250905.mbx

250905.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 Friday, September 5, 2025, Vol. 26, No. 178 Headlines E S T O N I A AS LHV GROUP: Moody's Rates New Tier 2 Subordinated Notes 'Ba1' F R A N C E REXEL SA: Moody's Rates New EUR400MM Senior Unsecured Notes 'Ba1' G E R M A N Y TECHEM: S&P Puts 'B+' Rating to New EUR1.85BB Term Loan Facility I R E L A N D AURIUM CLO IV: Moody's Affirms B1 Rating on EUR11.8MM Cl. F Notes DRYDEN 35 2014: S&P Affirms 'B- (sf)' Rating on Class F-R Notes ELM PARK CLO: Moody's Affirms B2 Rating on $12.5MM Class E Notes FIDELITY GRAND 2025-1: S&P Assigns B- (sf) Rating to Class F Notes ICG EURO 2025-1: S&P Assigns B- (sf) Rating to Class F Notes N E T H E R L A N D S PETROBRAS GLOBAL: S&P Rates Proposed Senior Unsecured Notes 'BB' N O R W A Y B2 IMPACT: S&P Assigns 'BB-' Rating on New Senior Unsecured Notes U N I T E D K I N G D O M BRICKS SILVERSTONE: FRP Advisory Named as Joint Administrators HL BROTHERS: RMT Named as Administrator SSRE INVESTMENT 1: RSM UK Named as Administrators SSRE INVESTMENT 4: RSM UK Named as Administrators X X X X X X X X [] BOOK REVIEW: Taking Charge - - - - - ============= E S T O N I A ============= AS LHV GROUP: Moody's Rates New Tier 2 Subordinated Notes 'Ba1' --------------------------------------------------------------- Moody's Ratings has assigned a Ba1 domestic currency subordinated rating to AS LHV Group's (LHV Group) proposed Tier 2 subordinated notes. At the same time, Moody's have upgraded the group's long-term issuer and senior unsecured ratings to Baa2 from Baa3. The outlooks on the long-term issuer and senior unsecured ratings remain positive. All other ratings and rating assessments for LHV Group and AS LHV Pank (LHV Pank) are unaffected by the rating action. This rating action follows LHV Group's announcement on September 01, 2025 that it plans to issue Tier 2 subordinated notes. RATINGS RATIONALE The Ba1 subordinated debt rating reflects LHV Group's standalone creditworthiness, as expressed in a Baseline Credit Assessment (BCA) of baa3 for LHV Pank, LHV Group's main operating subsidiary, and high loss given failure as indicated by Moody's Advanced Loss Given Failure (LGF) analysis, which results in a rating that is one notch below the BCA. The high loss given failure reflects the low volume of subordinated notes and low equity that Moody's expects at failure. Moody's considers the probability of support from the Government of Estonia (A1, outlook stable) for LHV Group's subordinated debt as low, which does not result in any uplift. The upgrade of the LHV Group's long-term issuer and senior unsecured debt ratings reflects Moody's views that the increased volume of loss-absorbing securities provided by the proposed subordinated notes would lower the loss given failure to its senior unsecured debtholders in a resolution scenario. OUTLOOK The outlook on LHV Group's long-term issuer and senior unsecured ratings is positive, reflecting Moody's expectations that the financial profile will continue strengthening over the next 12 to 18 months, with capitalisation remaining high. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS LHV Group's and LHV Pank's ratings could be upgraded if the BCA is upgraded, which could occur if the low level of problem loans is maintained combined with strong core capitalisation and profitability, and more balanced growth of deposits related to financial intermediaries. While unlikely given the positive outlook, the ratings could be downgraded in case of a significant deterioration in the BCA as a result of lower solvency ratios, or if operational risk relating to its services to financial intermediaries increases substantially, for example because of materialising weaknesses in anti-money laundering monitoring; or lower volumes of liquid resources, leading to reduced liquidity buffers compared with the increasing volume of more volatile funding sources such as senior debt. Furthermore, lower levels of loss absorbing obligations or faster than expected balance sheet growth could lead to a lower uplift of LHV Group's long-term issuer and senior unsecured ratings, as indicated by the Advanced LGF analysis, resulting in a downgrade of these ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2024. LHV Pank's "Assigned BCA" of baa3 is set four notches below the "Financial Profile" initial score of a2 to reflect risks associated with high lending growth, including in its UK operations, which Moody's expects to lead to a reduction in core capitalisation, and operational and liquidity risks related to its financial intermediaries business. =========== F R A N C E =========== REXEL SA: Moody's Rates New EUR400MM Senior Unsecured Notes 'Ba1' ----------------------------------------------------------------- Moody's Ratings has assigned a Ba1 instrument rating to Rexel SA's (Rexel) proposed new EUR400 million senior unsecured notes due 2030. All other existing ratings remain unaffected, including the company's Ba1 long-term corporate family rating, the Ba1-PD probability of default rating, and the Ba1 instrument ratings on its existing EUR1,000 million senior unsecured notes due 2028 and EUR400 million senior unsecured notes due 2030. The stable outlook also remains unaffected. The net proceeds from the proposed senior unsecured notes issuance will be mainly used to refinance near-term debt obligations, including EUR267 million outstanding commercial paper and other short-term borrowings. The new senior unsecured notes will rank pari passu in right of payment with Rexel's existing EUR1,400 million senior unsecured notes, while remaining structurally subordinated to all outstanding indebtedness at the subsidiary level. RATINGS RATIONALE The Ba1 senior unsecured notes rating