regulatory and shareholder approval, with targeted completion in 1H26. Key Rating Drivers Consolidated Group Rating: Daintree BidCo's expected rating is based on its projected consolidated profile after the acquisition of Insignia and its subsidiaries. The rating reflects its view of Insignia's prominent retail wealth-management franchise, experienced management, and rising profit prospects as it undertakes its regulatory remediation and business transformation plans. Counterbalancing these factors are the group's high starting leverage due to acquisition funding, and lower cash EBITDA coverage of interest expense in the initial years. Mandatory Savings Underpin Industry Growth: Australia's wealth-management industry is supported by mandated superannuation contributions of 12% of employee salaries, driving steady net fund inflows that are likely to persist over the next decade. Assets managed by superannuation funds regulated by the Australian Prudential Regulation Authority expanded at a CAGR of about 8% over the past eight years, backed by savings contributions and investment gains. Fitch also projects domestic GDP growth of 2.1% and 2.4% for 2026 and 2027, respectively (2025 estimated: 1.8%), further underpinning net fund inflows. Diversified Wealth Platform: Insignia is one of Australia's largest wealth managers, with funds under management and administration (FUMA) of over AUD330 billion. Its superannuation, investment management and advice services enable it to capture significant synergies along the wealth-management value chain, supplemented by acquisitions - notably the wealth franchises of two major banks in the past decade. These brought scale and brand advantages but also integration costs and added remedial work on prior years' conduct and compliance findings. Strengthening Operating Performance: Insignia has outlined a strategy to improve operating performance over the next five years. This will involve streamlining products and processes to optimise costs, strengthening product features to boost customer engagement and fund flows, and completing remaining regulatory remediation. Fitch understands that remedial work is in the advanced stages, and management expects existing provisions of AUD87 million to cover remaining needs. Fitch views Insignia's strategic initiatives as broad in scope and subject to execution risk - although Fitch believes management has the experience to navigate such transitions. Reviving Net Fund Flows: Management actions to reduce product fees and plans to improve features should support net new money flows. Fund performance is mostly above industry benchmarks, and portfolio allocation skews towards more traditional asset classes such as listed equities and fixed income, which reduces the risk of product suitability issues that have affected some peers. Wrap platform net flows turned positive in the financial year ended June 2025 (FY25), though FUMA and net revenue growth remain dependent on market movements. EBITDA to Expand: Fitch projects rising operating profit and EBITDA over the next few years backed by operating cost reductions, lower transition, remediation and legal expenses (FY25: AUD233 million; FY24: AUD501 million) and a modest improvement in net fund flows. Management has targeted around AUD200 million in operating cost savings in the next five years, although some savings will be passed on to customers. Revenue and earnings are also linked to FUMA, which will be influenced by market movements. High Starting Leverage: Fitch sees relatively high initial leverage due to the acquisition funding, which constrains the rating. CC Capital shares that it intends to delever the group as Insignia generates free cash over the next few years, and Fitch projects rising EBITDA to help reduce gross debt/EBITDA to below 4x by FY27-FY28. Yet, higher leverage raises risks from unexpected earnings weakness, such as from a prolonged market drop or added transition or remediation costs. Its EBITDA calculation deducts business transition, remediation and restructuring costs. Lower Interest Coverage: Higher leverage will increase the debt burden relative to Insignia's borrowing position at FYE25. Fitch forecasts EBITDA interest coverage of above 2.5x in FY27 for Daintree BidCo on a consolidated basis, slightly below Insignia's FY25 coverage ratio of 3.0x after transition and remediation costs. This is due to the higher interest burden, and predicated on continued EBITDA expansion that is subject to execution risk. Against this, the AUD275 million revolving credit facility should provide some short-term liquidity flexibility. Consistent deleveraging and stronger profitability, as targeted by management, should also strengthen EBITDA interest coverage over time. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Gross debt/EBITDA sustained above 5x after remediation, transition and restructuring costs, without credible plans to reduce leverage; or plans to releverage the balance sheet to extract dividends and capital - EBITDA interest coverage persistently weaker than 3x after deducting remediation, transition and restructuring costs - Significant new regulatory expenses, operational disruption or a severe and prolonged market downturn leading to significant declines in FUMA and earnings Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained positive net fund flows indicating a strengthened wealth-management franchise - EBITDA margin, excluding remediation, transition and restructuring costs, remaining above 20% - Gross debt/EBITDA, after remediation, transition and restructuring costs, declining towards 3x on a sustained basis - EBITDA interest coverage expected to be sustained above 4x - Completion or significant progress on remediation plans with expenses broadly as provisioned DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Fitch has assigned an expected rating of 'BB-(EXP)' to the first lien term loan (1LTL) to be raised by Daintree BidCo Pty Ltd and Daintree Finco, LLC. The loan will be rated at the same level as Daintree BidCo's Long-Term IDR as it will constitute the company's direct and unsubordinated obligation and will be backed by guarantees from, and secured by first-priority liens on, parent Daintree HoldCo Pty Ltd, Daintree BidCo and Daintree FinCo, Insignia, and Insignia's non-excluded subsidiaries. Fitch will not apply any upward notching to the loan rating as there is no material unsecured debt providing a junior debt buffer to the 1LTL. The loan will also be subject to a guarantor coverage test such that no less than 85% of Daintree HoldCo and its subsidiaries' consolidated EBITDA and total assets should be attributable to the guarantors and specified excluded subsidiaries that are not permitted to provide guarantees or security as regulated licensees. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected rating on the 1LTL is sensitive to changes in the consolidated credit profile of Insignia and the Daintree HoldCo restricted group, as reflected in Daintree BidCo's expected Long-Term IDR. In the event the Long-Term IDR is downgraded to 'B+' or below, Fitch may notch down the rating on the 1LTL relative to the IDR if Fitch estimates below-average expected recoveries on the loan, in line with Fitch's Non-Bank Financial Institutions Criteria. ADJUSTMENTS The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): business model (negative). The Earnings & Profitability score has been assigned above the implied score due to the following adjustment reason(s): historical and future metrics (positive). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): historical and future metrics (negative). Date of Relevant Committee 21 October 2025 ESG Considerations Daintree BidCo Pty Ltd has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the group's exposure to regulatory scrutiny on customer-related practices and pricing transparency, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Daintree BidCo Pty Ltd LT IDR BB-(EXP) Expected Rating senior secured LT BB-(EXP) Expected Rating Daintree FinCo, LLC senior secured LT BB-(EXP) Expected Rating DAINTREE BIDCO: Moody's Assigns 'Ba2' CFR, Outlook Stable --------------------------------------------------------- Moody's Ratings has assigned a Ba2 Corporate Family Rating to Daintree Bidco Pty Ltd (Daintree Bidco). The rating outlook is stable. At the same time, Moody's have assigned Ba2 local and foreign currency senior secured ratings to Daintree Bidco's proposed AUD1.93 billion equivalent first lien senior secured term loans and Ba2 local currency rating to its AUD275 million first lien senior secured revolving credit facility. The rating assignment follows the announcement, in July 2025, of CC Capital's acquisition of 100% stake in Insignia Financial Ltd (Insignia), which will become a wholly-owned subsidiary of Daintree Bidco. The transaction is expected to be financed through a combination of debt and equity and completed in the first quarter of calendar year 2026. RATINGS RATIONALE Daintree Bidco's Ba2 rating reflects the operations of Insignia, supported by Insignia's strong market position and breadth of product offerings as Australia's largest for-profit wealth platform, as well as the solid resilience of the group's funds under administration. The rating is constrained by the expected very high levels of financial leverage post the completion of Daintree Bidco's proposed debt raising. Insignia's market position is strong as one of the leading players in the superannuation and investments market in Australia, with AUD340 billion in funds under administration as at September 2025. This scale provides the group with a large and relatively stable asset base, which supports its revenue. Moody's expects that its market position will be maintained post the sale to CC Capital and could be enhanced with further investment aimed at improving the group's technological capabilities. Insignia operates through four main divisions, which includes its Master Trust – a business which provides superannuation investment and administration services, Wrap - a technology platform for advisers, as well as divisions for asset management and advice. Whilst this diverse business model supports profitability, profits have been negatively impacted in recent years by remediation costs related to the provision of financial advice as well as investments in technology to modernize and simplify the business. Moody's expects these costs to subside in future years, providing potential upside to Insignia's profitability. Moody's expects Insignia's financial profile to be constrained by the expected very high levels of financial leverage, following the proposed debt raising that will, in part, fund the new ownership structure post sale to CC Capital. Based on historical statutory performance, and including Moody's adjustments, Moody's estimates debt-to-Adjusted EBITDA would exceed 9x following the debt raising, which includes the proposed AUD1.93 billion equivalent first lien senior secured term loans and the AUD275 million first lien senior secured revolving credit facility. Although Moody's expects debt to gradually reduce over time, and earnings to improve, financial flexibility is likely to remain a rating constraint. The stable outlook on Daintree Bidco's ratings reflects Moody's expectations that the group will be able to maintain its strong franchise position while continuing on a path of gradual debt reduction over time. Under Moody's environmental, social and governance (ESG) framework, Moody's considers governance a key rating driver of the rating action. Daintree Bidco faces high governance risk, primarily because of Insignia's track record of regulatory findings related to governance concerns. In addition, the new ownership structure will introduce a more aggressive financial strategy, resulting in very high levels of leverage. The term loan ratings are at Ba2, the same level as the CFR because Moody's expects the term loans will represent the majority of the group's debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Daintree Bidco's CFR and term loan ratings could be upgraded if (1) debt-to-Adjusted EBITDA reduces to below 4x on a statutory basis, (2) pre-tax income margins rises above 15% on a statutory basis; and (3) there is evidence that Insignia fully addresses outstanding regulatory concerns regarding governance. Conversely, the CFR and term loan ratings could be downgraded if (1) there is a deterioration in fund outflows leading to a retention rate of less than 70%, or (2) continues to report a pre-tax loss. The principal methodology used in these ratings was Asset Managers published in May 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Daintree BidCo Pty Ltd will be the holding company and owner of Insignia Financial, an Australian-based asset and wealth manager. The company's main operations managed and administered approximately AUD340 billion of assets as at September 30, 2025. DAINTREE BIDCO: S&P Assigns Prelim 'B+/B' ICRs; Outlook Stable -------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'B+' long-term and 'B' short-term issuer credit ratings to Daintree BidCo Pty Ltd. (Insignia). The outlook on the long-term rating is stable. At the same time, S&P assigned its 'B+' issue rating to the company's first-lien senior secured term facility. The recovery rating on the company's first-lien facility is '3' reflecting its expectation of meaningful recovery (50%-70%; 65% rounded estimate) in the event of default. S&P said, "Our preliminary ratings consider Daintree's proposed acquisition of Insignia. In July 2025, Insignia announced that Daintree, an acquisition vehicle, had entered a scheme implementation deed to acquire all the issued shares in Insignia for a purchase price of about A$3.3 billion." The debt funding for the proposed transaction is as follows: -- A first-lien term facility of A$1.93 billion (split between an Australian dollar and a U.S. dollar tranche) -- An undrawn A$275 million revolving credit facility (RCF) S&P's ratings are pro forma the transaction and reflect Insignia's financial sponsor ownership and high leverage. The company's profitability is curtailed by high costs and long-term net underlying outflows in its core master trust segment, which accounts for more than 50% of EBITDA. Insignia's position as Australia's largest for-profit wealth manager and its wide scope with operations across the wealth management value chain are credit strengths. The company has a strong presence in the structurally supportive Australian superannuation sector, with a leadership in the retail platforms space. S&P expects Insignia's leverage to remain high and a turnaround in net underlying flows to take time. Growth in funds under management and administration (FUMA) excluding market returns will be driven by the wrap and asset management business segments in the interim. Insignia has achieved scale, with A$340 billion in FUMA as of Sept. 30, 2025, mainly through acquisition-led growth. The company has built a significant presence across the retail master trust, wrap, asset management and advice segments. It was the largest for-profit player in the retail platforms segment (encompassing both master trust and wrap products), with approximately 19% platforms market share at June 30, 2025. As of Sept. 30, 2025, Insignia had FUMA of A$139 billion within the master trust segment. In wrap, Insignia had A$107 billion in FUMA. Insignia has also built a sizable asset management division, managing A$225 billion in FUMA as of Sept. 30, 2025, of which around A$125 billion was managed on behalf of related party master trust platforms, with a further A$40 billion in funds and separately managed accounts hosted on related party wrap platforms. Insignia's advice segment gives it a foothold in the downstream distribution business. However, this business is small, employing about 200 advisors and generating roughly 10% of the group's reported EBITDA. S&P said, "We expect an increase in demand for financial advice and specialized, direct investments from the largely unadvised mass-affluent and high net-worth segments in Australia. In our view, Insignia is well positioned to benefit from this trend, given its presence across the asset management value chain, and particularly the wrap and asset management businesses." S&P expects Insignia's retail master trust segment to continue to have underlying net outflows over the next 12-24 months. This is mainly due to its historically poor value offering when compared with not for-profit competitors that have traditionally offered similar performance at a lower cost. Moreover, Insignia's acquisition-led growth strategy has not always been accretive. The performance of the advice segment has been weak in the past, delivering statutory losses in 2023 due to historic misconduct and subsequent remediation, prompting the company to divest a large portion of its advisor network to limit the drag on profitability. Insignia's FUMA is likely to remain well-diversified from a geographic and asset class perspective. At the end of 2025, about a third of the FUMA was in Australian equities, one third in international equities, and the remainder was in fixed interest and cash; the company has a modest exposure to property and other assets. S&P said, "Insignia's exposure to Australian equities is larger than that of its international peers we rate, but within our expectations for an Australia-based asset manager. We note that Insignia exclusively serves the Australian market. However, we do not consider this a concentration risk given the supportive structural dynamics Australia when compared with overseas private pension and investments industries." The investment performance of Insignia's master trust offerings has been strong, with top quartile returns for the year to June 30, 2025. Moreover, the company's MySuper investment options and platform trustee-directed products passed the Australian Prudential Regulation Authority's performance tests in August 2025. Insignia's high costs weigh on its competitive position. The company has had net underlying outflows including pension payments and excluding market returns across its master trust and wrap segments for several years. Over the past three years, it had average net underlying outflows of A$5 billion, with A$3.2 billion outflows in master trust, A$1 billion outflow in wrap, and A$800 million outflows in asset management. The company reported a modest positive underlying inflow of A$630 million in the wrap segment in the three months to Sept. 30, 2025. Insignia's share of net new underlying flows in platforms over the past 12 months has also been falling. This trend is in line with the wider decline in demand for retail master trusts. Insignia's competitive position has been particularly weakened, however, by its historic underinvestment in the master trust segment, leaving it operationally less efficient and less developed across important features like digital direct channels, relative to peers. Insignia's cost to serve is higher than that of peers that have restructured their businesses. This is owing to its outdated and costly technology platforms and highly manual operational administration. As a result, Insignia's master trust pricing is uncompetitive. S&P said, "We expect Insignia to address its underperforming master trust business by outsourcing the technology and operations administration to a third-party service provider. We consider the transformation program to be partially de-risked owing to contractual savings and downside protection in the event of delays or cost overruns. We expect the outsourcing project to yield A$200 million of annual cost savings over the next four years, albeit with A$60 million-A$80 million in reinvestment expenses. We expect the cost efficiencies to help Insignia lower pricing of its master trust offering and help drive wider net operating margins. However, most of the cost savings will occur in the tail-end of the project. Meanwhile, we expect growth in flows to the wrap and asset management segments to support FUMA (excluding market returns) in the interim." S&P said, "We expect Insignia's profitability to improve in fiscal 2026, with adjusted EBITDA margin widening to 30%, as legacy transformation and separation costs fall away. EBITDA margins should widen further to 36% in fiscal 2027 as the outsourcing project translates to lower operating expenses. Insignia's profitability in recent years has been weaker than that of rated peers, with S&P Global Ratings-adjusted EBITDA margins of about 14%. Restructuring costs of about A$200 million over the past four years relating to the separation of its MLC Wealth business from the previous owner, the National Australia Bank, weighed on profitability. Statutory earnings also suffered from remediation costs of about A$200 million relating to historic misconduct within the advice business. We exclude these expenses from S&P Global Ratings-adjusted EBITDA on the basis that they stem from raising provisions. "Following the planned buy-out of Insignia, we estimate the S&P Global Ratings-adjusted debt-to-EBITDA will reach 6.7x in fiscal 2026. In our calculation of pro forma leverage, we include the A$1.93 billion first-lien term facility, the present value of operating leases, and A$615 million in preferred equity. We do not net debt of surplus cash, which we expect will be A$200 million post-transaction, given the financial sponsor ownership. We expect leverage to moderate to less than 6.0x in fiscal 2027 as growth in adjusted EBITDA accelerates. We note that the transaction is expected to be finalized in the third quarter of fiscal 2026. Therefore, fiscal 2027 is more representative of the run-rate leverage. However weighted average leverage is likely to remain higher than 5.0x over the next 24 months. "We consider Insignia's creditworthiness to be weaker than that of 'BB-' rated peers such as Superannuation and Investments Finco Pty Ltd. (BB-/Stable/--) and Allspring Buyer LLC (BB-/Stable/--). Insignia benefits from larger scale and wider scope than Superannuation and Investments Finco. However, we believe it performs weaker in its core master trust segment and will remain more leveraged as it executes its outsourcing project. Similarly, we view Insignia's leverage to be considerably weaker than Allspring, despite having a stronger business risk profile. We expect Insignia's restructuring to deliver material performance benefits and drive growth in EBITDA, but leverage to remain in the higher end of our highly leveraged assessment over the next 12 months. "The final ratings will depend on our receipt and satisfactory review of all final transaction documentation. The preliminary ratings should not be construed as evidence of final ratings. If S&P Global Ratings does not receive final documentation within a reasonable time frame, or if the final documentation departs from materials reviewed, we reserve the right to withdraw or revise our ratings. Potential changes include, but are not limited to, use of loan proceeds, maturity, size and conditions of the loans, financial and other covenants, security, and ranking. "The stable outlook on the long-term rating reflects our expectation that Insignia will operate with weighted average leverage of more than 6.0x debt-to-adjusted EBITDA over the next 12 months, while it delivers strategic initiatives to grow net new fund flows and improve profitability. "We could lower the ratings if Insignia's leverage weakens to more than 7.0x on a sustained basis, due to deteriorating operating performance or a material increase in gross debt for example. "We could raise the ratings over the next 12 months if Insignia materially improves it profitability such that leverage declines sustainably toward 5.0x and we view the risk of re-leveraging to be limited." DISTINCTIVE PROPERTY: First Creditors' Meeting Set for Nov. 19 -------------------------------------------------------------- A first meeting of the creditors in the proceedings of Distinctive Property Holdings Pty Ltd (Trading name: L'Atelier by Aramis Vineyards and Aramis Vineyards) and Megalo Property Holdings Pty Ltd (Trading name: L'Atelier by Aramis Vineyards and Aramis Vineyards) will be held on Nov. 19, 2025 at 11:00 a.m. via Microsoft Teams. Andrew Heard and Victoria Young of Heard Phillips Lieberenz were appointed as administrators of the company on Nov. 7, 2025. ECHOSTAR CORP: Net Loss Widens to $12.8 Billion in 2025 Q3 ---------------------------------------------------------- EchoStar Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $12.8 billion for the three months ended September 30, 2025, from a net loss of $143.8 million for the same period in 2024. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $13.3 billion and $459.6 million, respectively. Total revenue for the three months ended September 30, 2025 and 2024, were $3.6 billion and $3.9 billion, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $11.2 billion and $11.9 billion, respectively. The Company had an accumulated deficit of $1.7 billion as of September 30, 2025. As of September 30, 2025, the Company had $45.3 billion in total assets, $38.3 billion in total liabilities, and $7 billion in total stockholders' equity. EchoStar disclosed in its 10-K report that the Company's cash and cash equivalents and marketable investment securities totaled $3.915 billion as of September 30, 2025. As of September 30, 2025, EchoStar has $2.0 billion of debt maturing in July 2026 and $1.377 billion of debt maturing in August 2026. EchoStar says the re-auction of certain AWS-3 licenses previously awarded to Northstar Wireless and SNR Wireless has been designated as Auction 113 and the FCC is required to initiate Auction 113 by June 23, 2026. "We cannot predict with any degree of certainty the outcome of Auction 113, however, we may be required to make a maximum payment up to approximately $2.921 billion for the Northstar Re-Auction Payment and SNR Re-Auction Payment." EchoStar has a pending deal with AT&T Mobility II LLC, a subsidiary of AT&T Inc., to sell all of EchoStar's 3.45â€“3.55 GHz and 600 MHz spectrum licenses, including licenses exchanged as part of the Omega License Purchase Agreement, and to a 99-year extension of existing leases for AT&T's exclusive use of certain wireless spectrum licenses in Hawaii. EchoStar expects to receive $22.650 billion in cash upon closing of the license purchase agreement, which is scheduled to close in the first half of 2026. EchoStar also has a pending deal with Space Exploration Technologies Corp., a Texas corporation, and Spectrum Business Trust 2025-1, a Nevada Business Trust, to sell EchoStar's rights and licenses related to an aggregate of 50 MHz of spectrum in frequency ranges 2000-2020, 2180-2200, 1915-1920 and 1995-2000 granted by the FCC. EchoStar expects to receive $19 billion in consideration which includes $17 billion in a combination of cash and the Equity Amount, and payments for the Interim Debt Service of $2 billion, upon closing of the deal, which is slated to occur by November 2027. These transactions also contemplate the repayment of certain of EchoStar's debt. However, until the closing of these transactions, which are subject to receipt of government approvals and other customary conditions, funding is not deemed committed and because EchoStar does not currently have the necessary Cash on Hand and/or projected future cash flows or committed financing to fund obligations for at least 12 months from the issuance of these condensed consolidated financial statements, "substantial doubt exists about our ability to continue as a going concern," the Company said. "We cannot provide assurances that the AT&T Transactions and SpaceX Transactions will be approved and consummated on the predicted timeline or at all." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5h2e5dda About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of September 30, 2025, the Company had $45.3 billion in total assets, $38.3 billion in total liabilities, and $7 billion in total stockholders' equity. * * * In September 2025, S&P Global Ratings placed its 'CCC+' issuer credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. JASZAC INVESTMENTS: First Creditors' Meeting Set for Nov. 19 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Jaszac Investments Pty Ltd will be held on Nov. 19, 2025 at 10:30 a.m. at the offices of Rodgers Reidy, at Level 11, 385 Bourke Street, in Melbourne, VIC, and via video conferencing. Brent Leigh Morgan and Gary Stephen Fettes of Rodgers Reidy were appointed as administrators of the company on Nov. 7, 2025. KOORALBYN RESORT: Second Creditors' Meeting Set for Nov. 18 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Kooralbyn Resort Pty Ltd (trading as "Kooralbyn Valley National"; "The Kooralbyn Valley" & "Kooralbyn Valley Resort") has been set for Nov. 18, 2025, at 11:00 a.m. via Microsoft Teams. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 17, 2025 at 5:00 p.m. Travis Pullen of B&T Advisory was appointed as administrator of the company on Oct. 28, 2025. MWL FINANCIAL: To be Sue by ASIC on Alleged Shield Advice Failures ------------------------------------------------------------------ MWL Financial Services Pty Ltd (MWL) operated a business model, involving its former director Nicholas Maikousis and lead generator Imperial Capital Group Australia Pty Ltd, that provided inappropriate financial advice to clients to invest their superannuation into the Shield Master Fund, the Australian Securities & Investments Commission (ASIC) will seek to allege in the Federal Court. ASIC has sought leave to commence the proceeding to allege serious failings in relation to Imperial's referral of clients to MWL and the financial advice given by MWL advisers. ASIC will seek to allege that: * between May 2022 and February 2024, nine MWL representatives advised at least 556 clients to make initial investments of about AUD114 million of their superannuation into Shield; * MWL failed to take reasonable steps to ensure its representatives acted in the best interests of its clients and provided appropriate advice in respect of recommendations that clients roll over their superannuation to invest into Shield as the pre-selected investment option; * MWL failed to ensure its financial services were provided efficiently, honestly and fairly and failed to have in place adequate arrangements to manage conflicts of interest; * Imperial, acting as a lead generator, made misleading representations to prospective clients about the standard, quality and benefits of MWL's financial services and was involved in MWL's alleged contravention of its obligation to provide financial services efficiently, honestly and fairly; * MWL's director, Nicholas Maikousis, was involved in MWL's alleged contraventions of its general licensee obligations and its obligation to take reasonable steps to ensure its authorised representatives complied with their best interests and related duties; * MWL received advice fees charged to clients for preparing Statements of Advice recommending investment in Shield; * Imperial received (through a related entity) approximately AUD12.8 million in payments from entities associated with Shield for client referrals and the promotion of Shield. ASIC Deputy Chair Sarah Court said the superannuation of many Australians was put at risk by the conduct proposed to be alleged in this proceeding. 'ASIC will seek to allege that MWL and Imperial were involved in a project which resulted in the superannuation of hundreds of Australians being invested into a high-risk scheme,' the Deputy Chair said. The project allegedly involved Imperial referring prospective clients to MWL for what Imperial represented would be tailored financial advice, but which instead put clients into a pre-selected investment: Shield. 'Instead of the tailored financial advice that was promised, we will seek to allege MWL provided pre-determined advice that was not in clients' best interests. 'Despite Shield having no proven track record, we will seek to allege clients were advised to invest most or almost all of their retirement savings into the fund, irrespective of their individual circumstances,' the Deputy Chair said. Because MWL is in administration, ASIC's application to make these allegations is subject to the Court's approval (or the consent of the Administrators). If allowed to proceed, ASIC will seek declarations and civil penalties against all defendants, and orders disqualifying Mr. Maikousis from managing corporations. ASIC will seek to allege that MWL contravened ss 912A(1)(a) and (aa), 961K(2) and 961L of the Corporations Act 2001 (Cth), that Imperial was involved in MWL's contravention of s 912A(1)(a), that Mr Maikousis was involved in MWL's contraventions of ss 912A(1)(a) and (aa) and 961L, and that Imperial contravened s 12DB of the Australian Securities and Investments Commission Act 2001 (Cth). On Sept. 30, 2025, ASIC was notified that Daniel Juratowitch and Rachel Burdett of Cor Cordis were appointed as joint administrators of MWL as at Sept. 29, 2025. ASIC has cancelled the Australian Financial Services licence of MWL and banned Mr Maikousis from providing financial services for 10 years over conduct in relation to Shield. ASIC has also banned MWL's responsible manager and six former MWL financial advisers in respect of advice provided in relation to Shield. Daniel Peter Juratowitch and Rachel Burdett of Cor Cordis were appointed as administrators of MWL Financial Group Pty Ltd, MWL Financial Services Pty Ltd, and MWL Accounting Pty Ltd on Sept. 29, 2025. PEPPER PRIME 2025-1: S&P Assigns Prelim B+ (sf) Rating to F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight of the 10 classes of prime residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee for Pepper Prime 2025-1 Trust. Pepper Prime 2025-1 Trust is a securitization of prime residential mortgages originated by Pepper Homeloans Pty Ltd., a subsidiary of Pepper Money Ltd. (Pepper). The preliminary ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, and it believes the credit support is sufficient to withstand the stresses it applies. The credit support for the rated notes comprises note subordination and excess spread. The assessment of credit risk considers the underwriting standards and centralized approval process of the seller, Pepper. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and we assume the notes are not called at or beyond the call-option date." S&P said, "We have assessed the counterparty exposure to National Australia Bank Ltd. as liquidity facility provider and Commonwealth Bank of Australia as bank account provider. The transaction documents for the liquidity facility and bank account include downgrade language consistent with our counterparty criteria. "We have also factored into our ratings the legal structure of the trust, which is established as a special-purpose entity and meets our criteria for insolvency remoteness." Preliminary Ratings Assigned Pepper Prime 2025-1 Trust Class A1-s, A$236.25 million: AAA (sf) Class A1-a, A$438.75 million: AAA (sf) Class A2, A$26.25 million: AAA (sf) Class B, A$25.50 million: AA (sf) Class C, A$11.25 million: A (sf) Class D, A$4.50 million: BBB (sf) Class E, A$3.75 million: BB (sf) Class F, A$0.75 million: B+ (sf) Class G1, A$2.00 million: Not rated Class G2, A$1.00 million: Not rated REX AIRLINES: ATEC Flags Carrier Sale as Positive Sign for Tourism ------------------------------------------------------------------ Australasian Leisure Management reports that the Australian Tourism Export Council (ATEC) has welcomed the sale of Rex Airlines to US-based aviation investment group Air T, describing it as a vital move to secure regional air connectivity and strengthen Australia's tourism network. Following creditor approval last week, Air T will acquire Regional Express Holdings under a Deed of Company Arrangement (DOCA), ensuring the continuation of Rex's regional services to 54 airports across Australia. According to Australasian Leisure Management, ATEC Managing Director Peter Shelley noted "Strong, resilient aviation links are critical to the recovery and growth of Australia's inbound tourism sector, and ATEC's members will be pleased to see the continuation of another carrier, particularly one serving regional and rural destinations. "The sale of Rex to Air T sends a positive signal for tourism as it safeguards essential regional air routes, sustains competition and access, and provides tourism businesses across Australia with a stronger platform to rebuild and reconnect with global markets." US-based Air T will become the new owner of Regional Express Holdings (Rex) after creditors voted in favour of a deed of company arrangement to keep the airline's regional operations in the air. About Rex Airlines Regional Express Pty. Ltd., trading as Rex Airlines (and as Regional Express Airlines on regional routes), is an Australian airline based in Mascot, New South Wales. It operates scheduled regional and domestic services. It is Australia's largest regional airline outside the Qantas group of companies and serves all 6 states across Australia. It is the primary subsidiary of Regional Express Holdings. On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young Australia (EY Australia) were appointed Joint and Several Voluntary Administrators by the Rex Group's respective Boards of Directors. The companies in administration are: * Regional Express Holdings Limited; * Regional Express Pty Limited; * Rex Airlines Pty Ltd; * Rex Investment Holdings Pty Limited; and * Air Partners Pty Ltd. SHIELD MASTER: ASIC Sues Interprac Over Alleged Licensee Failure ---------------------------------------------------------------- Thousands of Australians were exposed to poor financial advice and significant risks from the Shield Master Fund and First Guardian Master Fund through critical oversight and compliance failures by Interprac Financial Planning Pty Ltd, ASIC alleges in new proceedings filed Nov. 13, 2025, with the Federal Court. ASIC has commenced civil penalty proceedings in the Federal Court against Interprac for allegedly failing to ensure its former authorised representatives Venture Egg (a corporate partnership), and Rhys Reilly Pty Ltd (together, Representatives), complied with the best interests obligations and for failing to have adequate risk management systems. Together, these Representatives advised around 6,843 clients to invest around AUD677 million of their superannuation into Shield and First Guardian. Both funds have now collapsed, leaving people's superannuation at risk. ASIC alleges Interprac failed to: * have in place an adequate process for approving financial products it allowed onto its approved product list, including Shield and First Guardian, and relied entirely on external research to add those funds to its approved investments list for advisers; * respond appropriately to the use of lead generators (being Imperial Capital Group Australia Pty Ltd and AGAT Business Pty Ltd (in liquidation)); * respond adequately to news that payments had been made to Mr Ferras Merhi's companies by entities associated with First Guardian and Shield; * enforce or maintain a hold on new investments into Shield and First Guardian after Interprac's Managing Director and Responsible Manager, Garry Crole, acknowledged serious issues with both funds; * prevent the use of a 'negative consent' practice, which led to some clients' superannuation being invested in Shield and/or First Guardian without express consent from those clients; * respond adequately to significant inflows of investment into Shield and First Guardian; * provide adequate responses to client complaints about advice from the Representatives to invest in Shield or First Guardian and instead relied on a 'template' response which often failed to consider the appropriateness of the advice; and * respond adequately or impose meaningful consequences in response to serious compliance issues, including failings repeatedly identified in audits. ASIC Deputy Chair Sarah Court said 'Interprac's alleged oversight and compliance failures exposed thousands of Australians to poor advice and significant financial risk. 'We allege Interprac failed to ensure certain authorised representatives acted in their clients' best interests, contributing to hundreds of millions of dollars of superannuation being invested in products that were unsuitable, high risk and costly. 'We allege that no competent financial adviser could have recommended Australians invest large amounts of their superannuation in these funds, and that Interprac – as licensee – should have been alert and responsive to the significant risk this conduct posed to clients, but it failed on many levels,' the Deputy Chair said. ASIC is seeking declarations, civil penalties, and orders to restrain Interprac from carrying on a financial services business. Effective May 31, 2025, Mr. Ferras Merhi and Venture Egg are no longer authorised representatives of Interprac. Effective Aug. 15, 2025, Mr. Rhys Reilly and Rhys Reilly Pty Ltd are no longer authorised representatives of Interprac. ASIC has commenced separate proceedings against Ferras Merhi over Shield and First Guardian. ASIC has secured Federal Court interim orders restraining Ferras Merhi from operating within the financial services industry. About Shield Shield Master Fund is a registered managed fund whose responsible entity is Keystone Asset Management Ltd. It was registered in May 2021. In February 2024, the Australian Securities & Investments Commission (ASIC) halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield. In June 2024, ASIC took action to secure the assets held within Shield. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than AUD480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. The investigation to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and others. On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were appointed as joint and several liquidators of Keystone Asset Management Ltd. SHIELD MASTER: ASIC Sues SQM Research Alleging Misleading Reports ----------------------------------------------------------------- SQM Research Pty Ltd prepared reports containing misleading representations and its processes fell short of expected standards when it published "Favourable" ratings for the Shield Master Fund (Shield), ASIC alleges in new proceedings launched in the Federal Court. SQM Research published reports in October 2021, March 2022 and October 2022, that rated the different classes of Shield as "3 3/4 stars, Favourable". ASIC alleges that SQM Research: * failed to obtain the information it needed to properly assess Shield; * failed to properly consider inconsistencies in information it received when preparing its reports about Shield; * misrepresented that it had a reasonable basis for giving Shield a "Favourable" rating and had exercised reasonable care and skill in doing so; and * made misrepresentations that understated the percentage of funds managed by parties related to Shield and the asset allocation of Shield. ASIC alleges that the SQM Research reports did not accurately depict the standard, quality, value or grade of Shield, and that reflected deficiencies in the processes SQM followed. The SQM Research reports were provided to financial advisers and superannuation trustees who recommended or onboarded Shield. Around 5,800 people invested their superannuation savings into Shield. In many cases, people invested in Shield after receiving advice from financial advisers. These advisers often told investors to roll over their existing superannuation balances into a choice superannuation fund available on a platform which had onboarded Shield. ASIC Deputy Chair Sarah Court said the civil penalty proceedings against SQM Research marked the first time the regulator had taken action against a research house. 