250901.mbx

250901.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, September 1, 2025, Vol. 26, No. 174 Headlines G E R M A N Y FORTUNA CONSUMER 2025-2: Moody's Assigns (P)B3 Rating to F Notes I R E L A N D DUBLIN BAY 2018-MA1: DBRS Hikes Rating on Class Z1 Notes to BBsf HENLEY CLO XIII: Fitch Assigns 'B-sf' Final Rating to Class F Notes I T A L Y DECO 2019 - VIVALDI: DBRS Discontinues B(high) Rating on D Notes SUNRISE SPV 97: DBRS Gives (P)BB(high) Rating to 2 Tranches SUNRISE SPV 97: Fitch Assigns 'BB(EXP)sf' Rating to Class E Notes L U X E M B O U R G ECARAT DE SA 2025-2: DBRS Gives (P)BB(high) Rating to Class E Notes R U S S I A UZBEKISTAN AIRPORTS: Fitch Assigns BB Long-Term IDR, Outlook Stable U N I T E D K I N G D O M ARTURA CONSULTANCY: Leonard Curtis Named as Joint Administrators CLERMA (G.B.): Antony Batty Named as Administrators DAVIDSON LUXURY: CG&Co Named as Joint Administrators DURHAM MORTGAGES B: DBRS Confirms B(low) Rating on Class X Notes MABLE THERAPY: RSM UK Restructuring Named as Administrators PAN MARKETING: Turpin Barker Named as Joint Administrators VICTORIA PLC: Moody's Appends 'LD' Designation to PDR - - - - - ============= G E R M A N Y ============= FORTUNA CONSUMER 2025-2: Moody's Assigns (P)B3 Rating to F Notes ---------------------------------------------------------------- Moody's Ratings has assigned the following provisional ratings to Notes to be issued by Fortuna Consumer Loan ABS 2025-2 Designated Activity Company: EUR[ ]M Class A Floating Rate Asset Backed Notes due October 2035, Assigned (P)Aaa (sf) EUR[ ]M Class B Floating Rate Asset Backed Notes due October 2035, Assigned (P)Aa1 (sf) EUR[ ]M Class C Floating Rate Asset Backed Notes due October 2035, Assigned (P)A1 (sf) EUR[ ]M Class D Floating Rate Asset Backed Notes due October 2035, Assigned (P)Baa3 (sf) EUR[ ]M Class E Floating Rate Asset Backed Notes due October 2035, Assigned (P)Ba3 (sf) EUR[ ]M Class F Floating Rate Asset Backed Notes due October 2035, Assigned (P)B3 (sf) EUR[ ]M Class G Floating Rate Asset Backed Notes due October 2035, Assigned (P)Caa2 (sf) EUR[ ]M Class X Fixed Rate Asset Backed Notes due October 2035, Assigned (P)Baa3 (sf) RATINGS RATIONALE The transaction is a 12-month revolving cash securitisation of unsecured consumer loans originated via the auxmoney GmbH (not rated) loan origination platform to obligors located in the Germany. These loans were brokered to Süd-West-Kreditbank Finanzierung GmbH, as the initial lender, which subsequently transferred them to warehouse facilities. Prior to the closing of this transaction, the loans were sold to auxmoney Investment Limited, which acts as the seller in this transaction. CreditConnect GmbH (wholly owned subsidiary of auxmoney GmbH) will act as the servicer of the portfolio during the life of the transaction. As of July 29, 2025, the provisional portfolio of EUR435.6M shows 100% performing contracts with a weighted average seasoning of around 4 months. The portfolio consists of fixed rate amortizing loans (100%), which have equal instalments during the life of the loan. According to Moody's Ratings, the transaction benefits from credit strengths such as: (i) a granular portfolio, (ii) a simple product mix with a portfolio of amortizing fixed rate loan products, and (iii) excess spread at closing. Furthermore, the Notes benefit from a cash reserve funded at closing at 1.5% of the initial Notes balance of Class A to G Notes. The reserve will mainly provide liquidity to pay senior expenses, hedging costs and the coupon on the Class A to F Notes. However, Moody's note that the transaction features some credit weaknesses such as: (i) an unrated originator, (ii) a revolving period of 12 months, (iii) pro rata principal repayments of the Class A to F Notes from closing, and (iv) an interest rate mismatch risk which is mitigated via a fixed floating interest rate swap. Moody's analysis focused, among other factors, on (1) an evaluation of the underlying portfolio of financing agreements, (2) the macroeconomic environment, (3) historical performance information, (4) the credit enhancement provided by subordination, cash reserve and excess spread, (5) the liquidity support available in the transaction through the reserve fund, and (6) the legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined the portfolio lifetime expected defaults of 8.0%, a recovery rate of 25.0% and Aaa portfolio credit enhancement ("PCE") of 20.0% related to the receivables. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults, recoveries and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate Consumer ABS. Portfolio expected defaults of 8.0% are higher than the EMEA Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations, such as the revolving period. Portfolio expected recoveries of 25.0% are in line with the EMEA Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. PCE of 20.0% is higher than the EMEA Consumer ABS average and is based on (i) Moody's assessments of the borrower credit quality, (ii) the replenishment period of the transaction, and (iii) benchmark transactions. The PCE level of 20.0% results in an implied coefficient of variation ("CoV") of 31.8%. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may cause an upgrade of the ratings of the Notes include a better than expected performance of the pool together with an increase in credit enhancement of the Notes. Factors that would lead to a downgrade of the ratings of the Notes include: (i) increased counterparty risk leading to potential operational risk of (a) servicing or cash management interruptions or (b) the risk of increased swap linkage due to a downgrade of the swap counterparty ratings, and (ii) economic conditions being worse than forecast resulting in higher portfolio arrears and losses. ============= I R E L A N D ============= DUBLIN BAY 2018-MA1: DBRS Hikes Rating on Class Z1 Notes to BBsf ---------------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) took the following credit rating actions on the rated notes issued by Dublin Bay Securities 2018-MA1 DAC (the Issuer): -- Class A1 confirmed at AAA (sf) -- Class A2A confirmed at AAA (sf) -- Class A2B confirmed at AAA (sf) -- Class S confirmed at AAA (sf) -- Class B upgraded to AA (high) (sf) from AA (sf) -- Class C confirmed at A (high) (sf) -- Class D upgraded to A (high) (sf) from A (sf) -- Class E upgraded to A (sf) from