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251030.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 Thursday, October 30, 2025, Vol. 26, No. 217 Headlines I R E L A N D BAIN CAPITAL 2024-1: S&P Assigns B-(sf) Rating on Class F-R Notes KINBANE 2025-RPL 2: S&P Assigns B-(sf) Rating on Cl. F-Dfrd Notes I T A L Y MOONEY GROUP: S&P Affirms 'BB-/B' ICRs on Redemption of Notes K A Z A K H S T A N NATIONAL COMPANY FOOD: Moody's Alters Outlook on 'B2' CFR to Pos. SINOASIA B&R: S&P Affirms 'BB' ICR & Alters Outlook to Positive L U X E M B O U R G ALTISOURCE PORTFOLIO: Reports $2.33 Million Net Loss in Fiscal Q3 ORION SA: Moody's Cuts CFR to Ba3, Outlook Negative N E T H E R L A N D S DOMI BV 2024-1: Moody's Ups Rating on EUR1.6MM Cl. E Notes to Ba2 P O R T U G A L CONSUMER TOTTA 3: Moody's Assigns B2 Rating to EUR4.2MM F Notes U N I T E D K I N G D O M ACCELYA GROUP 2: S&P Assigns 'B-' ICR, Outlook Stable CHERTSEY HILLSWOOD: FRP Advisory Named as Administrators COMET BIDCO: Moody's Lowers CFR to 'B3', Outlook Stable DC LONDON: FTI Consulting Named as Administrators HARDY BUILDING: Leonard Curtis Named as Administrators LOBSTER RECRUITMENT: Moorfields Named as Administrators MEDEN MOULDINGS: Leonard Curtis Named as Administrators METROPOLITANA LONDON: Quantuma Advisory Named as Administrators REPLETE LIMITED: Quantuma Advisory Named as Administrators - - - - - ============= I R E L A N D ============= BAIN CAPITAL 2024-1: S&P Assigns B-(sf) Rating on Class F-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Bain Capital Euro CLO 2024-1 DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer has class M and unrated subordinated notes outstanding from the existing transaction and has not issued additional subordinated notes. This transaction is a reset of the already existing transaction that closed in April 2024. The issuance proceeds of the refinancing notes were used to redeem the refinanced notes (the original transaction's class X, A, B, C, D, E, and F notes, for which S&P withdrew its ratings at the same time), and pay fees and expenses incurred in connection with the reset. The ratings assigned to Bain Capital Euro CLO 2024-1's notes reflect our assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The issuer's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2743.80 Default rate dispersion 575.14 Weighted-average life (years) 4.73 Weighted-average life (years) extended to match reinvestment period 5.00 Obligor diversity measure 173.55 Industry diversity measure 21.71 Regional diversity measure 1.24 The above benchmarks and metrics are based on the performing portfolio Transaction key metrics Total par amount (mil. EUR) including cash and recovery 400.05 Number of performing obligors 210 Portfolio weighted-average rating derived from our CDO evaluator B 'CCC' category rated assets (%) 1.50 Actual 'AAA' weighted-average recovery (%) 36.83 Actual weighted-average spread (net of floors; %) 3.78 Actual weighted-average coupon (%) 4.78 Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will permanently switch to semiannual payment. The portfolio's reinvestment period will end approximately five years after closing, while the non-call period will end two years after closing. S&P said, "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. As such, we have not applied any additional scenario and sensitivity analysis when assigning ratings to any classes of notes in this transaction. "In our cash flow analysis, we used the EUR400.00 million target par amount, the portfolio's covenanted (3.70%), covenanted weighted-average coupon (4.50%), and the actual weighted-average recovery rates at all rating levels. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Under our structured finance ratings above the sovereign criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned rating levels. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate the exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to E-R notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes. "The class X-R, A-R, and F-R notes can withstand stresses commensurate with the assigned ratings. Our ratings on the class X-R, A-R, and B-R notes address timely payment of interest and ultimate payment of principal, while our ratings on the class C-R to F-R notes address the ultimate payment of interest and principal. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class X-R to F-R notes." Bain Capital Euro CLO 2024-1 is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Bain Capital Credit U.S. CLO Manager II, LP manages the transaction. In addition to S&P's standard analysis, it has also included the sensitivity of the ratings on the class X-R to E-R notes, based on four hypothetical scenarios. Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%)* Interest rate§ X-R AAA (sf) 3.25 N/A Three/six-month EURIBOR plus 0.83% A-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.30% B-R AA (sf) 44.00 27.00 Three/six-month EURIBOR plus 1.85% C-R A (sf) 24.00 21.00 Three/six-month EURIBOR plus 2.15% D-R BBB- (sf) 29.00 13.75 Three/six-month EURIBOR plus 3.15% E-R BB- (sf) 17.00 9.50 Three/six-month EURIBOR plus 5.50% F-R B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 8.22% M NR 0.50 N/A N/A Sub. NR 25.80 N/A N/A *The ratings assigned to the class X-R, A-R, and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. EURIBOR--Euro Interbank Offered Rate. KINBANE 2025-RPL 2: S&P Assigns B-(sf) Rating on Cl. F-Dfrd Notes ----------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Kinbane 2025-RPL 2 DAC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At closing the issuer also issued unrated class RFN, Z1 and Z2-Dfrd notes, X notes, and yield supplement overcollateralization. The asset pool contains EUR533.494 million first-lien reperforming residential mortgage loans located in Ireland. The loans were originated by multiple lenders--primarily Permanent TSB PLC (PTSB), EBS DAC, and Springboard Mortgages Ltd., which account for about 78% of the pool. The pool comprises 87.25% owner-occupied loans and 12.75% buy-to-let loans. S&P said, "This transaction is a refinancing of Primrose Residential 2022-1 DAC and Shamrock Residential 2023-1 DAC, which we rated. The assets are backed by five separate purchased portfolios, which were originated by multiple lenders mainly between 2003 and 2009. The loans in the Bass portfolio (28.35% of the pool) were originated by Permanent TSB PLC and the loans in the Grand Canal portfolio (17.86% of the pool) were originated by Irish Nationwide Building Society and Springboard. The Cannes (28.61% of the pool), Leaf (19.32% of the pool), and Phoenix (5.86% of the pool) portfolios aggregate assets from seven different originators. EUR2.621 million warehoused loans are subject to potential future write-off. We conducted our analysis net of this amount and did not give credit to these loans in our cash flow analysis. "The issuer is an Irish special-purpose entity (SPE), which we consider to be bankruptcy remote. We analyzed its corporate structure in line with our legal criteria. We have received legal opinions which provide comfort that the sale of the receivables would survive the seller's insolvency, or tax opinions that set out the issuer's tax liabilities under the current tax legislation. "We stress the transaction's cash flows to test the credit and liquidity support that the assets, subordinated tranches, and reserves provide. Our ratings address timely payment of interest and ultimate payment of principal on the class A notes and reflect ultimate payment of interest and principal on all other rated notes. Our standard cash flow analysis indicates that