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251110.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 Monday, November 10, 2025, Vol. 26, No. 224 Headlines F R A N C E APAVE SA: Moody's Affirms 'B1' CFR & Alters Outlook to Positive FR BONDCO: Moody's Assigns 'B2' CFR, Outlook Stable PICARD GROUPE: S&P Affirms 'B' LT ICR & Alters Outlook to Stable G E R M A N Y AUTONORIA DE 2025: S&P Assigns Prelim. B(sf) Rating on F-Dfrd Notes I R E L A N D ARBOUR CLO IV: S&P Assigns B-(sf) Rating on Class F-R-R Notes DRYDEN 32 EURO 2014: Moody's Affirms Ba1 Rating on Class E-R Notes INVESCO EURO XI: S&P Affirms B-(sf) Rating on Class E Notes VOYA EURO II: Moody's Affirms B3 Rating on EUR11MM Class F Notes I T A L Y SPEEDLINE SRL: Expression of Interest Deadline Set for Nov. 30 WEBUILD SPA: S&P Upgrades ICR to 'BB+' on Improving Credit Metrics L U X E M B O U R G BREAKWATER ENERGY: S&P Assigns Prelim. 'B+' ICR, Outlook Stable N E T H E R L A N D S OCI NV: Moody's Withdraws 'Ba3' Corporate Family Rating OI EUROPEAN: Moody's Rates EUR247-Mil. Secured Term Loan A 'Ba2' R O M A N I A MAS PLC: Moody's Confirms 'B1' CFR & Alters Outlook to Stable U N I T E D K I N G D O M EAGLE 4 LIMITED: Moody's Rates Proposed Secured 1st Lien Loans 'B2' FIRED EARTH: Leonard Curtis Named as Administrators FREP 3 (ABBEY ROAD): RSM Restructuring Named as Administrators FREP 3 (KENSINGTON SQUARE): RSM UK Named as Administrators GEM DISPLAY: Leading UK Named as Administrators INNOVATIVE AGED: RSM UK LLP Named as Administrators M.C.P. PROPERTY: Begbies Traynor Appointed as Joint Administrators ORBIT PRIVATE: Moody's Hikes CFR to B1 & Alters Outlook to Stable SEECUBIC LIMITED: Opus Restructuring Named as Administrators SILKFRED LIMITED: Quantuma Advisory Named as Administrators TBNG LIMITED: Kroll Advisory Named as Joint Administrators VIDRUMA TECHNOLOGIES: Small Business Named as Administrators WILLARD CONSERVATION: Leonard Curtis Named as Joint Administrators ZEUS BIDCO: S&P Lowers Rating on Senior Secured Notes to 'CCC' [] UK: January-September 2025 Company Administrations Down 8% - - - - - =========== F R A N C E =========== APAVE SA: Moody's Affirms 'B1' CFR & Alters Outlook to Positive --------------------------------------------------------------- Moody's Ratings has affirmed the B1 long-term corporate family rating and the B1-PD probability of default rating of Apave SA (Apave or the company). Concurrently, Moody's have affirmed the B1 instrument ratings of the EUR450 million senior secured term loan B (TLB) due 2031 and the EUR160 million senior secured revolving credit facility (RCF) due 2031, both borrowed by Apave. The outlook has been changed to positive from stable. "The positive outlook reflects the company's solid operating performance in 2025, absent of major M&A and ahead of Moody's initial projections when Moody's first assigned the rating, further improvement projected over the next 12-18 months", says Fernando Galeote, a Moody's Ratings Analyst and lead analyst for Apave. "As a consequence, Moody's expects leverage to decrease slightly to 3.3x in 2025 and 3.2x in 2026, from 3.4x in 2024, pro forma for IRISNDT acquisition, on the back of sustained revenue growth and moderate approach to M&A" adds Mr. Galeote. RATINGS RATIONALE The change in outlook reflects the solid operating performance paired with margin improvement which will support stronger FCF generation in the next 12-18 months. Moody's base case scenario assumes that Apave's revenue will increase by 4% in 2025 to EUR1,830 million (3% organic) from EUR1,760 in 2024 (pro forma for acquisitions), partially affected by lower than expected activity at IRISNDT during the year, and by 11% in 2026 to EUR2,034 million (4% organic). Moody's forecasts pro forma Moody's-adjusted EBITDA margin to increase to 15.1% in 2025 and 15.2% in 2026 from 14.6% in 2024, pro forma for the acquisition of IRISNDT, on the back of operating leverage and margin-enhancing initiatives as part of the five years "Boost" strategic plan launched in 2021. As a result, Moody's expects the company's Moody's-adjusted debt/EBITDA to decrease towards 3.0x in the next 12-18 months (3.4x in 2024, pro forma for acquisitions). Moody's expects positive FCF of around EUR25 million in 2025, down from approximately EUR29 million in 2024 due to higher interest expense, and to improve towards EUR50 million in 2026 thanks to positive EBITDA growth. The B1 rating continues to reflect the company's (1) leading position in providing testing, inspection and certification (TIC) services to certain markets (infrastructure and construction, industrial goods, transportation, and fossil and renewable energies) in France, Spain and the US, (2) the positive industry dynamics in the TIC market, with proven resilience through the cycle; (3) the long-standing customer relationships with limited concentration; (4) the high barriers to entry given the number of accreditations required; (5) the good track record of execution of the strategy which combined organic and inorganic growth; and (6) the relatively low leverage for the rating category and prudent financial policy when compared with peers. However, the rating also reflects (1) the high competition in the markets where it operates; (2) its lower profitability compared to rated peers, although improving driven by price increases and cost efficiencies; (3) the potential for debt funded acquisitions owing to its M&A strategy, which could lead to integration and execution risk; and (4) its contained historical free cash flow (FCF) generation due to lower margins when compared to peers, which should improve in the coming years supported by EBITDA growth. LIQUIDITY Apave's liquidity is good. At the end of 2025, Moody's expects a cash balance of around EUR125 million and full availability under its EUR160 million RCF due in 2031. The RCF is subject to a springing financial covenant of net debt/EBITDA of 6.5x, tested when drawings exceed 40% of the total. Moody's assumes that the company will generate positive Moody's-adjusted FCF in 2025 and 2026 at around EUR25-50 million. The company has no significant debt maturities until 2031 when the RCF and the TLB mature. STRUCTURAL CONSIDERATIONS The B1-PD probability of default rating is in line with the B1 long term corporate family rating (CFR), reflecting the 50% family recovery rate that is consistent with all covenant-lite TLB capital structures. The EUR450 million TLB and the EUR160 million RCF are rated B1, in line with the company's CFR, as the two instruments rank pari passu and share the security and guarantor package. CHANGE OF RATING OUTLOOK The positive outlook reflects the solid operating performance in 2024 and 2025 with margin improvement supporting FCF generation. The outlook also assumes that the company will have a conservative approach when embarking into new acquisitions, limited dividend distribution and lack of releveraging events as a consequence of changes in the shareholding structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could develop if (1) Apave continues to exhibit solid organic growth while improving its Moody's-adjusted EBITA Margin towards 10%; (2) its Moody's-adjusted debt/EBITDA remains below 3.5x on a sustained basis; and (3) its Moody's-adjusted free cash flow/debt increases towards high-single digit. Downward rating pressure could develop if (1) the company's operating performance deteriorates leading to a decrease in profitability; (2) its Moody's adjusted leverage increases above 4.5x on a sustained basis, (3) its Moody's-adjusted free cash flow remains negative on a sustained basis, or (4) liquidity weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Apave is a company operating in the TIC industry, with operations in more than 55 countries. The company has around 16,000 employees with 60% of its revenue generated in France. The company is controlled by Gapave (62%), a French association created in 1954 to coordinate regional associations; PAI Partners, which acquired a 36% stake in 2021; and the employees with the remaining 2%. In 2024, Apave reported revenue and EBITDA (pre IFRS) of around EUR1,4 billion and EUR152 million, respectively. FR BONDCO: Moody's Assigns 'B2' CFR, Outlook Stable --------------------------------------------------- Moody's Ratings has assigned a B2 corporate family rating and B2-PD probability of default rating to FR Bondco (Picard or the company), which will become the new parent company of Picard's restricted group. In addition, Moody's have assigned a Caa1 rating to the proposed EUR280 million backed senior secured notes due 2032 issued by Picard, and affirmed the B2 rating of the EUR650 million backed senior secured fixed rate notes due 2029 issued by Picard Groupe S.A.S. and the B2 rating of the EUR775 million backed senior secured floating rate notes due 2029 issued by Lion/Polaris Lux Midco S.a r.l. Concurrently, Moody's have withdrawn the B2 CFR and B2-PD PDR of Picard Bondco S.A., the existing parent company of Picard's restricted group, which will eventually be merged into FR Bondco, with FR Bondco the surviving entity. The outlook on Picard Bondco S.A. is unaffected at stable. The outlook on FR Bondco is stable and the outlook remains stable for all other entities. The proceeds from the proposed EUR280 million notes due 2032, along with EUR37 million of cash, will be used to repay the EUR310 million existing notes due 2027 issued by Picard Bondco S.A. and cover transaction costs. Moody's will withdraw the rating of the EUR310 million notes upon closing of the contemplated transaction. RATINGS RATIONALE The assignment of a Caa1 rating to Picard's new notes, two notches below the B2 CFR, reflects their subordination to the super senior revolving credit facility (RCF), to the operating subsidiary liabilities and to the senior secured notes issued by Picard Groupe S.A.S. and Lion/Polaris Lux Midco S.a r.l. The B2 CFR reflects Moody's expectations that Picard's operating performance and its free cash flow (FCF) generation will remain solid and that the company will continue to focus on deleveraging in the next 12-18 months. Pro-forma for the refinancing, Moody's-adjusted debt/EBITDA (leverage) stands at 6.7x as of the 12 months ended June 30, 2025 which still positions the rating weakly in the B2 rating category. Moody's projects Picard's annual EBITDA growth to be in the low-single digits in percentages on average in the fiscal years ending March 31, 2026 and 2027 (fiscal years 2026-27), which will drive a gradual deleveraging. Additionally Moody's expects the company will generate FCF of about EUR50 million per annum. The funding of IGZ's acquisition of a majority stake in Picard in December 2024 included a EUR120 million vendor loan due December 2027 from Lion Capital, as well as EUR270 million of shareholder PIK notes due December 2031 provided by ICG. Moody's expects the maturity of the shareholder PIK notes to be extended beyond the maturity of the new notes due 2032 as part of the contemplated refinancing transaction. The vendor loan and shareholder PIK notes reside outside of the restricted group and bear PIK interests. Concurrently to this refinancing, ICG is investing EUR80 million into IGZ in the form of convertible PIK notes to partially refinance the vendor loan, which amounted to EUR129 million as of September 30, 2025. Moody's understands that IGZ continues to be in discussions with potential minority shareholders in order to refinance the vendor loan and convertible PIK notes with equity. Moody's current rating does not assume any distribution from Picard to pay interest or principal of any of these instruments residing outside of the restricted group. Governance considerations, including Picard's liability management and organizational structure considerations, were drivers of the rating action. The B2 CFR continues to reflect Picard's track record of stable operating performance and high margins compared to other retailers; its strong brand image and leading position in the French frozen food market; its ability to constantly update its product offering, with about 200 products launched every year; and its solid liquidity, supported by a long track record of positive FCF. However, Picard's CFR is constrained by the company's high leverage with modest prospects for reduction from earnings growth; its limited long-term growth prospects in the mature French frozen food market; and the geographical concentration of the company's sales in France, with modest contribution from international markets. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. LIQUIDITY Picard's liquidity is good. It is supported by a cash balance of about EUR105 million as of June 30, 2025, pro forma the refinancing, and Moody's-adjusted FCF expected to be about EUR50 million annually in fiscal years 2026-27. Moody's FCF forecast does not include any dividend payment. Picard has also access to an undrawn super senior RCF of EUR75 million which will be upsized to EUR100 million as part of the contemplated refinancing transaction. Considering the refinancing transaction, the earliest debt maturity for the company is January 2029 when the RCF expires. The RCF is subject to a senior secured net leverage ratio springing covenant of 7.5x (4.1x at the end of June 2025) which is tested when the RCF is drawn 50% or more. There are significant swings in working capital during the year, with outflows in the first and second quarters of the fiscal year (March-September), a large inflow of about EUR80 million to EUR90 million in the third quarter (September-December), followed by a sizeable outflow in the fourth quarter (January-March). STRUCTURAL CONSIDERATIONS Picard's EUR280 million backed senior notes are rated Caa1, two notches below the B2 CFR, reflecting their subordination to the company's other debt instruments and operating subsidiary liabilities. The backed senior secured notes issued by Picard Groupe S.A.S. and Lion/Polaris Lux Midco S.a r.l. are rated B2, at the same level as the CFR, reflecting their subordination to operating subsidiary liabilities and to the super senior RCF, balanced by the EUR280 million of new notes, which are subordinated to the other debt instruments and provide a cushion in the debt structure. Moody's Loss Given Default analysis is based on an expected family recovery rate of 50%, reflecting the presence of a mix of bank debt and notes. This results in a PDR which is in line with the CFR at B2-PD. While Moody's expects the vendor loan and convertible PIK notes to be refinanced with equity, the presence of ICG's shareholder PIK notes creates some risks. In Moody's views, the presence of such an instrument, whose size will increase rapidly as interests capitalize, could increase the risks of cash upstreaming from, or re-leveraging of, the restricted group in the future to repay or service this instrument, which would pressure Picard's credit quality. RATIONALE FOR THE OUTLOOK The stable outlook reflects Moody's views that Picard will keep generating positive Moody's-adjusted FCF and sustain a gradual deleveraging trajectory towards a Moody's-adjusted debt/EBITDA of 6.5x in the next 12-18 months. Moody's also expects the company to maintain a cautious approach to cost control and store expansion, both in France and internationally, and to refinance the vendor loan with equity as initially intended. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure is constrained by the presence, outside of the restricted group, of ICG's shareholder PIK notes. A positive rating action would require the company to deliver sustained positive like-for-like sales growth and to demonstrate a track record of a more prudent and balanced financial policy, while maintaining a good liquidity and solid Moody's-adjusted FCF. Quantitatively, Moody's could upgrade Picard if it increased meaningfully and sustainably its EBITDA, such that its Moody's-adjusted Debt/EBITDA moves sustainably below 5.5x Moody's could downgrade Picard's rating if it does not gradually deleverage towards a Moody's-adjusted Debt/EBITDA of 6.5x or below, or its Moody's-adjusted (EBITDA - Capex)/Interest Expense declines below 1.5x sustainably. A weakening of Picard's earnings or Moody's-adjusted FCF, or a deterioration in liquidity could also trigger a negative rating action. Further, Moody's could downgrade Picard's rating if it makes significant distributions to its shareholders or a large debt-financed acquisition, reflecting a more aggressive financial policy than is currently factored into the rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Retail and Apparel published in September 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 Picard is a leading specialist retailer of private-label frozen foods in France and it generated EUR1.8 billion revenue in the 12 months that ended June 30, 2025. As of June 30, 2025, the company operates a network of 1,198 stores in France (including 100 franchised stores), 17 stores in Belgium, two stores in Luxembourg and 11 franchised stores in Japan. Most of the company's stores are located in or near city centres and metropolitan areas. Since December 2024, Picard is fully owned by IGZ. Imanes S.àr.l., which is ultimately controlled by Mr. Moez Zouari, owns 50.2% of IGZ and ICG Europe Fund VIII, a fund managed by ICG, owns the remaining 49.7%. PICARD GROUPE: S&P Affirms 'B' LT ICR & Alters Outlook to Stable ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Picard Groupe to stable from negative and affirmed the 'B' long-term issuer credit rating. S&P also assigned its 'CCC+' issue rating to the new EUR280 million senior unsecured notes with a '6' recovery rating (0%); affirmed its 'BB-' issue rating and '1' recovery rating (95%) on the upsized EUR100 million super senior RCF; and affirmed its 'B' issue rating and '3' recovery rating (55%) on the EUR1.425 billion senior secured notes. Picard Groupe plans to refinance EUR310 million senior unsecured notes due 2027 with EUR280 million new notes and cash on the balance sheet, and upsize its super senior revolving credit facility (RCF) by EUR25 million. Sponsor ICG will inject EUR80 million in convertible PIK bonds to repay a portion of Lions Capital's vendor loan, mitigating some of the 2027 maturities. S&P Global Ratings-adjusted leverage will remain high, about 8.3x over fiscal years 2026-2027 (7.2x and 7.0x, respectively, excluding the PIK loan) with limited deleveraging prospects given moderate growth and high PIK loan interest. S&P said, "The stable outlook reflects our view that Picard will maintain resilient operating performance, with modest top-line revenue and earnings growth. We expect the group will continue to benefit from a high EBITDA margin of 16%-17% and free operating cash flow (FOCF) after leases exceeding EUR40 million per year." Refinancing the senior unsecured notes will lengthen the debt maturity profile, but S&P Global Ratings-adjusted leverage remains elevated. Picard is planning to repay its EUR310 million senior unsecured notes due in July 2027 with new EUR280 million senior unsecured notes and EUR30 million in cash on its balance sheet. While the transaction envisages a EUR30 million gross debt reduction, Picard's overall financial debt balance remains very high, including the new EUR280 million notes due 2032, EUR775 million floating-rate notes, and EUR650 million senior secured notes, both due in July 2029. Additionally, our adjusted debt also includes the outstanding EUR302 million payment-in-kind (PIK) shareholder loan provided by ICG to the ultimate holding company IGZ financing, due 2031, and the EUR129 million PIK vendor loan outstanding at IGZ, due 2027. Both instruments were put in place at the end of 2024, when ex-sponsor Lion Capital sold its stake to asset manager ICG and Imanes, the Zouari family office. S&P said, "As a result, we expect adjusted debt to EBITDA in fiscal year 2026 (ending March 31, 2026) to remain in line with that of fiscal year 2025 at 8.3x, with limited deleveraging prospects given the high interest on the PIK debt. However, in our analysis, we acknowledge the cash preserving characteristics and the deep subordination of ICG's PIK shareholder loan compared to the rated debt. As such, we also track leverage excluding it, which results in adjusted debt to EBITDA at 7.2x in fiscal 2026." S&P said, "We also expect sponsor ICG will inject EUR80 million convertible PIK bonds into IGZ, to partially repay Lion Capital's PIK vendor loan. This will significantly reduce the outstanding PIK vendor loan due 2027, totaling EUR129 million as of September 2025. Overall, we view positively Picard's efforts to proactively manage its 2027 debt maturities, including both senior and subordinated debt instruments. The proposed PIK bonds, which we treat as debt under our controlling shareholder financing criteria, will have a two-year maturity but can ultimately be reimbursed as a combination of additional equity and an additional PIK shareholder loan sitting at IGZ Financing. We understand the sponsors are still looking for a new minority shareholder to reimburse the remaining vendor loan ahead of its maturity. "We expect Picard to maintain its track record of resilient operating performance in the highly competitive French grocery market. Results for the first quarter of fiscal 2026 were good, with sales growth of 3.2% year-to-date compared to last year, and positive like-for-like sales. While macroeconomic conditions remain challenging in France due to political uncertainty weighting on consumer confidence, we expect the group will maintain moderate sales growth of about 3.0% per year over fiscals 2026-2028. While we view Picard's business model and end market as mature, highly competitive, and with limited growth potential, the company benefits from an EBITDA margin of 16%-17%, well above the food retail industry average. The company maintained this high margin despite inflation and energy prices increases over 2023-2024, which put industry volumes and costs under severe pressure. In our view, this is thanks to continued cost discipline and Picard's strong brand perception in the frozen food market, which allows it to sell products at a relatively premium prices with few maintenance costs, given they are not as perishable as fresh food. We therefore forecast the group's S&P Global Ratings-adjusted EBITDA to moderately increase to EUR317 million in fiscal 2026 and EUR328 million in fiscal 2027, from EUR307 million in fiscal 2025. "Picard's consistent FOCF after leases generation supports a 'B' rating. We expect Picard's strong profitability, its average capital expenditure needs (about 3% of sales) and neutral working capital flows over the medium term to result in structurally positive FOCF after lease payments of at least EUR40 million per year, despite high interest costs. In our base case, Picard's sustainably positive FOCF after leases and absence of shareholder remuneration should progressively strengthen the company's comfortable liquidity position, which we expect to be about EUR180 million at the end of fiscal 2026 (excluding the undrawn EUR100 million RCF). Furthermore, as part of the transaction, the group will upsize its super senior RCF by EUR25 million to EUR100 million, which we expect to remain undrawn and further support the company's liquidity profile. "The stable outlook reflects our view that Picard will maintain resilient operating performance, with modest top-line and earnings growth, and FOCF after leases generation exceeding EUR40 million per year. Under our base case, we expect the group's S&P Global Ratings-adjusted debt to EBITDA will remain very elevated at about 8.3x in fiscals 2026 and 2027 (7.2x and 7.0x, respectively, excluding the PIK shareholder loan). "We could lower the ratings if Picard's operating performance deteriorates, such that it posts lower growth, profitability, and cash-flow generation than we anticipate." Specifically, S&P could lower the ratings if: -- S&P Global Ratings-adjusted debt to EBITDA reaches 8.5x (7.5x excluding the PIK shareholder loan); -- EBITDAR cash interest coverage weakens below 1.7x; -- FOCF after lease payments weakens compared to our base-case; or -- Picard's credit metrics deteriorate because of a more aggressive financial policy, either through increasing debt or shareholder distributions. S&P could raise the ratings over the next 12-18 months if Picard deleverages such that its S&P Global Ratings-adjusted debt to EBITDA sustainably improves to below 6.0x, driven by stronger-than-expected performance and a track record of prudent financial policy. ============= G E R M A N Y ============= AUTONORIA DE 2025: S&P Assigns Prelim. B(sf) Rating on F-Dfrd Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to Autonoria DE 2025's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At closing, the issuer will also issue unrated class G notes and a subordinated loan. S&P said, "Our preliminary rating on the class A notes addresses timely payment of interest. Our preliminary ratings on the other classes address ultimate payment of interest until the tranche becomes the most senior class outstanding, and timely payment of interest thereafter. For all classes, our ratings address ultimate payment of principal by the legal maturity date." The notes are backed by a portfolio of auto loan receivables, which BNP Paribas S.A., Niederlassung Deutschland (BNPP DE) granted to its German clients, all of which are private borrowers. Since 2018, BNPP DE's German consumer lending business has been branded as Consors Finanz following its legal integration into BNPP DE. The transaction will revolve for 13 months if no stop-revolving triggers are hit, during which the issuer may add new eligible receivables into the pool if the portfolio conditions are satisfied. Once the revolving period ends, the transaction amortizes pro rata, unless a sequential amortization event occurs. From that moment, the transaction will switch permanently to sequential amortization. The transaction will have separate interest and principal waterfalls. The interest waterfall will feature a principal deficiency ledger mechanism, by which the issuer can use excess spread to cure defaults. The preliminary portfolio contains 37.95% balloon contracts. The purely balloon payment portion of the pool represents 23.3% of the current principal balance. An amortizing liquidity reserve fund covers any interest shortfalls on senior expenses and the class A to F-Dfrd notes' interest. At closing, this liquidity reserve will be funded by BNPP DE at 1.0% of the class A to F-Dfrd notes' outstanding balance. Credit enhancement is provided by subordination. The assets pay a monthly fixed interest rate, and the rated notes pay one-month Euro Interbank Offered Rate plus a margin, subject to a floor of zero. To mitigate fixed-float interest rate mismatch risk, the rated notes benefit from two interest rate swaps: one for the class A and B-Dfrd notes and another for the class C-Dfrd to G notes. S&P said, "The issuer is a new compartment of a French "fonds commun de titrisation", which we consider to be bankruptcy remote by law. We expect to assign credit ratings at closing subject to an ongoing satisfactory review of the transaction documents and legal opinions. "We expect that the final documentation will adequately address any operational, counterparty, and legal risk in line with our criteria. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings." Preliminary ratings Class Prelim. Rating Class size (%) A AAA (sf) 91.50 B-Dfrd AA- (sf) 2.75 C-Dfrd A (sf) 1.75 D-Dfrd BBB (sf) 1.50 E-Dfrd BB (sf) 0.50 F-Dfrd B (sf) 0.50 G NR 1.50 Note: S&P's preliminary rating on the class A notes addresses timely payment of interest and ultimate repayment of principal, while its preliminary ratings on the other classes address the ultimate payment of interest until they become the most senior class of notes, and timely payment of interest thereafter. Payment of principal is no later than the legal final maturity date. NR--Not rated. ============= I R E L A N D ============= ARBOUR CLO IV: S&P Assigns B-(sf) Rating on Class F-R-R Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Arbour CLO IV DAC's class X, A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R refinancing notes. At closing, the issuer had EUR43.00 million unrated subordinated notes outstanding from the existing transaction. This transaction is a reset of the already existing transaction that closed in March 2021. The issuance proceeds of the refinancing notes were used to redeem the refinanced notes (the original transaction's class A-R, B-R, C-R, D-R, E-R, and F-R notes) and the ratings on the original notes have been withdrawn. Under the transaction documents, the rated notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. This transaction has a 1.5 year noncall period and the portfolio's reinvestment period will end approximately 4.49 years after closing. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,710.82 Default rate dispersion 694.47 Weighted-average life (years) 4.19 Weighted-average life extended to cover the length of the reinvestment period (years) 4.49 Obligor diversity measure 146.19 Industry diversity measure 22.43 Regional Diversity Measure 1.27 Transaction key metrics Target par amount (mil. EUR) 400.00 Defaulted assets (mil. EUR) 0.15 Number of performing obligors 188 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 3.89 'AAA' actual weighted-average recovery (%) 35.80 Actual weighted-average spread (%) 3.77 Actual weighted-average coupon (%) 3.11 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. We consider that the portfolio primarily comprises broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "The portfolio includes EUR0.15 million in defaulted assets, with a 50% recovery rate assumed at the 'AAA' level (corresponding to the 2 (70%) recovery category). Therefore, in our cash flow analysis we use EUR399.92 million par amount, representing the balance of performing assets plus projected recoveries. "In our analysis, we applied the covenanted weighted-average spread of 3.65%, the covenanted weighted-average coupon of 4.00%, and the actual weighted-average recovery rates for all rated notes (35.80% at the 'AAA' level). 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. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Until the end of the reinvestment period on April 30, 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, if the initial ratings are maintained. "Our credit and cash flow analysis indicate that the available credit enhancement for the classes B-R-R to D-R-R notes could withstand stresses commensurate with higher rating levels than those we have assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our assigned ratings on the notes. The class X, A-R-R, and E-R-R notes can withstand stresses commensurate with the assigned ratings. "For the class F-R-R 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-R-R notes reflects several key factors, including: -- The class F-R-R notes' available credit enhancement, which is in the same range as that of other CLOs S&P has 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 21.96% (for a portfolio with a weighted-average life of 4.49 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.49 years, which would result in a target default rate of 14.37%." -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R-R notes is commensurate with the assigned 'B- (sf)' rating. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class X to E-R-R 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-R-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain industries. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Class Rating* (mil. EUR) Sub (%) Interest rate§ X AAA (sf) 3.80 N/A 3-month EURIBOR plus 1.00% A-R-R AAA (sf) 248.00 38.00 3-month EURIBOR plus 1.30% B-R-R AA (sf) 40.60 27.85 3-month EURIBOR plus 2.00% C-R-R A (sf) 24.00 21.85 3-month EURIBOR plus 2.35% D-R-R BBB- (sf) 30.60 14.20 3-month EURIBOR plus 3.40% E-R-R BB- (sf) 18.80 9.50 3-month EURIBOR plus 5.86% F-R-R B- (sf) 12.00 6.50 3-month EURIBOR plus 9.13% Sub Notes NR 43.00 N/A N/A *S&P's ratings on the class X, A-R-R, and B-R-R notes address timely interest and ultimate principal payments. Its ratings on the class C-R-R, D-R-R, E-R-R, and F-R-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. Arbour CLO IV DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Oaktree Capital Management (UK) LLP manages the transaction. DRYDEN 32 EURO 2014: Moody's Affirms Ba1 Rating on Class E-R Notes ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Dryden 32 Euro CLO 2014 Designated Activity Company: EUR17,500,000 Class D-1-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Upgraded to Aaa (sf); previously on Feb 4, 2025 Upgraded to Aa3 (sf) EUR5,000,000 Class D-2-R Mezzanine Secured Deferrable Fixed Rate Notes due 2031, Upgraded to Aaa (sf); previously on Feb 4, 2025 Upgraded to Aa3 (sf) Moody's have also affirmed the ratings on the following notes: EUR230,945,000 (Current outstanding balance EUR2,987,748) Class A-1-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 4, 2025 Affirmed Aaa (sf) EUR12,155,000 (Current outstanding balance EUR157,250) Class A-2-R Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 4, 2025 Affirmed Aaa (sf) EUR16,950,000 Class B-1-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 4, 2025 Affirmed Aaa (sf) EUR24,050,000 Class B-2-R Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 4, 2025 Affirmed Aaa (sf) EUR12,275,000 Class C-1-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 4, 2025 Upgraded to Aaa (sf) EUR12,225,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on Feb 4, 2025 Upgraded to Aaa (sf) EUR30,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Affirmed Ba1 (sf); previously on Feb 4, 2025 Upgraded to Ba1 (sf) EUR12,500,000 Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2031, Affirmed Caa1 (sf); previously on Feb 4, 2025 Affirmed Caa1 (sf) Dryden 32 Euro CLO 2014 Designated Activity Company, issued in July 2014, refinanced in February 2017 and reset in August 2018 is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by PGIM Limited. The transaction's reinvestment period ended in November 2022. RATINGS RATIONALE The rating upgrades on the Class D-1-R and D-2-R notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in February 2025. The affirmations on the ratings on the Class A-1-R, Class A-2-R, Class B-1-R, Class B-2-R, Class C-1-R, Class C-2-R, Class E-R and Class F-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A-R notes have paid down by approximately EUR88.3 million (36.3%) since the last rating action in February 2025 and EUR227.96 million (98.7%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased. According to the trustee report dated September 2025[1] the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 323.47%, 208.02%, 156.67%, 117.39% and 106.45% compared to December 2024[2] levels of 179.61%, 151.57%, 132.56% 113.30% and 106.93%, respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The 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: EUR144,423,146 Defaulted Securities: EUR0 Diversity Score: 26 Weighted Average Rating Factor (WARF): 3077 Weighted Average Life (WAL): 2.75 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 4.05% Weighted Average Coupon (WAC): 3.73% Weighted Average Recovery Rate (WARR): 40.92% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "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. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. 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. INVESCO EURO XI: S&P Affirms B-(sf) Rating on Class E Notes ----------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Invesco Euro CLO XI DAC's class A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, and E-R notes. At the same time, S&P affirmed its ratings on the existing class F notes and withdrew its ratings on the original class A-1, A-2, B-1, B-2, C, D, and E notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. On Nov. 3, 2025, Invesco Euro CLO XI DAC refinanced the existing class A-1, A-2, B-1, B-2, C, D, and E notes (originally issued in Nov. 2023) through an optional redemption and issued replacement notes of the same notional. The replacement notes are largely subject to the same terms and conditions as the original notes, except that the replacement notes will have a lower spread over Euro Interbank Offered Rate (EURIBOR) than the original notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,854.47 Default rate dispersion 623.44 Weighted-average life (years) 4.29 Obligor diversity measure 103.32 Industry diversity measure 23.10 Regional diversity measure 1.29 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 6.25 Actual target 'AAA' weighted-average recovery (%) 35.70 Actual target weighted-average spread (net of floors; %) 3.95 Actual target weighted-average coupon 5.67 Rating rationale 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 on Nov. 3, 2028. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used a EUR399.56 million adjusted target par collateral principal amounts, which is lower than the target par amount of EUR400 million. At closing, the transaction's aggregated principal balance is above par, but adjusted collateral principal amounts is limited by negative cash flow. "We used the portfolio's actual weighted-average spread (3.95%), actual weighted-average coupon (5.67%), and the actual portfolio weighted-average recovery rates (WARR) 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. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1-R, B-2-R, C-R, D-R, E-R and F notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "For the class A-1-R and A-2-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with the assigned ratings. "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-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, E-R, and 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-1- R to E-R notes based on four hypothetical scenarios." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Ratings assigned Replacement Original Amount notes notes Credit Class Rating* (mil. EUR) interest interest enhancement(%) rate§ rate† A-1-R AAA (sf) 240.00 3m Euribor 3M Euribor 39.93 + 1.26% + 1.70% A-2-R AAA (sf) 6.00 3m Euribor 3M Euribor 38.43 + 1.75% + 2.00% B-1-R AA (sf) 30.00 3m Euribor 3M Euribor 28.42 + 2.15% + 2.50% B-2-R AA (sf) 10.00 4.60% 6.20% 28.42 C-R A (sf) 23.60 3m Euribor 3M Euribor 22.51 + 2.75% + 3.50% D-R BBB- (sf) 27.60 3m Euribor 3M Euribor 15.61 + 4.00% + 5.25% E-R BB- (sf) 18.80 3m Euribor 3M Euribor 10.90 + 5.90% + 7.64% Ratings affirmed Amount Notes Class Rating* (mil. EUR) interest rate § F B- (sf) 12.00 3m Euribor + 9.63% *The ratings assigned to the class A-1-R, A-2-R, B-1-R and B-2-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, and E-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. VOYA EURO II: Moody's Affirms B3 Rating on EUR11MM Class F Notes ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Voya Euro CLO II Designated Activity Company: EUR28,000,000 Class B-1 Senior Secured Floating Rate Notes due 2035, Upgraded to Aaa (sf); previously on Jul 15, 2021 Definitive Rating Assigned Aa2 (sf) EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035, Upgraded to Aaa (sf); previously on Jul 15, 2021 Definitive Rating Assigned Aa2 (sf) EUR27,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2035, Upgraded to Aa3 (sf); previously on Jul 15, 2021 Definitive Rating Assigned A2 (sf) Moody's have also affirmed the ratings on the following notes: EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2035, Affirmed Aaa (sf); previously on Jul 15, 2021 Definitive Rating Assigned Aaa (sf) EUR27,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Baa3 (sf); previously on Jul 15, 2021 Definitive Rating Assigned Baa3 (sf) EUR22,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Ba3 (sf); previously on Jul 15, 2021 Definitive Rating Assigned Ba3 (sf) EUR11,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed B3 (sf); previously on Jul 15, 2021 Definitive Rating Assigned B3 (sf) Voya Euro CLO II Designated Activity Company, issued in June 2019 and refinanced in July 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Voya Alternative Asset Management LLC ("Voya"). The transaction's reinvestment period will end in January 2026. RATINGS RATIONALE The upgrades on the ratings on the Class B-1, Class B-2 and Class C notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in January 2026. The affirmations on the ratings on the Class A, Class D, Class E and Class F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The 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: EUR398,770,000 Defaulted Securities: EUR544,236 Diversity Score: 66 Weighted Average Rating Factor (WARF): 3005 Weighted Average Life (WAL): 4.23 years Weighted Average Spread (WAS) (before accounting for Euribor/reference rate floors): 3.79% Weighted Average Coupon (WAC): 4.03% Weighted Average Recovery Rate (WARR): 44.82% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: Once reaching the end of the reinvestment period in January 2026, The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ========= I T A L Y ========= SPEEDLINE SRL: Expression of Interest Deadline Set for Nov. 30 -------------------------------------------------------------- Maurizio Castro, Alfonso Celotto and Mario Giovanni Patti, extraordinary commissioners of Speedline S.r.l. under Extraordinary Administration, a company incorporated under the laws of Italy with registered office in Via E. Salgari 6, S. Maria di Sala (VE), invite all interested parties to submit their non-binding expression of interest in the purchase of the business in accordance with the terms and conditions described in the Tender Regulations, no later than November 30, 2025. In order to be admitted to the subsequent stages of the sale procedure, interested parties must submit their expression of interest, and send it by: (i) registered letter with return receipt or by courier -- in both cases in a sealed envelope -- to the following address Via E. Salgari 6 - 30036 S. Maria di Sala (VE), Italy, to the attention of the Extraordinary Commissioners, Maurizio Castro, Alfonso Celotto and Mario Giovanni Patti; or (ii) letter to the attention of the Extraordinary Commissioners, Maurizio Castro, Alfonso Celotto and Mario Giovanni Patti attached to a certified e-mail message to the address as135.2024venezia@pecamministrazionestraordinaria.it Speedline filed for insolvency on July 24, 2024. The Court of Venice declared Speedline insolvent on October 18, 2024. Ivana Morandin was appointed as Delegated Judge and Maurizio Castro as Court Commissioner. WEBUILD SPA: S&P Upgrades ICR to 'BB+' on Improving Credit Metrics ------------------------------------------------------------------ S&P Global Ratings raised its long-term issuer credit and issue ratings on Italian construction company Webuild SpA and its senior unsecured notes to 'BB+' from 'BB'. The recovery rating on the debt remains unchanged at '4'. The stable outlook reflects S&P's view that Webuild's operating performance will remain resilient, such that the company will maintain adjusted FFO to debt at least 35%-40% we consider commensurate with the rating. Webuild's strong order backlog, disciplined contract management, and leading positions in key markets in low-risk geographies resulted in robust growth of its revenues and EBITDA, strengthening credit metrics. S&P said, "We forecast that the company will continue delivering strong operating performance in the coming years, which combined with ongoing focus on working capital management, should lead to sustainably robust FFO to debt of at least 35%-40%. "We anticipate that Webuild will deliver EBITDA growth in 2025-2027, supported by strong visibility from its order backlog, disciplined contract management, and the positive impact of its cost-efficiency program. Following a 19% increase in the top line in 2024, the company demonstrated robust revenue growth in first-half 2025, reporting a 22% increase compared with the prior year period. In addition, Webuild maintained a substantial order backlog of EUR59 billion, with a construction backlog representing the majority at EUR50 billion. This considerable backlog provides high revenue visibility, underpinning our revenue growth expectations. "We anticipate revenue growth will translate into a progressive and overproportional increase in adjusted EBITDA in 2025-2026, to EUR1.1 billion-EUR1.3 billion, from EUR978 million in 2024. This is because we forecast Webuild will deliver adjusted EBITDA margins of 9.0%-9.4% in 2025, strengthening to 9.5%-10.0% in 2026-2027, compared with 8.3% in 2024. We think profitability improvement will come from favorable contract terms for new projects and increased adoption of contracts that facilitate cost pass-through. Furthermore, we anticipate ongoing cost optimization initiatives to yield annual savings of EUR45 million-EUR50 million, thanks to initiatives implemented from 2023-2025 to reduce corporate and indirect project costs, contributing to the group's margins. "In our view, Webuild has leading market positions in key markets and an increased presence in the core low-risk regions. The company has strategically prioritized developed markets, resulting in a narrowing of its geographic scope. As of first-half 2025, approximately 90% of both the order backlog and revenue are projected to originate from countries that we assess as exhibiting low geopolitical and economic risk, a substantial increase from 59% in 2018. This shift has been supported by key strategic initiatives, including acquisitions, increasing the importance of Italy and Australia within the group's revenue profile. In addition, the group continued its revenue expansion in Italy, primarily driven by significant investments in tunnel boring machines and the resulting enhancement of works, including the high-speed railway projects between Milan and Genoa, Verona and Padua, Naples and Bari, and Salerno and Reggio. Italy remains a highly profitable region for Webuild, and we anticipate it will provide an ongoing boost the group's overall profitability. In comparison with similarly rated peers, we consider Webuild's business to be more diversified and its engineering capabilities more advanced. We reflect the comparative strength of Webuild's business, as well as its credit metrics, with a one notch positive comparable rating analysis adjustment. "We anticipate that FFO to debt will stand at 55%-85% in 2025, before normalizing at 40%-60% in 2026 and 35%-50% in 2027. This reflects our forecast of EBITDA growth combined with a slightly different phasing of capex compared with our expectations in July 2025, and substantial advance payments received as the company commences project work. We consider these ratios healthy for the rating." Webuild's FOCF should remain negative over the next 12-24 months, given elevated capex and the reversal of advanced payments. FOCF depends on the company's working capital requirements, which in turn primarily reflects advance payments from customers--primarily in Italy--as new projects commence, and repayments of advances as the company progresses on construction work. Given Webuild's considerable project portfolio and different contract structures in various jurisdictions, these are difficult to predict and can result in important volatility in cash flow and therefore credit metrics. S&P said, "We understand Webuild's management is focused on improving cash conversion through centralized working capital management, although the company is yet to develop a track record of sustainable positive FOCF. Webuild has on its balance sheet a significant number of advance payments, well above the peers in relative terms, and this could translate into cash flow volatility. Moreover, the capex represents an additional call on operating cash flow as the company needs to invest in machinery and equipment to progress on contracted work. We forecast capex will represent 8%-9% of sales in 2025 and in 2026, compared with 7.0% in 2024 and 4.5% in 2023. Although we anticipate that these investments will be partly offset by advance payments and therefore working capital inflow in 2025-2026, we still forecast Webuild will generate negative FOCF in 2025-2026." If the group pursues the Messina bridge project, it could further sustain Webuild's credit metrics. On Aug. 6, 2025, Eurolink S.c.p.A., a construction consortium with Webuild as its majority shareholder, was awarded a contract valued at EUR10.6 billion by Stretto di Messina S.p.A. to construct a bridge connecting Sicily and mainland Italy. The project, the Stretto di Messina Bridge, is designed to be the world's longest suspension bridge, with a main span exceeding 3,300 meters. While the contract has received approval from the Italian Department of Infrastructure and Transport, on Oct. 29, the Corte di Conti (Court of Auditors) rejected the proposal, requiring additional information. S&P said, "We don't include the project in our base-case scenario due to risks on the timing of its commencement, but it represents an upside to our forecast. Moreover, we consider that it demonstrates Webuild's advanced engineering capabilities to deliver complex infrastructure in one of Europe's most seismically active areas." Webuild's project concentration and legacy exposure to risky markets remain rating constraints. Despite improving over the past few years, the company's project concentration is still higher than industry peers, as its top 10 projects (excluding the Messina bridge) represent about 45% of its backlog. Mitigating this risk, most of those projects are in Italy and Australia, where counterparty risk is low and the legal framework effective. Webuild has some projects in Africa and central Asia, where operational, legal, and political risks tend to be higher, which could add to cash flow volatility, despite strong risk mitigation measures. S&P said, "We anticipate an increase in gross debt in the wake of elevated capex spending over the next 12-24 months. The company was unable to meet a 2024 commitment to cut EUR200 million in gross debt. Instead, gross debt increased to EUR2.9 billion in December 2024, from EUR2.6 billion in December 2023. We assume it will increase EUR100 million-EUR200 million in 2025, reflecting the company capital investment priorities, and no further increases from 2026 onwards. We will monitor the company's ability to sustainably curb gross debt. "The stable outlook reflects our view that Webuild's operating performance will remain resilient, such that the company will maintain adjusted FFO to debt at least 35%-40% we consider commensurate with the rating. It also reflects our expectation that the company will be able to curb its gross debt in the coming years. "While unlikely in the next 12 months, given the group's order backlog, revenue visibility, and healthy rating headroom, we could lower our rating on Webuild if a less-than-supportive market environment led to project postponements, margin erosion, or delays in collecting payments, such that that the company cannot sustain FFO to debt of at least 35%-40% and FOCF remains negative." S&P could raise the ratings if: -- Webuild's adjusted EBITDA margin remains near 9%, reflecting sustainable strengthening of profitability across its operating divisions, including North America; -- The company continues its track record of project delivery on time and on budget; -- FFO to debt ratio remains comfortably above 35%-40%; and -- FOCF turns positive sustainably, to at least 15% of adjusted debt on average, reflecting lower volatility of Webuild's cash flow. In addition, an upgrade would hinge on management's commitment to maintaining credit metrics in line with a higher rating. =================== L U X E M B O U R G =================== BREAKWATER ENERGY: S&P Assigns Prelim. 'B+' ICR, Outlook Stable --------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'B+' issuer credit rating to Breakwater Energy Holdings S.a.r.l. (Breakwater) and a preliminary 'B+' rating to the company's proposed $800 million senior secured notes. The preliminary '4' recovery rating indicates its expectation of average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. S&P said, "The stable outlook indicates that we expect Breakwater to maintain adequate liquidity and receive a steady distribution stream from Repsol E&P over 2026-2027 of $150 million-$175 million per year, resulting in a leverage at the investment vehicle of about 4.5x-5.5x and in an interest coverage ratio of 2.5x-3.0x." Breakwater is a Luxembourg-based investment vehicle, wholly owned subsidiary of alternative investment manager EIG Management Co. LLC (BB/Stable/--). Breakwater owns a 25% minority stake in Spain-based oil and gas exploration and production company Repsol E&P (BBB+/Stable/--). Breakwater plans to issue $800 million senior secured notes whose proceeds are earmarked to repay $705 million deferred price consideration to Repsol E&P's parent, Repsol S.A., distribute $75 million to shareholders, and to fund $20 million expenses. The rating on Breakwater is currently limited by our expectation that the holding's interest coverage ratio over 2026-2027 will be below 3x. S&P said, "Our 'B+' preliminary rating on Breakwater hinges on Repsol E&P's credit quality, but it is capped by our expectation of an interest coverage ratio at the holding level below 3x under the new capital structure. We rate Breakwater using our noncontrolling equity interest criteria, which we use to rate debt instruments issued by entities that own shares in one or more other entities with no direct control. Breakwater, with no operations on its own, entertains a single investment in the form of a 25% equity stake in Repsol E&P. As per this methodology, our preliminary 'B+' issuer credit rating on Breakwater is five notches below our 'bbb' stand-alone credit profile (SACP) on Repsol E&P, the investee. The notching differential reflects the deep subordination of Breakwater's creditors against Repsol E&P's debtholders as a starting point, as well as some intrinsic weaknesses of the holding. In addition, it takes into account an interest coverage ratio that is expected to remain below 3x over 2026-2027 at the holding level, effectively capping our preliminary rating at 'B+' notwithstanding an anchor of 'bb-'. "Breakwater retains a solid 25% stake in Repsol E&P, the SACP of which we assess at 'bbb'. Repsol E&P is an international exploration and production company also owned 75% by Repsol S.A. Repsol E&P has major investment projects in Brazil, the U.S., and Mexico that will secure at least stable production over the next couple of years. Repsol E&P's 'bbb' SACP reflects our view of the company's scale of production and diversity. In 2024, Repsol E&P had a net production of 572,000 barrels of oil equivalent per day (boed), and proven plus probable (2P) reserves of 2.2 billion boe. Repsol E&P's assets are diverse in terms of regions, with most of the production stemming from Latin America (about 260,000 boed in 2024) and North America (about 195,000 boed). This gives the company a 2P reserve life of about 10.5 years, providing visibility on future cash flow. "We expect Breakwater to receive stable to moderately improving distributions from Repsol E&P over 2026-2027 and we assess as positive the investee's asset cash flow stability. Under our base case, we anticipate that Breakwater will receive dividends of $150 million-$175 million per year in 2026-2027 (in 2024 the company received $303 million distributions), assuming no material disposals at Repsol E&P. We regard Repsol E&P's dividend policy as largely predictable and, as a virtue of being an integral entity of its parent Repsol, the company will distribute the entirety of its available cash (maintaining a minimum liquidity of $300 million and a target leverage ratio of 1.5x through the cycle) as defined by the company to its shareholders. As a result, under our base case we anticipate robust dividend coverage ratios in the range of 3.0x-3.5x over 2026 and 2027 and high visibility in terms of cash distributions. "Repsol E&P has a supportive corporate governance and financial policy. We believe there is a strong incentive for the investee company to keep constant or growing dividends per share because it operates as a fully consolidated operating subsidiary of the larger Repsol group and represents 58% of its EBITDA as of the end of 2024. As such, cash holdings at the subsidiary level are limited to needs to fund capital expenditure and operations, with excess cash being paid out as dividends or distributions to its shareholders, retaining adequate liquidity buffers. Importantly, we believe that Repsol E&P shareholders are fully aligned in terms of maximizing the cash dividends for Breakwater to maximize return on investment and for Repsol S.A., given Repsol E&P operates as a subsidiary with almost all group debt sitting at the parent level. Breakwater and Repsol E&P must agree on reserved matters, notably on events that can potentially impact dividend payment capacity, such as mergers and acquisitions. Importantly, there must also be an approval from Breakwater to change the dividend policy, providing additional protection. "Financial ratios and the private ownership of Repsol E&P are negative considerations in our credit analysis. Under our base case we anticipate that the holding's leverage will be above 4.0x over 2025-2027, between 4.5x and 5.5x. Moreover, the cash interest coverage ratio falls below 3x for the same period. Finally, the private nature of Repsol E&P complicates its ability to liquidate. "The $100 million super senior revolving credit facility (RCF) offers ample liquidity buffers to the holding structure. We understand that Breakwater will upstream the cash after costs and interest payment to the fund owners by virtue of a pass-through mechanism, leaving thereby Breakwater's cash on hand at virtually zero. As a result, we see the company's new $100 million committed long-term RCF due in 2030 as instrumental for keeping adequate liquidity buffers over time. "The final rating will depend on our receipt and satisfactory review of all final transaction documentation. Accordingly, the preliminary rating should not be construed as evidence of a final rating. If we do not receive the final documentation within a reasonable time frame or if the final documentation departs from the materials reviewed, we reserve the right to withdraw or revise our preliminary rating. Potential changes include the use of bond proceeds; the notes' maturity, size, and conditions; financial and other covenants; the notes' security; and their ranking. "The stable outlook indicates that we expect Breakwater to maintain adequate liquidity and receive a steady distribution stream from Repsol E&P over 2026-2027 of $150 million-$175 million per year resulting in a leverage at the investment vehicle of about 4.5x-5.5x and in an interest coverage ratio of 2.5x-3.0x. "We could lower the rating if Breakwater's interest coverage ratio deteriorates toward 1.5x as a result of a material weakening of divided income from Repsol E&P. Although unlikely, a revision of Repsol E&P's SACP would put immediate pressure on the rating." An upgrade would hinge on stronger financial ratios, such as interest coverage structurally above 3x. This would imply that Repsol E&P's dividend capacity had improved through increased profitability or increased production, or gross debt at Breakwater had reduced. ===================== N E T H E R L A N D S ===================== OCI NV: Moody's Withdraws 'Ba3' Corporate Family Rating ------------------------------------------------------- Moody's Ratings has withdrawn the Ba3 long term corporate family rating and the Ba3-PD probability of default rating of OCI N.V. (OCI or the company.), The outlook prior to the withdrawal was negative. 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 Headquartered in the Netherlands, OCI N.V. (OCI) was established on January 02, 2013 as a public limited liability company incorporated under Dutch law. The group is a European based producer and distributor of natural gas-based fertilisers and industrial chemicals. OI EUROPEAN: Moody's Rates EUR247-Mil. Secured Term Loan A 'Ba2' ---------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to EUR247.212 million Tranche A-2 backed senior secured Term Loan A due September 2030 issued by OI European Group B.V. (OIEG), a European subsidiary of O-I Group, Inc. Concurrently, Moody's affirmed the Ba3 rating to $511.256 million Tranche A-1 backed senior secured Term Loan A due September 2030 issued by Owens-Brockway Glass Container, Inc. (OBGC), a US subsidiary of O-I Group, Inc. All other ratings of O-I Glass, Inc., the parent company of OIEG and OBGC, and its subsidiaries remain unaffected by this action. The rating outlook remain stable. RATINGS RATIONALE The action results from the correction of an error. Moody's prior rating action on 15 September 2025 did not reflect that Term Loan A consists of two tranches, i.e. Tranche A-1 issued by OBGC, the US issuer, and Tranche A-2 issued by OIEG, the European issuer. The Ba2 rating assigned to the Tranche A-2 issued by OIEG is one notch higher than the Ba3 rating assigned to the Tranche A-1 issued by OBGC. The one-notch difference reflects the guarantee provided from the group of US subsidiaries, including OBGC, to OIEG, providing extra support for the secured debt issued by OIEG. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings of O-I Glass, Inc. and its subsidiaries if the group's debt/EBITDA is below 4.5x, EBITDA/interest coverage is above 4.0x, and retained cash flow/net debt is trending toward 15%. Moody's could downgrade the ratings if debt/EBITDA is above 5.5x, EBITDA/interest coverage is below 3.0x, and retained cash flow/net debt is below 10%. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in April 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. Headquartered in Perrysburg, Ohio, O-I Glass, Inc. is the leading global glass packaging company by revenue. The company manufactures glass bottles for soft drinks, beer, wine and hard liquor, and glass containers for cosmetics and food. For the 12 months that ended June 2025, O-I generated about $6.5 billion in revenue. ============= R O M A N I A ============= MAS PLC: Moody's Confirms 'B1' CFR & Alters Outlook to Stable ------------------------------------------------------------- Moody's Ratings confirmed the B1 long-term corporate family rating of MAS P.L.C. (MAS or the company) and the B2 backed senior unsecured notes issued by MAS Securities B.V. and changed the outlook on both entities to stable. Previously, the ratings were on review for downgrade. This concludes the review for downgrade initiated on July 04, 2025. RATINGS RATIONALE The rating confirmation reflects MAS's improved liquidity following its public announcement to repay its outstanding senior unsecured bonds maturing in May 2026 before maturity. Moody's furthermore positively consider a good rental growth and modest vacancies of MAS real estate portfolio. Considering MAS' improved credit metrics, further positive rating pressure could build up, combined with more clarity on the company's updated business strategy, financial policy and corporate structure. After a period of heightened shareholder activity resulting in effective control by Prime Kapital and affiliates, MAS received sufficient sources that will enable the repayment of its May 2026 bond maturity. At the same time MAS announced potential changes to its business focus and financial policy as well as changes to non-executive and executive directors. MAS's current financial metrics are currently stronger than required for the current rating category. Moody's-adjusted debt/assets stood at 30% in June 2025 and will fall below 25% following completed and planned debt repayments. Net debt/EBITDA and EBITDA/interest reached 4x (6.5x excluding preferred equity earnings) and 3.4x (2.1x), respectively. MAS existing portfolio continues to perform well, with consistent rent and tenant sales improvements. At the same time, structural concerns persist regarding the PKM Development Ltd (DJV) and the activities of its main shareholder. Uncertainty remains around MAS's new strategy and financial policy after recent announcements, and key management roles. RATIONALE FOR THE OUTLOOK The stable outlook balances strong current financial metrics and a well performing while relatively small real estate asset pool in Romania, offset by uncertainties about the financial and business profile and organizational structure of MAS. A positive change would require more information about strategy, financial policy and a track record under the new controlling shareholder. LIQUIDITY Liquidity improved after MAS received EUR75.9 million in preferred equity from the DJV, enabling the announced repayment of its remaining May 2026 bond. Moderate bank loan maturities remain and are expected to be covered by existing resources. Moody's expects liquidity to be adequate over the next 12 months, supported by approximately EUR71 million in cash and cash equivalents and marketable securities as of June 2025 (pro forma for the DJV preferred equity receipt and the contemplated bond repayment) and around EUR40 million in annual Moody's-adjusted FFO. Most directly owned property assets are encumbered, limiting the potential for new secured debt, though some re-leveraging of existing loans may be possible. These resources should cover capital spending and secured debt repayments over the next 12–18 months. Uncertainty remains regarding potential preferred equity recalls. Moody's further expects MAS to use residual cash for dividend distributions. While the company is considering asset sales, recent announcements suggest a higher likelihood of distributing disposal proceeds. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could occur if the following items are met -- Moody's-adjusted debt/assets remains well below 40% -- Moody's-adjusted fixed charge cover (excluding non-cash preferred share earnings) stays above 2x -- Greater clarity and reduced credit concerns regarding strategy and financial policy, along with a track record under the new shareholder and board composition A downgrade could occur if any of the following is met -- A more aggressive financial and business strategy increases business or financial risk -- Governance concerns arise from shareholder actions or management changes -- Group complexity increases, in particular further growth in the DJV's relevance to MAS balance sheet -- Moody's-adjusted fixed charge cover (excluding non-cash preferred share earnings) falls below 2x -- Moody's-adjusted debt/assets rises above 45% on a sustained basis The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025. MAS' CFR is 3 notches below its scorecard indicated outcome as structural concerns, uncertainties around financial and business strategy and small scale weigh on Moody's views of MAS credit profile. COMPANY PROFILE MAS P.L.C. is a Romanian focused retail real estate landlord and operator focused on Romania. Its EUR1 billion in directly owned assets include open-air and enclosed malls. MAS holds a 40% stake in and provides preferred equity to PKM Development Ltd (DJV), a joint venture with Prime Kapital. MAS is listed on the Johannesburg Stock Exchange with a market capitalization of approximately EUR740 million as of Oct. 28, 2025. Prime Kapital and affiliates hold effective control of MAS through a stake just below 50%. =========================== U N I T E D K I N G D O M =========================== EAGLE 4 LIMITED: Moody's Rates Proposed Secured 1st Lien Loans 'B2' ------------------------------------------------------------------- Moody's Ratings has assigned B2 ratings to the proposed $238 million backed senior secured first-lien revolving credit facility due 2031 and the EUR585 million backed senior secured first-lien term loan B2 due 2032, borrowed by Eagle 4 Limited, and to the $504 million backed senior secured first-lien term loan B1 due 2032, borrowed by ERM Emerald US, Inc. All other ratings, including Emerald 2 Limited's (ERM or the company) existing B2 long-term corporate family rating, B2-PD probability of default rating are unaffected. The stable outlook on all entities is also unaffected. Proceeds from the extended backed senior secured bank credit facilities will be used to refinance the company's existing credit facilities. The proposed transaction will extend the company's debt maturity profile and is leverage neutral. Moody's will withdraw the ratings on the existing credit facilities upon close of the refinancing. RATINGS RATIONALE ERM's B2 CFR is supported by: the company's strong market position as the largest global pure-play sustainability consulting services provider, poised to capitalise on the solid long-term industry fundamentals; its diversified client base and long-standing relationships with blue chip clients; its global geographic reach and balanced end-market mix; its track record of relatively stable EBITDA margin through the cycle, supported by active cost management, and Moody's expectations of progressive strengthening in the operating performance over the next 12-18 months; and its adequate liquidity profile with no near term debt maturities. At the same time, the rating is constrained by: the fragmented and competitive nature of the sustainability consulting market, which is characterised by low barriers to entry; the challenging trading conditions due to ongoing political uncertainties, which result in large capital projects being delayed Moody's paused; the tolerance for high leverage and the continued risk of re-leveraging via debt-funded acquisitions or shareholder distributions; the dependence on successful attraction and retention of key personnel and skilled technical workforce; and the exposure to cyclical industries such as energy and mining, which creates potential for some degree of volatility in the revenue stream. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could materialise over time should ERM: -- reduce Moody's-adjusted debt/EBITDA below 5.0x; and -- improve Moody's-adjusted free cash flow/debt towards the high single digits for a sustained period; and -- improve EBITA/interest comfortably above 2.0x. Conversely, negative pressure on ERM's ratings would build if: -- the company's operating performance remains subdued, as evidenced by declining revenues or margins; or -- Moody's-adjusted debt/EBITDA remains above 6.5x; or -- Moody's-adjusted free cash flow/debt remains below 5% for a prolonged period of time; or -- EBITA/interest declines below 1.5x or liquidity weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. CORPORATE PROFILE Headquartered in London, ERM is a global provider of environmental, health, safety, risk and social consulting services with over 140 offices in approximately 40 countries. In October 2021, private equity firm Kohlberg Kravis Roberts & Co. Partners LLP (KKR) acquired a majority stake in ERM from Omers Private Equity UK and Alberta Investment Management Corporation. The remaining shares (approximately 32%) are owned by the company's partners. In fiscal 2025, ended March 2025, ERM reported revenue of $1,411 million and statutory EBITDA of $173 million, with 50% of sales derived from North America, 25% from EMEA (Europe, the Middle East and Africa), 15% from Asia-Pacific and 10% from the rest of the world. The company employs around 7,600 people, including over 750 partners. FIRED EARTH: Leonard Curtis Named as Administrators --------------------------------------------------- Fired Earth 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-2025-007543, and Dane O'Hara and Alex Cadwallader of Leonard Curtis were appointed as administrators on Oct. 31, 2025. Fired Earth engaged in the retail sale of carpets, rugs, wall and floor coverings in specialised stores, as well as other retail sale of new goods in specialised stores (not including commercial art galleries and opticians). Its registered office is at 5th Floor, Grove House, 248a Marylebone Road, London, NW1 6BB. Its principal trading address is listed as N/A. The joint administrators can be reached at: Dane O'Hara Alex Cadwallader Leonard Curtis 5th Floor, Grove House 248a Marylebone Road London, NW1 6BB For further information, contact: The Joint Administrators Tel No: 020 7535 7000 Email: recovery@leonardcurtis.co.uk Alternative contact: Rhiannon McColl FREP 3 (ABBEY ROAD): RSM Restructuring Named as Administrators -------------------------------------------------------------- FREP 3 (Abbey Road) 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-2025-007513, and James Hawksworth, Matthew Haw and James Dowers of RSMRestructuring Advisory LLP were appointed as administrators on Oct. 27, 2025. FREP 3 (Abbey Road) operated as a holding company. Its registered office is at 25 Farringdon Street, London, EC4A 4AB. Its principal trading address is at 11–15 Wigmore Street, London, W1A 2JZ. The joint administrators can be reached at: James Hawksworth RSM Restructuring Advisory LLP Davidson House Forbury Square Reading, Berkshire, RG1 3EU Matthew Haw James Dowers RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB For further information, contact: Joseph McArthur Tel No: 0117 945 2033 Joint administrator contact numbers: James Hawksworth Tel No: 0118 953 0350 Matthew Haw James Dowers Tel No: 0203 201 8178 FREP 3 (KENSINGTON SQUARE): RSM UK Named as Administrators ---------------------------------------------------------- FREP 3 (Kensington Square) 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-2025-007510, and James Hawksworth, James Dowers and Matthew Haw of RSM UK Restructuring Advisory LLP were appointed as administrators on Oct. 27, 2025. FREP 3 (Kensington Square) operated as a holding company. Its registered office is at 25 Farringdon Street, London, EC4A 4AB. Its principal trading address is at 11–15 Wigmore Street, London, W1A 2JZ. The joint administrators can be reached at: James Hawksworth RSM UK Restructuring Advisory LLP Davidson House Forbury Square Reading, Berkshire, RG1 3EU James Dowers Matthew Haw RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB For further information, contact: Joseph McArthur RSM UK Restructuring Advisory LLP One The Square, Temple Quay Bristol, BS1 6DG Tel No: 0117 945 2033 Joint administrator contact numbers: James Hawksworth Tel No: 0118 953 0350 James Dowers Matthew Haw Tel No: 0203 201 8178 GEM DISPLAY: Leading UK Named as Administrators ----------------------------------------------- Gem Display Media Limited was placed into administration proceedings in the High Court of Justice, Court Number: 000549 of 2025, and Michael Roome and Jamie Playford of Leading UK were appointed as joint administrators on Oct. 30, 2025. Gem Display Media specialized in media representation services. Its registered office is at 3rd Floor, Great Titchfield House, 14–18 Great Titchfield Street, London, W1W 8BD. Its principal trading address is at 3rd Floor, Great Titchfield House, 14–18 Great Titchfield Street, London, W1W 8BD. The joint administrators can be reached at: Michael Roome Jamie Playford Leading Lawrence House 5 St Andrew's Hill Norwich, NR2 1AD For further information, contact: Kimberley Wapplington Tel No: 01603 552028 INNOVATIVE AGED: RSM UK LLP Named as Administrators --------------------------------------------------- Innovative Aged Care 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-2025-007512, and James Hawksworth, Matthew Haw, and James Dowers of RSM UK Restructuring Advisory LLP were appointed as administrators on Oct. 27, 2025. Innovative Aged Care engaged in residential care activities. Its registered office is at 25 Farringdon Street, London, EC4A 4AB. Its principal trading address is at 11–15 Wigmore Street, London, W1A 2JZ. The joint administrators can be reached at: James Hawksworth RSM UK Restructuring Advisory LLP First Floor, Davidson House The Forbury Reading, RG1 3EU -- and -- Matthew Haw James Dowers RSM UK Restructuring Advisory LLP 25 Farringdon Street London, EC4A 4AB For further information, contact: Joseph McArthur RSM UK Restructuring Advisory LLP One Temple Quay Bristol, BS1 6DG Tel No: 0117 945 2033 Joint administrator contact numbers: James Hawksworth Tel No: 0118 953 0350 Matthew Haw James Dowers Tel No: 0203 201 8178 M.C.P. PROPERTY: Begbies Traynor Appointed as Joint Administrators ------------------------------------------------------------------ M.C.P. Property Services Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts, Insolvency and Companies List (ChD), Court Number: CR-2025-007603, and David Birne and Stephen Katz of Begbies Traynor (London) LLP were appointed as joint administrators on Oct. 31, 2025. M.C.P. Property Services provided property management and maintenance services. Its registered office and principal trading address are located at Building B, The Chase, John Tate Road, Hertford, Hertfordshire, SG13 7NN. The joint administrators can be reached at: David Birne Stephen Katz Begbies Traynor (London) LLP Pearl Assurance House 319 Ballards Lane London, N12 8LY For further information, contact: The Joint Administrators Email: ST-Team@btguk.com Alternative contact: Lucy Lu ORBIT PRIVATE: Moody's Hikes CFR to B1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has upgraded Orbit Private Holdings I Ltd's (Equiniti or the company) long-term corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD. Concurrently, Moody's have upgraded the instrument rating of $350 million guaranteed senior unsecured notes due November 2029, issued by Armor Holdco, Inc. to B3 from Caa1. Moody's have also assigned the Ba3 instrument ratings to the proposed $1.5 billion backed senior secured first-lien term loan and $240 million backed senior secured first-lien revolving credit facility (RCF) to be borrowed by Armor Holdco, Inc. The outlooks on Equiniti, Armor Holdco, Inc., and Earth Private Holdings Ltd. are changed to stable from positive. The existing B1 instrument ratings, including a $1,211 million backed senior secured first-lien term loan due December 2028 and a $175 million backed senior secured first lien RCF due December 2026, borrowed by Armor Holdco, Inc.; and a GBP200 million backed senior secured first-lien term loan due 2028, borrowed by Earth Private Holdings Ltd., have been reviewed by the rating committee and remained unchanged. These ratings are expected to be withdrawn following the completion of the recently launched amend-and-extend transaction. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrade reflects Equiniti's strong financial results for the 12 months ended September 30, 2025, supported both by organic growth, acquisitions and progress on cost saving initiatives. This performance resulted in improvement of the company's credit metrics, despite a partially debt-financed acquisition completed earlier this year, and Moody's expects the positive trajectory to continue over the next 12-18 months. Moody's also views the recently launched amend-and-extend transaction as credit positive because it will improve the maturity profile of Equiniti's capital structure and enhance its liquidity, while having a broadly neutral effect on leverage. For the 12 months ended September 30, 2025, Equiniti's profitability benefitted from the reviving corporate activity in the US (Aa1 stable), which translated into the increase in earnings from its more discretionary shareholder services, such as proxy solicitation and advisory, and the growth of Digital Media Innovations Holding Inc (Notified) business following its acquisition in May 2025. The retirement solutions segment was also on the rise amid a solid market environment in the United Kingdom (UK, Aa3 stable). The company's earnings remain supported by substantial interest income revenue of GBP224 million from managing off-balance-sheet cash deposits due to still elevated interest rate levels. Although Equiniti's Moody's-adjusted debt increased by $350 million (GBP260 million) raised to partially finance the Notified acquisition and an $85 million (GBP60 million) contingent consideration, Moody's-adjusted leverage decreased to 4.9x debt/EBITDA on a pro forma basis as of September 30, 2025 from 5.4x as of December 31, 2024, and Moody's expects it to reduce to 4.7x by the end of 2025. Moody's-adjusted EBITA/interest expense is also expected to improve to 2.3x from 2.0x. Under Moody's baseline scenario, the company's Moody's-adjusted leverage decreases to 4.3x as of year-end 2026, driven by moderate growth in earnings and the repayment of the contingent consideration for Notified. Moody's also expects continued organic growth of the shareholder services segment, cost savings and gradual reducing restructuring costs offset the negative effect from the anticipated decrease of partially hedged interest income revenue amid declining interest rates and the loss of a contract in the retirement solutions segment. In the absence of transaction expenses and one-off settlements that strain Equiniti's cash generation in 2025, Moody's expects its Moody's-adjusted free cash flow (FCF)/debt to exceed 10% by the end of 2026 compared with 5.2% a year earlier. On November 04, Equiniti launched the amend-and-extend transaction to extend maturities of its term loan by three years and replace the pound sterling tranche with the US dollar. The company also plans to upsize its RCF to $240 million (around GBP185 million) from $175 million (around GBP135 million) and extend it by four years. Moody's views the transaction as an evidence of a prudent liquidity management policy. Equiniti's B1 CFR continues to reflect the company's (1) leading market positions in the share registration and pension administration markets in the UK and the US; (2) the non-discretionary nature of core services because of regulatory requirements; (3) substantial interest income revenue from managing off-balance-sheet cash deposits which provides some hedge against economic cycles; and (4) good liquidity, supported by robust cash generation. The rating also factors in (1) the sensitivity of Equiniti's revenue and earnings to fluctuations in corporate activity through proxy solicitation and advisory services; (2) regulatory and legal risks; (3) its track record of debt-financed shareholder distributions and acquisitions, although Moody's base case does not incorporate any new such transactions; and (4) the company's Moody's-adjusted leverage of 4.9x debt/EBITDA on a pro forma basis as of September 30, 2025. LIQUIDITY Equiniti maintains good liquidity. As of September 30, 2025, it comprised GBP153 million in cash and equivalents, including GBP15 million which Moody's considers restricted for regulatory purposes; a fully undrawn $240 million (GBP185 million) RCF after the transaction; and operating cash flow of around GBP200 