BBB (high) (sf) -- Class F upgraded to BBB (low) (sf) from BB (high) (sf) -- Class Z1 upgraded to BB (sf) from BB (low) (sf) The credit ratings for Classes A1, A2A, A2B and S notes address the timely payment of interest and ultimate payment of principal by the final legal maturity date in September 2053. The credit rating on the Class B notes addresses the timely payment of interest while the senior-most class outstanding, otherwise the ultimate payment of interest and principal on or before the legal final maturity date. The credit ratings for the other classes of notes address the ultimate payment of interest and principal by the final legal maturity date. CREDIT RATING RATIONALE The credit rating actions follow an annual review of the transaction and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the June 2025 payment date; -- Probability of default (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and -- Current available credit enhancement to the notes to cover the expected losses at their respective credit rating levels. The Issuer is a bankruptcy-remote special-purpose vehicle (SPV) incorporated in the Republic of Ireland (Ireland). The Issuer used the proceeds of the notes to fund the purchase of Irish residential mortgage loans originated by Bank of Scotland plc (Bank of Scotland) and secured by properties in Ireland. In September 2018, the Bank of Scotland sold the mortgage portfolio to Erimon Home Loans Ireland Limited, a bankruptcy-remote SPV wholly owned by Barclays Bank PLC. Pepper Finance Corporation acts as the servicer of the portfolio, while CSC Capital Markets (Ireland) Limited acts as the replacement servicer facilitator. PORTFOLIO PERFORMANCE As of the June 2025 payment date, loans that were 30 to 60 days delinquent and 60 to 90 days delinquent represented 2.1% and 0.4% of the outstanding portfolio balance, respectively. Loans more than 90 days delinquent amounted to 11.7%, relatively stable since the last annual review. Cumulative losses are minimal at 0.1% of the initial portfolio balance. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and updated its base case PD and LGD assumptions to 12.5% and 15.4%, respectively. CREDIT ENHANCEMENT Overcollateralisation provides credit enhancement to the rated notes, the liquidity reserve fund also provides credit enhancement to the Class A1, A2A and A2B notes (together the Class A notes). As of the June 2025 payment date, credit enhancement to the Class A notes was at 42.0%, up from 34.3% in June 2024. In the same period, the credit enhancement levels for the Class B, Class C, Class D, Class E, Class F, and Class Z1 notes were 34.1%, 29.6%, 24.3%, 20.7%, 17.0%, and 15.8%, respectively, up from 27.7%, 24.0%, 19.6%, 16.6%, 13.6%, and 12.6% respectively. The Class S notes are excess spread notes (i.e., they are not collateralised and do not have any credit enhancement). The Class S notes are redeemed through the pre-enforcement revenue priority of payments, though principal receipts can also be used to cure shortfalls in the required payments for the Class S notes. Class S notes closely mimics the amortisation profile of Class A notes, and amortise at a similar speed. The transaction benefits from a liquidity reserve fund, currently equal to its floor of EUR 1.57 million, which is available to provide liquidity support to cover revenue shortfalls on senior fees and interest payments on the Class A and Class S notes. The protected amortisation reserve fund provides credit and liquidity support to Class A2A and Class A2B notes during the pro rata amortisation period. This reserve was fully released after the occurrence of the sequential amortisation trigger event. Citibank, N.A., London Branch (Citibank) is the Issuer Account Bank. Based on Morningstar DBRS' private rating on Citibank, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to Citibank to be consistent with the credit ratings assigned to the notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European Structured Finance Transactions" methodology. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers the risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in euros unless otherwise noted. Dublin Bay Securities 2018-MA1 DAC is a securitisation consisting of Irish residential mortgage loans originated by Bank of Scotland plc and secured over properties located in Ireland. HENLEY CLO XIII: Fitch Assigns 'B-sf' Final Rating to Class F Notes ------------------------------------------------------------------- Fitch Ratings has assigned Henley CLO XIII DAC final ratings, as detailed below. Entity/Debt Rating ----------- ------ Henley CLO XIII DAC Class A-1 XS3113305273 LT AAAsf New Rating Class A-2 XS3113305430 LT AAAsf New Rating Class B XS3113305604 LT AAsf New Rating Class C XS3113305943 LT Asf New Rating Class D XS3113306248 LT BBB-sf New Rating Class E XS3113306594 LT BB-sf New Rating Class F XS3113306750 LT B-sf New Rating Subordinated Notes XS3113306917 LT NRsf New Rating Transaction Summary Henley CLO XIII DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans, first-lien, last-out loans and high-yield bonds. Net proceeds from the notes have been used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Napier Park CMV LLC. The transaction has a five-year reinvestment period and an 8.25-year weighted average life (WAL) test covenant. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors to be in the 'B'/'B-' category. The Fitch weighted average rating factor of the identified portfolio is 24.7. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 59.8%. Diversified Portfolio (Positive): The transaction includes four matrices, two of which were effective at closing. These correspond to a top 10 obligor concentration limit at 18%, two fixed-rate asset limits of 5% and 12.5%, and an 8.25-year WAL test covenant. The other two matrices correspond to the same top 10 obligor limit, same fixed-rate asset limits, with a 7.5-year WAL covenant. The forward matrices can be selected by the manager any time from nine months after closing if WAL step-up does not occur or from 18 months after closing if WAL step-up occurs, provided that the aggregate collateral balance (including defaulted obligations at Fitch collateral value) is above the reinvestment target par balance. The transaction also has various portfolio concentration limits, including a maximum exposure to the three largest Fitch-defined industries at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. WAL Step-Up Feature (Neutral): The transaction can extend the WAL test covenant by nine months, on the step-up determination date, which can occur on or after nine months after closing. The WAL test covenant extension is subject to conditions including satisfying the Fitch collateral quality tests, and the aggregate collateral balance (including defaulted obligations at Fitch collateral value) being at least equal to the reinvestment target par balance. Portfolio Management (Neutral): The transaction has a five-year reinvestment period, which is governed by reinvestment criteria that are similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL Fitch modelled in the transaction's stress portfolio and matrices analysis is 12 months less than the WAL test covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include passing both the coverage tests and the Fitch 'CCC' maximum limit, as well as a WAL test covenant that progressively steps down both before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during the stress period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no impact on the class A-1 and A-2 notes and lead to downgrades of two notches for the class B and C notes and one notch for the class D and E notes. Based on the current portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Due to the better metrics and shorter life of the current portfolio than the stressed-case portfolio, the class B, D and E notes display rating cushions of two notches and the class C and F notes of one notch and . Theclass A-1 and A-2 notes do not display any rating cushion as they are already at the highest achievable rating. Should the cushion between the current portfolio and the stressed-case portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed-case portfolio would lead to downgrades of three notches for the class A-2, B, C and E notes, two notches for the class A-1 and D notes, and to below 'B-sf' for the class F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR across all ratings and a 25% increase in the RRR across all ratings of the stressed-case portfolio would lead to upgrades of up to four notches for the notes, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the stressed-case portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test covenant, leading to the ability of the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may occur in case of stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. 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 The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. 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 Fitch does not provide ESG relevance scores for Henley CLO XIII DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ========= I T A L Y ========= DECO 2019 - VIVALDI: DBRS Discontinues B(high) Rating on D Notes ---------------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, B, C and D Notes (together, the Notes) issued by Deco 2019 - Vivaldi S.r.l. as the Notes were fully redeemed on August 22, 2025. This concludes Morningstar DBRS's surveillance of this transaction. Prior to their repayment, the credit ratings and the outstanding principal balance on the Notes were as follows: -- Class A notes rated at A (high) (sf); EUR 110,852,179.72 -- Class B notes rated at BBB (sf); EUR 35,981,527.19 -- Class C notes rated at BB (high) (sf); EUR 37,617,051.15 -- Class D notes rated at B (high) (sf); EUR 15,549,241.95 Deco 2019 - Vivaldi S.r.l. is a securitisation of approximately 95% interest of two Italian refinancing facilities (e.g., the Palmanova loan and the Franciacorta loan) each backed by a retail outlet village managed by Multi Outlet Management Italy. SUNRISE SPV 97: DBRS Gives (P)BB(high) Rating to 2 Tranches ----------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) assigned provisional credit ratings to the following classes of notes (collectively, the Rated Notes) to be issued by Sunrise SPV 97 S.r.l. - Sunrise 2025-2 (the Issuer): -- Class A Notes at (P) AAA (sf) -- Class B Notes at (P) AA (sf) -- Class C Notes at (P) A (sf) -- Class D Notes at (P) BBB (high) (sf) -- Class E Notes at (P) BB (high) (sf) -- Class X Notes at (P) BB (high) (sf) Morningstar DBRS did not rate the Class M Notes (together with the Rated Notes, the Notes) also expected to be issued in this transaction. The credit ratings of the Class A and Class B Notes address the timely payment of scheduled interest and the ultimate repayment of principal on or before the legal final maturity date. The credit ratings of the Class C, Class D and Class E Notes address the ultimate payment of interest but the timely payment of scheduled interest when they become the senior-most tranche, and the ultimate repayment of principal on or before the legal final maturity date. The credit rating of the Class X Notes addresses the ultimate payment of interest and the ultimate repayment of principal on or before the legal final maturity date. The transaction is a securitisation of fixed-rate consumer, auto and other purpose loans granted to private individuals residing in Italy by Agos Ducato S.p.A. (Agos). Agos is also the initial servicer of the transaction, which has no exposure to balloon payments or residual value. Unlike previously issued transactions, this is the first Sunrise transaction that contemplates a pro rata/sequential redemption feature during the amortisation period. CREDIT RATING RATIONALE Morningstar DBRS' credit ratings are based on the following analytical considerations: -- The transaction's structure, including the form and sufficiency of available credit enhancement to withstand stressed cash flow assumptions and repay the Issuer's financial obligations according to the terms under which the Rated Notes are issued -- The credit quality and the diversification of the collateral portfolio, its historical performance and the projected performance under various stress scenarios -- The operational risk review of Agos' capabilities with regard to originations, underwriting, servicing and financial strength -- The transaction parties' financial strength with regard to their respective roles -- The expected consistency of the transaction's structure with Morningstar DBRS' "Legal and Derivative Criteria for European Structured Finance Transactions" methodology -- Morningstar DBRS' long-term sovereign credit rating on the Republic of Italy, currently at BBB (high) with a Positive trend TRANSACTION STRUCTURE The transaction includes a six-month scheduled revolving period, during which the Issuer is able to purchase additional loan receivables, subject to the eligibility criteria and concentration limits set out in the transaction documents. The revolving period may end earlier than scheduled if certain events occur such as the insolvency of Agos as the originator, the replacement of Agos as the servicer, or the breach of performance triggers. The transaction allocates collections in separate interest and principal priorities of payments and benefits from an amortising payment interruption risk reserve equal to 1.1% of Rated Notes (excluding the Class X Notes) principal balances, subject to a floor of EUR 850,000. This reserve will be initially funded with the (Class X) Notes issuance proceeds and can be used to cover senior expenses, senior swap payments and interest payments on the Rated Notes (excluding the Class X Notes) and would be replenished in the interest waterfall. Principal funds can also be reallocated to cover senior expenses, senior swap payments and interest payments on the Rated Notes (excluding the Class X Notes) if the interest collections and this reserve are not sufficient. The transaction also benefits from a rata posticipata reserve to supplement interest amounts that borrowers do not make during payment holidays. This reserve will be funded through the transaction interest waterfall if specific thresholds are breached and will be released when the threshold breach is cured. After the end of the revolving period, the repayment of the Notes (excluding the Class X Notes) will be on the Class A Notes only for six months, followed by a pro rata repayment between the Notes (excluding the Class X Notes) until a sequential redemption event occurs. Upon the occurrence of a sequential redemption event, the repayment of the Notes (excluding the Class X Notes) will switch to be sequential and non-reversible. On the other hand, the Class X Notes will begin to be repaid with the available funds in the interest priority of payments immediately after the transaction closes. Morningstar DBRS considers the interest rate risk for the transaction to be limited as an interest rate swap is in place to reduce the mismatch between the fixed-rate collateral and the Rated Notes (excluding the Class X Notes). TRANSACTION COUNTERPARTIES Crédit Agricole Corporate and Investment Bank (CA-CIB), Milan branch is the account bank for the transaction. Based on Morningstar DBRS' private ratings on CA-CIB, the downgrade provisions outlined in the transaction documents and other mitigating factors in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned. CA-CIB is also the initial swap counterparty for the transaction. CA-CIB meets the Morningstar DBRS' criteria to act in such capacity. The transaction documents contain downgrade provisions consistent with Morningstar DBRS' criteria. PORTFOLIO ASSUMPTIONS As Agos has a long operating history of consumer and auto loan lending in Italy, Morningstar DBRS considers the performance data to be meaningful for vintage analysis. Morningstar DBRS maintained its expected default assumptions for each loan type and constructed a portfolio lifetime expected gross default of 5.1% for this transaction based on the potential portfolio migration during the scheduled revolving period. On the other hand, Morningstar DBRS revised its expected recovery rates of all loan types upward to 20% or a loss given default (LGD) of 80%. Morningstar DBRS' credit ratings on the Rated Notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations for each of the Rated Notes are the related interest amounts and the initial principal amounts. Morningstar DBRS' credit ratings do not address non-payment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in euros unless otherwise noted. SUNRISE SPV 97: Fitch Assigns 'BB(EXP)sf' Rating to Class E Notes ----------------------------------------------------------------- Fitch Ratings has assigned Sunrise SPV 97 S.r.l. - Series 2025-2's (Sunrise 2025-2) asset-backed securities expected ratings. The assignment of final ratings is contingent on the receipt of final documentation conforming to information already reviewed. Entity/Debt Rating ----------- ------ Sunrise SPV 97 S.r.l. - Series 2025-2 Class A IT0005665549 LT AA(EXP)sf Expected Rating Class B IT0005665515 LT A(EXP)sf Expected Rating Class C IT0005665531 LT BBB(EXP)sf Expected Rating Class D IT0005665523 LT BBB-(EXP)sf Expected Rating Class E IT0005665556 LT BB(EXP)sf Expected Rating Class M IT0005665572 LT NR(EXP)sf Expected Rating Class X IT0005665564 LT BB+(EXP)sf Expected Rating Transaction Summary Sunrise 2025-2 will be the 28th public securitisation of unsecured consumer loans originated for Italian residents by Agos Ducato S.p.A. (Agos, A-/Stable/F1). The transaction will have a revolving period of five interest payment dates. The notes will amortise pro-rata, starting from the payment date in October 2026, following an initial sequential amortisation period. KEY RATING DRIVERS Sound Historical Performance: Fitch expects a weighted average (WA) lifetime default rate of 4.6% and a WA recovery rate of 10.5% for the portfolio at the end of the transaction's revolving period. The assumptions take into account Agos's loan book, sound historical vintages, modest default levels and the strong performance of the other Sunrise transactions, which have shown limited signs of deterioration during periods of economic stress. At 'AAsf', Fitch has assigned a WA default rate of 20.9% and a WA recovery rate of 5.3%. Mainly Unsecured Personal Loans: Around 75% of the portfolio will consist of personal loans (limited to 78% through the revolving period, in accordance with the transaction documents), which have historically experienced greater loss rates than other types of consumer loans. The rest of the portfolio will comprise auto loans, furniture and purpose loans. Initial Sequential Mitigates Pro Rata: The class A to M notes will amortise sequentially until October 2026, when they will start amortising pro-rata. The initial sequential amortisation will allow credit enhancement to build up to support the collateralised rated notes before the pro-rata amortisation