the available credit enhancement for the class C-Dfrd, D-Dfrd, and E-Dfrd notes is commensurate with higher ratings than those currently assigned. However, the ratings on these notes also reflect their ability to withstand the potential repercussions of the cost of living crisis, including higher defaults, additional liquidity stresses through extended recovery timings, as well as sensitivity to increases in EURIBOR that would dampen the benefit of the interest rate cap. For this transaction, due to rising arrears over the past two years, we particularly focus on sensitivity to increasing arrears. "In our analysis, the class F-Dfrd notes cannot withstand the stresses we apply at the 'B' rating level, particularly in a low prepayment scenario. Therefore, we applied our 'CCC' criteria, to assess if either a rating in the 'B–' or 'CCC' category would be appropriate. According to our 'CCC' ratings criteria, for structured finance issues, expected collateral performance and the level of credit enhancement are the primary factors in our assessment of the degree of financial stress and likelihood of default. We performed a qualitative assessment of the key variables, along with simulating a steady-state scenario in our cash flow analysis. The class F-Dfrd notes can pass such a scenario. Hence, we do not consider repayment of this class of notes to be dependent upon favorable business, financial, and economic conditions. Consequently, we assigned a 'B- (sf)' rating to the notes in line with our criteria. "Mars Capital Finance (Ireland) DAC and Pepper Finance Corporation (Ireland) DAC are the administrators. We considered the ability of both to service the portfolio under our operational risk criteria and are satisfied that they are capable of performing their functions in the transaction. "We consider commingling risk to be adequately mitigated under our counterparty criteria and have not applied any additional adjustments in our cash flow modelling. The documented replacement mechanisms adequately mitigate the transaction's exposure to counterparty risk." The transaction embeds some strengths that may offset deteriorating collateral performance. Given its sequential amortization, credit enhancement is expected to accumulate. The reserve and liquidity fund may, to a certain extent, insulate the notes against credit losses and liquidity stresses. In addition, the interest rate cap mitigates the effect on note coupon payments from rising EURIBOR rates they are linked to. Ratings Amount Class Rating* (mil. EUR) Class size (%) A AAA (sf) 416.13 78.00 B-Dfrd AA (sf) 25.34 4.75 C-Dfrd A (sf) 12.00 2.25 D-Dfrd§ BBB (sf) 12.00 2.25 E-Dfrd§ BB+ (sf) 9.34 1.75 F-Dfrd§ B- (sf) 20.01 3.75 RFN NR 10.35 1.94 Z1-Dfrd NR 10.67 2.00 Z2-Dfrd NR 12.00 2.25 X NR 2.00 N/A Yield supplement overcollateralization (YSO)† NR 16.004 3.00 *S&P's ratings address timely receipt of interest and ultimate repayment of principal on the class A notes and the ultimate payment of interest and principal on the other rated notes. S&P's ratings on the class D-Dfrd, E-Dfrd, and F-Dfrd notes also address the payment of interest based on the lower of the stated coupon and the net weighted-average coupon. §The transaction benefits from 3.00% overcollateralization at closing that supports the available yield. The figures do not show any credit that may accrue due to unused yield supplement overcollateralization. NR--Not rated. N/A--Not applicable. Dfrd--Deferrable. ========= I T A L Y ========= MOONEY GROUP: S&P Affirms 'BB-/B' ICRs on Redemption of Notes ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-/B' ratings on Mooney Group SpA, and continue to incorporate three notches of uplift for group support into the long-term rating. The stable outlook reflects S&P's belief that Mooney will remain strategically supported by Intesa, adequately funded, and operationally stable, while executing measures to improve efficiency and profitability over the next 12 months. On Oct. 21, 2025, Mooney completed the redemption of its EUR530 million senior secured notes using the proceeds of a EUR620 million loan provided by its two shareholders, Intesa Sanpaolo SpA and Enel X Financial Services. Although S&P views the shareholder loan as debt, S&P believes it supports its opinion of Mooney as a strategically important subsidiary of Intesa Sanpaolo. S&P said, "We believe Mooney will remain strategically supported and adequately funded following the shareholder-funded redemption of its EUR530 million notes. By refinancing its market debt with a shareholder loan, we believe Mooney removes near-term refinancing risk and secures a more stable, cost-effective source of funding. In our view, the transaction demonstrates both shareholders' continued financial commitment and strategic interest in preserving Mooney's franchise and ensuring its operational continuity. Although the new loan will bear interest and we continue to treat it as debt in our analysis, we believe its shareholder origin materially improves funding predictability and supports Mooney's near-term credit stability. "Mooney's operating performance in first-half 2025 was weaker than expected, but we believe its fundamentals remain resilient. Revenue declined about 4% year on year, and EBITDA fell roughly 11%, reflecting soft demand, regulatory headwinds in prepaid cards, and the restructuring of the merchant network. In our view, these factors weigh on profitability but appear temporary and manageable under the current ownership structure. We expect 2025 to remain a transitional year, with revenue contracting slightly (about -1% compared to 2024) and margins improving modestly (about +1% compared to 2024) as cost-efficiency measures gain traction. For 2026, we anticipate a gradual recovery supported by stronger performance in the payments and banking segment and a leaner cost base, with leverage decreasing to about 7x and funds from operations to debt at around 5.0%-5.5%, which we view as consistent with the current rating category. "We expect shareholder oversight and management's focus on efficiency and diversification to underpin Mooney's credit quality over the next 12 months. We anticipate Intesa will remain actively engaged in key strategic decisions, which we regard as positive for governance and execution. Mooney's extensive physical network continues to complement Intesa's retail and payments operations. We anticipate that the company will maintain an adequate liquidity position and gradually improve its operating performance, benefiting from the stability and financial flexibility provided by its shareholder structure. "The stable outlook indicates that we do not expect a change in Mooney's role for Intesa during the next 12 months or anticipate that Mooney's cash flow capacity will deteriorate significantly. "Although we consider a downgrade unlikely, we could lower our ratings on Mooney if we saw a significant deterioration in cash flows following weaker-than-expected economic performance or more-intense competition." S&P could raise the ratings if: -- S&P anticipates a decline in adjusted debt to EBITDA to below 5x; -- S&P concludes that Mooney's financial policy has improved; and -- S&P forecasts that adjusted funds from operations (FFO) to debt will sustainably exceed 12%. =================== K A Z A K H S T A N =================== NATIONAL COMPANY FOOD: Moody's Alters Outlook on 'B2' CFR to Pos. ----------------------------------------------------------------- Moody's Ratings has affirmed the B2 corporate family ratings and the B2-PD probability of default rating of National Company Food Contract Corp JSC (FCC), a state-owned grain trader in