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250916.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 Tuesday, September 16, 2025, Vol. 26, No. 185 Headlines F R A N C E FINANCIERE LABEYRIE: S&P Affirms 'CCC+' ICR, Outlook Stable FINANCIERE VERDI I: Moody's Alters Outlook on 'B3' CFR to Stable SILICA SAS: Secured Term Loan Add-on No Impact on Moody's 'B3' CFR G E R M A N Y POP NPLS 2018: Moody's Cuts Rating on EUR50MM Class B Notes to C WINDMW GMBH: S&P Downgrades Senior Secured Debt Rating to 'BB' I R E L A N D ADAGIO CLO VII: Moody's Ups Rating on EUR23.6MM Cl. E Notes to Ba1 ARBOUR CLO IV: Moody's Affirms B3 Rating on EUR11MM Cl. F-R Notes DRYDEN 46 EURO 2016: Moody's Affirms B3 Rating on Cl. F-R Notes FINANCE IRELAND 6: DBRS Confirms BB(high) Rating on Class E Notes MAN GLG EURO V: Moody's Lowers Rating on Class F Notes to Caa1 PROVIDUS CLO V: Moody's Affirms B3 Rating on EUR10.75MM Cl. F Notes I T A L Y CEME SPA: Moody's Affirms 'B2' CFR & Alters Outlook to Negative K A Z A K H S T A N BANK CENTERCREDIT: Moody's Ups Long Term Deposit Ratings from Ba1 L U X E M B O U R G AFE SA: S&P Downgrades ICR to 'CC' on Proposed Debt Exchange S P A I N BAHIA DE LAS ISLETAS: Moody's Puts Caa2 CFR on Review for Upgrade U N I T E D K I N G D O M 713 EMMERSON: CG&Co Named as Administrators 888 ACQUISITIONS: Moody's Rates New GBP516MM Secured Notes 'B2' APEX TRAFFIC: Begbies Traynor Named as Administrators CHEMEX INTERNATIONAL: AMS Business Named as Administrators DARK EDGE: CG&Co Named as Administrators LAURELS ESTATE: KRE Corporate Named as Administrators NEDBANK PRIVATE: Moody's Affirms 'Ba1' Long Term Deposit Ratings PREMIER GROUP: KRE Corporate Named as Administrators STRESA SECURITIZATION: DBRS Confirms BB(high) Rating on D Notes TSS REALISATIONS 2025: Leonard Curtis Named as Administrators WB DEVELOPMENTS: FTS Recovery Named as Administrators WILKINS CHIMNEY: AMS Business Named as Administrators - - - - - =========== F R A N C E =========== FINANCIERE LABEYRIE: S&P Affirms 'CCC+' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' long-term issuer credit rating on French food producer Financiere Labeyrie Fine Foods (Labeyrie) and its 'CCC+' issue rating on the amended and extended term loan B (TLB), now due on July 30, 2029. The recovery rating on the TLB is '3', indicating its expectation of average recovery prospects (50%-70%; rounded estimate: 55%). The outlook is stable, reflecting Labeyrie's adequate liquidity and the resolution of the refinancing risk, and that credit metrics should continue to improve over the next 12 months. S&P also assumes the group will maintain adequate liquidity and be able to fund its day-to-day operations. The executed transaction eases Labeyrie's near-term refinancing risks. Labeyrie's completed A&E transaction on its TLB and RCF improves its debt maturity profile, as it extends the maturities of the senior facilities by three years to September 2029. The group has agreed to offer TLB and RCF lenders an additional 75 basis points (bps) cash margin uplift, additional 1% payment-in-kind interest, and consent fees of 2.75% to TLB lenders and 2% to RCF lenders. S&P views the compensation to the lenders as adequate. Moreover, creditors of the EUR220 million outstanding PIK loan have agreed to extend the maturity of the facility to October 2029 and suspend the interest payment of the instrument. S&P said, "We expect S&P-Global Ratings-adjusted debt to EBITDA will slowly decline but remain elevated. We forecast adjusted leverage at about 10.5x in fiscal year 2025 and 9.5x-10.0x in fiscal year 2026 (versus 12.8x in fiscal year 2024). Excluding the PIK loan, we expect leverage of about 7.5x in fiscal year 2025 and 6.5x-7.0x in fiscal year 2026. Adjusted debt for fiscal year 2025 mainly includes the EUR455 million TLB, the about EUR220 million PIK loan, and our estimate of EUR20 million-EUR30 million drawn under the RCF. "We understand that the ongoing recovery in operating performance and the agreed suspension of interest related to the EUR220 million PIK loan should support further deleveraging. Based on our understanding of the group's risk tolerance, we expect that its financial policy regarding acquisitions will be prudent and that it will not distribute dividends over the medium term. "In our view, increasing market volumes and cost optimization initiatives should support further EBITDA recovery. We project adjusted EBITDA will approach EUR70 million in fiscal year 2025 and EUR75 million-EUR80 million in fiscal year 2026 (from about EUR56 million in fiscal year 2024). This is supported by expanding topline growth on the back of overall market recovery, solid performance of the U.K. business, improved productivity, and gains from the ongoing operational restructuring program, including downsizing, non-productive plant closures, and factory upgrades. "That said, we continue to expect the high interest burden and the about EUR 20 million in total transaction-related costs in fiscal 2025, including consent fees, will weigh on cash generation. We expect adjusted free operating cash flow (FOCF) of negative EUR5 million to EUR5 million for fiscal year 2025 and of negative EUR15 million to negative EUR25 million for fiscal year 2026 (negative EUR5 to EUR5 million excluding the transaction costs)." Over the next 12-18 months, Labeyrie's liquidity position should remain adequate to fund its day-to-day operations. As of March 31, 2025, the group had about EUR60 million in cash balances, EUR65 million undrawn from its RCF, and a factoring program to help manage working capital needs and ensure headroom under financial covenants. This, combined with the ongoing recovery in profitability, should be sufficient to cover the increased cash interest burden and the about EUR20 million in transaction-related costs, including consent fees. S&P said, "Moreover, we project limited capital expenditure (capex) of about EUR20 million-EUR30 million, aimed at factory productivity improvements, and working capital flows outflows of up to EUR10 million to fund additional volume growth. We do not expect the RCF covenant to be tested because the group usually uses factoring lines for its large working capital needs, rather than drawing down the RCF. However, we expect the group's reported net debt to EBITDA will remain below the springing covenant of 8.0x that was set in the loan agreement. Thus, the group will retain full access to its RCF. "The stable outlook reflects our view that Labeyrie will stabilize its financial position and that its credit metrics will continue to improve over the next 12 months. We also assume that the group will maintain adequate liquidity and be able to fund its day-to-day operations. Under our base case, we project adjusted leverage will decrease to about 10.5x in fiscal year 2025 and 9.5x-10.0x in fiscal year 2026, from 12.8x in fiscal year 2024. That said, we expect FOCF will remain limited at about negative EUR5 million to EUR5 million in fiscal year 2025 and negative EUR15 million to negative EUR25 million in fiscal year 2026 due to the higher interest payments and transaction-related costs." S&P could lower the rating over the next 12 months if the risk of a near-term payment crisis or default increases. This could arise from: -- Deteriorating liquidity, meaning S&P no longer expects the group's cash is sufficient to meet its operations and financial obligations; or -- Decreasing covenant headroom or operating financial pressure, which would increase the likelihood of restructuring or distressed debt exchange. S&P could raise the rating if the group's track record of sustainable earnings growth and cash flow generation improves, such that adjusted leverage decreases toward 8.0x and funds from operations (FFO) cash interest coverage exceeds 2.0x. This would also strengthen the group's liquidity position, increase its financial covenant headroom, and enhance its financial flexibility. FINANCIERE VERDI I: Moody's Alters Outlook on 'B3' CFR to Stable ---------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Financiere Verdi I S.A.S. (Ethypharm). At the same time, Moody's have affirmed the B3 ratings of its backed senior secured term loans and backed senior secured multi-currency revolving credit facility (RCF). The outlook was changed to stable from negative. RATINGS RATIONALE The affirmation of Ethypharm's B3 rating with a change of outlook to stable reflects the recovery of its sales and earnings after a major cyberattack in 2024 and Moody's expectations that its credit metrics, which remain weak currently, will further improve in the next 12-18 months to levels that will position it more firmly in the B3 rating category. It also assumes that Ethypharm's financial policy will remain supportive of further deleveraging, as the company focuses its external growth on in-licensing transactions or bolt-on acquisitions that it can fund through internal cash, and refrains from making shareholder distributions. In June 2024, Ethypharm experienced a major cyberattack, which affected its headquarters and operations in France and the UK, notably halting its production sites in these countries for about two months. The cyberattack resulted in a revenue loss of about EUR15 million in 2024 and affected the company's already weak credit metrics. The company promptly implemented remediation measures and resolved the cyberattack with no major contract or customer losses. Since then, Ethypharm's sales and EBITDA have recovered and Moody's do not expect further material impact in 2025. Moody's projects that the company's revenue will grow around the mid-single digits percentages in 2025-26, supported by growth of its existing drug portfolio, new product launches and the contribution of recently acquired products. Moody's anticipates EBITDA margin to remain at 20%-21%. This will drive a decline in leverage to around 7x in 2025 and around 6.5x within the next 12-18 months. While free cash flow will remain weak in 2025 as the company incurs higher capital expenditures, notably due to growth investments at one of its manufacturing facilities in Spain, Moody's expects free cash flow to improve in 2026 to about EUR20 million. Ethypharm's B3 rating also reflects the company's solid market positions in the niche pain, addiction, depression and critical care therapeutic areas; adequate geographic diversification, with direct commercial presence in the five largest European countries, strong market shares in its core markets of France and the UK, and a good footprint in China; and its track record of maintaining sizeable liquidity sources. The rating is nevertheless constrained by the company's high leverage; modest relative scale, with some concentration in the central nervous system therapeutic area; the potential litigation risk around its addiction products, although the company has a good track record of managing such risks; and event risks related to potential acquisitions. RATIONALE FOR OUTLOOK The stable outlook reflects Moody's expectations that Ethypharm's credit metrics will further improve in the next 12-18 months from currently still weak levels, including a return to positive free cash flow which will strengthen the company's positioning at B3. LIQUIDITY Ethypharm's liquidity is good, supported by a cash balance of EUR39 million as of June 30, 2025; access to a senior secured multicurrency RCF of EUR84 million, which is currently undrawn and