begins. The notes will switch back to sequential if certain performance triggers are breached. Its base case views a switch to sequential amortisation as unlikely, due to the gap between its portfolio loss expectations and performance triggers. Excess Spread: The class X notes' interest and principal will be paid from the available excess spread as the notes are not collateralised. Excess spread notes are typically sensitive to underlying loan performance and prepayments and cannot achieve a rating higher than 'BB+(EXP)sf'. The class X notes will start amortising from the first payment date. Sovereign Cap: The class A notes' rating is limited by the sovereign cap for Italian structured finance transactions at six notches above Italy's Long-Term Issuer Default Rating (IDR; BBB/Positive). The Positive Outlook on the class A notes' rating reflects that on Italy's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The class A notes are sensitive to changes in Italy's Long-Term IDR. A downgrade of Italy's IDR and downward revision of the 'AAsf' rating cap for Italian structured finance transactions would trigger downgrades of the notes rated at this level. A revision of the Outlook on Italy's IDR to Stable would trigger similar action on the notes. An unexpected increase in the frequency of defaults or a decrease in the recovery rates could produce larger losses than the base case. For example, a simultaneous increase in the default base case by 25% and a decrease in the recovery base case by 25% would lead to downgrades of up to two notches for the class A to E notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Italy's IDR and upward revision of the 'AAsf' rating cap for Italian structured finance transactions could trigger upgrades of the notes rated at this level. This is provided sufficient credit enhancement is available to withstand stresses at a higher rating. An unexpected decrease in the frequency of defaults or an increase in the recovery rates could produce smaller losses than the base case. For example, a simultaneous decrease in the default base case by 25% and an increase in the recovery base case by 25% would lead to upgrades of up to two notches for the class B to E notes. 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 reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of 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 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. =================== L U X E M B O U R G =================== ECARAT DE SA 2025-2: DBRS Gives (P)BB(high) Rating to Class E Notes ------------------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) assigned provisional credit ratings to the following notes (the Rated Notes) to be issued by ECARAT DE S.A. acting on behalf and for the account of its Compartment 2025-2 (the Issuer): -- Class A Notes at (P) AAA (sf) -- Class B Notes at (P) AA (sf) -- Class C Notes at (P) A (sf) -- Class D Notes at (P) BBB (high) (sf) -- Class E Notes at (P) BB (high) (sf) Morningstar DBRS did not assign a provisional credit rating to the Class F Notes (collectively with the Rated Notes, the Notes) also expected to be issued in this transaction. The provisional credit ratings on the Class A and Class B Notes address the timely payment of scheduled interest and the ultimate repayment of principal by the final maturity date. The provisional credit ratings on the Class C, Class D, and Class E Notes address the ultimate (but timely when most senior) payment of interest and the ultimate repayment of principal by the final maturity date. The transaction represents the issuance of Notes backed by a portfolio of auto receivables related to amortising and balloon loans granted by Stellantis Bank S.A., German Branch (Stellantis Bank or the Seller) to private individual and commercial borrowers resident or incorporated in the Federal Republic of Germany (Germany). Stellantis Bank will also act as the servicer for the transaction. CREDIT RATING RATIONALE Morningstar DBRS based its provisional credit ratings on a review of the following analytical considerations: -- The transaction's structure, including form and sufficiency of available credit enhancement to withstand stressed cash flow assumptions and repay the Issuer's financial obligations according to the terms under which the Rated Notes are expected to be issued; -- The credit quality of Stellantis Bank's portfolio, the characteristics of the collateral, its historical performance, and Morningstar DBRS-projected behaviour under various stress scenarios. -- Stellantis Bank's capabilities with respect to originations, underwriting, servicing, and its position in the market and financial strength. -- The operational risk review of Stellantis Bank, which Morningstar DBRS deems to be an acceptable servicer. -- The transaction parties' financial strength with regard to their respective roles. -- The expected consistency of the transaction's structure with Morningstar DBRS' "Legal and Derivative Criteria for European Structured Finance Transactions" methodology; and, -- Morningstar DBRS' sovereign credit rating on Germany, currently at AAA with a Stable trend. TRANSACTION STRUCTURE The transaction includes a scheduled revolving period of 12 months, during which the Issuer may purchase additional receivables provided that the eligibility criteria and concentration limits set out in the transaction documents are satisfied. During the revolving period, the Issuer will apply the available funds in accordance with two separate principal and interest priorities of payments. Following the end of the revolving period and prior to a sequential redemption event, principal is allocated to the Rated Notes on a pro rata basis. Following a sequential redemption event, principal is allocated on a sequential basis. Once the amortisation becomes sequential, it cannot switch to pro rata. Sequential redemption events include, among others, the breach of performance-related triggers, the Seller not exercising the call option, or a shortage of the liquidity reserve required amount. The transaction benefits from an amortising liquidity reserve funded at closing to an amount equal to 1.3% of the Class A Notes, Class B Notes, Class C Notes, and Class D Notes' outstanding balance and floored at 0.5% of these notes' initial balance as at the closing date. The reserve is only available to the Issuer in restricted