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260102.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 2, 2026, Vol. 27, No. 2 Headlines I R E L A N D CVC CORDATUS XVI: Fitch Affirms Bsf Rating on Class F Notes GROSVERNOR PLACE 2025-4: Fitch Assigns B-sf Rating to Class F Debt HARVEST CLO XVI: Fitch Assigns B-sf Rating to Class F-RR Notes HAYFIN EMERALD IX: Fitch Puts B-sf Rating to Class F-2-R Notes INDIGO CREDIT I: Fitch Puts 'BB-sf' Final Rating to Class E-R Notes ROCKFORD TOWER 2025-3: Fitch Rates Class F Notes 'B-sf' SOUND POINT I: Fitch Affirms B+sf Rating on Class F-R Notes STANNAWAY PARK: Fitch Gives B-(EXP) Rating to Class F Debt TIKEHAU CLO X: Fitch Affirms B-sf Rating on Class F Notes VESEY PARK: Fitch Assigns B-sf Rating to Class F-R Notes S P A I N EDREAMS ODIGEO: Fitch Affirms 'B+' IDR, Alters Outlook to Negative U N I T E D K I N G D O M COASTAL WORKBOATS: FRP Advisory Appointed as Joint Administrators GROUP SILVERLINE: Teneo Financial Appointed as Joint Administrators MOJO BRIDGE: Oury Clark Appointed as Administrator PETROFAC TREASURY: Teneo Financial Named as Joint Administrators TALLARNA LIMITED: S&W Partners Appointed as Administrators TOOLSTREAM LIMITED: Teneo Appointed as Joint Administrators ZERO WASTE: Oury Clark Appointed as Administrators - - - - - ============= I R E L A N D ============= CVC CORDATUS XVI: Fitch Affirms Bsf Rating on Class F Notes ----------------------------------------------------------- Fitch Ratings has upgraded CVC Cordatus Loan Fund XVI DAC's class B, C-1, C-2, and D notes and affirmed the rest. Fitch has also revised the Outlook on the class F notes to Stable from Positive. RATING ACTIONS CVC Cordatus Loan Fund XVI DAC Rating Prior ------ ----- A-1 XS2078646093 LT AAAsf Affirmed AAAsf A-2 XS2078646689 LT AAAsf Affirmed AAAsf B XS2078647497 LT AAAsf Upgrade AAsf C-1 XS2078647901 LT A+sf Upgrade Asf C-2 XS2078648545 LT A+sf Upgrade Asf D XS2078649436 LT BBB+sf Upgrade BBBsf E XS2078649782 LT BBsf Affirmed BBsf F XS2078650103 LT Bsf Affirmed Bsf Transaction Summary CVC Cordatus Loan Fund XVI DAC is a European cash flow CLO backed predominantly by senior secured loans. The transaction is actively managed by CVC Credit Partners European CLO Management LLP. The reinvestment period ended on 17 June 2024. KEY RATING DRIVERS Amortisation Benefits Senior Notes: The transaction has continued to deleverage since Fitch's last rating action on 7 February 2025. As of 31 October 2025 (determination date of the latest trustee report), the class A-1 and A-2 notes have amortised by EUR95.6 million, corresponding to 23.9% of the original target par amount of EUR400 million. This is much higher than the combined amortisation of EUR6.3 million (1.6% of the original target par amount), as reported by the trustee on 5 December 2024. This further amortisation has increased credit enhancement for the senior and mezzanine notes, underpinning the upgrades on the class B, C-1, C-2, and D notes. Adequate Break-Even Default Cushion: The Stable Outlooks on the class A-1, A-2, B, C-1, C-2, and D notes reflect comfortable break‑even default rate (BDR) cushions at their ratings, aligned with their model implied ratings (MIR). The Positive Outlook on the class E notes reflects that the rating is one notch below the MIR due to limited BDR cushion at higher ratings. Fitch expects this cushion to improve as the transaction deleverages further. Junior Notes Sensitive to Deterioration: The Outlook on the class F notes has been revised to Stable after the BDR cushion shrank between 5 December 2024 and 31 October 2025, reflecting a weaker portfolio credit profile and the introduction of a 1.04% exposure to long-dated obligations versus none on 5 December 2024. Exposure to Fitch 'CCC' obligations increased to 7.6% of the collateral balance, exceeding the 7.5% limit and up from 7.2% on 5 December 2024. In addition, the net portfolio loss percentage (calculated as the par shortfall between the adjusted collateral balance and the current target par amount, divided by the original target par amount) deteriorated to 1.2% as of 31 October 2025 from 0.62% on 5 December 2024, indicating worsening par erosion. Transaction Outside Reinvestment Period: The most senior notes have been deleveraging since the exit of the reinvestment period. As of 31 October 2025, the Fitch 'CCC' obligations test was failing and must be strictly satisfied immediately after any reinvestment. The collateral manager has confirmed the weighted average life (WAL) test was satisfied on the last day of the reinvestment period. However, because the WAL was failing as of 31 October 2025, it must be maintained or improved immediately after any reinvestment. The weighted average spread test was failing as of 31 October 2025 and must also be maintained or improved immediately after any reinvestment. Accordingly, unscheduled principal proceeds and sale proceeds from credit-impaired and credit-improved obligations may still be reinvested, provided that the failing compliance tests meet the applicable reinvestment criteria and all other reinvestment conditions are also satisfied. As of 31 October 2025, the transaction had EUR54.5 million in unscheduled principal proceeds. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors at 'B'/'B-'. As of 31 October 2025, the Fitch weighted average rating factor (WARF) was 26.3, within the permitted maximum of 27. In addition, 16% of the portfolio is on Negative Outlook by Fitch. High Recovery Expectations: The portfolio comprised 93.3% of senior secured obligations as of 31 October 2025. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured, and mezzanine assets. The Fitch weighted average recovery rate (WARR) was 57.3% as of 31 October 2025. Diversified Portfolio: The portfolio is well diversified by obligor, country, and industry. As of 31 October 2025, the top 10 obligors accounted for 16.9% of the collateral balance, comfortably below the 27.5% limit. The largest single obligor represented 2%, which was also under the 3% limit. Exposure to the three largest Fitch-defined industries was 30.7%, below the 40% threshold. Fixed-rate assets accounted for 11.9%, under the 12.5% cap. Cash Flow Analysis: Fitch used a customised proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par-value and interest-coverage tests. Fitch's upgrade analysis stressed the portfolio covenants to their limits due to the possibility of continued reinvestment. Fitch also applied a minimum WAL of four years to the stressed portfolio and evaluated the notes' achievable ratings across the Fitch matrix, acknowledging that the portfolio may migrate to a different collateral quality profile. Deviation from MIR: The class E notes are rated one notch below their MIR, reflecting their reduced BDR cushion at higher ratings and high sensitivity to portfolio deterioration and long-dated exposures, and the possibility that available cash could be reinvested into new assets if the reinvestment criteria is satisfied. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. GROSVERNOR PLACE 2025-4: Fitch Assigns B-sf Rating to Class F Debt ------------------------------------------------------------------ Fitch Ratings has assigned Grosvenor Place CLO 2025-4 DAC final ratings. RATING ACTIONS Grosvenor Place CLO 2025-4 DAC A XS3247556916 LT AAAsf New Rating B XS3247557138 LT AAsf New Rating C XS3247557302 LT Asf New Rating D XS3247557567 LT BBB-sf New Rating E XS3247557724 LT BB-sf New Rating F XS3247558029 LT B-sf New Rating Subordinated Notes XS3247558458 LT NRsf New Rating Transaction Summary Grosvenor Place CLO 2025-4 DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to fund a portfolio with a target par of EUR425 million that is actively managed by CQS (UK) LLP. The CLO has an approximately three-year reinvestment period and an approximately seven-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B+'/'B'. The Fitch-weighted average rating factor (WARF) of the identified portfolio is 22.5. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-weighted average recovery rate (WARR) of the identified portfolio is 62.8%. Diversified Asset Portfolio (Positive): The transaction includes various concentration limits, including a maximum exposure to the three-largest Fitch-defined industries in the portfolio at 40% and a maximum fixed-rate asset limit of 12.5%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction includes two matrices that are effective at closing with fixed-rate limits of 5% and 12.5%. Both matrices are based on a top 10 obligor concentration limit of 23%. The transaction has a three-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Analysis (Neutral): The WAL Fitch modelled in the transaction's Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include passing both the coverage tests and the Fitch 'CCC' maximum limit, and a WAL covenant that progressively steps down over time, both before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A, B, C and D notes and would lead to downgrades of one notch for the class E notes, and to below 'B-sf' for the class F notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B, D, E and F notes each have a rating cushion of two notches and the class C notes have a cushion of three notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of three notches each for the class A and B notes, two notches each for the class C and D notes and to below 'B-sf' for the class E and F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to two notches each for the rated notes, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, except for the 'AAAsf' notes, may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. HARVEST CLO XVI: Fitch Assigns B-sf Rating to Class F-RR Notes -------------------------------------------------------------- Fitch Ratings has assigned Harvest CLO XVI DAC reset notes final ratings. RATING ACTIONS Harvest CLO XVI DAC A-RR XS2304366227 LT PIFsf Paid In Full AAAsf A-RRR XS3233921025 LT AAAsf New Rating B-1-RR XS2304367035 LT PIFsf Paid In Full AAAsf B-1-RRR XS3233921371 LT AAsf New Rating B-2-RR XS2304367894 LT PIFsf Paid In Full AAAsf C-RR XS2304368603 LT PIFsf Paid In Full A+sf C-RRR XS3233921538 LT Asf New Rating D-RR XS2304373439 LT PIFsf Paid In Full BBB+sf D-RRR XS3233921702 LT BBB-sf New Rating E-R XS1890819011 LT PIFsf Paid In Full BB+sf E-RR XS3233922007 LT BB-sf New Rating F-R XS1890817585 LT PIFsf Paid In Full B+sf F-RR XS3233922262 LT B-sf New Rating Transaction Summary Harvest CLO XVI DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of corporate rescue loans, senior unsecured, mezzanine, second-lien loans and high-yield bonds. The proceeds have been used to refinance the existing notes except for the subordinated notes. The portfolio is managed by Investcorp Credit Management EU Limited. The collateralised loan obligation (CLO) has a three-year reinvestment period and a seven-year weighted average life test (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the indicative portfolio at 'B'/'B-'. The Fitch weighted average rating factor (WARF) of the indicative portfolio is 24.6. Strong Recovery Expectation (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the indicative portfolio is 59.5%. Diversified Portfolio (Positive): Exposure to the 10 largest obligors and fixed-rate assets is limited to 20% and 10%, respectively, based on Fitch test matrices. The transaction also includes various other concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has two matrices that are effective at closing, both with fixed-rate limits of 5% and 10% and correspond to a seven-year WAL test. The transaction has a reinvestment period of about three years and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL covenant, to account for strict reinvestment conditions after the reinvestment period, including the satisfaction of the over-collateralisation (OC) test and Fitch's 'CCC' limit test, together with a consistently decreasing WAL covenant. These conditions reduce the effective risk horizon of the portfolio during stress periods, in Fitch's view. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease in the recovery rate (RRR) across all the ratings of the indicative portfolio would have no impact on the class A-RRR notes, but would lead to downgrades of two notches for the class B-1-RRR notes and of one notch each for the all notes except the class F-RR notes, which would be rated below 'B-sf'. Downgrades, which are based on the indicative portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-1-RRR, D-RRR, E-RR and F-RR notes each have a rating cushion of up to two notches and the class C-RRR notes have a rating cushion of one notch, due to the better metrics and shorter life of the indicative portfolio than the Fitch-stressed portfolio. Should the cushion between the indicative portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase in the mean RDR and a 25% decrease in the RRR across all the ratings of the Fitch-stressed portfolio would lead to downgrades of up to four notches each for the rated notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction in the RDR and a 25% increase in the RRR across all the ratings of the Fitch-stressed portfolio would lead to upgrades of up to two notches each for the rated notes, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, except for the 'AAAsf' notes, may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread being available to cover losses in the remaining portfolio. HAYFIN EMERALD IX: Fitch Puts B-sf Rating to Class F-2-R Notes -------------------------------------------------------------- Fitch Ratings has assigned Hayfin Emerald CLO IX DAC reset notes final ratings. RATING ACTIONS Hayfin Emerald CLO IX DAC A-R LT AAAsf New Rating B-1-R LT AAsf New Rating B-2-R LT AAsf New Rating C-R LT Asf New Rating D-R LT BBB-sf New Rating E-R LT BB-sf New Rating F-1-R LT B-sf New Rating F-2-R LT B-sf New Rating Subordinated Notes LT NRsf New Rating X LT AAAsf New Rating Transaction Summary Hayfin Emerald CLO IX DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Hayfin Emerald Management LLP. The collateralised loan obligation (CLO) has a reinvestment period of about 4.5 years and a 7.5-year weighted average life (WAL) test at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch places the average credit quality of obligors within the 'B' category. The Fitch weighted average rating factor of the current portfolio is 23.6. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the current portfolio is 60.1%. Diversified Asset Portfolio (Positive): The transaction includes various other concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction includes two matrices corresponding to fixed-rate limits of 7.5% and 15%, a 7.5-year WAL test and a top 10 obligor concentration limit of 20%. The transaction has a reinvestment period of 4.5 years and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. WAL Step-Up Feature (Neutral): The transaction can extend the WAL test by one year no earlier than 12 months after closing. The WAL extension is subject to conditions, including passing the collateral quality, coverage, and portfolio profile tests, and the collateral principal amount with defaulted assets carried at their collateral value being at least equal to the reinvestment target par. Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed portfolio analysis is eligible for a 12-month haircut, subject to a six-year floor. This is to account for the strict reinvestment conditions envisaged after the reinvestment period. These conditions include passing the coverage tests, the Fitch 'CCC' maximum limit and a WAL covenant that progressively steps down over time, both before and after the end of the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class X, A-R or B-1-R, B-2-R notes and would lead to downgrades of one notch each for the class C-R and D-R notes, two notches for the class E-R notes, and to below 'B-sf' for the class F-1-R and F-2-R notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-1-R, B-2-R, C-R, D-R, E-R and F-1-R notes each have a rating cushion of two notches and the class F-2-R notes have a cushion of one notch, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class X and A-R notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR s and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of three notches each for the class A-R, C-R and D-R notes, four notches for the class B-1-R and B-2-R notes and to below 'B-sf' for the class E-R, F-1-R and F-2-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to four notches each for the rated notes, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, except for the 'AAAsf' notes, may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. INDIGO CREDIT I: Fitch Puts 'BB-sf' Final Rating to Class E-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned Indigo Credit Management I DAC's refinancing notes final ratings and affirmed its non-refinanced class F notes. RATING ACTIONS Rating Prior ------ ----- Indigo Credit Management I DAC A Loan LT PIFsf Paid In Full AAAsf A Notes XS2690138776 LT PIFsf Paid In Full AAAsf A-R LT AAAsf New Rating B XS2690139154 LT PIFsf Paid In Full AAsf B-R LT AAsf New Rating C XS2690139584 LT PIFsf Paid In Full Asf C-R LT Asf New Rating D XS2690139667 LT PIFsf Paid In Full BBB-sf D-R LT BBB-sf New Rating E XS2690139741 LT PIFsf Paid In Full BB-sf E-R LT BB-sf New Rating F XS2690140244 LT B-sf Affirmed B-sf Transaction Summary Indigo Credit Management I DAC is a securitisation of mainly senior secured obligations (at least 92.5%) with a component of senior unsecured, mezzanine, second-lien loans, first-lien, last-out loans and high-yield bonds. The portfolio is actively managed by Pemberton Capital Advisors LLP. The reinvestment period will end in May 2028 and final notes maturity date is in October 2037. There is about 5.5 years' difference between the maturity date and the weighted average life (WAL) test end date in May 2032. In Fitch's view this mitigates the risk of maturity clustering by the end of the life of the deal. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch weighted average rating factor of the current portfolio is 23.7. High Recovery Expectations (Positive): At least 92.5% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the current portfolio is 60.4%. Diversified Portfolio (Positive): The refinancing includes one updated matrix corresponding to the 10 largest obligors at 23% of the portfolio balance and a fixed-rate asset limit at 5%. The transaction has various other concentration limits, including the exposure to the three-largest Fitch-defined industries in the portfolio at 40.0% and largest industry at 17.5%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Positive): The transaction has a remaining reinvestment period of about 2.5 years and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Stable Performance (Positive): The transaction was above par by 0.1%, according to the November report. Exposure to assets with a Fitch-Derived Rating of 'CCC+' and below was 3.1%, versus a limit of 7.5%, and the portfolio had no exposure to defaulted assets. Cash Flow Modelling (Positive): The WAL used for the transaction's stressed portfolio and matrices analysis is six years and therefore six months less than the WAL covenant, to account for structural and reinvestment conditions after the reinvestment period, including passing the over-collateralisation and Fitch 'CCC' limitation. This reduces the effective risk horizon of the portfolio during a stress period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A-R to E-R notes and would lead to downgrades to below 'B-sf' for the class F notes. Based on the actual portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B-R to F notes have a rating cushion of two notches due to the better metrics and shorter life of the identified portfolio. Should the cushion between the identified portfolio and the stress portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed portfolio would lead to downgrades of up to three notches for the class B-R and E-R notes, up to two notches for class A-R and C-R notes, up to one notch for class D-R and to below 'B-sf' for the class F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of Fitch's Stress Portfolio would lead to an upgrade of up to two notches for the class B-R to F notes. Class A-R notes are already at the highest level on Fitch's scale and cannot be upgraded. Upgrades during the reinvestment period, based on Fitch's stress portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining weighted average life test, leading to the ability of the notes to withstand larger than expected losses for the remaining life of the transaction. Upgrades may occur after the end of the reinvestment period, if there is stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover for losses on the remaining portfolio. ROCKFORD TOWER 2025-3: Fitch Rates Class F Notes 'B-sf' ------------------------------------------------------- Fitch Ratings has assigned Rockford Tower Europe CLO 2025-3 DAC notes final ratings. RATING ACTIONS Rockford Tower Europe CLO 2025-3 DAC Class A-N LT AAAsf New Rating Class A-L LT AAAsf New Rating Class B LT AAsf New Rating Class C LT Asf New Rating Class D LT BBB-sf New Rating Class E LT BB-sf New Rating Class F LT B-sf New Rating Subordinated Notes LT NRsf New Rating Transaction Summary Rockford Tower Europe CLO 2025-3 DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to fund a portfolio with a target par of EUR400 million that will be actively managed by Rockford Tower Capital Management, L.L.C. The CLO has a reinvestment period of about 4.6 years and an 8.5 weighted average life test (WAL) at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch weighted average rating factor of the identified portfolio is 24.1. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 61.8%. Diversified Portfolio (Positive): The transaction includes various concentration limits, including the maximum exposure to the three largest (Fitch-defined) industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction includes six matrices, all corresponding to a top 10 obligor concentration limit at 20%. Two matrices are effective at closing and correspond to two fixed-rate asset limits of 5% and 12.5% and an 8.5-year WAL test. The other four matrices can be selected by the manager any time from 12 months and 18 months after closing and correspond to the same two fixed-rate asset limits and 7.5-year and seven-year WAL tests, respectively. The transaction has a reinvestment period of about 4.6 years and include reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL for the transaction's stress portfolio analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period, which include passing the coverage tests and the Fitch 'CCC' bucket limitation test after reinvestment as well as a WAL covenant that progressively steps down, before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during the stress period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An increase of the default rate (RDR) by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all ratings in the identified portfolio would lead to downgrades of one notch for the class C to E notes, to below 'B-sf' for the class F notes and would not affect the class A and B notes or the class A loan. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B and F notes have two-notch cushions due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A notes and class A loan have no rating cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to four notches for the notes, except for the class E and F notes, which would be downgraded below 'B-sf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches, except for the 'AAAsf' notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the Fitch-stressed portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the transaction's remaining life. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread to cover losses in the remaining portfolio. SOUND POINT I: Fitch Affirms B+sf Rating on Class F-R Notes ----------------------------------------------------------- Fitch Ratings has revised Sound Point Euro CLO I Funding DAC's class D-R notes Outlook to Negative from Stable . Fitch has affirmed all notes, and corrected an error. RATING ACTIONS Sound Point Euro CLO I Funding DAC Rating Prior ------ ----- A-R Loan LT AAAsf Affirmed AAAsf A-R Note XS2339924701 LT AAAsf Affirmed AAAsf B-1-R XS2339925005 LT AA+sf Affirmed AA+sf B-2-R XS2339925344 LT AA+sf Affirmed AA+sf C-R XS2339925773 LT A+sf Affirmed A+sf D-R XS2339926078 LT A-sf Affirmed A-sf E-R XS2339926318 LT BB+sf Affirmed BB+sf F-R XS2339926235 LT B+sf Affirmed B+sf Transaction Summary Sound Point Euro CLO I Funding DAC is a cash flow collateralised loan obligation (CLO) actively managed by Sound Point CLO C-MOA, LLC. It closed on 8 May 2019, was reset in April 2021 and exited its reinvestment period on 25 November 2025. Fitch has identified that the Class D-R notes were incorrectly upgraded in the 2024 annual review. In that review, the Rating Committee agreed to upgrade the Class D-R notes to 'BBB+sf' from 'BBBsf', in line with its model implied rating (MIR). However, due to an error, the Class D R notes' rating and MIR were recorded as 'A- sf' in Fitch's internal database. The error was not detected during the May 2025 review because, based on the then current portfolio analysis, the Class D -R notes still showed a positive break-even default-rate cushion at 'A- sf', which has since eroded. Said cushion erosion led to this review where the error was identified. The revision of the Outlook on the class D-R notes to Negative reflects the possibility for a future downgrade if the portfolio continues to deteriorate. KEY RATING DRIVERS Slightly Deteriorated Performance: The portfolio's credit quality has slightly deteriorated since the previous review. Exposure to assets with a Fitch-Derived Rating of 'CCC+' and below remains low at 2.5%, versus a limit of 7.5%, according to the latest trustee report dated November 2025. However, the transaction is now 0.29% below par (calculated as the current par difference over the original target par) and defaults comprise 0.9% of the portfolio's outstanding principal balance. The transaction continues to pass passing all its collateral-quality, portfolio-profile and coverage tests. Low Refinancing Risk: The transaction has manageable near- and medium-term refinancing risk, with only 0.6% of the assets in the portfolio maturing by end-2026 and 3.2% in 2027, as calculated by Fitch. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted average rating factor of the current portfolio is 33.1, as reported by the trustee based on Fitch's old criteria, and 25.2, as calculated by Fitch under its latest criteria. High Recovery Expectations: Senior secured obligations comprise 99.3% of the portfolio. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured and mezzanine assets. The weighted average recovery rate (WARR) of the current portfolio, as reported by the trustee, is 61.8%. Diversified Portfolio: The portfolio is diversified by obligor, country and industry. The top 10 obligor concentration, as calculated by Fitch, is 11.1%, and no obligor represents more than 1.4% of the portfolio balance. Exposure to the three largest Fitch-defined industries is 42.5% as calculated by the trustee. Fixed-rate assets were 2.1% of the portfolio balance in the last trustee report, below the maximum covenant of 10%. Revolving Transaction: The transaction exited its reinvestment period in November 2025. However, the manager can reinvest unscheduled principal proceeds and sale proceeds from credit-impaired obligations and credit-improved obligations, subject to compliance with the reinvestment criteria. Given the manager's ability to reinvest, Fitch's analysis is based on a stressed portfolio and tested the ratings achievable by the notes across the Fitch matrices, since the portfolio can migrate to different collateral-quality tests limits. Deviation from MIR: The ratings for the class D-R notes are one notch above their MIR due a high break-even default-rate cushion at the MIR and a -0.2% difference between the current portfolio's lowest break-even default-rate and the hurdle default-rate at the current rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. STANNAWAY PARK: Fitch Gives B-(EXP) Rating to Class F Debt ---------------------------------------------------------- Fitch Ratings has assigned Stannaway Park CLO DAC expected ratings. The assignment of final ratings is contingent on the receipt of documentation conforming to information already reviewed. RATING ACTIONS Stannaway Park CLO DAC A LT AAA(EXP)sf Expected Rating A-1-Loan LT AAA(EXP)sf Expected Rating A-2-Loan LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB-(EXP)sf Expected Rating E LT BB-(EXP)sf Expected Rating F LT B-(EXP)sf Expected Rating Subordinated Notes LT NR(EXP)sf Expected Rating Transaction Summary Stannaway Park CLO DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. The transaction will have a target par of EUR400 million. The portfolio is actively managed by Blackstone Ireland Limited. The collateralised loan obligation (CLO) will have a reinvestment period of about 4.6 years and a 7.5 year weighted average life (WAL) test at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch weighted average rating factor (WARF) of the identified portfolio is 24.7. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 62.3%. Diversified Portfolio (Positive): The transaction will include various concentration limits in the portfolio, including a top 10 obligor concentration limit at 25% (or a lower percentage in relation to Fitch test matrices) and a maximum exposure to the three largest Fitch-defined industries at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. WAL Step-Up Feature (Neutral): The transaction can extend the WAL test by one year after 12 months from closing. The WAL extension is subject to conditions, including passing the collateral quality tests and the aggregate collateral balance with defaulted assets carried at their collateral value being at least equal to the reinvestment target par. Portfolio Management (Neutral): The transaction will have a 4.6-year reinvestment period and include reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL covenant, to account for strict reinvestment conditions after the reinvestment period, including the satisfaction of the over-collateralisation test and Fitch's 'CCC' limit, together with a consistently decreasing WAL covenant. Fitch believes these conditions reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A-1 and A-2 loan, the class A notes and the class B notes and would lead to downgrades of one notch each for the class C , D and E notes, and to below 'B-sf' for the class F notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B, C, D, E and F notes each have a rating cushion of two notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A notes and the class A-1 and A-2 loan do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of two notches for the class D notes, three notches for the class A notes and the class A-1 and A-2 loan, four notches each for the class B and C notes and to below 'B-sf' for the class E and F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches each for the rated notes, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, except for the 'AAAsf' notes, may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. TIKEHAU CLO X: Fitch Affirms B-sf Rating on Class F Notes --------------------------------------------------------- Fitch Ratings has upgraded Tikehau CLO X DAC's class C notes and affirmed the others. RATING ACTIONS Rating Prior ------ ----- Tikehau CLO X DAC A XS2777378253 LT AAAsf Affirmed AAAsf B-1 XS2777378410 LT AAsf Affirmed AAsf B-2 XS2777378683 LT AAsf Affirmed AAsf C XS2777378840 LT A+sf Upgrade Asf D XS2777379061 LT BBB-sf Affirmed BBB-sf E XS2777379228 LT BB-sf Affirmed BB-sf F XS2777379574 LT B-sf Affirmed B-sf Transaction Summary Tikehau CLO X DAC is a cash flow CLO mostly comprising senior secured obligations. The deal is actively managed by Tikehau Capital Europe Ltd. and its reinvestment period is scheduled to end in April 2029. KEY RATING DRIVERS Stable Performance, Shorter Risk Horizon: The portfolio's credit quality has remained stable over the last 12 months. Exposure to assets with a Fitch-derived rating of 'CCC+' and below remains low at 3.38%, according to the latest trustee report dated October 2025, versus a limit of 7.5%. The transaction is around 0.01% above par (calculated as the current par difference over the original target par) and there are no defaulted assets in the portfolio. The transaction is also passing all its collateral quality, portfolio profile and coverage tests. The stable performance combined with a shortened weighted average life (WAL) test covenant since the last review in February 2025, resulted in the upgrade and affirmations. Low Refinancing Risks: The transaction has low near- and medium-term refinancing risk, with only 0.3% of portfolio assets maturing in 2026 and 2.1% maturing in 2027. Revolving Transaction: The transaction is still in its reinvestment period which is scheduled to end in April 2029. During this, principal proceeds are actively reinvested, resulting in ongoing changes to portfolio metrics. Fitch said, "Accordingly, we based our analysis on the Fitch-stressed portfolio, which assumes portfolio parameters at their maximum covenant allowances." 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The weighted average rating factor of the current portfolio is 24.7 as calculated by Fitch under its latest criteria. About 17.1% of the portfolio currently has a Negative Outlook. High Recovery Expectations: Senior secured obligations comprise 99.7% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 60.8%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration, as calculated by Fitch, is 11.2%, and no obligor represents more than 1.5% of the portfolio balance. Exposure to the three largest Fitch-defined industries is 36.5%, as calculated by Fitch. Fixed-rate assets reported by the trustee are at 4.5%, complying with the limit of 12.5%. Cash Flow Analysis: Fitch used a customised proprietary cash flow model to replicate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par-value and interest-coverage tests. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Based on the current portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Upgrades may occur on stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may occur on stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. VESEY PARK: Fitch Assigns B-sf Rating to Class F-R Notes -------------------------------------------------------- Fitch Ratings has assigned Vesey Park CLO DAC reset notes final ratings. RATING ACTIONS Vesey Park CLO DAC X-R XS3249821086 LT AAAsf New Rating A-R XS3249821243 LT AAAsf New Rating B-R XS3249821599 LT AAsf New Rating C-R XS3249821755 LT Asf New Rating D-R XS3249822050 LT BBB-sf New Rating E-R XS3249822308 LT BB-sf New Rating F-R XS3249822563 LT B-sf New Rating Transaction Summary Vesey Park CLO DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. The transaction has a target par of EUR400 million. The portfolio is actively managed by Blackstone Ireland Limited. The CLO has a 4.5-year reinvestment period and a 7.5-year weighted average life test (WAL) test covenant at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch weighted average rating factor of the identified portfolio is 24.6. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 61.5%. Diversified Portfolio (Positive): The transaction includes various concentration limits in the portfolio, including a top 10 obligor concentration limit at 20% and a maximum exposure to the three largest Fitch-defined industries at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. WAL Step-Up Feature (Neutral): The transaction can extend the WAL by one year on or after the step-up date, which is 12 months after closing. The WAL extension is subject to conditions, including passing the collateral quality and coverage tests and the collateral principal amount being at least equal to the target par balance. The WAL extension can only be applied 18 months after the issue date if a Fitch test matrix switch has occurred on or after 12 months from the issue date. Portfolio Management (Neutral): The transaction includes two matrix sets, each based on a top 10 obligor limit of 20%. One matrix set is effective at closing, corresponding to fixed-rate asset limits of 5% and 12.5%, and to a 7.5-year WAL test. The forward matrix set corresponds to a seven-year WAL test, with the same fixed-rate asset limits as the closing matrices. The forward matrix set can be elected by the manager 12 or 18 months after closing (18 months after closing if the WAL is stepped up), subject to the collateral principal (with defaults carried at Fitch collateral value) being at least equal to the target par balance. The transaction has a 4.5-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL covenant, to account for strict reinvestment conditions after the reinvestment period, including the satisfaction of the over-collateralisation test and Fitch's 'CCC' limit test, together with a gradually reducing WAL covenant. Fitch believes these conditions reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no rating impact on the class A-R and B-R notes and lead to downgrades of one notch for the class C-R, D-R and E-R notes and to below 'B-sf' for the class F-R notes. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio, the class B-R, D-R and E-R notes display rating cushions of two notches and the class C-R notes of one notch. The class A-R notes are at the highest achievable rating and therefore have no rating cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of three notches for the class A-R, C-R and D-R notes, four notches for the class B-R notes and to below 'B-sf' for the class E-R and F-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR across all ratings and a 25% increase in the RRR across all ratings of the stressed-case portfolio would lead to upgrades of up to three notches for the rated notes, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the stressed-case portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, leading to the ability of the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may occur in case of stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. DATA ADEQUACY Vesey Park CLO DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ========= S P A I N ========= EDREAMS ODIGEO: Fitch Affirms 'B+' IDR, Alters Outlook to Negative ------------------------------------------------------------------ Fitch Ratings has revised eDreams ODIGEO S.A.'s (eDreams) Outlook to Negative from Stable, while affirming its Long-Term Issuer Default Rating (IDR) at 'B+'. The Negative Outlook reflects Fitch's expectation of a deterioration in eDreams' credit metrics, alongside high execution risks as the company moves towards a global subscription, travel-centric online travel agent (OTA) from a European subscription, flight-centric OTA. Fitch projects financial leverage to temporarily rise to above 6x in FY27 (year-end March), before reducing to below 4.5x by FY28. The affirmation of the 'B+' IDR reflects eDreams' solid business model, with potential for an improving customer value proposition as the company expands into new verticals, despite some near-term challenges. A successful execution of the strategy by the experienced management team, with credit metrics weakening only temporarily in FY26-FY27, and free cash flow (FCF) remaining consistently positive, will be crucial to maintaining the ratings. Any underperformance to Fitch's forecasts in FY26 or FY27 could result in a rating downgrade. Key Rating Drivers New Strategy Execution Risks: The Negative Outlook reflects the high execution risks arising from eDreams' new strategy to enter into rail and expand into new geographical markets, alongside a switch to monthly from annual subscription payments. Fitch sees execution risks in the company's ability to build partnerships and scale in these new product categories and new geographies while maintaining solid profitability metrics and positive FCF. The affirmation of the IDR reflects the strong record of management in executing previous strategic plans, including the growth of its prime subscription model. Ongoing Challenges: eDreams faces ongoing challenges, including the effect of its current dispute with Ryanair, which has led to the significant loss of access to Ryanair's flight inventory. Fitch expects the loss of access to slow the pace of new subscribers and bookings and weaken the company's value proposition to customers. The ability to manage the Ryanair dispute, alongside other challenges, such as pressures on average revenue per user (ARPU) and rising search engine optimisation costs, will be key to the future rating direction. FCF Pressures in Near Term: Fitch said, "We expect the shift to monthly payments for customers, alongside investment in expansion into new product categories to reduce FCF over the next 12-18 months. Fitch projects FCF at around EUR40 million in FY26 and close to zero (but still positive) in FY27, which is much lower than the EUR90 million-100 million a year we had previously forecast, as the company undergoes its strategic transformation. We expect FCF to rebuild from FY28, as investments in new product categories translate into sustained earnings and cash flow contribution." Leverage Peaking in FY27: Fitch projects leverage to peak at above 6.0x in 2027 as the new strategy implementation is underway, with higher investments and temporarily softer profitability pressuring credit metrics. Fitch expects leverage to decline to about 4.5x in FY28 and 3.1x in FY29, as benefits of the new strategy materialise and profitability improves, supported by EBITDA growth and positive FCF. Continued delivery on the strategy and disciplined capex are key to achieving the deleveraging trajectory. Maturing Business Profile: eDreams is strengthening its business profile through diversification beyond flights, including expansion into European rail and into new geographies, which broadens its addressable market and reduces product and services concentration risk. This could strengthen user loyalty, and consequently increase customer retention for the existing service, as subscribers perceive greater value from their monthly subscription fee. Further, the broader offering and geographic reach may attract new users to the platform, supporting subscriber growth and enhancing network effects. Liquidity Satisfactory: Liquidity remains adequate although it is weakening due to strategic changes and increased investment needs weighing on EBITDA and profitability in the short-to-medium term. Fitch expects FCF margins to decline to the low-to-mid single digits from the high single digits over 2026-2028, eroding liquidity headroom. However, eDreams has a revolving credit facility (RCF) of EUR205 million (currently undrawn) that supports liquidity and financial flexibility. Peer Analysis eDreams aligns more closely with larger peers, such as Expedia Group, Inc. (BBB/Stable) and Booking.com, and, to a lesser degree, shares similarities with Global Business Travel Group, Inc. (GBTG; BB/Positive) within the broader travel sector. eDreams is smaller and less diversified than global online travel agents, such as Expedia and Booking.com, with smaller scale and a narrower range of offerings across hotels, flights, cars, and insurance. Fitch considers eDreams' subscription-based business model to be less mature than the transactional models used by Expedia and Booking.com. The rating gap with Expedia also reflects the latter's stronger financial flexibility. eDreams and GBTG serve different parts of the travel market: eDreams focuses mainly on European leisure with a developing subscription model, while GBTG concentrates on corporate travel with more personalised services and long-term client relationships. GBTG maintains slightly higher EBITDA margins in the 20% range and lower EBITDA leverage of around 3.0x. Technology companies, such as TeamSystem S.p.A. (B/Stable) and Sophos Intermediate I Limited (B/Stable), although not direct competitors and not fully comparable in their business models, also use subscription-based models. Both have materially lower churn as B2B relative to eDreams, supporting stronger revenue visibility with over 80% recurring revenue. Their EBITDA margins are also higher - trending toward 38% for TeamSystem and mid-20% for Sophos - versus below 15% expected for eDreams over 2026-2028. However, eDreams has lower financial leverage than these peers and higher diversification than TeamSystem, leading to the one-notch rating differential. Fitch's Key Rating-Case Assumptions - Addition of 0.6 million new prime subscribers in FY26 - No deterioration in churn rates and increasing share of subscribers that have been with the company for two and more years - Prime ARPU remaining broadly stable over FY26-FY28, after declining towards EUR70 in FY26 from EUR75 in FY25 - Fitch-adjusted EBITDA declining to EUR105 million in FY26 and EUR62 million in FY27 due to investments in new product categories and the switch to monthly payments, before recovering towards EUR100 million by FY28 - Stable working capital, after adjusting for changes in deferred prime subscriber revenue, to FY28 - Fixed costs at up to EUR140million by FY29 (excluding personnel costs that Fitch reclassifies from capex) - Capex of around EUR60 million-80 million a year, out of which 80% is expensed, reducing Fitch-adjusted EBITDA - No bolt-on M&A - Share buybacks of around EUR60 million FY26 and EUR40 million in FY27 RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Increasing churn rates or diminishing share of prime subscribers that have been with the company for two and more years or further decrease in ARPU, leading to declining or stagnating profitability - EBITDA leverage above 4.5x on a sustained basis - FCF margins reducing to low single digits Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Maturity of the subscription business model, reflected in reduced churn rates and higher proportion of subscribers that stay with the company for two or more years - Increased business scale with EBITDA above EUR200 million on a sustained basis, alongside improving product and geographical diversification - Fitch-adjusted EBITDA margins trending above 20%, alongside FCF margins sustained in the high single digits - EBITDA leverage below 3x on a sustained basis, supported by a consistent financial policy Liquidity and Debt Structure At end-September 2025, eDreams had EUR39.5 million of reported cash and a fully undrawn EUR205 million revolving credit facility available. Fitch projects FCF will remain positive at around EUR43 million (FCF margins of about 6%) in FY26, before reducing towards neutral levels in FY27 as the company invests in its new train proposition and expansion strategy. Fitch projects FCF to return to sustainably positive levels from FY28. The group's debt maturity profile is manageable without meaningful debt repayments due before 2030. Issuer Profile eDreams is a travel subscription platform and is one of the largest e-commerce businesses in Europe. RATING ACTIONS Rating Prior ------ ----- eDreams ODIGEO S.A. LT IDR B+ Affirmed B+ senior secured LT B+ Affirmed RR4 B+ =========================== U N I T E D K I N G D O M =========================== COASTAL WORKBOATS: FRP Advisory Appointed as Joint Administrators ----------------------------------------------------------------- Coastal Workboats Scotland Ltd was placed into administration proceedings in the Court of Session, No P1281 of 2025, and Michelle Elliot and Graham Smith of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 10, 2025. Its registered office is at Marine Engineering Workshop, Goat Island, Stornoway, Isle of Lewis, HS1 2RS, to be changed to c/o FRP Advisory Trading Limited, Level 2 The Beacon, 176 St Vincent Street, Glasgow, G2 5SG. Its principal trading address is Marine Engineering Workshop, Goat Island, Stornoway, Isle of Lewis, HS1 2RS. The joint administrators can be reached at: Michelle Elliot Graham Smith FRP Advisory Trading Limited Level 2 The Beacon 176 St Vincent Street Glasgow, G2 5SG Further details contact: Joint Administrators Tel: +44 (0)330 055 5455 Alternative contact: Niamh Fraser Email: cp.edinburgh@frpadvisory.com GROUP SILVERLINE: Teneo Financial Appointed as Joint Administrators ------------------------------------------------------------------- Group Silverline Limited was placed into administration proceedings in the High Court of Justice, Business & Property Courts in Birmingham, Insolvency and Companies List (ChD), Court No. CR-2025-BHM-000673, and Hywel Rhys Phillips and Gavin George Scott Park of Teneo Financial Advisory Limited were appointed as joint administrators on Dec. 11, 2025. Its registered office and principal trading address is Boundary Way, Lufton Trading Estate, Yeovil, BA22 8HZ. The joint administrators can be reached at: Hywel Rhys Phillips Gavin George Scott Park Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: Joint Administrators Tel: +44 121 619 0120 Email: toolstreamcreditors@teneo.com Alternative contact: Daisy Cartlidge MOJO BRIDGE: Oury Clark Appointed as Administrator -------------------------------------------------- Mojo Bridge Limited was placed into administration proceedings in the High Court of Justice, Business & Property Courts of England and Wales, Insolvency & Companies List (ChD), Court No. CR-2025-008689, and Nick Parsk of Oury Clark Chartered Accountants was appointed as administrator on Dec. 11, 2025. Its registered office is 1 Stephen Street, London, W1T 1AT. Its principal trading address is 25 Noel St, London, W1F 8GX and 2 Sheraton Street, London, W1F 8BH. The administrator can be reached at: Nick Parsk Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire, SL1 1PG Further details contact: The Administrator Tel: 01753 551111 Email: mojo@ouryclark.com Alternative contact: Henry Everitt PETROFAC TREASURY: Teneo Financial Named as Joint Administrators ---------------------------------------------------------------- Petrofac Treasury UK Limited was placed into administration proceedings in the High Court of Justice, Business & Property Courts of England and Wales, Insolvency and Companies List (ChD), Court No. CR-2025-008768, and James Robert Bennett, Matthew James Cowlishaw and David Philip Soden of Teneo Financial Advisory were appointed as joint administrators on Dec. 11, 2025. Its registered office and principal trading address is Pollen House, 10–12 Cork Street, London, W1S 3NP. The joint administrators can be reached at: James Robert Bennett Matthew James Cowlishaw David Philip Soden Teneo Financial Advisory The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: The Joint Administrators Tel: 0121 619 0120 Email: PetrofacCreditors@teneo.com TALLARNA LIMITED: S&W Partners Appointed as Administrators ---------------------------------------------------------- Tallarna Limited was placed into administration proceedings in the High Court of Justice, Business & Property Courts of England and Wales, Insolvency & Companies List (ChD), Court No. CR-2025-008515, and Simon Jagger, Robert Russell and Cameron Gunn of S&W Partners LLP were appointed as administrators on Dec. 1, 2025. It specialized in data processing, hosting and related activities. Its registered office and principal trading address is c/o Certius Professional Services, Bayside Business Centre, Sovereign Business Park, 48 Willis Way, Poole, United Kingdom, BH15 3TB. The administrators can be reached at: Simon Jagger Robert Russell Cameron Gunn S&W Partners LLP 45 Gresham Street London, EC2V 7BG Further details contact: The Administrators Tel: 020 4617 5500 Alternative contact: Max Edmonds Email: Max.Edmonds@swgroup.com TOOLSTREAM LIMITED: Teneo Appointed as Joint Administrators ----------------------------------------------------------- Toolstream Limited was placed into administration proceedings in the High Court of Justice, Business & Property Courts in Birmingham, Insolvency and Companies List (ChD), Court No. CR-2025-BHM-000675, and Hywel Rhys Phillips and Gavin George Scott Park of Teneo Financial Advisory Limited were appointed as joint administrators on Dec. 11, 2025. Its registered office and principal trading address is Boundary Way, Lufton Trading Estate, Yeovil, BA22 8HZ. The joint administrators can be reached at: Hywel Rhys Phillips Gavin George Scott Park Teneo Financial Advisory Limited The Colmore Building 20 Colmore Circus Queensway Birmingham, B4 6AT Further details contact: Joint Administrators Tel: +44 121 619 0120 Email: toolstreamcreditors@teneo.com Alternative contact: Daisy Cartlidge ZERO WASTE: Oury Clark Appointed as Administrators -------------------------------------------------- Zero Waste Technologies Limited was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-008613, and Nick Parsk and Carrie James of Oury Clark Chartered Accountants were appointed as administrators on Dec. 12, 2025. Its registered office and principal trading address is Monkey Puzzle House, Windmill Road, Sunbury-On-Thames, Middlesex, TW16 7DT. The administrators can be reached at: Nick Parsk Carrie James Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire, SL1 1PG Further details contact: Administrators Tel: 01753 551111 Email: IR@ouryclark.com Alternative contact: James Langston ********* 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 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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