251106.mbx

251106.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, November 6, 2025, Vol. 26, No. 222 Headlines I R E L A N D CIFC EUROPEAN II: S&P Assigns B-(sf) Rating on Class F-R Notes GOLDENTREE LOAN 9: S&P Assigns B-(sf) Rating on Class F Notes INDIGO CREDIT IV: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes PROVIDUS CLO V: S&P Assigns B-(sf) Rating on Class F-R Notes L U X E M B O U R G LSF10 XL: S&P Places 'B-' ICR on Watch Positive on Acquisition N E T H E R L A N D S E-MAC PROGRAM 2008-II: S&P Affirms 'B-(sf)' rating on Cl. B Notes S W E D E N POLESTAR AUTOMOTIVE: Receives Nasdaq Deficiency Notice S W I T Z E R L A N D TRANSOCEAN LTD: Reports $1.9 Million Net Loss in Fiscal Q3 U N I T E D K I N G D O M ACTION 365: Leonard Curtis Named as Administrators CRAFT METAL: Leonard Curtis Named as Administrators INSUPPA LTD: Milsted Langdon Named as Administrators MORELOCK SIGNS: FRP Advisory Named as Administrators SOUTHERN PACIFIC 06-1: S&P Affirms 'B-(sf)' Rating on E1c Notes STUDIONESH LIMITED: Begbies Traynor Named as Administrators - - - - - ============= I R E L A N D ============= CIFC EUROPEAN II: S&P Assigns B-(sf) Rating on Class F-R Notes -------------------------------------------------------------- S&P Global Ratings assigned credit ratings to CIFC European Funding CLO II DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer also issued unrated subordinated notes. This transaction is a reset of the already existing transaction that closed in April 2020, that S&P did not rate. The issuance proceeds of the refinancing debt were used to redeem the refinanced debt, and pay fees and expenses incurred in connection with the reset. Under the transaction documents, the rated notes will pay quarterly interest, unless a frequency switch event occurs. Following such an event, the notes would permanently switch to semiannual payments. The portfolio's reinvestment period ends 4.46 years after closing; the non-call period ends 1.5 years after closing. The ratings assigned to the reset notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The experience of the collateral manager's team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,878.08 Default rate dispersion 551.12 Weighted-average life (years) 3.59 Weighted-average life extended to cover the length of the reinvestment period (years) 4.46 Obligor diversity measure 163.33 Industry diversity measure 20.58 Regional diversity measure 1.27 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.21 Target 'AAA' weighted-average recovery (%) 37.01 Target floating-rate assets (%) 95.47 Target weighted-average coupon (%) 3.75 Target weighted-average spread (net of floors; %) 3.78 S&P said, "The portfolio is well-diversified at closing. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400 million target par amount, the targeted weighted-average spread (3.78%), and the targeted weighted-average coupon (3.75%), as indicated by the collateral manager. We assumed the targeted weighted-average recovery rates at all rating levels. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios, for each liability rating category. "Our credit and cash flow analysis shows that the class B-R to F-R notes benefit from break-even default rate and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on the notes. The class A-R and F-R notes can withstand stresses commensurate with the assigned ratings." Until April 15, 2030, when the reinvestment period ends, the collateral manager may substitute the assets in the portfolio, as long the CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain, as established by the initial cash flows for each rating, and compares that with the current portfolio's default potential, plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may, through trading, cause the transaction's credit risk profile to deteriorate. S&P said, "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "We consider that the transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "We consider the transaction's legal structure and framework to be bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R to F-R notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also assessed the sensitivity of our ratings on the class A-R to E-R notes, based on four hypothetical scenarios. "As our ratings analysis includes additional considerations to be incorporated before we would assign ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain industries. Accordingly, 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) 2.20 N/A Three /six-month EURIBOR plus 0.88% 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) 22.00 21.50 Three/six-month EURIBOR plus 2.10% D-R BBB- (sf) 28.00 14.50 Three/six-month EURIBOR plus 3.00% E-R BB- (sf) 20.00 9.50 Three/six-month EURIBOR plus 5.85% F-R B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 8.64% Sub. NR 37.70 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 permanently switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR – Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. Sub.