scenarios where the interest and principal collections are not sufficient to cover the shortfalls in senior expenses, swap payments, and interest on the Class A Notes and, if not deferred, interest on the Class B Notes, the Class C Notes, and the Class D Notes. Principal available funds may be used to cover senior expenses, swap payments, and interest shortfalls on the Rated Notes in certain scenarios that would be recorded in the transaction's principal deficiency ledger (PDL) in addition to the defaulted receivables. The transaction includes a mechanism to capture excess available revenue amount to cure PDL debits and interest deferral triggers on the subordinated classes of Rated Notes, conditional on the PDL debit amounts and seniority of the Rated Notes. COUNTERPARTIES BNP Paribas, Germany Branch (BNPP Germany) is expected to be appointed as the account bank for the transaction. Morningstar DBRS privately rates BNPP Germany and concluded that the bank meets the criteria to act in this capacity. The Issuer's accounts include the distribution account, the reserve account, and the swap collateral account. The transaction documents are expected to contain downgrade provisions relating to the account bank consistent with Morningstar DBRS' criteria. BNP Paribas SA (BNPP) is expected to be appointed as the swap counterparty for the transaction. Morningstar DBRS has a Long-Term Senior Debt credit rating of AA (low) and a Long-Term Critical Obligations Rating of AA (high) on BNPP, which meets the criteria for it to act in such capacity. The hedging documents are expected to contain downgrade provisions relating to the swap counterparty consistent with Morningstar DBRS' criteria. Morningstar DBRS' credit ratings on the Rated Notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. For the Rated Notes listed in the table, the associated financial obligations are the respective interest and redemption amounts. Morningstar DBRS' credit ratings do not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. =========== R U S S I A =========== UZBEKISTAN AIRPORTS: Fitch Assigns BB Long-Term IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned Uzbekistan Airports Joint Stock Company (Uzairports) a first time 'BB' Long-Term Issuer Default Rating (IDR). The Outlook is Stable. RATING RATIONALE Uzairports' Long-Term IDR is equalised with that of the Republic of Uzbekistan (BB/Stable) - its ultimate parent - according to Fitch's Government-Related Entities (GRE) Rating Criteria. Uzairports' IDR is at the same level as its Standalone Credit Profile (SCP) of 'bb'. The latter reflects concentrated but monopolistic operations, low leverage and, fixed revenues from current and anticipated private-public partnerships (PPP) arrangements. Despite strong financial metrics, the SCP is constrained by Uzbekistan's rating, given the group's multiple ties with the domestic economic and banking system. KEY RATING DRIVERS GRE Risk Factors Decision-Making and Oversight - 'Very Strong' Uzairports is fully owned by Uzbekistan with 75% ownership by the Ministry of Economy and Finance and 25% by the National Investment Fund of the Republic of Uzbekistan. Board representation enables government oversight of Uzairports' strategic planning and finances. Uzairports owns and operates all airports in Uzbekistan, but the Ministry of Economy and Finance is the ultimate decision-maker in strategic planning, finances and aviation tariffs. Fitch does not expect changes to Uzairports' government majority ownership. Precedents of Support - 'Strong' A meaningful portion of Uzairports' debt is backed by the government, but the share of guaranteed debt remains below 25%. The group's full ownership by the government creates a strong alignment of interests among all stakeholders within Uzairports' ecosystem. Uzairports has a history of receiving government support in various forms. This was demonstrated by the allocation of UZS513.5 billion from the state budget for Uzairports' capex projects between 2022 and 2024. Preservation of Government Policy Role - 'Strong' Uzairports is essential to Uzbekistan's aviation industry and pivotal in fostering the country's economic growth as outlined in the republic's 2030 strategic plan objectives. The group's ownership of airport assets would make it difficult to replace. Contagion Risk - 'Strong' Uzairports does not have a bond market presence yet. However, Fitch believes that in an event of default on its financial obligations with external parties, there would likely be a negative impact on the reputation of the government and other GREs, affecting their ability to secure funding from the international debt market. SCP Risk Factors Revenue Risk Volume: 'Midrange' Concentrated Portfolio of Assets Uzairports operates all airports in Uzbekistan, securing a monopolistic but concentrated position in a market that remains less developed than peers, with a low proportion of passengers outside the region. This risk is mitigated by strong growth in passenger volumes due to rising tourism and improving macroeconomic conditions. Aeronautical revenues account for most of the group's income, while non-aeronautical sources comprise less than 5%. JSC Uzbekistan Airways contributed 13% of revenue in the financial year to December 2024, followed by Turkish Airlines (BB/Stable) at 9%. Revenue Risk Price: 'Weaker' Exposure to Bilateral Commercial Contracts A significant portion of total revenue is generated through commercial contracts, which are bilaterally negotiated and expose income to short term economic volatility. In addition, aviation tariffs for resident airlines (68% of 2024 passenger volumes) are set in local currency by the Ministry of Economy and Finance, based on Uzairports' proposals. The lack of regulatory guidance limits tariff predictability, and rates may fall below optimal commercial levels due to government priorities. Infrastructure Development & Renewal: 'Midrange' Adequately Maintained Airports; Flexible Capex Uzairports is carrying out an investment programme to independently renovate or expand capacity at Tashkent Airport, while also considering private PPPs for upgrades at Bukhara, Namangan, and Urgench Airports. The capex works are expected to accelerate passenger volume growth and retail spending at the airports. The capex remains uncommitted and can be scaled back or postponed according to market conditions. Capital