reflects the company's proactive liability management strategy aimed at reducing reliance on structurally short-termed debt instruments that require ongoing refinancing. The transaction supports a more balanced and well-staggered debt maturity profile, reinforcing Rexel's financial resilience — a relevant consideration given its exposure to cyclical end markets and investor sentiment across economically challenged regions such as the DACH area, the Netherlands, and China. While the issuance will temporarily increase Moody's-adjusted debt/EBITDA to around 4.0x as of LTM June 2025 (pro forma for the EUR100 million Schuldschein loan signed in July 2025) from 3.6x on an actual basis, Moody's expects the transaction to be metrics-neutral by year-end 2025, once the proceeds are deployed to refinance short-term debt maturities. Moody's forecasts remains unchanged, anticipating a peak in Moody's-adjusted debt/EBITDA around 3.8x by year-end 2025, followed by deleveraging to around 3.2x by year-end 2026, supported by earnings contributions from bolt-on acquisitions. Rexel's Ba1 ratings continue to be supported by (1) favorable demand tailwinds driven by accelerated adoption of energy-efficient electrification solutions that enable the expansion of critical infrastructure — characterized by high computational capacity, reliable data transmission, and robust connectivity — underpinning the growth of generative AI and next-generation technologies; (2) its global scale and high share of value-added offerings and essential or advanced services, which enhance operational resilience across economic cycles — as evidenced by the return to positive organic growth in North America fully offsetting structural weakness in Europe and Asia-Pacific; and (3) good liquidity and prudent financial policies supported by consistent positive free cash flow generation which facilitate access to diversified debt funding sources. Conversely, the ratings remain constrained by (1) structurally low margins inherent to the distribution business model, albeit partially mitigated with a focus on specialized electrification products; (2) exposure to cyclical end markets, with renovation and new build activities closely tied to GDP growth and investor sentiment; and (3) temporarily elevated leverage due to softer earnings amid a broader market downcycle, partial debt-funded acquisitions whose full-year earnings contributions are yet to materialize but are expected to be accretive, particularly in the strategic North American market, and partial debt funding of the EUR126 million fine imposed by the French competition authority (currently under appeal). RATIONALE OF THE OUTLOOK The stable outlook reflects Moody's expectations that Rexel will allocate the proceeds from the proposed issuance mainly toward refinancing activities. Consistent with Moody's recent ratings affirmation, the outlook also incorporates Moody's views that Rexel will maintain a disciplined financial policy, calibrating the pace of acquisitions to preserve Moody's-adjusted debt/EBITDA between 3.0x–3.8x, EBITDA/interest coverage between 6.5x–7.5x, and sustaining positive free cash flow generation over the next 12–18 months. LIQUIDITY Rexel maintains good liquidity. As of June 30, 2025, the company had access to EUR439 million cash and cash equivalents, a EUR700 million fully undrawn revolving credit facility (RCF), and EUR64 million undrawn bilaterial facilities. In June and July 2025, the company extended the maturity of its European and US factoring programs by three years to 2028 and increased total commitments by $80 million. Rexel faces upcoming debt maturities, including EUR267 million commercial paper due 2025 and EUR324 million medium-term notes, drawn factoring facilities, and other bank debt due 2026. A portion of these obligations will be addressed through the proceeds of the proposed new senior unsecured notes issuance. Moody's expects Rexel to maintain yearly shareholder distributions, with up to EUR370 million dividend payments and EUR105 million share buybacks. In parallel, Moody's anticipates continued market share consolidation through bolt-on acquisitions of up to EUR350 million each year, primarily funded by internally generated cash flows. Despite these outflows, Moody's project Rexel will maintain its consistent track record of large positive FCF generation — at EUR170 million in 2025 and EUR413 million in 2026 (Moody's definition and estimate) — and solid cash balance around EUR560 million by end of 2026. STRUCTURAL CONSIDERATIONS Following the proposed new senior unsecured notes issuance, Rexel's financial liabilities will include EUR1,800 million senior unsecured notes and EUR700 million senior unsecured RCF, EUR300 million Schuldschein loans, EUR267 million outstanding commercial paper, EUR96 million medium-term notes, and EUR206 million bank borrowings. The operating liabilities include EUR2,384 billion trade payables, EUR236 million short-term lease obligations, and EUR89 million pension liabilities. In Moody's Loss Given Default (LGD) waterfall, Moody's treats these sizeable operating liabilities as structurally senior to the unsecured financial liabilities at holding level that do not benefit from guarantees from the operating subsidiaries. Because of this structural subordination, Moody's LGD model indicates a Ba2 rating for the senior unsecured notes. However, Moody's apply a one-notch override to align the senior unsecured notes rating with the CFR of Ba1. This override reflects Rexel's strong credit profile and Moody's expectations that, in a downturn, operating liabilities can be offset by trade receivables and other current assets, thereby preserving recovery prospects for senior unsecured noteholders. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Positive rating pressure could develop if: -- Rexel continues to demonstrate consistent revenue and earnings growth, maintaining solid profitability; -- Rexel maintains prudent financial policies with disciplined capital allocation, leading to Moody's-adjusted debt/EBITDA declining sustainably towards 2.5x; and -- Moody's-adjusted retained cash flow/debt increases above 25% on a sustained basis. Moody's could relax the upgrade factors if Rexel demonstrates a structurally stronger business profile, with greater resilience through economic cycles and sustainably higher operating profitability, in line with its strategy. Conversely, negative rating pressure would arise if: -- Rexel demonstrates aggressive financial policies, illustrated by large debt-funded acquisitions or excessive shareholder distributions, leading to Moody's-adjusted debt/EBITDA persistently above 3.5x; -- There is evidence of a sustained deterioration in margins; -- Moody's-adjusted retained cash flow/debt decreases below 15% on a sustained basis; and -- Liquidity deteriorates PRINCIPAL METHODOLOGY The principal methodology used in this rating was Distribution and Supply Chain Services published in December 2024. CORPORATE PROFILE Rexel SA is a global leading distributor of low and ultralow voltage electrical products and integrated solutions, serving the residential, non-residential, and industrial end markets. Its core product portfolio includes cables, lighting, HVAC systems, photovoltaic installations, industrial automation and energy efficiency solutions. Rexel also delivers specialized services in smart building technologies, data centers and broadband infrastructure, and electric vehicle charging infrastructure. In the 12 months that ended June 2025, the company generated EUR19.4 billion in sales and reported EBITDA of EUR1.5 billion. Rexel has been listed on Euronext Paris since April 2007, with a 98.8% free float. ============= G E R M A N Y ============= TECHEM: S&P Puts 'B+' Rating to New EUR1.85BB Term Loan Facility ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating to the proposed EUR1.85 billion term loan facility 6 that Techem plans to issue through its financing subsidiary, Techem Verwaltungsgesellschaft 675 mbH. The '3' recovery rating reflects its expectation of meaningful recovery prospects (rounded estimate: 60%) in the event of payment default. The new tranche is part of a proposed amend-and-extend transaction that will enable Techem to extend the maturity of its existing term loan facility 5, due in July 2029, to July 2032. As part of this transaction, Techem is also increasing the size of its revolving credit facility (RCF) to EUR396.7 million and will extend all or the vast majority of this increased RCF to April 2032 from January 2029. In S&P's view, the transaction will strengthen the group's debt maturity profile and its liquidity. S&P said, "Year-to-date performance (fiscal year ending Sept. 30) remains strong and in line with our expectations, with company-reported revenue growth of 10.7% and company-reported EBITDA expansion of EUR55.6 million. Growth continues to come from favorable market conditions--with higher volumes particularly in Germany, as the installed base of submetering devices continues to expand by 2.4% year-on-year--as well as price increases, newly priced components, and the continued rollout of multi-sensor devices. We continue to forecast annual revenue growth of 10.7% year-on-year and S&P Global Ratings-adjusted EBITDA margin expansion to 47.7%, compared with 46.6% in fiscal 2024. As a result, we expect debt to EBITDA of 5.5x in fiscal 2025, excluding the EUR1.6 billion of deferred equity payment (or about 9x including the deferred equity payment that we treat as debt under our criteria), compared with 6.0x at the end of fiscal 2024." Issue Ratings--Recovery Analysis Key analytical factors -- S&P rates at 'B+' the senior secured facilities under Techem Verwaltungsgesellschaft 675, including the proposed EUR1.85 billion term loan B facility 6 due in July 2032, the EUR500 million senior secured notes due in July 2029, and the EUR1.15 billion senior secured notes due in July 2032. The recovery rating is '3', indicating its expectation of meaningful recovery (50%-70%; rounded estimate: 60%) in a default scenario. -- The capital structure includes a EUR396.7 million RCF ranking at the same seniority as the senior secured facilities. -- The absence of material prior-ranking liabilities underpins the rating on the senior secured debt, but the large amount of equally ranking senior secured debt constrains it. -- The senior secured facilities benefit from a modest security package, which comprises share pledges, bank accounts, and intragroup receivables. -- The facility agreements include a guarantor coverage test at 80% of consolidated EBITDA for the RCF. They also include unlimited senior secured debt on a pro forma basis up to 5.8x the senior secured net leverage ratio, and unlimited junior secured debt up to 7.2x the total net leverage ratio. Techem is permitted to have indebtedness up to a pro forma fixed-charge coverage ratio of 2.0x. -- In S&P's hypothetical default scenario, it assumes a significant increase in competitive pressure stemming from a technological change or a legislative change in Germany's submetering market, which would result in declining revenue and margins combined with high leverage. -- S&P values Techem as a going concern, reflecting our view of the company's leading market shares and high profitability. Simulated default assumptions -- Year of default: 2030 -- Jurisdiction: Germany Simplified waterfall -- Emergence EBITDA: EUR397.6 million -- Implied enterprise value multiple: 6.5x -- Net enterprise value after