--Subordinated. GOLDENTREE LOAN 9: S&P Assigns B-(sf) Rating on Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to GoldenTree Loan Management EUR CLO 9 DAC's class X, A, B, C, D, E, and F notes and A loan. The issuer also issued unrated subordinated notes. The transaction has a 1.50 years of noncall period and the portfolio's reinvestment period ends 4.47 years after closing. Under the transaction documents, the rated notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,807.19 Default rate dispersion 513.89 Weighted-average life (years) 4.95 Obligor diversity measure 133.15 Industry diversity measure 23.23 Regional diversity measure 1.26 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 CCC rated assets ('CCC+','CCC', and 'CCC-') (%) 2.17 Number of performing obligors 162 Portfolio weighted-average rating derived from S&P's CDO evaluator B Actual 'AAA' weighted-average recovery (%) 37.29 Actual weighted-average coupon 8.16 Actual weighted-average spread (no credit to floors) (%) 3.64 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 collateralized debt obligations. "In our cash flow analysis, we modeled the EUR400 million target par amount, the covenanted weighted-average spread of 3.58%, the covenanted weighted-average coupon of 4.50%, and the actual weighted-average recovery rates for all rated notes. 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. "Until the end of the reinvestment period on April 20, 2030, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and it compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "The operational risk associated with key transaction parties (such as the collateral manager) that provide an essential service to the issuer is in line with our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for the class X to F notes and class A loan. Our credit and cash flow analysis indicates that the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will have a reinvestment period, during which the transaction's credit risk profile could deteriorate, we have capped our assigned ratings on these notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class X to E notes and A Loan in four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities, including, but not limited to weapons or firearms, illegal drugs or narcotics etc. Accordingly, 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." GoldenTree Loan Management EUR CLO 9 is a European cash flow CLO securitization of a revolving pool, comprising primarily euro-denominated senior secured loans and bonds. GLM III, LP manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) X AAA (sf) 2.00 3mE +0.83% N/A A AAA (sf) 204.00 3mE +1.30% 38.00 A Loan AAA (sf) 44.00 3mE +1.30% 38.00 B AA (sf) 44.00 3mE +1.75% 27.00 C A (sf) 24.00 3mE +2.00% 21.00 D BBB- (sf) 28.00 3mE +2.75% 14.00 E BB- (sf) 18.00 3mE +4.90% 9.50 F B- (sf) 12.00 3mE +7.90% 6.50 Sub NR 26.50 N/A N/A *The ratings assigned to the class X, A, and B notes and A Loan address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month Euro Interbank Offered Rate (EURIBOR) when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month EURIBOR. INDIGO CREDIT IV: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary credit ratings to Indigo Credit Management IV DAC's class A, B, C, D, E, and F notes. At closing, the issuer will also issue unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest, unless a frequency switch event occurs. Following such an event, the notes would permanently switch to semiannual payments. The portfolio's reinvestment period ends 4.5 years after closing and the noncall period ends 1.5 years after closing. The preliminary ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The experience of the collateral manager's team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which we expect to be bankruptcy remote. -- The transaction's counterparty risks, which we expect to be in line with our counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2715.96 Default rate dispersion 420.65 Weighted-average life (years) 4.96 Obligor diversity measure 103.94 Industry diversity measure 23.12 Regional diversity measure 1,24 Transaction key metrics Portfolio weighted-average rating derived from S&P' CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 35.95 Target floating-rate assets (%) 97.00 Target weighted-average coupon (%) 6.26 S&P said, "We understand that the portfolio will be well diversified at closing. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the 400 million target par amount, the covenanted weighted-average spread (3.70%), and the covenanted weighted-average coupon (4.00%), as indicated by the collateral manager. We assumed the lower of the targeted and weighted-average recovery rates (WARR) at all rating levels. We used a 1% haircut on the 'AAA' WARR. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios, for each liability rating category. "Our credit and cash flow analysis shows that the class B, C, D, E, and F notes benefit from break-even default rate and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our preliminary ratings on the notes. The class A and F notes can withstand stresses commensurate with the assigned preliminary ratings." Until May 20, 2030, when the reinvestment period ends, the collateral manager may substitute the assets in the portfolio, as long as the CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain, as established by the initial cash flows for each rating, and compares that with the current portfolio's default potential, plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may, through trading, cause the transaction's credit risk profile to deteriorate. S&P said, "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned preliminary ratings. "At closing, we expect that the transaction's documented counterparty replacement and remedy mechanisms will adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "We expect the transaction's legal structure and framework to be bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our preliminary ratings are commensurate with the available credit enhancement for the class A to F notes "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also assessed the sensitivity of our ratings on the class A to F notes, based on four hypothetical scenarios. "As our ratings analysis includes additional considerations to be incorporated before we would assign ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain industries. Accordingly, 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." Preliminary ratings Prelim Prelim amount Credit Class rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 248.00 38.00 Three /six-month EURIBOR plus 1.32% B AA (sf) 45.00 26.70 Three /six-month EURIBOR plus 1.90% C A (sf) 24.00 20.80 Three /six-month EURIBOR plus 2.30% D BBB- (sf) 27.00 14.00 Three/six-month EURIBOR plus 3.10% E BB- (sf) 18.00 9.50 Three/six-month EURIBOR plus 5.40% F B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 8.25% Sub. Notes NR 33.00 N/A N/A *The preliminary ratings assigned to the class A and B notes address timely interest and ultimate principal payments. The preliminary ratings assigned to the class D, E, and F notes address ultimate interest and principal payments. §Solely for modeling purposes as the actual spreads may vary at pricing. The payment frequency permanently switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR – Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. Sub.--Subordinated. PROVIDUS CLO V: S&P Assigns B-(sf) Rating on Class F-R Notes ------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Providus CLO V DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. The issuer also issued unrated subordinated notes. This transaction is a reset of the already existing transaction that closed in April 2021. The existing notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date and the ratings on the original notes have been withdrawn. The transaction has a one years of noncall period and the portfolio's reinvestment period ends three years after closing. Under the transaction documents, the rated notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,824.77 Default rate dispersion 547.61 Weighted-average life (years) 4.39 Obligor diversity measure 170.94 Industry diversity measure 16.62 Regional diversity measure 1.37 Transaction key metrics Total par amount (mil. EUR) 425 Defaulted assets (mil. EUR) 0 CCC rated assets ('CCC+','CCC', and 'CCC-') (%) 2.34 Number of performing obligors 204 Portfolio weighted-average rating derived from S&P's CDO evaluator B Actual 'AAA' weighted-average recovery (%) 35.40 Actual weighted-average coupon 3.59 Actual weighted-average spread (no credit to floors) (%) 3.63 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 collateralized debt obligations. "In our cash flow analysis, we modeled the EUR425 million target par amount, the actual weighted-average spread of 3.63%, the weighted-average coupon of 3.59%, and the actual weighted-average recovery rates for all rated notes. 