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251107.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, November 7, 2025, Vol. 26, No. 223 Headlines F R A N C E BETCLIC EVEREST: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable CARMAT: Receives One Takeover Bid Amid Ongoing Receivership NEW IMMO: Moody's Rates New Unsec. Euro Medium-Term Note '(P)Ba1' NOVA ORSAY: Moody's Withdraws 'Ba3' Corporate Family Rating G E R M A N Y ADLER REAL ESTATE: S&P Withdraws 'B-' Issuer Credit Rating I R E L A N D BRIDGEPOINT CLO IX: Fitch Assigns B-sf Final Rating on Cl. F Notes BRIDGEPOINT CLO IX: S&P Assigns B-(sf) Rating on Class F Notes CONTEGO CLO XIV: Fitch Assigns 'B-sf' Final Rating on Class F Notes CONTEGO CLO XIV: S&P Assigns B-(sf) Rating on Class F Notes CUMULUS STATIC 2024-1: Moody's Ups Rating on EUR4MM F Notes to B2 HAMBRIDGE EURO 1: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes HAMBRIDGE EURO 1: S&P Assigns B-(sf) Rating on Class F Notes PALMER SQUARE 2025-3: Moody's Assigns Ba3 Rating to Class E Notes TRINITAS EURO VI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F-R Notes K A Z A K H S T A N FORTEBANK JSC: Fitch Rates $400MM Add'l. Tier 1 Notes 'B-' L U X E M B O U R G KLOCKNER PENTAPLAST: Files Prepackaged Ch. 11 to Cut EUR1.3B Debt R O M A N I A DIGI COMMUNICATIONS: Fitch Rates EUR600MM Secured Notes 'BB+' S P A I N AES ESPAÑA: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR S W E D E N FASTPARTNER AB: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable U N I T E D K I N G D O M ASSEMBLY STUDIOS: Quantuma Advisory Named as Administrators BOUTIQUE MODERN: FRP Advisory Named as Administrators CERAMIQUE INTERNATIONALE: RSM UK Named as Administrators ELEMENT INTEGRATED: JT Maxwell Named as Administrators GARDEN DESIGN: Exigen Group Named as Administrators LECKFELL ADVISORY: KRE Corporate Named as Administrators MERIDIAN FUNDING 2025-1: Fitch Rates Class X Notes 'BBsf' NEWGATE FUNDING 2006-2: Moody's Affirms Ba3 Rating on Cl. E Notes NEWGATE FUNDING 2007-1: S&P Assigns 'B-(sf)' Rating on Cl. F Notes PETROFAC LIMITED: Teneo Financial Named as Administrators ROWMARL LIMITED: RSM UK Named as Administrators SAFEWAY INFRASTRUCTURE: Leonard Curtis Named as Administrators SHEPPERTON GROUP: Harrisons Business Named as Administrators X X X X X X X X [] BOOK REVIEW: Dangerous Dreamers - - - - - =========== F R A N C E =========== BETCLIC EVEREST: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings has affirmed leading French online sports-betting operator Betclic Everest Group's (Betclic or the company) Ba3 Corporate Family Rating. Concurrently, Moody's affirmed the company's Ba3-PD probability of default rating, and affirmed the Ba3 ratings on the company's senior secured bank credit facilities. The outlook remains stable. The rating action follows Betclic's parent company Banijay Group's announcement on October 28, 2025[1], that it has signed a binding agreement with CVC and Tackle Group S.a r.l.'s (Tipico) founders to combine Betclic and Tipico groups, becoming the majority shareholder of the combined entity with an initial stake of 65% (on a fully diluted basis). Banijay Group N.V. will acquire CVC's majority ownership of Tipico, and all shareholders of Betclic and Tipico, including the respective founders, will become shareholders of the combined entity, ensuring a smooth transition and increasing alignment of interests. Both entities will continue to operate autonomously in the medium term, limiting integration risk. The transaction, which values Tipico at an enterprise value of EUR4.6 billion, is expected to close in mid-2026, following satisfaction of customary conditions precedent including merger control and gaming regulatory approvals. The transaction is fully backed by a certain funds financing package for a principal amount of approximately EUR3 billion, which includes the refinancing of Tipico Group's existing debt and is underwritten by certain of Betclic's main financing partners. Moody's expects the company to refinance the initial financing through a new loan and/or bond issuance. "Although the proposed transaction will temporarily increase Betclic's leverage to around 4.6x pro forma (PF) 2025, Moody's expects leverage to decrease below 4.0x by 2027. The Ba3 rating already reflected the expectation that the company could use the flexibility included in its financial policy to pursue acquisitions," says Kristin Yeatman, a Moody's Ratings Vice President – Senior Analyst and lead analyst for Betclic. "The increase in leverage is also balanced by the improvement in the company's business profile owing to the increase in scale and diversity by geography and product segment," adds Ms Yeatman. RATINGS RATIONALE The affirmation of Betclic's Ba3 ratings reflects the positive considerations the acquisition brings. The business combination with Tipico increases Betclic's revenue to over EUR3 billion from EUR1.6 billion, and more than doubles EBITDA to around EUR900 million (2025 PF). It also enhances Betclic's business profile by creating a more diverse European sports betting and online gaming company. This transaction unites two complementary betting companies: Betclic, a digital pioneer in France, Portugal, Poland, and Côte d'Ivoire, and Tipico, an omnichannel operator in Germany and Austria, with a proprietary platform similar to Betclic's - resulting in a balanced geographic footprint across six fully regulated markets. Betclic's Ba3 rating reflects its leading positions in high growth online gambling markets, particularly in French and Portuguese sports-betting where it is a leader. The company benefits from stable and predictable cash flows due to having good visibility on customer numbers and sporting events which are planned well in the future, as well as low fixed costs and capital expenditure. Customer acquisition and retention is dependent on providing a high quality and user-friendly experience which Betclic will need to maintain, potentially incurring additional costs on content and technology in the future. Although gaming regulation is a significant risk for the sector, Betclic's risk is mitigated because it operates in markets where regulation is protective of existing players, stable and restrictive with no materially negative changes expected in the medium term. The tough regimes, combined with high taxes, act as barriers to entry. Sports betting results are volatile, and Betclic manages this risk through sophisticated trading models and a low-aggression odds strategy plus hedging. Moody's expects the combined group to adhere to Betclic's current low risk strategy and Moody's do not expect the addition of German and Austrian regulated markets to materially impact regulatory and tax risk. Betclic's Moody's-adjusted gross leverage will increase to around 4.6x PF for the transaction, however, Moody's expects leverage to decrease relatively quickly to below 4.0x in the next 12-18 months (prior to any synergies realization). The company has good EBIT margins of around 19% in 2024 and Moody's expects the transaction to result in an increase towards an average of around PF 23% in the next few years reflecting the positive impact from the consolidation of Tipico. Margins are negatively impacted by (1) the high French gaming taxes and (2) the company's compensation plan - which could impact Moody's forecasts. Moody's expect solid cover metrics (Moody's-adjusted EBIT/interest) of around 3.4x in PF 2026 and PF 4.1x in 2027. Moody's expects positive free cash flow (FCF) from 2026 onward despite significant dividends expected of up to EUR400 million per annum for the combined group. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Governance risk is a key rating consideration because Betclic has now chosen to temporarily exceed its self-imposed net leverage ceiling of 3.0x (equivalent to a Moody's gross adjusted debt/EBITDA ratio of up to 4.0x) for a period of up to two years after the transaction's close, at which point Moody's expects it to reduce to around 2.5x. Moody's also notes a reduction in governance risk from the group's concentrated ownership since Banijay Group N.V. will reduce its ownership stake to 65% from 94.6% as part of the transaction. LIQUIDITY Moody's expects Betclic's liquidity profile to be good over the next 12-18 months supported by unrestricted cash balances of around EUR187 million PF for the transaction close. Further liquidity will be provided by access to a revolving credit facility (RCF) of EUR60 million due in 2031 which is expected to be increased to EUR130 million. The RCF documentation contains a springing financial covenant based on senior secured net leverage set at 6.0x and tested when the RCF is drawn by more than 40%. Moody's expects that Betclic will maintain good headroom under this covenant if it is tested. Moody's expects Betclic to generate a healthy free cash flow of over EUR100 million over the next 12-18 months after dividends of around EUR400 million per year. The company's liquidity sources can accommodate smaller bolt-on acquisitions, and there are no significant debt maturities before the debt issuance matures in 2031. STRUCTURAL CONSIDERATIONS Betclic's probability of default rating (Ba3-PD), in line with its CFR, reflects Moody's assumptions of a 50% family recovery rate, as is typical for capital structures with bank debt and a covenant-lite structure. The senior secured term loan B (TLB) and RCF are rated in line with the company's CFR, reflecting their pari passu ranking. The TLB and RCF are supported by upstream guarantees amounting to 75% of group EBITDA. RATIONALE FOR THE STABLE OUTLOOK While the rating is initially more weakly positioned in the category owing to the increase in leverage post transaction, the stable outlook reflects Moody's expectations of moderate growth in revenue and EBITDA over the next 12-18 months. It assumes that there will not be material negative developments on the regulatory environment and that the company will adhere to its plan for a conservative financial policy going forward, and quickly reduce leverage to achieve its maximum net reported leverage target of 3.0x following the planned transaction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the improvement in business profile following the proposed combination with Tipico, Moody's have relaxed the leverage thresholds for the rating category. Upward pressure on the ratings could materialize if the company demonstrates that it is able to maintain Moody's-adjusted leverage below 3.5x (previously 3.0x) on a sustainable basis, with a clear commitment to maintain leverage at such a level, and increases its Moody's-adjusted EBIT margin above 20% while exhibiting good liquidity and generating strong positive free cash flow. Negative pressure on the rating could occur if Betclic's operating performance weakens or is hurt by a changing regulatory and fiscal regime, or if the company's financial profile weakens such that Moody's-adjusted leverage increases sustainably to 4.5x (previously 4.0x), free cash flow remains negative or weak and liquidity deteriorates, or the company engages in large transformative acquisitions or shareholder distributions that could lead to integration risk and/or a material increase in leverage beyond the company's self-imposed maximum leverage target. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming published in September 2025. Betclic's CFR is two notches below the scorecard-indicated outcome of Ba1. This reflects the expected deterioration in credit metrics following the proposed combination with Tipico. COMPANY PROFILE Betclic, headquartered in France, is an online sports betting and gaming operator. The group operates sports betting, online casino, and poker, mainly in France, its primary market, but also in Portugal,Poland and Côte d'Ivoire. As of December 2024, Betclic is the clear market leader in online sports betting in France and Portugal. It is also well-positioned with strong market shares in online poker in France and online sports-betting in Poland. In LTM 2025, the company generated EUR1.5 billion of revenues and EUR419 million of company-adjusted EBITDA. The company is 94.6% owned by Banijay Group N.V. which is the owner of Banijay S.A.S. Banijay Group N.V. is listed on Euronext. Headquartered in Malta, Tipico offers sports betting and online gaming in Germany and Austria via over 1,000 outlets (most in franchises), dedicated websites and applications. In 2024. In 2024, the company reported a net gaming revenue (NGR) after gaming taxes of around EUR1 billion and a company-adjusted EBITDA of EUR421 million. CARMAT: Receives One Takeover Bid Amid Ongoing Receivership ----------------------------------------------------------- CARMAT provided an update on the ongoing receivership procedure. On October 15, 2025, CARMAT had announced a new call for public tenders (buyers or investors) initiated as part of the receivership opened on July 1, 2025. The deadline set for submitting bids was November 3, 2025. By that date, one takeover bid within the context of a sales plan, was received by the judiciary administrator. The Bid was submitted by "CARMAT SAS", a simplified joint stock company set-up for the purpose of the potential Bid, share capital of which is currently held by LOHAS S.a.r.l., a company controlled by Mr. Pierre Bastid, who is CARMAT's Chairman of the Board and holds about 17% of CARMAT shares. The Bid, which can still be adjusted until November 20, 2025, should be assessed by the Versailles Economic Court at a hearing scheduled on November 25, 2025. The Company draws attention to the fact that there is no guarantee at this stage that the Bid will be successful (i.e. that the conditions precedent will be met and that the Court will ultimately decide a sales plan based on this Bid). If the Bid is not successful, it is highly probable that CARMAT will be liquidated (under the rules applicable to judicial liquidations) and its operations will stop. In such a case, it is highly probable that the shareholders will lose the total value of their investment, while a major part of CARMAT's creditors will incur a very significant loss of up to the total value of their receivables. Conversely, if the Bid is ultimately validated by the Court, part or all of CARMAT's operations will continue as part of another legal entity. However, in that case, CARMAT will also be liquidated, and given CARMAT's level of liabilities, it is highly probable that the shareholders will lose the total value of their investment, while a major part of CARMAT's creditors will incur a very significant