administrative expenses (5%): EUR2.455 billion -- Estimated senior secured debt claims: EUR3.948 billion --Recovery expectation: 50%-70% (rounded estimate: 60%) All debt amounts include six months' prepetition interest. ============= I R E L A N D ============= AURIUM CLO IV: Moody's Affirms B1 Rating on EUR11.8MM Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Aurium CLO IV Designated Activity Company: EUR32,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to Aa2 (sf); previously on May 13, 2022 Upgraded to A1 (sf) EUR24,200,000 Class D Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to Baa1 (sf); previously on May 13, 2022 Affirmed Baa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR229,000,000 (Current outstanding amount EUR183,431,740) Class A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on May 13, 2022 Affirmed Aaa (sf) EUR54,000,000 Class B Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on May 13, 2022 Upgraded to Aaa (sf) EUR20,300,000 Class E Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed Ba2 (sf); previously on May 13, 2022 Affirmed Ba2 (sf) EUR11,800,000 Class F Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed B1 (sf); previously on May 13, 2022 Affirmed B1 (sf) Aurium CLO IV Designated Activity Company, originally issued in April 2018 and refinanced in November 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Spire Management Limited ("Spire"). The transaction's reinvestment period ended in July 2022. RATINGS RATIONALE The rating upgrades on the Class C and D notes is primarily a result of the deleveraging of the senior notes following amortisation of the underlying portfolio since August 2024. The affirmations on the ratings on the Class A, Class B, Class E and Class F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A notes have paid down by approximately EUR44.6 million (19.5%) in the last 12 months and EUR45.6 million (19.9%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased. According to the trustee report dated Jul 2025 [1] the Class A/B, Class C, and Class D OC ratios are reported at 145.96%, 128.62% and 118.02% compared to Aug 2024 [2] levels of 139.99%, 125.73%, and 116.73%, respectively. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodologies and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR346,300,361 Defaulted Securities: EUR1,000,000 Diversity Score: 36 Weighted Average Rating Factor (WARF): 2838 Weighted Average Life (WAL): 2.72 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.58% Weighted Average Coupon (WAC): 3.59% Weighted Average Recovery Rate (WARR): 43.38% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. DRYDEN 35 2014: S&P Affirms 'B- (sf)' Rating on Class F-R Notes --------------------------------------------------------------- S&P Global Ratings raised its credit ratings on Dryden 35 Euro CLO 2014 DAC's class B-1A-R and B-1B-R notes to 'AA+ (sf)' from 'AA (sf)', class C-1A-R and C-1B-R notes to 'AA- (sf)' from 'A (sf)', and class D-R notes to 'BBB+ (sf)' from 'BBB- (sf)'. At the same time, we affirmed our 'AAA (sf)' rating on the class A notes, 'B+ (sf)' rating on the class E-R notes, and 'B- (sf)' rating on the class F-R notes. The rating actions follow the application of our global corporate CLO criteria, and its credit and cash flow analysis of the transaction based on the June 2025 trustee report. Since the transaction's reset date in January 2020: -- The portfolio's weighted-average rating remains unchanged at 'B'. -- The number of performing obligors is 114, down from 124 at closing. -- The portfolio's weighted-average life is 3.66 years compared with 4.46 years at closing. -- The percentage of 'CCC' rated assets is 7.39% of the performing balance, up from 2.50% at closing. -- The scenario default rates (SDRs) have decreased for all rating scenarios primarily due to a reduction in the weighted-average life since the closing date (currently 3.66 years). Portfolio benchmarks Current SPWARF 2842.07 Default rate dispersion (%) 665.82 Weighted-average life (years) 3.66 Obligor diversity measure 85.55 Industry diversity measure 18.97 Regional diversity measure 1.28 SPWARF--S&P Global Ratings' weighted-average rating factor. On the cash flow side: -- The transaction's reinvestment period ended in July 2024. -- The class A-R notes have deleveraged by EUR81.99 million since closing, equivalent to an outstanding note factor of 68.63%. -- No class of notes is currently deferring interest. -- All coverage tests are passing as of the June 2025 report. Transaction key metrics Current Total collateral amount (mil. EUR)* 335.05 Defaulted assets (mil. EUR) 0 Number of performing obligors 114 Portfolio weighted-average rating B 'CCC' assets (%) 7.39 'AAA' SDR (%) 59.90 'AAA' WARR (%) 36.51 *Performing assets plus cash and expected recoveries on defaulted assets. SDR--scenario default rate. WARR--Weighted-average recovery rate. On the cash flow side: -- The transaction's reinvestment period ended in July 2024. -- The class A-R notes have deleveraged by EUR81.99 million since closing, equivalent to an outstanding note factor of 68.63%. -- No class of notes is currently deferring interest. -- All coverage tests are passing as of the June 2025 report. Credit enhancement Current amount Credit enhancement Credit enhancement Class (mil. EUR) as of June 2025 (%)* at closing (%) A-R 179.41 46.45 38.49 B-1A-R 22.10 33.89 28.59 B-1B-R 20.00 33.89 28.59 C-1A-R 15.10 26.4 22.68 C-1B-R 10.00 26.4 22.68 D-R 28.10 18.01 16.07 E-R 24.70 10.64 10.26 F-R 12.80 6.82 7.25 Sub 47.30 N/A N/A Credit enhancement = [Performing balance + cash balance + recovery on defaulted obligations (if any) – tranche balance (including tranche balance of all senior tranches)] / [Performing balance + cash balance + recovery on defaulted obligations (if any)]. N/A--Not applicable *Based on the portfolio composition as reported by the trustee in June 2025. S&P said, "In our view, the portfolio is diversified across obligors, industries, and asset characteristics. "We considered the transaction's weighted average life (WAL) test, which has been failing since the reinvestment end date in July 2024. According to the transaction document, the collateral manager must satisfy, maintain, or improve this test to reinvest principal proceeds. Given the failure of the WAL test, we expect minimal future reinvestment, principal proceeds will instead be used to further pay down the notes. "For the class A-R notes, our base case credit and cash flow analysis indicates that the available credit enhancement is sufficient to withstand the credit and cash flow stresses that we apply at the 'AAA' rating level. We therefore affirmed our 'AAA (sf)' rating on this class of notes. "For the class B-1A-R, B-1B-R, C-1A-R, and C-1B-R, our cash flow analysis indicates that the available credit enhancement for these notes could withstand stresses commensurate with higher ratings than those currently assigned. Additionally, we considered several key factors, including the cushion between our break-even default rates (BDR) and the SDR, the notes' relative seniority, available credit enhancement, and the current macroeconomic environment. Considering these factors, we raised our ratings on the class B-1A-R and B-1B-R notes to 'AA+ (sf)' from 'AA (sf)' and on the class C-1A-R and C-1B-R notes to 'AA- (sf)' from 'A (sf)'. "For the class D-R notes, we raised our rating as the available credit enhancement is now commensurate with the 'BBB+' rating level. We therefore raised our rating on this class of notes by two notches to 'BBB+ (sf)' from 'BBB- (sf). "Our cash flow analysis indicates that the available credit enhancement for the class E-R notes could withstand stresses commensurate with a higher rating than that assigned. However, the notes pass our stress tests only one notch above the current rating level. In addition, the available cushion between our BDR and the SDR is limited, while the tranche's level of seniority remains low. Taking these factors into account, we affirmed our 'B+ (sf)' rating on the class E-R notes." For the class F-R notes, S&P's credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. S&P therefore applied its 'CCC' rating criteria, and considered the following key factors: -- The tranche's available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 18.12% (for a portfolio with a weighted-average life of 3.66 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 3.66 years, which would result in a target default rate of 11.71%. -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. Having considered the above, S&P affirmed its 'B- (sf)' rating on the class F-R notes. The transaction's exposure to country risk is limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in S&P's structured finance sovereign risk criteria. Counterparty, operational, and legal risks are adequately mitigated in line with S&P's criteria. Dryden 35 Euro CLO DAC is a European cash flow CLO transaction that securitizes loans granted to primarily speculative-grade corporate firms. The transaction is managed by PGIM Ltd. ELM PARK CLO: Moody's Affirms B2 Rating on $12.5MM Class E Notes ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Elm Park CLO Designated Activity Company: EUR39,000,000 Class A-2A Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Apr 15, 2021 Definitive Rating Assigned Aa2 (sf) EUR11,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Apr 15, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR119,000,000 Class A-1 Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Apr 15, 2021 Definitive Rating Assigned Aaa (sf) EUR191,000,000 Class A-1 Senior Secured Floating Rate Loan due 2034, Affirmed Aaa (sf); previously on Apr 15, 2021 Definitive Rating Assigned Aaa (sf) EUR35,000,000 Class B Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed A2 (sf); previously on Apr 15, 2021 Definitive Rating Assigned A2 (sf) EUR30,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Apr 15, 2021 Definitive Rating Assigned Baa3 (sf) EUR25,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba2 (sf); previously on Apr 15, 2021 Definitive Rating Assigned Ba2 (sf) EUR12,500,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B2 (sf); previously on Apr 15, 2021 Definitive Rating Assigned B2 (sf) Elm Park CLO Designated Activity Company, issued in May 2016 and refinanced in April 2018 and again in April 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Blackstone Ireland Limited. The transaction's reinvestment period will end in October 2025. RATINGS RATIONALE The rating upgrades on the Class A-2A and Class A-2B notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in October 2025. The affirmations on the ratings on the Class A-1 Notes and Class A-1 Loan, Class B, Class C, Class D and Class E notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodologies and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR496.5m Defaulted Securities: EUR4.2m Diversity Score: 62 Weighted Average Rating Factor (WARF): 2960 Weighted Average Life (WAL): 4.27 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.60% Weighted Average Coupon (WAC): 3.24% Weighted Average Recovery Rate (WARR): 43.97% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debt's performance is subject to uncertainty. The debt's performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the debt's performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: Once reaching the end of the reinvestment period in October 2025, the main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. FIDELITY GRAND 2025-1: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Fidelity Grand Harbour CLO 2025-1 DAC's class A loan and class A to F European cash flow CLO notes. At closing, the issuer also issued unrated subordinated notes. Under the transaction documents, the rated notes and loan will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will permanently switch to semi-annual payments. The portfolio's reinvestment period ends approximately 4.6 years after closing, and its non-call period ends 1.