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260511.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, May 11, 2026, Vol. 29, No. 93 Headlines A U S T R A L I A COVENTRY BOND 2026-1: S&P Assigns B+(sf) Rating on Class F Notes GFG ALLIANCE: SA Premier Concerned Over Blast Furnace Shutdown LINK AIRWAYS: Suspends Shellharbour Flights Over Rising Costs LIVIC UNDERGROUND: First Creditors' Meeting Set for May 14 MOVEMENT ENTERTAINMENT: First Creditors' Meeting Set for May 18 SAFESIDE PTY: First Creditors' Meeting Set for May 15 SAPPHIRE XXXV 2026-2: S&P Assigns Prelim. Bsf Rating on Cl. F Notes SUNSHINE CITY: First Creditors' Meeting Set for May 13 TABCORP HOLDINGS: Australia Opens Probe Over Money-Laundering Risks TOP SHELF: First Creditors' Meeting Set for May 14 C H I N A CHINA EASTERN AIRLINES: Former Chairman Indicted on Bribery Charges CHINA: Asks Banks to Pause New Loans to U.S.-Sanctioned Refiners H O N G K O N G LI & FUNG: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Stable I N D I A ALPHA PECIFIC: Liquidation Process Case Summary AMAR SEEDS: Insolvency Resolution Process Case Summary BHARAT ISPAT: CARE Lowers Rating on INR11.40cr LT Loan to B+ CHANDRIKA POWER: CARE Keeps D Debt Rating in Not Cooperating DEEP INDIA: CARE Lowers Rating on INR81.40cr LT Loan to B- DWARKADHISH UDYOG: Insolvency Resolution Process Case Summary GODAAVARI LABS: CARE Keeps D Debt Rating in Not Cooperating GURUKRIPA PARBOILING: CARE Keeps B- Debt Rating in Not Cooperating JAIPRAKASH ASSOCIATES: Adani Files Caveat on Likely Vedanta Appeal KAIRALI GRANITES: CARE Keeps B- Debt Rating in Not Cooperating LAKSHMIVENKATESHWARA RICE: CARE Keeps C Rating in Not Cooperating LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating LOPON ENTERPRISES: CARE Lowers Rating on INR68.50cr ST Loan to D MECWEL CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating MS HANDLOOM: CARE Keeps B- Debt Rating in Not Cooperating P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category RVGARG INDUSTRIES: CARE Keeps B+ Debt Ratings in Not Cooperating SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating SAGAR AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating SAPTARISHI HOTELS: CARE Keeps D Debt Ratings in Not Cooperating SARVESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating SHIV VEGPRO: CARE Lowers Rating on INR30cr LT Loan to B- SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating THRIMATHY CONTRACTING: CRISIL Keeps D Ratings in Not Cooperating UNITED CAPZ: CARE Keeps D Debt Ratings in Not Cooperating Category UNIVERSAL CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating VEDANTA RESOURCES: Moody's Upgrades CFR to Ba3, Outlook Positive VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating YASH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating YOUNG INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating J A P A N [] JAPAN: Hair Salons Going Bankrupt in Record Numbers M A C A U MGM CHINA: Fitch Rates $750MM Unsecured Notes Due 2033 'BB-' MGM CHINA: S&P Rates Proposed $750MM Senior Unsecured Notes 'B+' STUDIO CITY: S&P Rates New USD Senior Secured Notes 'B+' M O N G O L I A GOLOMT BANK: Fitch Rates USD Unsecured Notes 'B+(EXP)' N E W Z E A L A N D 3 LITTLE MONKEYS: Creditors' Proofs of Debt Due on June 30 AVANTI TOTARA 2026-1: Fitch Assigns 'BBsf' Rating on Class E Notes INTERNATIONAL HOSPITALITY: Creditors' Proofs of Debt Due on May 29 KIDS' COVE: Court to Hear Wind-Up Petition on May 15 MARITIME NEW ZEALAND: Proposes Job Cuts to 'Remain Solvent' MI5 LIMITED: Creditors' Proofs of Debt Due on May 29 O'BRIEN INDUSTRIES: Court to Hear Wind-Up Petition on May 18 S I N G A P O R E K&C HOLDINGS: Court to Hear Wind-Up Petition on May 22 LIBERTY DISTRIBUTION: Creditors' Meetings Set for May 15 LIBERTY INDUSTRIES: Court to Hear Wind-Up Petition on May 20 PLATINUM GLOBAL: Court to Hear Wind-Up Petition on May 15 TASGLOBAL-SG PTE: Court to Hear Wind-Up Petition on May 11 V I E T N A M MILITARY COMMERCIAL: Moody's Hikes Deposit & Issuer Ratings to Ba2 [] Moody's Takes Action on 6 Vietnamese Banks - - - - - ================= A U S T R A L I A ================= COVENTRY BOND 2026-1: S&P Assigns B+(sf) Rating on Class F Notes ---------------------------------------------------------------- S&P Global Ratings assigned ratings to eight classes of residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Coventry Bond Trust 2026-1. Coventry Bond Trust 2026-1 is a securitization of prime residential mortgage loans originated by BC Securities Pty Ltd. The ratings assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises residential mortgage loans to residents of Australia and self-managed superannuation fund borrowers, and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance covering 6.3% of the loan portfolio, excess spread, if any, and a loss reserve funded by the trapping of excess spread, subject to conditions. S&P's assessment of credit risk considers BC Securities' underwriting standards and approval process as well as its servicing quality. 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 loss reserve, the principal draw function, the liquidity facility, and the provision of an extraordinary expense reserve. S&P said, "Our analysis is on the basis that the 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, "Our ratings also take into account the counterparty exposure to National Australia Bank Ltd. as the bank account provider and liquidity facility provider. The transaction documents include downgrade remedy 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. "We have assessed the servicing and standby servicing arrangements in this transaction under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions" criteria, published on Oct. 9, 2014, and concluded that there are no constraints on the maximum rating that can be assigned to the notes." Ratings Assigned Coventry Bond Trust 2026-1 Class A1-MM, A$225.000 million: AAA (sf) Class A1-AU, A$412.500 million: AAA (sf) Class A2, A$45.000 million: AAA (sf) Class B, A$25.500 million: AA (sf) Class C, A$21.000 million: A (sf) Class D, A$12.000 million: BBB (sf) Class E, A$4.125 million: BB (sf) Class F, A$2.250 million: B+ (sf) Class G, A$2.625 million: Not rated GFG ALLIANCE: SA Premier Concerned Over Blast Furnace Shutdown -------------------------------------------------------------- ABC News reports that Whyalla steelworkers are struggling to get the city's vital blast furnace back producing iron, with South Australia's premier saying he is "very concerned" about the ongoing shutdown. According to the ABC, the blast furnace has been offline since early last month and administrators KordaMentha had hoped to get the aging furnace back online by the middle of this month. The ABC notes that the blast furnace faced similar shutdowns in the years before the state government put the previous owner GFG Alliance into administration last February. When asked by ABC News about the potential impact of the blast furnace shutdown on the workforce, SA Premier Peter Malinauskas said: "Everyone's got their job at the steelworks and that's what we're working to maintain." But he then repeated a comment he made a week ago about possible "pain" before gain at the steelworks, conceding that could mean potential job losses. The ABC adds that the premier said the blast furnace was close to the end of its working life and would be replaced by an electric arc furnace when a new buyer for the steelworks was found. According to the ABC, there are currently five bidders who have been shortlisted to take on the steelworks and associated mines and port, with that number expected to be reduced to two this month. Among the bidders is Australia's biggest steel maker, BlueScope, which is leading a consortium of global steel makers to take on the embattled business, which has gone into administration twice in the past decade. The ABC says the federal and SA government have put a AUD2.4 billion rescue package together in the hope of delivering a future for the business and the city of Whyalla by September this year. But BlueScope CEO Tania Archibald told a business gathering in Melbourne recently that the purchase will "ultimately (need) to make commercial sense for shareholders" and raised potential obstacles to a successful sale, the ABC relays. "The grand ambition is to see that high quality mining resource developed and the establishment of DRI [direct reduction iron] production . . . but for DRI production at Whyalla to become a reality it will require a very large sum of capital, which at this point is undefined," the ABC quotes Ms. Archibald as saying. Ms. Archibald said that a massive amount of cheap gas would also be required. "You could expect a 15 to 20 million gigajoules per annum requirement at Whyalla," Ms. Archibald said. "There have been some good developments recently on potential gas supply to Whyalla — but the most critical of all is the gas price — which must be competitive. "Because what you're still competing with is the subsidised marginal blast furnace producers from China and the very low-cost gas DRI hubs in the Middle East." The ABC adds that Ms. Archibald also said there was still a "long way to go" before any decision would be made on the Whyalla steelworks. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. LINK AIRWAYS: Suspends Shellharbour Flights Over Rising Costs ------------------------------------------------------------- ABC News reports that Link Airways said it is losing tens of thousands of dollars a day on its Shellharbour services and will suspend flights from the airport from May 20. The ABC relates that the regional carrier sadi rising fuel costs and a drop in passenger demand have made the routes commercially unviable. According to the ABC, Network Strategy Manager Jeff Boyd said the airline was unable to sustain heavy daily losses. "Particularly Shellharbour, we know that the market down there is quite price sensitive and the numbers last month were just shocking," he said. Flights linking Shellharbour to Melbourne and Brisbane will be paused from May 20, with no set return date, the ABC relays. Link is the only commercial carrier that services the airport and has been offering services since November 2018. The ABC relates that Mr. Boyd said the factors behind the decision were beyond the company's control. "We're facing a fuel cost now nearly double what it was before this Middle East conflict," the ABC quotes Mr. Boyd as saying. "We increased our fares slightly, [but] not really enough to cover that fuel cost about five weeks ago." Mr. Boyd said broader economic pressures were also affecting travel demand. "Everyone is pulling back on their spend," he said. "If they don't really need to go to Melbourne or Brisbane, they're not going." While describing the move as a suspension, Mr. Boyd said a return would depend on whether conditions improved, the ABC adds. Link Airways, formerly known as Fly Corporate, is an Australian regional airline based at Brisbane Airport, Queensland. LIVIC UNDERGROUND: First Creditors' Meeting Set for May 14 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Livic Underground Construction Pty Ltd will be held on May 14, 2026, at 11:00 a.m. via online video conference using Microsoft Teams. Shaun Matthews and Daniel P Juratowitch of Cor Cordis were appointed as administrators of the company on May 4, 2026. MOVEMENT ENTERTAINMENT: First Creditors' Meeting Set for May 18 --------------------------------------------------------------- A first meeting of the creditors in the proceedings of Movement Entertainment Pty Ltd, trading as Aura Nightclub Sydney, will be held on May 18, 2026, at 2:00 p.m. via virtual meeting. Stephen Wesley Hathway and Shijun Chan of Helm Advisory were appointed as administrators of the company on May 6, 2026. SAFESIDE PTY: First Creditors' Meeting Set for May 15 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Safeside Pty Ltd will be held on May 15, 2026, at 10:00 a.m. via teleconference facilities. James Robba of Worrells was appointed as administrator of the company on May 5, 2026. SAPPHIRE XXXV 2026-2: S&P Assigns Prelim. Bsf Rating on Cl. F Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) to be issued by Permanent Custodians Ltd. as trustee of Sapphire XXXV Series 2026-2 Trust. Sapphire XXXV Series 2026-2 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The preliminary 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 and excess spread provide credit support. S&P's assessment of credit risk considers Bluestone'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, retention amount built from excess spread, 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 Westpac Banking Corp. as liquidity facility provider and Commonwealth Bank of Australia as bank account provider. The transaction documents for the facilities 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 Sapphire XXXV Series 2026-2 Trust Class A1S, A$350.00 million: AAA (sf) Class A1L, A$450.00 million: AAA (sf) Class A2, A$85.00 million: AAA (sf) Class B, A$41.50 million: AA (sf) Class C, A$37.50 million: A (sf) Class D, A$17.00 million: BBB (sf) Class E, A$8.50 million: BB (sf) Class F, A$6.50 million: B (sf) Class G1, A$2.00 million: Not rated Class G2, A$2.00 million: Not rated SUNSHINE CITY: First Creditors' Meeting Set for May 13 ------------------------------------------------------ A first meeting of the creditors in the proceedings of The Sunshine City Club will be held on May 13, 2026, at 11:00 a.m. via virtual meeting. Matthew Kucianski and Nathan Lee Deppeler of Worrells were appointed as administrators of the company on May 3, 2026. TABCORP HOLDINGS: Australia Opens Probe Over Money-Laundering Risks ------------------------------------------------------------------- Reuters reports that Australia's top wagering and gaming firm Tabcorp has come under regulatory scrutiny over its anti-money laundering and counter-terrorism financing processes, triggering a 28% drop in its shares on May 7 in their worst intraday trade to date. Reuters relates that Tabcorp said that the Australian Transaction Reports and Analysis Centre (AUSTRAC) had identified "serious concerns" over its ability to identify, mitigate and manage money-laundering and terrorism-financing risks effectively. Shares ⁠of the wagering firm crashed more than 28% to a 10-week low of AUD0.825, shaving off more than AUD700 million (US$506.45 million) in market value. Tabcorp plays a central role in Australia's AUD30 billion bookmaking industry, with a reach spanning some 4,000 pubs, clubs and TAB outlets nationwide. According to Reuters, CEO Gillon McLachlan said uplifting risk capability has been a part of the company's ongoing transformation and it will work constructively with AUSTRAC through the process. Reuters relates that the financial crime watchdog will initially focus on whether Tabcorp has a compliant anti-money-laundering and counter-terrorism-financing programme, is ⁠adhering to that programme, and is appropriately monitoring customers, the company said. Tabcorp Holdings Limited (ASX:TAH) -- https://www.tabcorp.com.au/ -- together with its subsidiaries, provides gambling, and entertainment and integrity services in Australia. It operates through Wagering and Media, and Integrity Services segments. TOP SHELF: First Creditors' Meeting Set for May 14 -------------------------------------------------- A first meeting of the creditors in the proceedings of Top Shelf Recruitment Pty Ltd will be held on May 14, 2026, at 11:00 a.m. at the offices of Westburn Advisory, at Level 5 115 Pitt Street, in Sydney, NSW. Shumit Banerjee of Westburn Advisory was appointed as administrator of the company on May 5, 2026. ========= C H I N A ========= CHINA EASTERN AIRLINES: Former Chairman Indicted on Bribery Charges ------------------------------------------------------------------- Reuters reports that a former chairman of China Eastern Airlines Group has been indicted on bribery charges, China's top prosecutor said on May 8, the latest in a string of high-profile anti-graft actions as Beijing steps up a campaign against corruption. Reuters relates that the news comes a day after the official Xinhua news agency spotlighted the scale of the effort, with former defence ministers Wei Fenghe and Li Shangfu sentenced to death on graft charges, although with a two-year reprieve. Liu Shaoyong, the former airline official, is accused of "abusing multiple official posts . . . to secure benefits for others and accept bribes involving money ⁠and valuables", Xinhua said. The charges also cover Liu's time as the airline chairman, it added. Liu was expelled from China's Communist Party in January. Reuters was not able to contact Liu for comment. According to Reuters, the anti-graft campaign, launched since President Xi Jinping took over as China's leader in 2012, targets both "tigers and flies" or senior officials and lower-level cadres. It has increasingly focused on the misuse of public funds, bank credit, state-owned enterprise assets, infrastructure spending, and local-government resources. On May 7, China's top antigraft watchdog said Hou Weidong, former member of the Communist Party Committee and vice president of ⁠the Bank of Communications, had been expelled from the ruling party for "serious violations of discipline and law," Reuters relays. Hou illegally accepted gifts, money and consumption cards, borrowed large sums from management and service recipients, and had others pay his expenses in a case being reviewed by the public prosecutor, it added. The crackdown ⁠also targeted two local government officials last week, adds Reuters. About China Eastern Airlines Headquartered in Shanghai, China Eastern Airlines Corporation Limited -- https://www.ceair.com/ -- together with its subsidiaries, operates in the civil aviation industry in the People's Republic of China, Hong Kong, Macau, Taiwan, and internationally. The company offers passenger, cargo, mail delivery, ground, tour operations, air catering, and other miscellaneous services. It is also involved in flight training; airline maintenance; the provision of import and export, investment, leasing, and consultation; business aviation; e-commerce platform and ticket agent; and property management services, as well as the research and development of technology and products in the field of aviation; and sale of goods. As of December 31, 2022, the company operated a fleet of 778 aircraft, including 775 passenger aircraft and 3 business aircraft. China Eastern Airlines reported net losses of CNY11.83 billion, CNY12.21 billion and CNY37.38 billion for the years ended Dec. 31, 2020, 2021, and 2022, respectively. The company also reported net losses of CNY8.19 billion and CNY4.23 billion in 2023 and 2024. CHINA: Asks Banks to Pause New Loans to U.S.-Sanctioned Refiners ---------------------------------------------------------------- Bloomberg News reports that China's financial regulator advised the country's largest lenders to temporarily suspend new loans to five refineries recently sanctioned by the US over their ties to Iranian oil. According to Bloomberg, the National Financial Regulatory Administration (NFRA) asked banks to review their exposure and business dealings with firms, including Hengli Petrochemical (Dalian) Refinery, one of China's largest private refiners, while awaiting further guidance. For now, banks have been guided not to extend new yuan-denominated credit, though they have also been told not to call in existing loans, the sources added. Bloomberg says the verbal directive, which came before China entered a long holiday weekend on May 1, contrasts with a May 2 notice from China's Ministry of Commerce, which instructed companies to disregard US sanctions. That was the first time China had deployed a blocking measure introduced in 2021 aimed at protecting its firms from foreign laws it deemed unjustified. The NFRA, which regulates banks and insurers, did not respond to a request for comment. According to Bloomberg, the moves highlight the balancing act Beijing faces as it tries to project defiance towards the Trump administration while shielding its largest state-owned banks from US secondary sanctions. Tensions are escalating between the superpowers just weeks before a long-awaited meeting between US President Donald Trump and his counterpart Xi Jinping in Beijing on May 14 to 15. Washington has been ratcheting up efforts to cut off Iranian oil shipments, a vital financial lifeline for Teheran. Late last month, the Treasury Department's Office of Foreign Assets Control blacklisted Hengli, targeting a significant and well-connected player in the country's vast crude-processing industry, Bloomberg recalls. The US also warned banks that they are at risk of secondary sanctions if they support Chinese private refiners that buy Iranian oil. According to Bloomberg, Treasury Secretary Scott Bessent said that the US sent letters to two Chinese banks warning them of the risk of secondary sanctions if they are found to be supporting transactions tied to Iran. Mr. Bessent did not identify the banks. Chinese banks have not publicly disclosed their exposure to Hengli, loan data compiled by Bloomberg show the nation's top four banks – Industrial & Commercial Bank of China, Agricultural Bank of China, China Construction Bank, and Bank of China – all lent to Hengli as recently as 2018. While China has often railed against unilateral sanctions, it has in past instances also quietly allowed its largest companies to comply with them, in order to avoid blowback on its own economy, Bloomberg says. Its largest state banks have a history of complying with US sanctions against Iran, North Korea, and even top officials in Hong Kong to avoid losing access to the US dollar clearing system. In earlier episodes, Beijing sought to shield its systemically important lenders by channelling Iran-related transactions through China National Petroleum's subsidiary Bank of Kunlun, which is currently sanctioned, Bloomberg notes. ================= H O N G K O N G ================= LI & FUNG: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Li & Fung Limited's (L&F) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BB'. The Outlook is Stable. L&F's rating is supported by its unique position as a leading global sourcing and trading platform whose extensive network of suppliers and vendors gives customers optionality, flexibility and sourcing diversification to help them manage costs and cope with rising complexities and structural volatilities in a rapid-changing trade environment. The rating is constrained by L&F's modest operating scale and slightly higher EBITDA net leverage (including subordinated perpetual bonds as debt) compared with many other global service peers rated in the 'BB' category. The Stable Outlook reflects its expectation that L&F will maintain operating resilience and financial stability in 2026. Fitch expects execution of its growth strategy to remain on track, supporting a more favourable product mix, wallet share gains and new customer wins. The pace of deleveraging may slow but should remain consistent with the rating. Nevertheless, Fitch will continue to closely monitor L&F's interim performance, as ongoing macroeconomic headwinds could introduce greater downside risk to its rating-case forecasts. Key Rating Drivers Improving Portfolio Mix: L&F's strategy to rebalance customers across channels and geographies can support healthier revenue growth in the longer run. By end-2025, it materially reduced reliance on department stores and added partnerships with large, value-oriented retail channels like discounters, clubs, specialty retailers and fast fashion brands. Growth will also be supported by wallet share gains at existing customers, new customers and optimised product exposure, such as hard goods that are less discretionary. Margin Expansion: Fitch expects EBITDA margin to improve, with favourable gross margin from shifts in the customer and product mix, sourcing optimisation, and continued improvements in operating efficiency as L&F adopts more AI and data infrastructure to enhance productivity. L&F's EBITDA margin widened modestly in 2025, offsetting a revenue decline and allowing EBITDA to increase by a low single-digit percentage yoy. Increasing Macroeconomic Headwinds: Fitch expects the global discretionary retail outlook to be muted in 2026, but L&F's execution of its growth strategy may help to offset the impact. Higher energy and transportation costs arising from the Iran war could raise inflation and impair consumer confidence, although inflation combined with US dollar weakness could increase L&F's average unit cost (AUC), reversing the mid-single-digit AUC decline in 2025 due to supply-side overcapacity and L&F's cost optimisation that gave customers more value. Moderating Tariff Uncertainty: Fitch expects the uncertainty from US tariff policy to persist, but the adverse impact could moderate after the US Supreme Court ruled against tariff imposition under the International Emergency Economic Powers Act. The US then shifted to 15% blanket tariffs in February 2026, which will expire after 150 days unless extended with Congress' approval. L&F's ability to offer flexibility, resilience and cost-efficiency and its rising penetration in Europe should support a recovery following cautious buying by retailers in 2025. Largely Neutral FCF: L&F's free cash flow (FCF) turned neutral in 2025 from positive in 2024, partly due to the resumption of dividend payments. FCF could weaken in 2026 following a further increase in proposed dividend payments. Fitch does not expect shareholder returns to materially undermine FCF and believes L&F will pursue small-scale acquisitions prudently. Any deviation from this expectation could lead to a reassessment of management's financial policy and discipline. Buffers for Interest Coverage: L&F's EBITDA interest coverage weakened slightly to 1.8x in 2025, below the 1.9x negative sensitivity, mainly due to higher coupon rates on the refinanced USD300 million bonds issued in August 2025 that will mature in February 2029 and interest on debt drawn under trade finance facilities during the year. However, L&F's interest income on its large cash balance provides a buffer, with EBITDA net interest coverage at 2.3x in 2025. Deleveraging Hinging on Growth Strategy: Fitch treats L&F's subordinated perpetual instruments as 100% debt, in line with its criteria for hybrid securities. Fitch envisages a path to deleveraging, with EBITDA net leverage towards 3x over the medium term, if the company successfully executes its strategy with a focus on organic growth and supplemented by prudent acquisitions. Risks to the strategy's success include geopolitical and trade tensions and L&F's financial discipline. Global Supply Chain Network: L&F's key strength remains its extensive and resilient network of suppliers and vendors, which is difficult to replicate. Fitch expects the longstanding relationships across its diverse global network, its deep local expertise and agile operating model to support L&F in swiftly fulfilling orders and customising options at lower cost. Compliance with regulations and ESG initiatives among its suppliers and vendors reduces reputational and operational risks for customers. Peer Analysis L&F can be compared with Bidvest Group Limited (The) (BB/Stable), a South African diversified services provider. They have similar revenue scale, but L&F's trading-based operations have slimmer margins. L&F has a stronger market position globally and a more diversified operating environment across mostly investment-grade countries. Bidvest, a regional player whose rating is constrained by concentration in South Africa (BB-/Stable), has stronger diversification in service products and end-markets that reduces demand cyclicality and pricing pressure. Bidvest has more conservative financials, but L&F's financial risks are mitigated by its abundant cash balance and the large proportion and permanence of subordinated perpetuals in its capital structure. L&F's credit profile is weaker than that of Derichebourg S.A. (BB+/Stable), a French provider of metal recycling services. Derichebourg is smaller by revenue but has higher EBITDA. Both benefit from market leadership and geographic diversification but are limited by high demand cyclicality and weaker end-market diversification. The one-notch differential is driven by Derichebourg's stronger financials. L&F has a stronger credit profile than Albion HoldCo Limited (BB-/Stable), a UK-based leading provider of mobile modular and other energy services. Albion is smaller by revenue but more profitable. Demand for Albion's utilities is more resilient than that for L&F's consumer products, but Albion's contracts are generally shorter. Fitch projects that Albion's EBITDA net leverage will remain higher than that of L&F. Fitch’s Key Rating-Case Assumptions - Revenue to increase by around mid-single digit percentages a year in 2026-2029, supported by new customers, wallet share gains, rising inflation, dollar weakness and a gradual recovery of global consumer sentiment - EBITDA margin to improve from the 2025 level - Capex of USD5 million per year in 2026-2029 - Working capital cycle in line with historical average - Cash interest expenses in line with 2025 levels - Dividends per proposed in 2026 - Exchange rates, benchmark interest rates and other relevant assumptions in line with Fitch's Global Economic Outlook (March 2026) and Global Risk Outlook (April 2026) Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (bbb-, lower), sector characteristics (b+, moderate), market and competitive positioning (bb, higher), diversification and asset quality (bb, moderate), company operational characteristics (bb, higher), profitability (b, lower), financial structure (b+, moderate), and financial flexibility (bb+, moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The governance assessment of 'Good' results in no adjustment. - The operating environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unsuccessful execution of growth strategy to increase revenue and EBITDA - EBITDA net leverage to stay above 4x on a sustained basis - EBITDA interest coverage to stay below 1.9x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful and consistent execution of growth strategy to secure new customer wins and wallet share gains, resulting in a materially larger EBITDA, and EBITDA net leverage falling to 3x or below on a sustained basis Liquidity and Debt Structure L&F's reported cash and cash equivalents at end-2025 were more than sufficient to cover short-term debt. Liquidity is further supported by longstanding relationships with international banks, which is implied by its unused, committed bank loans and overdraft facilities. L&F's debt structure is less vulnerable to short-term market volatility as it typically uses long-term loans and bonds. More than 60% of its debt at end-2025 comprised subordinated perpetual instruments, which are a permanent feature in its capital structure Issuer Profile L&F is a Hong Kong-based supply-chain service provider that has operated for around 120 years. It specialises in delivering comprehensive end-to-end supply-chain solutions, including design, development, production and delivery of high-volume, time-sensitive non-perishable consumer goods to leading brands and retailers worldwide. Its extensive sourcing network spans about 40 economies. Summary of Financial Adjustments Fitch has adjusted L&F's subordinated perpetual instruments into long-term debt due to the presence of look-back clauses and has reclassified the dividends paid on these instruments as cash interest payments. Additionally, Fitch treated L&F's short-term bank deposits as cash. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Li & Fung Limited. 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 ----------- ------ ----- Li & Fung Limited LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB ========= I N D I A ========= ALPHA PECIFIC: Liquidation Process Case Summary ----------------------------------------------- Debtor: Alpha Pecific Engineers Private Limited F-69/1, Street No-4, Subhash Vihar, North Ghonda, North East, Delhi - 110053 Liquidation Commencement Date: March 25, 2026 Court: National Company Law Tribunal, New Delhi Bench Liquidator: Kamall Ahuja A-5, 2nd Floor, Gurudwara Marg, Defence Colony, Delhi - 110024 Email: nclt.srassociate@lawmax.in D-328, Basement Floor, Wing A, Defence Colony, New Delhi - 110024 Tel: 011-46028243 Email: alphaliquidation13@gmail.com Last date for submission of claims: May 31, 2026 AMAR SEEDS: Insolvency Resolution Process Case Summary ------------------------------------------------------ Debtor: Amar Seeds Private Limited S No. 1182/1/2/F, F.C. Road, Vidyarthi Samati, Near HDFC Bank, Shivaji Nagar, Pune, Maharashtra, India - 411005 Insolvency Commencement Date: April 29, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 26, 2026 Insolvency professional: Sabbani Maruthi Interim Resolution Professional: Sabbani Maruthi RSDS Advisory & Restructuring LLP 8th Floor, I 807, Godrej Garden City, Behind Nirma University, Jagatpur Village, Ahmedabad, Gujarat Tel No: +91 7207315606 Email: ravindra1960_goyal@yahoo.co.in New Mhada Ews Towers, Block 3C, Flat No. 303, Bangumagar, Goregaon West, Mumbai Suburban, Maharashtra, 400104 Email: ip@amarseedscirp.com Last date for submission of claims: May 13, 2026 BHARAT ISPAT: CARE Lowers Rating on INR11.40cr LT Loan to B+ ------------------------------------------------------------ CARE Ratings has revised the ratings on certain bank facilities of Bharat Ispat Udyog (Prop. Impression Securities Private Limited) (BIUISPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.40 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 Ltd. (CareEdge Ratings) had, vide its press release dated March 12, 2025, placed the rating(s) of BIUISPL under the 'issuer non-cooperating' category as BIUISPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BIUISPL continues to be noncooperative despite repeated requests for submission of information through e-mails dated January 26, 2026, February 5, 2026, February 15, 2026 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 BIUISPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Bharat Ispat Udyog (BIU) is a proprietorship concern of Impression Securities Pvt Ltd (ISPL) and commenced its operations in 2007. BIU is the only unit operational under ISPL. BIU manufactures thermo-mechanically treated (TMT) bars, angles and channels, at its manufacturing facility located in Mandi Gobindgarh, Punjab and has quality systems certifications of ISO: 9001:2008. The same are sold under the brand name, 'Bharatam TMT'. It has an installed capacity for manufacturing TMT bars, angles and channels of 1,00,000 tonnes per annum, as on March 31, 2022. The firm supplies to several real estate developers directly and also sells through traders and consignment agents. CHANDRIKA POWER: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Chandrika Power Private Limited (CPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 103.00 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 March 6, 2025, placed the rating(s) of CPPL under the 'issuer non-cooperating' category as CPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2026, January 30, 2026, February 9, 2026 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 Chandrika Power Private Limited (CPPL) is a Private Limited company incorporated in May 2010. The company has set up a greenfield project of grain-based distillery plant in Fatehali, Nalanda District of Bihar to produce fuel grade and will supply to Oil Marketing Companies (OMCs). The plant has an installed capacity of 60 Kilo Litre Per Day (KLPD). The company has achieved COD in December 2023. The company has a long-term agreement with the OMCs for 10 years for an offtake of 0.99 crore litres of Ethanol per annum (~30 KLPD). Currently, day to day affair of the company is look after by Mr. Ruhail Ranjan and Mr. Manoj Kumar. DEEP INDIA: CARE Lowers Rating on INR81.40cr LT Loan to B- ---------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Deep India Enterprises Private Limited (DIEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 81.40 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 17, 2025, placed the rating(s) of DIEPL under the 'issuer non-cooperating' category as DIEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DIEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 31, 2026, February 10, 2026, February 20, 2026 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 DIEPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Deep India Enterprises Private Limited (DIEPL), incorporated in March 15, 1982. The company is an authorized dealer of Hyundai Motor India Limited for Delhi region. Company has 1 showroom and 4 workshops at Mangolpuri (adjacent to the showroom), Najafgarh, Mundika and Peeragrahi. Except for workshop situated at Najafgarh all premises are self-owned. The company is also starting a new showroom in Mundka. DIEPL currently sells all models of Hyundai Motors and also deals in used car models. The company manages its operations through its 3S (Sales, spare and service) model. DWARKADHISH UDYOG: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Shree Dwarkadhish Udyog Private Limited Shop No. 207, 2nd Floor, Samriddhi Square, Kishorganj, Ranchi, Jharkhand, India - 834001 Insolvency Commencement Date: April 9, 2026 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: October 6, 2026 Insolvency professional: Umesh Kumar Interim Resolution Professional: Umesh Kumar Flat No. 4D, D Block, Satyabhama Grand Apartments, Kusai, Doranda, Ranchi - 834002 Email: umeshkr62@yahoo.com sdupl.cirp@gmail.com Last date for submission of claims: April 23, 2026 GODAAVARI LABS: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Godaavari Labs Private Limited (GLPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 155.50 CARE D; ISSUER NOT COOPERATING; Facilities 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 March 10, 2025, placed the rating(s) of GLPL under the 'issuer non-cooperating' category as GLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 24, 2026, February 3, 2026, February 13, 2026 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 Godaavari Labs Private Limited (GLPL) was incorporated in the year 2013 and has proposed to set up a unit in Andhra Pradesh to manufacture Active Pharmaceuticals Ingredients (API) and intermediates for different therapeutic segment. The total project cost is estimated at INR232 crore proposed to be funded through bank debt of INR130 crore and remaining through promoters contribution. GURUKRIPA PARBOILING: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Gurukripa Parboiling (GP) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.99 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 March 6, 2025, placed the rating(s) of GP under the 'issuer non-cooperating' category as GP had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GP continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2026, January 30, 2026, February 9, 2026 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 Madhya Pradesh based Gurukripa Parboiling (GP) was formed in July, 2017 by Mr Sunil Jain, Mr Amit Jain and Ms Sapana Jain. GPB was formed with an aim to set up a rice mill with an installed capacity of 7 tonne per hour as on March 31, 2021. GPB has completed project for setting up rice mill having total cost of Rs. 12 crore and commenced commercial operation from September, 2019 onwards. Alok Rice Mill is an associate entity of GPB engaged into processing of non-basmati rice since 1996. JAIPRAKASH ASSOCIATES: Adani Files Caveat on Likely Vedanta Appeal ------------------------------------------------------------------ The Economic Times of India reports that AdEnterprises has filed a caveat before the Supreme Court, anticipating a challenge by Vedanta against the National Company Law Appellate Tribunal's (NCLAT) verdict upholding Adani Group's resolution plan for debt-ridden Jaiprakash Associates Ltd (JAL). A caveat is an application filed before a court by a party requesting that no order be passed in a matter without first hearing it. By filing the caveat, Adani Enterprises has sought to ensure that it is heard before the Supreme Court passes any interim order if Vedanta files an appeal against the NCLAT judgment. According to ET, the NCLAT on May 4 dismissed Vedanta's appeal challenging the approval of Adani Group's resolution plan by the Committee of Creditors (CoC) in the JAL insolvency proceedings. ET says the appellate tribunal observed that it found no merit in the seven issues raised by Vedanta and held that no further orders were required in the matter. Vedanta had contended that its revised offer of over INR17,900 crore was superior to Adani's INR14,535-crore plan and argued that the evaluation process failed to maximise value for stakeholders, ET relates. The company also questioned the transparency of the CoC's scoring matrix and challenged the rejection of its revised addendum proposal submitted after the final round of bidding. The plea was opposed by the CoC, the resolution professional, and Adani Group, all of whom defended the integrity of the insolvency process, ET relays. Appearing for the CoC, Solicitor General Tushar Mehta argued that the evaluation framework considered multiple financial parameters, including upfront cash, deferred payments, and equity infusion, and that Adani's proposal emerged as the highest-scoring bid under the prescribed matrix. The resolution professional also argued that Vedanta's claim of being the highest bidder was misleading and that no resolution applicant had a vested right to secure approval of its plan. Adani Group further submitted that allowing post-deadline revisions would undermine the sanctity and finality of the corporate insolvency resolution process under the Insolvency and Bankruptcy Code. Earlier, the Supreme Court had declined to grant interim relief to Vedanta, observing that the matter was already pending before the NCLAT and stressing the need for expeditious disposal. About JAL Jaiprakash Associates Ltd (JAL) is the flagship company of the Jaypee group and is engaged in engineering and construction, cement, real estate and hospitality businesses. JAL was one of the leading cement manufacturers with an installed capacity of ~28 million tonnes per annum (mtpa) and under implementation capacity of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is also engaged in the construction business in the field of civil engineering, design and construction of hydro-power, river valley projects. JAL is also undertaking power generation, power transmission, real estate, road BOT, healthcare and fertilizer businesses through its various subsidiaries/SPVs. JAL featured in Reserve Bank of India's second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC, claiming a default of more than INR16,000 crore. On June 3, 2024, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. Bhuvan Madan is the resolution professional (RP) for the JAL. SBI has also moved NCLT against JAL, claiming a total default of INR6,893.15 crore as of Sept. 15, 2022. KAIRALI GRANITES: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kairali Granites (KG) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.26 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 March 6, 2025, placed the rating(s) of KG under the 'issuer non-cooperating' category as KG had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KG continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 20, 2026, January 30, 2026, February 9, 2026 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 Kairali Granites (KG) is engaged in the trading of marbles, granites and allied products. The entity was originally established as a partnership firm in 1989 by Mr. V.R. Narayanan Embran and Mr. Raghavan, sharing profits and losses equally. Later in 1991, Mr. Narayanan took over the share of Mr. Raghavan and converted the business into a proprietorship concern. The firm primarily trades in marbles, granites, vitrified tiles and the allied products including artificial marble, artificial granite, nano glass etc. The firm sells the vitrified tiles in the brand name, KG2. KG has a showroom (owned), covering an area of about 96,840 sq. ft. in Kochi along with a warehousing yard. Apart from domestic purchases from Rajasthan, Karnataka, Andhra Pradesh and Tamil Nadu, the firm imports granites from China and Brazil. KG caters to retail clients (who contribute 50% of the net sales) as well as builders/contractors (who contribute 50% of the net sales). LAKSHMIVENKATESHWARA RICE: CARE Keeps C Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sri Lakshmivenkateshwara Rice Mill (SLRM) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 4.84 CARE C; ISSUER NOT COOPERATING; Facilities Rating continues to remain under to remain under ISSUER NOT COOPERATING category Short Term Bank 0.65 CARE A4; 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 March 7, 2025, placed the rating(s) of SLRM under the 'issuer non-cooperating' category as SLRM had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SLRM continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 21, 2026, January 31, 2026, February 10, 2026 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 Sri Lakshmivenkateshwara Rice Mill (SLRM) is a proprietary concern owned by Mr. A. Raghunath Babu. SLV started its business operations from January 2009. The firm is engaged in milling of paddy with total installed capacity of 6 tons of rice per hour at its manufacturing plant located at Tumkur district in Karnataka. SLRM sells its products (rice, broken rice and bran) to the final customer mostly through brokers in the states of Karnataka, Tamilnadu and Kerala. The firm has a total of around 45 employees which includes about 25 contract labours. LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Laxmi Engineering Industries (Bhopal) Private Limited (LEIPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 28.25 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 10.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 10, 2025, placed the rating(s) of LEIPL under the 'issuer non-cooperating' category as LEIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LEIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 24, 2026, February 3, 2026, February 13, 2026 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 Laxmi Engineering Industries (Bhopal) Pvt. Ltd (LEIPL), an ISO 9001-2001 certified company, was initially set-up as a partnership firm in 1987. It was later reconstituted as a private limited company in July, 2007, under the leadership of Mr K.K. Gurjar (MD) who has an experience of more than three decades in the heat transfer equipment industry. LEIPL is engaged in the designing and manufacturing of custom-built heat transfer equipment such as heat exchangers, industrial coolers, desuper heaters which are used in power plants based on thermal, hydro and wind, refineries, chemical industries, fertilizer plants, as a part of their energy recovery system. LOPON ENTERPRISES: CARE Lowers Rating on INR68.50cr ST Loan to D ---------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Lopon Enterprises_Yeshi Tsewang (LEYT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 21.50 CARE D; Downgraded from Facilities from CARE BB; Stable Short-term bank Facilities 68.50 CARE D Downgraded from CARE A4 Rationale and key rating drivers The revision in the ratings assigned to the bank facilities of LEYT take into account the delay in servicing of term loan repayment obligation in the past. Rating sensitivities: Factors likely to lead to rating actions Positive factors * Track record of timely servicing of debt obligations for at least 90 days. Analytical approach: Standalone Outlook: Not Applicable Detailed description of key rating drivers: Key weaknesses * Delays in debt servicing: As confirmed by the lender, there was delay debt servicing of term loan obligation from one of the lenders in the past. Liquidity: Poor The liquidity of the firm is marked poor on account of delay in debt servicing. West Kameng (Arunachal Pradesh) based Lopon Enterprises_Yeshi Tsewang (LEYT) is founded by Yeshi Tsewang. The firm is engaged in infrastructure, construction, development, and management, offering services such as building, highways, bridges, flyovers, and other infrastructure projects. LEYT has contracts with the Public Works Department (Government of Nagaland and Government of Arunachal Pradesh), Border Roads Organisation, and National Highways & Infrastructure Development Corporation Limited. MECWEL CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Mecwel Constructions Private Limited (MCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 19.51 CARE D; ISSUER NOT COOPERATING; Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 11.00 CARE D; ISSUER NOT COOPERATING Facilities 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 March 10, 2025, placed the rating(s) of MCPL under the 'issuer non-cooperating' category as MCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 24, 2026, February 3, 2026, February 13, 2026 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 Andhra Pradesh-based MCPL was established as a partnership firm in 1988 and later in 2017 was converted into private limited company. P. Prasad Rao is the promoter of the Mecwel Constructions and also the managing director of the company. MCPL is a prime mechanical contractor providing service and quality since its founding in 1988, utilising skilled craftsmen from the Pipefitter, Boilermaker, operating engineer, Laborer and Millwright trades. The company continues to successfully complete capital projects and perform maintenance activities for the chemical, food processing, power, refining, and steel industries, and other mechanical piping applications. MS HANDLOOM: CARE Keeps B- Debt Rating in Not Cooperating --------------------------------------------------------- CARE Ratings said the rating for the bank facilities of MS Handloom Cottage Private Limited (MHCPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.00 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 February 26, 2025, placed the rating(s) of MHCPL under the 'issuer non-cooperating' category as MHCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MHCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 12, 2026, January 22, 2026, February 2, 2026 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 MS Handloom Cottage Private Limited (MHCPL) was incorporated in 2008 by Mr. Subodh Kumar Bajoria. Since its incorporation the company is engaged in the trading of different handloom products like saree, salwar etc. The company's trading unit and its office is in Kolkata, West Bengal. Mr. Subodh Kumar Bajoria, having more than two decades of experience in the same line of industry, looks after the day to day operations of the company. He is supported by other director Mr. Shivam Kumar Bajoria, along with a team of experienced professionals. P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of P.M. Agro Products Private Limited (PAPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE D; ISSUER NOT COOPERATING Facilities 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 March 7, 2025, placed the rating(s) of PAPPL under the 'issuer non-cooperating' category as PAPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. PAPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 21, 2026, January 31, 2026, February 10, 2026 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 PAPPL was incorporated as a private limited company in 2010 to take over the proprietorship business of M/s P.M Dal Udyog (PDU). PAPPL is engaged in processing and trading of Arhar Dal (Toor dal) and trading of dal chuni (used as cattle feed) and sells its product under the brand name Baba Gold, Rasoi Gold, Son Pari and Ganga Yamuna. RVGARG INDUSTRIES: CARE Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of RVGarg Industries Private Limited (RIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 31.00 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 March 13, 2025, placed the rating(s) of RIPL under the 'issuer non-cooperating' category as RIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 27, 2026, February 6, 2026, February 16, 2026 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 RIPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Pilibhit (Uttar Pradesh) based, RVGarg Industries Private Limited (RIPL) was incorporated in February 2022 as a private limited company and has started its commercial operations from June 2024. The company is currently being managed by Mr. Ritik Agarwal, Mr. Anuj Agarwal, Mr. Aditya Agarwal and Mr. Anshu Agarwal. The company was incorporated with an aim for setting up an edible oil refinery unit mainly of rice bran oil and mustard oil at an installed capacity to process 100 MT per day of rice bran oil and mustard oil. The company will sell refined rice bran oil, mustard oil and its by-products i.e., wax, gums, fatty acids, spent earth to different wholesalers/traders located domestically. The major raw materials required are rice bran oil and crude mustard oil which the company will procure ~40-50% from its own family concerns engaged in rice milling, flour milling and solvent extraction business and rest from various solvent extraction plants and brokers/commission agents located domestically. SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of The Safire Offset Printers (SOP; part of the Safire group) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (Issuer Not Cooperating) Cash Credit 8 CRISIL D (Issuer Not Cooperating) Letter of Credit 1 CRISIL D (Issuer Not Cooperating) Long Term Loan 6.45 CRISIL D (Issuer Not Cooperating) Proposed Working 2 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with SOP for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SOP, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SOP is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SOP continues to be 'Crisil D/Crisil D Issuer not cooperating'. Set up in 1989 by Mr. Ayyanathan, SOP is part of the Safire group, which prints film posters, brochures, calendars, text books, and school magazines. Both SI and SOP are based in Sivakasi (Tamil Nadu). SAGAR AUTOTECH: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sagar Autotech (Jabalpur) Private Limited (SAPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.10 CARE D; ISSUER NOT COOPERATING Facilities 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 March 7, 2025, placed the rating(s) of SAPL under the 'issuer non-cooperating' category as SAPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SAPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 21, 2026, January 31, 2026, February 10, 2026 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. Jabalpur (Madhya Pradesh) based Sagar Autotech (Jabalpur) Private Limited (SAPL) was incorporated in December, 2016 by Jain family. SAPL is an authorized dealer of Skoda Auto India Private Limited (Skoda) and operates two showrooms at Jabalpur. Further, all the showrooms of the company are equipped with 3-S facilities i.e. Sales, service and spare parts. SAPTARISHI HOTELS: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Saptarishi Hotels Private Limited (SHPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 220.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Long Term/ 20.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated February 10, 2025, placed the rating(s) of SHPL under the 'issuer non-cooperating' category as SHPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SHPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated December 27, 2025, January 6, 2026, January 16, 2026 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 Saptarishi Hotels Private Limited (SHPL) was incorporated on October 07, 2010. The company is a special purpose vehicle (SPV) incorporated for the development of a 4-star serviced apartments and convention hotel property in the name of 'Double Tree by Hilton' at Gachibowli, Hyderabad. SARVESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sarvesh Rice Mill Private Limited (SRMPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.50 CRISIL D (Issuer Not Cooperating) Cash Credit 5.25 CRISIL D (Issuer Not Cooperating) Proposed Term Loan 3.55 CRISIL D (Issuer Not Cooperating) Term Loan 10.70 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SRMPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SRMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SRMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SRMPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SRMPL, incorporated in 2009, processes par-boiled rice at its facility in Bardhaman, West Bengal. Its operations are managed by Mr. Ritesh Agarwal and Ms. Vasudha Agarwal. SHIV VEGPRO: CARE Lowers Rating on INR30cr LT Loan to B- -------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shiv Vegpro Private Limited (SVPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 30.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category and Downgraded from CARE B; Stable Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated March 3, 2025, placed the rating(s) of SVPL under the 'issuer non-cooperating' category as SVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated January 17, 2026, January 27, 2026, February 6, 2026 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 bank facilities of SVPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Kota-based (Rajasthan) SVPL was incorporated in March 2006 by Saboo family. SVPL is engaged in solvent extraction of crude soya edible oil and manufacturing of soya grit and flour from soda DOC. SVPL's primary products include refined soya and Soya Meal (SM) and Soya grits & flour. It has an installed capacity of 400 Tons per Day (TPD) for soya oil processing as on March 31, 2020. SVPL is part of Kota based Shiv Group of Industries comprising of SVPL, Shiv Agrevo Limited, Shiv Edibles Limited engaged in processing of edible oil and Shiv Health Food LLP engaged in processing of dairy products. Besides these, Shiv Trading Company and Maheshwari Udyog are the associate entities engaged in the trading of soya products. SWASTIK LLOYDS: CRISIL Keeps D Debt Ratings in Not Cooperating -------------------------------------------------------------- CRISIL Ratings the ratings on bank facilities of Swastik Lloyds Engineering Private Limited (SLEPL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL D (Issuer Not Cooperating) Cash Credit 4 CRISIL D (Issuer Not Cooperating) Proposed Long Term 4 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Crisil Ratings has been consistently following up with SLEPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SLEPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SLEPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of SLEPL continues to be 'Crisil D/Crisil D Issuer not cooperating'. SLEPL was incorporated in 1997, promoted by Mr Mafatlal Sanghvi and his family. The company manufactures and supplies pipe fittings such as elbows, bends, tees, stub ends, reducers, and caps; it also executes turnkey projects for mechanical piping. Its manufacturing facility is in Taloja, Maharashtra, with an installed capacity of 100 tonne per month. THRIMATHY CONTRACTING: CRISIL Keeps D Ratings in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Thrimathy Contracting Company (TCC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (Issuer Not Cooperating) Bill Discounting 13 CRISIL D (Issuer Not Cooperating) Long Term Loan 1 CRISIL D (Issuer Not Cooperating) Overdraft Facility 10 CRISIL D (Issuer Not Cooperating) Working Capital 2.65 CRISIL D (Issuer Not Demand Loan Cooperating) Crisil Ratings has been consistently following up with TCC for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of TCC, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on TCC is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of TCC continues to be 'Crisil D/Crisil D Issuer not