loss of up to the total value of their receivables. It is reminded that, should it be liquidated, the Company would request the delisting of its shares from Euronext. Next steps: Trading of CARMAT shares (ISIN code: FR0010907956, Ticker: ALCAR) remains suspended. Press releases will be issued regularly as the Company's situation evolves and the proceedings progress. Until the next hearing scheduled on November 25, 2025, with a view to contain its cash burn, CARMAT will continue to limit its operations to the minimum, focusing in first instance on support to patients currently benefitting from Aeson(R). In any case, the support to these patients is CARMAT's priority, so the Company endeavors to ensure that this continuous support is maintained even if CARMAT is liquidated and its operations cease. About CARMAT CARMAT is a French MedTech that designs, manufactures and markets the Aeson(R) artificial heart. The Company's ambition is to make Aeson(R) the first alternative to a heart transplant, and thus provide a therapeutic solution to people suffering from end-stage biventricular heart failure, who are facing a well-known shortfall in available human grafts. The world's first physiological artificial heart that is highly hemocompatible, pulsatile and self-regulated, Aeson(R) could save, every year, the lives of thousands of patients waiting for a heart transplant. The device offers patients quality of life and mobility thanks to its ergonomic and portable external power supply system that is continuously connected to the implanted prosthesis. Aeson(R) is commercially available as a bridge to transplant in the European Union and other countries that recognize CE marking. Aeson(R) is also currently being assessed within the framework of an Early Feasibility Study (EFS) in the United States. Founded in 2008, CARMAT is based in the Paris region, with its head offices located in Velizy-Villacoublay and its production site in Bois-d'Arcy. The Company can rely on the talent and expertise of a multidisciplinary team of circa 200 highly specialized people. CARMAT is listed on the Euronext Growth market in Paris (Ticker: ALCAR / ISIN code: FR0010907956). NEW IMMO: Moody's Rates New Unsec. Euro Medium-Term Note '(P)Ba1' ----------------------------------------------------------------- Moody's Ratings has assigned a provisional (P)Ba1 rating to the senior unsecured Euro Medium-Term Note (EMTN) programme proposed by New Immo Holding SA (NIH or the company, Ba1 stable). The stable outlook is unaffected. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE According to the preliminary documents, the notes to be issued under the EMTN programme will be direct, unconditional and unsecured obligations of New Immo Holding SA, and will rank pari passu with all other outstanding and future unsecured and unsubordinated obligations of the company. Therefore, the (P)Ba1 senior unsecured programme rating mirrors NIH's long-term corporate family rating (CFR) of Ba1. The Ba1 corporate family and debt ratings reflect NIH's robust and resilient rental performance, bolstered by a large and geographically diversified portfolio developed over nearly five decades. The ratings also consider strong operational links to brands owned by the Association Familiale Mulliez (AFM)—notably Auchan Retail, which is currently facing operational challenges. The ratings also take into consideration subdued profitability compared to peers which necessitates operational improvements to address the challenges stemming from a weaker anchor retailer, large capital expenditures and a weak interest coverage. Furthermore, the ratings consider NIH's intention to establish independent financing from ELO, based on the assumption of a strong commitment from ELO to prevent any cash or asset leakage beyond what is currently envisaged, and to maintain a loan-to-value (LTV) ratio below 40%. Moody's expects the interest coverage ratio as calculated by Moody's to decline to around 2x over the next 12–18 months, reflecting higher interest rates compared to the conditions when the debt being refinanced was originally issued and operational challenges related to Auchan Retail. Liquidity is viewed as adequate. Following the successful completion of the debt push-down, the unwinding of the cash pooling mechanism and the signing of a EUR350 million committed revolving credit facility, NIH is now actively working on a EUR415 million mortgage loan or a senior unsecured bond, by year-end. A failure to complete this would negatively affect the ratings. OUTLOOK The unaffected stable outlook reflects Moody's expectations of stronger operational profitability and increased financial independence from the shareholder. High occupancy, improving collections, and positive rental reversions should support efficiency gains, helping offset the impact of higher debt on leverage and coverage, which are expected to remain appropriate for a Ba1 rating over the next 12–18 months. It also assumes NIH will avoid aggressive distributions, actively manage upcoming maturities, and maintain adequate liquidity. The current rating and stable outlook also factor in the planned execution of a EUR415 million mortgage loan or a senior unsecured bond before year-end. A failure to complete this would negatively affect the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade: -- Assessment of ELO's credit profile does not deteriorate, supported by a gradual recovery of Auchan's performance -- The company successfully improves its profitability while maintaining robust occupancy and positive rental reversion and Auchan's resizing plan effectively supports rental revenue growth -- Assessment of NIH's governance remains unchanged with track record of improved financial independence from its parents and no aggressive distribution -- Moody's-adjusted leverage sustained well below 45% and Moody's-adjusted Net Debt / EBITDA ratio does not exceed 11x -- Moody's fixed charge coverage ratio sustained above 2.25x -- Maintenance of a good liquidity profile Factors that could lead to a downgrade: -- Failure to sign the EUR415 million secured loan or a senior unsecured bond by year-end -- Weakening credit assessment of its parent ELO, notably if Auchan's performance does not gradually recover -- Weaker assessment of NIH's governance with reversal of its financial independence from its parent and / or evidence of an increasing risks of cash and /or asset leakage from NIH to its parent ELO or to Auchan -- Moody's-adjusted leverage remains sustainably above 50% and / or Moody's-adjusted Net Debt / EBITDA sustainably above 12x -- Moody's-adjusted fixed charge coverage ratio sustained below 1.8x -- Erosion of liquidity together with a failure to refinancing its maturity at least 12 months in advance and failure to successfully access the debt capital markets in the short term PRINCIPAL METHODOLOGY The principal methodology used in this rating was REITs and Other Commercial Real Estate Firms 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 NIH ranks among the largest real estate landlords in Europe and holds a leading position in France, with a portfolio focused mainly on retail assets. The company also develops mixed-use and urban projects for sale. As of June 2025, NIH owns 172 assets across 8 countries through its fully owned subsidiary Ceetrus and manages around EUR13 billion in assets in 11 countries via its second subsidiary, Nhood. In LTM June 2025, NIH generated EUR534 million in gross rental income and reported EUR367 million in EBITDA. NIH operates as a private company. ELO owns 100% of NIH and also controls Auchan Retail, which anchors most of NIH's properties. ELO belongs to the Association Familiale Mulliez (AFM), one of France's wealthiest families. AFM owns about 50 companies across various sectors but with a strong focus on retail. NIH's assets are often clustered around other AFM-owned retail brands, such as Decathlon or Leroy Merlin. NOVA ORSAY: Moody's Withdraws 'Ba3' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings withdrew the ratings of Nova Orsay S.A.S. (Fives or the company), the ultimate parent and consolidating entity of Fives S.A.S, including its Ba3 corporate family rating and its Ba3-PD probability of default rating. The outlook prior to withdrawal was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Nova Orsay S.A.S is the ultimate parent of Fives S.A.S, a global industrial engineering group that designs machines, process equipment, and production lines for various industries, including automotive, logistics (e-commerce, courier, and retail), steel, aluminum, energy, cement, and aerospace. Before the cryogenics business unit disposal in July 2025, Fives employed around 9,000 people and operated roughly 100 units in 25 countries. ============= G E R M A N Y ============= ADLER REAL ESTATE: S&P Withdraws 'B-' Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Adler Real Estate AG, a subsidiary of Adler Group S.A. (B-/Stable/--). The outlook on Adler Real Estate was stable at the time of the withdrawal and the stand-alone credit profile was 'b-'. At the same time, S&P withdrew its 'CCC' issue rating on Adler Real Estate AG's senior secured bond maturing 2026, with EUR14.8 million outstanding following the June 2025 tender offer. ============= I R E L A N D ============= BRIDGEPOINT CLO IX: Fitch Assigns B-sf Final Rating on Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Bridgepoint CLO IX DAC final ratings. Entity/Debt Rating ----------- ------ Bridgepoint CLO IX DAC A XS3135678699 LT AAAsf New Rating B XS3135679663 LT AAsf New Rating C XS3135680752 LT Asf New Rating D XS3135681727 LT BBB-sf New Rating E XS3135683186 LT BB-sf New Rating F XS3135684317 LT B-sf New Rating Subordinated Notes XS3135685553 LT NRsf New Rating Transaction Summary Bridgepoint CLO IX DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to fund a portfolio with a target par of EUR450 million actively managed by Bridgepoint Credit Management Limited. The collateralised loan obligation (CLO) has a five-year reinvestment period, and an eight-year weighted average life (WAL) test at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch-calculated weighted average rating factor (WARF) of the identified portfolio is 24.2. Strong Recovery Expectation (Positive): At least 90% of the portfolio comprises senior secured obligations. The recovery prospects for these assets are more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate (WARR) of the identified portfolio is 60.6%. Diversified Asset Portfolio (Positive): The transaction has a concentration limit for the 10 largest obligors of 20%. The deal includes various other concentration limits, including a maximum exposure to the three-largest Fitch-defined industries in the portfolio at 43%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. WAL Step-up (Neutral): The transaction's WAL test can step up by one year on or after one year from closing. The step-up is conditioned on each of the collateral quality tests (based on the closing matrix set) being satisfied and the aggregate collateral balance (defaulted obligations carried at Fitch collateral value) being at least equal to the reinvestment target par balance. Portfolio Management (Neutral): The deal has two Fitch test matrix sets corresponding to fixed-rate asset limits of 5% and 12.5% and a top 10 obligor limit at 20%. One is effective at closing and corresponds to a WAL test of eight years while another corresponds to a WAL of seven years and is effective from 12 months after closing. The switch to the forward matrix is subject to the aggregate collateral balance (with defaults at collateral value) being at least equal to the reinvestment target par balance. The transaction has a five-year reinvestment period and includes reinvestment criteria similar to those of other European deals. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Neutral): The WAL used for the deal's Fitch-stressed portfolio analysis is 12 months less than the WAL covenant at the issue date, to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include passing the coverage tests, and its 'CCC' bucket limitation test after reinvestment, and a WAL covenant that progressively steps down, before and after the end of the reinvestment period. These conditions would reduce the effective risk horizon of the portfolio during periods of stress. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would not lead to downgrades of one notch on the class A notes, two notches each on the class B and C notes, one notch each on the class D and E notes, and to below 'B-sf' for the class F notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. All the rated notes, except the 'AAAsf' notes, each have a rating cushion of between one and two notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to four notches each for the rated notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of two notches each for the class B, C and D notes, three notches for the class E notes, and four notches for the class F notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and other Nationally Recognised Statistical Rating Organisations and European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for its analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Bridgepoint CLO IX DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. BRIDGEPOINT CLO IX: S&P Assigns B-(sf) Rating on Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Bridgepoint CLO IX DAC's class A to F European cash flow CLO notes. The issuer also issued unrated subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end approximately five years after closing, while the noncall period will end two years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The 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 2,800.07 Default rate dispersion 394.79 Weighted-average life (years) 5.11 Obligor diversity measure 126.75 Industry diversity measure 20.44 Regional diversity measure 1.17 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.44 Actual 'AAA' weighted-average recovery (%) 36.61 Actual weighted-average spread (%) 3.66 Actual weighted-average coupon (%) 6.88 Rating rationale S&P said, "At closing, 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. "In our cash flow analysis, we used the EUR450 million target par amount, the covenanted weighted-average spread (3.60%), the covenanted weighted-average coupon (4.00%), and the target weighted-average recovery rates for 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. "Until the end of the reinvestment period on Oct. 31, 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. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicate that the available credit enhancement for the class B to E 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 assigned ratings on the notes. The class A notes can withstand stresses commensurate with the assigned rating. "For the class F notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs 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 27.19% (for a portfolio with a weighted-average life of 5.11 years), versus if it was to consider a long-term sustainable default rate of 3.2% for 5.11 years, which would result in a target default rate of 16.35%. -- 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, S&P considers that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes. "The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds. Bridgepoint Credit Management Ltd. manages the transaction." 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." CONTEGO CLO XIV: Fitch Assigns 'B-sf' Final Rating on Class F Notes ------------------------------------------------------------------- Fitch Ratings has assigned Contego CLO XIV DAC final ratings. Entity/Debt Rating ----------- ------ Contego CLO XIV DAC A Loan LT AAAsf New Rating A XS3149797022 LT AAAsf New Rating B XS3149797451 LT AAsf New Rating C XS3149797881 LT Asf New Rating D XS3149798186 LT BBB-sf New Rating E XS3149798343 LT BB-sf New Rating F XS3149798699 LT B-sf New Rating Subordinated Notes XS3149798855 LT NRsf New Rating Transaction Summary Contego CLO XIV DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to fund a portfolio with a target par of EUR400 million that is actively managed by Five Arrows Managers LLP. The CLO has a 4.5-year reinvestment period and a 7.5-year weighted average life (WAL) test covenant at closing, which can be extended by 12 months one year after closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch weighted average rating factor of the identified portfolio is 24.9. High Recovery Expectations (Positive): At least 90% of the portfolio comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 61.8%. Diversified Portfolio (Positive): The transaction includes four Fitch test matrices, all effective at closing, with two matrices corresponding to a 7.5-year WAL test covenant and two corresponding to an 8.5 year WAL test covenant. All the matrices correspond to a top 10 obligor concentration limit at 20%, and for each WAL test covenant there can be two different fixed-rate limits, 5% and 10%. The transaction also has various concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. WAL Step-Up Feature (Neutral): The transaction can extend the WAL test covenant by one year, to 8.5 years from closing, on the step-up date one year after closing. The WAL test covenant extension is at the option of the manager, but subject to conditions including the portfolio-profile tests, collateral-quality tests, coverage tests and the adjusted collateral principal balance being greater than the reinvestment target par. Portfolio Management (Neutral): The transaction has a 4.5-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL covenant, to account for structural and reinvestment conditions post-reinvestment period, including passing the over-collateralisation tests and Fitch 'CCC' limitation post reinvestment, among others. This ultimately reduces the maximum possible risk horizon of the portfolio when combined with loan pre-payment expectations. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no impact on the class A notes and would lead to downgrades of one notch for the class B, C, D and E notes, and to below 'B-sf' for the class F notes. Based on the current portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Due to the better metrics and shorter life of the current portfolio than the stressed-case portfolio, the class B, C, D, E and F notes display rating cushions of two notches. The class A notes do not display any rating cushion as they are already at the highest achievable rating. Should the cushion between the current portfolio and the stressed-case portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed-case portfolio would lead to downgrades of one notch for the class D notes; three notches for the class A, C and E notes; four notches for the class B notes and to below 'B-sf' for the class F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR across all ratings and a 25% increase in the RRR across all ratings of the stressed-case portfolio would lead to upgrades of up to three notches for the notes, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the stressed-case portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, leading to the ability of the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may occur in case of stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Contego CLO XIV DAC The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Contego CLO XIV DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. CONTEGO CLO XIV: S&P Assigns B-(sf) Rating on Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Contego CLO XIV DAC's class A, B, C, D, E, and F notes and A Loan. At closing, the issuer also issued unrated subordinated notes. This is a European cash flow CLO transaction, securitizing a pool of primarily syndicated senior secured loans or bonds. The portfolio's reinvestment period ends approximately five years after closing. Under the transaction documents, the rated notes and loan pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow collateralized debt obligations. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,869.04 Default rate dispersion 423.12 Weighted-average life (years) 4.61 Obligor diversity measure 138.56 Industry diversity measure 21.93 Regional diversity measure 1.31 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.38 Actual 'AAA' weighted-average recovery (%) 36.62 Actual weighted-average spread (%) 3.75 S&P said, "In our cash flow analysis, we modeled the EUR400 million target par amount, the actual weighted-average spread of 3.65%, the actual weighted-average coupon of 5%, 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. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be sufficiently mitigated 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. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B, C, and D notes is commensurate with higher ratings than those we have assigned. However, as the CLO will have a reinvestment period, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on these notes. The class A and E notes and A Loan can withstand stresses commensurate with the assigned ratings. "The class F notes' current break-even default rate (BDR) cushion is negative at the current rating level. Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class is able to sustain a steady-state scenario, in accordance with our criteria." S&P's ratings uplift for the class F notes reflects several factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated BDR at the 'B-' rating level of 26.27% (for a portfolio with a weighted-average life of 4.61 years and a reinvestment period of 4.50 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.61 years, which would result in a target default rate of 14.75%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A to E notes and A Loan based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have 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. 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§ A AAA (sf) 150.40 38.00 3mE + 1.30% A Loan AAA (sf) 97.60 38.00 3mE + 1.30% B AA (sf) 42.00 27.50 3mE + 1.80% C A (sf) 24.00 21.50 3mE + 2.15% D BBB- (sf) 30.00 14.00 3mE + 3.00% E BB- (sf) 18.00 9.50 3mE + 5.50% F B- (sf) 12.00 6.50 3mE + 8.12% Sub notes NR 29.60 N/A N/A *The ratings assigned to the class 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 6mE when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. CUMULUS STATIC 2024-1: Moody's Ups Rating on EUR4MM F Notes to B2 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Cumulus Static CLO 2024-1 DAC: EUR28,000,000 Class B Senior Secured Floating Rate Notes due 2033, Upgraded to Aaa (sf); previously on May 8, 2024 Definitive Rating Assigned Aa1 (sf) EUR24,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2033, Upgraded to A1 (sf); previously on May 8, 2024 Definitive Rating Assigned A2 (sf) EUR23,600,000 Class D Senior Secured Deferrable Floating Rate Notes due 2033, Upgraded to Baa2 (sf); previously on May 8, 2024 Definitive Rating Assigned Baa3 (sf) EUR4,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2033, Upgraded to B2 (sf); previously on May 8, 2024 Definitive Rating Assigned B3 (sf) Moody's have also affirmed the ratings on the following notes: EUR272,000,000 (Current outstanding balance EUR222,285,642) Class A Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf); previously on May 8, 2024 Definitive Rating Assigned Aaa (sf) EUR19,600,000 Class E Senior Secured Deferrable Floating Rate Notes due 2033, Affirmed Ba3 (sf); previously on May 8, 2024 Definitive Rating Assigned Ba3 (sf) Cumulus Static CLO 2024-1 DAC issued in May 2024, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Blackstone Ireland Limited. The transaction is static. RATINGS RATIONALE The rating upgrades on the Class B, Class C, Class D and Class F notes are primarily a result of the deleveraging of the senior notes following amortisation of the underlying portfolio since the payment date in November 2024, the improvement in over-collateralisation ratios since the payment date in November 2024 and also a shorter weighted average life of the portfolio which reduces the time the rated notes are exposed to the credit risk of the underlying portfolio. The affirmations on the ratings on the Class A and Class E notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A notes have paid down by approximately EUR47.7 million (17.5%) in the last 12 months and EUR49.7 million (18.3%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated Oct 2025[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 139.48%, 127.27%, 117.19% and 109.95% compared to Nov 2024[2] levels of 133.54%, 123.59%, 115.15% and 108.97% respectively. If the reported OCs above do not reflect the latest principal payments: Moody's notes that the Nov 2024 principal payments are not reflected in the reported OC ratios. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR349,088,522 Defaulted Securities: EUR0 Diversity Score: 46 Weighted Average Rating Factor (WARF): 2904 Weighted Average Life (WAL): 3.90 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.60% Weighted Average Coupon (WAC): 3.33% Weighted Average Recovery Rate (WARR): 45.20% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Moody's notes that the Oct 2025 trustee report was published at the time Moody's were completing Moody's analysis of the Sep 2025 data. Key portfolio metrics such as WARF, diversity score, weighted average spread and life, and OC ratios exhibit little or no change between these dates. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. HAMBRIDGE EURO 1: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Hambridge Euro CLO 1 DAC final ratings. Entity/Debt Rating ----------- ------ Hambridge Euro CLO 1 DAC Class A Loan LT AAAsf New Rating Class A Notes XS3186920503 LT AAAsf New Rating Class B Notes XS3186920768 LT AAsf New Rating Class C Notes XS3186921147 LT Asf New Rating Class D Notes XS3186921816 LT BBB-sf New Rating Class E Notes XS3186922111 LT BB-sf New Rating Class F Notes XS3186922384 LT B-sf New Rating Subordinated Notes XS3186922541 LT NRsf New Rating Transaction Summary Hambridge Euro CLO 1 is a securitisation of mainly (at least 95%) senior secured obligations with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Notes proceeds have been used to purchase a portfolio with a target par of EUR425 million. The portfolio is actively managed by Royal London Asset Management Limited and the collateralised loan obligation (CLO) has a reinvestment period of about five years with an eight-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch weighted average rating factor (WARF) of the identified portfolio is 23.7. High Recovery Expectations (Positive): At least 95% of the portfolio comprises senior secured obligations. The recovery prospects for these assets are more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 61.2%. Diversified Portfolio (Positive): The transaction includes two set of matrices, one of which is effective at closing. Each set includes two matrices with fixed-rate obligation limits of 2.5% and 7.5%, and a top 10 obligor concentration limit of 20%. The closing matrix set corresponds to an eight-year WAL covenant, while the forward matrix set has a seven-year WAL test covenant. The forward matrix will be effective 12 months (or 24 months if the WAL steps up) after closing, provided the aggregate collateral balance (defaults carried at Fitch-calculated collateral value) is at least at the reinvestment target par balance, among other conditions. The deal includes other concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the portfolio will not be exposed to excessive concentration. WAL Step-Up Feature (Neutral): The transaction can extend the WAL by one year on the step-up date, which is one year after closing. The WAL extension is at the option of the manager but subject to conditions, including passing the collateral-quality, portfolio-profile and coverage tests and the aggregate collateral balance (defaulted obligations at their Fitch-calculated collateral value) being at least at the target par. Portfolio Management (Neutral): The deal has a reinvestment period of about five years and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the deal structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed portfolio analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the deal after its reinvestment period, which include passing the coverage tests, the Fitch WARF test and the Fitch 'CCC' bucket limitation test after reinvestment, and a WAL covenant that progressively steps down, before and after the end of the reinvestment period. These conditions would reduce the effective risk horizon of the portfolio in periods of stress. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would lead to downgrades of no more than one notch for the class B to E notes, to below 'B-sf' for the class F notes, and have no impact on the class A notes and A loan. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B to F notes each have a rating cushion of two notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A notes and A debt have no rating cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to three notches each for the tranches and debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches each, except for the 'AAAsf' notes and debt. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the deal's remaining life. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and other Nationally Recognised Statistical Rating Organisations and European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for its analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Hambridge Euro CLO 1 DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. HAMBRIDGE EURO 1: S&P Assigns B-(sf) Rating on Class F Notes ------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Hambridge Euro CLO 1 DAC's class A loan and class A, B, C, D, E, and F notes. At closing, the issuer also issued unrated subordinated notes. The ratings assigned to Hambridge Euro CLO 1's notes and loan reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,681.28 Default rate dispersion 469.31 Weighted-average life (years) 4.97 Weighted-average life (years) extended to cover the length of the reinvestment period 5.00 Obligor diversity measure 126.53 Industry diversity measure 22.26 Regional diversity measure 1.31 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 36.26 Target weighted-average spread (net of floors, %) 3.73 Target weighted-average coupon (%) * N/A *The portfolio has no fixed rate assets. N/A--Not applicable. Rationale Under the transaction documents, the rated notes and loan will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will switch to semiannual payments. The portfolio's reinvestment period will end five years after closing. At closing, the portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we modeled a target par of EUR425 million. We also modeled the covenanted weighted-average spread (3.65%), the covenanted weighted-average coupon (4.00%), and the covenanted weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes and loan. 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. 31, 2030, the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating--and 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, if the initial ratings are maintained. S&P said, "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Royal London Asset Management Ltd. manages the CLO, and the maximum potential rating on the liabilities is 'AAA' under our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the assigned ratings are commensurate with the available credit enhancement for the class A loan and class A notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those 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 on the notes. "For the class F notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 25.46% (for a portfolio with a weighted-average life of five years), versus if we were to consider a long-term sustainable default rate of 3.2% for five years, which would result in a target default rate of 16.00%." -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of notes and loan. "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 included the sensitivity of the ratings on the class A loan and class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the transaction's exposure to environmental, social, and governance (ESG) credit factors as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental and social credit factors is viewed as below average, while governance credit factors are average. For this transaction, the documents prohibit or limit certain assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities 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." Hambridge Euro CLO 1 DAC is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. The transaction is a broadly syndicated CLO managed by Royal London Asset Management Ltd. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) A AAA (sf) 238.50 Three/six-month EURIBOR 38.00 plus 1.37% A Loan AAA (sf) 25.00 Three/six-month EURIBOR 38.00 plus 1.37% B AA (sf) 44.60 Three/six-month EURIBOR 27.51 plus 2.05% C A (sf) 25.90 Three/six-month EURIBOR 21.41 plus 2.45% D BBB- (sf) 30.20 Three/six-month EURIBOR 14.31 plus 3.30% E BB- (sf) 18.30 Three/six-month EURIBOR 10.00 plus 5.60% F B- (sf) 14.50 Three/six-month EURIBOR 6.59 plus 8.43% Sub notes NR 36.80 N/A N/A *The ratings assigned to the class A loan and class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. PALMER SQUARE 2025-3: Moody's Assigns Ba3 Rating to Class E Notes ----------------------------------------------------------------- Moody's Ratings announced that it has assigned the following definitive ratings to the notes issued by Palmer Square European Loan Funding 2025-3 Designated Activity Company (the "Issuer"): EUR272,000,000 Class A Senior Secured Floating Rate Notes due 2035, Assigned Aaa (sf) EUR39,000,000 Class B Senior Secured Floating Rate Notes due 2035, Assigned Aa2 (sf) EUR21,200,000 Class C Senior Secured Deferrable Floating Rate Notes due 2035, Assigned A2 (sf) EUR20,200,000 Class D Senior Secured Deferrable Floating Rate Notes due 2035, Assigned Baa3 (sf) EUR18,300,000 Class E Senior Secured Deferrable Floating Rate Notes due 2035, Assigned Ba3 (sf) RATINGS RATIONALE The rationale for the rating is based on a consideration of the risks associated with the CLO's portfolio and structure as described in Moody's methodologies. The Issuer is a static cash flow CLO. The issued notes are collateralized primarily by broadly syndicated senior secured corporate loans. The portfolio is fully ramped up as of the closing date and comprises of predominantly corporate loans to obligors domiciled in Western Europe. Palmer Square Europe Capital Management LLC ("Palmer Square") may sell assets on behalf of the Issuer during the life of the transaction. Reinvestment is not permitted and all sales and principal proceeds received will be used to amortize the notes in sequential order. In addition to the five classes of notes rated by us, the Issuer has issued EUR31.6m of Subordinated Notes which are not rated. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Methodology underlying the rating action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Moody's methodologies. Moody's used the following base-case modeling assumptions: Par Amount: EUR400m Diversity Score: 59 Weighted Average Rating Factor (WARF): 2709 Weighted Average Spread (WAS): 3.46% Weighted Average Coupon (WAC): 2.46% Weighted Average Recovery Rate (WARR): 44.33% Weighted Average Life (WAL): 4.67 years TRINITAS EURO VI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned Trinitas Euro CLO VI DAC's reset notes expected ratings. The assignment of final ratings is contingent on the receipt of final documents conforming to information reviewed. Entity/Debt Rating ----------- ------ Trinitas Euro CLO VI DAC A-R XS3208427941 LT AAA(EXP)sf Expected Rating B-R XS3208428162 LT AA(EXP)sf Expected Rating C-R XS3208428592 LT A(EXP)sf Expected Rating D-R XS3208428758 LT BBB-(EXP)sf Expected Rating E-R XS3208428915 LT BB-(EXP)sf Expected Rating F-R XS3208429137 LT B-(EXP)sf Expected Rating Transaction Summary Trinitas Euro CLO VI DAC reset is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds will redeem the outstanding notes (except the subordinated ones) and fund a portfolio with a target par of EUR500 million. The portfolio is managed by Trinitas Capital Management, LLC. The CLO will have a 4.5-year reinvestment period and a 7.5-year weighted average life (WAL) test covenant at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the indicative portfolio to be in the 'B 'category. The Fitch weighted average rating factor of the identified portfolio is 23.9. Strong Recovery Expectation (Positive): At least 90% of the portfolio is expected to comprise senior secured obligations. The recovery prospects for these assets are more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 62.1%. Diversified Portfolio (Positive): The deal will include various concentration limits in the portfolio, including a top 10 obligor concentration limit of 25% and a maximum exposure to the three largest Fitch-defined industries in the portfolio of 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction will have 4.5-years reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL test covenant, to account for strict reinvestment conditions after the reinvestment period, including the satisfaction of over-collateralisation test and Fitch's 'CCC' limit tests, together with a linearly decreasing WAL test covenant. These conditions reduce the effective risk horizon of the portfolio in stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A-R, B-R and C-R notes and lead to downgrades of one notch for the class D-R and E-R notes, and to below 'B-sf' for the class F-R notes. Based on the actual portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio, the class B-R and C-R notes display rating cushions of three notches and the class D-R, E-R and F-R notes of two notches. Should the cushion between the identified portfolio and the stress portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed portfolio would lead to downgrades of up to three notches for the class A-R to D-R notes and to below 'B-sf' for the class E-R and F-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of Fitch's stress portfolio would lead to upgrades of up to three notches for the notes, except the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on Fitch's stress portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, leading to the ability of the notes to withstand larger than expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may occur in case of stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover for losses on the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Trinitas Euro CLO VI DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Trinitas Euro CLO VI DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. =================== K A Z A K H S T A N =================== FORTEBANK JSC: Fitch Rates $400MM Add'l. Tier 1 Notes 'B-' ---------------------------------------------------------- Fitch Ratings has assigned ForteBank JSC's USD400 million 9.75% perpetual additional Tier 1 (AT1) notes a final long-term rating of 'B-'. The notes rank junior to the bank's unsubordinated obligations. The assignment of the final rating follows the completion of the issue and receipt of documents conforming to the information previously received. The final rating is in line with the expected rating assigned on 21 October 2025 (see 'Fitch Rates ForteBank's Upcoming Perpetual AT1 Notes 'B-(EXP)'. Key Rating Drivers The notes are rated four notches below Forte's Viability Rating (VR) of 'bb'. This is the highest rating that can be assigned to deeply subordinated notes with fully discretionary coupon omission issued by banks with a VR anchor of 'bb', under Fitch's Bank Rating Criteria. This comprises two notches for the notes' high loss severity due to their deep subordination, and two notches for additional non-performance risk relative to the VR, given a high write-down trigger and fully discretionary coupons. The notes are non-cumulative, fixed-rate resettable AT1 debt securities, which qualify as regulatory AT1 capital. The notes have a full coupon omission option at the bank's discretion and full or partial write-down triggers if the bank's regulatory common equity Tier 1 (CET1) capital adequacy ratio falls below the minimum requirement of 5.5%. Under local banking legislation, the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market also has the power to trigger a write-down if it deems the bank as insolvent, such as after prolonged breaches of mandatory capital ratios or a persistent inability to meet the bank's debt obligations. Fitch believes the risk of coupon omission is more likely if the bank's CET1 capital ratio falls below the additional capital buffer requirements established by the regulator. This risk is mitigated by Forte's healthy profitability and reasonable headroom over capital minimums. Forte's regulatory CET1 capital ratio was 13.8% at end-August 2025, which was comfortably above the 8% regulatory minimum requirement (inclusive of the capital conservation buffer). The notes have no formal redemption date. However, Forte has a call option from the fifth anniversary of the issue date up to the first coupon reset date and, thereafter, on each subsequent interest payment date, subject to the regulatory approval. For Forte's key rating drivers and sensitivities, see 'Fitch Affirms ForteBank at 'BB'/Stable on Announced Acquisition of Home Credit Kazakhstan' published on 22 July 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The AT1 debt would be downgraded if the bank's VR was downgraded by more than one notch. If the VR was downgraded by one notch to 'bb-', the notes' rating could be affirmed, as the minimum notching for these instruments reduces to three notches for VRs at 'bb-' and below, versus four notches at 'bb'. The AT1 debt could be downgraded if the bank fails to maintain reasonable headroom over the minimum capital adequacy ratios. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The AT1 securities would be upgraded if the bank's VR was upgraded. Date of Relevant Committee 17-Oct-2025 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- ForteBank JSC junior subordinated LT B- New Rating B-(EXP) =================== L U X E M B O U R G =================== KLOCKNER PENTAPLAST: Files Prepackaged Ch. 11 to Cut EUR1.3B Debt ----------------------------------------------------------------- Klockner Pentaplast, a global leader in rigid and flexible packaging and specialty film solutions, announced on Nov. 4, 2025, that it has entered into a Restructuring Support Agreement with a significant majority of its financial partners on the terms of a comprehensive financial restructuring plan. The restructuring plan will substantially reduce the Company's funded debt by approximately EUR1.3 billion, which will meaningfully strengthen the Company's balance sheet and enhance KP's financial flexibility moving forward. Under the terms of the RSA, following the consummation of the restructuring plan, ownership of the Company will transition to certain of KP's financial partners. To implement the restructuring plan contemplated under the RSA, KP and certain of its subsidiaries and affiliates have voluntarily initiated a prepackaged Chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas. Chapter 11 is a US legal process that companies use to raise capital, restructure their finances, and adjust ownership and business structures while they continue to operate as normal. KP intends to complete the financial restructuring process as quickly and efficiently as possible while continuing to operate in the ordinary course with no interruption to ongoing operations. "The steps we are taking today will provide KP with new owners and a stronger financial foundation to continue driving innovation, delivering sustainable packaging and films, and responding to the needs of our customers with agility and excellence," said Roberto Villaquiran, Chief Executive Officer of KP. "Our operations worldwide are continuing without interruption, and the support of our financial partners demonstrates their confidence in our business and the opportunities ahead. We thank our customers, suppliers, and business partners for their ongoing partnership and support, and our employees for their continued hard work and dedication. We are confident that we will emerge from this process better positioned than ever and look forward to further growing our leading portfolio, driving cutting-edge innovation, and bolstering the integral role we play in the customer value chain." Additional information In connection with the US Chapter 11 process, KP has received commitments for EUR215 million in new debtor-in-possession financing from certain of its financial partners. Upon Court approval, this DIP financing, together with cash generated from ongoing operations, will support the business and enable the Company to satisfy its obligations during the restructuring process. Under the terms of the RSA, the Company fully expects to pay vendors, suppliers, and business partners in full for goods received and services provided before and after the filing. KP has filed a number of customary 'first-day' motions with the Court, seeking to maintain uninterrupted operations and uphold its current and future commitments to employees, vendors, suppliers, customers, and other stakeholders. KP's entities in the following countries are not included in the US Chapter 11 process: Argentina, Belarus, Brazil, Canada, China, Czech Republic, Egypt, India, Italy, Jersey, Mexico, Poland, Portugal, Russia, Switzerland, Thailand, Turkey, and UAE. Additionally, certain KP entities in Germany, Luxembourg, Netherlands, Spain, UK, and USA are not included in this process. Additional information regarding KP's US Court-supervised process is available at advancingkp.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Stretto, at https://cases.stretto.com/Klockner; by calling Stretto representatives toll-free at (833) 212-0915, or +1 (949) 273-2457 for calls originating outside of the US or Canada; or by emailing KPInquiries@Stretto.com. Advisors Kirkland & Ellis is serving as legal counsel, PJT Partners is serving as investment banker, and Alvarez & Marsal is serving as restructuring advisor to kp. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor. About Klockner Pentaplast Focused on delivering its vision: The Sustainable Protection of Everyday Needs, KP is a global leader in rigid and flexible packaging and specialty film solutions, serving the pharmaceutical, medical device, food, beverage and card markets, amongst others. With a broad and innovative portfolio of packaging and product films and services, KP plays an integral role in the customer value chain by safeguarding product integrity, assuring safety and consumer health, improving sustainability, and protecting brand reputation. KP's "Investing in Better" sustainability strategy solidifies its commitment to achieving ten clear targets for long-term improvement by increasing the recycling and recyclability of products, cutting carbon emissions and continuous improvement in employee engagement, safety, and diversity, equity and inclusion. For five consecutive years, KP has held a gold rating from EcoVadis, the leading platform for environmental, social and ethical performance ratings. This ranks KP in the top 1% of companies rated in the manufacturing of plastics products sector. Founded in 1965, KP has 27 plants in 16 countries and employs over 5,000 people committed to serving customers worldwide in over 60 locations. KP is proud to be celebrating its 60th anniversary in 2025. ============= R O M A N I A ============= DIGI COMMUNICATIONS: Fitch Rates EUR600MM Secured Notes 'BB+' ------------------------------------------------------------- Fitch Ratings has assigned Digi Communications N.V.'s (Digi) EUR600 million senior secured notes due in 2031 a final long-term rating of 'BB+' with a Recovery Rating 'RR3'. The bonds were issued by its subsidiary Digi Romania S.A. The notes do not benefit from any guarantee provided by Digi or any subsidiary and are, therefore, structurally subordinated to existing and future indebtedness of operating company debt, which is currently limited. This, alongside the Romanian country cap, constrains the Recovery Rating at 'RR3'. Digi's 'BB' IDR reflects its strong market position in Romania, rising geographic diversification, strong growth and moderate leverage throughout the investment cycle. Offsetting factors include expected negative pre-dividend free cash flow (FCF) over the next four years due to international investments, the need to build scale in Portugal and Belgium, partial ownership of networks outside Romania, weak profitability and FX risks. Key Rating Drivers Instrument Rating Above IDR: Fitch rates the EUR600 million bonds at 'BB+', one notch above the company's IDR. The new instrument is structured as senior secured debt and ranks pari passu with Digi Romania's senior secured obligations. The security includes first-ranking share pledges of Digi Spain, and all shares the parent holds in Digi Romania - the most cash flow-generative entity within the group. The absence of guarantee from subsidiaries means the bonds are structurally subordinated to the subsidiaries' existing and future indebtedness. The rating is constrained by the Romanian country cap at 'RR3' under the Fitch's Country-Specific Treatment of Recovery Ratings Criteria. Structural Subordination Manageable: Fitch expects the only major subsidiary debt outstanding to be EUR270 million in Spain, following the refinancing, equating to about 0.6x Fitch-defined group EBITDA. This represents limited subordination risk relative to the senior secured debt issued at Digi Romania. However, a large increase in structurally senior debt could lead to a negative pressure on the senior secured instrument rating. Temporary Leverage Spike: Fitch expects Digi's Fitch-defined EBITDA net leverage to increase to 3.4x in 2025, from 2.9x in 2024, temporarily exceeding the negative sensitivity of 3.0x, driven by higher-than-expected capex and the acquisition of Telekom Romania's mobile assets. However, Fitch anticipates that leverage will decrease to 2.8x in 2027 as the company builds scale and improves EBITDA margins in Spain and Portugal. The new bond proceeds will be used to refinance part of Digi's debt, including the full outstanding amount of its EUR400 million 2028 senior secured notes and so will be leverage-neutral. High Capex Limits FCF: Digi's high capex results in negative FCF despite strong operating cash flow. Its capex (as defined by Fitch, excluding amortisation of subscriber acquisition and content costs) was 31%-38% of its revenue in 2022-2024 and is likely to remain high over the medium term due to continued fixed and mobile network upgrades and expansion in Spain and Portugal. Fitch expects capex to be 29% of revenue in 2025, before gradually decreasing to 18% in 2028. Fitch excludes the financing of its Belgium operations from FCF and include it within other investing cash flow. Strong Domestic Position: Digi is a leading provider of fixed-broadband and pay-TV services in Romania and became the country's second-largest mobile operator in 2024, with ANCOM-estimated subscriber market shares of 72%, 75% and 28%, respectively, at end-2024. This is underscored by Digi's domestic EBITDA margin of 48% (company-defined) with strong cash generation. Fitch expects Digi to maintain solid market positions, supported by an advanced fibre network, the expansion of its mobile network, including 5G services, and fixed-mobile convergent services offer. New Entrant Execution Risks: Digi launched operations in Portugal and Belgium in 4Q24, through a joint venture with Citymesh in the latter and acquiring the fourth-largest telecom operator, Nowo Communications, in Portugal. This has improved its geographic diversification but also increased execution risk. The development pace in these new markets will depend on competitor reaction and market growth. Its base case assumes no dividends from the Belgian joint venture in the next five years and expects EBITDA in Portugal to turn positive only in 2027. This, together with investments in networks, will keep Digi's total pre-dividend FCF negative in 2025-2027. Growing Scale in Spain: As a remedy taker, Digi has purchased 60 megahertz of spectrum in the mid-to-high-band frequency ranges from the merged Orange-MasMovil in Spain. Fitch expects Digi to roll out its own mobile network in some parts of the country from 2H25 and deploy a hybrid network model in the medium term. It has also signed a new long-term national roaming and radio access network-spectrum sharing agreement with Telefonica, effective from 2025. This, together with the expansion of the fixed network footprint, will support revenue growth in Spain of 15%-21% and improve the EBITDA margin in Spain by at least 3pp over 2025-2027. Strong Growth, Margin Dilution: Digi has been growing in the low double digits over the past six years. Fitch expects it to continue growing rapidly at 9%-16% in 2025-2027, supported by an increasing mobile customer base in Romania and improving scale in Spain and Portugal. Expansion in these markets will support growth and increase exposure to higher-rated countries, but at the expense of lower margins. Fitch expects company-defined EBITDA margins of 20%-25% in Spain and to be flat to negative in Portugal in 2025-2027, compared with 47%-48% in Romania. However, lower margins could be offset by declining capex in the long term. Peer Analysis Digi's peers include Iliad SA (BB/Positive), which uses strong domestic cash generation to fund international expansion in new markets, including start-up operations. However, Digi's leverage sensitivities are tighter for the 'BB' rating than Iliad's, as the latter has stronger FCF generation, lower execution risks, stronger positions in overseas markets, greater scale and higher profitability. Digi's operating profile is weaker than that of single-market operators, Telenet Group Holding N.V (BB-/Stable), VMED O2 UK Limited (BB-/Negative) and VodafoneZiggo Group B.V. (B+/Stable), as these companies have lower exposure to early-stage investments, stronger profitability, better FCF generation, greater scale, full ownership of their fixed-line and mobile networks and no FX risks. This is reflected in Digi's tighter leverage thresholds than for these peers. However, they have lower ratings than Digi as it has lower leverage. Digi has slightly tighter leverage thresholds than VEON Ltd. (BB-/Stable), whose higher emerging market and FX risks are counterbalanced by strong market positions in all its countries of operations with full ownership of networks, higher margins and greater scale. Key Assumptions - Revenue to grow 16% in 2025 and 6%-10% a year in 2026-2028 - Fitch-defined EBITDA margin of 22% in 2025 before gradually improving to 25% in 2027 - Working capital outflow of 0.2% a year in 2025-2028 - Capex at 29% of revenue in 2025, gradually declining to 18% by 2028 - Dividends, including to minorities, of EUR28 million in 2025 and increasing to EUR40 million in 2027 Recovery Analysis Fitch uses a generic approach for rating instruments of companies in the 'BB' rating category. Fitch has assigned Digi's senior secured debt a 'BB+' with a Recovery Rating of 'RR3', one notch above the IDR, soft-capped by the Romanian jurisdiction under Fitch's Country-Specific Treatment of Recovery Ratings Criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening market positions and cash flow in Romania or increasing cash flow requirements in Spain, Portugal and Belgium leading to higher-than-expected cash burn or funding requirement peaks - Deteriorating liquidity, with notably weaker funding access and limited headroom under committed credit facilities or from asset disposals - Fitch-defined EBITDA net leverage above 3.0x on a sustained basis - Inability to reach cash flow from operations-capex/debt of 7.5% in the medium-to-long term - Increased volatility of the leu leading to greater FX risks Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained competitive positions in Romania and reduced executions risks with improved scale and market positions in Spain, Portugal and Belgium - Cash flow from operations less capex/debt trending up to 9% or above on a sustained basis - A disciplined financial policy that sustains Fitch-defined EBITDA net leverage at below 2.2x Liquidity and Debt Structure At end-1H25, Digi had cash and cash equivalents of EUR56 million and EUR282 million of short-term debt consisting of term loans and export credit facilities. The new bond proceeds are being used to partly refinance the company's short-term maturities and EUR400 million senior secured bonds due in 2028. This, together with EUR359 million credit facilities procured by Digi in Spain and a EUR200 million incremental facility in Romania signed in 1Q25, will support the company's liquidity position and improve its maturity profile. Date of Relevant Committee 17-Oct-2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Digi Romania S.A. senior secured LT BB+ New Rating RR3 BB+(EXP) ========= S P A I N ========= AES ESPAÑA: Fitch Affirms 'BB-' LongTerm Foreign Currency IDR -------------------------------------------------------------- Fitch Ratings has affirmed AES España B.V.'s Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a Positive Outlook, and the USD300 million notes due 2028 at 'BB-'. The ratings reflect the combined operating assets of AES España and Dominican Power Partners (DPP; jointly referred to as AES Dominicana), which are joint obligors of the 2028 notes. The ratings and Positive Outlook reflect the Dominican Republic's (BB-/Positive) sovereign rating due to AES España's reliance on payments from state-owned distribution companies (discos) supported by government transfers to compensate for high energy losses, low collection rates, and substantial structural inefficiencies. The ratings also reflect a historically strong balance sheet, leverage (total debt/EBTIDA) below 4x, diversified asset portfolio and market dominance. Using Fitch's "Parent and Subsidiary Linkage Criteria," the ratings are assessed on a standalone basis, not assuming implicit support from parent, The AES Corporation (BBB-/Stable). Key Rating Drivers Sovereign Counterparty Risk: AES España's ratings reference the Dominican Republic sovereign due to significant subsidies to discos. Discos account for over 80% of AES España's power purchase agreement (PPA) generation revenues (17% with commercial and industrial clients) but have high losses and low collections, requiring government support. The sovereign's Positive Outlook reflects strong growth, diversified exports, high per-capita GDP and improved governance, which supports the counterparty environment for AES España's contracts. As additional renewables and efficient thermal capacity enter the Dominican Republic's energy matrix during the forecast period, the company plans to purchase more low-cost spot energy to fulfil its long-term PPAs rather than dispatching its relatively costlier fuel-based plants. This shift, alongside stable contracting, should reduce operating costs, stabilize EBITDA generation and leverage levels. ADRE Sale Credit Neutral: The 1H25 sale of AES DR Renewable Holding is viewed as credit neutral. The renewables units were marked for sale at YE 2024 to prepare a 50/50 joint venture (JV) partnership with TotalEnergies, reducing AES España's long-term consolidated debt by roughly 30%. Fitch treats the stake as an equity investment (like its 50/50 JV with Energia Natural Dominicana [ENADOM]); AES España's 50% interest provides equity distributions tied to asset performance and contracts, with no set exit date. Construction risk is typical and backed by 15-year contracts, and ADRE lenders for expansionary capital expenditures (capex) work have no claim on AES España. Stable Leverage, Weakening EBITDA Margin: Fitch expects EBITDA leverage of 3x-4x after deconsolidating ADRE Holding debt and from higher LNG-driven sales to new thermal plants. Fitch's leverage calculation also includes USD130 million of supplier-financing debt and related interest since 2024, which accelerated payments to certain gas suppliers. The EBITDA margin averages about 15% as the company passes through nearly 80% of higher LNG costs tied to increased sales. The historically large negative FCF position should neutralize absent large expansionary renewable capex or new debt, and with lower dividends. Capex should revert to maintenance and be funded by free cash flow. Solid Market Position: National demand is rising with hotter weather and 4% GDP growth, underscoring the importance of AES España's role as a baseload electricity supplier. The company's installed capacity represents over 10% of installed capacity and an average 19% of generation and is also the premier LNG supplier to generators and other users. About 60% of revenue and 70% of EBITDA come from electricity, with the rest from gas. Average PPA terms are three to five years, in line with market norms, with strong prospects for extensions. Growing LNG Business, Quality Asset Base: AES España, via a 50/50 JV with Energas Group and ENADOM, owns and operates the country's sole LNG import terminal, providing regasification, storage and transportation services. The LNG business contributes about 30% of consolidated EBITDA. Off-takers include large generation companies, shipping trucks, and commercial and industrial clients. AES Espana is among the lowest-cost electricity generators, with dual natural gas and diesel capacity. Natural gas should be fully dispatched if LNG prices are not more than 15% above diesel. Peer Analysis AES España's closest peer and competitor is Empresa Generadora de Electricidad Haina, S.A. (EGE Haina; BB-/Stable), as both company's ratings are associated with and constrained by the ratings of the Dominican Republic, from which they indirectly receive material revenues. Each company is exposed to operating difficulties tied to state-owned discos, which are characterized by high dependency on government transfers due to their high energy loss and low collection rates. The combined installed capacity of AES Espana and Dominican Power Partners (DPP) is smaller and less diversified than that of EGE Haina, whose energy matrix includes multiple thermal resources and a larger portfolio of renewable energy assets. However, AES Espana's natural gas business allows it to outpace EGE Haina's revenues. AES España's capital structure is strong relative to similarly rated, unconstrained peers. Orazul Energy Peru S.A.'s (Orazul; BB/Stable) ratings reflect the company's predictable cash flows supported by an adequate contractual position, historically efficient and reliable hydroelectric generation assets, and cost structure flexibility. Orazul's leverage is trending down to the 4x range. Key Assumptions - Government transfers to discos remain structural components of company indirect revenue; - Energy generation decline at company's thermal plants in favor of purchasing lower-variable cost spot energy to fulfil higher-priced PPAs; - Continuation of non-regulated user contracts, spot market sales and contracted LNG sales, which remain key drivers of the company's margins; - Average annual capex of USD45 million between 2025 and 2028; - Dividends equate to 100% of net income, or an average USD92 million through 2028, with year-end cash estimated around USD60 million; - Monomic contract prices of USD145 per megawatt-hour (MWh) in 2025, declining to USD116/MWh in 2026, USD114/MWh in 2027 and USD89/MWh in 2028, still outpacing the marginal cost of energy; - Electricity spot (marginal energy) price declining from USD124/MWh in 2024 to below USD80/MWh by 2027 and onwards with the entrance of highly efficient LNG plants and renewable energy into the country's energy matrix; - Existing commercial and industrial LNG pipeline customers contracted through at least 2030, with likely renewals and expansions; - Fuel prices (TTF and New York Mercantile Exchange Natural Gas at Henry Hub) track Fitch price deck. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade in the Dominican Republic's sovereign ratings; - Deterioration in the reliability of government transfers; - Exposure to spot sales and gas sales that collectively represent more than 60% of EBITDA; - Sustained leverage exceeding 4.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade in the Dominican Republic's sovereign ratings, while maintaining sufficient and reliable government transfers to AES España. Liquidity and Debt Structure AES España reports solid cash for the rating category, with year-end cash exceeding USD75 million since 2021 and forecast at around USD70 million annually by policy. The company also maintains revolving credit line of up to USD175 million with several providers. Total debt will be USD992 million at YE 2025, post-deconsolidation of debt from, but includes USD132 million in supplier financing agreements acquired during fiscal 2024. Fitch no longer consolidates the debt of renewable company ADRE as this, like ENADOM, is a 50/50 JV ownership structure. Fitch expects the company to refinance its 2026 bond and amortizing bonds due in 2027 based on its market profile and frequent short-term lending access. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- AES Espana B.V. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- =========== S W E D E N =========== FASTPARTNER AB: Moody's Hikes CFR to Ba2 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Fastpartner AB's (Fastpartner or the company) corporate family rating to Ba2 from Ba3, a Swedish listed real estate company focused on office rental properties. The outlook was changed to stable from positive. RATINGS RATIONALE "Fastpartner's upgrade to Ba2 reflects a relatively robust operating performance despite rising vacancies and capital preserving measures, supporting credit metrics broadly aligned with the requirements for the Ba2 category and Moody's expectations of further improvements", says Maria Gillholm, a Moody's Ratings Vice President - Senior Credit Officer, and lead analyst for Fastpartner. "Moody's expects that Fastpartner continues to proactively address upcoming debt maturities and increase hedging of its interest rate exposure", adds Mrs. Gillholm. Fastpartner's operational performance remained relatively stable. Rental income declined slightly by SEK9.5 million, or 0.6%, within the comparable portfolio, primarily due to increased vacancies. The overall vacancy rate stood at 8.3%, which was slightly better than that of peers. A relatively stable operating performance combined with falling interest rates have strengthened interest coverage to 2.1x (Last twelve months Q3 2025) from 1.8x at end-2024. Moody's expects further improvement to 2.3–2.4x over the next 12–18 months. Given historically low hedging, Fastpartner benefited quickly from rate cuts, with only a three-month lag. The company has also increased its hedging and Moody's views positively its commitment to gradually raise the level well above 30%. In addition, Moody's considers potential support through a cash injection from Compactor Fastigheter AB if required. Fastpartner maintains covenant buffers on certain bank loans (2.1–2.3x), and Moody's expects covenant ratios to reach 2.6–2.7x, providing a comfortable margin above minimum requirements. The Ba2 rating also reflects positively on Fastpartner's medium-sized property portfolio, which is strategically focused on office buildings in attractive inner-city areas, fringe central business district (CBD) locations, and desirable secondary locations in the Greater Stockholm area. The portfolio includes well-located logistics properties, which, although representing only 17% of the rental value, contribute to the overall solid operating performance. However, the company's strengths are partly offset by its geographical concentration, even though it is in Sweden's strongest growth areas, and a relatively high vacancy rate of 8.3% as of the end of September 2025. Moody's expect ongoing property refurbishments to further enhance property quality and help reduce the vacancy rate. Nearly 90% of Fastpartner's rents are CPI-linked, with an indexation of 3% for 2025, supporting rental growth. OUTLOOK The stable outlook reflects the potential for further upward rating pressure over the next few quarters, assuming continued improvement in credit metrics. Moody's expects Moody's adjusted EBITDA interest coverage, currently at 2.1x, to reach 2.3-2.4x. Based on forecasts and applicable covenant calculations, the ratio should rise to 2.6–2.7x, offering a comfortable buffer versus current and original covenant levels. Effective leverage is expected to hover around 47–48%. Additionally, Fastpartner is expected to proactively refinance upcoming debt maturities and increase the degree of hedging towards 30%. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade -- An upgrade could result if Fastpartner achieves and sustains leverage, as measured by total debt/gross assets, below 50%, with a corresponding debt/EBITDA ratio improving towards 10x. Additionally, a higher rating would require the company's Moody's-adjusted fixed-charge coverage ratio improving above 2.3x. -- Proactively manage liquidity and debt maturities Factors that could lead to a downgrade -- Sustaining leverage, as measured by Moody's-adjusted gross debt/total assets above 50% -- A net debt/EBITDA 12x on a sustained basis -- Moody's adjusted fixed-charge coverage ratio falling below 2.0x on a sustained basis -- Weakening liquidity, or continued or increased reliance on short-term debt -- Weakening of market fundamentals, resulting in falling rents and asset values LIQUIDITY Liquidity is viewed as adequate but supported by potential backing from Compactor Fastigheter AB. Fastpartner faces outflows of around SEK5.6 billion over the next 18 months, mainly from maturing bank debt, commercial paper, capex, and dividends. Debt maturities total SEK5.1 billion, or 29% of total debt. By Q3 2025, liquidity access is estimated at SEK4.3 billion, including SEK203 million in cash (with late payments) and SEK2.8 billion in undrawn committed facilities, largely covering expected outflows. Additionally, the company is expected to generate SEK1.3 billion in cash flow. Moody's expects Fastpartner to increase its hedging ratio towards 30%. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Fastpartner's governance sub-scores for management and track record have improved, positively contributing to its overall governance and credit impact scores. The company continues to maintain moderate leverage, with interest coverage showing a positive trend. Additionally, the degree of hedging has significantly strengthened, providing a meaningful buffer against bank covenants. The principal methodology used in this rating was REITs and Other Commercial Real Estate Firms 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. =========================== U N I T E D K I N G D O M =========================== ASSEMBLY STUDIOS: Quantuma Advisory Named as Administrators ----------------------------------------------------------- Assembly Studios 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-2025-007548, and Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited were appointed as administrators on Oct. 28, 2025. Assembly Studios specialized in other information technology service activities. Its registered office is at 1 Fashion Street, London, E1 6LY and it is in the process of being changed to 1st Floor, 21 Station Road, Watford, Herts, WD17 1AP. Its principal trading address is at 1 Fashion Street, London, E1 6LY. The joint administrators can be reached at: Nicholas Simmonds Chris Newell Quantuma Advisory Limited 1st Floor, 21 Station Road Watford, Herts, WD17 1AP For further information, contact: Richard Sutcliffe Tel No: 07469 311101 Email: richard.sutcliffe@quantuma.com BOUTIQUE MODERN: FRP Advisory Named as Administrators ----------------------------------------------------- Boutique Modern Limited was placed into administration proceedings in the High Court of Justice Court Number: CR-2025-007133, and Neville Side and Philip Harris of FRP Advisory Trading Limited were appointed as administrators on Oct. 27, 2025. Boutique Modern engaged in manufacturing. Its registered office is at 33 Avis Way, Newhaven BN9 0DD (to be changed to 4th Floor Aspect House, 84-87 Queens Road, Brighton, BN1 3XE) Its principal trading address is at 33 Avis Way, Newhaven BN9 0DD The joint administrators can be reached at: Neville Side Philip Harris FRP Advisory Trading Limited 4th Floor, Aspect House 84-87 Queens Road Brighton, BN1 3XE For further details, contact: The Joint Administrators Tel No: 01273 916666 Email: cp.brighton@frpadvisory.com Alternative contact: Cicily Goulding CERAMIQUE INTERNATIONALE: RSM UK Named as Administrators -------------------------------------------------------- Ceramique Internationale Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency and Companies List (ChD), Court Number: CR-2025-001489, and Christopher Ratten and Matthew Haw of RSM UK Restructuring Advisory LLP were appointed as administrators on Oct. 27, 2025. Ceramique Internationale engaged in the retail sale of carpets, rugs, wall and floor coverings in specialised stores. Its registered office is at Unit 1 Royds Lane Ring Road, Low Wortley, Holbeck, Leeds, LS12 6DU Its principal trading address is at Euxton Tile Supplies Ltd, 137 Wigan Road, Euxton, Chorley, Lancashire, PR7 6JH The joint administrators can be reached at: Matthew Haw RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB -- and -- Christopher Ratten RSM UK Restructuring Advisory LLP Landmark, St Peter's Square 1 Oxford Street, Manchester, M1 4PB Correspondence address & contact details of case manager: Rob Hart RSM UK Restructuring Advisory LLP Landmark, St Peter's Square 1 Oxford Street Manchester M1 4PB For further details, contact: The Joint Administrators Tel: 0161 834 4000 020 3201 8000 ELEMENT INTEGRATED: JT Maxwell Named as Administrators ------------------------------------------------------ Element Integrated Systems Limited was placed into administration proceedings in the High Court of Justice Business & Property, Court No 001504 of 2025, and Andrew Ryder of JT Maxwell Limited was appointed as administrators on Oct. 30, 2025. Element Integrated specialized in Other service activities. Its registered office and principal trading address is at 3 Argyll House, 15 Liverpool Gardens, Worthing, West Sussex, BN11 1RY The joint administrators can be reached at: Andrew Ryder JT Maxwell Limited Po Box 160, Blyth NE24 9GP For further information, contact: JT Maxwell Limited Tel No: 02892 448 110 Email: corporate@jtmaxwell.co.uk GARDEN DESIGN: Exigen Group Named as Administrators --------------------------------------------------- The Garden Design Company (Midlands) 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-2025-007558, and David Kemp and Darren Edwards of Exigen Group Limited were appointed as administrators on Oct. 28, 2025. Garden Design Company fka Leicestershire Garden Design Company Limited engaged in landscape service activities. Its registered office is at Warehouse W, 3 Western Gateway, Royal Victoria Docks, London, E16 1BD Its principal trading address is at Unit 11 The Warren, East Goscote Industrial Estate, East Goscote, LE7 3XA The joint administrators can be reached at: David Kemp Darren Edwards Exigen Group Limited Warehouse W, 3 Western Gateway Royal Victoria Docks London E16 1BD For further details, contact: David Kemp Tel No: 0207 538 2222 LECKFELL ADVISORY: KRE Corporate Named as Administrators -------------------------------------------------------- Leckfell Advisory Limited was placed into administration proceedings in the High Court of Justice, Court Number: CR-2025-004324, and Rob Keyes and David Taylor of KRE Corporate Recovery Limited were appointed as administrators on Oct. 27, 2025. Leckfell Advisory engaged in management consultancy activities. Its registered office is at 3 Garrity House, Miners Way, Aylesham, Canterbury, Kent CT3 3BF. The administrators can be reached at: Rob Keyes David Taylor KRE Corporate Recovery Limited Unit 8, The Aquarium 1-7 King Street Reading RG1 2AN For further information, contact: Vikki Claridge Tel No: 01189 977355 Email: Vikki.claridge@krecr.co.uk MERIDIAN FUNDING 2025-1: Fitch Rates Class X Notes 'BBsf' --------------------------------------------------------- Fitch Ratings has assigned Meridian Funding 2025-1 plc (MF25) final ratings. Entity/Debt Rating Prior ----------- ------ ----- Meridian Funding 2025-1 plc Class A LT AAAsf New Rating AAA(EXP)sf Class B LT AAsf New Rating AA(EXP)sf Class C LT Asf New Rating A(EXP)sf Class D LT BBB+sf New Rating BBB+(EXP)sf Class E LT BBB-sf New Rating BBB-(EXP)sf Class F LT NRsf New Rating Class X LT BBsf New Rating BB-(EXP)sf Transaction Summary MF25 is the first securitisation of home purchase plans (HPPs) originated by StrideUp Homes Limited. The pool is a mix of primarily owner-occupied (OO; 95.6%) and buy-to-let (BTL; 4.4%) HPPs originated between 2022 and 2025. There is a prefunding amount of GBP50 million where new HPPs can be added to the pool after closing, subject to certain conditions being met. StrideUp has obtained advice that the transaction is compliant with the principles of sharia for internal purposes only. Fitch's ratings do not address this compliance. KEY RATING DRIVERS Prime Home Purchase Plans: The transaction consists of HPPs mostly to OO residential properties in England. StrideUp's origination and underwriting practices are comparable with the prime mortgage sector in the UK. It has entered into HPPs with customers with a limited adverse credit history, full income verification and a full independent property valuation. The small number of BTL HPPs in the pool is comparable with standard BTL mortgages. The weighted (WA) current finance-to-value of the pool is 71.6% and the WA finance-to-income is 36.6%, which is comparable with the current loan-to-value and debt-to-income ratios of other Fitch-rated prime UK OO transactions. Upward Transaction Adjustment: Fitch has applied a transaction adjustment of 1.2x to the foreclosure frequencies of the OO and BTL sub-pools. This captures StrideUp's limited performance history, exposure to foreign nationals, and limited customer refinancing options due to a limitation in sharia-compliant financing options from other UK lenders. Purchase and Sale Agreements: MF25 has entered into a profit rate swap agreement with BNP Paribas SA (BNPP, A+/Stable/F1) to hedge the mismatch between rent received on the HPPs and SONIA due on the certificates. Under this agreement, MF25 and BNPP purchase assets based on the swap notional, where purchase and sale of assets are managed by BNPP under an agency agreement. MF25 has opened a non-interest-bearing account with Standard Chartered Bank (SCB, A+/Stable/F1) as transaction account bank (TAB), and entered into a purchase and sale agreement of commodities with a profit mark-up (murabaha) with SCB, using TAB cash deposits to earn a profit mark-up. Counterparty Risk Mitigated: Key operational duties for the two agreements are carried out by BNPP and SCB. Purchase and sale prices of assets are fixed based on the swap notional and the cash amounts at the TAB, which mitigates any market value risk. BNP and SCB are subject to remedial actions upon the loss of documented minimum ratings, so Fitch believes counterparty risk is sufficiently mitigated to support the ratings. Product Switches: Up to 27.5% of the total collateral can be maintained in the pool after a product switch (PS), subject to conditions. Fitch has considered the impact of excess spread compression due to additional hedging arising from PS retention and the original hedging profile. HPPs reverting from a fixed rate to a follow-on rate will likely determine when prepayments occur. Prepayment will also be limited while PS are possible. Fitch has applied an alternative high prepayment stress tracking the reversion profile of the pool. The prepayment rate is floored at 10% during periods of limited reversion and capped at a maximum 40% a year during peaks of reversions. Final Ratings Above Expected Ratings: For the assignment of final ratings Fitch has refined its constant prepayment rate expectations in its determination of the ratings. This update to the modelling results in Fitch assigning a rating one notch above its expected rating for the class X certificate. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by changes in market conditions and economic environment. Weakening economic performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. Fitch found that a 15% increase in the weighted average foreclosure frequency and a 15% decrease in the weighted average recovery rate would lead to downgrades of no more than one notch for the class A, C, D and E certificates and two notches for the class B certificates. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing credit enhancement and, potentially, upgrades. Fitch found that a 15% reduction in the weighted average foreclosure frequency and a 15% increase in the weighted average recovery rate would lead to upgrades of up to two notches for the class B certificates, four notches for the class C certificates, six notches for the class D certificates, three notches for the class E certificates and one notch for the class X1 certificates. The class A certificates are at the highest rating on Fitch's scale and cannot be upgraded. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. NEWGATE FUNDING 2006-2: Moody's Affirms Ba3 Rating on Cl. E Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings of 8 classes of notes in Newgate Funding PLC: Series 2006-1, Newgate Funding PLC: Series 2006-2 and Newgate Funding PLC: Series 2007-3. The rating action reflects the increased levels of credit enhancement for the affected notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. Issuer: Newgate Funding PLC: Series 2006-1 GBP135M Class A4 Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) GBP7.5M Class Ma Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) EUR10M Class Mb Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) GBP20M Class Ba Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) EUR20M Class Bb Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) GBP10M Class Ca Notes, Upgraded to Aa1 (sf); previously on Sep 29, 2021 Affirmed Aa3 (sf) EUR10.05M Class Cb Notes, Upgraded to Aa1 (sf); previously on Sep 29, 2021 Affirmed Aa3 (sf) EUR23.45M Class D Notes, Upgraded to Baa1 (sf); previously on Sep 29, 2021 Upgraded to Baa2 (sf) GBP2.6M Class E Notes, Affirmed Ba2 (sf); previously on Sep 29, 2021 Upgraded to Ba2 (sf) Issuer: Newgate Funding PLC: Series 2006-2 GBP190.55M Class A3a Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) EUR34M Class A3b Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) GBP12.55M Class M Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Affirmed Aaa (sf) GBP22M Class Ba Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Upgraded to Aaa (sf) EUR12M Class Bb Notes, Affirmed Aaa (sf); previously on Sep 29, 2021 Upgraded to Aaa (sf) GBP9M Class Ca Notes, Upgraded to Aa1 (sf); previously on Sep 29, 2021 Affirmed A2 (sf) EUR14.5M Class Cb Notes, Upgraded to Aa1 (sf); previously on Sep 29, 2021 Affirmed A2 (sf) GBP5M Class Da Notes, Affirmed Baa3 (sf); previously on Sep 29, 2021 Upgraded to Baa3 (sf) EUR13.4M Class Db Notes, Affirmed Baa3 (sf); previously on Sep 29, 2021 Upgraded to Baa3 (sf) GBP2.3M Class E Notes, Affirmed Ba3 (sf); previously on Sep 29, 2021 Upgraded to Ba3 (sf) Issuer: Newgate Funding PLC: Series 2007-3 EUR399M Class A2b Notes, Affirmed Aaa (sf); previously on Jul 28, 2023 Affirmed Aaa (sf) GBP148.1M Class A3 Notes, Affirmed Aaa (sf); previously on Jul 28, 2023 Affirmed Aaa (sf) GBP31.2M Class Ba Notes, Upgraded to Aa2 (sf); previously on Jul 28, 2023 Affirmed A2 (sf) EUR42M Class Bb Notes, Upgraded to Aa2 (sf); previously on Jul 28, 2023 Affirmed A2 (sf) EUR44M Class Cb Notes, Upgraded to A2 (sf); previously on Jul 28, 2023 Affirmed Baa2 (sf) GBP12.75M Class D Notes, Affirmed Baa3 (sf); previously on Jul 28, 2023 Affirmed Baa3 (sf) GBP11.5M Class E Notes, Affirmed Baa3 (sf); previously on Jul 28, 2023 Upgraded to Baa3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranches. Increase in Available Credit Enhancement Sequential amortization and non-amortizing reserve funds led to an increase in the credit enhancement available in the transactions. For instance, the credit enhancement for the most senior tranches affected by the upgrade increased to 35.57% from 24.93% in Newgate Funding PLC: Series 2006-1, to 29.38% from 18.14% in Newgate Funding PLC: Series 2006-2 and to 28.04% from 21.35% in Newgate Funding PLC: Series 2007-3, since the last rating actions. Revision of Key Collateral Assumptions As part of the rating action, Moody's reassessed Moody's lifetime loss expectations of the portfolios reflecting the collateral performance to date. The performance of the transactions has continued to be stable over the last year. 90 days plus arrears currently stand at 22.02%, 25.62% and 20.8% as a percentage of current pool balance for Newgate Funding PLC: Series 2006-1, Newgate Funding PLC: Series 2006-2 and Newgate Funding PLC: Series 2007-3, respectively, showing a stable trend over the last year. Cumulative losses currently stand at 2.02%, 2.50% and 3.20% of original pool balance, stable from a year earlier. Moody's maintained the expected loss assumptions at 7.63%, 8.05% and 7.16% as a percentage of current pool balance, respectively, for Newgate Funding PLC: Series 2006-1, Newgate Funding PLC: Series 2006-2 and Newgate Funding PLC: Series 2007-3. These expected loss assumptions correspond to 2.51%, 3.22% and 4.48% as a percentage of original pool balance. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolios to incur in a severe economic stress scenario. As a result, Moody's maintained the MILAN Stressed Loss assumption at 25.50%, 25.20% and 18.9% respectively for Newgate Funding PLC: Series 2006-1, Newgate Funding PLC: Series 2006-2 and Newgate Funding PLC: Series 2007-3. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, and (2) an increase in available credit enhancement. 