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,753.17 Default rate dispersion 442.78 Weighted-average life (years) 4.84 Obligor diversity measure 108.34 Industry diversity measure 19.11 Regional diversity measure 1.29 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 37.13 Target weighted-average spread (net of floors; %) 3.72 Target weighted-average coupon (%) 3.54 Rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "Until the end of the reinvestment period in April 15, 2030, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and it compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "Following the end of the reinvestment period, certain assets can be substituted as long as they meet the reinvestment criteria. In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (3.65%), the covenanted weighted-average coupon (3.25%), and the target weighted-average recovery rates at all rating levels. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1 to E notes benefits from break-even default rate and scenario default rate cushions that we would typically consider commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes and loan. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote. The issuer is a special-purpose entity that meets our criteria for bankruptcy remoteness. "Our credit and cash flow analysis indicates that the available credit enhancement for the class F notes could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria and assigned a rating of 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 25.32% (for a portfolio with a weighted-average life of 4.84 years, versus if we were to consider a long-term sustainable default rate of 3.2% for 4.84 years, which would result in a target default rate of 15.49%." -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F notes and A loan. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A to E notes and A loan based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have included the above scenario analysis results for the class F notes." The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds. The transaction is managed by Fidelity CLO Advisers LP. Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 147.00 38.00 3mE +1.31% A loan AAA (sf) 101.00 38.00 3mE +1.31% B-1 AA (sf) 33.00 27.25 3mE +1.85% B-2 AA (sf) 10.00 27.25 5.00% C A (sf) 21.00 22.00 3mE +2.40% D BBB- (sf) 32.00 14.00 3mE +3.15% E BB- (sf) 18.00 9.50 3mE +5.80% F B- (sf) 12.00 6.50 3mE +8.31% Sub NR 32.40 N/A N/A *The ratings assigned to the class A loan, and class A, B-1, and B-2 notes address timely interest and ultimate principal payments. The ratings assigned to the class C to F notes address ultimate interest and principal payments. §The payment frequency switches to semi-annual and the index switches to six-month Euro Interbank Offered Rate (EURIBOR) when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month EURIBOR. ICG EURO 2025-1: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to ICG Euro CLO 2025-1 DAC's class A-1, A-2, B-1, B-2, C, D, E, and F notes. At closing, the issuer also issued unrated class Z notes and subordinated notes. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,705.35 Default rate dispersion 583.20 Weighted-average life (years)including reinvestment period 4.50 Weighted-average life (years)excluding reinvestment period 4.31 Obligor diversity measure 96.90 Industry diversity measure 19.75 Regional diversity measure 1.25 Transaction key metrics Weighted-average rating B 'CCC' category rated assets (%) 1.00 Target 'AAA' weighted-average recovery rate 36.93 Target weighted-average spread (%) 4.04 Target weighted-average coupon (%) 6.17 Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.5 years after closing. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread of 3.80%, the covenanted weighted average coupon of 4.00%, the portfolios actual weighted average recovery rates with a 1% cushion at the 'AAA' rating level, and the actual portfolio's weighted-average recovery rates at all other rating levels. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1 to E notes could withstand stresses commensurate with higher ratings than those we have assigned. However, the CLO benefits from a reinvestment period until March 9, 2030, during which the transaction's credit risk profile could deteriorate, subject to CDO monitor results. We have therefore capped our ratings assigned to the notes. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The issuer is bankruptcy remote, in accordance with our legal criteria. "The CLO is managed by Intermediate Capital Managers Ltd. Under our "Global Framework For Assessing Operational Risk In Structured Finance Transactions," Oct. 9, 2014, the maximum potential rating on the liabilities is 'AAA'. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-1 to E notes to four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds and is managed by Intermediate Capital Managers Ltd. Ratings list Amount Class Rating* (mil. EUR) Interest rate§ Sub (%) A-1 AAA (sf) 240.80 3mE + 1.36% 39.80 A-2 AAA (sf) 9.20 3mE + 1.90% 37.50 B-1 AA (sf) 36.50 3mE + 2.10% 26.50 B-2 AA (sf) 7.50 5.00% 26.50 C A (sf) 24.00 3mE + 2.55% 20.50 D BBB- (sf) 26.00 3mE + 3.65% 14.00 E BB- (sf) 16.80 3mE + 6.20% 9.80 F B- (sf) 13.20 3mE + 8.40% 6.50 Z NR 1.00 N/A N/A Sub. NR 29.50 N/A N/A *The ratings assigned to the class A-1, A-2, B-1, and B-2 notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to 6mE when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. 