cooperating'. Incorporated in 2001 as a proprietorship concern by late Mr V P Thrimathy, Malappuram (Kerala)-based TCC is a civil contractor that primarily constructs roads and bridges for Public Works Department, Kerala. Operations are managed by proprietor's son, Mr. V. P. Harshad. UNITED CAPZ: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Deep India Enterprises Private Limited (DIEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 17.26 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 March 20, 2025, placed the rating(s) of UCPL under the 'issuer non-cooperating' category as UCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. UCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated February 3, 2026, February 13, 2026, February 23, 2026 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 Thane-based (Maharashtra) UCPL was incorporated on October 8, 2015 as a private limited company by Late Mr. Dahyabhai Patel, Mr. Rakesh Dahanuwala and Mr. Mahesh Panchal. Currently, Mr. Rakesh Dahunuwala, Mr. Bhavesh Dahanuwala and Ms. Jagruti Patel holds directorship in UCPL. UCPL is engaged into manufacturing of Empty Hard Gelatin Capsule (EHGC) shells operating from plant situated in Valsad (Gujarat) with an installed capacity of manufacturing 750 crore capsule shells per annum as on March 31, 2023. UCPL commenced its operations from newly commissioned plant from May 2019 onwards. UNIVERSAL CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating ----------------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Universal Construction Machinery and Equipment Limited (UCMEL) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL D (Issuer Not Cooperating) Cash Credit 22 CRISIL D (Issuer Not Cooperating) Letter of Credit 5 CRISIL D (Issuer Not Bill Discounting Cooperating) Proposed Working 12 CRISIL D (Issuer Not Capital Facility Cooperating) Crisil Ratings has been consistently following up with UCMEL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of UCMEL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on UCMEL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the ratings on bank facilities of UCMEL continues to be 'Crisil D/Crisil D Issuer not cooperating'. UCMEL was set up in 1974 as a proprietorship firm by Mr Rohidas More. Later, it was reconstituted as a private-limited company and since 2005, it has become a closely held public limited company. A flagship company of the 'Universal' group, UCMEL manufactures a wide range of construction equipment. VEDANTA RESOURCES: Moody's Upgrades CFR to Ba3, Outlook Positive ---------------------------------------------------------------- Moody's Ratings has upgraded Vedanta Resources Limited's (VRL) corporate family rating to Ba3 from B1. At the same time, Moody's have upgraded to Ba3 from B2 the rating on the backed senior unsecured bonds issued by VRL's wholly-owned subsidiary, Vedanta Resources Finance II Plc, which are guaranteed by VRL. Moody's have maintained a positive outlook on both entities. "The upgrade reflects improvements in VRL's earnings and cash flow, supported by higher production, further vertical integration in its aluminum operations, and favorable commodity prices. Moody's expects VRL to generate about $7 billion of EBITDA annually with gross debt/EBITDA of around 2.5x over the next two years under Moody's price sensitivities," says Nidhi Dhruv, a Vice President and Senior Credit Officer at Moody's Ratings. "VRL has significantly strengthened its liquidity at both the consolidated level and across its operating companies through proactive refinancing and disciplined liability management. The group has over $2 billion in available multi-year committed credit facilities, which support capital spending at the operating companies and mitigate refinancing risks," adds Dhruv, also Moody's lead analyst for VRL. The group's demerger, effective May 01, 2026, resulted in a more streamlined organizational structure and prompted a reassessment of the structural subordination of the senior unsecured notes. Although claims at operating companies accounted for around 80% of total consolidated claims as of March 2026, structural subordination is mitigated as the holding company has direct ownership of all operating subsidiaries except Hindustan Zinc Limited (HZL). This structure enables the holding company to receive a more diversified stream of dividend cash flows from its listed operating companies, supporting coverage of VRL holding company interest expense of more than 2.0x. In addition, the listing of these businesses provides VRL with additional financial flexibility, including the ability to reduce modest stakes in any subsidiary, if needed. RATINGS RATIONALE VRL's earnings and cash flows are anchored by its zinc, aluminum, and oil & gas operations. The zinc business provides a stable earnings base, supported by its low cost position, long reserve life, and strong operating margins. Profitability in the aluminum business is expected to improve over the next 12–18 months, supported by higher captive alumina production and increased backward integration into bauxite. Historically, the company has sourced about 55%–60% of its alumina requirements externally, a proportion that is expected to decline to around 30% on a steady-state basis. The aluminum business commissioned a new alumina production train at Lanjigarh, increasing output to 2,961 kilotonnes (kt) in the fiscal year that ended March 31, 2026 (FY2026) from 1,975 kt in FY2025. This expansion will reduce aluminum production costs over time, while the gradual ramp-up of bauxite mining operations should enhance cost efficiency and margins. VRL's proactive liability management has extended debt maturities and lowered funding costs, supporting a stronger financial profile. Successive bond issuances and new syndicated bank facilities have reinforced VRL and Vedanta Limited's access to capital markets. As a result, there are no bond maturities at the VRL holding company before $300 million falls due in June 2028, reducing refinancing risk and improving funding certainty. Moody's expects VRL's consolidated gross debt to reduce to $15.5 billion by FY2028 from $16.5 billion in FY2025, driven by strong operating cash flow generation and continued deleveraging. At the holding company level, debt has reduced to $5.2 billion as of March 2026, down from $9.1 billion as of March 2022. Lower debt at VRL holding company has reduced its reliance on dividend inflows from the operating subsidiaries. Moody's expects the holding company to receive annual dividends of under $500 million in FY2027, down from $1.2 billion in FY2025. Despite lower dividends, coverage of dividend income and management fees over holding company interest expense will remain above 2x. The Ba3 CFR reflects VRL's large-scale, diversified, low-cost operations; exposure to a broad range of commodities such as zinc, aluminum, iron ore, oil and gas, steel and power; strong position in key markets that support pricing premia; and a track record of relative margin stability through commodity cycles. These strengths are counterbalanced by the group's complex organizational structure, including less than full ownership of key operating subsidiaries, and its historically weak financial management and liquidity. This rating action reflects Moody's baseline expectation of a contained impact on energy markets despite ongoing oil supply disruption and limited damage to production or infrastructure. However, VRL remains exposed to a more adverse conflict scenario through the energy supply chains and macro-financial conditions transmission channels. OUTLOOK The positive outlook reflects Moody's expectations that VRL will maintain resilient operations that support strong credit metrics, while sustaining good liquidity through proactive refinancing and the extension of debt maturities. The outlook also incorporates Moody's expectations that debt at the holding company will continue to reduce to about $3.0 billion over the near term. LIQUIDITY VRL's consolidated liquidity is good over the next 12-18 months, supported by sufficient liquidity buffers at both the holding company and the operating companies. This reflects the group's liability management initiatives and the availability of multi-year committed credit facilities across the group. VRL is a pure holding company, with operations held at various subsidiaries and step-down subsidiaries. Its cash sources comprise dividends and management fees for the use of the Vedanta brand from its subsidiaries, which Moody's expects will be sufficient to cover its cash needs through March 2028. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Vedanta's governance risk considerations (G-4) largely reflect its concentrated ultimate ownership by Vedanta Incorporated, and historically aggressive financial risk management practices. However, there have been significant improvements as the company has proactively managed its liabilities. Vedanta's CIS-4 reflects Moody's views that ESG attributes are considered to have negatively impacted VRL's current ratings, which is mainly driven by the company's exposure to environmental (E-5), social (S-5) and governance (G-4) considerations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade VRL's ratings if the company continues to reduce costs and improve operations while maintaining strong credit metrics. This would include (1) adjusted debt/EBITDA staying below 3.0x; and (2) (EBITDA-capex)/interest coverage above 4.0x on a sustained basis. A reduction in consolidated gross debt, coupled with a consistent track record of proactive refinancing and effective liquidity management at both the consolidated and holding company levels, would also be important considerations for an upgrade. The outlook could return to stable if VRL's credit metrics or liquidity weaken. Rating pressure could also emerge if commodity prices soften materially, leading to weaker EBITDA and free cash flow generation and a sustained deterioration in credit metrics, such that adjusted debt/EBITDA exceeds 4.0x or (EBITDA-capex)/interest coverage below 3.0x on a sustained basis. In addition, any difficulties faced by the holding company in accessing upstream cash flows from operating subsidiaries, or a decline in the coverage of operating subsidiary dividends and management fees to holding company interest expense below 2.0x, would likely lead to a downgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Mining published in February 2026. Vedanta's ratings are more than one-notch below the scorecard output of Baa3. The final Ba3 rating reflects the company's complex organizational structure with less than full ownership of its operating subsidiaries and a developing track record of liquidity management. COMPANY PROFILE Vedanta Resources Limited (VRL) is headquartered in London and is a diversified resources company with interests mainly in India. Through VRL's various operating subsidiaries, the group produces zinc, lead, silver, aluminum, oil and gas, iron ore, steel and power. In May 2026, VRL's main operating company, Vedanta Limited completed its demerger into five separately listed entities. Shareholders will receive one share in each of the five companies, and VRL will hold a 56.4% stake in these entities. VRL delisted from the London Stock Exchange in October 2018 and is now wholly owned by Vedanta Incorporated (erstwhile Volcan Investments Limited) and its subsidiary, Volcan Investments Cyprus Limited. Vedanta Incorporated is owned and controlled by the Anil Agarwal Discretionary Trust. VRL's founder and chairman Anil Agarwal and his family are deemed to have beneficial ownership of the shares. For the first six months ended September 2025, VRL reported revenue of $9.4 billion and an EBITDA of $2.8 billion. VIJAYA DURGA: CRISIL Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------ CRISIL Ratings said the ratings on bank facilities of Sri Vijaya Durga Motors Private Limited (SVDMPL) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL D (Issuer Not Cooperating) Proposed Long Term 2 CRISIL D (Issuer Not Bank Loan Facility Cooperating) Term Loan 1 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with SVDMPL for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of SVDMPL, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on SVDMPL is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of SVDMPL continues to be 'Crisil D Issuer not cooperating'. SVDMPL, incorporated in 2003, remained non-operational until April 2011. During fiscal 2012, the company commenced operations by taking up the dealership for Mahindra Navistar's commercial vehicles. It has three showrooms, one each at Kadapa, Kurnool, and Anantpur, all in Andhra Pradesh. YASH AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------- CRISIL Ratings said the ratings on bank facilities of Yash Agro Industries (YAI) continue to be 'CRISIL D Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.0 CRISIL D (Issuer Not Cooperating) Term Loan 3.5 CRISIL D (Issuer Not Cooperating) Crisil Ratings has been consistently following up with YAI for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YAI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YAI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YAI continues to be 'Crisil D Issuer not cooperating'. The firm is setting up the project to carry out cotton ginning, pressing and oil extraction unit with an installed capacity of around 800 quintal per day. YOUNG INDUSTRIES: CRISIL Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------------- CRISIL Ratings said the rating on bank facilities of Young Industries (YI) continues to be 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B-/Stable (Issuer Not Cooperating) Crisil Ratings has been consistently following up with YI for obtaining information through letter and email dated March 23, 2026 among others, apart from telephonic communication. However, the issuer has remained non cooperative. 'The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.' Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of YI, which restricts Crisil Ratings' ability to take a forward looking view on the entity's credit quality. Crisil Ratings believes that rating action on YI is consistent with 'Assessing Information Adequacy Risk'. Based on the last available information, the rating on bank facilities of YI continues to be 'Crisil B-/Stable Issuer not cooperating'. YI was established in 1971 as a partnership firm by Mr Osman Talab and Ms Zehra Talab. Their son, Mr Salim Talab, also a partner in the firm now, manages operations. The firm manufactures radiators, oil coolers, and heat exchangers used in diesel engines, power generators, and locomotives, at its unit in Pune, Maharashtra. ========= J A P A N ========= [] JAPAN: Hair Salons Going Bankrupt in Record Numbers ------------------------------------------------------ SoraNEws24 reports that last year saw the highest-ever number of Japanese hair salons filing for bankruptcy at 235, breaking the record set in 2024 with 215 bankrupt hair stylists. This also had an effect on the average lifespan of salons, which could expect to survive for 13 years in 2025, down from 14.1 years in 2024. Also, of the currently active salons, 49 percent are less than 10 years old, SoraNEws24 relates. This is all worse than even during the COVID pandemic, partially because such businesses were supported through that period by various subsidies and zero-interest loans. Then, annual bankruptcies actually hit a record low in 2021, with only 68, SoraNEws24 notes. The current situation more closely resembles what took place during the 2008 global financial crisis, except that the reasons behind it are different. Prior to 2008, hair salons were considered rather stable businesses, since most people always need haircuts. However, during the crisis, people began searching for ways to cut costs as much as possible. Around the same time, discount hair cutters like QB House hit the scene, causing widespread disruption to the market, and making it hard for established salons to maintain with their relatively high prices. As a result, bankruptcies climbed above 100, according to SoraNEws24. Now, with inflation and a looming oil crisis, people are once again seeking out cheaper ways to live their daily lives, mimicking what happened in 2008, says SoraNEws24. However, this time the price squeeze is exacerbated by just about everything rising in cost, from electricity to hair products, making it virtually impossible to lower prices to meet customer needs. SoraNEws24 says to make matters much worse, many salons can't even find enough staff to operate. Stylists are often drawn to the wages and security of large chains and salons with strong reputations, leaving small to mid-sized ones little to work with. These smaller businesses tend to recruit straight out of beauty school, but many of those new grads have dreams of opening their own salons and end up leaving shortly after being hired. ========= M A C A U ========= MGM CHINA: Fitch Rates $750MM Unsecured Notes Due 2033 'BB-' ------------------------------------------------------------ Fitch Ratings has assigned MGM China Holdings Limited's (MGM China) anticipated $750 million senior unsecured notes due 2033 a 'BB-' rating and a Recovery Rating of 'RR4'. Fitch currently rates MGM China's and MGM Resort International's (the parent) Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. Proceeds will be used to repay a portion of the amounts outstanding under the revolving credit facility and for general corporate purposes. Rating strengths include strong competitive position through increased market share, ongoing improvements in Macau's market, and access to capital to fund near-term capital projects and further debt reduction. The Stable Outlook reflects strong growth prospects in the Macau market and robust liquidity. Key Rating Drivers Transaction is Leverage-Neutral: Pro forma for the transaction, leverage is expected to remain unchanged. Fitch estimates gross leverage at MGM China at 2.1x for fiscal 2025 and expects it to remain near that level over the forecast horizon. The proposed transaction would also extend the maturity profile of MGM China. In addition, the company has a $750 million senior unsecured bond maturing in 2027. Fitch believes the company's ability to refinance debt is strong, given its improved competitive position, stable FCF generation and access to capital markets. MGM China Increased Share: MGM China has performed well in the Macau market despite uncertainty in the Chinese economy and a more promotional environment. EBITDA increased 11% in 2025 and the company has strengthened its competitive position. Fitch anticipates future growth to be steadier but still provide steady cash flow to the parent through branding fees and distributions. Macau Recovery Builds Strength: The Macau gaming market has generated strong gaming revenue growth following a slow start in 1H25. Over the ten-month period from June 2025, gaming revenue has grown 14% from the same period in June 2024. However, increased promotional pressure has weakened margins. Macau remains dependent on the health of the Chinese economy and growth in the premium mass market segment. Strong Parent and Subsidiary Linkage: Fitch views MGM on a consolidated basis. The IDRs are equalized because the linkage between MGM Resorts International (the parent) and its subsidiaries is strong. MGM Resorts International is the primary debt-issuing entity in the U.S. and is considered a stronger parent relative to the Macau subsidiaries because it benefits from its ownership of all U.S. domestic casino operations and its 56% equity interest in MGM China. As a result, Fitch applies the strong parent/weak subsidiary approach under its Parent and Subsidiary Linkage Rating Criteria. The linkage is strong because of perceived high strategic and operational incentives, as the subsidiaries share brands and customers. Parent's Conservative Financial Policy: MGM China benefits from its parent's conservative financial policy. MGM maintains a financial policy of net EBITDAR leverage below 4.5x. Gross EBITDAR leverage (adjusted leverage equals debt plus 8x lease expense) is high for a 'BB-' rating, but MGM's EBITDA rating (gross debt to EBITDAR minus lease expense) is in line with 'BBB' rating levels. MGM also has a policy of maintaining $3 billion of liquidity through a combination of availability under its revolver and cash (excluding $500 million of cage cash). The stated liquidity policy helps offset MGM's fixed-charge coverage ratio of 1.7x as of 2025, which is at the low-'B' range for that sub-factor. Peer Analysis MGM is a large, diversified operator of casinos on the Las Vegas Strip, in regional U.S. gaming markets, and in Macau. The company has sold and leased back all of its U.S. casino operations, using the proceeds to repay debt and expand operations. The company has high-quality assets and is the largest asset operator on the Las Vegas Strip. Regional gaming operations and Macau operations are somewhat protected from new competition due to limited licenses. MGM has a conservative financial policy and operates with relatively strong liquidity. Wynn Resorts, Limited (BB-/Stable) is smaller in scale but has strong relative market share in Las Vegas and Macau. Wynn also has high-quality assets and operates in attractive regulatory regimes. Wynn maintains strong liquidity, although its debt will temporarily increase during periods of development of large projects. Las Vegas Sands Corp. (BBB/Stable) is the largest operator of casino resorts in Macau. The company also has a presence in Singapore, where it is one of only two casino resort operators in the country. Leverage is relatively low compared to the scale of the company's operations. The company has a strong commitment to a conservative financial policy and maintains very strong liquidity. Fitch's Key Rating-Case Assumptions Parent-Level Assumptions: - Total revenue is expected to be flat in 2026. Slight declines in Las Vegas and regional markets will be offset by growth in Macau and digital gaming. Improvements in Las Vegas and regional markets are expected to lead to low-single-digit growth over the forecast horizon; - EBITDAR margins are forecasted to range in the area of 25.5%-26.5%; - Total rent of $2.3 billion in 2026 (including non-cash rent and not including the impact of the divestiture of Northfield Park) is assumed to be straight-lined over the forecast horizon; - Capex is $1.0 billion-$1.1 billion per year with no major growth capex assumed. Fitch incorporates $200 million of capex in Macau annually, in line with the required new concession; - No dividend policy for the domestic entity; - Share repurchases of $750 million-$1 billion over the forecast horizon, governed by the company's financial commitment to its liquidity coverage. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP) of the parent company: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - No adjustments were made to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES For the parent company, MGM International Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR Leverage sustained above 6.0x due to a prolonged disruption in global gaming demand or adoption of a more aggressive financial policy; - A reduction in overall liquidity (low cash and revolver availability, heightened covenant risk or increased FCF burn) due to weaker economic conditions or a more aggressive financial policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased scale and diversification while maintaining credit metrics within Fitch's stated sensitivities; - EBITDAR leverage sustained below 5.0x; - EBITDAR fixed-charge coverage approaching 2.0x. Liquidity and Debt Structure MGM China has approximately $3.2 billion of liquidity as of March 31, 2026, including $918 million in cash and $2.3 billion of revolver capacity under its $3 billion credit facility. The entity is expected to be FCF positive over the forecast horizon. MGM China has a $750 million maturity due in 2027, but it has strong access to capital markets. Issuer Profile MGM operates nine Las Vegas casinos and six casinos in U.S. regional markets. MGM has a 56% stake in MGM China, which operates two casinos in Macau SAR. MGM has a 50% ownership in BetMGM, a large U.S. digital gaming operator. Date of Relevant Committee March 13, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. 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 Recovery ----------- ------ -------- MGM China Holdings Limited senior unsecured LT BB- New Rating RR4 MGM CHINA: S&P Rates Proposed $750MM Senior Unsecured Notes 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating to Macao-based casino resort owner and operator MGM China Holdings Ltd.'s proposed $750 million senior unsecured notes. The company intends to use the net proceeds from this offering to repay a portion of the amounts outstanding under its revolving credit facility (approximately $663 million outstanding as of Mar. 31, 2026), as well as for general corporate purposes. MGM China is a majority owned subsidiary of MGM Resorts International (MGM). S&P views the transaction as leverage neutral, therefore our 'B+' issuer credit ratings on MGM China and MGM are unaffected. Because MGM is the majority owner, it is able to exercise significant influence over MGM China. S&P said, "Therefore, we base our issuer credit ratings on MGM and MGM China on the consolidated group credit profile, which incorporates all the debt and cash flow at both entities. We consider MGM China to be core to its ultimate parent and therefore rate it at the same level as MGM. We believe MGM China is integral to MGM's identity and future strategy and is unlikely to be sold. MGM China operates in the same line of business as MGM, shares a common brand, and represents a growth vehicle for its international development, which is a key focus of management. We believe MGM China is closely linked to MGM's reputation and brand and contributes to and benefits from MGM's M life loyalty program. In addition, MGM maintains a controlling ownership position and consolidates MGM China in its financial statements. MGM China also represents about 23% of the company's 2025 property-level EBITDAR, which we view as significant." Furthermore, MGM can influence MGM China's dividend policy and has historically been able to extract cash flows from the company amid a normal operating environment. Furthermore, MGM has demonstrated its willingness to use its liquidity to support MGM China. ISSUE RATINGS--SUBORDINATION RISK ANALYSIS S&P said, "We apply our subordination risk criteria to rate MGM China's unsecured notes in lieu of assigning recovery ratings because we do not assign recovery ratings to debt issued in Macao. We have not published an insolvency report for the jurisdiction and have not ranked it because there is limited historical precedent for a large-scale bankruptcy filing of a foreign-owned entity in Macau. The jurisdiction is a special administrative region of the People's Republic of China. Furthermore, even if lenders have a good claim with a registerable interest in the real estate, we believe there is significant uncertainty surrounding the application of the insolvency process and lenders' ability to realize asset value in this jurisdiction." Capital structure MGM China's capital structure solely comprises unsecured debt, including a revolver and several series of unsecured notes. Analytical conclusions S&P rates the unsecured notes 'B+', the same as its issuer credit rating on MGM China, because there are no significant elements of subordination risk present in its capital structure. STUDIO CITY: S&P Rates New USD Senior Secured Notes 'B+' -------------------------------------------------------- S&P Global Ratings assigned its 'B+' long-term issue rating to the U.S. dollar-denominated senior secured notes that Studio City Co. Ltd. (B+/Stable/--) proposes to issue. The rating is subject to S&P's review of the final terms and conditions. S&P said, "We expect Studio City's debt-to-EBITDA ratio to remain unchanged following the tender and call of its US$350 million 2027 senior secured notes. We therefore regard the transaction as neutral for the group's leverage. "We believe risk of subordination in Studio City's capital structure is insignificant. As of March 31, 2026, the capital structure of Studio City Finance Ltd., the financing parent of Studio City, included about US$1.6 billion in senior unsecured notes (at Studio City Finance), US$350 million in senior secured notes (at Studio City), and US$70 million in secured credit facilities (at Studio City). Following the notes issuance, we expect Studio City's priority debt ratio to remain at 21%, well below our 50% threshold to consider notching down the rating." =============== M O N G O L I A =============== GOLOMT BANK: Fitch Rates USD Unsecured Notes 'B+(EXP)' ------------------------------------------------------ Fitch Ratings has assigned Mongolia-based Golomt Bank JSC's (B+/Stable) US dollar senior unsecured notes an expected rating of 'B+(EXP)' with a Recovery Rating of 'RR4'. The issue size and tenor have yet to be determined. The assignment of the final rating is contingent on the completion of the issue and receipt of documents conforming to the information previously received. Key Rating Drivers The expected rating is in line with Golomt's Long-Term Issuer Default Rating (IDR) of 'B+'. The notes will represent direct, unsecured and unsubordinated obligations, and rank pari passu with all other unsecured and unsubordinated obligations of Golomt. Golomt's Long-Term IDR is driven by its Government Support Rating, which is in line with Mongolia's sovereign rating (B+/Stable). Fitch believes the Mongolian authorities have a higher propensity to support a large domestic systemically important bank (D-SIB) such as Golomt than smaller D-SIBs. The Recovery Rating of the notes is 'RR4', reflecting Fitch's expectation of average recovery prospects in a default scenario. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of Golomt's Long-Term IDR would lead to a similar downgrade of the senior unsecured notes. The rating of the notes would also be downgraded if its assessment of recovery prospects becomes more adverse. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Golomt's Long-Term IDR would lead to a similar upgrade of the senior unsecured notes. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The expected senior unsecured long-term rating (xgs) is assigned at the same level as the Long-Term IDR (xgs), which is driven by Golomt's 'b' Viability Rating. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES A change in Golomt's Long-Term IDR (xgs) would lead to similar action on the xgs ratings of its senior unsecured notes. Date of Relevant Committee September 1, 2025 Public Ratings with Credit Linkage to other ratings The expected long-term rating is driven by Golomt's Long-Term IDR, which is linked to Mongolia's sovereign rating, based on its assumption of 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 Recovery ----------- ------ -------- Golomt Bank JSC senior unsecured LT B+(EXP) Expected Rating RR4 senior unsecured LT (xgs) B(xgs)(EXP) Expected Rating ===================== N E W Z E A L A N D ===================== 3 LITTLE MONKEYS: Creditors' Proofs of Debt Due on June 30 ---------------------------------------------------------- Creditors of 3 Little Monkeys Limited are required to file their proofs of debt by June 30, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2026. The company's liquidator is: David Edward Thomas Don't Be Limited c/o 13C/65 Chapel Street Tauranga Central Shopping Centre AVANTI TOTARA 2026-1: Fitch Assigns 'BBsf' Rating on Class E Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to Avanti Totara RMBS 2026-1 Trust's mortgage-backed pass-through floating-rate notes. The issuance consists of notes backed by a pool of first-ranking New Zealand conforming and non-conforming residential full- and low-documentation mortgage loans originated by Avanti Finance Limited. The notes were issued by The New Zealand Guardian Trust Company Limited in its capacity as trustee of Avanti Totara RMBS 2026-1 Trust. This is a separate and distinct series created under a master trust deed. The final rating pool exhibited lower maximum borrower-level losses than the expected pool, which reduced the large-obligor concentration test threshold. As a result, the final rating on the class D notes was constrained at 'BBB+sf', one notch above the notes' expected rating of 'BBBsf', which was constrained by the large-obligor concentration test. Entity/Debt Rating Prior ----------- ------ ----- Avanti Totara RMBS 2026-1 Trust A NZAVGD1001R1 LT AAAsf New Rating AAA(EXP)sf B NZAVGD1002R9 LT AAsf New Rating AA(EXP)sf C NZAVGD1003R7 LT A+sf New Rating A+(EXP)sf D NZAVGD1004R5 LT BBB+sf New Rating BBB(EXP)sf E NZAVGD1005R2 LT BBsf New Rating BB(EXP)sf F LT NRsf New Rating NR(EXP)sf Transaction Summary The collateral pool was re-cut as of 9 April 2026, compared with the pool that was considered at the assignment of expected ratings, which was as of 31 January 2026. The collateral pool totalled NZD400 million and consisted of 914 obligors with a weighted-average (WA) current loan/value ratio (LVR) of 62.6% and a WA indexed current LVR of 62.7%. KEY RATING DRIVERS Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf' WA foreclosure frequency of 17.7% is driven by the WA unindexed current LVR of 62.6% and, under Fitch's methodology, self-employed loans making up 33.8% of the pool, non-conforming loans 41.6% and investment loans 38.9%. The 'AAAsf' WA recovery rate of 62.8% is driven by the WA indexed scheduled LVR of 62.7%. The 'AAAsf' portfolio loss has increased to 6.6%, from 5.7% for the previous transaction, Avanti Rimu RMBS 2025-1 Trust, due to the high WA unindexed current LVR (62.6% against 59.0%), higher proportion of non-conforming borrowers (41.6% against 35.4%), higher proportion of loans with a current LVR at or above 80% (15.3% against 10.4%) and more self-employed borrowers (33.8% against 32.6%). The final ratings are constrained by the large obligor concentration test by one notch for class C, and two notches for both classes D and E. Liquidity Risk Mitigated: Fitch's payment interruption risk is mitigated by a liquidity facility sized at 1.0% of the aggregate invested amount of all notes, with a floor of NZD100,000. Structural features include a post-call turbo that redirects excess income to pay note principal sequentially and a re-allocation of class F note principal during the pro rata period in reverse sequential order, starting from the class E note. Notes subordinate to class A pay interest based on the stated balance. Fitch's ratings reflect the timely and ultimate payment of interest, while its cash flow model addresses the risk that interest may not be covered in scenarios where there are charge-offs. This is more conservative than transaction documentation. All note classes can withstand all relevant Fitch cash-flow modelling stresses. Originator Adjustment: Avanti is a non-bank financial institution with over 35 years of experience in origination, underwriting, servicing and special servicing across various asset classes in New Zealand. Fitch undertook an operational review and found that the operations of the originator and servicer were mostly comparable with market standards and that there were no material changes that may affect Avanti's ongoing ability to undertake origination, administration and collection activities. Fitch has applied an originator adjustment of 1.1x at the loan level on 38% of the pool, where mortgages were assessed with a non-standard servicing buffer. Fitch may amend the adjustment if information received over time indicates that the effect may be higher or lower than assumed. Economic Growth Supports Outlook: Transaction performance is supported by New Zealand's economic recovery. Fitch forecasts GDP growth of 3.2% in 2026 and 2.6% in 2027 and for the unemployment rate to fall to 4.9% in 2026 and 4.5% in 2027, from 5.4% in 4Q25. Rated Above Sovereign Local-Currency IDR: Structured finance notes can be rated up to six notches above New Zealand's Long-Term Local-Currency Issuer Default Rating (IDR) of 'AA+', supporting the 'AAAsf' ratings. 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 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 coverage decline. Hence, Fitch conducts sensitivity analysis by stressing a transaction's initial base-case assumptions. Notes: Class A / B / C / D / E Final rating: AAAsf / AAsf / A+sf / BBB+sf / BBsf Increase defaults by 15%: AA+sf / AAsf / A+sf / BBB+sf / BBsf Increase defaults by 30%: AA+sf / AA-sf / Asf / BBB+sf / BBsf Reduce recoveries by 15%: AA+sf / AA-sf / A-sf / BBB+sf / BBsf Reduce recoveries by 30%: AAsf / A+sf / BBBsf / BBB-sf / B+sf Increase defaults by 15% and reduce recoveries by 15%: AA+sf / A+sf / A-sf / BBBsf / B+sf Increase defaults by 30% and reduce recoveries by 30%: A+sf / BBB+sf / BB+sf / BB-sf / less than Bsf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade could result from macroeconomic conditions, loan performance and credit losses that are better than Fitch's baseline scenario or sufficient build-up of credit enhancement that would fully compensate for credit losses and cash flow stresses commensurate with higher rating scenarios, all else being equal. The class A notes are at the highest level on Fitch's scale and cannot be upgraded. Notes: Class B / C / D / E Final rating: AAsf / A+sf / BBB+sf / BBsf Reduce defaults by 15% and increase recoveries by 15%: AAAsf / A+sf / BBB+sf / BBsf The ratings on the class B, C, D and E notes are constrained by the large obligor concentration test, which limits the rating to 'A+sf', 'BBB+sf' and 'BBsf', respectively. Prepayments on loans with the largest obligor exposure that results in the notes passing Fitch's concentration test could lead to positive rating action, all else being equal. 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 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 Avanti Totara RMBS 2026-1 Trust has an ESG Relevance Score of '3' for 'Customer Welfare - Fair Messaging, Privacy & Data Security', above the baseline score of '2' (no impact), for this general issue in the New Zealand RMBS sector. This is because the serviceability assessment rate used for 38% of the pool differs from standard market practice. This may have a negative impact on the credit profile and is relevant to the ratings 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. INTERNATIONAL HOSPITALITY: Creditors' Proofs of Debt Due on May 29 ------------------------------------------------------------------ Creditors of International Hospitality Suppliers Limited are required to file their proofs of debt by May 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 1, 2026. The company's liquidators are: Raymond Paul Cox Chiragkumar Bhailalbhai Patel Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 KIDS' COVE: Court to Hear Wind-Up Petition on May 15 ---------------------------------------------------- A petition to wind up the operations of Kids' Cove Limited will be heard before the High Court at Auckland on May 15, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on Jan. 14, 2026. The Petitioner's solicitor is: Hosanna Tanielu Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 MARITIME NEW ZEALAND: Proposes Job Cuts to 'Remain Solvent' ----------------------------------------------------------- Radio New Zealand reports that the water safety regulator said jobs cuts at Maritime New Zealand are necessary in order to "remain solvent". RNZ relates that Maritime NZ director Kirstie Hewlett said a "revenue shortfall" had triggered a change proposal that staff were informed of earlier this week. She did not confirm the number of roles proposed to be disestablished, but the Public Service Association (PSA) understood more than 30 were on the chopping block. According to RNZ, Ms. Hewlett said Maritime NZ had recently undertaken a levy review to address a revenue shortfall and while Cabinet had decided to cover some inflation for the organisation, the shortfall remained. The Associate Transport Minister James Meager said he was confident Cabinet's decision had struck the right balance - taking into account a range of factors, including cost increases driven by the Middle East conflict, RNZ relays. He said after considering multiple options, an inflation-adjusted levy over three years was decided on. RNZ relates that Ms. Hewlett said the decision meant cuts to expenditure were necessary, "including personnel, to address funding pressures and remain solvent". "In deciding where to make cuts, we have been careful not to cut personnel in key front facing roles," she said. Ms. Hewlett said the organisation would have to change the way it worked, should the proposal go ahead in its current form. "However, we will continue to prioritise harm prevention within the areas we are responsible for, including recreational craft." "We have proposed organisational changes that identify some roles for potential disestablishment, as well as a smaller number of new roles to be created. We have also held some vacancies which will help to minimise the potential impact," Hewlett said. She said net job losses would be confirmed following consultation and her focus was on supporting staff, RNZ adds. Maritime New Zealand is New Zealand's state maritime safety authority responsible for protecting the maritime transport sequence and marine environment as well as maintaining safety and security. MI5 LIMITED: Creditors' Proofs of Debt Due on May 29 ---------------------------------------------------- Creditors of MI5 Limited are required to file their proofs of debt by May 29, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 30, 2026. The company's liquidators are: Raymond Paul Cox Clive Robert Bish Ecovis KGA Limited, Chartered Accountants Level 2, 5–7 Kingdon Street Newmarket Auckland 1023 O'BRIEN INDUSTRIES: Court to Hear Wind-Up Petition on May 18 ------------------------------------------------------------ A petition to wind up the operations of O'Brien Industries Limited will be heard before the High Court at Hamilton on May 18, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on April 2, 2025. The Petitioner's solicitor is: Christina Anne Hunt Inland Revenue, Legal Services 21 Home Straight PO Box 432 Hamilton ================= S I N G A P O R E ================= K&C HOLDINGS: Court to Hear Wind-Up Petition on May 22 ------------------------------------------------------ A petition to wind up the operations of K&C Holdings Pte. Ltd. will be heard before the High Court of Singapore on May 22, 2026, at 10:00 a.m. Maybank Singapore Limited filed the petition against the company on April 28, 2026. The Petitioner's solicitors are: Adsan Law LLC 300 Beach Road #26-00 The Concourse Singapore 199555 LIBERTY DISTRIBUTION: Creditors' Meetings Set for May 15 -------------------------------------------------------- Liberty Distribution Pte. Ltd., Liberty Tubular Solutions Pte. Ltd., and Liberty Advanced Engineering Products Pte. Ltd. will hold a meeting for their creditors on May 15, 2026, at 2:00 p.m., 2:45 p.m. and 3:30 p.m., respectively, via electronic means. Agenda of the meeting includes: a. to lay before the creditors a full statement of the affairs of the Company, showing the assets and liabilities of the Company, together with a list of creditors and the estimated amount of their claims; b. to consider the nomination of the Liquidator for the Company and on the appointment of Mr. Alton Murray Chun-Wen Poon as the Liquidator of the Company pursuant to Section 167(1) of the Insolvency, Restructuring and Dissolution Act 2018; c. to consider the appointment of a Committee of Inspection pursuant to Section 169(1) of the Insolvency, Restructuring and Dissolution Act 2018; d. to resolve that the Liquidator be at liberty to appoint a Solicitor to assist him in his duties, if required; and e. to consider any other matter which may properly be brought before the meeting. Mr. Alton Murray Chun-Wen Poon was appointed as provisional liquidator of the Companies on April 29, 2026. LIBERTY INDUSTRIES: Court to Hear Wind-Up Petition on May 20 ------------------------------------------------------------ A petition to wind up the operations of Liberty Industries Holdings Pte. Ltd. will be heard before the High Court of Singapore on May 20, 2026, at 10:00 a.m. Liberty House Group Pte. Ltd filed the petition against the company on March 10, 2026. The Petitioner's solicitors are: Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore 048542 PLATINUM GLOBAL: Court to Hear Wind-Up Petition on May 15 --------------------------------------------------------- A petition to wind up the operations of Platinum Global Luxury Services Limited will be heard before the High Court of Singapore on May 15, 2026, at 10:00 a.m. The Petitioner's solicitors are: Oon & Bazul LLC 36 Robinson Rd #08-01/06 City House Singapore 068877 TASGLOBAL-SG PTE: Court to Hear Wind-Up Petition on May 11 ---------------------------------------------------------- A petition to wind up the operations of Tasglobal-SG Pte. Ltd. will be heard before the High Court of Singapore on May 22, 2026, at 10:00 a.m. Lighter B Pte. Ltd. filed the petition against the company on April 20, 2026. The Petitioner's solicitors are: Drew & Napier LLC 10 Collyer Quay #10-01, Ocean Financial Centre Singapore 049315 ============= V I E T N A M ============= MILITARY COMMERCIAL: Moody's Hikes Deposit & Issuer Ratings to Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded Military Commercial Joint Stock Bank's (MB) local currency (LC) and foreign currency (FC) long-term (LT) deposit and issuer ratings to Ba2 from Ba3. Moody's have also has affirmed MB's ba3 Baseline Credit Assessment (BCA) and adjusted BCA, Ba2 LT FC and LC Counterparty Risk Ratings (CRRs) and Ba2(cr) LT Counterparty Risk (CR) Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR Assessment. The rating outlook remains stable. RATINGS RATIONALE The upgrade of MB's deposit and issuer ratings to Ba2 from Ba3 reflects its ba3 BCA and a one notch uplift from government support based on Moody's revised assumption of a high probability of government support, compared with a moderate assumption previously. This reassessment of stronger expectation of support from the Government of Vietnam (Ba2 positive) in times of need is underpinned by the bank's increasing systemic importance and strong linkages to the government through its state owned enterprise shareholders. MB's deposit franchise has strengthened materially over the past few years, accounting for around 5% of system-wide deposits as of December 31, 2025, up from 3% in 2021. At the same time, the bank's links to the government have strengthened, as reflected in its major shareholders being state owned enterprises, which collectively held a 48% stake as of end-2025. The affirmation of MB's ba3 BCA reflects the bank's above peer-average profitability, supported by its improving deposit franchise. The BCA also considers the bank's modest capitalization and asset risks from its rapid loan growth. This rating action incorporates Moody's baseline assumption that the Middle East conflict will have a largely contained impact on energy markets, despite ongoing disruptions to oil supply, with limited damage to production or infrastructure. However, MB's credit profile could be more vulnerable under a more adverse scenario, given its exposure to sectors sensitive to energy prices, supply chain disruptions, and broader macro financial risk transmission, which could exert more pronounced pressure on its creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS MB's ratings could be upgraded if Vietnam's sovereign rating is upgraded and the bank's BCA is also upgraded. Moody's could upgrade MB's BCA if the bank strengthens its tangible common equity (TCE)/risk-weighted assets (RWA) ratio to more than 13% and maintains its core banking liquidity ratio above 11% on a sustained basis. An improvement in its profitability and asset quality will also be positive for the BCA. MB's ratings could be downgraded if its BCA is downgraded or if Moody's assess that government support for the bank has weakened. Moody's could downgrade the bank's BCA if asset quality risks materialize amidst rapid loan growth leading to a sustained weakening of capital and profitability with its TCE/RWA ratio declining below 8% and return on tangible assets decreasing to less than 1.7%. A deterioration in the bank's core banking liquidity ratio would also be negative for the BCA. The principal methodology used in these ratings was Banks published in November 2025. 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. Military Commercial Joint Stock Bank, headquartered in Hanoi, reported total assets of VND1,611 trillion as of March 31, 2026. [] Moody's Takes Action on 6 Vietnamese Banks --------------------------------------------- Moody's Ratings has affirmed the ratings of six Vietnamese banks and changed their outlooks to positive from stable. The six banks are: - Asia Commercial Joint Stock Bank (ACB), - JSC Bank for Foreign Trade of Vietnam (Vietcombank), - JSC Bank for Investment and Development of Vietnam (BIDV), - Vietnam Bank for Agriculture & Rural Development (Agribank), - Vietnam JSC Bank for Industry and Trade (Vietinbank) and - Vietnam Prosperity Jt. Stk. Commercial Bank (VPBank). A list of the Affected Credit Ratings is available at https://urlcurt.com/u?l=Z4CLyp The rating actions follow the affirmation of the Government of Vietnam's Ba2 rating and the change in outlook to positive from stable on May 4, 2026. The ratings and assessments of other Vietnamese banks rated by Moody's are not affected by this sovereign rating action. RATINGS RATIONALE The affirmation of the Government of Vietnam's Ba2 rating and change in outlook to positive from stable reflects Moody's assessment of rising confidence in the country's capacity to strengthen its credit profile over the medium term because of improving institutional quality and governance. Vietnam's economic competitiveness is improving through accelerating digitalization, infrastructure investments, workforce upskilling and capital market development, which will help support the banking sector's credit fundamentals. An upgrade of Vietnam's sovereign rating will likely lead to rating upgrades for ACB, Vietcombank, BIDV, Agribank, Vietinbank and VPBank due to strengthening of the government's capacity to support these banks in times of need. ENTITY-SPECIFIC CONSIDERATIONS ACB The affirmation of ACB's Ba3 long-term deposit ratings and ba3 Baseline Credit Assessment (BCA) reflects its strong asset quality, low concentration to large borrowers and stable capital, funding and liquidity. The change in outlook to positive from stable reflects the change in the sovereign rating outlook to positive and the potential for one notch of uplift from the bank's ba3 BCA based on Moody's assumptions of a moderate probability of government support in times of need. Vietcombank The affirmation of Vietcombank's Ba2 long-term deposit ratings and ba2 BCA reflects the bank's strong profitability and asset quality. The bank's strong funding which is underpinned by its large and stable deposit base help balance its modest liquidity. The change in outlook to positive from stable reflects the change in the sovereign rating outlook to positive and the potential for one notch of uplift from the bank's ba2 BCA based on Moody's assumptions of a very high probability of government support in times of need. BIDV The affirmation of BIDV's Ba2 long-term deposit ratings and b1 BCA reflects the bank's modest capitalization, asset quality risks related to single-party concentration in loans and above peer average special mention loans ratio. The bank's strong funding which is underpinned by its large and stable deposit base help balance its modest liquidity. The change in outlook to positive from stable reflects the change in the sovereign rating outlook to positive and the potential for three notches of uplift from the bank's b1 BCA, based on Moody's assumptions of a very high probability of government support in times of need. Agribank The affirmation of Agribank's Ba2 long-term deposit ratings and b1 BCA reflects the bank's modest capitalization, stable asset quality and profitability. The bank's strong funding, supported by its large and diversified deposit base, is a credit strength. The change in outlook to positive from stable reflects the change in the sovereign rating outlook to positive and the potential for three notches of uplift from the bank's b1 BCA, based on Moody's assumptions of a very high probability of government support in times of need. Vietinbank The affirmation of Vietinbank's Ba2 long-term deposit ratings and b1 BCA reflects the bank's strong loan loss coverage which will mitigate asset quality risks from its high loan growth. The BCA also considers the bank's modest capitalization. Vietinbank's modest liquidity is balanced by its strong funding which is supported by its large and stable deposit base. The change in outlook to positive from stable reflects the change in the sovereign rating outlook to positive and the potential for three notches of uplift from the bank's b1 BCA based on Moody's assumptions of a very high probability of government support in times of need. VPBank The affirmation of VPBank's Ba3 long-term deposit ratings and ba3 BCA reflects the bank's improving asset quality, strong profitability and steady funding. However, VPBank's high credit growth is leading to unseasoned risk and strain on its capital, while its liquidity remains modest. The change in outlook to positive from stable reflects the change in the sovereign rating outlook to positive and the potential for one notch of uplift from the bank's ba3 BCA, based on Moody's assumptions of a moderate probability of government support in times of need. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS ENTITY-SPECIFIC CONSIDERATIONS ACB Moody's will upgrade ACB's long-term deposit ratings if Vietnam's sovereign rating is upgraded or if the bank's BCA is upgraded. ACB's BCA could be upgraded if the bank strengthens its tangible common equity (TCE) as a percentage of risk-weighted assets (RWA) ratio to more than 13% and maintains its core banking liquidity ratio above 9% on a sustained basis. An improvement in its profitability will also be positive for the BCA. A downgrade of ACB's long-term deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if Vietnam's sovereign rating is affirmed and the outlook is revised back to stable. Moody's could downgrade ACB's long-term deposit ratings if its BCA is downgraded by more than one notch. Downward pressure on the bank's BCA would develop if its TCE/RWA ratio declines below 10% and core banking liquidity ratio declines below 5%. A deterioration in its profitability will also be negative for the BCA. Vietcombank Moody's will upgrade Vietcombank's long-term deposit ratings if Vietnam's sovereign rating is upgraded. Vietcombank's BCA could be upgraded if the bank strengthens its TCE/RWA ratio to above 13%. An improvement in its profitability and core banking liquidity ratio will also be positive for the BCA. A downgrade of Vietcombank's long-term deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if Vietnam's sovereign rating is affirmed and the outlook is revised back to stable. Moody's could downgrade Vietcombank's BCA if the bank's asset quality deteriorates and leads to a sustained weakening of capital and profitability, where its TCE/RWA ratio falls to below 11% and return on tangible assets decreases to less than 1.4% on a sustained basis. A deterioration in its core banking liquidity ratio would also be negative for the BCA. BIDV Moody's will upgrade BIDV's long-term deposit ratings if Vietnam's sovereign rating is upgraded. BIDV's BCA could be upgraded if the bank strengthens its TCE/RWA ratio to more than 11% and improves its return on tangible assets to 1.5% on a sustained basis. An improvement in its asset quality and liquidity will also be positive for the BCA. A downgrade of BIDV's long-term deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if Vietnam's sovereign rating is affirmed and the outlook is revised back to stable. Moody's could downgrade BIDV's BCA if its asset quality deteriorates, leading to higher credit costs and a sustained decline in its return on tangible assets to below 0.7% and TCE/RWA ratio to below 6%. A significant deterioration in its core banking liquidity ratio will also be credit negative. Agribank Moody's will upgrade Agribank's long-term deposit ratings if Vietnam's sovereign rating is upgraded. Moody's could upgrade the bank's BCA if its TCE/RWA ratio improves to more than 11% and return on tangible assets increases to more than 1.5% on a sustained basis. A downgrade of Agribank's long-term deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if Vietnam's sovereign rating is affirmed and the outlook is revised back to stable. Moody's could downgrade Agribank's BCA if its asset quality deteriorates, leading to higher credit costs and a sustained decline in its return on tangible assets to below 0.7% and TCE/RWA ratio to below 7%. Vietinbank Moody's will upgrade Vietinbank's long-term deposit ratings if Vietnam's sovereign rating is upgraded. Vietinbank's BCA could be upgraded if the bank strengthens its TCE/RWA ratio to more than 11% and improves its return on tangible assets to 1.5% on a sustained basis. An improvement in its asset quality and liquidity will also be positive for the BCA. A downgrade of Vietinbank's deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if Vietnam's sovereign rating is affirmed and the outlook is revised back to stable. Moody's could downgrade Vietinbank's BCA if its asset quality deteriorates, leading to higher credit costs and a sustained decline in its return on tangible assets to below 0.7% and TCE/RWA ratio to below 6%. A deterioration in its core banking liquidity ratio would also be negative for the BCA. VPBank Moody's would upgrade VPBank's deposit ratings if Vietnam's sovereign rating is upgraded or if the bank's BCA is upgraded. Moody's could upgrade VPBank's BCA if the bank's return on tangible assets increases to above 2%, its TCE/RWA ratio stays above 13% and its problem loan ratio decreases to below 2.5%, while its other key credit metrics remain broadly unchanged. A downgrade of VPBank's deposit ratings is unlikely given the positive outlook. However, Moody's would change the outlook back to stable if Vietnam's sovereign rating is affirmed and the outlook is revised back to stable, or if the bank's BCA is downgraded. Moody's could downgrade VPBank's BCA if its return on tangible assets decreases to below 1.8%, or if its problem loan ratio increases to above 4%. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. ENTITY-SPECIFIC CONSIDERATIONS For ACB, Vietcombank, BIDV, Agribank, Vietinbank, and VPBank, 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. Asia Commercial Joint Stock Bank (ACB), headquartered in Ho Chi Minh City, reported total assets of VND1,026 trillion as of December 31, 2025. JSC Bank for Foreign Trade of Vietnam (Vietcombank), headquartered in Hanoi, reported total assets of VND2,442 trillion as of December 31, 2025. JSC Bank for Investment and Development of Vietnam (BIDV), headquartered in Hanoi, reported total assets of VND3,331 trillion as of December 31, 2025. Vietnam Bank for Agriculture and Rural Development (Agribank), headquartered in Hanoi, reported total assets of VND2,687 trillion as o December 31, 2025. Vietnam JSC Bank for Industry and Trade (Vietinbank), headquartered in Hanoi, reported total assets of VND2,768 trillion as of December 31, 2025. Vietnam Prosperity Jt. Stk. Commercial Bank (VPBank), headquartered in Hanoi, reported total assets of VND1,260 trillion as of December 31, 2025. ********* 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 2026. All rights reserved. ISSN: 1520-9482. 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