Kazakhstan. Concurrently, Moody's have affirmed the company's Baseline Credit Assessment (BCA) of caa1. The outlook was changed to positive from stable. RATINGS RATIONALE The rating action reflects early signs of improvement in FCC's historically very weak financial profile, which have emerged in the first half of 2025. This progress follows the company's shift toward more conservative operating and financial policies, alongside the government's initiation of long-discussed support measures. FCC's highly volatile operating performance and persistently weak credit metrics have been driven by (1) its exposure to the inherent cyclicality of the agricultural sector, exacerbated by its reliance on the Kazakhstani grain market and its social role as the market regulator on behalf of the state; and (2) aggressive financial and operating policies that the company pursued until H2 2024, both significantly influenced by the government. In particular, following a state-encouraged surge in grain purchases at peak prices during 2021–22, primarily financed through short-term bank debt, FCC suspended trading activity throughout 2023-H1 2024 to avoid losses on its substantial inventories amid a market downturn. As a result, its capital structure turned unstainable, with negative operating profit and cash flows. FCC's high debt burden has been partially offset by its sizable grain stock, which has historically supported its access to bank funding and served as a reliable liquidity buffer. After a period of prolonged weakness, since H2 2024, FCC has adopted a more conservative operating policy under a new state-backed funding framework aimed at enhancing the stability and commercial viability of its trading operations. Notably, the government approved a gradual replacement of short-term commercial borrowings with subsidised financing and allocated KZT70 billion in new equity to restore working capital for the 2024–25 grain procurement plan (including KZT40 billion received in 2024 and KZT30 billion to be received in 2025, with KZT18 billion already injected in H1 2025). In 2025, FCC also accelerated grain sales, initiating a plan to gradually release its remaining substantial inventories over 2025–26. The company has used the proceeds from these sales, together with subsidised debt instruments, to repay expensive commercial borrowings including its foreign-currency denominated loans, while equity injections continue to fund its procurement activities. The increase in sales boosted revenue, and FCC generated positive operating cash flow in the 12 months that ended June 2025 — for the first time since 2018. However, EBITDA and funds from operations (FFO) remained negative, constrained by elevated transportation costs related to export growth and subdued grain prices. FFO was further pressured by high interest expenses, although the ongoing deleveraging and transition to interest-free financing will ease this burden over H2 2025-2026. FCC also anticipates receiving up to KZT10 billion in export transportation subsidies introduced by the government in 2025, which would provide additional support to profitability. FCC aims to repay almost all its debt by 2027 using proceeds from accelerated grain sales in 2025-26, and to fund future operations through its internally generated cash flow, occasionally supplemented by moderate drawdowns of subsidised debt. This strategy, if successfully implemented, would mark a major turnaround in the company's financial profile. Nonetheless, FCC's FFO and profitability are unlikely to fully recover by 2026 and, along with the balance sheet, will remain vulnerable to market volatility, potential government interventions, and shifts in operating policy. The company's ability to adhere to more conservative financial and operating policies—focused on deleveraging and commercial viability—is yet to be sustained and proven over time. FCC's rating also factors in (1) its status as the state grain trader with the strategic role of ensuring food security in Kazakhstan and supporting the development of the domestic grain market; and (2) the track record of state support, including direct financial aid, although with some occasional delays. FCC is a government-related issuer (GRI) under Moody's Government-related Issuers rating methodology, because the company is owned by the Government of Kazakhstan (Baa1 stable). Under this methodology, FCC's B2 CFR reflects a combination of the company's BCA of caa1; the Kazakhstan government's Baa1 rating; the strong probability of state support to the company in the event of financial distress; and the moderate default dependence between the company and the government. RATING OUTLOOK The positive outlook reflects Moody's expectations that the state support measures and the company's substantial grain reserves, coupled with the recently adopted more conservative operating and financial policies, will continue to help FCC to improve its cash flow generation, reduce debt and maintain adequate liquidity over 2025-26, although its credit metrics will remain weak. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if the company demonstrates a consistent track record of stabilised financial and operating performance, with positive operating cash flow; pursues predictable and sustainable managerial practices and financial policies; demonstrates a track record of sound and disciplined liquidity management; and improves its balance sheet, significantly reducing debt in line with its plan. Moody's could downgrade the rating if FCC's operating and financial performance remains persistently weak, preventing any significant reduction in its debt; its liquidity significantly deteriorates, rising concerns over the company's ability to access external funding and meet its debt service requirements; or if Moody's revise downward Moody's assumptions of the strong probability of state support to the company in the event of financial distress. The methodologies used in these ratings were Trading Companies published in May 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE FCC is the state grain trader and is fully owned by the Kazakhstan government through the Ministry of Agriculture. FCC implements the state policy in the grain sector of Kazakhstan to ensure national food security, the stability of the domestic grain market, systemic support to farmers and the development of the export potential. Its principal activities include purchasing grain from local producers, selling it for domestic use and export, and maintaining the country's reserves. FCC is also engaged in commercial operations, including storage, transshipment, and the sale of grain. For the 12 months that ended June 30, 2025, FCC generated revenue of KZT88 billion (around $171 million), while its Moody's-adjusted EBITDA remained negative at KZT11.3 billion (around $22 million). SINOASIA B&R: S&P Affirms 'BB' ICR & Alters Outlook to Positive --------------------------------------------------------------- S&P Global Ratings revised its outlook on Sinoasia B&R Insurance JSC (SABR) to positive from stable and affirmed its 'BB' long-term issuer credit and financial strength ratings. At the same time, S&P raised its Kazakhstan national scale rating on SABR to 'kzAA-' from 'kzA+'. The outlook revision reflects SABR's strengthened earnings capacity and gradually improving capital base since its acquisition by BCC (BB/Positive/B). Integration within the BCC financial group has enhanced the insurer's business stability and operating performance and S&P expects this trend to continue. Approximately 60%-70% of SABR's gross written premiums (GWP) are sourced through BCC's network, primarily in voluntary lines like motor and property insurance, which demonstrate strong margins and low claims volatility. These lines underpin SABR's solid underwriting results, consistently outperforming the domestic market average. Over the 2022-2024 three-year period, SABR achieved average return on equity (ROE) of 37%, significantly exceeding the Kazakh property/casualty (P/C) market average of 15%. The three-year average combined ratio (2022-2024) stood at 81%, surpassing the total market average of 91.6%. S&P said, "Our competitive position assessment continues to reflect SABR's midsize premium base in absolute terms, its developing franchise, and intense competition in Kazakhstan's insurance market. As of Oct. 1, 2025, GWP totaled approximately Kazakhstani tenge (KZT) 18.7 billion (approximately $35.7 million), representing about 5% of the market, positioning SABR as the seventh largest P/C insurer in the country. "We anticipate SABR will maintain robust capital adequacy, supported by solid retained earnings, profitable premium growth, and periodic capital injections from BCC. Total equity increased to KZT19.0 billion ($36.2 million) in 2024 from KZT9.2 billion ($20.2 million) in 2023, primarily driven by a KZT3 billion capital injection from BCC in the third and fourth quarters of 2024, alongside strong operating results with retained net income of KZT5.8 billion. Capitalization improved further through the first nine months of 2025, reaching KZT25.9 billion ($49.5 million), supported by net income of KZT6.9 billion ($13.2 million). We view positively BCC's demonstrated willingness and ability to provide financial support and its moderate dividend policy, enhancing SABR's resilience. As of Sept. 1, 2024, SABR maintained a regulatory solvency margin of 1.99x, which we expect to remain between 1.9x and 2.2x in 2025-2026. Despite these improvements, SABR remains smaller than peers in absolute terms, potentially limiting its capacity to absorb substantial losses or fund rapid expansion without further support. We expect the insurer's capital to remain below $100 million over the next two years." SABR's recent strategic transformation from a health-focused insurer to a universal insurance provider broadens its product base and supports revenue diversification. However, it also introduces new underwriting, reserving, and operational risks, particularly as it builds experience in non-health lines where historical data and claims development patterns are still limited. S&P said, "We expect SABR to continue investing in actuarial and risk management capabilities to strengthen its ability to price and reserve adequately for these newer lines. We expect SABR to maintain the credit quality of its investment portfolio, averaging in the 'BBB' category. The portfolio comprises Kazakhstani issuers--mostly sovereign and quasi-government bonds--and short-term reverse repurchase agreements collateralized by Kazakhstani government bonds. We do not expect material changes to the portfolio in 2025-2026." S&P said, "At the same time, we continue to apply a one-notch negative comparable rating adjustment to reflect the evolving nature of SABR's competitive position under the bank's ownership and the rapid expansion in new non-life insurance lines. While the company's top and bottom-line performance has been better than expected in recent years, we believe more time is needed to demonstrate the resilience of current profitability levels and the effective management of its expanding franchise. "We continue to view SABR as a strategically important subsidiary of BCC. We think SABR is important to the group's long-term strategy, which envisages business diversification but also considers insurance business an essential part of its financial services offering. We expect BCC will play an important role in SABR's distribution network and potentially account for more than 70% of the insurer's sales in the next couple of years as BCC and SABR will benefit from the synergy effects from their strategic cooperation. Still, the P/C insurer only constitutes a small part of the group when measured by assets (less than 5%) and capital (less than 5%). "We no longer apply a one-notch insulation to our ratings on SABR. This is because SABR's significant dependence on BCC for distribution, risk management, and governance limits its operational autonomy and makes it vulnerable to BCC's financial performance. Our ratings on SABR are therefore capped at BCC's 'bb' group credit profile (GCP). "The positive outlook reflects our expectation that SABR will sustain its solid operating performance over the next 12 months, driven by the ongoing synergies derived from its affiliation with the parent bank, which provides opportunities for profitable business growth. We also anticipate that SABR's capital adequacy will remain robust and at least at a strong level. A potential upgrade is contingent on our view of BCC's creditworthiness." S&P could revise its outlook back to stable in the next 12 months if: -- S&P revised its outlook on the parent bank to stable; -- Difficulties in implementing the banking partnership strategy led to a sustained decline in profitability below that of domestic peers; -- S&P observed a significant and sustained deterioration in SABR's capital adequacy below the 99.8% benchmark. This could result for example from more aggressive growth, unexpected losses not offset by capital injections, or substantial dividends; or -- The insurer's risk profile deteriorates in terms of product and investment risks, with the average credit quality of invested assets falling below the 'BBB' category. S&P could take a positive rating action in the next 12 months if: -- S&P raises its ratings on BCC to 'BB+'; and -- SABR maintains robust operating performance amid the successful implementation of its banking partnership strategy, which compares favorably with that of its peers; continues to profitably increase its absolute capital; and maintains capital adequacy at least at the strong level. =================== L U X E M B O U R G =================== ALTISOURCE PORTFOLIO: Reports $2.33 Million Net Loss in Fiscal Q3 ----------------------------------------------------------------- Altisource Portfolio Solutions S.A. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.33 million for the three months ended September 30, 2025, compared to a net loss of $9.30 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net income of $9.06 million, compared to a net loss of $26.73 million for the same period in 2024. The Company recorded a revenue of $41.91 million for the three months ended September 30, 2025, compared to $40.53 million for the same period in 2024. Total revenue for the nine months ended September 30, 2025, was $128.64 million, compared to $119.12 million for the same period in 2024. As of September 30, 2025, the Company had $139.91 million in total assets, $243.38 million in total liabilities, and $103.47 million in total deficit. "We delivered solid third quarter performance. We grew Service revenue and improved pre-and post-tax GAAP earnings, GAAP earnings per share, and cash flow from operations compared to the third quarter of last year. This is largely from our focus on growing our businesses that have tailwinds, cost discipline and lower interest expense," said Chairman and Chief Executive Officer William B. Shepro. Mr. Shepro further commented, "More importantly, we are winning new business and have a strong sales pipeline, while maintaining cost discipline and significantly reducing corporate interest expense. During the third quarter of 2025, we won new business that we estimate represents $14.4 million of annual Service revenue on a stabilized basis." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4x87tf7n About Altisource Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. -- https://www.Altisource.com/ -- is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. * * * In March 2025. S&P Global Ratings raised its Company credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'. S&P said, "We also assigned our 'B' issue-level rating and '1' recovery rating to the new $12.5 million senior secured debt (super senior facility), 'CCC-' issue-level rating and '6' recovery rating to the new $160 million senior subordinated debt (new first lien loan), and withdrew our ratings on the company's exchanged senior secured term loan, which was rated 'D'. "The stable outlook reflects our expectation that over the next 12 months, while we expect Altisource to generate positive cash flow from operations, we believe its liquidity will remain constrained and the company will remain dependent on favorable financial and economic conditions to meet its financial commitments. ORION SA: Moody's Cuts CFR to Ba3, Outlook Negative --------------------------------------------------- Moody's Ratings has downgraded Orion S.A.'s (Orion) long-term corporate family rating to Ba3 from Ba2 and probability of default rating to Ba3-PD from Ba2-PD. Concurrently, Moody's downgraded Orion Engineered Carbons GmbH's backed senior secured term loans and backed senior secured revolving credit facility (RCF) to Ba3 from Ba2. Moody's also placed all ratings on review for downgrade. Previously, the outlooks on both entities were negative. RATINGS RATIONALE The downgrade and the placement of ratings on review for downgrade follows Orion's recent profit warning [1] and Moody's expectations for weaker than previously forecast credit metrics, including estimated Moody's adjusted debt/EBITDA of around 5.5x in 2025 (including an estimated debt adjustment for securitization, which adds around 0.3x). In addition, Orion relies heavily on its backed senior secured revolving credit facility and ancillary facilities, which combined with limited expected covenant cushion indicates recent historical liquidity management inconsistent with its current rating. The company recently loosened its financial covenant, but the revised guidance once again suggests relatively modest headroom for 2025. The ratings are on review for downgrade, and Moody's will assess Orion's ability to improve its liquidity management, including covenant headroom. Moody's will also evaluate its prospective ability to improve free cash flow generation and debt/EBITDA. For the twelve months ended June 2025, Moody's estimates Orion's Moody's adjusted debt/EBITDA was around 4.4x. This leverage ratio does not include Moody's standard adjustment for securitization due to disclosure limitations, but Moody's estimates it would add around 0.3x to gross leverage. The company remains outside of its own net debt/ EBITDA target of 2.0x-2.5x, with company-defined leverage at 3.5x as of end June 2025, and leverage has exceeded this target since Q2-2024. Despite this, Orion continued share repurchases in the first half of 2025 (totaling around $25 million). Moody's do not assume further share repurchases considering its current financial situation. ESG CONSIDERATIONS The company's recent historical liquidity management, decision to do share repurchases earlier this year despite being outside its own leverage target, and persistent heavy reliance on its RCF even before the company entered the current downturn all contributed to the action and weigh negatively on the credit quality. LIQUIDITY Orion's liquidity is adequate. As of end June 2025, Orion had reported cash on hand of around $43 million. The company also has access to a EUR350 million backed senior secured revolving credit facility, along with related ancillary facilities. The RCF was recently upsized by EUR50 million. As of end June 2025, the RCF and ancillary facilities were drawn by around $247 million. Under the terms of the credit agreement the company must maintain its first lien net leverage below 5.0x until end of 2026 and 4.5x thereafter. The company is currently in compliance with its covenant, but Moody's estimates modest headroom by the end of 2025 in lights of its profit warning. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely at this time given the high leverage and liquidity management. Factors that could lead to an upgrade of Orion's ratings include: (i) Moody's-adjusted debt/EBITDA declines toward 3.5x, including Moody's estimates of the company's securitization program; (ii) Moody's adjusted retained cash flow/net debt sustained above 15% including Moody's estimates of the company's securitization program; and (iii) establishment of a more resilient liquidity management, including improved headroom under its covenant compliance. Factors that could lead to a downgrade of Orion's ratings include: (i) Orion's Moody's adjusted debt/EBITDA remains well above 4.0x on a sustained basis including Moody's estimates of the company's securitization program; (ii) deterioration of liquidity and increased risk of covenant breach (iii) Moody's adjusted free cash flow is negative on a sustained basis, (iv) evidence of aggressive financial policies with respect to shareholder-friendly actions while the company is outside its own leverage target. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in October 2023. 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. CORPORATE PROFILE Orion S.A. (Orion) is a global producer of specialty carbon black (SCB) and rubber carbon black (RCB). In the 12 months that ended June 2025, Orion reported revenue of around $1.84 billion and company-adjusted EBITDA of $276 million. Since July 2014, Orion has been listed on the New York Stock Exchange. As of October 17, 2025 the company had a market capitalization of around $323 million. ===================== N E T H E R L A N D S ===================== DOMI BV 2024-1: Moody's Ups Rating on EUR1.6MM Cl. E Notes to Ba2 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings of three Notes in Domi 2024-1 B.V. The rating action reflects better than expected collateral performance and the increased levels of credit enhancement for the affected Notes. EUR297.6M Class A Notes, Affirmed Aaa (sf); previously on Jun 13, 2024 Definitive Rating Assigned Aaa (sf) EUR12.9M Class B Notes, Upgraded to Aa1 (sf); previously on Jun 13, 2024 Definitive Rating Assigned Aa2 (sf) EUR6.4M Class C Notes, Affirmed A1 (sf); previously on Jun 13, 2024 Definitive Rating Assigned A1 (sf) EUR3.2M Class D Notes, Affirmed Baa1 (sf); previously on Jun 13, 2024 Definitive Rating Assigned Baa1 (sf) EUR1.6M Class E Notes, Upgraded to Ba2 (sf); previously on Jun 13, 2024 Definitive Rating Assigned B2 (sf) EUR6.4M Class X Notes, Upgraded to Ba1 (sf); previously on Jun 13, 2024 Definitive Rating Assigned B2 (sf) Moody's affirmed the ratings of three Notes that had sufficient credit enhancement to maintain their current ratings. RATINGS RATIONALE The upgrades are prompted by the decreased key collateral assumptions, namely the MILAN Stressed Loss and the expected loss assumption, due to better than expected collateral performance and an increase in credit enhancement for the affected tranches. Revision of Key Collateral Assumptions As part of the rating action, Moody's reassessed Moody's lifetime loss expectation for the portfolio reflecting the collateral performance to date. The performance of the transaction has been good since closing. 90 days plus arrears currently stand at 0.1% of current pool balance, showing a stable trend over the past year. There have been no losses since closing. Moody's decreased the expected loss assumption to 1.4% as a percentage of current pool balance due to the better than expected collateral performance. The revised expected loss assumption corresponds to 1.1% as a percentage of original pool balance, down from 1.4%. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolio to incur in a severe economic stress. As a result, Moody's have decreased the MILAN Stressed Loss assumption to 7.8% from 9.5%. Increase in Available Credit Enhancement Sequential amortization led to the increase in the credit enhancement available in this transaction. For instance, the credit enhancement for the Class B Notes increased to 5.7% from 4.2% since closing. The Class X Notes' outstanding balance is now EUR3.3 million, down from EUR6.4 million at closing, paid from excess spread. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. 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) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement, and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include: (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the Notes' available credit enhancement, and (4) deterioration in the credit quality of the transaction counterparties. =============== P O R T U G A L =============== CONSUMER TOTTA 3: Moody's Assigns B2 Rating to EUR4.2MM F Notes --------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to Notes issued by Consumer Totta 3 2025: EUR347.8M Class A Floating Rate Notes due October 2035, Definitive Rating Assigned Aaa (sf) EUR27.2M Class B Floating Rate Notes due October 2035, Definitive Rating Assigned A1 (sf) EUR20.9M Class C Floating Rate Notes due October 2035, Definitive Rating Assigned Baa2 (sf) EUR14.7M Class D Floating Rate Notes due October 2035, Definitive Rating Assigned Ba1 (sf) EUR8.4M Class E Floating Rate Notes due October 2035, Definitive Rating Assigned Ba2 (sf) EUR4.2M Class F Floating Rate Notes due October 2035, Definitive Rating Assigned B2 (sf) Moody's have not assigned a rating to EUR1 Class R Floating Rate Notes due October 2035 and EUR1000 Class X Notes due October 2035. RATINGS RATIONALE The Notes are backed by a static pool of Portuguese unsecured consumer loans originated by Banco Santander Totta S.A. ("Santander Totta"), (A2/P-1 Bank Deposits; A2(cr)/P-1(cr)). This represents the third SRT ABS issuance originated by Banco Santander Totta S.A. The portfolio consists of approximately EUR419.0 million as of the 18 of September pool cut-off date. The weighted average seasoning of the portfolio is approximately 0.6 years. The weighted average original term to maturity of the portfolio is approximately 6.5 years and weighted average remaining term to maturity is 5.9 years. 98.9% of the loans are fixed rate loans and all loans are monthly annuity style amortising loans with no balloon payment. 75% of the portfolio is composed of pre-approved loans where the borrower was offered an unsecured consumer loan up to a maximum amount without initiating an application process. The Reserve Fund will be funded to 1.0% of the A to E Notes balance at closing and the total credit enhancement for the Class A Notes will be 18.0%. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. The transaction benefits from various credit strengths such as the granularity of the portfolio, securitisation experience of Santander group, a reserve fund sized at 1.0% of the Class A-E Notes as of closing with a floor of 0.25%, subordination of the Notes and significant excess spread. However, Moody's notes that the transaction features a number of credit weaknesses, such as a (i) complex structure including interest deferral triggers for junior Notes, (ii) pro-rata payments on all classes A-E of Notes, and (iii) the relatively high linkage to Santander Totta acting as originator and servicer. These characteristics, amongst others, were considered in Moody's analysis and ratings. 98.9% of the underlying loans are linked to fixed interest rates, and the rated notes are all floating rate indexed to three month Euribor. As a result, the issuer is subject to fixed-floating mismatch. This risk is mitigated by an interest rate swap provided by Banco Santander, S.A. (Spain) (A1/P-1; A2(cr)/P-1(cr)). Moody's determined the portfolio lifetime expected defaults of 6.0%, expected recoveries of 15% and portfolio credit enhancement ("PCE") of 18% related to borrower receivables. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate Consumer ABS. Portfolio expected defaults of 6.0% are in line with the EMEA Consumer Loan ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historic performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. Portfolio expected recoveries of 15% are in line with the EMEA Consumer Loan ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historic performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. PCE of 18% is in line with the EMEA Consumer Loan ABS average and is based on Moody's assessments of the pool taking into account (i) historical data variability; (ii) quantity, quality and relevance of historical performance data; (iii) the relative ranking to peers in EMEA. The PCE level of 18% results in an implied coefficient of variation ("CoV") of 34.85%. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may cause an upgrade of the ratings of the notes include significantly better than expected performance of the pool together with an increase in credit enhancement of Notes. Factors that would lead to a downgrade of the ratings include: (i) increased counterparty risk leading to potential operational risk of (a) servicing or cash management interruptions and (b) the risk of increased swap linkage due to a downgrade of a currency swap counterparty ratings; and (ii) economic conditions being worse than forecast resulting in higher arrears and losses. =========================== U N I T E D K I N G D O M =========================== ACCELYA GROUP 2: S&P Assigns 'B-' ICR, Outlook Stable ----------------------------------------------------- U.K.-headquartered airline software provider Accelya Group Midco 2 Ltd. refinanced its capital structure by issuing a $600 million first-lien term loan and receiving equity funding from its shareholders. The company also secured a $100 million revolving credit facility (RCF). Although S&P Global Ratings forecast that Accelya's debt leverage will remain very high in fiscal 2026 (ending June 30), S&P sees scope for a material improvement in fiscal 2027, based on a strong pipeline of new contracts, combined with the company's cost optimization program. S&P accepts Accelya's revenue to continue to expand organically, based on travel growth and industrywide adoption of new distribution capability (NDC) technology. S&P assigned its 'B-' long-term issuer credit rating on Accelya). S&P also assigned its 'B-' issue rating and '3' recovery rating on the company's first-lien term loan, indicating its rounded recovery expectation of 55% in the event of payment default. S&P said, "The stable outlook indicates that we forecast organic revenue growth of 9%-10% in fiscal 2026-fiscal 2027 and that S&P Global Ratings-adjusted EBITDA margins will improve to about 25%, enabling the company to generate positive free operating cash flow (FOCF) from fiscal 2027, after being negative by about $20 million (excluding estimated transaction financing fees) in fiscal 2026. We anticipate that debt leverage, measured as adjusted debt to EBITDA, will decline to about 8.0x in fiscal 2027 (from about 12.3x in fiscal 2026 and an estimated 12.0x in fiscal 2025) and that the company will maintain adequate liquidity." Accelya