3mE--Three-month EURIBOR. NR--Not rated. N/A--Not applicable. ===================== N E T H E R L A N D S ===================== PETROBRAS GLOBAL: S&P Rates Proposed Senior Unsecured Notes 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to Petrobras Global Finance B.V.'s (PGF) proposed senior unsecured notes maturing in 2030 and 2036. PGF is a fully owned finance subsidiary of the Brazilian oil and gas company Petroleo Brasileiro S.A. (Petrobras; BB/Stable/--). The notes will be unconditionally and irrevocably guaranteed by Petrobras. The proceeds from the new notes will be used for general corporate purposes and to strengthen the company's cash position. PGF's senior unsecured debts are rated at the same level as S&P's issuer credit rating on Petrobras, based on the debt's guarantees and Petrobras' limited secured debt collateralized by real assets. Although the senior unsecured debt ranks behind the subsidiaries' debt in the capital structure, S&P thinks the risk of subordination is alleviated because the priority debt ratio is considerably below 50%, along with the substantial earnings generated at the parent level. Because of expected higher global production volumes and weak demand fundamentals, S&P Global Ratings revised its oil price forecast in June. Brent is now projected to average $60 per barrel for the remainder of 2025, following an approximate $70 per barrel average in the first half of the year, and $65 per barrel from 2026 onward. Despite weaker prices, Petrobras has reported record levels of production volumes, which supports our forecasts of EBITDA close to R$215 billion for 2025. Petrobras has invested R$46.5 billion in capex in first-half 2025, and S&P still expects the company to spend about $18 billion in 2025, which will keep leverage between 2x-2.5x, supporting its stand-alone credit profile. =========== N O R W A Y =========== B2 IMPACT: S&P Assigns 'BB-' Rating on New Senior Unsecured Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issue rating to the proposed senior unsecured notes to be issued by Norwegian debt collector B2 Impact ASA (BB-/Stable/--). S&P also assigned a recovery rating of '4' to the issue, indicating its expectation of average recovery (30%-50%, rounded average 40%). B2 Impact (B2) proposes to issue EUR100 million senior unsecured notes with a 5.3-year tenor (identified as B2I10) and to use the proceeds mainly to refinance outstanding debt, the B2I07 notes, which represent B2's most expensive interest-bearing debt. However, the B2I07 notes currently have EUR150 million outstanding, which leaves EUR50 million to be covered outside the proposed issuance. For this, the company intends to use its revolving credit facility (RCF), which offers a more attractive interest rate and can be used to repay outstanding market debt. In connection with a completion of the contemplated bond issuance, the B2I07 notes will be repaid at a make whole price close to 105 per note, which would result in a cash outflow just shy of EUR8 million. Given that the transaction is mainly to improve the interest burden, B2's overall leverage position will not change materially and remains in line with our expected ratios for 2025-2026. The transaction will result in an improved maturity schedule with an extended weighted average maturity closer to five years. Finally, given the transaction's purpose and intended use of proceeds, our recovery rating for B2's senior unsecured debt remains unchanged at '4' (40%). =========================== U N I T E D K I N G D O M =========================== BRICKS SILVERSTONE: FRP Advisory Named as Joint Administrators -------------------------------------------------------------- Bricks Silverstone Opco Limited was placed into administration proceedings in the High Court of Justice Court Number: CR-2025-005577, and Ian James Corfield and Simon Baggs of FRP Advisory Trading Limited, were appointed as joint administrators on Aug. 13, 2025. Bricks Silverstone, trading as Bricks Silverstone Opco, specialized in the letting and operating of own or leased real estate. Its registered office is at 167/169 Great Portland Street, 5th Floor, London, Greater London, W1W 5PF (to be changed to 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is at Silverstone Circuit, Towcester, NN12 6EU. The joint administrators can be reached at: Ian James Corfield Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London, EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4000 Alternative contact: Edward Gordon Email: cp.london@frpadvisory.com HL BROTHERS: RMT Named as Administrator --------------------------------------- HL Brothers Limited was placed into administration proceedings in the High Court of Justice Court Number: CR-2025-000101, and Christopher John Ferguson of RMT, was appointed as administrator on Aug. 12, 2025. HL Brothers, trading as StockUK, is an online clothing retailer. Its registered office is at RMT, Gosforth Park Avenue, Newcastle Upon Tyne, Tyne And Wear, NE12 8EG. Its principal trading address is at W10 The Innovation Centre, Business Park, Vienna Court, Kirkleatham, Redcar, TS10 5SH. The administrator can be reached at: Christopher John Ferguson RMT Gosforth Park Avenue Newcastle upon Tyne NE12 8EG Contact information for Administrator: Chris.Ferguson@r-m-t.co.uk Tel No: 0191 256 9500 Alternative contact: Vanessa.Ferguson@r-m-t.co.uk SSRE INVESTMENT 1: RSM UK Named as Administrators ------------------------------------------------- SSRE Investment 1 Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales Court Number: CR-2025-005513, and Gordon Thomson and Lee Van Lockwood of RSM UK Restructuring Advisory LLP, were appointed as administrators on Aug. 11, 2025. SSRE Investment 1 specialized in the activities of other holding companies. Its registered office is at 2nd Floor Windsor House, Lower Pollet, St Peter Port, Guernsey, GY1 1WF. Its principal trading address is at Stewart House, 414-436 Kenton Road, Harrow HA3 9TU. The administrators can be reached at: Lee Van Lockwood RSM UK Restructuring Advisory LLP Central Square, 5th Floor 29 Wellington Street Leeds, LS1 4DL -- and -- Gordon Thomson RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB Correspondence address & contact details of case manager: Kirsty Baillie RSM UK Restructuring Advisory LLP 25 Farringdon Street, London EC4A 4AB Tel: 0131 659 8382 Further details contact: Lee Van Lockwood Tel: 0113 285 5000 or Gordon Thomson Tel: 020 3201 8173 SSRE INVESTMENT 4: RSM UK Named as Administrators ------------------------------------------------- SSRE Investment 4 Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales Court Number: CR-2025-00516, and Gordon Thomson and Lee Van Lockwood of RSM UK Restructuring Advisory LLP, were appointed as administrators on Aug. 11, 2025. SSRE Investment 4 is an overseas entity. Its registered office is at 2nd Floor Windsor House, Lower Pollet, St Peter Port, Guernsey, GY1 1WF. Its principal trading address is at Harvey Centre, Harlow, CM20 1XR . The administrators can be reached at: Lee Van Lockwood RSM UK Restructuring Advisory LLP Central Square, 5th Floor 29 Wellington Street Leeds, LS1 4DL -- and -- Gordon Thomson RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB Correspondence address & contact details of case manager: Kirsty Baillie RSM UK Restructuring Advisory LLP 25 Farringdon Street, London EC4A 4AB Tel: 0131 659 8382 Further details contact: Lee Van Lockwood Tel: 0113 285 5000 or Gordon Thomson Tel: 020 3201 8173 =============== X X X X X X X X =============== [] BOOK REVIEW: Taking Charge ----------------------------- Taking Charge: Management Guide to Troubled Companies and Turnarounds Author: John O. Whitney Publisher: Beard Books Softcover: 283 Pages List Price: $34.95 Order a copy today at: http://beardbooks.com/beardbooks/taking_charge.html Review by Susan Pannell Remember when Lee Iacocca was practically a national hero? He won celebrity status by taking charge at a company so universally known as troubled that humor columnists joked their kids grew up thinking the corporate name was "Ayling Chrysler." Whatever else Iacocca may have been, he was a leader, and leadership is crucial to a successful turnaround, maintains the author. Mediagenic names merit only passing references in Whitney's book, however. The author's own considerable experience as a turnaround pro has given him more than sufficient perspective and acumen to guide managers through successful turnarounds without resorting to name-dropping. While Whitney states that he "share[s] no personal war stories" in this book, it was, nonetheless, written from inside the "shoes, skin, and skull of a turnaround leader." That sense of immediacy, of urgency and intensity, makes Taking Charge compelling reading even for the executive who feels he or she has already mastered the literature of turnarounds. Whitney divides the work into two parts. Part I is succinctly entitled "Survival," and sets out the rules for taking charge within the crucial first 120 days. "The leader rarely succeeds who is not clearly in charge by the end of his fourth month," Whitney notes. Cash budgeting, the mainstay of a successful turnaround, is given attention in almost every chapter. Woe to the inexperienced manager who views accounts receivable management as "an arcane activity 'handled over in accounting.'" Whitney sets out 50 questions concerning AR that the leader must deal with – not academic exercises, but requirements for survival. Other internal sources for cash, including judiciously managed accounts payable and inventory, asset restructuring, and expense cuts, are discussed. External sources of cash, among them banks, asset lenders, and venture capital funds; factoring receivables; and the use of trust receipts and field warehousing, are handled in detail. Although cash, cash, and more cash is the drumbeat of Part I, Whitney does not slight other subjects requiring attention. Two chapters, for example, help the turnaround manager assess how the company got into the mess in the first place, and develop strategies for getting out of it. The critical subject of cash continues to resonate throughout Part II, "Profit and Growth," although here the turnaround leader consolidates his gains and looks ahead as the turnaround matures. New financial, new organizational, and new marketing arrangements are laid out in detail. Whitney also provides a checklist for the leader to use in brainstorming strategic options for the future. Whitney's underlying theme -- that a successful business requires personal leadership as well as bricks and mortar, money and machinery -- is summed up in a concluding chapter that analyzes the qualities that make a leader. His advice is as relevant in this 1999 reprint edition as it was in 1987 when first published. John O. Whitney had a long and distinguished career in academia and industry. He served as the Lead Director of Church and Dwight Co., Inc. and on the Advisory Board of Newsbank Corp. He was Professor of Management and Executive Director of the Deming Center for Quality Management at Columbia Business School, which he joined in 1986. He died in 2013. ********* 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 * * *