investments are primarily funded by internal cash flows but also with committed facilities. Debt Structure: 'Midrange' Fully Amortising, Largely Secured Debt Uzairport's corporate-like debt structure consists of fully amortising secured and unsecured loans guaranteed by the government, with no covenants in place. Its secured debt has adequate collateral. At end-June 2025, 16% of debt was guaranteed by the government, and 13% of senior unsecured debt extended by the Ministry of Economy and Finance was interest-free. Debt is exposed to interest rate and currency risk, but FX risk is partly offset by revenue denominated in US dollars. Liquidity is supported by adequate cash balances and undrawn long-term credit facilities for future capex. Financial Profile Uzairports' average net debt/EBITDA for 2025-2029 is forecast at 0.1x under the Fitch base case and 0.3x under the Fitch rating case. PEER GROUP GRE Peers Uzairport's closest Fitch-rated GRE peers are Salik Company PJSC (Salik, A-/Stable) and Abu Dhabi Ports Company PJSC (ADP, AA-/Stable), which Fitch rates under its Transportation Infrastructure Rating Criteria and GRE Criteria. Its assessment of both GREs results in the same support score, which determines the likelihood of government support. However, the difference in notching reflects each GRE's SCP and Fitch's assessment of the respective government's credit quality. Airport Peers Within Fitch's EMEA airport portfolio, Aena S.M.E. S.A. (A/Stable) and TAV Havalimanlari Holding A.S. (BB+/Stable) are Uzairports' closest peers. Peers are airport groups focused on leisure and origin/destination traffic. Aena's higher rating reflects its strategic importance, monopoly in Spain and no sovereign constraints. TAV's rating reflects exposure to Turkiye, structural subordination of holding company debt, diversified assets, and potential support from parent Aeroports de Paris S.A. (BBB+/Stable). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of Uzbekistan's sovereign rating Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Uzbekistan's sovereign rating, provided that the consolidated credit profile of Uzairports group has not materially deteriorated Date of Relevant Committee 20 August 2025 PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Uzairport's Long-Term IDR is linked to Uzbekistan's sovereign rating. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Uzbekistan Airports Joint Stock Company LT IDR BB New Rating =========================== U N I T E D K I N G D O M =========================== ARTURA CONSULTANCY: Leonard Curtis Named as Joint Administrators ---------------------------------------------------------------- Artura Consultancy Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD) Court Number: CR-2025-MAN-001110, and Mike Dillon and Andrew Knowles of Leonard Curtis, were appointed as joint administrators on Aug. 11, 2025. Artura Consultancy is a vehicle repair company. Its registered office is at 1st Floor, 11 Freeport Office Villa, Century Drive, Braintree, Essex CM77 8YG. Its principal trading address is at The Nexus, Systematic Buisness Park, Old Ipswich Road, Ardleigh, Colchester, CO7 7QL. The joint administrators can be reached at: Mike Dillon Andrew Knowles Leonard Curtis Riverside House Irwell Street, Manchester M3 5EN Further details contact: The Joint Administrators Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative contact: Joe Thompson CLERMA (G.B.): Antony Batty Named as Administrators --------------------------------------------------- Clerma (G.B.) Limited was placed into administration proceedings in the High Court of Justice Court Number: CR-2025-005486, and William Antony Batty and Hugh Francis Jesseman of Antony Batty & Company LLP, were appointed as administrators on Aug. 11, 2025. Clerma (G.B.), trading as Clergerie, operated in the retail industry. Its registered office is at C/O Browne Jacobson LLP, 6 Bevis Marks, London, EC3A 7BA. Its principal trading address is at 180 Walton St, London, SW3 2JL. The administrators can be reached at: William Antony Batty Hugh Francis Jesseman Antony Batty & Company LLP 3 Field Court, Gray's Inn London, WC1R 5EF For further details contact: Tania Melim-Alves Telephone: 020 7831 1234 Email: tania@antonybatty.com DAVIDSON LUXURY: CG&Co Named as Joint Administrators ---------------------------------------------------- Davidson Luxury Holdings Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency and Companies List (ChD) No CR-2025-MAN-0001121 and Edward M Avery-Gee and Nick Brierley of CG&Co, were appointed as joint administrators on Aug. 11, 2025. Davidson Luxury, trading as Davidson London, is a manufacturer of soft furnishings. Its new registered offfice is at C/O CG & Co, 27 Byrom Street, Manchester, M3 4PF. Its old registered office is at Chelsea Reach, 79-89 Lots Road, London, SW10 0RN. Its principal trading address is at World's End Studios, 132-134 Lots Road, London, SW10 0RJ. The joint administrators can be reached at: Edward M Avery-Gee Nick Brierley CG & Co 27 Byrom Street Manchester, M3 4PF Further details contact: Clara Van Biesebroeck Tel No: 0161 358 0210 Email: info@cg-recovery.com DURHAM MORTGAGES B: DBRS Confirms B(low) Rating on Class X Notes ---------------------------------------------------------------- DBRS Ratings Limited (Morningstar DBRS) confirmed its credit ratings on the notes issued by Durham Mortgages B Plc (the Issuer) as follows: -- Class A Notes at AAA (sf) -- Class B Notes at AA (sf) -- Class C Notes at A (sf) -- Class D Notes at BBB (high) (sf) -- Class E Notes at BB (high) (sf) -- Class F Notes at BB (sf) -- Class X Notes at B (low) (sf) The credit rating on the Class A Notes addresses the timely payment of interest and ultimate payment of principal on or before the legal final maturity date. The credit rating on the Class B Notes addresses the ultimate payment of interest and principal on or before the legal final maturity date while junior, and timely payment of interest while the senior-most class outstanding. The credit ratings on the Class C, Class D, Class E, Class F and Class X Notes address the ultimate payment of interest and principal on or before the legal final maturity date. CREDIT RATING RATIONALE The confirmations follow an annual review of the transaction and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults and losses, as of the May 2025 payment date. -- Portfolio default rate (PD), loss given default (LGD) and expected loss assumptions on the remaining receivables. -- Current available credit enhancement to the notes to cover the expected losses at their respective credit rating levels. The transaction is a securitisation of buy-to-let residential mortgages originated by Bradford & Bingley, Mortgage Express, GMAC, Kensington Mortgages Limited, and Close Brothers Group plc (the Originators), sold by Cornwall Home Loans Limited (the Seller), and serviced by Topaz Finance Limited (the Servicer). The transaction was a refinancing of an existing transaction that closed in 2021. PORTFOLIO PERFORMANCE As of April 30, 2025, loans two to three months in arrears represented 1.5% of the outstanding portfolio balance, and loans more than three months in arrears represented 12.9%. The cumulative default ratio was 2.0% and the cumulative net loss ratio was 1.0%. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and updated its base case PD and LGD assumptions at the B (sf) rating level to 13.2% and 18.1% respectively. CREDIT ENHANCEMENT As of the May 2025 payment date, credit enhancement to the Class A to Class F Notes had increased from the Morningstar DBRS initial rating as follows: -- Class A Notes: 25.1%, up from 21.8%. -- Class B Notes: 19.8%, up from 17.3%. -- Class A Notes: 14.5%, up from 12.7%. -- Class A Notes: 10.5%, up from 9.3%. -- Class A Notes: 7.3%, up from 6.5%. -- Class A Notes: 5.2%, up from 4.8%. The transaction benefits from a liquidity reserve fund (LRF) that is funded to 1% of the outstanding balance of the Class A Notes balance, which is available to cover shortfalls in senior fees and interest payments on the Class A Notes. The LRF is at its target level of GBP 8.4 million. The transaction also benefits from a general reserve fund (GRF) funded to 1.25% of the initial Class A to Class F notes balance. The GRF is available to cover shortfalls in senior fees and interest payments on the Class A to Class F Notes (where the Class B to Class F Notes are subject to a PDL condition of 10%), as well as principal losses on the Class A to Class F notes via the principal deficiency ledger. The GRF is at its target level of GBP 13.2 million. Citibank N.A., London Branch acts as the account bank for the transaction. Based on the Morningstar DBRS private credit rating on Citibank N.A., London Branch, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit rating assigned to the Class A Notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European Structured Finance Transactions" methodology. Morningstar DBRS's credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Morningstar DBRS's long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in British pound sterling unless otherwise noted. MABLE THERAPY: RSM UK Restructuring Named as Administrators ----------------------------------------------------------- Mable Therapy Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Company & Insolvency List (ChD) Court Number: CR-2025-005557, and Nick Edwards and Graham Bushby of RSM UK Restructuring Advisory LLP, were appointed as administrators on Aug. 12, 2025. Mable Therapy specialized in speech therapy and counseling. Its registered office and principal trading address is at 1 Aire Street, Leeds, West Yorkshire, LS1 4PR. The administrators can be reached at: Graham Bushby RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB -- and -- Nick Edwards RSM UK Restructuring Advisory LLP 4th Floor, 100 Avebury Boulevard Milton Keynes, Buckinghamshire, MK9 1FH Correspondence address and contact details of case manager: Matthew Woodcock RSM Restructuring Advisory LLP 4th Floor, 100 Avebury Boulevard Milton Keynes, Buckinghamshire, MK9 1FH Tel: 0190 868 7800 Further details contact: Graham Bushby Tel: 020 3201 8000 or Nick Edwards Tel: 0190 868 7800 PAN MARKETING: Turpin Barker Named as Joint Administrators ---------------------------------------------------------- Pan Marketing Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD) Court Number: CR-2025-005579, and Andrew Richard Bailey and Martin C Armstrong of Turpin Barker Armstrong, were appointed as joint administrators on Aug. 14, 2025. Pan Marketing specialized in the sale of whole foods and tobacco. Its registered office is at Riverhouse, 1 Maidstone Road, Sidcup, DA14 5RH. The joint administrators can be reached at: Andrew Richard Bailey Martin C Armstrong Turpin Barker Armstrong Allen House, 1 Westmead Road Sutton, Surrey, SM1 4LA For further details contact The Joint Administrators Email: louis.byrne@turpinba.co.uk Telephone: 02086617878 Alternative contact: Louis Byrne VICTORIA PLC: Moody's Appends 'LD' Designation to PDR ----------------------------------------------------- Moody's Ratings has appended a limited default (LD) designation to Victoria plc's (Victoria or the company) probability of default rating PDR revising it to Caa1-PD/LD from Caa1-PD. The LD designation will be in effect for three business days from the date of this announcement. The Caa1 rating on the company's long-term corporate family rating (CFR), and the ratings on its debt instruments are unaffected. The outlook is unaffected at negative. On August 21, Victoria's consent solicitation and exchange offer expired and the company announced that nearly all of the Caa3-rated 2026 notes will be exchanged for new Caa1-rated First Priority Backed Senior Secured Notes. The settlement date for the transaction is August 26. Moody's classify this transaction as a distressed exchange under Moody's definitions, which is reflected in the LD designation. Victoria plc, founded in 1895 in the United Kingdom, is an international designer, manufacturer and distributor of flooring products across carpets, ceramic tiles, underlay, luxury vinyl tile, artificial grass and flooring accessories. Victoria is listed on AIM in London with a market capitalisation of approximately GBP82 million as of time of this publication. The company benefits from good geographic diversification, with more than 74% of its revenue being generated from outside the UK. For the financial year ending in March 2025, the company generated GBP1,118 million of sales and GBP114 million of reported underlying EBITDA. ********* 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-Europe 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, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *