251218.mbx

251218.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, December 18, 2025, Vol. 26, No. 252 Headlines A U S T R I A SAPPI PAPIER: Fitch Cuts Sr. Unsec. Debt Rating to 'BB' A Z E R B A I J A N AZER-TURK BANK: S&P Affirms 'B+/B' ICRs on Acquisition by State Oil G E R M A N Y GOLDEN RAY 2: Moody's Assigns Ba3 Rating to EUR5.1MM Class E Notes I R E L A N D AQUEDUCT EUROPEAN 8: S&P Assigns B- (sf) Rating to Class F-R Notes AVOCA CLO XXXIV: S&P Assigns B- (sf) Rating to Class F Notes BNPP IP 2015-1: Moody's Affirms B2 Rating on EUR9MM Class F Notes CAPITAL FOUR XI: S&P Assigns B- (sf) Rating to Class F Notes DRYDEN 88 2020: Moody's Affirms B2 Rating on EUR9.8MM Cl. F Notes DRYDEN 96 2021: S&P Assigns B- (sf) Rating to Class F-R Notes MADISON PARK XXI: S&P Assigns B- (sf) Rating to Class F Notes NORTH WESTERLY VI: S&P Assigns B- (sf) Rating to Class F-R Notes PERRIGO COMPANY: Moody's Cuts CFR to Ba3, Alters Outlook to Stable L I T H U A N I A AKROPOLIS GROUP: S&P Affirms 'BB+' ICR on Group Status Change MAXIMA GRUPE: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable N O R W A Y B2 IMPACT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable S P A I N IM CAJAMAR 5: Moody's Ups Rating on EUR15MM Class E Notes to Ca S W E D E N PREEM HOLDING: Moody's Puts 'Ba3' CFR on Review for Downgrade U N I T E D K I N G D O M ION TRADING: Moody's Withdraws 'B3' Corporate Family Rating PAYSAFE LTD: S&P Alters Outlook to Stable, Affirms 'B' ICR PETRA DIAMONDS: S&P Upgrades ICR to 'B-', Outlook Stable - - - - - ============= A U S T R I A ============= SAPPI PAPIER: Fitch Cuts Sr. Unsec. Debt Rating to 'BB' ------------------------------------------------------- Fitch Ratings has downgraded Sappi Limited's Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB+'. The Outlook is Stable. Fitch has also downgraded Sappi Papier Holding GmbH's (SPH) senior unsecured debt rating to 'BB' from 'BB+'. The downgrade reflects its view that Sappi will exceed the previous negative sensitivities of 2.5x gross leverage and 2.0x net leverage through FY26-FY29 (year-end September). Weaker-than-expected FY25 performance and additional debt to fund the cash shortfall drove gross leverage to 4.5x and net leverage to 4.3x at FYE25. Fitch expects deleveraging on EBITDA improvement and improving free cash flow (FCF), but only to 2.6x gross by FYE29. The Stable Outlook reflects its expectations that FCF will turn neutral in FY26 and become sustainably positive in FY27-FY29, supported by suspended dividends, much lower capex, and the continued ramp-up of paper machine 2 (PM2) at its Somerset mill. Key Rating Drivers Leverage High for Rating: EBITDA gross leverage at FYE25 was 4.5x and net leverage was 4.3x, up from 2.7x and 2.3x in FY24, respectively, due to lower-than-expected EBITDA and higher debt. Although Fitch had expected leverage to be slightly outside its previous sensitivities at FYE25 and to return within the range by FYE26, its updated model indicates this will not occur over the forecast horizon FY26-FY29, which has led to the downgrade. Fitch expects EBITDA gross leverage to remain outside its new sensitivity of 3.5x at FYE26, before falling under this level by FYE27. Remaining outside this sensitivity beyond FY27 will lead to a further negative rating action. The company has publicly stated its main short-term focus is debt reduction and strengthening the balance sheet, which has been supported by lower planned capex, suspension of dividends and further restructuring. Weak FY25 Earnings: Fitch-adjusted EBITDA of USD464 million in FY25 reflects pressure from intensifying global trade tensions. This led to a broad-based slowdown, lower consumer confidence and declining selling prices across segments. A weaker U.S. dollar - the company's reporting currency - also reduced pulp profitability in South Africa and increased the translation burden on euro-denominated debt, while oversupply in global paper markets weighed on paper operations. Fitch expects market conditions to improve in FY26, although they remain historically weak, with EBITDA projected at USD479 million. Demand for dissolving wood pulp (DWP) should stay robust, but the large DWP-paper pulp price gap and subdued textile fiber pricing could slow price recovery. Continued U.S. dollar weakness against the rand could pressure pulp margins in South Africa. In packaging, global demand weakness presents pricing risk in South Africa, despite supportive FY26 agricultural forecasts. In North America, as PM2 ramps up, Fitch expects management to balance price and volume and use PM2 swing capabilities to optimise the product mix. Deeply Negative FCF: FCF was deeply negative in FY25 due to lower EBITDA, high capex of USD496 million related to the PM2 conversion, a USD85 million dividend, and a USD65 million working-capital outflow. Its negative FCF of USD412 million was USD227 million worse than forecast and was funded by additional debt. Dividend suspension and the lack of further large capex projects support neutral FCF in FY26 and positive FCF from FY27. Transition Period: Sappi's transition is under way, following the completion of PM2 conversion and expansion in May 2025. The company announced further restructuring in European paper operations to raise usage and maximise cash generation. These actions are set to complete in 2Q26, with upfront costs of USD40 million and annual savings of USD60 million. The strategy to limit exposure to graphic paper will temporarily weaken FCF and lift leverage. It involves long-term investments and disposals, conversions to other packaging grades, or closures of graphic paper machines based on market conditions. Fitch views successful execution of the transition as a key rating factor. Possible JV Announced: In December 2025, Sappi signed a non-binding letter of intent to form a 50/50, non-listed European graphic paper JV with UPM. Sappi would contribute four mills, reducing its exposure to direct sales volume of graphic paper to less than 20% from about 40% and creating a standalone business with divestment flexibility. The JV would be self-financing, without recourse to shareholders, and remains subject to shareholder approval, bank financing and regulatory approvals. Given the uncertainty in execution and timing, this is not factored into its rating case. Strong Diversification: Sappi's product portfolio is stronger and typically broader than that of many packaging peers. Its raw material and end-use offerings have broad applications across many industries, including textiles, consumer goods, foodstuff, pharmaceuticals, packaging, automobiles, dye sublimation paper and magazines. This diversification is slightly offset by the cyclical nature of the pulp and paper industries, declining demand for graphic paper and variable consumer discretionary spending. Instrument Notching: Fitch equalises SPH's senior unsecured debt rating with Sappi's IDR. SPH issues debt to fund non-South African operations and is independently funded by Sappi Southern Africa Limited (SSA). Fitch sees no material subordination of SPH's debt to unsecured debt issued by SSA or secured debt within the group. Peer Analysis Sappi's closest Fitch-rated peers are pulp and paper packaging producer, Stora Enso Oyj (BBB-/Stable), Brazilian paper packaging producer, Klabin S.A. (BB+/Stable), and Italian premium paper packaging and pressure-sensitive label producer, Fedrigoni S.p.A. (B+/Negative). The business profile also has some similarity to pulp producers Suzano S.A. (BBB-/Positive) and Eldorado Brasil Celulose S.A. (BB/Stable). Sappi is better geographically diversified than its higher-rated peer Stora Enso, which is focused on Europe (69%). Sappi also differentiates by product offering, with more end-use applications relative to peers. However, just under half of FY25 revenue was from the structurally declining graphic paper segment, and volatile pulp prices weigh on profitability versus peers. Fitch expects Sappi to further reduce its graphic paper exposure, although progress is slower than at Stora Enso, which has already eliminated paper revenue. Fitch estimates Sappi's FY25 EBITDA margins are similar to Stora Enso's but lower than Fedrigoni's. Pulp producers Suzano and Eldorado have structurally different profitability profiles to Sappi, with strong double-digit margins. Sappi's leverage weakened in FY25, with gross leverage rising to 4.5x, similar to Stora Enso's forecast leverage. Both companies expect to deleverage, although Stora Enso at a faster rate. This leverage level is also similar to other packaging peers in the 'BB' category, such as Klabin and Silgan Holdings Inc. (BB+/Stable). Fitch’s Key Rating-Case Assumptions - Revenue CAGR of 4.4% for FY26-FY29, led by a rebound in selling prices for dissolving pulp and increased capacity in packaging and specialty papers - EBITDA broadly flat in FY26 at just over 8% of revenue, before improving to over 11% from FY28 due to improving market conditions, better capacity usage and fixed-cost reduction - No dividend distributions until FY29 - Capex to average 5.3% of revenue a year during FY26-FY29 - Changes in working capital roughly neutral each year during FY26-FY29 RATING SENSITIVITIES Factors that Could Individually or Collectively Lead to Negative Rating Action/Downgrade - Failure to reduce EBITDA gross leverage below 3.5x by FYE27 - EBITDA margin below 9% - Sustained negative FCF margin - Shift in capital-allocation priorities toward debt-financed M&A or shareholder returns, instead of deleveraging - Greater volatility in margins due to unfavourable pulp and paper prices or a decline in graphic paper revenue not counterbalanced by other packaging grades Factors that Could Individually or Collectively Lead to Positive Rating Action/Upgrade - EBITDA gross leverage below 2.5x on a sustained basis - EBITDA margin above 10% on a sustained basis - FCF margin consistently positive - Decreasing share of graphic paper revenue leading to improved business risk and less volatile profitability Liquidity and Debt Structure Sappi had satisfactory liquidity at FYE25, with USD111 million cash, after restricting USD108 million for intra-year working-capital changes. Liquidity is supported by revolving credit facilities of EUR515 million at SPH, maturing in February 2027, and ZAR2 billion at SSA, maturing in August 2027. These facilities total about USD720 million, of which USD602 million is undrawn. The extension of the EUR515 million RCF is underway, and the company targets completion before the facility becomes current. Sappi has a record of capital-market access and a good debt maturity profile spanning 2028-2032. In March 2025, the company issued EUR300 million in senior notes to refinance the remaining EUR240 million principal of its 2026 senior notes. It is also replacing a large portion of short-term debt with a new five-year term facility. Issuer Profile Sappi is a leading global provider of wood fibre-based raw materials (eg dissolving pulp, wood pulp) and end-use products (eg packaging and specialty papers, and graphic paper). MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Sappi Papier Holding GmbH senior unsecured LT BB Downgrade RR4 BB+ Sappi Limited LT IDR BB Downgrade BB+ =================== A Z E R B A I J A N =================== AZER-TURK BANK: S&P Affirms 'B+/B' ICRs on Acquisition by State Oil ------------------------------------------------------------------- S&P Global Ratings affirmed its 'B+/B' long- and short-term issuer credit ratings on Azer-Turk Bank OJSC (ATB). The outlook is stable. The stable outlook over the next 12 months reflects our expectations that the bank's business and financial profiles will remain stable under the new management team and the new owner. In October 2025, the State Oil Co. of Azerbaijan Republic (SOCAR) completed the acquisition of a 51% stake in Azer-Turk Bank OJSC (ATB) from the government of Azerbaijan through corporate registry. The bank is in the process of developing its new strategy to capitalize on the benefits from its new ownership under the new management team. S&P views ATB as a nonstrategic subsidiary of SOCAR and, therefore, do not include any additional notches of support from SOCAR in our ratings on ATB. The affirmation reflects S&P's view that the bank's financial and business profiles will likely remain stable while it is formulating its new strategy. In October 2025, SOCAR's acquisition of a 51% stake in ATB from the government of Azerbaijan was completed through corporate registry and the charter amendment process. The new management team has been in place since mid-October and has two new board members in addition to two remaining board members, while the CEO position is vacant. A new supervisory board has two board members representing SOCAR and one board member representing the government, while two additional independent directors are in the process of being approved. The bank is currently formulating its new strategy focusing on transactional banking with SOCAR and increasing its lending to small and midsize enterprises in the non-oil sector. When the strategy is announced, S&P will evaluate how supportive it is to ATB's future franchise and profitable growth. S&P said, "We expect ATB's capitalization and risk position to remain stable over the next 12 months. We anticipate that the bank's capitalization, as measured by our risk-adjusted capital (RAC) ratio, is likely to remain at about 6.0%-7.5% in 2026 compared to 6.6% as of end-2024. RAC will remain highly dependent on planned future loan growth and possible capital injections. We expect that stage 3 loans could increase to 4% in the next 12-24 months as loans continue to season following rapid growth in 2022-2024. Stage 3 loans increased to 3.2% as of Sept. 30, 2025, from 2.2% as of end-2024 driven by the deterioration of corporate and consumer loans. The bank plans to further strengthen risk management in line with ongoing regulatory initiatives by the Central Bank Of The Republic Of Azerbaijan to move to Basel III in 2026. "We consider ATB to be a nonstrategic subsidiary of SOCAR and do not incorporate any notches of support to the bank's stand-alone credit profile (SACP). This reflects the bank's very small size in the group's perimeter, limited importance for SOCAR's long-term strategy, no planned integration in the group's operations, no track record of support as a new acquisition, and no concrete planned capital injections. With time and depending on the level of integration into SOCAR's operations, strategy, and the track record of support through business generation or capital injections, we could reconsider the group's status. "We consider ATB as a government-related entity. We think that ATB's link with the government is limited, which reflects the government's reduced ownership to 24% from 75% previously. We think ATB has a limited role for the government as a small commercial bank without any special social role, serving the same customer base of corporates and individuals as other Azerbaijani commercial banks. Therefore, we view ATB's likelihood to receive timely and sufficient support from Azerbaijan's government as low. We expect government support, if any, to come through SOCAR, ATB's majority shareholder. As a result, we do not incorporate any notches of government support above the SACP assessment into our ratings on the bank. "The stable outlook over the next 12 months reflects our expectations that the bank's business and financial profiles will likely remain stable under the new majority ownership by SOCAR. "We could lower the ratings over the next 12 months if the bank's new strategy puts material pressure on its capitalization and asset quality, or if potential business development benefits from SOCAR's ownership do not result in the bank increasing its franchise and profitability. "In our view, a positive rating is unlikely over the next 12 months. After this period, we could raise the ratings if we see a higher likelihood of support from SOCAR demonstrated by a reliable track record of such support." ============= G E R M A N Y ============= GOLDEN RAY 2: Moody's Assigns Ba3 Rating to EUR5.1MM Class E Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to Notes issued by Golden Ray S.A., Compartment 2: EUR263.6M Class A Floating Rate Asset Backed Notes due December 2058, Definitive Rating Assigned Aa3 (sf) EUR13.6M Class B Floating Rate Asset Backed Notes due December 2058, Definitive Rating Assigned Aa3 (sf) EUR10.6M Class C Floating Rate Asset Backed Notes due December 2058, Definitive Rating Assigned A3 (sf) EUR7.5M Class D Floating Rate Asset Backed Notes due December 2058, Definitive Rating Assigned Baa3 (sf) EUR5.1M Class E Floating Rate Asset Backed Notes due December 2058, Definitive Rating Assigned Ba3 (sf) EUR6M Class X Floating Rate Asset Backed Notes due December 2058, Definitive Rating Assigned Baa3 (sf) Moody's have not assigned a rating to the EUR2.6M Class F Fixed Rate Asset Backed Notes due December 2058. RATINGS RATIONALE The Notes are backed by a static pool of German consumer solar and heat pump loans originated by Enpal B.V. and Enpal Heat GmbH. This represents the second issuance out of the Golden Ray S.A. program. The portfolio of loans amounts to approximately EUR302.9 million as of October 31, 2025 pool cut-off date. The loans to private individuals finance solar panels (74.2%) and heat pumps (25.8%) bought by private individuals. The liquidity reserve is funded to 1.0% of the Class A Notes balance at closing. The total credit enhancement for the Class A Notes is 13.9%. The Class A Notes to Class E Notes and the Class X Notes' ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. Moody's have concluded that the Class A Notes' rating is constrained by a new combination of credit risks: (i) financing a new asset type with limited performance history untested through an economic cycle, (ii) long loan tenors, and (iii) operational risks. The transaction benefits from various credit strengths, such as: (i) an amortizing liquidity reserve fund sized at 1.0% of Class A Notes balance, (ii) a granular portfolio of assets, and (iii) a static portfolio. However, Moody's notes that the transaction features some credit weaknesses, such as: (i) an unrated servicer (Enpal B.V.), (ii) limited historical performance data, and (iii) loan maturities up to 25 years. Various mitigants have been included in the transaction structure, such as: (i) the appointment of a back-up servicer at closing, (ii) an independent cash manager, (iii) estimation language in case no servicer report is available, and (iv) principal to pay interest. The limited availability of historical data, compared with the long loan maturities, is reflected in the asset assumptions. Moody's determined the portfolio lifetime expected defaults of 5.5%, expected recoveries of 25.0% and Aaa portfolio credit enhancement of 27.0% related to borrower receivables. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate Consumer ABS. Portfolio expected defaults of 5.5% are higher than the EMEA Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) the limited historical performance data for the originator's portfolio, (ii) the long loan maturities, and (iii) other qualitative considerations. Portfolio expected recoveries of 25.0% are in line with the EMEA Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the book of the originator and (ii) other qualitative considerations. PCE of 27.0% is higher than the EMEA Consumer ABS average and is based on Moody's assessments of the pool, which is mainly driven by: (i) evaluation of the underlying portfolio, complemented by the historical performance information as provided by the originator, (ii) the 25 years maturity of the solar loan products, and (iii) other qualitative considerations. The PCE level of 27.0% results in an implied coefficient of variation ('CoV') of 61.4%. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may cause an upgrade of the ratings of the Notes include significantly better than expected performance of the pool together with an increase in credit enhancement of the Notes. Factors that would lead to a downgrade of the ratings include: (i) increased counterparty risk leading to potential operational risk of servicing or cash management interruptions, and (ii) economic conditions being worse than forecast resulting in higher arrears and losses. ============= I R E L A N D ============= AQUEDUCT EUROPEAN 8: S&P Assigns B- (sf) Rating to Class F-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Aqueduct European CLO 8 DAC's class A-R, B-R, C-R, D-R, E-R, and F-R reset notes. The issuer also issued unrated subordinated notes. This is a European cash flow CLO transaction, securitizing a pool of primarily syndicated senior secured loans and bonds. The portfolio's reinvestment period will end 4.59 years after closing. S&P said, "This transaction is a reset of the already existing transaction that we rated. We withdrew our ratings on the existing classes of notes, which were fully redeemed with the proceeds from the issuance of the replacement notes." 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 payments. The ratings assigned to Aqueduct European CLO 8 DAC's notes reflect our assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The 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 2,754.59 Default rate dispersion 517.65 Weighted-average life (years) 4.78 Obligor diversity measure 167.82 Industry diversity measure 23.09 Regional diversity measure 1.30 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.50 Actual 'AAA' weighted-average recovery (%) 35.48 Actual weighted-average spread (net of floors; %) 3.73 Actual weighted-average coupon (%) 4.38 Rationale 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 our criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the actual weighted-average spread (3.73%), the actual weighted-average coupon (4.38%), and the actual target weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period on July 15, 2030, the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating--and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "The transaction's legal structure and framework isbankruptcy remote, in line with our legal criteria. "The CLO is managed by HPS Investment Partners CLO (UK) LLP, and the maximum potential rating on the liabilities is 'AAA' under our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the ratings are commensurate with the available credit enhancement for the class A-R to F-R notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to D-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase--during which the transaction's credit risk profile could deteriorate--we have capped our assigned ratings on the notes. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of loan and notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A-R to E-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 notes." Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) A-R AAA (sf) 244.00 3mE +1.28% 39.00 B-R AA (sf) 48.50 3mE +2.00% 26.88 C-R A (sf) 24.00 3mE +2.20% 20.88 D-R BBB- (sf) 28.50 3mE +3.10% 13.75 E-R BB- (sf) 18.00 3mE +5.80% 9.25 F-R B- (sf) 11.00 3mE +8.55% 6.50 Z-1 NR 2.00 N/A N/A Z-2 NR 2.00 N/A N/A Z-3 NR 2.00 N/A N/A Sub NR 37.60 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month Euro Interbank Offered Rate (EURIBOR) when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month EURIBOR. AVOCA CLO XXXIV: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------ S&P Global Ratings assigned its ratings to Avoca CLO XXXIV DAC's class A loan and class A, B, C, D, E, and F notes. At closing, the issuer also issued unrated class Z notes and subordinated notes. The ratings assigned to Avoca CLO XXXIV's notes and loan reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which S&P considers to be bankruptcy remote. -- The transaction's counterparty risks, which S&P is in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,779.93 Default rate dispersion 485.84 Weighted-average life (years) 4.84 Obligor diversity measure 179.79 Industry diversity measure 23.28 Regional diversity measure 1.21 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.00 'AAA' weighted-average recovery (%) 36.56 Actual weighted-average spread (%) 3.61 Country concentration in sovereigns rated below 'AA-' (%) 26.80 Rationale Under the transaction documents, the rated notes and loan will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.58 years after closing. S&P said, "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we modeled a target par of EUR400 million. We also modeled the covenanted weighted-average spread (3.52%), the covenanted weighted-average coupon (4.00%), and the identified weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes and loan. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period on July 15, 2030, the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating--and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "Under our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "The CLO is managed by KKR Credit Advisors (Ireland) Unlimited Co., and the maximum potential rating on the liabilities is 'AAA' under our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the ratings are commensurate with the available credit enhancement for the class A loan and class A to F notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from closing--during which the transaction's credit risk profile could deteriorate--we have capped our ratings on the notes. "For the class F notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 26.05% (for a portfolio with a weighted-average life of 4.84 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.84 years, which would result in a target default rate of 15.49%." -- S&P has not believe that there is a one-in-two chance of this note defaulting. -- S&P has not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of notes and loan. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A loan and class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes. Environmental, social, and governance S&P said, "We regard the transaction's exposure to environmental, social, and governance (ESG) credit factors as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental and social credit factors is viewed as below average, while governance credit factors are average. For this transaction, the documents prohibit or limit certain assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Avoca CLO XXXIV DAC is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. The transaction is a broadly syndicated CLO managed by KKR Credit Advisors (Ireland) Unlimited Co. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) A AAA (sf) 165.00 Three/six-month EURIBOR 38.00 plus 1.26% A Loan AAA (sf) 83.00 Three/six-month EURIBOR 38.00 plus 1.26% B AA (sf) 42.00 Three/six-month EURIBOR 27.50 plus 1.75% C A (sf) 22.50 Three/six-month EURIBOR 21.88 plus 2.00% D BBB- (sf) 29.50 Three/six-month EURIBOR 14.50 plus 2.80% E BB- (sf) 20.00 Three/six-month EURIBOR 9.50 plus 5.40% F B- (sf) 12.00 Three/six-month EURIBOR 6.50 plus 8.35% Z NR 0.10 N/A N/A Sub notes NR 31.00 N/A N/A *The ratings assigned to the class A loan and class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. BNPP IP 2015-1: Moody's Affirms B2 Rating on EUR9MM Class F Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by BNPP IP Euro CLO 2015-1 DAC: EUR24,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2030, Upgraded to Aaa (sf); previously on Apr 3, 2025 Upgraded to Aa1 (sf) EUR16,800,000 Class D Senior Secured Deferrable Floating Rate Notes due 2030, Upgraded to Aa2 (sf); previously on Apr 3, 2025 Upgraded to A1 (sf) Moody's have also affirmed the ratings on the following notes: EUR185,000,000 (Current outstanding balance EUR28,327,446) Class A Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf); previously on Apr 3, 2025 Affirmed Aaa (sf) EUR13,500,000 Class B-1 Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf); previously on Apr 3, 2025 Affirmed Aaa (sf) EUR12,632,000 Class B-2 Senior Secured Fixed Rate Notes due 2030, Affirmed Aaa (sf); previously on Apr 3, 2025 Affirmed Aaa (sf) EUR18,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2030, Affirmed Ba1 (sf); previously on Apr 3, 2025 Upgraded to Ba1 (sf) EUR9,000,000 Class F Senior Secured Deferrable Floating Rate Notes 2030, Affirmed B2 (sf); previously on Apr 3, 2025 Affirmed B2 (sf) BNPP IP Euro CLO 2015-1 DAC, issued in April 2015 and refinanced in April 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by BNP PARIBAS ASSET MANAGEMENT France SAS. The transaction's reinvestment period ended in July 2022. RATINGS RATIONALE The rating upgrades on the Class C and Class D notes are primarily a result of the deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in April 2025. The affirmations on the ratings on the Class A, Class B-1, Class B-2, 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 Class A notes have paid down by approximately EUR62.03 million (33.0%) since the last rating action in April 2025 and EUR156.7 million (84.7%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased. According to the trustee report dated October 2025[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 234.18%, 162.55%, 133.88% and 112.60% compared to February 2025[2] levels of 168.02%, 139.11%, 124.16% and 111.34%, respectively. 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: EUR130.9m Defaulted Securities: EUR1.86m Diversity Score: 31 Weighted Average Rating Factor (WARF): 3676 Weighted Average Life (WAL): 2.85 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.80% Weighted Average Coupon (WAC): 5.09% Weighted Average Recovery Rate (WARR): 45.55% Par haircut in OC tests and interest diversion test: 3.62% 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. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. 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. CAPITAL FOUR XI: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------ S&P Global Ratings assigned credit ratings to Capital Four CLO XI DAC's class X, A, B, C, D, E, and F notes. At closing, the issuer also issued subordinated notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period will end 4.6 years after closing, while the noncall period will end 1.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The 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 2,727.27 Default rate dispersion 464.04 Weighted-average life (years) 5.02 Obligor diversity measure 126.98 Industry diversity measure 22.16 Regional diversity measure 1.30 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.50 Actual 'AAA' weighted-average recovery (%) 35.47 Actual floating-rate assets (%) 93.1 Actual weighted-average coupon (%) 3.60 Actual weighted-average spread (net of floors; %) 3.56 S&P said, "The portfolio is well-diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (3.53%), and the covenanted weighted-average coupon (3.00%) as indicated by the collateral manager. We have applied a 1% haircut on the AAA recovery rate and assumed the actual targeted weighted-average on other rating levels. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis shows that the class B to E notes benefit from break-even default rate and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on the notes. The class X and A notes can withstand stresses commensurate with the assigned ratings. "For the class F notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. "However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 24.18% (for a portfolio with a weighted-average life of 5.02 years), versus if it was to consider a long-term sustainable default rate of 3.2% for 5.02 years, which would result in a target default rate of 16.06%. -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Until the end of the reinvestment period on July 25, 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 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. "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 documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework are bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class X to F notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class X to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the 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 certain assets from being related to certain activities. Since the exclusion of assets from these activities does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Capital Four CLO XI DAC's securitizes a portfolio of primarily senior secured leveraged loans and bonds. Capital Four CLO Management II K/S is the lead collateral manager and retention holder, and Capital Four Management Fondsmæglerselskab A/S is the co-collateral manager. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ X AAA (sf) 2.00 N/A Three/six-month EURIBOR plus 0.85% A AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.28% B AA (sf) 41.60 27.60 Three/six-month EURIBOR plus 2.00% C A (sf) 24.20 21.55 Three/six-month EURIBOR plus 2.30% D BBB- (sf) 30.00 14.05 Three/six-month EURIBOR plus 3.10% E BB- (sf) 17.60 9.65 Three/six-month EURIBOR plus 5.50% F B- (sf) 12.60 6.50 Three/six-month EURIBOR plus 8.34% Sub notes NR 30.10 N/A N/A *The ratings assigned to the class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. DRYDEN 88 2020: Moody's Affirms B2 Rating on EUR9.8MM Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Dryden 88 Euro CLO 2020 DAC: EUR18,400,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Jun 11, 2021 Definitive Rating Assigned Aa2 (sf) EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Jun 11, 2021 Definitive Rating Assigned Aa2 (sf) EUR10,200,000 Class C-1 Mezzanine Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Jun 11, 2021 Definitive Rating Assigned A2 (sf) EUR18,400,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate Notes due 2034, Upgraded to A1 (sf); previously on Jun 11, 2021 Definitive Rating Assigned A2 (sf) Moody's have also affirmed the ratings on the following debt: EUR117,600,000 Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Jun 11, 2021 Definitive Rating Assigned Aaa (sf) EUR120,000,000 Class A Senior Secured Floating Rate Loan due 2034, Affirmed Aaa (sf); previously on Jun 11, 2021 Definitive Rating Assigned Aaa (sf) EUR29,400,000 Class D Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Jun 11, 2021 Definitive Rating Assigned Baa3 (sf) EUR21,000,000 Class E Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Jun 11, 2021 Definitive Rating Assigned Ba3 (sf) EUR9,800,000 Class F Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed B2 (sf); previously on Jun 11, 2021 Definitive Rating Assigned B2 (sf) Dryden 88 Euro CLO 2020 DAC, issued in June 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by PGIM Loan Originator Manager Limited and PGIM Limited. The transaction's reinvestment period will end in January 2026. RATINGS RATIONALE The rating upgrades on the Class B-1, Class B-2, Class C-1 and Class C-2 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 Loan, Class A Notes, Class D, Class E and Class F notes are primarily a result of the expected losses on the debt remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published 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: EUR396.4m Defaulted Securities: EUR0 Diversity Score: 52 Weighted Average Rating Factor (WARF): 2985 Weighted Average Life (WAL): 4.3 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.44% Weighted Average Coupon (WAC): 3.83% Weighted Average Recovery Rate (WARR): 42.61% 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 debt's 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 debt are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debt's performance is subject to uncertainty. The debt's performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the debt's performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: 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 debt's 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 debt beginning with the debt having the highest prepayment priority. -- Weighted average life: The debt's 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 debt's seniority. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. DRYDEN 96 2021: S&P Assigns B- (sf) Rating to Class F-R Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Dryden 96 Euro CLO 2021 DAC's class X to F-R notes. At closing, the issuer has unrated subordinated notes outstanding from the existing transaction and issued EUR3.4 million in additional subordinated notes. This transaction is a reset of the already existing transaction that closed in June 2022. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. The portfolio's reinvestment period will end approximately 4.5 years after closing, while the noncall period will end 1.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The 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 2776.125 Default rate dispersion 613.577 Weighted-average life including reinvestment (years) 4.50 Obligor diversity measure 100.073 Industry diversity measure 22.824 Regional diversity measure 1.229 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 3.71 Target 'AAA' weighted-average recovery (%) 36.67 Target weighted-average coupon (%) 3.36 Target weighted-average spread (net of floors; %) 3.81 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. Rating rationale The portfolio is well diversified at closing, 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 the EUR350 million target par amount, the covenanted weighted-average spread (3.70%), and the covenanted weighted-average coupon (3.35%) as indicated by the collateral manager. We have assumed the targeted weighted-average recovery rates for all rated notes (36.67% at the 'AAA' rating 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. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1-R to E-R notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment period from closing until June 15, 2030, during which the transaction's credit risk profile could deteriorate, we have capped the assigned ratings. "For the class F-R notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F-R notes reflects several key factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 24.68% (for a portfolio with a weighted-average life of 4.50 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.50 years, which would result in a target default rate of 14.32%. -- 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. Following this analysis, S&P considers that the available credit enhancement for the class F-R notes is commensurate with the assigned 'B- (sf)' rating. S&P said, "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our rating is commensurate with the available credit enhancement for the class F-R notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class X to E-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 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 or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Class Rating* (mil. EUR) Sub (%) Interest rate§ X AAA (sf) 2.500 N/A Three/six-month EURIBOR plus 0.85% A-R AAA (sf) 217.000 38.00 Three/six-month EURIBOR plus 1.31% B-1-R AA (sf) 17.000 28.10 Three/six-month EURIBOR plus 2.10% B-2-R AA (sf) 17.500 28.10 4.90% C-R A (sf) 23.313 21.50 Three/six-month EURIBOR plus 2.50% D-R BBB- (sf) 24.500 14.50 Three/six-month EURIBOR plus 3.50% E-R BB- (sf) 17.063 9.60 Three/six-month EURIBOR plus 6.17% F-R B- (sf) 10.938 6.50 Three/six-month EURIBOR plus 8.81% Sub. Notes NR 33.700 N/A N/A *The ratings assigned to the class X, A-R, B-1-R, and B-2-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R to F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. MADISON PARK XXI: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Madison Park Euro Funding XXI DAC's class A Loan and class A, B, C, D, E, and F notes. At closing, the issuer also issued unrated class M subordinated notes. The ratings assigned to Madison Park Euro Funding XXI's notes and loan reflect our assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,638.19 Default rate dispersion 590.45 Weighted-average life (years) 5.09 Obligor diversity measure 172.04 Industry diversity measure 23.95 Regional diversity measure 1.25 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.00 Target 'AAA' weighted-average recovery (%) 36.28 Target weighted-average spread (net of floors, %) 3.71 Target weighted-average coupon (%) 5.79 Rationale Under the transaction documents, the rated notes and loan will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will switch to semiannual payments. The portfolio's reinvestment period will end 4.5 years after closing. S&P said, "At closing, the portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we modeled a target par of EUR400 million. We also modeled the covenanted weighted-average spread (3.70%), the covenanted weighted-average coupon (4.00%), and the target weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes and loan. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period on June 12, 2030, the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating--and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria." UBS Asset Management Credit Investments Group UK Ltd. manages the CLO, and the maximum potential rating on the liabilities is 'AAA' under our operational risk criteria. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the assigned ratings are commensurate with the available credit enhancement for the class A Loan and class A to F notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from closing--during which the transaction's credit risk profile could deteriorate--we have capped our ratings on the notes. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of notes and loan. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A loan and class A to E notes based on four hypothetical scenarios." Environmental, social, and governance S&P said, "We regard the transaction's exposure to environmental, social, and governance (ESG) credit factors as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental and social credit factors is viewed as below average, while governance credit factors are average. For this transaction, the documents prohibit or limit certain assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Madison Park Euro Funding XXI is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. The transaction is a broadly syndicated CLO managed by UBS Asset Management Credit Investments Group UK Ltd. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) A AAA (sf) 225.00 Three/six-month EURIBOR 38.00 plus 1.30% A Loan AAA (sf) 23.00 Three/six-month EURIBOR 38.00 plus 1.30% B AA (sf) 44.00 Three/six-month EURIBOR 27.00 plus 1.95% C A (sf) 24.00 Three/six-month EURIBOR 21.00 plus 2.15% D BBB- (sf) 28.00 Three/six-month EURIBOR 14.00 plus 2.80% E BB- (sf) 18.00 Three/six-month EURIBOR 9.50 plus 5.50% F B- (sf) 12.00 Three/six-month EURIBOR 6.50 plus 8.00% M sub Notes NR 33.40 N/A N/A *The ratings assigned to the class A Loan and class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. NORTH WESTERLY VI: S&P Assigns B- (sf) Rating to Class F-R Notes ---------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to North Westerly VI ESG CLO DAC's class X-R to F-R European cash flow CLO notes. At closing, the issuer also issued unrated class M-1 and M-2 notes and additional subordinated notes alongside subordinated notes outstanding from the existing transaction. This transaction is a reset of the already existing transaction that closed in January 2020. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period ends approximately five years after closing, and its noncall period ends two years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral co-managers, which comply with our operational risk criteria. -- 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 2,717.42 Default rate dispersion 602.38 Weighted-average life (years) 4.21 Weighted-average life (years) extended to cover the length of the reinvestment period 5.00 Obligor diversity measure 150.81 Industry diversity measure 18.93 Regional diversity measure 1.38 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.47 Target 'AAA' weighted-average recovery (%) 36.58 Target weighted-average spread (net of floors; %) 3.67 Target weighted-average coupon (%) 4.53 Rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (3.60%), the covenanted weighted-average coupon (4.53%), and the target weighted-average recovery rates at all other rating levels, as indicated by the collateral co-managers. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to D-R notes benefits from break-even default rate and scenario default rate cushions that we would typically consider 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 have capped our ratings assigned to the notes. The class X-R, A-1-R, A-2-R, and E-R notes can withstand stresses commensurate with the assigned ratings. "For the class F-R notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The rating uplift for the class F-R notes reflects several key factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 25.60% (for a portfolio with a weighted-average life of 5.00 years), versus if it was to consider a long-term sustainable default rate of 3.2% for 5.00 years, which would result in a target default rate of 16.00%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R notes is commensurate with the assigned 'B- (sf)' rating. "Until the end of the reinvestment period on Dec. 12, 2030, the collateral co-managers 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 co-managers may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings as of the closing date. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote. The issuer is a special-purpose entity that meets our criteria for bankruptcy remoteness. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class X-R to F-R notes. "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 X-R to E-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 notes." The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds, and it is co-managed by North Westerly Holding B.V. and Aegon Asset Management UK PLC. Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain industries. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) X-R AAA (sf) 4.00 3mE + 1.00% N/A A-1-R AAA (sf) 242.00 3mE + 1.32% 39.50 A-2-R AAA (sf) 6.00 3mE + 1.75% 38.00 B-R AA (sf) 44.00 3mE + 2.00% 27.00 C-R A (sf) 24.00 3mE + 2.30% 21.00 D-R BBB- (sf) 28.00 3mE + 3.40% 14.00 E-R BB- (sf) 18.00 3mE + 5.90% 9.50 F-R B- (sf) 12.00 3mE + 8.65% 6.50 M-1 NR 30.00 N/A N/A M-2 NR 30.00 N/A N/A Existing Sub NR 38.00 N/A N/A Additional Sub NR 6.563 N/A N/A *The ratings assigned to the class X-R, A-1-R, A-2-R, and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R to F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. PERRIGO COMPANY: Moody's Cuts CFR to Ba3, Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings downgraded Perrigo Company plc's ("Perrigo") Corporate Family Rating to Ba3 from Ba2, Probability of Default Rating to Ba3-PD from Ba2-PD and the senior unsecured notes to B1 from Ba3. Moody's also downgraded the senior unsecured notes issued by Perrigo Finance Unlimited Company ("PUFC"), a financing subsidiary of Perrigo Company plc, to B1 from Ba3. Moody's affirmed the Ba1 ratings of the senior secured revolving credit facility and term loans issued by Perrigo Investments LLC ("PIL"), another subsidiary of Perrigo Company plc. Perrigo's SGL-2 speculative grade liquidity rating is unchanged. Moody's also changed the rating outlooks for Perrigo, PUFC and PIL to stable from negative. The downgrade reflects Perrigo's very high leverage and Moody's expectations that it will decline slower than previously anticipated as result of continued earnings pressure and deterioration in the competitive environment in the infant nutrition segment. Perrigo's latest earnings results were weaker than expected, and the company revised its fiscal 2025 guidance downward, highlighting ongoing margin and volume challenges. Competitive dynamics in infant nutrition have intensified, limiting Perrigo's ability to return its market position to historic levels and contributing to profitability pressure. Perrigo's recently announced strategic review of its infant nutrition business introduces greater uncertainty around the future of this unit, which has historically been a meaningful contributor to revenue and earnings. While a strategic action could ultimately be credit-positive if it promotes debt repayment and accelerates deleveraging and reinvestment into higher margin business, near-term uncertainty elevates risk around earnings durability and business mix. Moody's expects Perrigo's debt-to-EBITDA (Moody's Adjusted) will remain elevated above 5.0x over next 12-18 months despite the company's continued focus on reducing leverage. Moody's changed the outlook to stable from negative because Moody's expects credit metrics and profitability to steadily improve over the longer-term. Moody's anticipates the company will retain its strong market position in US store brand OTC pharmaceuticals where its manufacturing capabilities and customer relationship provide a competitive advantage over peers. The solid portfolio of branded international products should provide higher sales and earnings growth. Further, Moody's sees the diversification and market position as formidable even following potential asset sales. Moody's expects that proceeds from possible asset sales after the ongoing strategic reviews of the infant formula and oral care businesses, as well as the announced divestiture of the dermacosmetics unit, will be used to reduce debt and support reinvestment into more profitable products. Moody's expects Perrigo will use a combination of cash and operating cash flow, and proceeds from portfolio actions to gradually repay debt and reduce leverage. These factors support the company's ability to navigate current challenging market conditions while preserving financial stability. Nevertheless, Moody's believes that cautious consumer spending and competitive challenges will delay progress to achieving the company's leverage target. The Ba1 ratings on the senior secured credit facilities were affirmed and are two notches above the Ba3 CFR to reflect the effective priority relative to the unsecured debt. The affirmation of the instrument ratings despite the downgrade of the CFR is the result of the considerable loss absorption capacity provided by the unsecured debt in the capital structure. The B1 rating on the unsecured notes is one notch below the Ba3 CFR and reflects the effective subordination to a meaningful amount of secured debt. The debt at PIL and PFUC is guaranteed by Perrigo Company plc and all of the debt is guaranteed by certain of Perrigo's wholly-owned subsidiaries organized in the US, Ireland, Belgium, England, and Wales. RATINGS RATIONALE Perrigo's Ba3 CFR reflects the company's strong market position in the over-the-counter (OTC) healthcare market in the US and Europe. The OTC market is relatively resilient as consumers buy OTC pharmaceuticals as needed to address medical needs even in periods of weakening economic conditions and declining consumer sentiment. The wide breadth of the product portfolio and the company's market position as a key manufacturer of store brands to a diverse customer base, and its own branded products, help mitigate weakening demand in any specific product category or distribution channel. Perrigo's considerable scale was meaningfully enhanced by the HRA and Gateway acquisitions in 2022. Perrigo's ratings are constrained by high leverage. The pace of deleveraging since the company issued debt to fund the HRA and Gateway acquisitions is slower than expected due to the continued operating challenges and high integration and restructuring costs. The decline in the volumes and market share in its US store brand business and the disruption in the infant formula facility in 2024 put pressure on the EBITDA margin. The company has also faced elevated litigation headwinds. Perrigo will need to execute well on its turnaround plans to stabilize its US store brands and unlock value from the recently announced strategic review of the infant nutrition operations as well as realize cost savings from the Project Energize initiative to support improvement in profitability and leverage. Moody's expects the company will use proceeds from the recently announced sale of its dermacosmetics unit to KKR, expected to close in Q1 2026, to repay debt. Moody's expects debt-to-EBITDA leverage will remain above 5.0x over the next 12-18 months but decline from the 5.6x for the last 12 months ending September 2025 as debt decreases and the EBITDA margin improves. Moody's anticipates profitability will improve as Perrigo benefits from realized cost savings from restructuring initiatives and expansion of the higher margin branded products portfolio. Perrigo is guiding to net debt-to-EBITDA leverage (based on the company's calculation) of approximately 3.8x at the end of 2025, which is down from 3.9x as of September 2025 but above the company's prior expectations of 3.5x. Leverage is above Perrigo's long-term 3.0x target, and the company's plan to get to the target indicates a commitment to deleveraging. Liquidity is good, supported by a large cash balance, positive free cash flow and an undrawn $1 billion revolver. The revolver expires in April 2027 and liquidity would weaken if the company does not proactively address this maturity. Perrigo's liquidity is currently good as reflected by its SGL-2 speculative grade liquidity rating. The $432 million cash balance and expected positive free cash flow generation exceeding $70 million in 2025 and above $100 million in 2026, and a sizable $1 billion undrawn revolving credit facility provide ample flexibility to address operating capital requirements, working capital and approximately $35 million of required annual term loan amortization. The company also has good liquidity to support reinvestment needs. Capital expenditures moderated after the company put on hold its investment plans into its nutrition business. Still, Perrigo's focus on investment into supply chain reorientation, manufacturing and product innovation and expansion require considerable capital expenditure and significant use of working capital exceeding $100 million. The company's large $1 billion undrawn revolving credit facility expiring in April 2027 provides meaningful external capacity to fund business operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Perrigo demonstrates consistent organic revenue growth with a higher EBITDA margin, and reduces and sustains debt-to-EBITDA leverage below 4.5x. An upgrade would also require the company to maintain good liquidity and generate retained cash flow-to-net debt in the mid-teens. Ratings could be downgraded if operating profits decline for any reason including volume reductions, market share losses, pricing pressure or rising costs. Debt -to-EBITDA sustained above 5.25x, retained cash flow-to-net debt below a low teen level, or a deterioration in liquidity could also lead to a downgrade. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. 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. Perrigo Company plc, with registered offices in Dublin, Ireland and principal executive offices in Grand Rapids, Michigan, develops, manufactures, and distributes over-the-counter drugs, infant formulas, and nutritional products. The publicly-traded company reported revenue of approximately $4.3 billion for the 12 months ending September 30, 2025. ================= L I T H U A N I A ================= AKROPOLIS GROUP: S&P Affirms 'BB+' ICR on Group Status Change ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term issuer credit rating on retail company Maxima Grupe UAB, operating under the same group as Akropolis Group UAB, while its assessment of its stand-alone credit profile (SACP) is unchanged at 'bb+'. At the same time, S&P affirmed its 'BB+' issue rating on Akropolis' senior unsecured debt. The rating on Akropolis remains aligned with its 'bb+' group credit profile (GCP) assessment for Metodika. The stable outlook on Akropolis reflects its highly strategic position within the Metodika group. S&P anticipates that the group's performance and financial policies will result in Metodika posting debt to EBITDA of approximately 2.3x-2.5x alongside positive free operating cash flow (FOCF) after leases over 2026-2027. Akropolis is spinning off its operations in Poland and Bulgaria to related parties within the wider Metodika B.V. group. S&P believes the group's diversification beyond the rated perimeter, including Akropolis, would likely reduce its strategic importance (and that of Maxima) to the Metodika group. S&P said, "Consequently, we revised our assessment of Akropolis' group status toward the Metodika group to highly strategic, while we previously considered it to be core to the Vilniaus Prekyba (VP) group. "Following the partial spin-off of Maxima's assets, we now consider Metodika to be the ultimate holding company for the group. Lithuania-based Maxima--the key subsidiary of VP and generating more than 70% of VP's 2024 EBITDA--is planning to spin off its faster-growing operations in Poland and Bulgaria. These represented 36% of VP's revenue and 26% of its EBITDA for full-year 2024. The spin-off will transfer these assets to related parties within the broader Metodika group, the ultimate parent company of VP. "While we used to consider VP as the ultimate parent of Akropolis, we now consider Metodika to be the ultimate holding company for the group, which continues to own 100% of Akropolis. "We will continue to monitor the credit quality of Metodika, which we currently view as in line with Akropolis' SACP. As of 2024, the scope of Metodika and VP are practically identical, with both posting S&P Global Ratings-adjusted debt to EBITDA of 2.2x. VP's main subsidiary, grocery chain Maxima, represents about 71% of the EBITDA of the group. However, we understand the spun-off Polish, Bulgarian, and Swedish assets will ultimately be moved to a new subsidiary of Metodika, outside of the VP group. The rationale for this is to separate the mature Baltic operations (remaining under VP) from the growing non-Baltic businesses, which will require additional investment and funding. Our GCP assessment is unchanged at 'bb+', as Metodika's creditworthiness is unaffected by the proposed transaction. The spin-off business will remain under Metodika's scope, having no impact on the group's business prospects and debt to EBITDA, which will remain between 2.0x-2.5x. "We revised our group status assessment for Akropolis and Maxima to highly strategic from core, reflecting that we expect Metodika to focus on expanding the spun-off non-Baltic operations. This has no impact on the issuer credit ratings, as the GCP and the SACPs are aligned at 'bb+'. We believe the decision to widen international operations outside the Maxima and VP perimeter point to progressive diversification outside of the rated scope, including Akropolis, representing a lessening of the group status. "After the spin-off, we expect Akropolis will represent about 27% of the group's total assets and continue to generate about 15% of the group's total EBITDA in 2026. Its contribution could further reduce over time because the international operations are expanding more quickly. At the same time, we anticipate Metodika will consider its 100% owned subsidiary Akropolis integral to its identity and strategy. About 50% of VP's real estate assets are Akropolis' shopping centers, and VP's subsidiaries represent more than 34% of Akropolis' total gross leasable area, as anchor tenants. "We expect VP to support Akropolis under foreseeable circumstances, as demonstrated through the group's flexible dividend policy, under which Akropolis will not pay a dividend to the group during the realization of its development projects. In addition, Akropolis' decision-making process involves VP, with decisions above EUR1 million approved by VP's management. "The stable outlook for Akropolis reflects its highly strategic status to the wider group, whose creditworthiness is currently aligned to that of Akropolis. We expect Metodika's debt to EBITDA to remain below its downside threshold of 3.0x, while its funds from operations (FFO) to debt should remain above 25%. At the same time, we expect Akropolis' EBITDA generation to expand as a result of its recent Galio acquisition, improving its debt-to-EBITDA ratio to 6.0x-6.5x over 2026-2027 from 7.6x in 2025." S&P could lower its rating on Akropolis if it was to revise downward our assessment of its SACP, which could happen if: -- The debt-to-debt-plus-equity ratio did not remain below 50%, which could stem from a higher portfolio devaluation than anticipated, or higher-than-expected investments, -- The EBITDA-interest-coverage ratio falls below 2.4x, or -- Debt to EBITDA nears or surpasses 7.5x. S&P said, "We would also lower the ratings on Akropolis if our view of its parent Metodika's creditworthiness were to deteriorate. This could be the case if Metodika's debt to EBITDA increased above 3.0x, FFO to debt fell to below 25%, FOCF after leases fell sharply, or short-term maturities strained our liquidity assessment." Given its highly strategic group status, an upgrade of Akropolis would hinge on our upward revision of both its SACP and of Metodika's GCP. In particular, S&P could raise the ratings on Akropolis if: -- Akropolis achieves EBITDA interest coverage above 3.8x, debt to debt plus equity well below 35%, and a debt-to-annualized EBITDA ratio below 4.5x, while significantly expanding its portfolio to a scale that would be comparable with those of investment-grade ratings companies, and maintaining positive like-for-like rental growth and stable occupancy levels; and -- Metodika exceeds S&P's base case and thereby expands its scale, diversification, and market position outside the Baltics and increases profitability, strengthening its competitive position, or commits to a more conservative financial policy consistent to debt to EBITDA well below 2.0x and FFO to debt approaching 45%. Metodika would also need to build a track record of structurally positive FOCF after leases, comfortably covering investments and shareholder distributions, a more diversified funding base with well-spread maturities, and a public financial policy commitment. MAXIMA GRUPE: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term issuer credit rating on Lithuania-based Maxima Grupe UAB, with its 'bb+' stand-alone credit profile (SACP) unchanged. Going forward, we will include the ultimate parent Metodika into the group credit profile (GCP), which we assess at 'bb+', in line with our SACP for Maxima and Akropolis Group UAB. The stable outlook on Maxima reflects Maxima's highly strategic status in the Metodika group. We expect the group's performance and financial policy will result in Metodika's debt to EBITDA of about 2.3x-2.5x and Maxima's debt to EBITDA of 1.8x-2.0x, and positive FOCF after leases over 2026-2027. Maxima is spinning off its operations in Poland and Bulgaria (accounting for 36% of segment revenue and 26% EBITDA in 2024) to related parties within the wider Metodika group, reducing its size, geographic diversification, and growth prospects. Maxima will maintain a leading market position in the Baltics, which will benefit from higher profitability--with EBITDA margins of about 9% and annual free operating cash flow (FOCF) after leases in excess of EUR100 million from 2026 onwards--to service dividends in line with its financial policy. The spin-off will reduce Maxima's S&P Global Ratings-adjusted debt to EBITDA to about 1.9x, from 2.2x including Poland and Bulgaria, as about EUR0.5 billion of financial- and lease liabilities will be spun-off with the assets, compensating for the reduced business perimeter. Maxima will see its revenue decrease to EUR4.0 billion in 2025 from EUR6.1 billion in 2024, weighing on its size, geographic diversification, growth prospects, and weakening our view of its business risk profile. In 2024, the group generated retail revenue of EUR6.1 billion and company defined EBITDA margins of 7.5%. In the past few years, the group has expanded rapidly in Bulgaria and Poland through store openings, which in 2024 represented 36% of revenue and 26% of EBITDA. The spin-off will reduce Maxima's exposure to these faster growing countries and shrink its absolute scale to about EUR4.0 billion revenue and EBITDA of EUR356 million. On the other hand, margins improve to 8.8% compared with the 7.6% previously expected for 2025 due to the lower profitability of less mature and faster growing operations in Bulgaria and Poland. S&P said, "We expect that higher profitability and limited growth investments, given the already leading market share in the Baltics, will support visibility on FOCF after leases. We expect revenue growth will stabilize at 3%-3.5%, from 5%-6% previously, as Maxima focuses on consolidating its market share, against the competition from other supermarkets like IKI (Rewe Group; BBB/Stable/A-2), RIMI, and discounters like Lidl." Leverage will decrease to about 1.9x from the previously expected 2.2x, on the carve out of financial and lease liabilities related to the Polish and Bulgarian assets. While Maxima will distribute all the proceeds from the spin-off to its parent company, the transaction will still have a moderately positive impact on its credit metrics. This is because about EUR0.5 billion of lease and financial liabilities referring to the Polish and Bulgarian operations will be transferred with the assets. This will lead to a reduction in leverage to about 1.9x in 2025 compared to 2.2x expected pre-spin-off. The penetration of owned versus leased stores is higher in the Baltics than in Poland and Bulgaria, also helping to shrink leverage. S&P said, "As a result, we now assess Maxima's stand-alone financial risk in the stronger end of intermediate, which is coherent with its financial policy to retain company-defined debt to EBITDA below 2.0x, and compensates for the relative weakening of the business risk profile within the fair category." The group should achieve FOCF after leases of more than EUR100 million per year, while paying sizable dividends. While absolute earnings decrease, lower capital expenditure (capex) related to store openings in Poland and Bulgaria, as well as lower lease payments, will support FOCF generation. S&P said, "We expect the group to invest 3% of revenue to support maintenance capex and store openings, while the high real estate ownership in the Baltics compared with Poland and Bulgaria will result in lower lease outflows of about EUR64 million in 2026 down from EUR112 million expected for 2025, translating into EUR111 million FOCF after leases in 2026 and EUR119 million in 2027. In the past, Maxima has paid out about 70% of net income. Going forward, we expect Maxima to distribute the great majority of its FOCF after leases to support the wider group, as long as its debt to EBITDA remains at about 2.0x, in line with its financial policy." S&P said, "We expect Maxima will refinance the bridge facility in a timely manner to retain its adequate liquidity. In November 2025, Maxima successfully repaid its EUR240 million senior unsecured notes, drawing a new two-year EUR260 million unsecured bridge facility. We expect the company will refinance the bridge with a new long-term bond in the next six to 12 months, which is conditional to keep adequate liquidity. "Going forward, we include the ultimate parent Metodika into the GCP, which we assess at 'bb+', in line with the SACP of Maxima and Akropolis. Metodika is the ultimate owner of Vilniaus Prekyba (VP). As of 2024, the perimeters of Metodika and VP are practically identical, with S&P Global Ratings-adjusted debt to EBITDA of 2.2x and Maxima representing about 71% of the EBITDA of the group. However, we understand the spun-off Polish, Bulgarian, and Swedish assets will ultimately be moved to a new subsidiary of Metodika, outside of the VP group. The rationale behind this move is to separate the mature Baltic operations (remaining under VP) from the expanding non-Baltic businesses, which would eventually require additional investments and funding. Given this envisaged change, we now consider Metodika to be the ultimate holding company of the group, which we assess at a GCP of 'bb+'. Metodika's GCP is unaffected by the proposed transaction, as the spin-off business will remain under its perimeter, having no impact on the group's business prospects and debt to EBITDA, which remains between 2.0x-2.5x. "We revised the group status on Maxima and Akropolis to highly strategic from core, as we expect the group will focus on expanding the spun-off non-Baltic operations. This has no impact on the issuer credit ratings, as the GCP and the SACP are aligned at 'bb+'. We believe the decision to grow international operations outside the Maxima and VP perimeter point to progressive diversification outside of the rated perimeter, lessening the group status. Post spin-off, we expect Maxima will represent about 52% of Metodika's group EBITDA in 2026, down from 71% in 2024, with its contribution to reduce further over time due to the faster growing nature of the international operations. Going forward, Metodika will be slightly more leveraged than Maxima, and will rely on its dividends to fund international growth investments. This development also reflects our view on Akropolis, which recently acquired the Galio development business from Metodika, resulting in a higher share of revenue, EBITDA, and assets than previously anticipated and increased related-party lease space within the Baltic operations under VP. "The stable outlook reflects Maxima's highly strategic status in the Metodika group, contributing about 52% of EBITDA in 2026 coupled with sizable FOCF after leases to fund growth within the overall group via dividend distributions. We expect that Metodika group will achieve revenue growth of more than 4% and EBITDA margins of about 8% from the expansion of its retail store network and development of real estate assets, translating into debt to EBITDA of about 2.3x. At the same time, we expect Maxima to increase revenue by at least 3% per year with margins of 9% translating to more than EUR100 million FOCF after leases and debt to EBITDA below 2.0x in 2026. "We could lower the ratings on Maxima if its adjusted debt to EBITDA increases to 3.0x, FFO to debt falls below 30%, or FOCF after leases deteriorates sharply compared with our base case. "We could also lower the rating on Maxima if Metodika's group credit profile deteriorated, such that its debt to EBITDA increases above 3.0x, FFO to debt falls to below 25%, FOCF after leases falls sharply, or short-term maturities pressure our liquidity assessment." Given its highly strategic group status, an upgrade of Maxima would hinge on an upward revision of both the SACP for Maxima and the GCP of Metodika group. In particular, S&P could raise the ratings on Maxima if: -- Maxima achieves debt to EBITDA well below 2.0x and FFO to debt above 45%; and -- Metodika group exceeds our base case, expanding its scale, diversification, and market position outside the Baltics, increasing profitability, and strengthening its business profile, or it committed to a more conservative financial policy consistent with debt to EBITDA well below 2.0x and FFO to debt approaching 45%. An upgrade would also be contingent on the overall group building a track record of structurally positive FOCF after leases, comfortably covering investments and shareholder distributions, a more diversified funding base with well spread maturities, and a public financial policy commitment. =========== N O R W A Y =========== B2 IMPACT: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings has affirmed B2 Impact ASA's (B2 Impact) corporate family rating of Ba2 and its Ba3 senior unsecured debt rating. The issuer outlook remains stable. RATINGS RATIONALE The affirmation of the Ba2 CFR reflects the company's stable financial performance and conservative funding and investment strategy, balanced against the highly cyclical and challenging operating environment in which B2 Impact operates as a debt purchaser and collector. B2 Impact continues to demonstrate good profitability and collection performance while maintaining stable cash flows, moderate leverage, and a strong tangible equity cushion. The company's profitability and cash flows will be supported by its ability to replenish its portfolios with selective investments in small and mid-sized non-performing portfolios in its various geographical markets. B2 Impact's ability to fund itself in the public markets is underpinned by its strong tangible common equity ratio and headroom to leverage and interest coverage covenants. Consequently, B2 Impact has initiated timely refinancings of its bonds and its revolving credit facility (RCF), extending maturities and further reducing interest expenses compared with 2024. The company has no upcoming debt maturities within the next 24 months. Similar to other well-performing debt purchasing and collection companies, B2 Impact's CFR is constrained by the operating environment score of B1 for all rated debt purchasing companies. This reflects Moody's views that the sector is highly cyclical, sensitive to the availability of nonperforming loans, and affected by changes in collection patterns through economic cycles. The Ba3 rating of B2 Impact's senior unsecured notes reflects their priorities of claims and asset coverage in the company's current liability structure. OUTLOOK The stable outlook reflects Moody's views that B2 Impact will maintain modest leverage, and solid profitability and stable cash flows over the 12-18 month outlook period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS B2 Impact's CFR could be upgraded if the company continues to demonstrate a track record of conservative financial policy by maintaining its moderate leverage, strong capital and pro-active management of liabilities, alongside improving profitability and stable liquidity and cash flow performance. The Ba3 senior unsecured debt rating could be upgraded if B2 Impact's CFR is upgraded, or in case of changes in the liability structure that would decrease the amount of debt considered senior to the notes or increase the amount of debt considered junior to the notes. Downward rating pressure could develop if the company's credit profile weakens significantly, if for example profitability and leverage metrics deteriorate substantially or if the liquidity position significantly weakens. A downgrade of B2 Impact's CFR would likely result in a downgrade of the Ba3 senior unsecured debt rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Finance Companies published in July 2024. B2 Impact's "Assigned Standalone Assessment" of ba2 is set two notches below the "Financial Profile initial score" of baa3 to reflect the company's risks related to the operating environment for debt purchasing and debt collections companies, which is highly cyclical, sensitive to the availability of nonperforming loans, and affected by changes in collection patterns through economic cycles. ========= S P A I N ========= IM CAJAMAR 5: Moody's Ups Rating on EUR15MM Class E Notes to Ca --------------------------------------------------------------- Moody's Ratings has upgraded the ratings of 13 Notes in IM CAJAMAR 5, FTA, IM CAJAMAR 6, FTA, IM Cajastur MBS 1, Fondo de Titulización de Activos and IM BCC CAJAMAR 1, FT. The rating upgrades reflect the decreased country risk for the Notes previously rated Aa1 (sf) and for the other affected Notes the decreased country risk, increased levels of credit enhancement and better-than-expected collateral performance. The rating action concludes Moody's reviews of 12 Notes placed on review for upgrade on October 6, 2025 (https://urlcurt.com/u?l=dGbxI6) following the increase of the Government of Spain's ("Spain") local-currency bond country ceiling to Aaa from Aa1 on September 26, 2025. Spain's country ceiling, and therefore the maximum rating that Moody's can assign to a domestic Spanish issuer under Moody's methodologies, including structured finance transactions backed by Spanish receivables, is Aaa (sf). Issuer: IM BCC CAJAMAR 1, FT EUR615M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6, 2025 Aa1 (sf) Placed On Review for Upgrade EUR135M Class B Notes, Upgraded to Baa1 (sf); previously on Oct 6, 2025 Baa3 (sf) Placed On Review for Upgrade Issuer: IM CAJAMAR 5, FTA EUR962M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6, 2025 Aa1 (sf) Placed On Review for Upgrade EUR11.5M Class B Notes, Upgraded to Aa1 (sf); previously on Oct 6, 2025 A1 (sf) Placed On Review for Upgrade EUR12M Class C Notes, Upgraded to Aa2 (sf); previously on Oct 6, 2025 A3 (sf) Placed On Review for Upgrade EUR14.5M Class D Notes, Upgraded to Aa3 (sf); previously on Oct 6, 2025 Baa3 (sf) Placed On Review for Upgrade EUR15M Class E Notes, Upgraded to Ca (sf); previously on Oct 6, 2025 Affirmed C (sf) Issuer: IM CAJAMAR 6, FTA EUR1836.2M Class A Notes, Upgraded to Aaa (sf); previously on Oct 6, 2025 Aa1 (sf) Placed On Review for Upgrade EUR31.2M Class B Notes, Upgraded to Aaa (sf); previously on Oct 6, 2025 Aa1 (sf) Placed On Review for Upgrade EUR19.5M Class C Notes, Upgraded to Aaa (sf); previously on Oct 6, 2025 Aa2 (sf) Placed On Review for Upgrade EUR62.4M Class D Notes, Upgraded to Aa1 (sf); previously on Oct 6, 2025 A3 (sf) Placed On Review for Upgrade EUR50.7M Class E Notes, Affirmed Ca (sf); previously on Oct 6, 2025 Affirmed Ca (sf) Issuer: IM Cajastur MBS 1, Fondo de Titulización de Activos EUR492M Class A Notes, Upgraded to Aa1 (sf); previously on Oct 6, 2025 Aa3 (sf) Placed On Review for Upgrade EUR123M Class B Notes, Upgraded to Aa3 (sf); previously on Oct 6, 2025 A2 (sf) Placed On Review for Upgrade RATINGS RATIONALE The rating upgrades reflect the increase in the Spanish local-currency country ceiling to Aaa from Aa1 for the affected notes previously rated Aa1 in all four transactions. For the rest of notes previously rated below Aa1 (sf), rating upgrades also reflect the increased levels of credit enhancement and the better- than- expected collateral performance. For Class B in IM BCC CAJAMAR 1, FT, rating upgrade reflects the increase in the Spanish local-currency country ceiling and better than expected collateral performance. Moody's affirmed the rating of the Notes with an expected loss consistent with their current rating. Decreased Country Risk The rating action follows Moody's increase of Spain's local-currency bond country ceiling to Aaa from Aa1 on September 26, 2025. This local-currency bond ceiling increase followed the upgrade of the Government of Spain's issuer and bond ratings to A3 with a stable outlook from Baa1 and a positive outlook. Spain's country ceiling, and therefore the maximum rating that Moody's can assign to a domestic Spanish issuer under Moody's methodologies, including structured finance transactions backed by Spanish receivables, is Aaa (sf). The decrease in sovereign risk is reflected in Moody's quantitative analysis for the affected tranches. By increasing the maximum achievable rating for a given portfolio loss, the methodology alters the loss distribution curve and implies a lower probability of high loss scenarios, which has a positive impact on all notes, including mezzanine and junior notes. Increase in Available Credit Enhancement In three transactions, the non-amortizing reserve funds led to the increase in the credit enhancement available for the respective notes. In IM CAJAMAR 5, FTA, the credit enhancement of the Classes B, C and D Notes increased to 12.2%, 9.8%, and 6.9% from 10.89%, 8.49% and 5.59% respectively since the rating action in September 2024. In IM CAJAMAR 6, FTA, the credit enhancement of the Classes B, C and D Notes increased to 17.3%, 15.3%, and 8.9% from 16.63%, 14.63% and 8.23% respectively since the rating action in May 2025. In IM Cajastur MBS 1, Fondo de Titulización de Activos, the credit enhancement of the Class B Notes increased to 32.1% from 28.04% since the rating action in February 2025. Revision of Key Collateral Assumptions As part of the rating action, Moody's reassessed Moody's lifetime loss expectation for the portfolios reflecting the collateral performance to date. The transactions continue to demonstrate strong performance, with low arrears and no material additional defaults since the most recent rating actions. The remaining loans in the pools have shown resilience since 2022 despite elevated interest rates and affordability pressure due to high inflation. Furthermore, the securitized portfolios are highly granular, with no significant concentrations and very low weighted-average indexed loan-to-value (LTV) ratios. Spain's robust labor market recovery, coupled with real wage growth and rising house prices, is expected to underpin stable performance for the seasoned collateral backing these transactions. In RMBS transactions, Moody's apply a floor to the MILAN Stressed Loss, namely the Minimum Portfolio EL Multiple, which is typically a multiple of the Portfolio EL to maintain a minimum coefficient of variation for the lognormal distribution used to simulate losses incurred by the securitized portfolio. MILAN Stressed Losses subject to the floor reduce when the Portfolio EL is reduced. IM CAJAMAR 5, FTA The arrears over 90 days just marginally increased to 0.44% from 0.31% and cumulative defaults remain largely unchanged at 5.87% since the rating action in September 2024. Moody's decreased the expected loss assumption for the portfolio to 0.86% from 1.76% as a percentage of current pool balance. The corresponding expected loss assumption as a percentage of original pool balance decreased to 1.89% from 2.00%. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolio to incur in a severe economic stress. As a result, Moody's have maintained the MILAN Stressed Loss assumption at 6.10%. IM CAJAMAR 6, FTA The arrears over 90 days just marginally increased to 0.48% from 0.39% and cumulative defaults remain largely unchanged at 8.37% since the rating action in May 2025. Moody's decreased the expected loss assumption for the portfolio to 1.17% from 1.91% as a percentage of current pool balance. The corresponding expected loss assumption as a percentage of original pool balance decreased to 3.12% from 3.25%. Moody's reassessed loan-by-loan information to estimate the loss Moody's expect the portfolio to incur in a severe economic stress. As a result, Moody's have decreased the MILAN Stressed Loss assumption to 5.40%% from 6.70%. IM BCC CAJAMAR 1, FT The arrears over 90 days just marginally increased to 0.35% from 0.25% and cumulative defaults remain largely unchanged at 0.87% since the rating action in May 2025. Moody's decreased the expected loss assumption for the portfolio to 1.60% from 2.62% as a percentage of current pool balance. The corresponding expected loss assumption as a percentage of original pool balance decreased to 1.00% from 1.40%. Moody's reassessed loan-by-loan information to estimate the loss Moody's expect the portfolio to incur in a severe economic stress. As a result, Moody's have decreased the MILAN Stressed Loss assumption to 7.00 from 8.40%. IM Cajastur MBS 1, Fondo de Titulización de Activos The arrears over 90 days just marginally increased to 0.56% from 0.24% and cumulative defaults remain unchanged at 4.70% since the rating action in February 2025. Moody's decreased the expected loss assumption for the portfolio to 1.15% from 1.67% as a percentage of current pool balance. The corresponding expected loss assumption as a percentage of original pool balance decreased to 2.34% from 2.48%. Moody's reassessed loan-by-loan information to estimate the loss Moody's expect the portfolio to incur in a severe economic stress. As a result, Moody's have maintained the MILAN Stressed Loss assumption at 8.30%. Counterparty Exposure The rating actions took into consideration the Notes' exposure to relevant counterparties, such as servicer, account banks or swap providers. The upgrades of Classes A and B in IM Cajastur MBS 1, Fondo de Titulización de Activos from Aa3 (sf) and A2 (sf) to Aa1 (sf) and Aa3 (sf) respectively are also prompted by the upgrade of Unicaja Banco, S.A. (A2(cr)/P-1(cr); A2/P-1 - "Unicaja") acting as the issuer account bank of the transaction. Moody's assessed the default probability of the main issuer account bank provider by referencing the bank's deposit rating and considered the transfer trigger, set at P-1, ineffective given Unicaja's previous short-term deposit rating was P-2 without triggering the replacement. The ratings of the Classes A and B notes are constrained to Aa1 (sf) and Aa3 (sf) respectively in consideration of their respective reliance on the cash deposited in the account held by Unicaja Banco, S.A. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. =========== S W E D E N =========== PREEM HOLDING: Moody's Puts 'Ba3' CFR on Review for Downgrade ------------------------------------------------------------- Moody's Ratings placed Preem Holding AB's (Preem or the company) Ba3 long-term corporate family rating, Ba3-PD probability of default rating and B2 instrument rating for the senior subordinated bond on review for downgrade. Previously the outlook was stable. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating action reflects Moody's views of Preem's weak liquidity given the upcoming maturity of its revolving borrowing base facility (BBF) in December 2026, which has not yet been extended. Considering the inherent volatility of its commodity business, the company relies on the BBF to finance the significant intra-monthly swings in working capital, and maintenance of a sufficient liquidity buffer is critical. Governance considerations for Preem, related to the liquidity management, were a driver of the rating action. As of end September 2025, the BBF was drawn by around SEK 2.8 billion. VARO Energy B.V. intends to acquire Preem. While the European Commission cleared the proposed transaction in July 2025, approval from the Swedish Inspectorate of Strategic Products (ISP) is still pending. Following the expiration of the November 2025 decision date without a conclusion by the ISP, the timeline remains uncertain. Meanwhile, the BBF matures in December 2026 followed by the bond in June 2027. The company currently carries less debt than when it issued its last bond in 2022. Nonetheless, access to capital markets remains influenced by factors beyond Preem's direct control. For businesses operating in volatile sectors, early refinancing becomes even more critical. On a positive note, refining margins were exceptionally strong in Q3-2025 resulting in a material uptick in Preem's EBITDA despite a maintenance turnaround at the Lysekil refinery which continued into Q4-2025. In the last 12 months ended September 2025, Preem's Moody's-adjusted gross leverage was 2.9x. Moody's expects gross leverage to increase by year-end, driven by the turnaround at the Lysekil refinery. Due to this turnaround, the company could only partially capitalize on the highly favorable market conditions, driven by reduced supply. For the next 12-18 months, Moody's expects the European refining market to be at lower levels compared to the conditions in Q3-2025. Nonetheless, the company will benefit from additional hydrotreated vegetable oil (HVO) diesel capacity provided by the completed Synsat revamp project at the Lysekil refinery, which added 900,000m³ of annual capacity. The completed project provides the company with greater flexibility to switch between biofuel and fossil fuel, depending on which offers better economics. The ratings review will focus on the progress in refinancing the debt maturities or other measures to improve liquidity. LIQUIDITY Preem's liquidity is weak because of the upcoming debt maturities. As of the end of September 2025, Preem had around SEK1.5 billion of cash and cash equivalents, and access to a $1.5 billion (or around SEK 14 billion) borrowing base facility (BBF). As of September 2025, Preem's short-term financial indebtedness amounted to SEK800 million and the company borrowed SEK2,825 million under its BBF. The company's next debt maturities, aside from some short-term obligations, are the BBF facility due in December 2026 and its bonds maturing in June 2027. Maintenance of a sufficient liquidity buffer is critical for Preem because of the inherent volatility in its commodity business. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Refining and Marketing published in August 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. CORPORATE PROFILE Headquartered in Stockholm, Sweden, Preem Holding AB (Preem) is the largest refining company in the Nordic region by production capacity with an increasing renewable offering. The company owns two refineries — Preemraff Lysekil (capacity of 220 thousand barrels [bbl] per day) and Preemraff Gothenburg (132 thousand bbl per day). It also owns a leading fuel distribution and retail network in Sweden, which consists of around 500 fuel stations. Furthermore, Preem has stakes in two joint ventures that provide non-fossil feedstock for its renewable offering. In the 12 months that ended September 2025, the company generated around SEK114 billion of sales, split into two segments: Supply and Refining (S&R), and Marketing and Sales (M&S). It sells refined products primarily in Sweden and other northwestern European markets. Preem has been ultimately owned by businessperson Mohammed Hussein Al-Amoudi since 1994. =========================== U N I T E D K I N G D O M =========================== ION TRADING: Moody's Withdraws 'B3' Corporate Family Rating ----------------------------------------------------------- Moody's Ratings has withdrawn the ratings of ION Trading Technologies Limited (ION Markets or the company), including its B3 corporate family rating and its B3-PD probability of default rating. Concurrently, Moody's have also withdrawn the B3 instrument ratings on the existing backed senior secured notes issued by ION Trading Technologies S.a.r.l. Prior to the withdrawal, the ratings on both entities were on review for upgrade. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). This action comes after substantially all of the company's outstanding debt was refinanced or exchanged, in the case of existing notes, by new instruments issued by ION Platform Investment Group Limited (ION Platform) and related entities. Only a negligible portion of notes for less than 0.2% of the existing notes were not exchanged and remain in the ION Markets' perimeter. COMPANY PROFILE ION Markets, a division of ION Platform following the merger earlier in the year, is a global provider of mission critical trading software and services, mainly for equities, fixed income, derivatives, foreign exchange and options markets. It sells its solutions primarily to banks, hedge funds, brokers and other financial institutions. On a standalone basis, ION Markets generated revenue of EUR1.06 billion and company-adjusted EBITDA of EUR570 million in 2024. PAYSAFE LTD: S&P Alters Outlook to Stable, Affirms 'B' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook to stable from positive and affirmed its 'B' long-term issuer credit and issue ratings on Paysafe Ltd. and its first-lien debt facilities. S&P said, "The stable outlook reflects our view that organic revenue growth of 5%-6% and gradually reducing exceptional costs will support Paysafe's S&P Global Ratings-adjusted EBITDA margin recovery toward 20%, FOCF to debt strengthening to above 5%, and S&P Global Ratings-adjusted debt to EBITDA reducing to 6.3x in 2026. "We have revised our base case for Paysafe Ltd. to incorporate the company's revised guidance for 2025, and we now expect its S&P Global Ratings-adjusted EBITDA margin will contract to 18% in 2025, from 24% in 2024, upon the divestment of the high-margin direct marketing business, slower ramp-up of higher-margin new digital wallet initiatives, and higher restructuring and capitalized development costs." Paysafe's adjusted debt to EBITDA will therefore remain above 5.5x for longer than previously anticipated, until at least 2027, and its free operating cash flow (FOCF) will temporarily weaken to less than 5% in 2025. Paysafe's adequate liquidity and focus on reducing its reported net leverage toward 3.5x by the end of 2027 (equivalent to 4.5x in S&P Global Ratings-adjusted terms) continue to support the rating. S&P said, "We anticipate that Paysafe's leverage will continue to exceed 5.5x in 2025-2026. We now forecast it will take longer for Paysafe to reach its reported leverage target of 3.5x, which is equivalent to 4.5x in our adjusted terms, making ratings upside unlikely over the next 12 to 24 months. This is because we have revised down our forecast for Paysafe's revenue and EBITDA significantly, in line with the company's revised guidance for 2025. We now expect S&P Global Ratings-adjusted EBITDA margins will weaken to 18% in 2025, from 24% in 2024, which, combined with adverse currency fluctuations' impact on the company's total debt, will lead to an elevated S&P Global Ratings-adjusted debt to EBITDA of 7.6x in 2025, up from 5.5x in 2024. We then expect Paysafe's adjusted leverage will moderate toward 6.3x in 2026, supported by earnings growth and reduction in net debt--in line with the company's public commitment toward leverage reduction. However, it will remain above our 5.5x upside trigger for longer than previously expected, at least until 2027, compared with 2025 in our previous forecasts. Concurrently, we expect the company will continue to generate positive FOCF, translating into FOCF to debt in excess of 5% from 2026, after a temporary dip to 3% in 2025, driven by the forecast EBITDA contraction. "We forecast weaker-than-expected operating performance over the next two years, underpinned by lower revenue growth, EBITDA and FOCF. The company underperformed our expectations in 2025, and management revised down its revenue and EBITDA guidance for the full year. We now expect flat revenue growth in 2025, affected by the disposal of the direct marketing business, and slower ramp-up of new digital wallets solutions, but forecast 5%-6% organic annual revenue growth over 2025-2027 thanks to the recent strengthening of the sales and marketing teams, continued demand for online gambling merchant accounts, and more traditional digital wallet solutions. "We expect Paysafe's S&P Global Ratings-adjusted EBITDA margin to temporarily decline to 18% in 2025, from 24% in 2024. This reduction owes primarily to the sale of the higher-margin direct marketing business, higher revenue contribution from lower-margin products within the digital wallets segment and less profitable third-party merchant solutions sales channels. It is also driven by $35 million in exceptional costs, mainly related to litigation costs from a class action lawsuit and Paysafe's transformation projects to improve merchant platforms and finance and risk processes. We forecast a gradual S&P Global Ratings-adjusted EBITDA margin improvement to approximately 20% in 2026 and 22% in 2027 as Paysafe delivers on its strategic initiatives and reduces associated transformation costs. We forecast Paysafe will incur $30 million of exceptional costs in 2026, which will significantly moderate in 2027, as we expect the litigation costs will be settled and transformation projects mostly delivered. Additionally, we anticipate inflating capitalized development costs due to platform and technology investments, which further deflates our S&P Global Ratings-adjusted EBITDA. "This forecast peak in exceptional costs and investments in technology and internal processes will also temporarily hit Paysafe's FOCF generation in 2025, which we forecast will contract to $70 million, from $140 million in 2024. We then expect FOCF will recover to $120 million in 2026 and above $160 million in 2027, as S&P Global Ratings-adjusted EBITDA recovers. Meanwhile, working capital outflows are limited to $10 million-$20 million in 2025 and 2026, given slower growth in the digital wallet and merchant solutions segments. "Paysafe remains committed to deleveraging and benefits from adequate liquidity sources. Paysafe's financial policy focuses on investing in profitable organic growth and deleveraging. We view as a positive that Paysafe has a track record of opportunistically buying back debt, including $92 million in 2024 and $167 million in 2023, supporting the company's leverage reduction, and optimizing its interest burden and FOCF generation. In 2025, we forecast Paysafe will prepay about $30 million of debt, and we expect the company will continue focusing on reducing its leverage, in line with its reaffirmed public net leverage target of 3.5x. We do not expect large dividend payments, at least before the company achieves its deleveraging objectives, but we note that it has slightly increased its share buyback envelope with an additional $70 million to be executed over 2026-2027. Finally, we project Paysafe's liquidity sources will comfortably cover uses over the next 12 months, supported by healthy cash levels and generation, availability under the revolving credit facility (RCF), and no large debt maturities until June 2028. "The stable outlook reflects our view that organic revenue growth of 5%-6% and gradually reducing exceptional costs will support Paysafe's S&P Global Ratings-adjusted EBITDA margin recovery toward 20%, FOCF to debt strengthening to above 5%, and S&P Global Ratings-adjusted debt to EBITDA reducing to 6.3x in 2026. "We could lower the rating if Paysafe's adjusted leverage were to rise above 8.0x with no substantial imminent deleveraging expected, and if FOCF to debt dropped to 1%-2% with little room for improvement. This could happen if Paysafe's operational performance materially weakened, leading to declining revenue and S&P Global Ratings-adjusted EBITDA margins, or if the company pursues further significant debt-funded acquisitions. "We could raise the rating if Paysafe's operating performance were to significantly rebound, resulting in adjusted leverage reducing consistently below 5.5x and FOCF to debt rising to comfortably above 5%." PETRA DIAMONDS: S&P Upgrades ICR to 'B-', Outlook Stable -------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Petra Diamonds Ltd. to 'B-' from 'SD' (selective default). S&P also raised to 'B-' from 'D' its issue rating on the senior secured second-lien notes, which were issued by Petra Diamonds US Treasury PLC. The recovery rating of '3' indicates moderate recovery prospects (50%-70%; rounded estimate: 65%) in the event of payment default. The stable outlook reflects Petra Diamonds' lack of near-term debt maturities and improved liquidity. Petra Diamonds has finalized its new capital structure, which comprises senior secured revolving credit facility (RCF) maturing in December 2029 and senior secured second-lien notes maturing in March 2030. The company has secured about GBP18.8 million via an equity rights issue and retains the flexibility to service interest payments on its senior secured second-lien notes through share issuance. The refinancing alleviates Petra Diamonds' near-term refinancing risk (its next maturity date is now in 2029) while also enhancing its liquidity. S&P Global Ratings upgraded Petra Diamonds because the restructuring has given it a more-sustainable capital structure. The company used a series of maturity extensions and amended financing terms to give it more financial flexibility. It extended the maturity of the senior secured bank debt in its RCF to December 2029 from January 2026, while also agreeing revised terms with its lenders. Similarly, the lenders of Petra Diamonds' agreed to delay the maturity of its senior secured second-lien notes to March 2030 from March 2026. The associated amendments to the note terms include: -- The introduction of a cash-or-equity interest payment option that gives Petra Diamonds the option to choose to satisfy interest obligations in company equity, rather than cash; and -- An increase in the cash interest rate on the notes to 10.5% (or 11.5% if interest is paid in equity) from 9.75%. The refinancing also involved raising about GBP18.8 million through an equity rights issue underwritten by some of the existing shareholders. In S&P's view, the changes have stabilized the capital structure by mitigating near-term refinancing risk--the next debt to mature will be the RCF, in December 2029. It also lowers the effective interest burden, as the company retains the flexibility to service interest on its senior secured second-lien notes by issuing shares. S&P continues to view Petra Diamonds' earnings and cash flow as highly sensitive to realized rough-diamond prices. The company's average realized price rose 53% in the first quarter of fiscal 2026 (that is, July 1 to Sept. 30, 2025) to $110 per carat (/ct) from $72/ct in the previous quarter. However, 61% of the uplift stemmed from an improvement in the product mix; like-for-like prices across all categories declined by 8% during this period. During 2025, the diamond industry increased investment in global marketing, in an effort to reignite consumer demand for natural diamonds. At the same time, major producers reduced the supply of rough diamonds, in response to the downturn. The sector's recovery has been slower than anticipated due to persistent macroeconomic weakness, particularly in China; ongoing geopolitical volatility; and greater competition from lab-grown diamonds in certain price segments. S&P expects traceability and provenance to become increasingly integral to the diamond sector's value proposition, as enhanced transparency around sourcing and the chain of custody becomes a key differentiator for natural stones in an increasingly competitive marketplace. Both regulatory pressure and evolving consumer preferences are fueling a push for enhanced supply-chain transparency. This could strengthen confidence in the authenticity and ethical sourcing of natural stones, and may support incremental demand and differentiation, relative to synthetic alternatives. S&P said, "Under our base-case scenario, we now assume that Petra Diamonds' realized prices will average $96/ct-$106/ct in fiscals 2026 to 2028, compared with $85/ct in the fiscal year ending June 30, 2025. We expect Petra Diamonds' output to remain broadly stable, with run-rate production of 2.6-3.3 million carats, despite the shift away from continuous operations at its two South African mines." A two-shift configuration is now in use at the Finsch mine, while the Cullinan mine uses a three-shift configuration. S&P said, "In our view, this steady production base, combined with an improving product mix at Cullinan, should help partially mitigate the pressure to lower prices while underpinning a more predictable operating profile. We forecast that S&P Global Ratings-adjusted EBITDA at Petra Diamonds will rebound to about $79 million in fiscal 2026, from $14 million in fiscal 2025. It is expected to increase further to about $110 million in fiscal 2027. Given this EBITDA trajectory, we consider that the company's revised capital structure delivers meaningful interest savings and provides sufficient headroom to support deleveraging. It is likely to enable a reduction in adjusted leverage to about 4.4x in fiscal 2026 and about 3.5x by the end of fiscal 2027, alongside an improvement in funds from operations (FFO) to debt to 18%-26% over the same period. We consider that leverage peaked in fiscal 2025, driven by a weak diamond market and timing of Petra Diamonds' tenders. "That said, downside risks from weaker diamond prices and an adverse exchange rate between the U.S. dollar and the South African rand (ZAR) could constrain earnings and cash generation, especially given the elevated capital expenditure (capex) of $84 million-$106 million a year over fiscals 2026 to 2028. We estimate that, all else being equal, if appreciation of ZAR1 against the U.S. dollar in fiscal 2026, would reduce adjusted EBITDA by about $9.8 million and increase debt to EBITDA by about 0.9x. Likewise, a 10% decline in our forecast basket price would cause adjusted EBITDA to fall by about $25 million and raise debt to EBITDA by roughly 2.6x. "We forecast that Petra will maintain sufficient covenant headroom under its bank borrowings. Based on our assumptions for earnings and interest expense, we estimate that headroom under the company's 2.0x leverage and 2.5x interest coverage covenants will comfortably exceed 15% over fiscals 2026 and 2027. In our view, this cushion enhances the resilience of the capital structure and reduces the likelihood of covenant pressure, even if diamond prices soften. "We also expect liquidity sources to exceed uses by more than 20% over the next 12 months, under our base-case scenario. Liquidity strengthened materially following the recent restructuring, supported by the GBP18.8 million rights issue. After the transaction, Petra Diamonds' revised capital structure does not include scheduled amortization, which lowers near-term refinancing risk. In addition, we forecast a notable reduction in cash interest, with cumulative cash interest of about $20 million over fiscals 2026 and 2027, compared with about $30 million in fiscal 2025. This improvement largely reflects the company's ability to service interest on the senior secured second-lien notes through equity issuance, an option that allows it to preserve cash during a period of elevated capex requirements. Combined with our forecast cash FFO of ZAR75 million, we estimate that Petra Diamonds will have about $137 million in total liquidity sources, which is sufficient to cover the expected $84 million capex requirement. We view this buffer as providing the company with additional flexibility to manage potential volatility in operating conditions or further weakness in the diamond market." The stable outlook reflects Petra Diamonds' lack of near-term debt maturities, expected recovery in EBITDA, and improved liquidity. S&P said, "We could lower our ratings on Petra Diamonds if the company is unable to generate positive free operating cash flow (FOCF) by fiscal 2028. "We could raise the ratings if diamond prices recover materially and Petra Diamonds delivers on its operational objectives, resulting in a meaningful improvement in FOCF while maintaining adequate liquidity." ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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