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. "Until the end of the reinvestment period on Oct. 30, 2028, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and it compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "The operational risk associated with key transaction parties (such as the collateral manager) that provide an essential service to the issuer is in line with our operational risk criteria." S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for the class X-R to F-R notes. Our credit and cash flow analysis indicates that the class B-R to D-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will have a reinvestment period, during which the transaction's credit risk profile could deteriorate, we have capped our assigned ratings on these notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class F-R notes could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria and assigned a 'B- (sf)' rating to this class of notes." The ratings uplift for the class F-R notes reflects several key factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 17.04% (for a portfolio with a weighted-average life of 4.39 years), versus if it was to consider a long-term sustainable default rate of 3.2% for 4.39 years, which would result in a target default rate of 14.048%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R notes is commensurate with the assigned 'B- (sf)' rating. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class X-R to E-R notes in four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities, including, but not limited to weapons or firearms, illegal drugs or narcotics etc. Accordingly, 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." Providus CLO V DAC Reset is a European cash flow CLO securitization of a revolving pool, comprising primarily euro-denominated senior secured loans and bonds. Permira European CLO Manager LLP manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) X-R AAA (sf) 1.60 3mE +0.85% N/A A-R AAA (sf) 263.50 3mE +1.23% 38.00 B-R AA (sf) 46.80 3mE +1.80% 26.99 C-R A (sf) 25.50 3mE +2.10% 20.99 D-R BBB- (sf) 29.70 3mE +2.90% 14.00 E-R BB- (sf) 19.10 3mE +5.20% 9.51 F-R B- (sf) 12.80 3mE +7.98% 6.49 Sub NR 46.20 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 Euro Interbank Offered Rate (EURIBOR) when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month EURIBOR. =================== L U X E M B O U R G =================== LSF10 XL: S&P Places 'B-' ICR on Watch Positive on Acquisition -------------------------------------------------------------- S&P Global Ratings placed its 'B-' issuer credit rating on LSF10 XL Investments S.a.r.l., Xella's intermediate parent company, on CreditWatch with positive implications. The CreditWatch positive placement reflects that S&P will likely raise its issuer credit rating on Xella by multiple notches--potentially to 'BBB+', in line with its rating on Holcim -- when the proposed transaction closes. S&P expects to resolve the CreditWatch placement when the proposed acquisition closes, subject to regulatory approvals and other customary closing conditions. The CreditWatch placement follows Xella's announced acquisition by Holcim Ltd. Xella is a European manufacturer of premium branded wall-building materials, mainly autoclaved aerated concrete and calcium silicate units. Lone Star Funds has owned Xella since 2017. The transaction values Xella at approximately EUR1.85 billion. The transaction is subject to customary conditions and regulatory clearances and is expected to close in the second half 2026. The CreditWatch placement with positive implications reflects that S&P will likely raise its issuer credit rating on Xella by multiple notches -- potentially to 'BBB+', in line with its rating on Holcim -- when the proposed transaction closes. ===================== N E T H E R L A N D S ===================== E-MAC PROGRAM 2008-II: S&P Affirms 'B-(sf)' rating on Cl. B Notes ----------------------------------------------------------------- S&P Global Ratings lowered to 'CC (sf)' from 'CCC (sf)' and to 'D (sf)' from 'CC (sf)' its credit ratings on E-MAC Program III B.V. Compartment NL 2008-II's class C and D notes, respectively. At the same time, S&P affirmed its 'A+ (sf)' and 'B- (sf)' ratings on the class A2 and class B notes, respectively. The notes remain vulnerable to rising fees and were previously supported by the liquidity facility, which is fully exhausted since the July 2025 interest payment date (IPD). Lower pool granularity continues to affect interest collections, with three loans in arrears leading to total loan-level arrears of 4.5%. Given the volatility in fees and the increasing trend, S&P has completed various cash flow sensitivities and its ratings on the class B and C notes cannot withstand the stresses at our 'B' rating level. S&P said, "Given the sensitivity of the class B and class C notes to stresses at our 'B' rating level, we applied our 'CCC' criteria, to assess if either a rating in the 'B–', 'CCC', or below category would be appropriate. We performed a qualitative assessment of the key variables, along with simulating a steady-state scenario in our cash flow analysis. The class B notes can pass such a scenario. "We do not consider the class B notes' repayment to be dependent upon favorable business, financial, and economic conditions, and therefore affirmed our 'B- (sf)' rating on the class B notes. We view the class C notes as highly vulnerable to nonpayment of timely interest, and lowered to 'CC (sf)' from 'CCC (sf)' our rating on the class C notes. As the liquidity facility is no longer available, and if the fees and receivables observed on the April 2025 IPD reoccur, there will likely be an interest shortfall on the class C notes. This could be anytime from the January 2026 IPD. The class D notes missed the interest payment in July 2025, leading to a senior interest shortfall. We have therefore lowered to 'D (sf)' from 'CC (sf)' our rating on the class D notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class A2 notes can support a higher rating than that currently assigned. Although the rating is robust to our stressed fee assumptions, we affirmed our 'A+ (sf)' rating, considering the lack of clarity around the increased transaction fees, the resultant liquidity facility drawings, and the continued reduction in pool granularity. "The swap counterparty in the transaction is NatWest Markets N.V. Based on the combination of the replacement commitment and the collateral posting framework, the maximum potential rating supported by the swap counterparty in this transaction is 'AA'. All other rating-dependent counterparties do not constrain our ratings on the notes." E-MAC Program III Compartment NL 2008-II is a Dutch RMBS transaction backed by Dutch residential mortgages originated by CMIS Nederland (previously GMAC-RFC Nederland). =========== S W E D E N =========== POLESTAR AUTOMOTIVE: Receives Nasdaq Deficiency Notice ------------------------------------------------------ Polestar Automotive Holding UK PLC has received notice from the Nasdaq Stock Market LLC that the Company is not currently in compliance with the $1.00 minimum bid price requirement, as set forth in Nasdaq Listing Rule 5450(a)(1). The Notice indicated that, consistent with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 days, or until 29 April 2026, to regain compliance, by having the closing bid price of the Company's ADSs meet or exceed $1.00 per ADS for at least ten consecutive business days. If the Company does not regain compliance by the Compliance Deadline, the Company may be afforded an additional 180 calendar day period to regain compliance as provided by the Nasdaq Listing Rules. The Notice has no immediate impact on the listing of the Company's securities, which will continue to trade on Nasdaq, subject to the Company's continued compliance with the other listing requirements. About Polestar Automotive Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe and Asia Pacific. Gothenburg, Sweden-based Deloitte AB, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company requires additional financing to support operating and development activities that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, the Company had $4.1 billion in total assets, $7.4 billion in total liabilities, and a total deficit of $3.3 billion. ===================== S W I T Z E R L A N D ===================== TRANSOCEAN LTD: Reports $1.9 Million Net Loss in Fiscal Q3 ---------------------------------------------------------- Transocean Ltd. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.92 million and $494 million for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company reported a net loss of $2.94 billion and $519 million, respectively. The Company's contract drilling revenues for the three months ended September 30, 2025 and 2024, were $1.03 billion and $948 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had contract drilling revenues of $2.92 billion and $2.57 billion, respectively. As of September 30, 2025, the Company had $16.17 billion in total assets, $2.24 billion in total current liabilities, $5.86 billion in total long-term liabilities, and $8.08 billion in total equity. The Company had an accumulated deficit of $7.49 billion as of September 30, 2025. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2eax5cap About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of June 30, 2025, the Company had $17.8 billion in total assets, $6.9 billion in total long-term liabilities, and $9.4 billion in total equity. As of September 30, 2025, the Company had $16.17 billion in total assets, $2.24 billion in total current liabilities, $5.86 billion in total long-term liabilities, and $8.08 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In October 2025, S&P Global Ratings revised its outlook on offshore drilling contractor Transocean Ltd. to stable from negative and affirmed all its ratings on the company, including the 'CCC+' Company credit rating. =========================== U N I T E D K I N G D O M =========================== ACTION 365: Leonard Curtis Named as Administrators -------------------------------------------------- Action 365 Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts in Manchester, Company & Insolvency List (ChD), Court Number: CR-2025-MAN-001444, and Andrew Poxon and Hilary Pascoe of Leonard Curtis were appointed as administrators on Oct. 28, 2025. Action 365 engaged in business and domestic software development, and other activities auxiliary to insurance and pension funding. Its registered office is at Biz Space, Cheadle Place, Stockport Road, Cheadle SK8 2JX Its principal trading address is at Eden Point, Three Acres Lane, Cheadle Hulme, Cheadle SK8 6RL The joint administrators can be reached at: Andrew Poxon Hilary Pascoe Leonard Curtis, 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: Sidhra Qadoos CRAFT METAL: Leonard Curtis Named as Administrators --------------------------------------------------- Craft Metal Spinning (Warrington) 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-001478, and Mike Dillon and Andrew Knowles of Leonard Curtis were appointed as administrators on Oct. 29, 2025. Craft Metal Spinning is a manufacturer of fabricated metal products. Its registered office and principal trading address is at Unit 10 Teal Business Park, Tanhouse Lane, Widnes, Cheshire, WA8 0ZA The joint administrators can be reached at: Mike Dillon Andrew Knowles 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: Sidhra Qadoos INSUPPA LTD: Milsted Langdon Named as Administrators ---------------------------------------------------- Insuppa Ltd was placed into administration proceedings in the High Court of Justice Business and Property Courts in Bristol, Insolvency and Companies list (ChD), No CR-2025-BRS-000121, and Richard Warwick and Rachel Hotham of Milsted Langdon LLP were appointed as administrators on Oct. 23, 2025. Insuppa Ltd, trading as Autospare Parts, engaged in the wolesale and retail trade of motor vehicle parts and accessories. Its registered office is at 58 Kinson Road, Dorset, Bournemouth, BH10 4AN Soon to be changed to Winchester House, Deane Gate Avenue, Taunton, TA1 2UH Its principal trading address is at Unit S2, Building 307, Aviation Business Park, Christchurch, Dorset, BH23 6NW The joint administrators can be reached at: Richard Warwick Rachel Hotham Milsted Langdon LLP Winchester House, Deane Gate Avenue Taunton, TA1 2UH For further details, contact: Jason Bevan Tel No: 01823 445566 Email: JBevan@milstedlangdon.co.uk MORELOCK SIGNS: FRP Advisory Named as Administrators ---------------------------------------------------- Morelock Signs 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-2025-007547, and Rajnesh Mittal and Arvindar Jit Singh of FRP Advisory Trading Limited were appointed as administrators on Oct. 28, 2025. Morelock Signs engaged in manufacturing. Its registered office is at Morelock House, Strawberry Lane, Willenhall, WV13 3RS (to be changed to c/o FRP Advisory Trading Ltd, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD) Its principal trading address is at Morelock House, Strawberry Lane, Willenhall, WV13 3RS The joint administrators can be reached at: Rajnesh Mittal Arvindar Jit Singh FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham, B3 3BD Contact details for the Joint Administrators: Monika Olajcova Email: cp.birmingham@frpadvisory.com SOUTHERN PACIFIC 06-1: S&P Affirms 'B-(sf)' Rating on E1c Notes --------------------------------------------------------------- S&P Global Ratings raised to 'AA (sf)' from 'A+ (sf)' its credit ratings on Southern Pacific Financing 06-1 PLC's class C1a and C1c notes. At the same time, S&P affirmed its 'BBB (sf)' ratings on the class D1a and D1c notes, and its 'B- (sf)' rating on the class E1c notes. S&P has resolved the under criteria observation placements of all classes of notes. The rating actions reflect the most recent transaction information as of the September 2025 investor report. S&P said, "Performance has shown minor deterioration since our previous review in March 2025. As per the September 2025 investor report, arrears have increased to 46.41% from 45.80% since March 2025. The increase in arrears primarily reflects the reduced pool size rather than an actual increase in arrears. "Cumulative losses are stable at 3.83% since our previous review. "Our weighted-average foreclosure frequency (WAFF) assumptions have increased at all rating levels, reflecting the higher arrears. This has been partially offset by lower weighted-average loss severity assumptions, stemming from a decrease