expires in October 2027; and slightly positive free cash flow that will reach about EUR20 million annually by 2026. The next significant debt maturities are the company's term loans which mature in April 2028. The RCF includes a springing financial covenant set at a consolidated senior secured net leverage of 9.5x, tested only when the amount drawn on the RCF minus cash and cash equivalents exceeds 40% of the RCF size. Moody's expects the company to have significant capacity against this threshold if tested. STRUCTURAL CONSIDERATIONS The B3-PD PDR, in line with the CFR, reflects Moody's assumptions of a 50% family recovery rate, typical for covenant-lite secured loan structures. The B3 rating of the senior secured term loans and the senior secured multicurrency RCF reflects their pari passu ranking, with upstream guarantees from significant subsidiaries of the Ethypharm group that account for at least 80% of the group's EBITDA. The security package consists of share pledges, intragroup receivables, and material bank accounts. French corporate law imposes limitations on the validity of upstream guarantees. In addition to the guaranteed senior secured bank credit facilities, Ethypharm's capital structure includes convertible bonds, which totaled EUR510 million as of December 2024 and which Moody's treat as equity when Moody's calculates Moody's credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward momentum could develop if Ethypharm's operating performance improves, allowing its Moody's-adjusted gross debt/EBITDA to move towards 5.5x and its Moody's-adjusted EBITA/interest above 2.0x on a sustained basis; and its Moody's-adjusted FCF/debt increases above 5% on a sustained basis. Downward pressure on the rating could occur if Ethypharm's Moody's-adjusted gross debt/EBITDA remains above 7x or its Moody's-adjusted EBITA/interest declines towards 1.0x on a sustained basis; Ethypharm generates negative FCF for a prolonged period, leading to a deterioration in the company's liquidity; or the company undertakes large debt-financed acquisitions or shareholder distributions. Failure to refinance upcoming debt maturities in a timely manner would also exert downward pressure on the rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Pharmaceuticals published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Ethypharm is a European specialty pharmaceutical company focused on the development, regulatory filing and manufacturing of complex generics and specialty branded products for the pain, addiction and depression therapeutic areas and emergency critical care. The company was founded in 1977 and acquired by PAI Partners in July 2016. During the 12 months that ended June 2025, Ethypharm generated revenue of EUR470 million and reported EBITDA of EUR97 million. SILICA SAS: Secured Term Loan Add-on No Impact on Moody's 'B3' CFR ------------------------------------------------------------------ Moody's Ratings announced that Silica S.A.S.'s (SGD Pharma or the company) ratings, including its B3 long term corporate family rating, and positive outlook, are not affected by the proposed EUR70 million fungible add-on to its existing senior secured first-lien term loan and the EUR5 million upsize of its senior secured first-lien revolving credit facility (RCF), both maturing in 2028. SGD Pharma intends to use the proceeds from the add-on to primarily fund the acquisition of Alphial S.r.l. (Alphial) and associated fees and expenses. Alphial is an Italian company which specialises in tubular glass primary packaging, and generated EUR34 million of revenue and EUR7 million of EBITDA in 2024. The acquisition aligns with SGD Pharma's strategy to pursue selective M&A to strengthen its market position or expand into new geographies. Albeit, small in size relatively to the group and with a lower profitability, Alphial will enable SGD to enhance its position in tubular glass, particularly in Europe, and to support growth through synergies and supply chain integration. The proposed add-on will have a limited impact on SGD Pharma's credit metrics. Moody's expects the company's Moody's-adjusted gross leverage, based on pro forma EBITDA as of June 2025, to increase by approximately 0.3x to 5.5x. This remains below the maximum tolerance level for the B3 rating category. However, leverage may rise further over 2025–26 due to additional debt required to support investment needs. The B3 rating also reflects Moody's expectations that SGD Pharma will continue to generate negative free cash flow (FCF) over this period, driven by capital expenditures related to major refurbishments and the completion of a furnace for the joint venture with Corning Incorporated (Baa1 negative). The positive outlook reflects Moody's expectations that the company will sustain the EBITDA level achieved in 2023, maintain Moody's-adjusted gross debt/EBITDA below 6.0x, and generate positive Moody's-adjusted free cash flow after 2025–26. SGD Pharma benefits from a strong position as a leading global manufacturer of high-margin glass packaging, supported by a well-invested asset base, broad geographic reach, and a diversified customer base. Its rating is underpinned by the resilient pharmaceutical sector, high switching costs, and regulatory barriers that limit competition. However, the company's narrow product focus in a competitive market, exposure to input cost and currency volatility, and potential US tariffs present risks. Execution challenges tied to its emerging market expansion and cost-saving targets also remain. Additionally, around 11% of revenue stems from the more cyclical beauty and cosmetics segment, adding some earnings sensitivity. ============= G E R M A N Y ============= POP NPLS 2018: Moody's Cuts Rating on EUR50MM Class B Notes to C ---------------------------------------------------------------- Moody's Ratings has downgraded the ratings of two Notes in Pop NPLs 2018 S.r.l. ("Pop 2018"). This downgrade reflects lower than anticipated cash-flows generated from the recovery process on the non-performing loans (NPLs) and in the case of Class A Notes, underhedging. EUR426 million Class A Notes, Downgraded to Caa2 (sf); previously on May 24, 2024 Downgraded to B2 (sf) EUR50 million Class B Notes, Downgraded to C (sf); previously on May 24, 2024 Downgraded to Ca (sf) The maximum achievable rating is Aa3 (sf) for structured finance transactions in Italy driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by lower than anticipated cash-flows generated from the recovery process on the NPLs and in the case of Class A Notes under-hedging. Lower than anticipated cash-flows generated from the recovery process on the NPLs: The portfolio is serviced by Cerved Credit Management S.p.A. ("CCM", unrated). As of March 2025, Cumulative Collection Ratio was at 53.14%, based on collections net of legal and procedural costs and servicing fees, meaning that collections are coming significantly slower than anticipated in the original Business Plan projections. This compares against 60.4% at the time of the latest rating action in May 2024, based on March 2024 data. Through the March 31, 2025 collection period, thirteen collection periods since closing, aggregate collections net of legal and procedural costs and servicing fees were EUR271.8 million versus original business plan expectations of EU511.4 million. In terms of Cumulative Collections Ratio, the transaction has underperformed the servicers' original expectations starting on the 8th collection period after closing, with the gap between actual and servicers' expected collections increasing over time. The servicer's latest Business Plan expects total amount of future collections lower than the outstanding amount of the Class A Notes. NPV Cumulative Profitability Ratio (the ratio between the Net Present Value of collections against the expected collections as per the original business plan, for positions which have been either collected in full or written off) stood at 96.6% down from 105% at the time of the last rating action. In terms of the underlying portfolio, the reported GBV stood at EUR1.07 billion as of March 2025 down from EUR1.58 billion at closing. The vast majority of the outstanding GBV is related to corporate borrowers (71.26%) and the underlying properties for secured positions, under Moody's classifications, are mostly concentrated in Lazio and Puglia (about 47%). The unpaid interest on Class B increased to around EUR12.7 million as of April 2025, up from EUR8.0 million as of the last rating action. Interest payments to Class B are currently being subordinated, given the subordination trigger has been hit. Out of the approximately EUR505 million reduction in GBV since closing, principal payments to Class A have been around EUR204.8 million. The advance rate (the ratio between Class A Notes balance and the outstanding gross book value of the backing portfolio) stood at 20.6% as of April 2025, slightly higher than 20.32% as of the last rating action. The rate of the advance rate decline has been slow compared to its peers and in line with lower rated transactions. NPL transactions' cash flows depend on the timing and amount of collections. Due to the current economic environment, Moody's have considered additional stresses in Moody's analysis, including a 6 months delay in the recovery timing. Underhedging: The transaction benefits from two interest rate caps with J.P. Morgan SE (Aa2(cr), P-1(cr)) acting as cap counterparty. On the first cap the Issuer receives the difference, if positive, between 6-months EURIBOR and 0.10%. On the second cap the Issuer pays the difference, if positive, between 6-months EURIBOR and strikes which go from 0.50% up to 2.5% in 2029. The strike level is 1.50%. The Class A Notes' 6-months EURIBOR is contractually capped to the same strikes level of the second instrument. The notional of the interest rate cap was determined at closing, it was initially equal to the outstanding balance of the Class A Notes and reduced in consideration of the anticipation of Notes' amortization based on a pre-defined schedule. Given the Class A Notes have so far amortised at a slower pace than the scheduled notional amount set out in the cap agreement, a portion of the outstanding Notes is unhedged. Scheduled notional for the next period is EUR63.2 million while Class A Notes outstanding balance stands at EUR221.2 million. The deal was structured so that Class B Notes are unhedged. Moody's have taken into account the potential cost of the GACS Guarantee within Moody's cash flow modelling, while any potential benefit from the guarantee for the senior Noteholders has not been considered in Moody's analysis. The principal methodology used in these ratings was "Non-performing and Re-performing Loan Securitizations" published in April 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include: (1) the recovery process of the non-performing loans producing significantly higher cash-flows in a shorter time frame than expected; (2) improvements in the credit quality of the transaction counterparties; and (3) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include: (1) significantly lower or slower cash-flows generated from the recovery process on the non-performing loans due to either a longer time for the courts to process the foreclosures and bankruptcies, a change in economic conditions from Moody's central scenario forecast or idiosyncratic performance factors. For instance, should economic conditions be worse than forecasted and the sale of the properties generate less cash-flows for the issuer or take a longer time to sell the properties, all these factors could result in a downgrade of the ratings; (2) deterioration in the credit quality of the transaction counterparties; and (3) increase in sovereign risk. WINDMW GMBH: S&P Downgrades Senior Secured Debt Rating to 'BB' -------------------------------------------------------------- S&P Global Ratings downgraded the 'BBB-' issue rating on WindMW GmbH's senior secured debt to 'BB' and assigned '3' recovery rating. The negative outlook reflects ongoing downward pressure on our long-term German offshore wind capture price forecasts and uncertainty regarding the project's long-term cost structure, both of which negatively impact our view of refinancing risk. WindMW (the project) owns and operates a 288 megawatt (MW) wind farm, that was fully commissioned in February 2015. Located in the North Sea, approximately 108 kilometers (km) from the German mainland and 23 km from its operation and maintenance (O&M) base on Helgoland Island, the wind farm operates in waters 22-26 meters deep. Its location, southwest of a cluster of existing wind farms, minimizes external wake losses, given that prevailing winds come from the southwest. The wind farm consists of 80 Siemens 3.6 MW wind turbine generators installed on monopile foundations and connected to the offshore substation in strings of five turbines. The project incorporates two transformers, each capable of exporting the full production capacity. WindMW's offshore substation connects to an offshore converter platform operated and owned by transmission system operator TenneT TSO GmbH (TenneT). TenneT is responsible for maintaining this connection and covering any defects or damage outside WindMW's scope, at its own cost. The project is also entitled to compensation from TenneT for 90% of theoretical production if grid connection losses exceed a maximum of 10 consecutive days or 18 days annually. Revenue is underpinned by a transparent regulatory regime established by the German Renewable Energy Sources Act (Erneuerbare-Energien-Gesetz or EEG). The act mandates that the transmission system operator offtakes all electricity generated and provides financial support through a fixed feed-in tariff (FIT) of EUR154 per megawatt-hour (EUR/MWh), including a EUR4/MWh direct marketing premium, until 2027. Between 2028 and 2034, WindMW can elect, monthly, to sell its generation at the prevailing market price or a guaranteed EUR39/MWh (including the EUR4/MWh direct marketing premium), providing an implicit revenue floor. From 2035 onward, the project is fully exposed to prevailing market electricity prices. Currently, the project receives compensation for any technical curtailment. Management has indicated that this arrangement is expected to continue beyond 2027, assuming no changes to the existing regulatory framework or the project's offtake structure. In 2015, WindMW refinanced the debt incurred for the wind farm's design and construction through the issuance of additional loans and notes, some of which matured in 2021 and have been repaid. The remaining outstanding debt, totaling EUR269.8 million, matures in 2027. In 2024, electricity production fell short of the one-year P90 level established at closing for the fourth consecutive year, despite turbine blade upgrades in 2021. Total net production for 2024, including curtailed volumes, was 1,193 gigawatt hours (GWh), 1.7% below the 1,214 GWh P90 level set at closing and 3.7% below our base case of 1,240 GWh. S&P's base case had incorporated a 1%-3% production increase following the 2021 blade upgrade. The lower-than-expected production was primarily due to average wind speeds of 8.73 meters per second (m/s), slightly below the historical average of 8.88 m/s, and significantly below the P90 closing wind speed estimate of 9.89 m/s over 12 months. This occurred alongside a technical availability of 94.3% for the wind turbines in 2024, which was below the historical average of approximately 95.8%. The reduced availability stemmed from a higher-than-usual failure rate of major components, such as generators, gearboxes, and pitch cylinders. Management anticipates that SGRE Germany's availability guarantee under the O&M contract will partially offset this downtime, although specific exclusions apply. Over the first half of 2025, total net electricity production, including curtailed volumes, reached 491.9 GWh, 19.5% below the P90 production level of 611.3 GWh, as determined at closing. This shortfall was attributable to a very low wind resource (7.43 m/s) compared with the P90 closing estimate of 9.77 m/s for the first half of the year, and a technical availability of 93.3%. Given this sustained underperformance relative to S&P's expectations, we have revised our total net production assumption downward to 1,167 GWh from 1,240 GWh, a reduction of 5.8%. This revised assumption is commensurate with the P95 gross production closing estimate combined with a lower technical availability assumption and a lower blade upgrade benefit. It is also consistent with the average historical total net production over the past five years (1,162 GWh). S&P said, "While we anticipate lower German offshore wind capture prices during the project's merchant phase (2028-2040), we believe that medium-term prices will not be low enough to trigger the transaction's cash sweep mechanism, ultimately increasing refinancing risk. The transaction is exposed to refinancing risk due to its debt not fully amortizing over its tenor, requiring a EUR119 million refinancing in June 2027. The project's documentation incorporates a cash sweep mechanism intended to mitigate this risk by retaining excess cash within the structure from June 2025 to June 2027, provided that German baseload electricity prices--both historical and forward (covering a 12-month period)--fall below specified thresholds (effectively in the EUR41-EUR48/MWh range) on five semiannual test dates begun in December 2024. This cash reserving would reduce the exposure to the EUR119 million bullet payment, subject to a maximum reserve of EUR69 million (corresponding to a minimum amount to be refinanced of EUR50 million). “Under our revised base case, German offshore wind price forecasts for the transaction's merchant phase (2028-2040) are approximately 10% lower on average than in our previous review. These lower forecasts reflect supply-driven cannibalization, compounded by grid bottlenecks and an increase in negative-price hours, with market rules and overplanting (installing a greater capacity of wind turbines than the connected transmission infrastructure can handle) exacerbating the effect. "However, under our base-case price scenario, prices are not sufficiently depressed in the medium term to activate the transaction's protective cash-reserving mechanism. Consequently, the project remains exposed to the full EUR119 million bullet payment while potentially operating under depressed merchant conditions until its permit expires in 2040. "Our revised lower production assumptions and lower German offshore wind capture price forecasts result in weaker financial metrics across both phases of our analysis. During the project's subsidized phase (up to June 2027), excluding the impact of the significant wind drought in the first half of 2025, which we consider an exceptional event, we expect our base-case DSCR to fluctuate between 1.2x and 1.3x, with a minimum of 1.20x in June 2027. At that time, approximately half of the turbines will no longer be eligible for the FIT, increasing the project's exposure to our lower forecast market prices. During the project's merchant phase, which we assess under our criteria to evaluate refinancing risk, we forecast a minimum DSCR of approximately 2.0x and a June 2027 project life coverage ratio of approximately 2.3x, reflecting a lower overcollateralization at the time the project needs refinancing compared with our previous analysis." The negative outlook reflects the risk that sustained low German offshore wind capture prices could impair the project's financial performance during its merchant phase (2028-2040), potentially increasing refinancing risk. Furthermore, the 2027 expiry of the transaction's current O&M contract (or 2030 if the project exercises its extension option) represents an additional factor contributing to refinancing risk, as it introduces questions about the project's long-term cost structure. This cost uncertainty is aggravated by the aging turbines, which may require increased maintenance to maintain the same performance (same total net production of electricity) and the historically high failure rate of major components--failures that have exceeded management's expectations. S&P could lower its issue rating if German offshore wind capture prices are forecast to remain low during the transaction's merchant phase, and if the project's cash reserving mechanism proves ineffective in mitigating refinancing risk. A deterioration in our view of the project long-term cost structure could also prompt a downgrade. WindMW's failure to refinance the EUR119 million bullet payment due in June 2027 before June 2026 would likely lead to a revision of our view of the project's liquidity, potentially triggering a downgrade. While it would represent a significant improvement in the project's credit profile, S&P could revise its outlook to stable or upgrade its rating if: -- Refinancing risk eases substantially; and -- S&P gains greater clarity on the project's long-term cost structure and consider it sustainable. Refinancing risk could be mitigated by any of the following: -- Forecasts indicate substantially higher German offshore wind capture prices during the transaction's merchant period; -- The transaction's protective cash sweep mechanism is triggered, significantly reducing the amount to be refinanced in June 2027; or -- The issuer either partly or fully hedges market risk beyond 2027 (for instance, by entering into power purchase agreements at a sufficiently high price for a significant portion of its total production) or successfully refinances its 2027 bullet maturities. ============= I R E L A N D ============= ADAGIO CLO VII: Moody's Ups Rating on EUR23.6MM Cl. E Notes to Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Adagio CLO VII Designated Activity Company: EUR5,600,000 Class C-1 Deferrable Mezzanine Floating Rate Notes due 2031, Upgraded to Aaa (sf); previously on Feb 6, 2025 Upgraded to Aa2 (sf) EUR26,400,000 Class C-2 Deferrable Mezzanine Floating Rate Notes due 2031, Upgraded to Aaa (sf); previously on Feb 6, 2025 Upgraded to Aa2 (sf) EUR21,400,000 Class D Deferrable Mezzanine Floating Rate Notes due 2031, Upgraded to A1 (sf); previously on Feb 6, 2025 Upgraded to A3 (sf) EUR23,600,000 Class E Deferrable Junior Floating Rate Notes due 2031, Upgraded to Ba1 (sf); previously on Feb 6, 2025 Affirmed Ba2 (sf) Moody's have also affirmed the ratings on the following notes: EUR248,000,000 (Current outstanding amount EUR95,270,043) Class A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 6, 2025 Affirmed Aaa (sf) EUR24,400,000 Class B-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 6, 2025 Affirmed Aaa (sf) EUR10,600,000 Class B-2 Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 6, 2025 Affirmed Aaa (sf) EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due 2031, Affirmed B3 (sf); previously on Feb 6, 2025 Downgraded to B3 (sf) Adagio CLO VII Designated Activity Company, issued in September 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by AXA Investment Managers US Inc. The transaction's reinvestment period ended in January 2023. RATINGS RATIONALE The rating upgrades on the Class C-1, Class C-2, Class D and Class E notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in February 2025. The affirmations on the ratings on the Class A, Class B-1, Class B-2 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 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. The Class A notes have paid down by approximately EUR83.2 million (33%) since the last rating action in February 2025 and EUR152.7 million (62%) since closing in September 2018. As a result of the deleveraging, over-collateralisation (OC) ratios have increased across the capital structure. According to the collateral administrator report dated August 2025[1] the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 179.42%, 144.03%, 127.25% 112.76% and 106.59% compared to February 2025[2] levels of 150.02%, 130.46%, 120.00% 110.25% and 105.88%, respectively. In its base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR234,007,405 Defaulted Securities: EUR1,333,341 Diversity Score: 41 Weighted Average Rating Factor (WARF): 3043 Weighted Average Life (WAL): 3.00 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.52% Weighted Average Coupon (WAC): 3.69% Weighted Average Recovery Rate (WARR): 44.46% 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 its 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 Collateral administrator-reported defaulted assets and those Moody's assume 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 other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ARBOUR CLO IV: Moody's Affirms B3 Rating on EUR11MM Cl. F-R Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Arbour CLO IV Designated Activity Company: EUR40,000,000 Class B-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Mar 26, 2021 Definitive Rating Assigned Aa2 (sf) EUR25,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Mar 26, 2021 Definitive Rating Assigned A2 (sf) EUR27,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to Baa2 (sf); previously on Mar 26, 2021 Definitive Rating Assigned Baa3 (sf) Moody's have also affirmed the ratings on the following notes: EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Mar 26, 2021 Definitive Rating Assigned Aaa (sf) EUR21,000,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Mar 26, 2021 Definitive Rating Assigned Ba3 (sf) EUR11,000,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Mar 26, 2021 Definitive Rating Assigned B3 (sf) Arbour CLO IV Designated Activity Company, issued in November 2016 and refinanced in June 2019 and in March 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Oaktree Capital Management (UK) LLP. The transaction's reinvestment period ended in July 2025. RATINGS RATIONALE The rating upgrades on the Class B-R, C-R and D-R notes are primarily a result of the transaction having reached the end of the reinvestment period in July 2025. The affirmations on the ratings on the Class A-R, E-R and F-R 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: EUR395.7m Defaulted Securities: EUR2.95m Diversity Score: 61 Weighted Average Rating Factor (WARF): 3044 Weighted Average Life (WAL): 4.3 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.79% Weighted Average Coupon (WAC): 2.92% Weighted Average Recovery Rate (WARR): 43.66% 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. Recoveries higher than ou Moody's r 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 46 EURO 2016: Moody's Affirms B3 Rating on Cl. F-R Notes --------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Dryden 46 Euro CLO 2016 Designated Activity Company: EUR22,250,000 Class B-1-R-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Apr 15, 2021 Assigned Aa2 (sf) EUR25,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Apr 15, 2021 Assigned Aa2 (sf) EUR27,670,000 Class C-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Apr 15, 2021 Assigned A2 (sf) Moody's have also affirmed the ratings on the following debt: EUR100,000,000 Class A Senior Secured Floating Rate Loan due 2034, Affirmed Aaa (sf); previously on Apr 15, 2021 Assigned Aaa (sf) EUR170,000,000 Class A-R-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Apr 15, 2021 Assigned Aaa (sf) EUR31,950,000 Class D-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Apr 15, 2021 Assigned Baa3 (sf) EUR24,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Apr 15, 2021 Assigned Ba3 (sf) EUR16,000,000 Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Apr 15, 2021 Assigned B3 (sf) Dryden 46 Euro CLO 2016 Designated Activity Company, initially issued in October 2016 and refinanced in June 2019 and 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 PGIM Loan Originator Manager Limited. The transaction's reinvestment period ended in July 2025. RATINGS RATIONALE The rating upgrades on the Class B-1-R-R, B-2-R and C-R-R notes are primarily a result of the transaction having reached the end of the reinvestment period in July 2025. The affirmations on the ratings on the Class A, A-R-R, D-R-R, E-R and F-R debt 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: EUR445.5 million Defaulted Securities: 0 Diversity Score: 52 Weighted Average Rating Factor (WARF): 2866 Weighted Average Life (WAL): 4.4 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.9% Weighted Average Coupon (WAC): 3.6% Weighted Average Recovery Rate (WARR): 42.5% 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: 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. 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. FINANCE IRELAND 6: DBRS Confirms BB(high) Rating on Class E Notes ----------------------------------------------------------------- DBRS Ratings GmbH took the following credit rating actions on the notes issued by Finance Ireland RMBS No. 5 DAC (Finance Ireland 5), and Finance Ireland RMBS No. 6 DAC (Finance Ireland 6): Finance Ireland 5: -- Class A confirmed at AAA (sf) -- Class B confirmed at AA (high) (sf) -- Class C upgraded to AA (sf) from A (high) (sf) -- Class D upgraded to A (sf) from BBB (high) (sf) -- Class E upgraded to BBB (high) from BB (high) (sf) Finance Ireland 6: -- Class A confirmed at AAA (sf) -- Class B confirmed at AA (high) (sf) -- Class C confirmed at AA (sf) -- Class D confirmed at A (low) (sf) -- Class E confirmed at BB (high) (sf) The credit ratings on the Class A notes address the timely payment of interest and the ultimate payment of principal on or before the legal final maturity date of each transaction. The credit ratings on the Class B and Class C notes address 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 D and Class E notes address the ultimate payment of interest and principal on or before the legal final maturity date. CREDIT RATING RATIONALE The credit rating actions follow an annual review of the transactions 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 rating levels. The transactions are static securitizations of Irish first-lien residential mortgages originated primarily by Finance Ireland Credit Solutions DAC (Finance Ireland) as well as Pepper Finance Corporation (Ireland) DAC, which also acts as the servicer of the mortgage portfolio. Finance Ireland 5 closed in October 2022 with an initial portfolio balance of EUR 413.0 million, of which 69.3% were mortgages originated in 2022. Finance Ireland 6 closed in September 2023 with an initial portfolio balance of EUR 240.8 million, of which 27.7%, 23.5%, 22.0% and 20.6% were mortgages originated in 2019, 2020, 2022 and 2023, respectively. PORTFOLIO PERFORMANCE Finance Ireland 5: As of the June 2025 payment date, loans one to two months and two to three months in arrears represented 0.6% and 0.2% of the outstanding portfolio balance, respectively, while loans more than three months in arrears amounted to 0.9%. The cumulative losses were EUR 594,382.6, amounting to 0.2% of the initial portfolio balance. Finance Ireland 6: As of the June 2025 payment date, loans one to two months and two to three months in arrears represented 1.0% and 0.1% of the outstanding portfolio balance, respectively, while loans more than three months in arrears amounted to 2.0%. There have not been any repossessions or cumulative losses reported to date. 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 as follows: -- Finance Ireland 5: PD and LGD of 2.1% and 10.1%, respectively. -- Finance Ireland 6: PD and LGD of 2.4% and 10.4%, respectively. CREDIT ENHANCEMENT Credit enhancement to the rated notes is provided by subordination of the respective junior classes and the general reserve fund. For Finance Ireland 5, as of the June 2025 payment date, credit enhancement available to the Class A, Class B, Class C, Class D, and Class E notes was 22.6%, 14.9%, 10.6%, 7.9%, and 5.6%, respectively, up from 16.1%, 10.0%, 6.7%, 4.5%, and 2.7%, respectively, at the time of the last annual review in September 2024. For Finance Ireland 6, as of the June 2025 payment date, credit enhancement available to the Class A, Class B, Class C, Class D, and Class E notes was 13.8%, 9.2%, 6.7%, 4.9%, and 3.5%, respectively, up from 9.8%, 6.2%, 4.2%, 2.8%, and 1.7%, respectively, at the time of the last annual review in September 2024. The transactions benefit from a liquidity reserve fund and a general reserve fund providing liquidity support and credit support to the structures, respectively. The liquidity reserve fund is available to cover senior fees and interest on the Class A notes. The liquidity reserve funds' target for both transactions is 0.75% of the outstanding principal balance of the Class A notes, subject to a floor. -- In Finance Ireland 5, it is at its target of EUR 1.84 million as of the June 2025 payment date, subject to a floor of EUR 1.35 million. -- In Finance Ireland 6, it is at its target and floor level of EUR 1.40 million as of the June 2025 payment date. The general reserve fund is available to cover senior fees, interest, and principal (via the principal deficiency ledgers) on the rated notes. The general reserve funds' target for both transactions is 0.75% of the outstanding principal balance of the Class B to Class E notes. -- In Finance Ireland 5, the general reserve fund is at its target level of EUR 340,500 as of the June 2025 payment date. -- In Finance Ireland 6, the general reserve fund is at its target level of EUR 130,800 as of the June 2025 payment date. U.S. Bank Europe DAC (U.S. Bank) acts as the account bank for the transactions. Based on Morningstar DBRS' private credit rating on U.S. Bank, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structures, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned to the respective notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European Structured Finance Transactions" methodology. BofA Securities Europe SA (BofA Europe) acts as the swap provider for both transactions. Morningstar DBRS' private credit rating assigned to BofA Europe is consistent with the first rating threshold as described in Morningstar DBRS' "Legal and Derivative Criteria for European Structured Finance Transactions" methodology. Notes: All figures are in euros unless otherwise noted. MAN GLG EURO V: Moody's Lowers Rating on Class F Notes to Caa1 -------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Man GLG Euro CLO V Designated Activity Company: EUR4,250,000 Class C-1 Deferrable Mezzanine Floating Rate Notes due 2031, Upgraded to Aa1 (sf); previously on May 13, 2024 Affirmed A1 (sf) EUR8,000,000 Class C-2R Deferrable Mezzanine Fixed Rate Notes due 2031, Upgraded to Aa1 (sf); previously on May 13, 2024 Affirmed A1 (sf) EUR15,750,000 Class C-3 Deferrable Mezzanine Floating Rate Notes due 2031, Upgraded to Aa1 (sf); previously on May 13, 2024 Affirmed A1 (sf) EUR18,000,000 Class D-1 Deferrable Mezzanine Floating Rate Notes due 2031, Upgraded to A3 (sf); previously on May 13, 2024 Affirmed Baa2 (sf) EUR2,000,000 Class D-2R Deferrable Mezzanine Fixed Rate Notes due 2031, Upgraded to A3 (sf); previously on May 13, 2024 Affirmed Baa2 (sf) EUR12,000,000 Class F Deferrable Junior Floating Rate Notes due 2031, Downgraded to Caa1 (sf); previously on May 13, 2024 Downgraded to B3 (sf) Moody's have also affirmed the ratings on the following notes: EUR234,000,000 (Current outstanding amount EUR101,742,285) Class A-1R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on May 13, 2024 Affirmed Aaa (sf) EUR14,000,000 Class A-2R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on May 13, 2024 Affirmed Aaa (sf) EUR8,000,000 Class B-1 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on May 13, 2024 Affirmed Aaa (sf) EUR20,000,000 Class B-2R Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on May 13, 2024 Affirmed Aaa (sf) EUR10,000,000 Class B-3 Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on May 13, 2024 Affirmed Aaa (sf) EUR26,000,000 Class E Deferrable Junior Floating Rate Notes due 2031, Affirmed Ba2 (sf); previously on May 13, 2024 Affirmed Ba2 (sf) Man GLG Euro CLO V Designated Activity Company, issued in November 2018, and refinanced in March 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by GLG Partners LP. The transaction's reinvestment period ended in December 2022. RATINGS RATIONALE The rating upgrades on the Class C-1, Class C-2R, Class C-3, Class D-1 and Class D-2R notes are primarily a result of the deleveraging of the Class A-1R notes following amortisation of the underlying portfolio in the last 12 months. The Class A-1R notes have paid down by approximately EUR104 million (44.4% of its original balance) in the last 12 months and EUR132.3 million (56.5%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased for all rated notes except Class F notes. According to the trustee report dated August 2025[1], the Class A/B, Class C, Class D and Class E over-collateralisation ratios are reported at 161.91%, 136.97%, 123.39% and 109.30%, compared to August 2024[2] levels of 138.58%, 125.00%, 116.82% and 107.67%, respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The downgrade to the rating on the Class F notes is primarily due to the deterioration of the key credit metrics of the underlying portfolio and the deterioration in the Class F over-collateralisation ratio in the last 12 months. The credit quality of the underlying portfolio has deteriorated as reflected in an increase of the Weighted Average Rating Factor. According to the trustee report dated August 2025[1], the Weighted Average Rating Factor is currently 3162, compared to the August 2024[2] level of 3019. The Weighted Average Spread (WAS) and the Weighted Average Coupon (WAC) of the underlying portfolio have decreased. According to the trustee report dated August 2025[1], the WAS and WAC are currently 3.75% and 4.98%, respectively, compared to August 2024[2] levels of 3.87% and 6.07%, respectively. According to the trustee report dated August 2025[1], the Class F over-collateralisation ratio decreased to 103.83%, compared to August 2024[2] levels of 103.91%, respectively. The affirmations on the ratings on the Class A-1R, Class A-2R, Class B-1, Class B-2R, Class B-3 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. 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: EUR249.5m Defaulted Securities: EUR4m Diversity Score: 45 Weighted Average Rating Factor (WARF): 3223 Weighted Average Life (WAL): 3.44 years Weighted Average Spread (WAS) (before accounting for Euribor/reference rate floors): 3.75% Weighted Average Coupon (WAC): 4.45% Weighted Average Recovery Rate (WARR): 43.46% 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 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. 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. PROVIDUS CLO V: Moody's Affirms B3 Rating on EUR10.75MM Cl. F Notes ------------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Providus CLO V Designated Activity Company: EUR31,000,000 Class B-1 Senior Secured Floating Rate Notes due 2035, Upgraded to Aa1 (sf); previously on Apr 13, 2021 Definitive Rating Assigned Aa2 (sf) EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035, Upgraded to Aa1 (sf); previously on Apr 13, 2021 Definitive Rating Assigned Aa2 (sf) EUR28,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2035, Upgraded to A1 (sf); previously on Apr 13, 2021 Definitive Rating Assigned A2 (sf) Moody's have also affirmed the ratings on the following debts: EUR190,000,000 Class A Senior Secured Floating Rate Notes due 2035, Affirmed Aaa (sf); previously on Apr 13, 2021 Definitive Rating Assigned Aaa (sf) EUR50,000,000 Class A Senior Secured Floating Rate Loan due 2035, Affirmed Aaa (sf); previously on Apr 13, 2021 Definitive Rating Assigned Aaa (sf) EUR26,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Baa3 (sf); previously on Apr 13, 2021 Definitive Rating Assigned Baa3 (sf) EUR21,250,000 Class E Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Ba3 (sf); previously on Apr 13, 2021 Definitive Rating Assigned Ba3 (sf) EUR10,750,000 Class F Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed B3 (sf); previously on Apr 13, 2021 Definitive Rating Assigned B3 (sf) Providus CLO V Designated Activity Company, issued 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 Permira European CLO Manager LLP. The transaction's reinvestment period ended in August 2025. RATINGS RATIONALE The rating upgrades on the Class B-1, Class B-2 and Class C notes are primarily a result of the benefit of the transaction having reached the end of the reinvestment period in August 2025. The affirmations on the ratings on the Classes A, Class D, Class E, Class F debts are primarily a result of the expected losses on the debts 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: EUR394.3m Defaulted Securities: EUR4.6m Diversity Score: 59 Weighted Average Rating Factor (WARF): 2930 Weighted Average Life (WAL): 4.43 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.64% Weighted Average Coupon (WAC): 3.86% Weighted Average Recovery Rate (WARR): 43.33% 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 debts' 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 debts are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debts' performance is subject to uncertainty. The debts' 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 debts' 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 debts' 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 debts beginning with the debts 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 debts' 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. ========= I T A L Y ========= CEME SPA: Moody's Affirms 'B2' CFR & Alters Outlook to Negative --------------------------------------------------------------- Moody's Ratings has affirmed the B2 corporate family rating and B2-PD probability of default rating for Italian precision fluid control solutions manufacturer CEME S.p.A. (CEME). Moody's have affirmed the B2 instrument rating for the EUR360 million guaranteed senior secured floating rate notes, which are proposed to be upsized by EUR75 million to EUR435 million. The outlook has changed to negative from stable. Proceeds from the upsized guaranteed senior secured notes will be used to fund the acquisition of Ningbo JLT Electric Co. Ltd. (JLT) and leave cash for general purposes. "The rating action reflects CEME's weaker than expected point-in-time credit metrics versus Moody's expectations at the time of the first time rating last year in combination with the additional leverage added by the proposed tap transaction", says Jay Parekh, Moody's Ratings lead analyst for CEME. RATINGS RATIONALE For the twelve months ending June 2025, CEME's debt / EBITDA ratio stood at 6.5x on a Moody's adjusted basis. Pro-forma for the bond tap, it would be 7.3x (also including full-year EBITDA contribution from JLT). Moody's note positively that the acquisition of JLT will continue to strengthen the company's footprint in the fast growing APAC region and diversify its non-coffee product offerings. Moody's projects that CEME will be able to grow its EBITDA through realization of cost reductions and organic growth in the market for home single serve coffee (HSSC), the company's largest segment. However, the company's envisaged cost savings during 2025 have been lagging behind Moody's expectations. Moody's now forecast CEME's credit metrics to return to levels commensurate with the B2 rating only by the end of 2026, with forecasted cost reductions of around EUR12 million until then. However, the cost reductions are associated with execution risk and failure to achieve the savings would further delay the company's deleveraging. Furthermore, deleveraging would be delayed if the company undertakes further debt-funded acquisitions over the next 12-18 months. CEME's B2 CFR continues to reflect the company's i) strong business profile supported by its long standing relationship with its customers which, considering the mission critical nature of the products, creates a relatively high entry barrier, ii) leading position as a precision fluid control solution provider to coffee and beverage machine OEMs iii) potential to improve profitability through cost reduction by automation, iv) good liquidity supported by CEME's ability to generate free cash flow. Nevertheless, the rating is constrained by CEME's i) small scale with proforma revenues of EUR343 million in 2024, ii) weak point-in-time credit metrics, iii) execution and timing risk related to the cost reduction program initiatives and iv) high leverage tolerance as seen in private equity owned businesses. LIQUIDITY CEME's liquidity is good. The company had a cash balance of EUR43 million at the end of June 2025, which pro-forma for the bond tap would increase by at least EUR35 million. Furthermore, the company's upsized revolving credit facility (RCF) of EUR82.5 million remains undrawn. Moody's expects CEME to generate funds from operations at around EUR40-50 million per year, which in combination with cash on balance sheet and the undrawn RCF comfortably cover the company's capital expenditures (EUR10-15 million), lease payments, working capital fluctuations and Moody's working cash assumption of around EUR10 million. CEME's liquidity profile also benefits from its long dated debt maturities. RATIONALE FOR NEGATIVE OUTLOOK The negative outlook on CEME's ratings reflects the weak positioning of the rating within the B2 rating category. The current rating positioning has limited capacity for operational underperformance, delays in realization of cost savings or further debt-funded acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating can develop if, on a sustained basis, i) Moody's-adjusted gross debt / EBTIDA remains well below 5.0x, ii) Moody's-adjusted EBITA / interest increases above 2.0x, and iii) Moody's-adjusted FCF / debt increases above 10%. Downward pressure on the rating can develop if CEME i) fails to deliver on the planned cost savings initiatives and improve its profitability ii) its Moody's-adjusted gross debt / EBITDA remains above 6.0x, iii) its Moody's-adjusted EBITA / interest remains below 1.5x, iv) its Moody's-adjusted FCF / debt remains below 5%, and v) liquidity deteriorates. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Governance considerations are a key driver in this action, reflecting the company's proposed actions to tap its outstanding bond. Considerations include Moody's views on CEME's aggressive financial policies and tolerance for a leveraged capital structure. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Manufacturing published in September 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE CEME S.p.A. is a leading manufacturer of precision fluid control solution used in coffee machines, beverage dispensers and decanters, and industrial applications including digital printing, medical instruments, commercial vehicles, HVAC systems. Its product portfolio consists of solenoid pumps and valves, gear pumps, rotatory vane pumps, flow meters, and switches. The company serves around 1,200 customers globally from its nine production plants spread across Europe, Asia, and America. CEME is owned by private equity firm Investindustrial. In the twelve months ending June 2025, CEME reported revenue and company-adjusted EBITDA of EUR363 million and EUR78 million respectively pro forma for the acquisitions of Micropump, Inc, JLT and DTI. =================== K A Z A K H S T A N =================== BANK CENTERCREDIT: Moody's Ups Long Term Deposit Ratings from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the following ratings and assessments of Bank CenterCredit (BCC): long-term local and foreign currency deposit ratings to Baa3 from Ba1, long-term Counterparty Risk Assessment (CR Assessment) to Baa3(cr) from Ba1(cr), long-term local and foreign currency Counterparty Risk Ratings (CRR) to Baa3 from Ba1, short-term local and foreign currency deposit ratings and CRRs to Prime-3 from Not Prime and short-term CR Assessment to Prime-3(cr) from Not Prime(cr), as well as its Baseline Credit Assessment (BCA) and Adjusted BCA to ba2 from ba3. The outlook on the bank's long-term deposit ratings is changed to stable from positive. Concurrently, Moody's upgraded BCC's long-term national scale bank deposit rating and long-term national scale CRR to A1.kz from A3.kz. RATINGS RATIONALE The BCA upgrade, to ba2 from ba3 is driven by the improvement in the bank's asset quality, profitability, and solvency, facilitated by a favourable operating environment. The proportion of problem loans in the bank's gross loan portfolio has consistently declined, to approximately 3.6% at the end of H1 2025 from 4.4% at the end of 2023, and 7.4% at the end of 2022. These improvements have been achieved despite the seasoning of the loan portfolio and a deceleration in growth. BCC has also significantly enhanced its coverage of problem loans with loan loss reserves reaching 129% of problem loans at the end of H1 2025, up from 109% at the end of 2024 and 92% at the end of 2023. Consequently, the proportion of problem loans relative to the sum of the bank's tangible common equity and loan loss reserves has decreased to around 16% at the end of H1 2025 from 19% at the end of 2024 and 24% at the end of 2023. BCC has maintained strong profitability, with return on average assets exceeding 3% in 2024 and 4% during H1 2025. These improvements were driven by robust net interest margins, lower loan loss charges and solid foreign exchange income due to high export/import activities in the country. Moody's expects that the bank will continue to sustain this improved level of profitability over the next 12-18 months, despite potential margin pressures. The rating action also considers the bank's substantial buffer of liquid assets, which remained robust, exceeding 40% of the bank's tangible banking assets at the end of H1 2025. Moody's anticipates that the bank will partially utilise its liquidity cushion to finance its loan portfolio, but its liquidity position will remain strong over the next 12-18 months. At the same time, the bank's BCA incorporates potential risks stemming from an evolving competitive landscape in Kazakhstan, which fuels an appetite for growth. Between end-2021 and end-2024, the bank expanded its loan portfolio by 3.3 times. Although growth decelerated sharply in 2025 and the bank does not intend to maintain the same high growth rate as in the past, the full impact on asset quality remains to be seen. BCC's Baa3 long-term deposit ratings are underpinned by its ba2 BCA and include a two-notch rating uplift, reflecting Moody's continuing assessment of a high probability of support from the Government of Kazakhstan (Baa1 stable). The upgrade of BCC's long-term national scale ratings reflects the bank's strong position within the national scale rating bands corresponding to the global scale ratings. This upgrade underscores BCC's systemic importance, evidenced by a high probability of government support, as well as improvements in core credit metrics such as asset quality, solvency, and profitability. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Further diversification of the franchise, coupled with a sustained track record of lower risk appetite as evidenced by contained growth, along with strong asset quality, solvency, profitability, and liquidity, could result in positive rating momentum. Conversely, sustained deterioration in asset quality, profitability, or solvency could exert negative pressure on the bank's ratings. An inability to maintain market positions, which could be reflected in lower systemic importance, may lead to a reassessment of systemic support from the government to lower levels, potentially resulting in negative pressure on long-term deposit ratings. RATIONALE FOR THE STABLE OUTLOOK The stable outlook on the long-term deposit ratings reflects Moody's expectations that the bank will effectively manage credit risks stemming from its previous rapid growth and maintain key credit metrics, including profitability, asset quality, capitalisation, and liquidity, at robust levels over the next 12-18 months. This perspective is supported by a favourable operating environment and the bank's strategy to contain growth moving forward. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2024. =================== L U X E M B O U R G =================== AFE SA: S&P Downgrades ICR to 'CC' on Proposed Debt Exchange ------------------------------------------------------------ S&P Global Ratings lowered to 'CC' from 'CCC+' its issuer credit rating on AFE S.A. The outlook is negative. At the same time, S&P lowered its issue rating on the fund's senior secured notes to 'C' from 'CCC-'. AFE has announced an offer to its noteholders to purchase or exchange its senior secured notes. S&P said, "We would consider the exchange as below par and distressed under the proposed conditions. In our opinion, investors would receive less value than promised when the original debt was issued." The company's senior secured notes due in 2030 have an outstanding principal amount just shy of EUR332 million. Considering the fund's complicated financial position, with low financial flexibility and a relatively high interest burden, AFE is offering its noteholders two options for repayment. -- A cash tender offer at EUR0.20 per EUR1; or -- Exchange for two new loans: A second-lien loan directly held by AFE at an exchange rate of EUR0.55 to EUR1. A holdco loan at an exchange rate of EUR0.45 to EUR1. If investors choose the first option, AFE will use a new facility under its super senior credit facility to meet the tender offer. On the other hand, the second option would improve its interest burden as the second-lien loans will pay the Euro Interbank Offered Rate (EURIBOR) + 4% and holdco loans only 0.02%, down from the EURIBOR +7.5% that the senior secured notes currently pay. If the deal goes through, the company will receive a EUR25 million new money facility under its super senior facility agreement to bolster its operations. The company already announced support from 74% of its bondholders but needs approval from at least 90% to proceed with the transaction. Without this exchange, the company's financial profile is compromised in the long term. In S&P's opinion, its capital structure may not be sustainable in the long term, given its reported loan-to-value ratio of 107%, unless it invests significantly more in new assets, improves its collection performance, and realizes its real estate assets substantially above the current book value. In present market conditions, collections from the real estate assets might be lower than expected and take longer to realize due to valuation uncertainties as well as their illiquid nature. S&P said, "Therefore, upon the completion of the exchange, we expect to lower our rating on AFE to 'SD' (selective default) and our issue rating on its senior secured notes to 'D' (default). "The negative outlook reflects the increased likelihood that AFE will undertake an exchange that we would deem as distressed. "We would lower the ratings to 'SD' if AFE undertakes the proposed debt exchange under the announced terms to the market, or any other alternative exchange that would breach the bonds' imputed promise. "While unlikely, we could raise our rating on AFE if it does not complete the transaction, likely to the 'CCC' category." ========= S P A I N ========= BAHIA DE LAS ISLETAS: Moody's Puts Caa2 CFR on Review for Upgrade ----------------------------------------------------------------- Moody's Ratings has placed the Caa2 long term corporate family rating of Bahia De Las Isletas, S.L. (Naviera Armas or the company) on review for upgrade. Moody's also placed on review for upgrade the Caa2-PD probability of default rating of Naviera Armas and the Caa3 senior secured notes of ANARAFE, S.L.U. Previously, the outlook on both entities was negative. "The rating action was prompted by the company's announcement on August 25 that it had signed binding agreements to sell its entire operations, pending customary approvals by the relevant antitrust authorities" says Daniel Harlid, a Moody's Ratings Vice President - Senior Credit Officer. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS On August 25, Naviera Armas announced it had signed two binding agreements concerning its entire operations: (i) the routes, associated assets, and employees related to the Canary Islands, Mainland, Algeria, Alboran, as well as its land transportation business, will be sold to Spanish shipping company Baleària Eurolineas Maritimas SA for a total consideration of EUR215 million on a debt-free basis; and (ii) the assets and employees related to its operations in the strait between Spain and Morocco will be sold to Danish shipping and logistics company DFDS A/S for a total consideration of EUR40 million. Separately, the company also announced it had signed a Memorandum of Agreement to sell the vessel Fortuny to Liberty Lines S.P.A. for EUR25 million. As of April 30, 2025, Naviera Armas had EUR293 million in outstanding debt, comprising a super senior secured term loan, a mortgage linked to port assets, senior secured notes, and senior unsecured debt owed to domestic banks. With the announced transactions expected to generate proceeds of approximately EUR280 million, their completion could potentially result in a recovery rate exceeding that implied by the current Caa3 rating of the senior secured notes. Moody's stress, however, that this assessment is preliminary and will be the focus of the review for upgrade. At this stage Moody's have no visibility on how long it will take to receive approvals of the transactions by the relevant antitrust authorities. Moody's would expect to withdraw the ratings of Naviera Armas once the disposals have been closed and most of the debt repaid. STRUCTURAL CONSIDERATIONS The Caa3 rating on the outstanding EUR194 million senior secured notes due December 2026 issued by ANARAFE, S.L.U. is one notch lower than the CFR. This reflects that the notes rank behind the EUR47m term loan in terms of the transaction security. LIQUIDITY Naviera Armas has a weak liquidity profile. As of April 2025, the company's liquidity sources included cash on balance sheet of EUR31 million, of which EUR17 million was classified as restricted. ESG CONSIDERATIONS Corporate governance has historically weakened credit quality significantly for Naviera Armas, not at least due to related party transactions with the Armas family. Although Moody's positively note that the new board has prevented such transactions to happen going forward, Naviera Armas is leasing five vessels from SPV's that in the same time owes Naviera Armas over EUR60 million. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Shipping published in June 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Las Palmas, Naviera Armas is a Spanish ferry operator. The company provides passenger and freight maritime transportation services mainly in the Canary Islands (between islands and to/from the Iberian peninsula) and the route Spain – Morocco / Algeria. As of December 31, 2024, the company operated a fleet of 19 vessels. The company also operates the largest land transportation business in Spain with a fleet of more than 500 trucks. In 2024 the company reported revenue of EUR519 million and a Moody's-adjusted EBITDA of EUR30 million. =========================== U N I T E D K I N G D O M =========================== 713 EMMERSON: CG&Co Named as Administrators ------------------------------------------- 713 Emmerson Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts in Leeds Insolvency and Companies List (ChD), Court Number: CR-2025-LDS-000927, and Edward M Avery-Gee and Daniel Richardson of CG&Co were appointed as administrators on Sept. 4, 2025. 713 Emmerson Limited, fka Dale Harrison Homes Holdings Limited, engaged in the construction of domestic buildings. Its registered office and principal trading address is at 42 Tyndall Court, Commerce Road, Lynch Wood, Peterborough, PE2 6LR The joint administrators can be reached at: Edward M Avery-Gee Daniel Richardson CG & Co 27 Byrom Street Manchester, M3 4PF For further details, contact: Harry Seddon Email: info@cg-recovery.com Tel No: 0161 358 0210 888 ACQUISITIONS: Moody's Rates New GBP516MM Secured Notes 'B2' --------------------------------------------------------------- Moody's Ratings has assigned a B2 rating to the proposed issuance of the GBP516 million equivalent senior secured notes by 888 Acquisitions Limited, a wholly-owned subsidiary of Gibraltar-based gaming operator Evoke plc (Evoke). The rest of Evoke's existing ratings are unaffected, including the B2 corporate family rating, the B2-PD probability of default rating, and all the instrument ratings issued by 888 Acquisitions Limited, 888 Acquisitions LLC and the B3 senior unsecured rating of William Hill Limited. The outlook remains unchanged at stable. The proceeds from the new issuance will be used to repay the EUR582 million backed senior secured fixed rate notes due July 2027 and the associated transaction costs. Additionally, Evoke announced a new GBP200 million senior secured revolving credit facility (RCF) to replace and refinance existing GBP71 million drawings under the existing facilities. RATINGS RATIONALE Evoke's proposed transaction is credit positive as it improves the company's liquidity and extend its debt maturities. Moody's-adjusted gross debt to EBITDA pro forma for the transaction remains elevated at 6.0x (as of the last twelve months ended June 2025), however, Moody's expects it to reduce to 5.6x at the end of December 2025. Positively, Moody's continues to expect progressive revenue growth alongside a reduction in exceptional integration and transformation costs, supporting a concurrent and meaningful improvement in Evoke's profitability, leverage and cashflow generation in the next 12-18 months. Evoke's CFR of B2 continues to reflect the group's established and popular brands with good market positions in large key gaming markets (the UK, Italy, Spain); competitive advantage stemming from Evoke's proprietary technology platform, which also enables the company to proactively monitor clients' behaviour and provide players with appropriate safeguarding measures; and the progress made by new management to return the company to revenue growth as well as continuing to improve its cost base. However, the B2 CFR remains constrained by the group's concentration in the mature UK market (almost 70% of group revenue); its high Moody's-adjusted debt to EBITDA that Moody's forecasts at about 5.6x as of the end of December 2025, which has failed to materially improve since closing of the William Hill International acquisition in 2022; the lack of FCF generation to date, and Moody's expectations of no significant FCF generation also in 2025; the highly competitive nature of the online betting and gaming industry; and the ongoing risk of regulatory changes and gaming tax increases due to social pressure. LIQUIDITY Evoke's liquidity is adequate. The company had about GBP121 million of unrestricted cash on balance sheet as of June 30, 2025 which included GBP71 million of drawings from the existing revolving credit facility. The new GBP200 million RCF due in 2030 provides additional availability as GBP50 million of existing RCF was due at the end of 2025. Moody's expects Moody's adjusted free cash flow to be broadly neutral for the full year 2025 due to exceptional costs and sustained capex investments. The RCF has a springing covenant when it is drawn for at least 40%; the applicable level would be 7.65x net debt leverage with no step-down, leaving sufficient room with a 5.6x net debt ratio as of last twelve month ending June 30, 2025. With the proposed transaction, Evoke would have no significant debt maturities at least until 2028 (only GBP11 million of WHL bonds maturing in 2026 remain outstanding and are expected to be repaid with cash available). STRUCTURAL CONSIDERATIONS The B2 rating assigned to Evoke's senior secured bonds is in line with the company's CFR. These instruments rank pari passu among themselves, including the new GBP200 million RCF. All of these facilities benefit from a security package represented mainly by share pledges, floating charges on UK entities and guarantees from all substantial subsidiaries of the group, including upstream guarantees from William Hill Limited subsidiaries. The GBP11 million of legacy senior unsecured notes due 2026 issued by William Hill Limited remain outstanding; Moody's rate them B3, one notch lower than Evoke's CFR, because of a weaker security package and guarantor coverage than the other debt facilities. OUTLOOK The stable outlook reflects Moody's expectations that Evoke's revenues remain on a positive trajectory and EBITDA margins will continue to improve. Moody's adjusted leverage, however, will decline below 5.0x only towards the end of 2026. The stable outlook also assumes no changes to the regulatory environment in the jurisdictions where Evoke operates and that the company's liquidity will start to improve. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded following a sustained period of revenue growth combined with no regulatory findings/fines. It would also require Evoke to sustain its Moody's adjusted debt-to-EBITDA below 5.0x, Moody's adjusted FCF-to-debt above 5% and Moody's-adjusted EBITA-to-interest above 1.5x. A downgrade of the ratings could occur if Moody's-adjusted FCF remains negative and Moody's-adjusted debt-to-EBITDA stays above 5.5x by the end of 2026. Downward pressure could also materialise should changes in Evoke's financial policy result in greater appetite for leverage or if significantly adverse regulatory actions occur in one or more of the larger geographies in which the company operates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming published in June 2021. PROFILE Evoke Plc, headquartered in Gibraltar, is a public company listed on the London Stock Exchange, with a market capitalisation of about GBP260 million as of September 08, 2025. The group is the combination of 888 and WHI's operations outside the US, a merger that closed in July 2022. The company has a strong presence in the UK, and is well positioned in Italy, Spain and Denmark with a widely recognised online and retail brand portfolio. For the twelve-month period ended June 2025, the group generated revenue of GBP1.8 billion and adjusted EBITDA of GBP362.8million, as reported by the company. APEX TRAFFIC: Begbies Traynor Named as Administrators ----------------------------------------------------- Apex Traffic Management Ltd was placed into administration proceedings, and Kevin Mapstone and Kenneth Robert Craig of Begbies Traynor (Central) LLP, were appointed as administrators on Aug. 21, 2025. Apex Traffic engaged in the renting and leasing of construction and civil engineering machinery and equipment. Its registered office is at Block 5, Bothwell Park Industrial Estate, Uddingston, Glasgow, G71 6PB Its principal trading address is at Goldie Road, Bothwell Park Industrial Estate, Uddingston, G71 6PB The joint administrators can be reached at: Kevin Mapstone Kenneth Robert Craig Begbies Traynor (Central) LLP 2 Bothwell Street Glasgow G2 6LU For further details, contact: Kevin Mapstone Email: glasgow@btguk.com Tel: 0141 222 2230 Alternative contact: Drew Campbell Email: Drew.Campbell@btguk.com CHEMEX INTERNATIONAL: AMS Business Named as Administrators ---------------------------------------------------------- Chemex International Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in England and Wales, Insolvency and Companies List, No CR2025LDS000849 of 2025, and Philip Lawrence and Gareth Howarth of AMS Business Recovery were appointed as administrators on Aug. 27, 2025. Its registered office is at Vicarage Court, 160 Ermin Street, Swindon, SN3 4NE Its principal trading address is at Office 65, Pure offices, Broadwell Road, Oldbury, B69 4BY The joint administrators can be reached at: Philip Lawrence Gareth Howarth AMS Business Recovery 1 Hardman Street, Manchester Greater Manchester, M3 3HF Tel No: 0161 413 0999 For further details, contact: George Blake AMS Business Recovery Email: george.blake@groupams.co.uk Tel No: 0161-413-0999 DARK EDGE: CG&Co Named as Administrators ---------------------------------------- Dark Edge Music Limited was placed into administration proceedings in the The Business & Property Courts of England & Wales, Court Number: CR-2025-006054, and Edward M Avery-Gee and Daniel Richardson of CG&Co were appointed as administrators on Sept. 2, 2025. Dark Edge Music engaged in amusement and recreation activities. The new registered office is c/o CG & Co, 27 at Byrom Street, Manchester, M3 4PF. The old registered office is c/o Richard Slade & Partners LLP, at 9 Gray's Inn Square, London, WC1R 5JD. The joint administrators can be reached at: Edward M Avery-Gee Daniel Richardson CG & Co 27 Byrom Street Manchester, M3 4PF For further details, contact: Clara Van Biesebroeck Email: info@cg-recovery.com Tel No: 0161 358 0210 LAURELS ESTATE: KRE Corporate Named as Administrators ----------------------------------------------------- Laurels Estate Agents Limited was placed into administration proceedings in the High Court of Justice Court Number: CR-2025-005903, and Paul Ellison and David Taylor of KRE Corporate Recovery Limited were appointed as administrators on Aug. 28, 2025. Laurels Estate engaged in buying and selling of own real estate. Its registered office is at 6 Flitcroft Street, London, WC2H 8DJ Its principal trading address is at Unit 4 Progress Business Park, Progress Way, Croydon, CR0 4XD The administrators can be reached at: Paul Ellison David Taylor KRE Corporate Recovery Limited Unit 8, The Aquarium 1-7 King Street, Reading RG1 2AN For further information, contact: Alison Young Email: alison.young@krecr.co.uk Tel: 01189 479090 NEDBANK PRIVATE: Moody's Affirms 'Ba1' Long Term Deposit Ratings ---------------------------------------------------------------- Moody's Ratings has affirmed all the ratings and assessments of Nedbank Private Wealth Limited (Nedbank Private Wealth): the Ba1/NP deposit ratings, the baa3 Baseline Credit Assessment (BCA) and Adjusted BCA, the Ba1/NP Counterparty Risk Ratings, and the Baa3(cr)/P-3(cr) Counterparty Risk Assessment. Moody's also maintained a stable outlook on the long-term deposit ratings. RATINGS RATIONALE The affirmation of Nedbank Private Wealth's Ba1 long-term deposit rating reflects the affirmation of the bank's baa3 BCA and Moody's unchanged assumption of very high loss given failure, which continues to result in the long-term deposit rating being one notch below the Nedbank Private Wealth's BCA. The affirmation of the BCA reflects Nedbank Private Wealth's strong capitalisation, ample high-quality liquidity and low asset risk, but also single name concentration, and limited business diversification. The baa3 BCA is constrained at two notches above the BCA of its sister company Nedbank Limited (Baa3 stable/(P)Ba1, ba2). OUTLOOK The outlook on Nedbank Private Wealth's long-term deposit rating is stable. The outlook reflects Moody's views that the bank's capitalisation and liquidity will remain strong, and it is in line with the outlook on Nedbank Limited's long-term deposit rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Nedbank Private Wealth's Ba1 long-term deposit rating could be upgraded following an upgrade of the bank's baa3 standalone BCA, or the issuance of bail-in-able debt. The BCA could be upgraded following an upgrade of Nedbank Limited's ba2 BCA or a reduction in the interconnection between Nedbank Private Wealth and Nedbank Limited (in particular common customers). Nedbank Private Wealth's Ba1 long-term deposit rating could be downgraded following a downgrade of the bank's baa3 standalone BCA. The BCA could be downgraded following a downgrade of Nedbank Limited's ba2 BCA, a material integration with the group, or a significant deterioration in Nedbank Private Wealth's solvency or liquidity profile. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2024. Nedbank Private Wealth Limited "Assigned BCA" score of baa3 is set five notches below the "Financial Profile" initial score of a1 to reflect single name concentration, confidence-sensitive nature of deposit base, and interconnection with lower rated Nedbank Limited. PREMIER GROUP: KRE Corporate Named as Administrators ---------------------------------------------------- Premier Group Recruitment Limited was placed into administration proceedings in the High Court of Justice - Business and Property Courts, No CR-2025-005445, and Rob Christopher Keyes and David Taylor of KRE Corporate Recovery Limited were appointed as administrators on Sept. 2, 2025. Premier Group specialized in business support service. Its registered office is at Abbey Gardens South, Abbey Street, Reading, Berkshire, England, RG1 3BA The administrators can be reached at: Rob Christopher Keyes David Taylor KRE Corporate Recovery Limited Unit 8, The Aquarium 1-7 King Street, Reading RG1 2AN For further information, contact: James Musallam Email: james.musallam@hc.law Tel No: 07717 535018 STRESA SECURITIZATION: DBRS Confirms BB(high) Rating on D Notes --------------------------------------------------------------- DBRS Ratings GmbH confirmed its credit ratings on the rated notes issued by Stresa Securitization S.r.l. (Stresa, or the Issuer) as follows: -- Class A at AA (sf) -- Class B at A (high) (sf) -- Class C at BBB (high) (sf) -- Class D at BB (high) (sf) The credit rating on the Class A notes addresses the timely payment of interest and the ultimate repayment of principal on or before the legal final maturity date in December 2045. The credit ratings on the Class B, Class C and Class D notes address the ultimate payment of interest and principal. 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 June 2025 payment date; -- Portfolio default rate (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and -- Current available credit enhancement to the rated notes to cover the expected losses at their respective credit rating levels. Stresa is a securitization of Italian residential mortgage loans originated in 2006 and 2007 by Meliorbanca S.p.A. (Meliorbanca; the originator). Meliorbanca merged into BPER Banca S.p.A. (BPER) in 2011. Following Commerzbank group's purchase, the portfolio was securitized under Borromeo Finance S.r.l. (Borromeo). Borromeo subsequently sold the portfolio to Stresa, a new special-purpose vehicle sponsored by the Fortress Investment Group LLC (Fortress) with two separate transfers in 2017 and 2019. doNext S.p.A. (doNext) has been acting as the servicer for the portfolio since March 2011. Morningstar DBRS reviewed doValue S.p.A.'s (doNext's parent company) servicing practices. PORTFOLIO PERFORMANCE The portfolio is performing within Morningstar DBRS' expectations. As of the May 2025 cut-off date, delinquencies are high, with 60- to 90-day and 90+-day arrears ratios at 0.2% and 2.9%, respectively. The gross cumulative default ratio as of the May 2025 cut-off date stood at 14.6%, up from 12.6% as of the August 2024 cut-off. Cumulative principal recoveries are still minimal, with only 8.6% recorded to date. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining performing pool of receivables and updated its base case PD and LGD assumptions to 17.2% and 12.7%, respectively. CREDIT ENHANCEMENT Credit enhancement (CE) on the rated notes is provided by the subordination of the more junior notes. As of the June 2025 payment date, CEs on the rated notes were as follows: -- CE for the Class A notes of 21.06% up from 19.25% at closing; -- CE for the Class B notes of 16.96% up from 15.50% at closing; -- CE for the Class C notes of 12.85% up from 11.75% at closing; and -- CE for the Class D notes of 9.30% up from 8.50% at closing. Liquidity for the Class A notes is supported by a liquidity reserve fund (LRF), which was funded at closing and is amortizing in line with the Class A notes. The LRF also features a floor equal to 2% of the Class A notes' initial balance. It is currently at its target balance of EUR 4.9 million. The notes' terms and conditions allow interest payments other than on the Class A notes to be deferred if the available funds are insufficient. However, when the Class B notes are the most senior class of notes outstanding, deferral is not possible for the Class B notes. Deutsche Bank AG/London Branch acts as the account bank for the transaction. Based on the private rating of the account bank, the downgrade provisions outlined in the transactions' documents, and structural mitigants inherent 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 to the notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European Structured Finance Transactions" methodology. Notes: All figures are in euros unless otherwise noted. TSS REALISATIONS 2025: Leonard Curtis Named as Administrators ------------------------------------------------------------- TSS Realisations 2025 Limited was placed into administration proceedings in the Glasgow Sheriff Court, Court Number: CR-2025-L176, and Mike Dillon and Hilary Pascoe of Leonard Curtis were appointed as administrators on Aug. 29, 2025. TSS Realisations 2025, fka Team Support Staff Limited, engaged in recruitment specialists. Its registered office is at Central Chambers 12 Waterloo Street, Suite 24/30 Mezzanine Floor, Glasgow, Scotland, G2 6DA Its principal trading address is at 18 Broadway, Stratford, London, E15 4QS; Suite 24/30, Mezzanine floor, Central Chambers, 12 Waterloo Street, Glasgow, G2 6JX; Mile House, Bridge End, Chester Le Street, DH3 3RA; Aurora House, 71-75 Uxbridge Road, Ealing, London, W5 5SL; 45 Green Street, Gillingham, Kent, ME7 1AD The joint administrators can be reached at: Mike Dillon Andrew Knowles Leonard Curtis Riverside House Irwell Street, ManchesterM3 5EN For further details, contact: The Joint Administrators Email: recovery@leonardcurtis.co.uk Tel: 0161 831 9999 Alternative contact: Nicola Carlton WB DEVELOPMENTS: FTS Recovery Named as Administrators ----------------------------------------------------- WB Developments LLP was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number: CR-2025-MAN-001219, and Alan Coleman and Marco Piacquadio of FTS Recovery Limited were appointed as administrators on Aug. 28, 2025. WB Developments LLP is a limited liability partnership. Its registered office is at Sentinel House, Sentinel Square, Brent Street, Hendon, London, NW4 2EP The administrators can be reached at: Alan Coleman FTS Recovery Limited 3rd Floor, Tootal House 56 Oxford Street, Manchester M1 6EU -- and -- Marco Piacquadio RTS Recovery Limited Ground Floor, Baird House Seebeck Place, Knowlhill Milton Keynes, MK5 8FR For further information, contact: The Joint Administrators Email: Nayem.noor@ftsrecovery.co.uk Tel No: 01908 754 666 Alternative contact: Nayem Noor WILKINS CHIMNEY: AMS Business Named as Administrators ----------------------------------------------------- Wilkins Chimney Sweep Limited was placed into administration proceedings In the High Court of Justice, Business and Property Courts in England and Wales, Insolvency and Companies List, No CR2025LDS000894 of 2025, and Philip Lawrence and Gareth Howarth of AMS Business Recovery were appointed as administrators on Aug. 27, 2025. Its registered office and principal trading address at Vicarage Court, 160 Ermin Street, Swindon, SN3 4NE The joint administrators can be reached at: Philip Lawrence Gareth Howarth AMS Business Recovery 1 Hardman Street, Manchester Greater Manchester, M3 3HF Tel No: 0161 413 0999 For further information, contact: George Blake AMS Business Recovery Email: george.blake@groupams.co.uk. Tel No: 0161 413 0999 ********* 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. 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