'Research houses have a responsibility to ensure they obtain the information needed to prepare their reports, take real care and skill in assessing that information and to present that information accurately. 'We believe research houses are important gatekeepers and form part of a critical line of defence against poor quality investments or unsuitable products. 'Given the important role research houses play in rating funds and investments, the community is entitled to expect that their reports will be accurate and based on appropriate information and analysis,' the Deputy Chair said. ASIC is seeking declarations and civil penalties from the Court. SQM Research holds an Australian financial services licence and is a provider of research on investment products. ASIC alleges SQM Research contravened s912A(1)(a) of the Corporations Act 2001 and s12DB(1)(a) and 12DB(1)(e) of the Australian Securities and Investments Commission Act 2001. SQM Research charged Keystone Asset Management Ltd (in liq) (the responsible entity of Shield) fees for preparing the research reports. About Shield Shield Master Fund is a registered managed fund whose responsible entity is Keystone Asset Management Ltd. It was registered in May 2021. In February 2024, the Australian Securities & Investments Commission (ASIC) halted new offers of investments in Shield. ASIC made interim stop orders on four product disclosure statements for Shield. In June 2024, ASIC took action to secure the assets held within Shield. ASIC sought orders to preserve the assets of the scheme so that they may be recovered, to the extent available, for the benefit of investors while the investigation is continuing. ASIC understands that, since February 2022, funds totalling more than AUD480 million have been invested in Shield by at least 5,800 consumers, who accessed Shield primarily through superannuation platforms, the trustees for which were Macquarie Investment Management Limited and Equity Trustees Superannuation Limited. The investigation to date suggests that potential investors were called by lead generators and referred to personal financial advice providers who advised investors to roll their superannuation assets into a retail choice superannuation fund available on a choice platform and then to invest part or all of their superannuation into Shield. ASIC is investigating the circumstances surrounding Shield. ASIC is investigating Keystone Asset Management Ltd and its directors and officers, the role of the superannuation trustees, certain financial advisers who recommended investors invest in Shield, the lead generators, and others. On Dec. 2, 2024, Jason Tracy and Glen Kanevsky of Deloitte were appointed as joint and several liquidators of Keystone Asset Management Ltd. STERLING FIRST: Three Men to Stand Trial Over Failed Scheme ----------------------------------------------------------- ABC News reports that three men linked to a failed housing scheme which left retirees across the country with huge financial losses have denied criminal charges levelled against them in a WA court. Perth-based Sterling Group marketed its housing products to retirees and seniors as "the smart way to retire." It's understood the prosecution will allege people paid large sums to secure supposedly long-term leases over properties, with most of the money going into a complex managed investment scheme which was meant to generate returns to cover the rent, the ABC says. However, when the companies collapsed in May 2019, customers faced homelessness or were unable to pay their rent. According to the ABC, an ASIC investigation led to the Sterling group's founder Raymond Owen Jones, his son Ryan Kentore Jones and another man, Simon Jasper Bell, being charged with a string of criminal offences. The alleged offences include aiding and abetting a company to engage in dishonest conduct. The men first appeared in the Perth Magistrates Court in November 2023. On Nov. 12, all three appeared in the Stirling Gardens Magistrates Court in Perth via video link, the ABC notes. They each entered not guilty pleas to the charges through their legal counsel, the ABC relates. The three men spoke only to confirm they understood the conditions of their bail, which was renewed. The matter has been committed to the WA Supreme Court, where the men are due to appear in March, adds the ABC. About Sterling First Sterling First (Aust) Pty Ltd is a property and funds management group. Martin Bruce Jones and Wayne Anthony Rushton of Ferrier Hodgson were appointed as administrators of Sterling First (Aust) Pty Ltd and related companies on May 3, 2019. The related entities are: -- Acquest Capital Pty Ltd -- Acquest Property Pty Ltd -- Gage Management Ltd -- Rental Management Australia Pty Ltd -- Rental Management Australia Developments Pty Ltd -- Sterling Corporate Services Pty Ltd -- Sterling First Projects Pty Ltd -- Sterling First Property Pty Ltd -- SHL Management Services Pty Ltd -- Silver Link Investment Company Ltd -- Silver Link Securities Pty Ltd THINK TANK 2025-4: S&P Assigns B (sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to eight of the nine classes of residential mortgage-backed, floating-rate pass-through notes issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank Residential Series 2025-4 Trust. Think Tank Residential Series 2025-4 Trust is a securitization of loans to residential borrowers, secured by first-registered mortgages over Australian residential properties originated by Think Tank Group Pty Ltd. (Think Tank). The ratings S&P has assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination for each class of rate notes provide credit support. Our assessment of credit risk considers Think Tank's underwriting standards and approval process as well as its servicing quality. The rated notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating factors are the level of subordination provided, the provision of a liquidity facility, the principal draw function, the yield reserve, and the provision of an extraordinary expense reserve. Our analysis is on the basis that the rated notes are fully redeemed via the principal waterfall mechanism under the transaction documents by their legal final maturity date, and S&P assumes the notes are not called at or beyond the call-option date. S&P said, "Our ratings also consider the counterparty exposure to Commonwealth Bank of Australia as bank account provider and National Australia Bank Ltd. as liquidity facility provider. The transaction documents for the facilities include downgrade language consistent with our counterparty criteria." Ratings Assigned Think Tank Residential Series 2025-4 Trust Class A1-S, A$300.00 million: AAA (sf) Class A1-L, A$520.00 million: AAA (sf) Class A2, A$99.00 million: AAA (sf) Class B, A$30.50 million: AA (sf) Class C, A$24.50 million: A (sf) Class D, A$12.00 million: BBB (sf) Class E, A$8.00 million: BB (sf) Class F, A$2.50 million: B (sf) Class G, A$3.50 million: Not rated WILTON GREEN: First Creditors' Meeting Set for Nov. 19 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Wilton Green Project Holding Pty Ltd ATF Wilton Green Project Holding Unit Trust will be held on Nov. 19, 2025 at 10:00 a.m. at 11:00 a.m. via Microsoft Teams Meeting. Desmond Teng of Byrons Recovery was appointed as administrator of the company on Nov. 7, 2025. ZIP MASTER 2025-2: S&P Assigns BB (sf) Rating to Class E Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to five classes of notes issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master Trust - Series 2025-2. Zip Master Trust - Series 2025-2 is a securitization of a buy now, pay later line of credit receivables to consumers originated by zipMoney Payments Pty Ltd. (Zip). The ratings reflect the following factors. S&P has assessed the credit risk of the underlying collateral portfolio, including the fact that the portfolio has an initial revolving period, which means further receivables may be assigned to the series after the closing date. The credit support provided to each class of rated notes is commensurate with the ratings assigned. Credit support is provided by subordination and excess spread, if any. The various mechanisms to support liquidity within the series, including a series-specific liquidity facility, mitigate disruption risks to senior fees and ensure timely payment of interest on the rated notes. The transaction documents include downgrade language consistent with S&P's counterparty criteria that requires the replacement of the bank account provider and liquidity facility provider should our rating on the providers fall below the applicable rating. The legal structure of the master trust is established as a special-purpose entity and meets our criteria for insolvency remoteness. Ratings Assigned Zip Master Trust - Series 2025-2 Class A: A$270,000,000: AAA (sf) Class B: A$40,000,000: AA (sf) Class C: A$34,000,000: A (sf) Class D: A$28,000,000: BBB (sf) Class E: A$8,000,000: BB (sf) Class G: A$20,000,000: Not rated [] Fitch Hikes Rating on 2 Classes on 2 Pepper Asset Deals to BB+ ----------------------------------------------------------------- Fitch Ratings have upgraded seven classes of notes and affirmed one class from Pepper Asset Securities No.1 Trust and Pepper Asset Securities No.3 Trust. The Outlook on six classes from Pepper Asset Securities No.1 Trust and Pepper Asset Securities No.3 Trust is Positive, while the Outlook on the ratings of another two classes is Stable. The upgrade of the seven classes of notes is due to the build-up of credit enhancement and the stable asset performance. The Positive Outlook on the six classes of notes reflects the notes' sensitivity to decreased defaults and increased recoveries against its expected increase in CE over the next 12 months. Entity/Debt Rating Prior ----------- ------ ----- Pepper Asset Securities No. 1 Trust A1-a LT AA+sf Upgrade AA-sf A1-x LT AAAsf Upgrade Asf B AU3FN0083424 LT Asf Upgrade BBBsf C AU3FN0083432 LT BBBsf Upgrade BBsf D AU3FN0083440 LT BB+sf Upgrade Bsf Pepper Asset Securities No. 3 Trust B AU3FN0093860 LT BBB+sf Upgrade BBBsf C AU3FN0093878 LT BB+sf Upgrade BBsf D AU3FN0093886 LT Bsf Affirmed Bsf KEY RATING DRIVERS Stable Asset Performance: Obligor default is a key input in its quantitative analysis. The performance of the underlying assets has been in line with its base-case expectations set at closing. As of end-September 2025, 30+ day arrears were 2.0% and 1.4% for Pepper Asset Securities No.1 and No.3, respectively, which are above and below the 2Q25 Fitch Performance Monitor of 1.7%. 60+ day arrears were 1.2% for Pepper Asset Securities No.1, which is above the 2Q25 Fitch Performance Monitor of 0.8%, while Pepper Asset Securities No.3's 60+ day arrears of 0.7% is below the Performance Monitor's. Its performance expectations reflect the stable performance since both transactions' closing as well as the expected performance for the remaining term of both Pepper Asset Securities No.1 and Pepper Asset Securities No.3. Fitch used the following weighted-average (WA) base-case remaining default rates (and 'AAAsf' multiples) in its analysis: Pepper Asset Securities No.1: 3.79% (5.00x) Pepper Asset Securities No.3: 4.58% (4.75x) The recovery base case for electric vehicles (EVs) is 24.0%, with a 'AAAsf' recovery haircut of 60.0% across all risk grades, and that for non-EVs is 35.0%, with a 'AAAsf' recovery haircut of 50.0%. Tight Labour Market Supports Outlook: Portfolio performance is supported by Australia's continued economic growth and tight labour market. GDP growth was 1.8% for the year to June 2025 and unemployment was 4.5% in September 2025. Fitch forecasts GDP growth of 1.8% in 2025 and 2.1% in 2026, with unemployment at 4.2% and 4.1%, respectively. Limited Liquidity Risk: Updated cash flow analysis was performed, and incorporated Fitch's default and recovery expectations. Pepper Asset Securities No.1 is currently paying pro rata while Pepper Asset Securities No.3 is paying sequentially, but it has the ability to switch to pro rata pay down when the pro rata criteria are satisfied. The CE provided to each collateralised rated note through note subordination, along with the liquidity reserve and retention amount, supports the ratings on the notes. Low Operational and Servicing Risk: All receivables were originated by Pepper Asset Finance, which demonstrated adequate capability as originator, underwriter and servicer. Servicer disruption risk is mitigated by back-up servicing arrangements. The nominated back-up servicer is BNY Trust Company of Australia Limited. Fitch undertook an operational and file review and found that the operations of the servicer were comparable with those of other auto lenders. The key rating drivers listed in the sector criteria, but not mentioned above, are not material to this rating action. ESG - Environment: There is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. EVs form 16.7% of the pool for Pepper Asset Securities No.1, and this relatively larger proportion contributes to tighter rating assumptions for this transaction. Fitch's analytical approach for this transaction was not adjusted purely due to the green nature of the collateral, but Fitch references available market data for EVs to determine its rating assumptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Transaction performance may be affected by changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Unanticipated increases in the frequency of defaults and decreases in recoveries on defaulted receivables could produce loss levels higher than Fitch's base case, and are likely to result in a decline in credit enhancement and remaining loss-coverage levels available to the notes. Decreased credit enhancement may make certain note ratings susceptible to negative rating action, depending on the extent of the coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions; these include increasing WA defaults and decreasing the WA recovery rate. Pepper Asset Securities No.1 Trust Notes: A1-x/ A1-a / / B / C / D Rating: AAAsf / AA+sf / Asf / BBBsf / BB+sf 10% defaults increase: AAAsf / AA+sf / Asf / BBBsf /BBsf 25% defaults increase: AAAsf / AAsf / BBB+sf / BBB-sf / BB-sf 50% defaults increase: AA+sf / A+sf / BBBsf / BBsf / Bsf 10% recoveries decrease: AAAsf / AA+sf / Asf / BBBsf / BBsf 25% recoveries decrease: AAAsf / AA+sf / Asf / BBBsf / BBsf 50% recoveries decrease: AAAsf / AA+sf / A-sf / BBB-sf / BB-sf 10% defaults increase/10% recoveries decrease: AAAsf / AA+sf / A-sf / BBBsf / BBsf 25% defaults increase/25% recoveries decrease: AA+sf / AA-sf / BBB+sf / BB+sf / B+sf 50% defaults increase/50% recoveries decrease: AAsf / Asf / BBB-sf / BBsf / less than Bsf Pepper Asset Securities No.3 Trust Notes: B / C / D Rating: BBB+sf / BB+sf / Bsf 10% defaults increase: BBBsf / BBsf / less than Bsf 25% defaults increase: BBB-sf / BB-sf / less than Bsf 50% defaults increase: BB+sf / Bsf / less than Bsf 10% recoveries decrease: BBB+sf / BBsf / less than Bsf 25% recoveries decrease: BBB+sf / BBsf / less than Bsf 50% recoveries decrease: BBBsf / BBsf / less than Bsf 10% defaults increase/10% recoveries decrease: BBBsf / BBsf / less than Bsf 25% defaults increase/25% recoveries decrease: BBB-sf / B+sf / less than Bsf 50% defaults increase/50% recoveries decrease: BBsf / Less than Bsf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from economic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The notes rated 'AAAsf' are at the highest level on Fitch's scale and cannot be upgraded. Therefore, upgrade sensitivities for these notes are not relevant. Pepper Asset Securities No.1 Trust Notes: A1-a / B / C / D Rating: AA+sf / Asf / BBBsf / BB+sf 10% defaults decrease / 10% recoveries increase: AAAsf / A+sf / A-sf / BB+sf Pepper Asset Securities No.3 Trust Notes: B / C / D Rating: BBB+sf / BB+sf / Bsf 10% defaults decrease / 10% recoveries increase: A-sf / BBB-sf / B+sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the portfolio information as part of its ongoing monitoring. Prior to the transaction closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was made available to Fitch for this transaction. As part of its ongoing monitoring, Fitch reviewed a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Pepper Asset Securities No.1 Trust has an ESG Relevance Score of '5' for Energy Management, which has a negative impact on the credit profile and is highly relevant to the rating. The score is higher than the baseline ESG Relevance Score of '2' (no impact) for this general issue in the Australian auto sector. This is because there is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction, in which EVs form 16.7% of the pool, was not adjusted purely due to the green nature of the underlying collateral, but Fitch references available market data for EVs to determine its recovery assumptions. Pepper Asset Securities No.3 Trust has an ESG Relevance Score of '4' for Energy Management, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The score is higher than the baseline ESG Relevance Score of '2' (no impact) for this general issue in the Australian auto sector. This is because there is limited credit performance data for EVs and available market data show notable differences in recoveries between EVs and non-EVs. Fitch's analytical approach for the transaction, in which EVs form 9.5% of the pool, was not adjusted purely due to the green nature of the underlying collateral, but Fitch references available market data for EVs to determine its recovery assumptions. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. =============== C A M B O D I A =============== PRINCE HOLDING: Denies Link to Scams After Asset Seizures --------------------------------------------------------- VnExpress.net reports that a Cambodian conglomerate whose founder has had more than $15 billion of allegedly ill-gotten assets seized said it "categorically rejects" claims he amassed his fortune running an internet scam empire. A frenzy of asset confiscations in Europe, the U.S. and Asia have targeted Cambodia's Prince Holding Group – with authorities alleging its founder Chen Zhi was running a transnational criminal organization, VnExpress.net relates. The U.S. Justice Department in October unsealed an indictment against the tycoon, accusing him of presiding over forced labour camps in Cambodia where trafficked workers conduct online scams, VnExpress.net recalls. U.S. investigators seized around $15 billion worth of Bitcoin they allege are criminal proceeds -- the largest forfeiture action in the Justice Department's history. According to VnExpress.net, Britain also froze business and property assets worth more than $130 million while Taiwan, Singapore and Hong Kong each swooped with national seizures as high as $350 million. "The Prince Group categorically rejects the notion that it or its Chairman, Chen Zhi, has engaged in any unlawful activity," said the company on Nov. 11, VnExpress.net relays. "The recent allegations are baseless and appear aimed at justifying the unlawful seizure of assets worth billions of dollars," added the statement -- the first by the company since the crackdown began. "We are confident that when the facts come out, the Prince Group and its Chairman will be fully exonerated." One of Cambodia's largest conglomerates, Prince Holding Group has operated across more than 30 countries with interests in real estate, financial services and consumer businesses since 2015. The business empire is ubiquitous in the Southeast Asian country, boasting $2 billion in real estate investments, including a large shopping mall, Prince International Plaza, in the capital Phnom Penh. According to VnExpress.net, the company said allegations against it "have caused undue harm to thousands of innocent employees, partners and communities who the Group serves". But prosecutors accuse the company of being a corrosive influence - running elaborate online networks that target people with romance or business cons and launder the proceeds through cryptocurrency, VnExpress.net relays. VnExpress.net notes that cyber-scam operations have mushroomed across Southeast Asia – often operating from unassuming office blocks or warehouses, where con artists target marks living on the other side of the world. Some workers go willingly to the scam hubs, while others are trafficked and held in prison-like conditions. VnExpress.net adds that the U.S. Justice Department last month called Prince Group "one of Asia's largest transnational criminal organizations" and said Chen – a joint British-Cambodian national – remains "at large". ========= C H I N A ========= COUNTRY GARDEN: Seeks Shareholder Nod on US$13B Conv. Bonds Issue ----------------------------------------------------------------- Reuters reports that Country Garden Holdings said on Nov. 14 it will seek shareholder approval for an offshore debt restructuring proposal aiming to deleverage by around US$11 billion, as well as for other loan repayment plans, which will see a dilution in their stakes. Aimed at easing one of the biggest defaults in China's property sector, the debt restructuring proposal and loan repayment plans include issuance of up to US$13 billion of mandatory convertible bonds, as well as warrants and new shares, Reuters relates. Country Garden, which defaulted on its offshore debt in late 2023, earlier this month won creditor approval on the restructuring proposal to cut US$14.1 billion of that debt by around 80 per cent. Class-1 creditors, consisting of banks, will receive a two-year US$89 million loan under the restructuring scheme and up to 1.16 billion warrants priced at HK$0.60 each, which can be used to offset the loan. Together with the proposed restructuring, the developer plans to issue up to US$39.5 million mandatory convertible bonds to resolve a bilateral loan with Chong Hing Bank, a unit of state-owned Guangzhou Yue Xiu, according to Reuters. It will also issue HK$43.8 million worth of new shares to Tai Fung Bank, 50.3 per cent owned by Bank of China, to settle unpaid interests under another bilateral loan. Reuters relates that the bond conversion prices are set well above the current share price of HK$0.54, and the instruments will convert into equity over time, significantly diluting existing shareholders but offering creditors a path to recovery. Reuters adds that Country Garden also plans to issue up to 15.5 billion shares to Concrete Win, controlled by Country Garden's chairlady Yang Huiyan and which has a 48 per cent stake in the developer, at HK$0.60 each, much lower than other conversion and new issue prices, to settle US$1.14 billion in shareholder loans once the restructuring is effective. After all the plans are implemented, including a management incentive plan, controlling and existing shareholders' stakes would drop to 39.8 per cent and 20.1 per cent from 48 per cent and 51.6 per cent, respectively, while creditors would hold nearly 35 per cent shares, Reuters relays. Reuters notes that the debt restructuring proposal and loan repayment plans come as China's property sector slump, now in its fourth year, continues to squeeze funding. China Evergrande is in liquidation proceedings, while some peers have wrestled with protracted restructurings. Reuters says Country Garden itself has been working towards offshore relief since 2023 and now needs shareholder and regulatory approvals to implement the scheme. The Hong Kong High Court has adjourned a hearing into a liquidation petition against the company to Jan. 5, 2026. Shareholders will vote on the bond and share issuance at the extraordinary general meeting on Dec. 3, and the scheme is expected to be completed by the year-end, adds Reuters. About Country Garden Country Garden Holdings Company Limited (HKEX:2007), an investment holding company, invests, develops, and constructs real estate properties primarily in Mainland China. The company operates in two segments, Property Development and Construction. It develops residential projects, such as townhouses and condominiums; and car parks and retail shops. The company also develops, operates, and manages hotels. In addition, it researches and develops robots; sells electronic hardware and food; and provides interior decoration, agriculture, landscape design, investment and management consulting, cultural activity planning, and real estate consulting services. As reported in the Troubled Company Reporter-Asia Pacific in late February 2024, Kingboard Holdings-backed money lender Ever Credit on Feb. 27, 2024, filed a winding-up petition against Country Garden to the Hong Kong High Court for non-payment of a US$205 million loan. The TCR-AP reported in late March 2024 that Country Garden has hired Kroll to carry out a liquidation analysis. Kroll, the New York-headquartered financial advisory firm, is expected to conduct an independent business review of Country Garden before projecting a recovery rate for the developer's creditors under a liquidation scenario, according to Reuters. The developer defaulted on US$11 billion of offshore bonds in late 2023 and is in the process of an offshore debt restructuring. Earlier in August 2025, it reached an agreement with a core group of bank creditors that holds 49% of the company's offshore debt, marking another step in its US$14.1 billion restructuring plan, according to Reuters. Country Garden Holdings sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1, 2025. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by Christopher J. Hunker, Esq. of Linklaters LLP. FOSUN INTERNATIONAL: S&P Rates New Sr. Unsecured Euro Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issue rating to the euro-denominated senior unsecured notes that Fortune Star (BVI) Ltd. proposes to issue. The company is a special purpose vehicle of Fosun International Ltd., which will unconditionally and irrevocably guarantee the notes. S&P said, "The issue rating is subject to our review of the final terms and conditions. We rate the notes the same as the issuer credit rating on Fosun (BB-/Stable/--). This is because of credit substitution under the guarantee." China-based Fosun is an investment holding company with a secured debt ratio of about 20% at the holding company level as of end-June 2025. This was below our 50% threshold for notching down the issue rating for structural subordination risk. Fosun will use the issuance proceeds to refinance offshore debt, including any payment in connection with its concurrent tender offer of euro-denominated notes due in October 2026, and for working capital and general corporate purposes. S&P said, "The stable outlook on the issuer credit rating on Fosun reflects our view of the company's improving refinancing capabilities. We expect the company to further recycle assets over the next 12-18 months to reduce debt at its level and increase financial buffer." ================= H O N G K O N G ================= UNITED ENERGY: S&P Assigns 'B' Rating to Proposed U.S. Dollar Bond ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' long-term issue rating to a U.S. dollar-denominated bond that United Energy Group Ltd. (UEG) proposes to issue. The rating on the bond is subject to S&P's review of the final terms and conditions. The bond rating is one notch below the long-term issuer credit rating on UEG (B+/Stable/--), reflecting the significant proportion of secured debt in the issuer's consolidated capital structure. S&P estimates UEG's secured debt ratio is more than 50% after the proposed issuance. The unsecured debt is inherently disadvantaged due to structural subordination. UEG intends to use the issuance proceeds for general corporate purposes and capital expenditure (capex) for its oil and gas portfolio. S&P said, "The stable outlook on UEG reflects the stable outlook on the sovereign ratings on Iraq and Pakistan, where the company has significant exposure. It also reflects our expectation that UEG's scale will remain small with production concentrated in Iraq and Pakistan for the next 12 months. Despite rising capex, the company's ratio of debt to EBITDA will remain below 1.5x during the next 12 months, according to our projections. We also expect the company to pass stress tests for a rating above the sovereigns." ========= I N D I A ========= ADITYA OIL: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Aditya Oil Industries (AOI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.53 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 4, 2024, placed the rating(s) of AOI under the 'issuer non-cooperating' category as AOI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AOI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 20, 2025, August 30, 2025, September 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mehsana based (Gujarat) AOI was established in July 2007 and is currently managed by three partners named Mr. Nitin Patel, Mr. Amit Patel and Mr. Kaushal Patel. The partners have more than a decade of experience in cotton industry. The firm is engaged into cotton ginning, pressing, trading and seed crushing from its 16 ginning machines and 12 oil expellers. AOI operates from its sole manufacturing plant situated in Kadi, Gujarat. AJIT CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Ajit Construction Company (ACC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 3.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 2.40 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 4, 2024, placed the rating(s) of ACC under the 'issuer non-cooperating' category as ACC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ACC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 20, 2025, August 30, 2025, September 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Ajit Construction Company (ACC), a proprietorship firm established in the year 1984 by Mr. Ajit Singh Bagga. The entity is engaged into construction of road work. The entity takes tender based contracts for its projects where it majorly caters to Madhya Pradesh Rural Road Development Authority (MPRRDA) and PMGSY (Pradhan Mantri Gram Sadak Yojana) scheme. The firm procures raw materials like cement, ready mix concrete, steel and plumbing material, etc. from local suppliers across Madhya Pradesh. ANNA BHAU: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Anna Bhau Ajara Taluka Shetkari Sahkari Soot Girani Limited (ABATSSSGL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.85 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 16, 2024, placed the rating(s) of ABATSSSGL under the 'issuer non-cooperating' category as ABATSSSGL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ABATSSSGL continues to be noncooperative despite repeated requests for submission of information through e-mails dated September 1, 2025, September 11, 2025, September 21, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable ABATSSSGL is a co-operative society established in October 1979, promoted by Mr. Amogh Wagh in the strength of General Manager. The society is engaged in the business of cotton spinning with its sole manufacturing unit located at Ajara, Maharashtra with the products sold under the brand name 'Ajara Spin'. APT PACKAGING: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of APT Packaging Limited (APT) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.44 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 3.20 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 7, 2024, placed the rating(s) of APL under the 'issuer non-cooperating' category as APL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 23, 2025, September 2, 2025, September 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable APT Packaging Limited (erstwhile Anil Chemicals & Industries) [ISIN: INE046E01025] was incorporated in 1980 and is engaged in the manufacturing of Co -Extruded plastic tubes in variety of shapes, sizes and different colours ranging from 10 ml to 300 ml fill size. The company's manufacturing operations are carried out from the plants based in Aurangabad, Maharashtra and Laksar, Haridwar, Uttarakhand. The combined installed capacity is approx. 2.3 lakh pieces per day. ASHTECH BUILDPRO: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ashtech Buildpro India Private Limited (ABPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of ABIPL under the 'issuer non-cooperating' category as ABIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ABIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025 and September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Uttar Pradesh based Ashtech Buildpro India Private Limited (ABIPL) was incorporated in June, 2013. The company is managed by Mr Sandeep Kumar Jindal, Mr Shiv Kumar Jindal and Mr Atul Goel. The company is engaged in manufacturing of Autoclaved Aerated Concrete (AAC) blocks, panels, prefabricated structures, ready-made mortar and ready-made plaster. BALAJI STEEL: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Shree Balaji Steel (SBS) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.80 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of SBS under the 'issuer non-cooperating' category as SBS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SBS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025, September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SBS is based out of Nagpur, Maharashtra is a proprietorship entity promoted by Mr. Radheshyam Sarda and commenced operation in January 1981. SBS is engaged in trading of iron &steel products such as Thermo Mechanically Treated (TMT) bars, round bars, angles, channels, beams, flats, sheets, etc. which find application in industries like construction, infrastructure and engineering. BHUSHAN POWER: JSW Steel in Talks to Sell Up to 50% Stake in Firm ----------------------------------------------------------------- CNBC-TV18 reports that JSW Steel is working to sell up to half of its ownership in Bhushan Power & Steel Ltd (BPSL), as per sources aware of the development. Sources familiar with the transaction told CNBC-TV18 that Japan's JFE Steel is the front runner to acquire JSW Steel's 50% stake in Bhushan Power and Steel. According to sources, JSW Steel is said to be exploring strategic partnerships for BPSL, potentially bringing in a financial or strategic investor to take up to 50% of the company, CNBC-TV18 relays. In a statement to CNBC-TV18, JSW Steel said, 'Our strategy includes evaluating various opportunities, both organic and inorganic, in India and overseas – including potential collaborations aimed at enhancing scale, efficiency and global competitiveness. However, we would not like to comment on speculation.' About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases. As reported in the Troubled Company Reporter-Asia Pacific on March 29, 2021, JSW Steel group on March 26, 2021, closed the INR19,350-crore transaction with lenders to acquire Bhushan Power, bringing down the curtain on a corporate insolvency resolution process (CIRP) that has stretched over three-and-a-half years. Business Standard said the transaction was funded through a mix of equity and debt. As part of the payment, a sum of INR8,614 crore in Piombino Steel (PSL) was arranged through a mix of equity, optionally convertible instruments and debt. Of this, INR8,550 crore was invested in a special purpose vehicle (SPV), Makler, the bidding company. The remaining INR10,800 crore was funded through debt. JSW informed the stock exchanges that following the implementation of the resolution plan, which included payment of INR19,350 crore to financial creditors of BPSL and the merger of the SPV, PSL holds 100 per cent equity shares in BPSL. Seshagiri Rao, joint managing director and chief financial officer, JSW Steel, said the company took charge of the asset on March 26, according to Business Standard. In early May 2025, the Supreme Court initially nullified JSW Steel's acquisition and directed the liquidation of the debt-laden company, but later put the liquidation process on hold. In September 2025, the Supreme Court again overturned its May order, reinstating JSW Steel's acquisition of BPSL and allowing the group to proceed with the revival of the entity under its umbrella. BYJU'S: Manipal Group Submits Second Bid to Acquire Parent Company ------------------------------------------------------------------ The Hindustan Times reports that Ranjan Pai-led Manipal Education & Medical Group Pvt. Ltd. has submitted a second bid to acquire Byju's parent Think & Learn Pvt. Ltd. under insolvency, in what is seen as a move to wrest control of Aakash Educational Services Ltd. - a profitable test-prep coaching centre that Byju's acquired in 2021. According to the expression-of-interest documents filed with Byju's resolution professional, Manipal Group has sought to be included as a prospective bidder, so that it can conduct a due dilligence of the insolvent company's financial and operational details to draw up a resolution plan, Hindustan Times relates. This is Manipal Group's second EoI since the resolution professional extended the submission date to Nov. 13, 2025 due to lack of bidders, the report notes. It's however understood that Ranjan Pai is the sole bidder for Byju's. To be sure, an EoI does not guarantee that a bidder would be shortlisted or approved for the next phase of insolvency resolution. The Hindustan Times says Manipal Group's primary interest is understood to be in Aakash Educational Services Ltd., the profitable test-prep coaching chain that Byju's acquired in 2021. Ranjan Pai is already a major stakeholder in AESL, holding ~40% stake, after previously converting a loan to equity to help Byju's settle a debt. Byju's stake in AESL has reduced to 25.7% following a court-approved rights issue that it was bitterly against, Hindustan Times states. Acquiring Byju's remaining stake would give Manipal Group a clear path to control Aakash Institute. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CENTURY VENTURES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Century Ventures (CV) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.15 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 4, 2024, placed the rating(s) of CV under the 'issuer non-cooperating' category as CV had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CV continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 20, 2025, August 30, 2025, September 9, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ahmedabad (Gujarat) based CV is a partnership firm established in 2015 by Mr. Yogesh Todi and Mrs Manisha Todi. The firm is engaged into manufacturing of customized printed corrugated boxes which are used in packaging purpose by various industries like home appliances, food products, liquor, confectioneries, pharmaceuticals etc. Presently, operations of CV are managed by Mr. Yogesh Todi and Mrs. Manisha Todi. Century operates from its sole manufacturing facilities located in Ahmedabad with an installed capacity of manufacturing 1.50 lakh boxes per day as on March 31, 2017. CV has associate concern i.e. Classic Corrugations Private Limited which is operational since 2011 and engaged into manufacturing of corrugated boxes. CONSOLIDATED CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Consolidated Construction Consortium Limited (CCCL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 597.89 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 602.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 29, 2024, placed the rating(s) of CCCL under the 'issuer non-cooperating' category as CCCL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCCL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 15, 2025, July 25, 2025, August 4, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable CCCL was incorporated in 1997 by first-generation entrepreneurs Mr R Sarabeswar, Mr S Sivaramakrishnan and Mr V G Janarthanam. CCCL is primarily engaged in construction activities in commercial, infrastructure, industrial and residential domain. CCCL has other subsidiaries, namely, Consolidated Interiors Ltd (interior contracts and fit out services), Noble Consolidated Glazing Ltd (Glazing Services) and CCCL Power Infrastructure Ltd (BOP Orders for Power Projects and food processing). Company is under corporate Insolvency Resolution Process by NCLT order dated 20.04.2021. Mr. Krishnasamy Vasudevan act as resolution professional. CREATIVE CHAIN: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Creative Chain Stores Private Limited (CCSPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 45.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 15, 2024, placed the rating(s) of CCSPL under the 'issuer non-cooperating' category as CCSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CCSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 31, 2025, September 10, 2025, September 20, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in June 1987, Creative Chain Stores Private Limited (CCSPL) is engaged in the manufacturing and exports of readymade garments. Its product profile comprises of Ladies wear primarily woven fabrics. It exports mainly to US and Europe and sells the balance in the domestic market. CCSPL has four manufacturing facilities (in Delhi and Faridabad). DWARKA METROHILLS: CARE Keeps C Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dwarka Metrohills Hospital Private Limited (DMHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.35 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated October 18, 2024, placed the rating(s) of DMHPL under the 'issuer non-cooperating' category as DMHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DMHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 3, 2025, September 13, 2025 and September 23, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Varanasi based, Dwarka Metro Hills Hospital Private Limited (DMHPL) was incorporated in December, 2011 as a private limited company by the name of Metro Heart Hospital Private Limited, however, the name was changed to its current name, Metro Hills Hospital Private Limited in October, 2012 which was further changed to Dwarka Metro Hills Hospital Private Limited in FY19. DMHPL is currently being promoted by Mr. Vinit Kumar Singh, Mrs. Rita Singh and Mrs. Monika Singh. The company will operate a multispecialty hospital having various departments for general medicine, general surgery, urology, neurology, radiology, gynaecology, nephrology, ophthalmology, orthopaedics, physiotherapy, etc. along with 24 hours pharmacy and lab services and is located in Chandauli (Uttar Pradesh) with proposed capacity of 160 beds. GEE EMM: CARE Lowers Rating on INR39.45cr LT Loan to B+ ------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Gee Emm Spinfab Private Limited (GESPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 39.45 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of GESPL under the 'issuer non-cooperating' category as GESPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GESPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of GESPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in 2009 GESPL was primarily engaged in the manufacturing of cotton yarn since the commissioning of its first spinning unit ins 2012. Subsequently, the company diversified its product profile to include blended yarn (polyestercotton) in FY16. Since FY17, the company is engaged in the manufacturing and selling of blended yarn only. The company operates from its single manufacturing facility in Samana, Punjab having a total installed capacity of 7300 MTPA (Metric Tonnes per Annum), as on March 31, 2022. The company sells its products both in the domestic and export market. Domestically, the products are sold in and around Punjab, through trading units as well as directly to end users. On the export side, the products are sold mainly to end users and some traders based in Israel, Peru, Singapore, Egypt etc. GREEN FIELD: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Green Field Food Products (GFFP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.91 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of GFFP under the 'issuer non-cooperating' category as GFFP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GFFP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Jaipur (Rajasthan) based GFFP was formed as a proprietorship concern in 2017 by Mr Namit Mehta (Proprietor) with an objective to set up a unit for extraction of mustard oil from mustard seeds as well as mustard oil cake. Plant of the firm has located at Kotputli, Jaipur. HANUMAN COTTON: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Hanuman Cotton Industries (HCI) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 8.01 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 14, 2024, placed the rating(s) of HCI under the 'issuer non-cooperating' category as HCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. HCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Hanuman Cotton Industries (HCI) was constituted in March 2006 as a partnership firm by Vekariya family based out of Amreli (Gujarat) by eight partners. HCI is primarily engaged in cotton ginning & pressing activities at its manufacturing facility located at Savarkundla in Amreli, Gujarat. IMP POWERS: CARE Keeps D Debt Ratings in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of IMP Powers Limited (IPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 284.76 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 98.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated August 23, 2024, placed the rating(s) of IPL under the 'issuer non-cooperating' category as IPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated July 9, 2025, July 19, 2025, July 29, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Incorporated in 1961 and promoted by Mr. Ramnivas R. Dhoot, IMP Powers Ltd. (IPL) (ISIN: INE065B01013) is engaged in the manufacturing of an entire range of transformers. The company has its manufacturing facility at Silvassa, for manufacturing of transformers ranging from 1 MVA to 315 MVA, up to 400 kV Class with an installed capacity of 16,000 MVA (Mega Volt-Ampere) as on March 31, 2020. IPL incorporated a subsidiary company 'IMP Energy Limited' (IEL) in August 2012. IEL is engaged in complete EPC work of small hydro power (SHP) business. The Company sets up small hydro power plants of up to 5 MW capacity and does the entire EPC work. INDIAMCO: CARE Keeps D Debt Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Indiamco (IMC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 14.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 14, 2024, placed the rating(s) of IO under the 'issuer non-cooperating' category as IO had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. IO continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 30, 2025, September 9, 2025, September 19, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Established in 1972, Indiamco is engaged in trading of rough and polished diamonds, antique and precious stones. The entity is currently not a DTC sight holder and procures rough and semi-finished diamonds locally from Surat and also imported (from USA). JAGDISH PRASAD: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Jagdish Prasad Agarwal (JPA) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term 6.50 CARE A4; ISSUER NOT Bank Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of JPA under the 'issuer non-cooperating' category as JPA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JPA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Alwar (Rajasthan) based Jagdish Prasad Agarwal (JPA) was formed as a partnership concern in 1994 by Mr. Jagdish Prasad Agarwal, Mr. Vijay Kumar Agarwal, Mr. Ravinder Kumar Agarwal and Mr. Sunil Kumar Agarwal. However, in 2016-17, there was change in the partnership deed owing to death of Mr. Jagdish Prasad Agarwal and with effect from August 10, 2016 remaining partners of the firm is continuing of the firm. JPA is registered 'AA' class (Highest in the scale of AA to E) approved contractor with Rajasthan State Road Development & Construction Corporation Limited (RSRDC), Rajasthan, Public Works Department (PWD), Rajasthan and Urban Improvement Trust (UIT), Alwar. The firm takes all type of orders related to civil construction like Road construction, Railway, Building and bridge construction contracts from government departments. JANANI EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Janani Exports (JE) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of AIFCS under the 'issuer non-cooperating' category as AIFCS had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. AIFCS continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025, September 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Agra, Uttar Pradesh based, Agra Ice Factory and Cold Storage (AIFCS), was established in July, 1964 as a partnership concern. The firm is currently being managed by Mr. Pradeep Agarwal, Mr. Sanjeev Agarwal, Mr. Archit Agarwal and Mr. Utkarsh Garg. The firm is engaged in renting of its cold storage facility for potatoes, green peas, onion and spices to the local farmers and manufacturers in Agra, Uttar Pradesh. JP AGRO: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of JP Agro (JPA) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of JPA under the 'issuer non-cooperating' category as JPA had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JPA continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025, September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable JP Agro (JPA) was established as a proprietorship concern in the year 2015. The firm is engaged in trading of agro commodities as wheat, soya bean, pulses and rice. The group companies JPK Constructions Private Limited and Pardeshi Constructions Private Limited are engaged in construction business, whereas Desire is distributor of consumer electronic products. KPG INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of KPG International Private Limited (KIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 4.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated October 17, 2024, placed the rating(s) of KIPL under the 'issuer non-cooperating' category as KIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 2, 2025, September 12, 2025 and September 22, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Delhi based, KPG International Private Limited (KIPL) was incorporated in October, 2016 and commenced its commercial operations in December, 2016. The company is currently being managed by Mr. Gaurav Mahendru and Mr. RC Mahendru. KIPL is engaged in manufacturing and trading of garments. MAHAKALI RICE: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Mahakali Rice Mills Private Limited (MRMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 9.25 CARE B-; Stable; Issuer Not Facilities Cooperating; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 11, 2024, placed the rating(s) of MRMPL under the 'issuer non-cooperating' category as MRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 27, 2025, September 6, 2025, September 16, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mahakali Rice Mill Private Limited (MRMPL) was incorporated in the May 2007. The company is engaged in milling of raw rice and trading of paddy, rice, broken rice, bran and husk. The milling unit of MRMPL is located at Burdwan, West Bengal with processing capacity of 34,560 Metric Ton Per Annum (MTPA). The company is promoted by Burdwan based Mr. Naba Kumar Kundu, who has a long experience in the rice milling industry. MRMPL procures paddy from farmers & local agents and sells its products through the wholesalers and distributors located in West Bengal. Mr. Naba Kumar Kundu having more than two decades of experience in similar line of business, looks after the day to day operations of the company along with other directors and a team of experienced professionals who have rich experience in the similar line of business. MUBARAK OVERSEAS: CARE Cuts Rating on INR65.33cr LT Loan to B+ -------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Mubarak Overseas Private Limited (MOPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 65.33 CARE B+; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE BB-; Stable Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of MOPL under the 'issuer non-cooperating' category as MOPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MOPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MOPL have been revised on account of non-availability of requisite information. Analytical approach: Combined, Mubarak Overseas Pvt Ltd (MOPL), Ramji Lal & Sons (RLS) (closed on March 31, 2023) and Ramji Lal and Behari Lal (RLBL) are into similar line of business with common promoter family and management together referred as Gupta group. The credit risk assessment has been conducted based on a group approach by combining the financials of all the entities. Outlook: Stable The Ramjilal group was founded by Babulal ji Gupta and his sons in year 1998 as a rice trading business. In year 2009, the group installed a rice processing and packing plant with three sorting units and two packing units in Alipur. Later in year 2014, another plant in Gannaur was installed which had milling, processing and packing facility with two parallel lines. The facility in Alipur has installed capacity of producing 1,29,600 MT/annum while the facility at Gannaur has the capacity of 69,120 MT/annum. The group manufactures various kinds of basmati rice which include brown basmati, parboiled basmati, 1121 basmati and traditional basmati and sells it under their brand name Mubarak Rozana, Pride, Delight and Azooba. The Ramji Lal Group majorly deals in manufacturing and trading of rice however Ramji Lal Behari Lal also deals in trading of Atta and Maida. RAJIB CASHEW: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Rajib Cashew Processing Private Limited (RCPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.24 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 30, 2024, placed the rating(s) of RCPPL under the 'issuer non-cooperating' category as RCPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RCPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 16, 2025, August 26, 2025, September 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Rajib Cashew Processing Private Limited (RCPPL) was incorporated in April, 2012. The company has started its operations from April, 2013, the company has been engaged in processing of cashew nuts at its plant located at Mednipur, West Bengal. The plant has a processing capacity of 8 metric tonnes per day of raw cashew nuts per day. The company procures its raw materials from domestic as well as international markets and sales happen through dealers across all over India. RAMA KRISHNA: CARE Keeps D Debt Ratings in Not Cooperating ---------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Rama Krishna Spintex Private Limited (RKSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 77.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.70 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 28, 2024, placed the rating(s) of RKSPL under the 'issuer non-cooperating' category as RKSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RKSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 13, 2025, September 23, 2025, October 3, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Rama Krishna Spintex Private Limited (RKSPL), based in Bathinda (Punjab), was set up in Feb-2007 as a private limited company. It commenced operations in Jan-2008. The company is currently being managed by Mr. Makhan Lal Mangla, Mr. Mahavir Kumar, Mr. Siddharth Mangla and Mr. Parvesh Mangla. RKS is engaged in the business of manufacturing of cotton yarn such as stubbed cotton yarn, grey cotton yarn and waxed cotton yarn. The plant is located in Bathinda, Punjab. SIYARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siyaram Cotton Industries (SCI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.90 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 1, 2024, placed the rating(s) of SCI under the 'issuer non-cooperating' category as SCI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 17, 2025, August 27, 2025, September 6, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Ratlam (Madhya Pradesh) based Siyaram Cotton Industries (SCI) was established in October, 2017 by Mr. Manoj Agrawal, Mr. DL Agrawal, Ms. Rekha Agrawal and Ms. Aarti Agrawal as a partnership concern. The firm was formed with an objective to set up green field project for cotton ginning and pressing at Ratlam, Madhya Pradesh. SCI envisaged total project cost of Rs.6 crore towards the project which envisaged to be funded through term loan of Rs.4.00 crore and remaining of Rs.2.00 crore through unsecured loans and share capital. The plant of the company will have installed capacity to manufacture cotton bales of 400 Bales per Day (BPD). TSN ASSOCIATES: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of TSN Associates and Industries (TAI) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.50 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 7, 2024, placed the rating(s) of TAI under the 'issuer non-cooperating' category as TAI had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. TAI continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 23, 2025, September 2, 2025, September 12, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Mangalore based TSN Associates and Industries (TAI) was established by its partners Mr Thimmappa S Naik, Mr Dhiraj Naik, Mrs. Deepa R Shetty, Mr Avinash Adappa, and Mr Aboobakar in 2006. It was re-constituted on July 31, 2017 to include Mrs Utpala T Naik and Mrs Vanaja D Naik as partners. TAI is involved in the business of construction aggregate. They mine the granite from the land owned by the promoters and crush it to make construction aggregate which finds its application in construction of roads, bridges, sidewalks. The crushed stone is combined with a binder (such as tar) which acts like a glue and is used in the construction process. UMACHI FOODS: CARE Keeps D Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Umachi Foods & Commodities Private Limited (UFCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated October 25, 2024, placed the rating(s) of UFCPL under the 'issuer non-cooperating' category as UFCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UFCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated September 10, 2025, September 20, 2025, September 30, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Umachi Foods & Commodities Private Limited (UFCPL) was incorporated in March-2014 by Mr. Jawahar Lal and Mrs. Rachana Luthra, while the operations of the company started in September-2014 (FY16 being the first full year of operations of the company). The company is engaged in the bulk trading of packaged basmati rice since the commencement of its operations. The company is primarily engaged in exports to the Middle East, Australia, Southeast Asia, etc. The basmati rice is procured from rice mills directly as well as through dealers and agents based in Delhi, Haryana, Punjab and Uttar Pradesh. VEDIC RESORTS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vedic Resorts & Hotels Private Limited (VRHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 12.09 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated September 30, 2024, placed the rating(s) of VRHPL under the 'issuer non-cooperating' category as VRHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VRHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated August 16, 2025, August 26, 2025, September 5, 2025 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Vedic Resorts & Hotels Private Limited (VRHPL), incorporated in February 1998 in the name of Circle Clubs & Resorts Pvt. Ltd., belongs to Vedic group of Kolkata. The company operates a resort in Kolkata, spread over an area of 150 acres, consisting of 30 Villas/Suites, 130 Executive rooms, Spa Club, 7 Banquets/Conference Halls, Bar & Restaurants, a discotheque and games zones like Badminton Court, Tennis Courts etc. Other amenities in the resort include swimming pool, gymnasium, library, transportation facilities, etc. Subsequently in October 22, 2007, the name of the company was changed to its present name. VRHPL is a subsidiary company of Vedic Realty Private Limited (VRPL; the flagship company of the group) which is holding about 99.99% of equity stake in VRHPL. VRHPL commenced operation in 2004. Vedic group of Kolkata (West Bengal), built up by Shri Raj Kishore Modi, Shri Uday Modi and Shri Daya Nand Sharma, based out of Kolkata, having major interest in real estate and hospitality. The group has an established market position in the real estate sector in West Bengal, having developed more than 5.5 million square feet (sq. ft.) of real estate at various locations in West Bengal, both in residential and commercial spaces, over the past eighteen years. Some of the prestigious projects developed by the company in Kolkata and its adjoining areas are Vedic Village, The Space Circle, The Circle, Sanjeeva Town, Space Town, etc. ================= I N D O N E S I A ================= GLOBAL DIGITAL: Blibli Cuts 270 Jobs After Suffering Losses ----------------------------------------------------------- Tempo reports that the issuer managing of the Blibli platform, PT Global Digital Niaga Tbk (BELI), announced that the company has terminated the employment of 270 employees. This step is claimed to be an effort to adjust the organization for more efficiency and to open up growth opportunities. According to Tempo, Director of Global Digital Niaga, Eric Winarta, stated that the company has provided compensation to the 270 employees affected by dismissal. "In its implementation, the Company has provided a compensation package to ensure that the fulfillment of all the rights of the affected employees is in accordance with or even exceeds the provisions of the prevailing labor laws in Indonesia," the report quotes Eric as saying in the information disclosure at the Indonesia Stock Exchange, on Nov. 4, 2025. Tempo relates that Eric stated that this organizational adjustment presents its own challenges. Nevertheless, Global Digital Niaga hopes that this step will have a positive impact on the company's performance. "The company's management believes that the organizational adjustment will have a positive impact on the company's performance in the future," he said. By Sept. 30, 2025, Global Digital Niaga recorded a loss of IDR1.85 trillion, Tempo discloses. Referring to the information disclosure of the Indonesia Stock Exchange (BEI), the company's loss decreased by 0.24 percent compared to the loss in the same period in 2024, which amounted to IDR1.86 trillion. Nevertheless, BELI recorded sales and business revenue of IDR15.2 trillion in 2025, up 25.61 percent from the same period of IDR12.13 trillion in 2024, Tempo relays. The total gross profit amounted to IDR2.6 trillion, an increase of 14.47 percent compared to IDR2.3 trillion in 2024. According to Tempo, the loss of Blibli was driven by the magnitude of various burdens. These included general and administrative expenses of IDR2.84 trillion, sales expenses of IDR1.52 trillion, cost of goods sold and revenue of IDR12.56 trillion, interest and financial expenses of 182.9 billion, taxes of IDR55.76 billion, as well as other expenses of IDR55.2 billion. In addition, there was a total debt of IDR7.09 trillion. The total assets of Blibli in the third quarter of 2025 amounted to IDR17.52 trillion. This figure increased by 8.45 percent compared to the same period in 2024, which was IDR16.16 trillion, Tempo discloses. Tempo adds that Director of Global Digital Niaga, Ronald Winardi, stated that this increase in assets occurred due to the company's working capital needs and its subsidiaries following business growth opportunities. The increase in assets also included an increase in inventory of IDR1.03 trillion and an increase in receivables of IDR863 billion. PT Global Digital Niaga Tbk operates an omnichannel commerce platform and lifestyle ecosystem in Indonesia. It operates through 1P Retail, 3P Retail, Institution, and Physical Store segments. ========= J A P A N ========= NIDEC CORP: To Submit Improvement Plan to Tokyo Stock Exchange -------------------------------------------------------------- Reuters reports that Nidec Corp. said on Nov. 14 it will submit an improvement plan to the Tokyo Stock Exchange after being placed on a "special alert" by the bourse, and downgraded its first-quarter result to a loss. Reuters relates that the company, which has positioned itself as a key supplier for electric vehicles, refrained from issuing a new annual operating profit forecast for the year to March 2026, having scrapped its previous JPY260 billion (US$1.68 billion) guidance in late October. "We deeply apologise for the great inconvenience and concern caused to our shareholders and investors," chief executive Mitsuya Kishida told a results briefing in Tokyo. He and two other executives apologised the downward revision and the stock exchange warning. According to Reuters, Nidec was placed on a "special alert" in October, and was given one year's time by the Tokyo Stock Exchange to improve internal controls or risk delisting. In September, the Kyoto-based company set up an external committee to probe the possible involvement of management in improper accounting after an internal probe flagged issues at a Chinese subsidiary, Reuters recalls. The move escalated concerns over governance and sent its shares sharply lower. Reuters says the company revised its first-quarter operating result to a JPY26.4 billion loss from a previously reported profit of JPY61.5 billion, after factoring in contract and impairment losses in its automotive products segment and recording of suppliers' settlement claims. Operating profit in the second quarter to end-September was JPY21.1 billion, down 21.4 per cent from a year earlier, it said. According to Reuters, Kishida said during the results briefing the company would not receive a final report on the probe into accounting practices before the end of the year. If that probe found false representations, they could have a significant and widespread impact on its financial statements, the company said in a filing. Reuters adds Nidec said it plans to submit a draft improvement plan to regulators by mid-December and disclose progress in January. The company was removed from the Nikkei 225 earlier this month, triggering forced selling by passive funds tracking the index, Reuters notes. Reuters adds that the accounting scandal has renewed scrutiny of founder Shigenobu Nagamori's leadership and the company's aggressive expansion through acquisitions. Kishida was picked last year to succeed Nagamori as CEO. Nidec's stock has shed more than 20 per cent of its value this year, underperforming a more than 25 per cent rise in the Nikkei index over that period. NIDEC Corporation manufactures and sells electric motors and related components and equipment worldwide. The company was founded in 1973 and is headquartered in Kyoto, Japan. NISSAN MOTOR: To Cut Jobs at European Regional Office ----------------------------------------------------- Reuters reports that Nissan Motor Co will eliminate 87 positions at its European regional office in France, a company document and internal emails showed, as part of CEO Ivan Espinosa's global restructuring and turnaround plan that includes a 15% cut in headcount. According to Reuters, the struggling Japanese automaker is working to streamline operations and return to profitability as it grapples with prolonged challenges in key markets such as Europe. Mr. Espinosa's restructuring plan includes slashing Nissan Motor's global production capacity by nearly 30% to 2.5 million vehicles and reducing manufacturing sites to 10 from 17. Most of the roles slated for elimination at the European office are in marketing and sales, according to the company document cited by Reuters. Of the 87 positions, 64 were filled when the agreement was reached last month, it showed. Nissan is also creating 34 new roles and opening additional vacancies to support internal redeployment, meaning the final number of redundancies will be lower, Reuters relays. The company employs about 570 people at its Montigny-le-Bretonneux office, which oversees operations across Europe, Africa, the Middle East, India and Oceania. According to Reuters, Nissan confirmed in a statement on Nov. 13 that management in Europe and employee representatives had reached an agreement and that the company had announced changes to its organisation. "This decision is driven by the need to reflect the reality of today's business environment and to address specific challenges at Nissan," the company said. The changes included simplification of roles and the removal of some management layers, boosting efficiencies throughout its organisation, it said. The cuts were formalised in an October 16 agreement with union representatives and will be implemented in phases, beginning with a voluntary separation programme. If voluntary exits fall short, forced redundancies could begin in early February, according to the company document. Loic Salomon, the CFDT union representative who signed the agreement, did not respond to a request for comment. CFDT is France's largest union. In a town hall with staff on Nov. 12, regional chairperson Massimiliano Messina called for the need to make operations faster and more agile. "It's not just cutting the fat," Reuter quotes Mr. Messina as saying. The Montigny office must also build muscle to strengthen its role in the region, he said, according to a person who attended the event. Employees opting for internal transfers may receive a EUR5,000 ($5,830) gross bonus, while those choosing to seek a job outside the company will be supported by an outplacement agency and offered up to two years of redeployment leave depending on age, Reuters notes. About Nissan Motor Japan-based Nissan Motor Co., Ltd. manufactures and distributes automobiles and related parts. The Company produces luxury cars, sports cars, commercial vehicles, and more. Nissan Motor markets its products worldwide. As reported in the Troubled Company Reporter-Asia Pacific in mid-July 2025, Fitch Ratings has assigned a rating of 'BB' to Nissan Motor's (BB/Negative) proposed senior unsecured US dollar and euro notes. The proposed notes are rated in line with Nissan's Long-Term Foreign-Currency Issuer Default Rating (IDR), as they represent the company's direct, unsecured and unsubordinated obligations, and rank pari passu with all its other unsecured and unsubordinated debt. The proceeds will be used for general corporate purposes. The company expects the proceeds from the new notes to be used to prefund the refinancing of maturing notes. Fitch does not expect the company's net debt balance after issuance to change materially, leaving the company's financial structure unchanged. Fitch Ratings, in April 2025, downgraded Nissan Motor's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured rating to 'BB' from 'BB+'. The Outlook is Negative. Fitch has affirmed the Short-Term Foreign- and Local-Currency IDRs at 'B'. The TCR-AP reported on July 9, 2025, S&P Global Ratings assigned its 'BB' issue credit rating to Nissan Motor's (BB/Negative/B) three proposed U.S.-dollar denominated senior unsecured notes and two proposed euro-denominated senior unsecured notes. The notes differ in maturities. In March 2025, S&P lowered its long-term issuer credit ratings on Nissan Motor and its overseas subsidiaries to 'BB' and affirmed its short-term issuer credit ratings on each company at 'B'. The negative outlook reflects S&P's view that the company's creditworthiness may continue to deteriorate as a challenging operating environment hampers profitability improvement and free cash flow losses continue. Moody's Ratings, in February 2025, also downgraded to Ba1 from Baa3 the senior unsecured rating for Nissan Motor Co., Ltd. At the same time, Moody's have assigned a Ba1 corporate family rating and withdrawn the company's Baa3 issuer rating. Moody's have also maintained the negative rating outlook. =============== M A L A Y S I A =============== BTM RESOURCES: Proposes MYR80MM Capital Reduction to Clear Losses ----------------------------------------------------------------- The Malaysian Reserve reports that BTM Resources Bhd has proposed a capital reduction of MYR80 million to eliminate accumulated losses and restore positive retained earnings. In a filing with Bursa Malaysia, the group said it had accumulated losses of MYR78.88 million at the group level and MYR68.36 million at the company level as of June 30, 2025, The Malaysian Reserve discloses. Following the exercise, BTM is expected to record retained earnings of MYR1.02 million at the group level and MYR11.54 million at the company level. The Malaysian Reserve relates that as of Oct. 31, BTM's issued share capital stood at MYR97.9 million, comprising 1.26 billion shares and 307.19 million outstanding warrants C exercisable at 10 sen each. Upon completion, expected in the first half of 2026, the group's issued capital will be reduced to MYR17.9 million. BTM Resources Berhad is engaged in logging, saw milling and trading of sawn timber and logs. Other activities include the manufacturing of finger jointed timber and laminations boards, provision of kiln-drying operations and timber molding. The Group also undertakes investment holding and the provision of management services. The Group operates in Malaysia. ===================== N E W Z E A L A N D ===================== JAIS ABEN: Creditors' Proofs of Debt Due on Dec. 25 --------------------------------------------------- Creditors of Jais Aben Limited are required to file their proofs of debt by Dec. 25, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 5, 2025. The company's liquidators are: Paul Thomas Manning Thomas Lee Rodewald Liquidation Management Limited PO Box 50683 Porirua 5240 PEACOCKS LIMITED: Creditors' Proofs of Debt Due on Dec. 8 --------------------------------------------------------- Creditors of Peacocks Limited (trading as Peacocks Early Learning Centre) are required to file their proofs of debt by Dec. 8, 2025, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 6, 2025. The company's liquidators are: Kristal Pihama Leon Francis Bowker KPMG 18 Viaduct Harbour Avenue PO Box 1584 Shortland Street Auckland 1140 QUEST INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating --------------------------------------------------------------- AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Quest Insurance Group Limited (Quest) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Quest's balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also factor in the neutral impact from the company's ultimate majority shareholder, Federal Pacific Group Limited. Quest's balance sheet strength assessment is underpinned by its risk-adjusted capitalization, which was at the very strong level as of fiscal year-end (31 March) 2025, as measured by Best's Capital Adequacy Ratio (BCAR). Prospectively, AM Best expects the company's risk-adjusted capitalization to remain at least at the strong level, supported by internal capital generation. AM Best still expects the company's regulatory solvency position to remain appropriate, supported by prudent capital management. Offsetting balance sheet strength factors include the company's small absolute capital base of NZD 21.8 million, which increases the sensitivity of the risk-adjusted capitalization to stress scenarios, such as outsized dividend payments or fluctuations in prospective performance. AM Best assesses Quest's operating performance as adequate, supported by its robust underwriting performance and positive investment returns. In fiscal year 2025, the company reported a combined ratio (net/net, IFRS 17) of 89.5% and a return-on-equity ratio of 23.6%. Quest's investment income remains a stable contributor to its overall profits, with the company reporting a net investment yield (including gains/losses) of 4.5% in fiscal year 2025. AM Best expects prospective performance to remain supportive of the adequate assessment over the near term, although the company's rapid business growth and risk profile changes could drive potential volatility. Quest's business profile assessment of limited reflects its small market presence, geographic concentration and relatively niche product offering, largely as a provider of comprehensive vehicle insurance (CVI) and mechanical breakdown insurance (MBI) in New Zealand. The company's scale of operation has increased significantly over the last five years, driven mostly by its third-party distributor of motor-related insurance. AM Best notes that Quest's reliance on its third-party distributor has increased in recent years, with the related distribution channel accounting for over two-thirds of the gross premiums in fiscal-year 2025. AM Best assesses Quest's ERM as appropriate given the current size and complexity of its operations. Nonetheless, AM Best expects continual development of Quest's ERM capabilities to support its growing operations and risk profile. Following the conclusion of a recent regulatory investigation, Quest was issued a formal warning letter over potential contraventions of the Insurance (Prudential Supervision) Act 2010, with no penalties imposed. The company has since engaged in a process to strengthen its risk management capabilities. UBCO LIMITED: Creditors' Proofs of Debt Due on Jan. 9 ----------------------------------------------------- Creditors of Ubco Limited and Ubco Holdings Nominee Limited are required to file their proofs of debt by Jan. 9, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 6, 2025. The company's liquidators are: Rees Logan George Bannerman BDO Auckland 4 Graham Street Auckland 1010 WAINUI TRANSPORT: Court to Hear Wind-Up Petition on Nov. 20 ----------------------------------------------------------- A petition to wind up the operations of Wainui Transport Limited will be heard before the High Court at Invercargill on Nov. 20, 2025, at 11:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Sept. 19, 2025. The Petitioner's solicitor is: David Tasker Inland Revenue, Legal Services 663 Colombo Street Christchurch Central Christchurch 8011 ================= S I N G A P O R E ================= AVATION PLC: S&P Raises ICR to 'B' on Refinancing, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Avation PLC to 'B' from 'B-'. At the same time, S&P removed the rating on the Singapore-headquartered aircraft lessor from CreditWatch, where S&P placed it with positive implications on Oct. 21, 2025. S&P said, "We also assigned our 'B' long-term issue rating to the US$300 million senior unsecured notes that subsidiary Avation Group (S) Pte. Ltd. raised and Avation guarantees. This is in line with the preliminary rating we assigned to the notes on Oct. 21, 2025. "The stable rating outlook reflects our expectation that Avation will further expand its fleet and maintain stable lease rates over the next 12-18 months." Avation's refinancing risk has eased and liquidity has materially improved following the completion of its refinancing. On Nov. 10, 2025, the company used proceeds from its recent US$300 million note issuance to refinance its US$298 million notes due in October 2026. The US$298 million notes accounted for close to half of Avation's debt, creating a large maturity wall in 2026. With the successful refinancing, we estimate the company's annual debt maturities will now comprise a much lower 10%-20% of total debt through fiscal 2028 (year-end June 30). The new notes will mature in May 2031. Avation's credit strength will improve with rising earnings and a growing fleet. Higher fleet utilization and lease rates should persist, given favorable industry conditions. S&P also believes the company will expand its fleet to more than 40 aircraft by end-fiscal 2028, from 33 as of June 30, 2025. S&P said, "The stable rating outlook reflects our expectation that Avation will further add to its fleet and maintain stable lease rates over the next 12-18 months. We expect the company to have a ratio of funds from operations (FFO) to debt approaching 7% and EBIT interest coverage ratio of 1.1x-1.2x. "We would lower the rating on Avation if weak leasing demand, a stagnant fleet, and payment delays from airline customers result in lower earnings and cash flow. The company's EBIT interest coverage ratio falling below 1.1x or ratio of FFO to debt approaching 6% for a sustained period could indicate such a deterioration. A material weakening in liquidity or a heightened refinancing risk could also result in a downgrade. "We would raise the rating if Avation can meaningfully expand its fleet and diversify its airline customer base. We could also raise the rating if we expect the company's EBIT interest coverage to improve to more than 1.3x while its ratio of FFO to debt rises above 9%. Any rating upside would be contingent on the absence of material liquidity or refinancing risks." TWELVE CUPCAKES: Workers Seek Recourse After Chain Suddenly Closes ------------------------------------------------------------------ The Business Times reports that about 15 counter staff of Twelve Cupcakes met on Oct. 31 at the Ministry of Manpower (MOM) Services Centre in Bendemeer Road to ask about outstanding salaries and payments owed to them by the shuttered cupcake business. This comes a day after Twelve Cupcakes announced that it had closed down and gone into provisional liquidation. Employees told The Business Times that they were informed of this move via WhatsApp on Oct. 29, with a termination letter accompanying the message. No further details were provided by Twelve Cupcakes on the matter. The liquidator, AAG Corporate Advisory, said it is unable to provide details on operations, finances or the reasons for the liquidation before obtaining the relevant information, in response to queries on Oct. 30 by BT. According to BT, one of Twelve Cupcakes' outlet managers said outside the MOM Services Centre on Oct. 31 that the decision to shutter Twelve Cupcakes came to its staff with zero warning. "We did not know anything (about this) in advance. There was no notice period at all," he said. "With so many bills to pay, starting with our rent - what are we going to do now?" He added that the main concern among employees now is the salaries they are owed for the month of October, on top of compensation for the sudden termination of employment, especially since a 30-day notice period was not abided by, BT relays. Other employees BT spoke to said this is particularly pressing as many of those affected have rent due at the end of the month. Most said they are expected to foot their rent by Oct. 31 or Nov. 1 – or risk facing eviction. Those who are foreign workers also said they have debts to repay back home; others have to pay tuition fees for their children. Some workers noted that CPF contributions were not credited to their accounts for October. Specific representatives of the counter staff group were addressed by MOM staff in closed-door meetings. These workers said after these meetings that they were told local unions will handle all compensation-related matters. They added that a separate meeting with union members has been set up for the following week, though a fixed date and time have yet to be confirmed, BT relays. As for S Pass holders, no extension will be given, which means such affected workers will have 30 days to find a new job in Singapore, or they will have to return to their home country, according to BT. For the time being, the group of counter staff are putting together a page to raise donations. BT adds that the Food, Drinks and Allied Workers Union (FDAWU) on Oct. 30 criticised the chain's abrupt closure as "unacceptable and unfair", strongly objecting to the business owner's lack of prior consultation and advance notice. FDAWU said it will be assisting members and workers with salary-related claims and job-assistance support, as well as connecting them to the labour movement's network, such as NTUC's Employment and Employability Institute, BT relates. Twelve Cupcakes was a Singapore based chain of cupcakery selling cupcakes. ===================== S O U T H K O R E A ===================== HOMEPLUS CO: Protesters Demand Gov't Action Amid Acquisition Talks ------------------------------------------------------------------ The Chosun Daily reports that calls have emerged for the government to intervene in resolving the Homeplus crisis, which is currently undergoing corporate rehabilitation proceedings (court receivership). Although two companies have expressed interest in acquiring Homeplus, arguments persist that government intervention is necessary to prevent the situation from worsening, the report says. According to The Chosun Daily, the Homeplus Crisis Resolution Joint Countermeasures Committee (the committee), comprising the Mart Industry Labor Union and civic groups, held the '2nd Homeplus Rescue National Rally' near the presidential