in the current loan-to-value ratio following house price index growth. However, considering the transaction's historical loss severity levels, the latest available data suggests that the portfolio's underlying properties may have only partially benefited from rising house prices, so we have therefore applied a haircut to the property valuations to reflect this." Portfolio WAFF and WALS Rating level WAFF (%) WALS (%) Credit coverage (%) AAA 59.56 16.90 10.06 AA 56.60 11.38 6.44 A 54.85 3.82 2.09 BBB 52.43 2.00 1.05 BB 49.69 2.00 0.99 B 49.00 2.00 0.98 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. S&P said, "The reserve fund is at target, and it is not amortizing after breaching 90+ days arrears and cumulative loss triggers. The liquidity facility is at target and is amortizing. Given the sequential amortization, credit enhancement has increased since our previous review. This offsets the higher WAFF in our cash flow analysis. "The application of our revised counterparty criteria no longer constrains the ratings in this transaction at 'A+'. The notes were capped due the exposure to the bank account provider, Barclays Bank PLC, which failed to take remedial actions in 2012, when it was downgraded. Under the revised criteria, we can remove the cap if we believe there is sufficient available credit enhancement, if a reason for the failure to implement a committed remedial action is provided, and if we believe the transaction's performance is satisfactory. "Given the high level of available credit enhancement, the transaction's robust performance, and the fact that Barclays Bank attempted to remedy following its downgrade but ultimately decided against this due to potential operational risks arising from a replacement, we removed the cap on the notes imposed by the bank account. "However, the currency swap provider exposure still constrains the ratings in this transaction at 'AA'. We believe the documented downgrade remedies are consistent with the assigned ratings under our revised counterparty criteria. "Considering our updated credit and cash flow analysis results, we believe that the available credit enhancement for the class C1a and C1c notes is sufficient to withstand higher rating stresses. We therefore raised to 'AA (sf)' from 'A+ (sf)'our ratings on these notes. "The available credit enhancement for the class D1a and D1c notes can also withstand stresses at higher rating levels than those currently assigned. However, we have not raised our ratings on these classes, considering the very severe arrears, the borrowers' nonconforming nature, the sensitivity of the tranche ratings to recovery timing, and the potential tail-end risk associated with the large percentage of interest-only loans. We therefore affirmed our 'BBB (sf)' ratings. "The class E1c notes still do not achieve any rating in our cash flow analysis due to principal shortfalls on this class of notes. Given the transaction's stable performance and nonamortizing reserve, we affirmed our 'B- (sf)' rating on the notes. "We consider the transaction's resilience in case of additional stresses to some key variables, in particular defaults and loss severity, to determine our forward-looking view. We considered the sensitivity of the ratings to increased defaults, increased recoveries, extended recoveries, and higher interest rates, and the ratings remain robust. Given its high seasoning (232 months), the transaction has a low pool factor (6.20%), which tends to amplify movement in arrears. We have considered the tail-end risk associated with the low pool factor in our analysis." The loan pool comprises first- and second-ranking mortgages on properties in England, Wales, and Northern Ireland, and standard securities on properties in Scotland. Southern Pacific Financing 06-1 is a U.K. nonconforming RMBS transaction originated by Southern Pacific Mortgage Ltd. STUDIONESH LIMITED: Begbies Traynor Named as Administrators ----------------------------------------------------------- Studionesh Limited was placed into administration proceedings in the County Court at Cardiff, No 0023 of 2025, and Huw Powell and Paul Wood of Begbies Traynor (Central) LLP were appointed as administrators on Oct. 24, 2025. Studionesh Limited specialized in engineering activities. Its registered office and principal trading address is at Unit B Off Edge, Station Approach, Penarth, CF64 3EE The joint administrators can be reached at: Huw Powell Begbies Traynor (Central) LLP Ground Floor, 16 Columbus Walk Brigantine Place Cardiff CF10 4BY -- and -- Paul Wood Begbies Traynor (Central) LLP 3rd Floor, Castlemead, Lower Castle Street Bristol, BS1 3AG For further details, contact: Claire Jackson Tel No: 029 2089 4270 Email: Claire.Jackson@btguk.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 * * *