million, that Moody's expects Equiniti to generate over the next 12 months. Moody's estimates these sources will be sufficient to comfortably cover the company's capital spending of GBP67 million, GBP9 million of contractual term loan amortisation payments and up to GBP60 million of the contingent consideration over the next 12 months. The RCF is subject to a springing consolidated first lien net leverage covenant, which activates at 35% utilisation. Moody's do not expect this covenant to be tested over the next 12 months. STRUCTURAL CONSIDERATIONS Equiniti's PDR of B1-PD is at the same level as its B1 CFR, reflecting the expected recovery rate of 50%, which Moody's typically assume for a capital structure consisting mainly of covenant-lite bank loans. The Ba3 ratings of the senior secured term loan and the pari passu ranking RCF are one notch above Equiniti's CFR because of their priority position ahead of the B3 senior unsecured notes. However, any further changes to the capital structure could have implications for the notching of the instrument ratings, because of the small size of the unsecured debt relative to the secured portion. The security package includes substantially all tangible and intangible assets, and share pledges. All the instruments are guaranteed by material subsidiaries. RATING OUTLOOK The stable outlook reflects Moody's expectations that Equiniti will continue to reduce leverage through earnings growth. Moody's also expects that any potential acquisitions or shareholder distributions, which are not included in Moody's current baseline scenario, will not significantly weaken the company's credit metrics for an extended period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Equiniti's ratings if it accelerates growth of the core business, reduces leverage below 4.0x, improves EBITA/interest expense to at least 3.0x, and increases free cash flow/debt above 10% on a sustainable basis, while maintaining good liquidity (all metrics are Moody's-adjusted). An upgrade would also require a track record of adherence to a conservative financial policy that prioritises leverage reduction. Moody's could downgrade Equiniti's ratings if its leverage increases above 5.0x, EBITA/interest expense declines below 2.25x and FCF/debt falls below 5% on a sustained basis because of underperformance or a shift to a more aggressive financial policy (all metrics are Moody's-adjusted). Moody's could also downgrade the rating if the company's liquidity weakens significantly. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in the UK, Equiniti is a leading provider of share registration and other complex regulatory services and technology to private- and public-sector customers with a focus on the UK and US markets. The company was spun off from Lloyds Banking Group plc (A3 stable) in 2007, but its origins trace back to 1836. Siris is a controlling shareholder, following the take-private acquisition in 2021. For the 12 months that ended September 30, 2025, Equiniti generated GBP846 million in revenue and GBP261 million in Moody's-adjusted EBITDA. SEECUBIC LIMITED: Opus Restructuring Named as Administrators ------------------------------------------------------------ Seecubic 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-2025-007154, and Allister Manson and Anthony Davidson of Opus Restructuring LLP were appointed as administrators on Oct. 30, 2025. Seecubic specialized in the design, production and sale of 3D displays and monitors. Its registered office is at 8 Twisleton Court, Priory Hill, Dartford, Kent, DA1 2EN. Its principal trading address is at 8 Twisleton Court, Priory Hill, Dartford, Kent, DA1 2EN. The joint administrators can be reached at: Allister Manson Anthony Davidson Opus Restructuring LLP 322 High Holborn London, WC1V 7PB For further information, contact: The Joint Administrators Tel No: 020 4509 9125 Alternative contact: James Lowe SILKFRED LIMITED: Quantuma Advisory Named as Administrators ----------------------------------------------------------- Silkfred Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England & Wales, Court Number: CR-2025-007496, and Andrew Watling and Duncan Beat of Quantuma Advisory Limited were appointed as administrators on Oct. 29, 2025. Silkfred engaged in online fashion retail. Its registered office is at The Old Truman Brewery, 91 Brick Lane, London, E1 6QL and is in the process of being changed to Office D, Beresford House, Town Quay, Southampton, SO14 2AQ. Its principal trading address is at The Old Truman Brewery, 91 Brick Lane, London, E1 6QL. The joint administrators can be reached at: Andrew Watling Duncan Beat Quantuma Advisory Limited Office D, Beresford House Town Quay Southampton, SO14 2AQ For further information, contact: The Joint Administrators Email: silkfred@quantuma.com TBNG LIMITED: Kroll Advisory Named as Joint Administrators ---------------------------------------------------------- TBNG Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts Insolvency & Companies List (ChD), Court Number: CR-2025-007600, and Benjamin John Wiles and Robert Armstrong of Kroll Advisory Ltd were appointed as joint administrators on Oct. 30, 2025. TBNG Limited engaged in head office activities. Its registered office is located at 3rd Floor, 7–10 Chandos Street, London, W1G 9DQ. The joint administrators can be reached at: Benjamin John Wiles Robert Armstrong Kroll Advisory Ltd The News Building, Level 6 3 London Bridge Street London, SE1 9SG For further information, contact: The Joint Administrators Tel No: +44 (0) 20 7089 4700 Alternative contact: Jodi Sheridan Email: Jodi.Sheridan@kroll.com VIDRUMA TECHNOLOGIES: Small Business Named as Administrators ------------------------------------------------------------ Vidruma Technologies Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number: CR-2025-007090, and Kevin Weir of Small Business Rescue Ltd was appointed as administrator on Oct. 31, 2025. Vidruma Technologies engaged in business and domestic software development. Its registered office is at 169 Blackmoorfoot Road, Crosland Moor, Huddersfield, HD4 5AP. The administrator can be reached at: Kevin Weir Small Business Rescue Ltd 56 Leman Street London, E1 8EU For further information, contact: Small Business Rescue Ltd Tel No: +44 20 4509 0530 WILLARD CONSERVATION: Leonard Curtis Named as Joint Administrators ------------------------------------------------------------------ Willard Conservation 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-2025-007384, and Nicola Layland and Michael Robert Fortune of Leonard Curtis were appointed as joint administrators on Oct. 22, 2025. Willard Conservation manufactures conservation machines and tools and previously operated under the name Willard Developments Limited. Its registered office is located at 1580 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, PO15 7AG, and its principal trading address is The Workshop, Leigh Road, Chichester, West Sussex, PO19 8TT. The joint administrators can be reached at: Nicola Layland Michael Robert Fortune Leonard Curtis 1580 Parkway Solent Business Park Whiteley, Fareham Hampshire, PO15 7AG For further information, contact: The Joint Administrators Email: creditors.south@leonardcurtis.co.uk Alternative contact: David Manning ZEUS BIDCO: S&P Lowers Rating on Senior Secured Notes to 'CCC' -------------------------------------------------------------- S&P Global Ratings lowered to 'CCC' from 'CCC+' its issue rating on Zeus Bidco Ltd.'s (Zenith's) senior secured notes due to lower expected recovery in the event of a hypothetical default. At the same time, S&P revised downward its recovery rating on the notes to '5' from '4', indicating its revised recovery expectations of 10%-30% (rounded estimate: 20%). The lower recovery prospects for the senior secured notes, issued by Zenith Finco PLC, reflects the increase in priority ranking debt following the GBP100 million upsize of Zenith's securitization facilities to GBP1,075 million in July 2024 and its extension in February 2025, as well as the fully drawn revolving credit facility of GBP65 million. This reduces the value of collateral that would likely be available to senior creditors, in S&P's view. S&P affirmed its 'CCC+' long-term issuer credit rating on Zeus Bidco Ltd. to reflect: -- S&P's view of a potential distressed exchange of Zenith's senior secured notes due in June 2027; -- Potential deterioration of its liquidity position, driven by weaker operating cash flow due to lower proceeds from used car sales; and -- Very high leverage, with the EBIT-to-interest-coverage ratio likely remaining below 1.1x by the end of 2027, reflecting the tough environment for the used battery electric vehicles' market, which is depressing profitability. S&P then withdrew its issuer credit and issue ratings on Zeus Bidco Ltd. and Zenith Finco PLC at the issuer's request. At the time of the withdrawal, our outlook on Zeus Bidco was stable. [] UK: January-September 2025 Company Administrations Down 8% ------------------------------------------------------------- Following the publication of the latest company insolvency statistics by The Insolvency Service, Kroll, the leading independent provider of global financial and risk advisory solutions, has published new insights on UK company administrations for the first three quarters of 2025. A total of 918 companies entered administration between January and September 2025, marking a 8% decrease from the 997 administrations recorded during the same period in 2024. The overall drop points to a degree of business resilience, despite ongoing economic uncertainty and subdued growth. However, while the overall picture suggests insolvency numbers are returning to pre-Covid levels, the data highlights notable increases in distress within certain sectors. Automotive, professional practices and financial have seen administration numbers rise by 68%, 56% and 40% respectively compared to the first three quarters of 2024. These increases are likely tied to ongoing challenges in the economy, increasing business costs and tax rises, alongside global supply chain disruption. Sarah Rayment, Managing Director and Global co-Head of Restructuring, Kroll: "Undoubtedly 2025 has been a tough year for businesses so far. Geopolitics and tariffs have caused significant headaches alongside a more recent threat in cyber-attacks. Overall, we are seeing a degree of resilience from companies, but clearly within sectors there are specific challenges. 2025 has been an especially tough year for retailers, but also we're seeing more distress in sectors such as professional services and automotives. Businesses are looking towards the Chancellor's Budget to see whether she will announce measures that will not only support growth but alleviate existing pressures on companies." The top sectors for administrations across the UK in 2025 are: Sector YTD 2024 YTD 2025 Q3 2024 Q3 2025 Retail 96 108 37 38 Manufacturing 141 106 44 32 Construction 115 101 30 30 Real Estate 106 89 37 26 Media & Tech 106 73 35 21 Leisure & Hospitality 77 71 35 24 Energy & Industrials 51 52 18 20 Professional Practices 32 50 15 24 Financial Services 30 42 13 12 Recruitment 36 39 16 15 Healthcare 32 38 7 14 Automotive 22 37 6 13 Food & Drink 45 33 12 12 Logistics & Transport 48 28 15 11 Printing & Advertising 24 17 11 7 Education 9 14 4 6 Charity Not for profit 1 4 0 1 Other 26 16 7 2 Total: 997 918 342 308 About Kroll Kroll -- http://www.kroll.com-- is an independent provider of global financial and risk advisory solutions. It leverages its unique insights, data and technology to help clients stay ahead of complex demands. Kroll's team of more than 6,500 professionals worldwide continues the firm's nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. ********* 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. 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