office in Yongsan, Seoul, on Nov. 8. They argued that the government should devise solutions to facilitate Homeplus's acquisition and consider the National Agricultural Cooperative Federation (NACF) as a potential acquirer. An estimated 1,000 people attended the rally unofficially. The Chosun Daily relates that the committee warned, "If Homeplus closes and liquidates, 100,000 jobs will disappear," and urged, "Public institutions must lead efforts to resolve non-performing loans and establish public solutions for regional economic recovery." They also announced plans for an indefinite protest, the report says. The committee intends to deliver 300,000 signatures collected through the 'Petition Drive Urging Government Intervention to Resolve the Homeplus Crisis' to the presidential office. A source from the committee stated, "If the presidential office does not engage in dialogue by 7 p.m., we will begin an indefinite hunger strike." The Chosun Daily notes that Homeplus is pursuing acquisition and merger (M&A) proceedings prior to the approval of its rehabilitation plan. Two companies recently submitted letters of intent to acquire the firm. According to the report, the NACF, previously speculated as a potential buyer, reportedly did not submit a letter of intent. With potential acquirers emerging, the court extended Homeplus's deadline to submit its rehabilitation plan from Nov. 10 to Dec. 29. According to the public bidding schedule, potential acquirers must complete due diligence by the Nov. 21 and decide whether to submit final bid proposals by the Nov. 26, the report adds. About Homeplus Co Homeplus Co. operates discount store chain in South Korea. It currently operates 126 stores nationwide. Homeplus entered court-led rehabilitation process on March 4, 2025, after a Seoul court approved the request by MBK Partners, the private equity fund that owns the discount store chain. The decision came after Korea Investors Service and Korea Ratings Inc. downgraded the company's rating, citing the company's lack of efforts to improve its financial health. [] KOREA: FSS, Banks Expand Corporate Restructuring Candidates -------------------------------------------------------------- Chosun Biz reports that the Financial Supervisory Service (FSS) and creditor banks are working to select corporations that will undergo restructuring next year. With a slump in domestic demand and the trio of high inflation, high interest rates and a strong dollar, the number of corporations at risk of insolvency is expected to increase from a year earlier. Chosun Biz, citing the financial sector, relates that major creditor banks are conducting regular credit risk assessments of small and midsize corporations with credit exposure from financial institutions of less than KRW50 billion. The FSS plans to announce the results next month. The FSS will also announce next month the results of the credit risk assessments of large corporations and the construction industry conducted in the first half. According to Chosun Biz, the pool for detailed review of corporations with potential insolvency has reportedly expanded significantly. Creditor banks conduct credit risk assessments each year on corporations with loans. If a corporation falls into the category of potential insolvency in the credit risk assessment, it moves on to a detailed review. Corporations subject to detailed review include those whose interest coverage ratio has been below 1 for three consecutive years or whose operating cash flow is negative. If a corporation is designated as showing signs of insolvency (credit risk rating C or D) in the detailed review, restructuring proceeds. In last year's credit risk assessment, 230 companies were designated as corporations showing signs of insolvency, Chosun Biz notes. In the ongoing credit risk assessments conducted in the first half by the four major banks - KB Kookmin, Shinhan, Hana and Woori - the number of corporations with a high likelihood of insolvency signs totaled 737, up about 24% from the previous year's 596. The number of corporations subject to assessment also expanded from 685 last year to 844 this year, Chosun Biz discloses. In the assessment, those typically rated C enter a creditor-led workout (corporate restructuring program), while those rated D go through the court's corporate rehabilitation procedure (formerly court receivership). With more corporations subject to detailed review this year, the number of corporations to be restructured is also expected to increase, Chosun Biz notes. The FSS plans to select corporations for restructuring based on various criteria, including whether there is support from the parent corporation and future growth potential. An FSS official said, "An increase in the number of corporations subject to detailed review does not necessarily mean that the number of corporations subject to restructuring will increase," Chosun Biz relays. ============= V I E T N A M ============= ASIA COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Vietnam-based Asia Commercial Joint Stock Bank (ACB) at 'BB-'. The Outlook is Positive. At the same time, the agency has affirmed the bank's Viability Rating (VR) and Government Support Rating (GSR) at 'bb-'. Key Rating Drivers Positive Outlook Maintained: The Positive Outlook on ACB's Long-Term IDRs reflects its expectation that the bank's asset quality will continue to improve and aid its overall credit profile over the next 12-18 months, backed by a resilient economic environment. ACB's IDR is driven by its VR, which reflects its standalone credit strengths that factor in its retail-centric business that targets the higher income segment. This has resulted in steady asset quality and risk-adjusted returns that have been above the domestic peer average over the years. The Short-Term IDR is mapped from the Long-Term IDR under Fitch's Bank Rating Criteria. Growth Potential Remains Intact: Vietnam's economy grew by 7.9% in 9M25 (2024: 7.1%), driven by resilient trade performance and sustained FDI inflows. Growth may slow in the near term on higher trade tariffs, but Fitch believes that the country's growth potential in the medium term remains robust, which will continue to support banking business volumes over the coming years. Focused Strategy Underpins Business Profile: ACB is a retail-centric bank with about 4% share of system assets and deposits. Retail loans and deposits make up about 63% and 80% of its total loans and deposits, respectively. The bank's focus on higher-income retail clients in the southern region of Vietnam has allowed it to generate quality business volumes through business cycles. Fitch expects it to remain largely retail-centric, even as it tries to expand its corporate book selectively. Improved Asset Quality: ACB's non-performing loan (NPL) ratio improved to 1.1% in 3Q25 (end-2024: 1.5%) on its enhanced debt collection efforts and a resilient operating environment. The ratio is also significantly better than most of its peers', underscoring ACB's stronger credit standards. The outlook on the asset quality score is positive to reflect its expectation that loan quality will continue to be supported by a resilient operating environment and the bank's steady risk selection criteria. Margin Pressures to Ease: ACB's annualised operating profit/risk-weighted asset (RWA) ratio declined to 2.9% in 1H25 from 3.2% in 2024, following a margin compression that was in line with the industry's declining lending rates, as the government urged financial institutions to keep lending rates low in its pursuit of faster economic growth. Fitch expects ACB's risk-adjusted returns to remain broadly steady and to continue to outperform that of most of its peers over the next 12-18 months, helped by steadying margins and sustained loan growth. Capitalisation to Stabilise: The bank's Fitch Core Capital ratio declined to 11.6% in June 2025 (end-2024: 12.5%) following the distribution of cash dividends, a new capital injection into its securities unit and brisk loan growth. Fitch expects capitalisation to stabilise over the next year or two as internal capital generation should be broadly in line with the pace of RWA growth. Tighter but Still-Adequate Liquidity: The bank's loan-to-deposit ratio (LDR) of 106% at end-September 2025 was higher than the 97.9% at end-2024 on faster loan growth. Fitch expects liquidity metrics to remain broadly commensurate with the assigned score of 'bb'/stable. The bank remains largely funded by customer deposits (76% of total), with low-cost current and savings accounts making up about 21% of total deposits. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Fitch may revise the Outlook back to Stable if there is a material pick-up in loan growth or asset-quality metrics are materially worse than its base case. Fitch may downgrade the bank's VR should asset quality and profitability metrics deteriorate significantly, such as if the NPL ratio rises significantly above 3.5% and operating profit/RWA declines below 2% over a sustained period. Excessive credit growth that is accompanied by a decline in capital buffers would also pressure the VR. A downgrade in the VR would not lead to an immediate downgrade in the Long-Term IDR, unless its GSR is also downgraded. The GSR could be downgraded upon a downgrade of the sovereign rating (BB+/Stable). The Short-Term IDRs are unlikely to be downgraded unless the Long-Term IDR is below 'B-'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch may upgrade the VR if the bank is able to sustain its asset-quality performance, assuming other financial metrics and risk profile remain intact. A sovereign rating upgrade is likely to lead to a similar upgrade of ACB's GSR, assuming the state's propensity to support the bank remains unchanged. Any upgrade in the GSR or VR would result in an upgrade of the Long-Term IDRs. The Short-Term IDRs are unlikely to be upgraded unless the Long-Term IDR is upgraded above 'BB+'. VR ADJUSTMENTS The operating environment (OE) score has been assigned above the implied score for the following adjustment: economic performance (positive). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Asia Commercial Joint Stock Bank LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Government Support bb- Affirmed bb- MB SHINSEI: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Vietnam-based MB Shinsei Consumer Credit Finance Limited Liability Company's (Mcredit) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also affirmed the Short-Term IDR at 'B' and Shareholder Support Rating (SSR) at 'b+'. Key Rating Drivers Shareholder Support Underpins Ratings: The ratings reflect its expectation of extraordinary support from Mcredit's 50% shareholder, Military Commercial Joint Stock Bank (MB, BB/Stable/bb-), if needed. Fitch views MB as the primary support provider, and use the bank's standalone credit profile, reflected in its 'bb-' Viability Rating (VR), as the anchor for Mcredit's ratings. This is supported by Mcredit's synergistic role in MB's universal banking strategy, significant reputational linkages via management and operational integration, and consistently strong funding support from the parent. Strategically Important Role: Mcredit - one of Vietnam's top three consumer finance companies - extends MB's reach into the underserved lower-income borrower segment that may qualify for other products in the bank's ecosystem over time. The subsidiary also supports MB's corporate banking franchise through cross-selling of higher-rate corporate deposits. Corporate deposits accounted for 20% of Mcredit's total funding at end-1H25 (end-2024: 19%), albeit an insignificant 2% of MB's non-retail customer deposits. Integration Strengthens Reputational Ties: Mcredit has pivoted to originating loans by leveraging the customer databases of MB and external digital service platforms since 2023. This is a step-up in collaboration with MB beyond passive referrals and aims to lower customer acquisition costs and improve underwriting compared to the prior direct sales-led model. Management links are also close, with MB appointees making up most of Mcredit's senior management team, including the CEO and several deputy CEOs. Shareholder Funding Support: MB provides substantial direct funding support to Mcredit, accounting for 33% of the subsidiary's total utilised borrowings at end-1H25 (end-2024: 28%). Any drawn funding is subject to a regulatory cap of 10% of the bank's equity. This, in its view, forges close financial integration between the two entities and increases the bank's propensity to provide capital support to Mcredit in times of need. Minority Shareholder: Its support assessment for Mcredit also considers the presence of a sizeable 49% shareholder, Japan-based SBI Shinsei Bank, Limited. Such ownership structures can introduce added complexity for capital support relative to peers with greater parent ownership. Even so, Fitch does not expect the structure to impede extraordinary support for Mcredit, given the generally understood secondary role of the Japanese shareholder - consistent with the absence of any uplift from SBI Shinsei Bank in Mcredit's ratings. Shareholder Resources: Fitch believes any required financial support will be manageable for MB. Mcredit is small relative to MB's balance sheet, accounting for 2.9% and 2.4% of the parent's assets and equity, respectively, at end-1H25 (end-2024: 3.0% and 2.6%). The parent's standalone total capital ratio stood at 11.6% at end-1H25 (end-2024: 11.7%), compared to regulatory minimum of 8%. Modest Standalone Profile: Mcredit's standalone credit profile is weaker than the support-driven IDR, although it does not drive the ratings. The standalone profile reflects the cyclical nature of Vietnam's non-bank consumer finance sector, along with Mcredit's still-developing underwriting frameworks, high leverage, and protracted earnings recovery. These risks are partly offset by the advantages of shareholder support including in direct funding, brand equity, distribution, technical expertise and corporate governance. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Mcredit's Long-Term IDR is sensitive to any deterioration in MB's standalone ability to provide extraordinary support, as indicated by the bank's VR. Negative action on MB's VR would result in similar action on Mcredit's support-driven rating. A significant expansion of Mcredit's portfolio without a commensurate improvement in its risk profile that could weaken MB's capacity to provide funding or capital support may also trigger downward action on Mcredit's ratings. A weakening in MB's propensity to support Mcredit could also lead to negative rating action. This could stem from a decline in Mcredit's strategic importance to MB possibly due to sustained poor earnings or a material reduction in management and operational integration between the two entities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The Long-Term IDR may be upgraded upon an upgrade of MB's VR or if Mcredit contributes more meaningfully to MB. This could be evident from more significant cross-selling between MB and Mcredit or a larger and more stable profit contribution from Mcredit, provided MB's ability to provide support to the subsidiary remains adequate relative to Mcredit's balance-sheet size. Public Ratings with Credit Linkage to other ratings Mcredit's Long-Term IDR is linked to MB's Viability Rating. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- MB Shinsei Consumer Credit Finance Limited Liability Company LT IDR B+ Affirmed B+ ST IDR B Affirmed B Shareholder Support b+ Affirmed b+ MILITARY BANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Military Commercial Joint Stock Bank (MB) at 'BB'. The Outlook is Stable. At the same time, the agency has affirmed the bank's Viability Rating (VR) at 'bb-' and Government Support Rating (GSR) at 'bb'. Key Rating Drivers IDRs Driven by State Support: MB's Long-Term IDRs are driven by its expectation of state support to the bank, in times of need. This is indicated in its 'bb' GSR, which is one notch higher than that of other mid-sized rated local peers. The rating takes into consideration MB's stronger state linkages due to its high indirect state ownership through various government-linked companies, balanced against the state's moderate fiscal flexibility, as reflected in the sovereign rating of 'BB+'/Stable. The Short-Term IDR is mapped to its Long-Term IDR, according to Fitch's Bank Rating Criteria. Steady Standalone Profile: MB's VR of 'bb-' factors its above-average profitability and adequate capital and funding profile counterbalanced against the risks associated with its rapid lending growth, which Fitch expects to be sustained over the next few years. It also considers MB's franchise and market position as one of the leading private-sector banks, with market share of 5%-6% in system assets and deposits, which should help the bank to generate robust business volumes amid a buoyant operating environment Growth Potential Remains Intact: Vietnam's economy grew by 7.9% in 9M25 (2024: 7.1%), driven by resilient trade performance and sustained FDI inflows. Growth may slow in the near term on higher trade tariffs, but Fitch believes that the country's growth potential in the medium term remains robust, which will continue to support banking business volumes over the coming years. Improving Market Share: MB's market share has been gradually growing over the years, which reflects both a strengthening of its franchise and its large appetite for growth. It is the fifth-largest bank in Vietnam, with one of the broadest customer bases among its peer group. Asset Quality to Improve: MB's non-performing loan (NPL) ratio inched up to 1.9% by end-September 2025 (end-2024: 1.6%) as some of its borrowers' credit profiles deteriorated. Nevertheless, Fitch has a positive outlook on the bank's asset quality to reflect its expectation that asset quality metrics should continue to improve over the next 12-18 months amid the buoyant operating environment and rapid credit growth. Pressure on NIM to Ease: MB's profitability remains a rating strength, despite mild deterioration in recent quarters, driven by a narrower net interest margin (NIM). The compression is in line with the broader industry trend amid the regulator's influence to keep lending rates low to stimulate faster economic growth. Nevertheless, Fitch expects the pressure to ease over the next few months. Higher business volume and controlled cost growth should keep its risk-adjusted returns broadly stable in 2026. Limited Capital Accrual: MB's Fitch Core Capital (FCC) ratio of 10.1% at end-June 2025 reflects a moderate capital buffer relative to risks in the operating environment. Fitch believes capital accrual will be limited in the next one-two years because of the bank's rapid risk-weighted asset (RWA) growth. Tighter but Still-Adequate Liquidity: MB's loan/deposit ratio inched higher to 102% in September 2025 from 96% at end-2024 and Fitch expects the ratio to rise moderately on rapid loan growth. Nevertheless, Fitch expects its liquidity metric to remain adequate and commensurate with its assigned score in the foreseeable future, helped by supportive system liquidity. Customer deposits made up about 80% of MB's funding, with low-cost current and savings accounts comprising 32% of total deposits, one of the highest among locally rated peers. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Any negative action on the sovereign rating would likely be reflected in the bank's Long-Term IDRs and Outlook. The IDRs and GSR could also be downgraded if Fitch sees a material reduction in the sovereign's propensity to support the bank, such as if the state-owned enterprises divested their stakes in MB. The bank's VR may be downgraded if there is significant deterioration in its financial metrics, such as operating profit/RWA falling below 2% for a prolonged period and the NPL ratio rising above 3.5% for a sustained period. Excessive loan growth that reduces the FCC ratio significantly below 10% and a material decline in its tangible common equity/tangible asset ratio to below 8% (end-September 2025: 9.9%) for an extended period would also be likely to lead to a downgrade of the VR. The Short-Term IDR will be downgraded to 'C' if its Long-Term IDRs are downgraded to 'CCC+' or below. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The bank's Long-Term IDRs and GSR may be upgraded if the sovereign rating is upgraded, assuming the sovereign's propensity to support the bank remains intact. A slower pace of balance-sheet growth that is commensurate with prevailing risks and growth opportunities in the broader system, coupled with its FCC ratio rising to above 14%, may result in a more positive assessment of the VR. This assumes that its other financial profiles remain broadly steady. The Short-Term IDR will be upgraded to 'F3' if its Long-Term IDRs are upgraded to 'BBB-'. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Long-Term Foreign- and Local-Currency IDRs (xgs) exclude the assumption of government support from its underlying ratings, and are therefore driven by its VR. The Short-Term Foreign- and Local-Currency IDRs (xgs) are assigned in accordance with its Long-Term IDRs (xgs) and the short-term rating mapping outlined in Fitch's criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The Long-Term IDRs (xgs) could be downgraded if the VR is downgraded. The Short-Term IDRs (xgs) could be downgraded if the VR is downgraded below 'b-'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The bank's Long-Term IDRs (xgs) could be upgraded if the VR is upgraded. The bank's Short-Term IDRs (xgs) could be upgraded if the VR is upgraded above 'bb+'. VR ADJUSTMENTS The operating environment score has been assigned above the implied score for the following adjustment: economic performance (positive) The asset quality score has been assigned below the implied score for the following reason: underwriting standards and growth (negative). Public Ratings with Credit Linkage to other ratings MB's Long-Term IDR is driven by its expectation of state support and is linked to Vietnam's sovereign rating. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Military Commercial Joint Stock Bank LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Viability bb- Affirmed bb- Gov't. Support bb Affirmed bb LT IDR (xgs) BB-(xgs) Affirmed BB-(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) BB-(xgs) Affirmed BB-(xgs) LC ST IDR (xgs) B(xgs) Affirmed B(xgs) SAIGON THUONG: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) at 'BB-'. The Outlook on the IDR is Stable. The agency has also affirmed the Viability Rating (VR) at 'b+' and Government Support Rating (GSR) at 'bb-'. Key Rating Drivers State Support-Driven Ratings: The Long-Term IDRs are driven by its expectation of state support, in times of need, as indicated by the GSR. The ratings balance the Vietnamese sovereign's highly supportive stance towards the banking sector against Sacombank's moderate systemic importance relative to its larger state-owned peers, with a market share of 4% in system deposits. The GSR is on a par with other large privately owned peers in the country. The Short-Term IDR is mapped from Long-Term IDR under Fitch's Bank Rating Criteria. Improving Standalone Profile: Sacombank's standalone credit profile continues to improve on the back of enhancements in its profitability and capital buffers. Legacy impaired exposures on its balance sheet have been provisioned for, and should pose limited credit risks; Fitch expects asset quality to be supported by the resilient economic environment over the next 12 months. Growth Potential Remain Intact: Vietnam's economy grew by 7.9% in 9M25 (2024: 7.1%), driven by resilient trade performance and sustained FDI inflows. Growth may slow in the near term on the back of higher trade tariff environment, but Fitch believes that the country's growth potential in the medium term remains robust, which will continue to support banking business volumes over the coming years. Business Profile Recovering: Its assessment of the bank's business profile takes into consideration its moderate local franchise and improving financial performance as the bank emerges from its multi-year restructuring. Sustained efforts to improve cost efficiency and modernise operations should continue to support Sacombank's competitiveness, with cost-to-income declining to 46% in 9M25 (2024: 49%). Sustained Asset Quality: The positive outlook on Sacombank's asset quality reflects its expectations that the resilient economy should continue to support asset quality over the next 12 months. Sacombank's non-performing loan (NPL) ratio of 2.7% as of end-September 2025 was higher than the rated large private banks' average, due to its higher exposure to smaller business borrowers and moderately higher-risk retail clientele. Profitability to Remain Steady: Sacombank's profitability was broadly stable in 9M25 as the bank was able to manage its net interest margin relatively well amid a declining lending-rate environment. Profitability was also buoyed by sustained cost rationalisation, which Fitch expects to continue to drive moderate improvements in net profitability over the next 12-18 months. Improved Capital Buffers: Fitch has revised Sacombank's capitalisation and leverage score to 'b+'/stable from 'b'/positive on the back of improvement in its core capitalisation, as indicated by a Fitch Core Capital (FCC) ratio of 8.5% at end-June 2025. A dividend policy retaining all profits and measured loan growth relative to internal capital generation should continue to buoy its capital ratio over the next 12 months. Higher Reliance on Term Deposits: The funding and liquidity score of 'bb-'/stable reflects a moderately weaker funding franchise than larger Fitch-rated Vietnamese peers, due to its higher reliance on more expensive time deposits to fund assets. This is notwithstanding its lower loan/deposit ratio (LDR) of 90% at end-September 2025 (end-2024: 90%). Fitch expects the bank to maintain sufficient liquidity even as loan growth accelerates. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the sovereign rating would be likely to result in a downgrade of the bank's GSR and Long-Term IDRs. The Short-Term IDRs could be downgraded if the Long-Term IDRs are downgraded to below 'B-'. A decline in the FCC ratio to less than 6%, without credit plans to restore it to current levels, would pressure its VR. The VR may also be under pressure should there be a significant deterioration in asset quality, such as the NPL ratio rising above 5% on a sustained basis. The Short-Term IDR would be downgraded to 'C' if the Long-Term IDR is downgraded to 'CCC+ or below'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade in the sovereign rating may result in an upgrade of the bank's GSR and Long-Term IDRs, provided that the state's propensity to support the bank remains intact. The bank's Short-Term IDRs could be upgraded if the Long-Term IDRs are upgraded to above 'BB+'. Fitch may upgrade the VR if the bank is able to demonstrate an extended record of steady asset quality and risk profile, especially as credit growth in the broader banking system accelerates amid a higher trade tariff environment. This assumes its other financial performance remains broadly intact. The Short-Term IDR would be upgraded to 'F3' if its Long-Term IDR is upgraded to 'BBB-'. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The bank's Long-Term IDRs (xgs) exclude assumption of government support from its underlying rating, and are therefore driven by its VR. Its Short-Term IDRs (xgs) are mapped from the Long-Term IDRs (xgs) according to Fitch's Bank Rating Criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The Long-Term IDRs (xgs) could be downgraded if the VR is downgraded. The Short-Term IDRs (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded to below 'B-'. The Long-Term IDRs (xgs) could be upgraded if the VR is upgraded. The Short-Term IDRs (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+'. VR ADJUSTMENTS The operating environment score has been assigned above the implied score due to the following adjustment reason: Economic Performance (positive) The asset quality score has been assigned below the implied score due to the following adjustment reason: Underwriting Standards and Growth (negative). Public Ratings with Credit Linkage to other ratings Sacombank's Long-Term IDRs are linked to Vietnam's sovereign rating, based on its expectation of extraordinary support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Saigon Thuong Tin Commercial Joint Stock Bank LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability b+ Affirmed b+ Government Support bb- Affirmed bb- LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) B+(xgs) Affirmed B+(xgs) LC ST IDR (xgs) B(xgs) Affirmed B(xgs) SAIGON-HANOI COMMERCIAL: Fitch Affirms 'BB-' LongTerm IDR --------------------------------------------------------- Fitch Rating has affirmed the Long-Term Issuer Default Ratings (IDRs) of Saigon - Hanoi Commercial Joint Stock Bank (SHB) at 'BB-'. The Outlook on the IDRs is Stable. At the same time, the agency has also affirmed its Viability Rating (VR) at 'b+' and Government Support Rating (GSR) at 'bb-'. Key Rating Drivers Sovereign-Support Driven IDRs: SHB's Long-Term IDRs are driven by its GSR, which reflects the moderate likelihood of support from the state, in times of need. The rating takes into consideration the state's strong propensity to support the banking system against SHB's moderate systemic importance, with a market share of about 3%-4% in system assets and deposits. The Short-Term IDR is mapped to its Long-Term IDR according to Fitch's Bank Rating Criteria. Steady Standalone Profile: SHB's VR of 'b+' balances the bank's profitability and adequate funding profile against the risks associated with its rapidly growing loan book and thin - albeit improved - capital buffers. The bank's rising real estate loan concentration could also render it more vulnerable to swings in the property market, but impairment risks from the sector should be tempered by the resilient economic environment over the next 12 months. Growth Potential Remain Intact: Vietnam's economy grew by 7.9% in 9M25 (2024: 7.1%), driven by resilient trade performance and sustained FDI inflows. Growth may slow in the near term on the back of a higher trade tariff environment, but Fitch believes that the country's growth potential in the medium term remains robust, which will continue to support banking business volumes over the next few years. Growing Franchise: SHB is one of the 10 largest banks in Vietnam, with market share rising gradually in the past three years as it ramps up growth in lending to real estate. The corporate and SME segments make up the majority of its loan portfolio at end-September 2025, with retail constituting less than 16% of the total. Growing Share of Real Estate Exposure: Its assessment of the bank's risk profile and asset quality takes into consideration its 'problem loan' ratio that is higher than the rated peer average, as well as its rapidly growing commercial real estate loan book which made up about 30% of total loans at end-September 2025. Most of these loans are secured, which should temper impairment risks to the balance sheet, but Fitch believes the higher concentration would leave the bank more vulnerable to stresses in the real estate sector than its other peers. Improved Profitability: SHB's net interest margin expanded in 9M25, against the industry trend, helped by rapid growth in higher-yielding real estate loans. Intense competition and regulatory suasion to keep lending rates low are likely to keep a lid on further margin improvement, though Fitch expects lending volumes to remain brisk to keep profitability broadly intact over the next 12 months. SHB also has one of the lowest cost-to-income ratios among major Vietnamese banks. Steady Capitalisation: Fitch expects SHB to maintain a Fitch Core Capital (FCC) ratio of more than 9% over the next 12 months, as growth in risk-weighted assets is likely to align with the rate of internal capital generation. The planned sales of a finance company affiliate and overseas subsidiaries could result in additional capital gains in the next two years. Price-Sensitive Funding: SHB's deposit franchise is less established than its larger private-sector peers, as indicated by its low current and savings account (CASA) mix of about 7%, which has contributed to higher funding costs. Nevertheless, the loan/deposit ratio remains comparable to peers, at 100% at end-September 2025, and its depositor base is relatively granular, with retail deposits making up about 70% of the total. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade GSR, IDR The GSR and Long-Term IDRs are sensitive to movements in the sovereign rating and its view of the state's propensity to support the bank. Any downward revision in the sovereign rating or Outlook would be likely to result in similar revision in the bank's GSR and Long-Term IDRs. The Short-Term IDR would be downgraded to 'C' if the Long-Term IDR is downgraded to 'CCC+ or below'. VR Fitch may downgrade the VR should Fitch sees significant deterioration in its risk profile, such as if real estate loans concentration rises significantly from current levels (30% of loans) without commensurate improvements in loan-loss buffers or risk controls. A decline in the FCC ratio to below 7% may also pressure the VR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade GSR, IDR Any upward reassessment in the sovereign rating or Outlook would be likely to lead to similar revision in the bank's Long-Term IDRs and GSR. The Short-Term IDR will be upgraded to 'F3' if its Long-Term IDR is upgraded to 'BBB-'. VR Fitch may upgrade the VR if Fitch sees continued improvement in asset quality, such as if the NPL ratio improves to around 2% on a sustained basis without a significant increase in credit concentration risks or loan growth. The VR could also be upgraded if the FCC ratio were to rise and stay above 10% on a sustained basis. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The Long-Term IDRs (xgs) exclude assumption of government support from its underlying, rating and are therefore driven by the VR. Its Short-Term IDRs (xgs) are mapped from the Long-Term IDRs (xgs) according to Fitch's Bank Rating Criteria. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: The Long-Term IDRs (xgs) could be downgraded if the VR is downgraded. The Short-Term IDRs (xgs) could be downgraded if the Long-Term IDR (xgs) is downgraded to below 'B-'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: The Long-Term IDRs (xgs) could be upgraded if the VR is upgraded. The Short-Term IDRs (xgs) could be upgraded if the Long-Term IDR (xgs) is upgraded above 'BB+'. VR ADJUSTMENTS The operating environment score has been assigned above the implied score for the following adjustment reason: economic performance (positive). The asset quality score has been assigned below the implied score for the following adjustment reason: underwriting standards and growth (negative). Public Ratings with Credit Linkage to other ratings SHB's ratings are linked to Vietnam's sovereign rating, based on its expectations of extraordinary state support. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Saigon - Hanoi Commercial Joint Stock Bank LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- Viability b+ Affirmed b+ Gov't Support bb- Affirmed bb- LT IDR (xgs) B+(xgs) Affirmed B+(xgs) ST IDR (xgs) B(xgs) Affirmed B(xgs) LC LT IDR (xgs) B+(xgs) Affirmed B+(xgs) VIETNAM TECHNOLOGICAL: Fitch Assigns 'BB-' LongTerm IDR ------------------------------------------------------- Fitch Ratings has published Vietnam Technological and Commercial Joint Stock Bank (Techcombank)'s Long-Term Issuer Default Ratings (IDR) of 'BB-'. The Outlook on the IDRs is Positive. Fitch has simultaneously published the bank's Viability Rating (VR) of 'bb-' and Government Support Rating (GSR) of 'bb-'. Key Rating Drivers Rating on Positive Trajectory: Techcombank's Long-Term IDR is driven by its VR, which reflects its standalone credit strength. The Positive Outlook reflects Fitch's expectation that the bank will maintain resilient asset quality over the next 12-18 months and continue to make progress in its loan diversification efforts. The ratings also consider its leading franchise as one of the largest private-sector banks in Vietnam that has helped to support its above-average profitability, as well as solid capital buffers that mitigate the concentration risks associated with the bank's large commercial real estate exposure. The GSR is at the same level as the VR and backstops the IDR. The Short-Term IDR is mapped from the Long-Term IDR as per Fitch's Bank Rating Criteria Growth Potential Remains Intact: Vietnam's economy grew by 7.9% in 9M25 (2024: 7.1%), driven by resilient trade performance and sustained FDI inflows. Growth may slow in the near term on the higher tariff environment, but Fitch believes that the country's growth potential in the medium term remains robust, which will continue to support banking business volumes over the coming years. Strong Franchise in Multiple Segments: Techcombank holds about 4% market share in system assets and deposits. Despite its moderate market share, the bank has leading retail, transaction and investment banking franchises in Vietnam, which has kept funding costs comparatively low and enabled strong fee generation. Its lending is mainly to the property sector, at 63% of total credit exposures including residential mortgages, but Fitch expects the share to gradually decline in the coming years as the bank seeks to diversify its loan book. This should help to reduce credit concentration risks. Property Exposures of Higher Quality: The bank's commercial real-estate (CRE) exposure forms a larger proportion of its loan portfolio than at peers, making it more vulnerable to swings in Vietnam's property market, which is on a firm recovery now but has been volatile in the past. Nevertheless, Techcombank's CRE asset quality has proven to be resilient, including during the 2022-2023 property market downturn, which Fitch believes reflects the bank's disciplined credit underwriting and risk selection. The positive outlook on its risk profile score factors in its belief that the bank's risk controls and collateral management should keep impairment risks manageable in the near term. It also considers management's sustained efforts to diversify the loan book away from real estate. Supportive Asset Quality: Techcombank's non-performing loan (NPL) ratio remained broadly steady at 1.2% at end-September 2025 (end-2024: 1.1%). The ratio is significantly better than the industry and rated peer average, which Fitch believes reflects its risk management framework. The positive outlook on the asset quality score reflects its expectation that credit metrics are likely to remain benign over the next 12-18 months under the bank's disciplined underwriting and a resilient economy. Profitability a Rating Strength: Techcombank's operating profit/risk-weighted asset (RWA) ratio of 2.7% in 9M25 continued to outperform its rated local peer average, backed by its lower funding costs, better asset quality and resilient non-interest income. Fitch expects the bank's operating profit/RWA ratio to trend at current levels, underpinning the bank's earnings and profitability score of 'bb'/stable. Steady Capitalisation: Techcombank's Fitch Core Capital (FCC) ratio of 13.9% and Tier 1 ratio of 14.2% at end-September 2025 are the highest among its rated local peers. Fitch expects its capital levels to remain broadly steady in the near term on sustained internal capital generation. This should mitigate the loan concentration risks. Fitch also believes that the bank's reported capitalisation metrics are poised to benefit from the implementation of Circular 14/2025. Improved Funding Profile: The bank's funding and liquidity score of 'bb'/stable reflects Techcombank's reduced reliance on foreign currency-denominated wholesale funding as well as its leading local deposit franchise, as seen in the higher portion of low-cost deposits relative to the peer average. Techcombank's loan-to-deposit ratio is above 100% and Fitch expects it to remain around current levels in view of its high growth aspirations. System liquidity is likely to remain conducive over the next 12-18 months amid accommodative monetary policy by the central bank. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Techcombank's Long-Term IDRs are underpinned by both the VR and GSR and the Long-Term IDR will not be downgraded unless both the VR and GSR are downgraded. Fitch may revises the Outlook to Stable should Fitch sees material increase in loan growth or when the bank's asset quality metrics fare much worse than its base case. The VR may be downgraded if Techcombank's loan portfolio concentration rises materially or if its asset quality deteriorates significantly, such as if the problem-loan ratio rose to around 5%. The VR may also be downgraded if the bank's capital buffers were to decline materially, such as if its FCC ratio falls to below 10% without credible plans to restore the buffers to current levels. The GSR may be downgraded if Vietnam's sovereign rating (BB+/Stable) is downgraded, or if Fitch perceives Techcombank to have materially lower systemic importance that reduces the state's propensity to provide it extraordinary support. The Short-Term IDR will be downgraded if the Long-Term IDR is downgraded to 'CCC+ or below'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch will upgrade the IDR if the VR or the GSR is upgraded. The VR may be upgraded if Techcombank manages to maintain current asset-quality performance in the next one to two years and moderate its appetite for risks. This assumes that the bank's underwriting standards and other financial metrics remain broadly intact. The GSR may be upgraded if the sovereign rating is upgraded, or if Techcombank's deposit market share doubles to around 8%, underlining greater systemic importance. Such a large increase in market share is unlikely to occur in the near term, unless the bank merges with one or more of the leading private-sector banks in the country. Fitch believes such prospects are remote in the near term. The Short-Term IDR will be upgraded if the Long-Term IDR is upgraded to 'BBB-'. VR ADJUSTMENTS The operating environment score has been assigned above the implied score due to the following adjustment reason(s): economic performance (positive). Date of Relevant Committee 05-Nov-2025 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Vietnam Technological and Commercial Joint Stock Bank LT IDR BB- Publish ST IDR B Publish LC LT IDR BB- Publish LC ST IDR B Publish Viability bb- Publish Government Support bb- Publish ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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