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) a deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. NEWGATE FUNDING 2007-1: S&P Assigns 'B-(sf)' Rating on Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings affirmed its 'A+ (sf)' credit ratings on Newgate Funding PLC's series 2007-1 class A3a, Ma, Mb, Ba, and Bb notes, series 2007-2 class A3, M, and Bb notes, and series 2007-3 class A2b, A3, Ba, Bb, and Cb notes, 'BBB (sf)' ratings on the series 2007-1 class Cb notes and series 2007-3 class D notes, 'BB (sf)' rating on the series 2007-2 class Cb notes, 'B+ (sf)' ratings on the series 2007-1 class Db notes and series 2007-3 class E notes, 'B (sf)' ratings on the series 2007-1 class E notes and series 2007-2 class Db notes, and 'B- (sf)' ratings on the series 2007-1 class F notes and series 2007-2 class E and F notes. S&P said, "The affirmations follow our analysis of counterparty risk under our revised counterparty criteria and our credit and cash flow analysis of the most recent transaction information that we have received as of the July 2025 payment date. Credit enhancement has increased, and performance has remained stable. However, the documented counterparty triggers remain in breach, since Barclays Bank PLC failed to take remedial actions following its downgrade in 2011. Therefore, we have concluded that the counterparty risk cap still applies. "Performance has remained stable since our previous review. According to the September 2025 investor reports, arrears are 32.51% in series 2007-1, 31.66% in series 2007-2, and 29.28% in series 2007-3, and cumulative losses are 4.06% in series 2007-1, 3.86% in series 2007-2, and 2.64% in series 2007-3. 'Our weighted-average foreclosure frequency and weighted-average loss severity (WALS) assumptions are shown in the table below. The WALS reflect a decrease in the current loan-to-value ratio following house price index growth. However, considering the transactions' historical loss severity levels and the latest available data, the portfolios' underlying properties may have only partially benefited from rising house prices, and we have therefore applied a haircut to property valuations to reflect this. The WALS remains at the floor of 2% at the 'B' rating level in series 2007-1." Portfolio WAFF and WALS Rating level WAFF (%) WALS (%) Credit coverage (%) Series 2007-1 AAA 53.56 22.52 12.06 AA 48.19 16.97 8.18 A 45.11 8.44 3.81 BBB 41.62 4.82 2.01 BB 38.01 2.91 1.11 B 37.11 2.00 0.74 Series 2007-2 AAA 51.74 23.49 12.15 AA 46.19 17.95 8.29 A 42.82 9.44 4.04 BBB 38.64 5.65 2.18 BB 34.31 3.62 1.24 B 33.22 2.30 0.76 Series 2007-3 AAA 49.92 24.91 12.44 AA 44.65 19.58 8.74 A 41.67 11.17 4.66 BBB 38.22 7.22 2.76 BB 34.46 4.89 1.69 B 33.52 3.25 1.09 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. The reserve funds are at their target levels and remain nonamortizing due to the breaches of various triggers, such as the 90+ days arrears, cumulative unsold loans, and total losses triggers. The liquidity facilities, available to cover interest shortfalls on the notes, are undrawn and also remain nonamortizing due to the breaches of the total principal losses and 90+ days arrears triggers. All structures are making sequential payments as a result of the 90+ days arrears trigger breach. S&P said, "For this review, we aligned our fee calculations with the updated mortgage administration agreement from 2024, which involved adding per case basis arrears management and expired term interest-only loan fees in the servicing fee. "The application of our revised counterparty criteria continues to constrain the ratings in these transactions. The notes were previously capped due to the exposure to the bank account provider, Barclays Bank PLC, which failed to implement remedial actions following its downgrade in 2011. Under the revised criteria, we could remove the cap if we believe sufficient available credit enhancement exists, a reason for the failure to implement a committed remedial action is provided, and the transactions' performance is satisfactory. Moreover, in line with the revised criteria, we can classify the exposure to the bank account provider as low because it has a resolution counterparty rating. "The replacement trigger ('A-1+', which is equivalent to a long-term rating of 'AA-') is higher than the required 'BBB' rating level. However, Barclays Bank is currently in breach of its replacement triggers as the guaranteed investment contract provider, transaction account provider, and collection bank given our current issuer credit rating on it is 'A+'. Therefore, given the ongoing breach and lack of remedial actions since our 2011 downgrade, we conclude that the counterparty risk cap remains applicable. Moreover, the documented swap triggers on all transactions are inconsistent with our revised counterparty criteria and would lead to the application of a counterparty risk cap. "We affirmed our ratings on the series 2007-1 class A3a, Ma, Mb, Ba, Bb, Cb, Db, E, and F notes, series 2007-2 class A3, M, Bb, Cb, Db, E, and F notes, and series 2007-3 class A2b, A3, Ba, Bb, Cb, D and E notes. Our credit and cash flow analysis indicates that the available credit enhancement for the series 2007-1 class A3a, Ma, Mb, Ba, and Bb notes, series 2007-2 class A3, M, and Bb notes, and series 2007-3 class A2b, A3, Ba, Bb, and Cb notes is commensurate with higher ratings than those currently assigned. However, as these ratings remain capped at the long-term issuer credit rating on Barclays Bank, we have affirmed our 'A+ (sf)' ratings on these classes of notes. "Our analysis also indicates that the available credit enhancement for the series 2007-1 class Cb, Db, and E notes, series 2007-2 class Cb and Db notes, and series 2007-3 class D and E notes is commensurate with higher ratings than those currently assigned. However, given the junior position of these classes of notes in the capital structures, the elevated arrears, and the tail risk in the transactions, due to the low pool factor and the high percentage of interest-only loans, we have affirmed our 'BBB (sf)' ratings on the series 2007-1 class Cb notes and series 2007-3 class D notes, 'BB (sf)' rating on the series 2007-2 class Cb notes, 'B+ (sf)' ratings on the series 2007-1 class Db notes and series 2007-3 class E notes, and 'B (sf)' ratings on the series 2007-1 class E notes and series 2007-2 class Db notes. "We also affirmed our 'B- (sf)' ratings on the series 2007-1 class F notes and series 2007-2 class E and F notes. Our cash flow results indicate that the available credit enhancement continues to be commensurate with the assigned ratings. In line with our 'CCC' criteria, we consider that the payment of interest and principal on these classes does not depend on favorable business, financial, and economic conditions. "We consider the transactions' resilience to additional stresses to some key variables, particularly defaults and loss severity, to determine our forward-looking view. We assessed the sensitivity of the ratings to increased defaults, extended recoveries, and tail-end risk associated with the low pool factor." The ratings remain robust under these conditions. These transactions are backed by pools of first-ranking legacy nonconforming residential mortgages in the U.K. PETROFAC LIMITED: Teneo Financial Named as Administrators --------------------------------------------------------- Petrofac Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts of England and Wales, Court Number: CR-2025-007516, and James Robert Bennett and Matthew James Cowlishaw of Teneo Financial Advisory were appointed as administrators on Oct. 28, 2025. Petrofac Limited engaged in energy services provider. Its registered office is at 26 New Street, St. Helier, Jersey, JE2 3RA Its principal trading address is at First Floor, Pollen House, 10-12 Cork Street, London, W1S 3NP The joint administrators can be reached at: James Robert Bennett Matthew James Cowlishaw Teneo Financial Advisory The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT For further details, contact: The Joint Administrators Tel: +44 121 619 0120 Email: petrofaccreditors@teneo.com Alternative contact: Jack Crutchley ROWMARL LIMITED: RSM UK Named as Administrators ----------------------------------------------- Rowmarl Limited was placed into administration proceedings in the In the High Court of Justice Business and Property Courts of England and Wales Insolvency and Companies List (ChD), Court Number: CR-2025-001483, and Christopher Ratten and Matthew Haw of RSM UK Restructuring Advisory LLP were appointed as administrators on Oct. 27, 2025. Rowmarl Limited, trading as Tile Suppliers Bedford and Elstow Ceramic Tile Warehouse, engaged in the sale of the wholesale of wood, construction materials and sanitary equipment. Its registered office is at Unit 4 Progress Park, Elstow, Bedford MK42 9XE Its principal trading address is at Elstow Ceramic Tile Warehouse, Unit 4, Progress Park, Elstow, Bedford, Bedfordshire, MK42 9XF The joint administrators can be reached at: Matthew Haw RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB -- and -- Christopher Ratten RSM UK Restructuring Advisory LLP Landmark, St Peter's Square 1 Oxford Street, Manchester, M1 4PB Correspondence address & contact details of case manager: Rob Hart RSM UK Restructuring Advisory LLP Landmark, St Peter's Square 1 Oxford Street Manchester M1 4PB For further details, contact: Christopher Ratten Tel No: 0161 830 4000 Matthew Haw Tel: 020 3201 8000 SAFEWAY INFRASTRUCTURE: Leonard Curtis Named as Administrators -------------------------------------------------------------- Safeway Infrastructure Support 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-2025-001476, and Mike Dillon and Andrew Knowles of Leonard Curtis were appointed as administrators on Oct. 28, 2025. Safeway Infrastructure engaged in the construction of railways and underground railways Its registered office and principal trading address is at 61 Mosley Street, Manchester, M2 3HZ 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: Helen Hales SHEPPERTON GROUP: Harrisons Business Named as Administrators ------------------------------------------------------------ Shepperton Group Limited was placed into administration proceedings In the High Court of Justice Business and Property Courts of England and Wales Insolvency and Companies, and Anthony Murphy and John Hedger of Harrisons Business Recovery & Insolvency (London) Limited were appointed as administrators on Oct. 23, 2025. Shepperton Group engaged in activities of head offices. Its registered office is at 11 Lansdowne Court Bumpers Way, Bumpers Farm, Chippenham, SN14 6RZ The joint administrators can be reached at: Anthony Murphy Harrisons Business Recovery & Insolvency (London) Limited, 9 Holborn London, EC1N 2LL -- and -- John Hedger Seneca IP Limited Speedwell Mill, Old Coach Road Tansley, Matlock, DE4 5FY Optional alternative contact name: Ben Leaney Tel No: 01629 761700 Email: ben.leaney@seneca-ip.co.uk =============== X X X X X X X X =============== [] BOOK REVIEW: Dangerous Dreamers ---------------------------------- Dangerous Dreamers: The Financial Innovators from Charles Merrill to Michael Milken Author: Robert Sobel Publisher: Beard Books Softcover: 271 pages List Price: $34.95 Order your own personal copy at http://www.beardbooks.com/beardbooks/dangerous_dreamers.html "For the rest of his life, Milken will be accused of crimes for which he was not charged and to which he did not plead guilty." Milken is -- as anyone familiar with junk bonds and the scandals surrounding them in the 1980s knows -- Michael Milken of the Drexel Burnham banking and investment firm. In this book, noted business writer Robert Sobel analyzes the Milken criminal case and the many other phenomena of the period that lay the basis for the modern-day financial industry. However, the author's perspective is broader than the sensationalistic excesses and purported crimes of Milken and his like. Sobel is interested in the individuals and businesses that introduced and developed financial concepts, vehicles, and transactions that increased the wealth of millions of average persons. Sobel's examination of the byplay between financial chicanery and economic revitalization extends back to the Gilded Age of the latter 1800s and early 1900s. This was a time when Jim Fisk, Jay Gould, and others were making fortunes through skulduggery and manipulation of the financial markets, while Cornelius Vanderbilt and others were building the "world's finest railroad system." Later, in the "Junk Decade of the 1980s," as Ivan Boesky and others were reaping fortunes from "dubious" transactions, financial firms such as Forstmann Little and Kohlberg Kravis Roberts "played major positive roles in the largest restructuring of American industry since the turn of the century." While Sobel does not try to defend the excesses and illegalities of individuals and companies, he basically sees the Milkens of the world as "vehicles through which the phenomena of junk finance and leveraged buyouts played themselves out." This was the "Conglomerate Era." Mergers and acquisitions were at the center of financial and economic activity, and CEOs at major corporations were in competition to grow their corporations. Milken, Boesky, and others provided the means for this end. However, it is important to note that they did not originate the mergers and acquisition phenomenon. At first, Milken et al. were much appreciated by major corporations and the financial industry. However, when mergers and acquisition excesses began to bear sour fruit, Milken and his company Drexel Burnham took the brunt of public indignation. The government's search for villains then began. Sobel examines the ripple effects of financial innovators who became financial pariahs. Milken's journey, for example, cannot be unraveled from that of a company such as Beatrice. Starting in 1960, the food company Beatrice started making large-scale acquisitions. CEO Williams Karnes, who "ran a tight, lean ship, with a small office staff," was succeeded by corporate heads who brought in corporate jets and limousines, greatly increased staff, and moved into regal office space. James Dutt of Beatrice is singled out as symptomatic of the heedless mindset that crept into corporate America in the 1980s. Sobol's tale of the complexities and ambivalence of this transitional period is bolstered by memorable portraits of key players and companies. In so doing, he demonstrates once more why he has long been recognized as one of the country's most important business writers. About the Author Robert Sobel was born in 1931 and died in 1999. He was a prolific historian of American business life, writing or editing more than 50 books and hundreds of articles and corporate profiles. He was a professor of business at Hofstra University for 43 years and held a Ph.D. from New York University. Besides producing books, articles, book reviews, scripts for television and audiotapes, he was a weekly columnist for Newsday from 1972 to 1988. At the time of his death he was a contributing editor to Barron's Magazine. ********* 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. 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