refinanced its capital structure by issuing a $600 million first-lien term loan and receiving equity funding from its shareholders. The company also secured a $100 million revolving credit facility (RCF). S&P said, "Although we forecast that Accelya's debt leverage will remain very high in fiscal 2026 (ending June 30), we see scope for a material improvement in fiscal 2027, based on a strong pipeline of new contracts, combined with the company's cost optimization program. We expect Accelya's revenue to continue to expand organically, based on travel growth and industrywide adoption of new distribution capability (NDC) technology. "The ratings are in line with the preliminary ratings we assigned on Sept. 8, 2025. There were no material changes to the financial documentation compared with our original review, and the company's operating performance has been in line with our forecast. "The stable outlook indicates that, over the next 12 months, we anticipate that Accelya will maintain organic revenue growth of about 9%-10% while delivering cost efficiencies. The resulting improvement to its EBITDA margins should lead to reduced leverage of about 8.0x and enable Accelya to reach positive FOCF in fiscal 2027. "We could lower the rating if Accelya experienced a material slowdown in revenue growth, resulting in weaker EBITDA margins, prolonged cash burn, and depleting liquidity, making its capital structure unsustainable. We could also lower the rating if Accelya pursued material debt-funded mergers and acquisitions that resulted in higher leverage and weaker EBITDA and FOCF than forecast in our base case. "We do not expect rating upside within the next 12 months, given Accelya's high leverage and our expectation that cash flow generation will remain limited. We could raise the rating if Accelya's revenue increases much faster than we currently expect, so that adjusted debt to EBITDA declines below 7.0x and FOCF to debt increases above 5% on a sustained basis." CHERTSEY HILLSWOOD: FRP Advisory Named as Administrators -------------------------------------------------------- Chertsey Hillswood Drive Centre Limited was placed into administration proceedings in the High Court of Justice, The Business and Property Courts of England & Wales, Court Number: CR-2025-6807, and Lila Thomas and Jessica Leeming of FRP Advisory Trading Limited were appointed as administrators on Oct. 14, 2025. Chertsey Hillswood Drive engaged in real estate. Its registered office is at 6th Floor, 2 Kingdom Street, London, W2 6BD to be changed to FRP Advisory Trading Limited, Derby House, 12 Winckley Square, Preston, PR1 3JJ Its principal trading address is at Part Ground Floor, Hillswood Business Park, Building 3000 Chertsey, Surrey, KT16 0RS The joint administrators can be reached at: Lila Thomas Jessica Leeming FRP Advisory Trading Limited Derby House 12 Winckley Square Preston, Lancashire, PR1 3JJ For further details, contact: The Joint Administrators Tel: 01772 440700 Alternative contact: James Lancaster Email: James.lancaster@frpadvisory.com COMET BIDCO: Moody's Lowers CFR to 'B3', Outlook Stable ------------------------------------------------------- Moody's Ratings has downgraded Comet Bidco Limited's (Comet Bidco, Clarion or the company) long-term corporate family rating to B3 from B2, reflecting a weakened credit profile. Moody's have also downgraded to B3 from B2 the GBP75 million backed senior secured revolving credit facility (RCF), the GBP385 million backed senior secured term loan B1, both borrowed by Comet Bidco Limited, and the $558 million backed senior secured term loan B2 ($526 million currently outstanding), borrowed by Clarion Events Holdings Inc. In addition, the company's probability of default rating (PDR) was downgraded to B3-PD from B2-PD. The outlook on both entities remains stable. The rating action reflects: -- Higher than previously expected exceptional items negatively impacting Moody's adjusted EBITDA for fiscal year ending January 2026 -- Still high leverage with Moody's adjusted debt/EBITDA at 10.8x (pro forma for smoothing for biennial events) in fiscal 2025, which Moody's estimates would only reduce to around 6.7x by fiscal year ending 2026, evidencing a protracted path to deleveraging -- A looming refinancing wall with all debt facilities maturing in 2027 Whilst Moody's expects that the company will report solid performance across most events underpinning projected revenue growth of around 12% in fiscal 2027, Moody's have assessed that its credit profile is compatible with a B3 rating. RATINGS RATIONALE The B3 CFR reflects (1) Clarion's position as the third largest international events organiser with a globally diverse footprint and high-profile brands in both mature and growth markets, (2) solid operating performance with the majority of events trading above pre-pandemic levels, and; (3) good revenue and earnings visibility. The rating also reflects (1) Clarion's smaller scale compared with the industry leaders, (2) the company's high leverage and protracted path to deleveraging; and, (3) still high level of exceptional items which Moody's expenses in Moody's adjusted EBITDA. Clarion's capital structure remains stretched and the path to deleveraging protracted. The company reported exceptional items totalling around GBP23 million — higher than anticipated — which, along with Moody's adjustments negatively impacted Moody's adjusted EBITDA for fiscal 2025. As a result of some of these exceptional items recurring in fiscal 2026, Moody's have revised down Moody's earnings forecast. Moody's now expects the company to achieve Moody's-adjusted EBITDA of around GBP127 million for fiscal 2026 in Moody's base case reflecting a solid 9% revenue growth rate (including earnings smoothing) and margins in the low to mid 20's percentages. As such, by the fiscal year ending January 2026, Moody's estimates the company's leverage will remain elevated with a Moody's-adjusted debt/EBITDA of 6.7x. Moody's also expects Clarion will generate a moderate Moody's-adjusted free cash flow (FCF) of around GBP40 million, assuming cash interest costs of around GBP78 million, a small working capital absorption and capital spending of GBP10 million, for the same period. Moreover, Moody's estimates FCF and around GBP30 million of the cash on hand to be used to meet deferred consideration and put options of GBP71 million in fiscal 2026. Moody's acknowledges Clarion's looming refinancing wall with all debt facilities maturing in 2027 with refinancing risk increasing as time passes. Overall, Clarion operates in an industry with positive demand characteristics and solid margins. Clarion benefits from good geographical reach, a diversity of end markets, and several high-profile events (ICE, the leading gaming industry exhibition, and DSEI, a leading defence and security event plus GS's mobile electronics events). Earnings visibility is high, with forward contracted revenue from bookings 6 to 12 months ahead. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS Clarion adopts an aggressive financial policy, with high leverage as part of a strategy to reposition and build the portfolio and bolster the growth prospects for the business. Under Blackstone Inc's ownership, management has demonstrated the successful execution of an in-process digital transformation programme and assimilation of strategic acquisitions but the company's ability to delever has been protracted and exceptional costs continue to be high. Exposure to environmental risk is not material to credit quality – consistent with peers in media & entertainment. Exposure to social risk is also not material to credit quality, which compares favourably to some peers primarily because the company focuses on corporate clients. LIQUIDITY The company's liquidity is adequate. As of July 2025, the company reported cash and cash equivalents of GBP55 million. The company benefits from a GBP75 million backed senior secured RCF maturing in June 2027, which was fully undrawn at July 31, 2025. The RCF is subject to a springing leverage covenant when the RCF is drawn by 40%. The company has material debt maturities in September 2027. STRUCTURAL CONSIDERATIONS The B3 rated GBP75 million backed senior secured RCF and the B3 rated GBP385 million and $558 million ($526 million outstanding) backed senior secured term loan facilities are rated the same as the CFR. The GBP325 million sponsor loan is borrowed by Expo Holding I Limited, an intermediate holding company above Comet Bidco and outside the restricted group, and has no security or guarantees from the restricted group. It is structurally subordinated to the company's senior secured debt, matures six months after the senior secured facilities and is not included in Moody's financial metrics for Comet Bidco. RATING OUTLOOK The stable outlook reflects Moody's expectations of continued positive momentum in event and exhibition sponsorships and attendance leading to solid growth in earnings and the generation of moderate free cash flow over calendar 2025 and 2026. As a result, Moody's expects Moody's adjusted leverage to be maintained around 6.7x for the next 12 months and reduce further, thereafter. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Clarion's operating performance is better than Moody's currently expect, Moody's adjusted debt/EBITDA falls below 6x on a sustained basis, and Moody's adjusted free cash flow/debt increases to high single digits on a sustained basis, while the company maintains a good liquidity position. The ratings could be downgraded if the company's operating performance deteriorates materially from Moody's expectations or Moody's adjusted debt/EBITDA is greater than 7x on a sustained basis, Moody's adjusted FCF/debt falls below 5% or the company's liquidity position weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services 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 Clarion is a UK-based events organiser that runs B2B events worldwide across diversified sectors, including technology, defence, gaming, electronics and public safety. For the fiscal year 2025, it ran 150 events worldwide, employed 1900 people in 13 countries and generated statutory revenue of GBP417 million. The company is privately owned by Blackstone Inc and is the third-largest international events organizer. DC LONDON: FTI Consulting Named as Administrators ------------------------------------------------- DC London Pie Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Court Number: CR-2025-007307, and Christopher Jon Bennett and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as administrators on Oct. 20, 2025. DC London Pie engaged in take-away food shops and mobile food stands. Its registered office is at 6th Floor One London Wall, London, EC2Y 5EB The joint administrators can be reached at: Christopher Jon Bennett Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD For further details, contact: Tel No: 020 3727 1000 Email: DCLondonPie@fticonsulting.com HARDY BUILDING: Leonard Curtis Named as Administrators ------------------------------------------------------ Hardy Building Services Limited was placed into administration proceedings In the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007278, and Nick Myers and Alex Cadwallader of Leonard Curtis were appointed as administrators on Oct. 17, 2025. Hardy Building Services engaged in the construction of domestic buildings. Its registered office is at 12 Tentercroft Street, Lincoln, LN5 7DB Its principal trading address is at St Alban's Church, Holly Road, Retford, DN22 6BE The joint administrators can be reached at: Nick Myers Steven Muncaster Leonard Curtis 5th Floor, Grove House 248a Marylebone Road London, NW1 6BB For further details, contact: The Joint Administrators Tel: 020 7535 7000 Email: recovery@leonardcurtis.co.uk Alternative contact: Natasha Phillimore LOBSTER RECRUITMENT: Moorfields Named as Administrators ------------------------------------------------------- Lobster Recruitment Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (Ch D), Court Number: CR2025MAN001369, and Andrew Pear and Michael Solomons of Moorfields were appointed as administrators on Oct. 14, 2025. Lobster Recruitment specialized in Temporary employment agency activities Its registered office is at Access House, Stephenson Way, Crawley, RH10 1TN Its principal trading address is at Access House, Stephenson Way, Crawley, RH10 1TN The joint administrators can be reached at: Andrew Pear Michael Solomons Moorfields 82 St John Street London EC1M 4JN Tel No: 020 7186 1144 For further details, contact: Adam Brooks Moorfields No.1 St Peter's Square Manchester M2 3DE Tel No: 01772 500825 Email: adam.brooks@moorfieldscr.com MEDEN MOULDINGS: Leonard Curtis Named as Administrators ------------------------------------------------------- Meden Mouldings UK Limited 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-001437, and Mike Dillon and Hilary Pascoe of Leonard Curtis were appointed as administrators on Oct. 16, 2025. Meden Mouldings engaged in manufacturing. Its registered office is at 68 Bagshaw Street, Pleasley, Mansfield, Notts NG19 7SB Its principal trading address is at Unit 3/1 Mill 3 Pleasley Vale Business Park, Mansfield NG19 8SD The joint administrators can be reached at: Mike Dillon Hilary Pascoe Riverside House Irwell Street Manchester M3 5EN For further details, contact: The Joint Administrators Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative contact: Natasha Lee METROPOLITANA LONDON: Quantuma Advisory Named as Administrators --------------------------------------------------------------- Metropolitana London Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007216, and Michael Kiely and Paul Zalkin of Quantuma Advisory Limited were appointed as administrators on Oct. 16, 2025. Metropolitana London is into food halls. Its registered office is at 3 Park Court, Pyrford Road, West Byfleet, Surrey, KT14 6SD and it is in the process of being changed to C/o Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London, EC4A 3AG Its principal trading address is at 72-73 Albert Embankment, London, SE1 7TP The joint administrators can be reached at: Michael Kiely Paul Zalkin Quantuma Advisory Limited 7th Floor, 20 St. Andrew Street London, EC4A 3AG For further details, contact: Elliot Segal Tel No: 020 3856 6720 Email: elliot.segal@quantuma.com REPLETE LIMITED: Quantuma Advisory Named as Administrators ---------------------------------------------------------- Replete Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List, (ChD) Court Number: CR-2025-006738, and Michael Kiely and Andrew Andronikou of Quantuma Advisory Limited were appointed as administrators on Oct. 13, 2025. Replete Limited engaged in event catering activities. Its registered office is at 4th Floor, 399-401 Strand, London, WC2R 0LT and it is in the process of being changed to C/o Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London, EC4A 3AG Its principal trading address is at The Mercer, 34 Threadneedle Street, London, EC2R 8AY The joint administrators can be reached at: Michael Kiely Andrew Andronikou Quantuma Advisory Limited 7th Floor, 20 St. Andrew Street London, EC4A 3AG For further details, contact: Ellie Knapp Tel No: 020 3856 6720 Email: Ellie.Knapp@quantuma.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *