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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, January 26, 2026, Vol. 27, No. 18

                           Headlines



A R M E N I A

ARMENIA: Fitch Alters Outlook on Foreign Currency IDR to Positive


F R A N C E

BETCLIC EVEREST: Fitch Rates Planned EUR750MM Sec. Notes 'BB+(EXP)'


G E R M A N Y

RENK GROUP: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable


I R E L A N D

CVC CORDATUS XV: Fitch Hikes Rating on Class E Notes to BB+sf
PENTA CLO 21: Fitch Assigns 'B-sf' Rating on Class F Debt


M A L T A

MULTITUDE BANK: Fitch Hikes LongTerm IDR to 'BB-', Outlook Stable


N E T H E R L A N D S

LAVENDER DUTCH: Fitch Assigns BB- LongTerm IDR, Outlook Positive


S P A I N

BBVA RMBS 3: Fitch Affirms Csf Rating on Class C Debt


S W E D E N

HEIMSTADEN BOSTAD: Fitch Rates EUR500MM Hybrid Bond 'BB'


U N I T E D   K I N G D O M

BOOTH TRANSPORT: Interpath Appointed as Administrators
BUSINESS MORTGAGE 4: Fitch Cuts Class B Notes Rating to CCCsf
METAGRAVITY GROUP: Parker Andrews Appointed as Administrators
NORTHFIELD ALUMINIUM: Interpath Appointed as Administrators
PIERPOINT BTL: Fitch Gives 'BB(EXP)' Rating on Class E Debt

STONE PAVING: Leonard Curtis Appointed as Administrators
UKRAINE: S&P Hikes Foreign Curr. Sovereign Credit Ratings to CCC+/C

                           - - - - -


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A R M E N I A
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ARMENIA: Fitch Alters Outlook on Foreign Currency IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Armenia's Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) to Positive
from Stable and affirmed the IDR at 'BB-'.

The Outlook revision reflects Armenia's higher international
reserves and continued solid growth that will support fiscal
consolidation consistent with debt stabilisation over the medium
term. The US-sponsored peace framework with Azerbaijan
significantly reduces near-term military escalation risks, but
lingering uncertainty remains regarding its successful conclusion
due to the proximity of parliamentary elections and potential
constitutional reform referendum.

Key Rating Drivers

The revision of the Outlook on Armenia's 'BB-' IDRs reflects the
following key rating drivers and their relative weights:

Medium

Historic Peace Framework: Armenia and Azerbaijan signed a joint
declaration that aims to reach a peace agreement, which
significantly reduces near-term military escalation risks. In
Fitch's view, the finalisation remains subject to uncertainties as
it is conditional on Armenia amending its constitution to remove
references to Nagorno-Karabakh, which requires a popular referendum
that will potentially take place after the June parliamentary
elections. Trade with and through Azerbaijan has begun to open up.
Relations with Turkiye are substantially improving, and the Turkish
government is reportedly considering reopening its land border with
Armenia.

Gradual Fiscal Consolidation: Fitch estimates that the 2025 general
government (GG) deficit was 5.0% of GDP, lower than the budgeted
5.5% but still above the 'BB' median (3.0%), reflecting lower capex
and interest payments. Armenia's 2026 budget targets a fiscal
deficit of 4.5% of GDP based on reduced defence expenditure (down
2.1pp to 4.7% of GDP), while health spending has increased by 0.5%
of GDP to fund the phase-in of a universal health insurance system.
Fitch said, "We expect the government to meet its 4.5% deficit
target in 2026, but from 2027 we expect deficits above the
authorities' 3.5% medium-term target."

Fitch estimates that GG debt increased to 50.1% of GDP at end-2025,
and forecasts a gradual increase in coming years closer to the
projected 'BB' median of 53.6%, given still sizeable deficits and
expected overfinancing.

Robust Growth Prospects: Fitch estimates real GDP growth of 5.5% in
2025 (moderating from an average of 8.9% over 2022-2024 due to
Russian capital and migration inflows), driven by strong activity
in the construction, IT and financial services sectors. Growth
should remain above 5.0% in 2026-2027, supported by resilient
services and the opening of the Amulsar gold mine, which the IMF
estimates will contribute 1.25pp to GDP growth over 2026-2027.
Additional upside to the medium-term growth forecast could emerge
from sustained implementation of the peace agreement with
Azerbaijan and the reopening of the border with Turkiye.

Higher FX Reserves: International reserves rose by 38% to USD5.5
billion in 2025, equivalent to 4.2 months of estimated current
external payments for 2025 (current 'BB' median: 5.3 months) due to
Eurobond proceeds and central bank purchases in the domestic
market. However, Fitch expects reserve coverage will gradually
decline in coming years due to projected growth in imports.

Armenia's 'BB-' ratings also reflect the following key rating
drivers:

Credit Fundamentals: Armenia's 'BB-' rating reflects a robust
macroeconomic policy framework and strong growth, which is
supporting a rise in per capita income. Set against these strengths
are the small size of the economy, fiscal deficits that are high
relative to peers, weak external finances, high (albeit declining)
financial sector dollarisation and a fragile geopolitical
environment, although peace negotiations have shown some progress.

Banking Sector Resilience: Banks have maintained strong capital and
liquidity buffers, with profitability remaining high despite the
normalisation of extraordinary Russian financial inflows.
Dollarisation continues its gradual decline, with deposit
dollarisation falling to around 43.3% in November 2025 supported by
regulatory measures and increased confidence in the dram.

Current Account Deficits Widen: Fitch said, "We estimate the
current account deficit reached 4.5% of GDP in 2025, and expect it
will moderate slightly in 2026-2027 but remain above the projected
'BB' median of 2.6%. A wider trade deficit will be contained by
higher gold exports with the anticipated opening of the Amulsar
mine this year. Fitch expects a normalisation of remittance
inflows, moderating the secondary income surplus."

ESG - Governance: Armenia has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and '5+' for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption. These scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in Fitch's proprietary
Sovereign Rating Model. Armenia has a medium WBGI ranking at 45.5
reflecting a moderate level of rights for participation in the
political process, elevated but improving geopolitical risks,
moderate levels of political stability, moderate institutional
capacity and rule of law and a moderate level of corruption.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Structural: Developments that increase geopolitical risks and
undermine political and economic stability; for example, derailment
of the current peace process with Azerbaijan.

- External Finances: A reversal of improvements in FX reserves that
increases external vulnerabilities.

- Public Finances: Macroeconomic or policy developments that
steepen the upward path of general government debt/GDP.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Structural: A sustainable decline in geopolitical risk and
domestic political uncertainty; for example, as a result of
meaningful progress in the peace process with Azerbaijan.

- Public Finances: Fiscal consolidation that supports a
stabilisation in general government debt/GDP, while preserving
improvements in terms of currency composition.

- Macro: Preservation of high growth rates supporting a sustained
increase in GDP per capita.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns Armenia a score equivalent to a
rating of 'BB' on the LTFC IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LTFC IDR.

- Structural: Fitch has introduced a new -1 QO notch to reflect
lingering geopolitical risks and uncertainties to the nascent peace
process, which, should they materialise, could negatively impact
current positive trends for growth, public and external finances.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

Debt Instruments: Key Rating Drivers

Senior Unsecured Debt Equalised: The senior unsecured long-term
debt ratings are equalised with the applicable Long-Term IDR, as
Fitch assumes recoveries will be 'average' when the sovereign's
Long-Term IDR is 'BB-' and above.

Country Ceiling

The Country Ceiling for Armenia is 'BB', one notch above the LTFC
IDR. This reflects moderate constraints and incentives, relative to
the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.
Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

RATING ACTIONS
                                      Rating           Prior
                                      ------           -----
Armenia

                      LT IDR           BB-   Affirmed   BB-

                      ST IDR           B     Affirmed   B

                      LC LT IDR        BB-   Affirmed   BB-

                      LC ST IDR        B     Affirmed   B

                      Country Ceiling  BB    Affirmed   BB

   senior unsecured   LT               BB-   Affirmed   BB-

   Senior Unsecured
   -Local currency    LT               BB-   Affirmed   BB-




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F R A N C E
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BETCLIC EVEREST: Fitch Rates Planned EUR750MM Sec. Notes 'BB+(EXP)'
-------------------------------------------------------------------
Fitch Ratings has assigned Betclic Everest Group's planned EUR750
million senior secured notes (SSN) an expected rating of 'BB+(EXP)'
with a Recovery Rating of 'RR2'. Fitch has also affirmed its
Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook and term loan B (TLB) rating at 'BB+'/'RR2'. The new SSN,
together with the planned minimum 2 billion euro-equivalent TLB
add-on announced on 8 January, will form the EUR3 billion debt
financing for the Tipico Group acquisition.

The rating reflects the acquisition of Tipico Group by Banijay
Group N.V., Betclic's ultimate shareholder. Fitch expects an
improvement in Betclic's business profile from the business
combination, which will be balanced by higher leverage from the
contemplated debt financing.

The Stable Outlook reflects Fitch's assumptions that the combined
business will generate reduced but sustained positive free cash
flow (FCF) margins with adequate credit metrics rebased for the
post-merger business profile.

Key Rating Drivers

Improved Scale and Diversification: The combined group will be
about twice as large as Betclic's current business by revenue and
EBITDA, and have materially less geographic concentration, with
around 40% of pro forma 2024 revenues generated from its largest
market, Germany. This compares well with Betclic generating 55%-60%
in France but is still high compared with peers in 'bb' category.
Geographic diversification remains an important rating
consideration as it mitigates the impact from regulatory and fiscal
pressure, such as the increase in gaming taxes in France that came
into effect in 2H25.

The Tipico acquisition will also improve product diversification by
adding a retail channel with 1,210 betting shops across Germany and
Austria, after closure following legal requirements from the
Admiral acquisition. Fitch estimates this channel will represent
around 15% of the combined group revenue.

Rebased Leverage Sensitivities: The combined Betclic and Tipico
business would be commensurate with a higher rating due to a
stronger business profile, but this improvement will be offset by a
weaker financial profile, with a substantial increase in leverage
to a level consistently above Fitch's previous negative rating
sensitivities. Fitch believes that at the current rating the
combined Betclic and Tipico businesses tolerate higher leverage and
have rebased Fitch's leverage sensitivities.

Leverage to Increase Temporarily: Fitch anticipates an increase of
net EBITDAR leverage to 4.6x in 2026, as Betclic expects to raise
around EUR3 billion to finance part of the acquisition and
refinance debt at Tipico. This will be slightly above Fitch's
rebased negative rating sensitivities, but Fitch forecasts that the
combined business will maintain leverage comfortably below 4.5x
thereafter. Fitch's forecast does not include potential merger
synergies that would support faster deleveraging.

Reduced but Mildly Positive FCF: Fitch's forecast assumes a solid
pre-dividend FCF margin for Betclic in the low double digits, but
Ftich expects that the dividend payments of the combined business
will also increase, with EUR400 million annual dividend assumption
incorporated in Fitch's rating case. Fitch forecasts the resulting
FCF margin to remain closer to neutral to positive low single-digit
levels. A more aggressive upstream of dividends that would lead to
neutral to negative FCF will be negative for the rating.

Standalone Performance Consistently Strong: Betclic outperformed
Fitch's forecasts in 2024 and is likely to outperform Fitch's
previous rating case on a standalone basis in 2025, with revenue
growth of over 40% in 2024 followed by expected revenue growth of
11% in 2025 and an expected broadly flat group-level operating
margin. The improvement in performance more than offsets the impact
of higher gaming duty in France, resulting in net leverage of 1.2x
at end-2025 in Fitch's forecast.

Focus on Regulated Markets Retained: Betclic will continue to
operate exclusively in fully regulated markets, some of which
(France, Poland and Austria) will also keep the upside potential of
full liberalisation. Fitch does not incorporate changes to the
licencing regimes in any of Betclic's markets in Fitch's forecast
or assume materially stricter regulatory enforcement in Germany
that could improve growth rate of its legal sports betting and
gaming market.

Rating on Standalone Basis: Fitch rates Betclic on a standalone
basis. This is based on Fitch's assessment of the parent and
subsidiary linkage with its owner Banijay Group N.V. Based on these
criteria, Fitch estimates Betclic's Standalone Credit Profile to be
equal to that of its parent, and consequently rate it decoupled
from its parent at 'BB-'.

Peer Analysis

Betclic's business profile pro forma acquisition of Tipico will be
still weaker than those of its closest peers Entain plc
(BB/Negative) and Allwyn International AG (BB-/Rating Watch
Positive), reflected in Betclic's smaller scale and narrower
geographic diversification. This explains slightly tighter leverage
sensitivities compared with Allwyn, which has the same rating.

Allwyn has highly profitable operations with a high proportion of
lottery revenue, which is less volatile and less exposed to
regulatory risks, with increasing geographical diversification
across Europe and growing presence in the US and Latin America,
offset by sustained negative FCF, complex group structure and
higher leverage. Allwyn's prospect of near-term reduction in
leverage pro forma the recently announced consolidation of
Organization of Football Prognostics S.A.'s cash flows is reflected
in the Rating Watch Positive.

Betclic is rated higher than the Belgium-based omnichannel gaming
and sports betting operator Meuse Bidco SA (Gaming1; B+/Stable)
given the latter's more niche and concentrated operations,
resulting in a one-notch difference in the IDRs.

By contrast, Flutter Entertainment plc's (BBB-/Stable) multi-notch
rating difference reflects it having the strongest business model
among online gaming operators with substantial scale and global
presence, combined with sustained financial discipline.

Fitch's Key Rating-Case Assumptions

- Tipico acquisition driving pro forma revenue growth above 100% in
2026, with revenue growth for combined entity expected between
3%-5% in 2027-28

- Revenue growth of Betclic standalone of 11% in 2025, 9% in 2026
and 6% in 2027-2028, driven by robust market growth and some market
share gains

- EBITDA margin decreasing gradually to 22% in 2026 from 23.1% in
2024, as 2025 betting taxes in France and Austria are fully
reflected; margin to increase back towards 23% in following years
as scale increases, Fitch EBITDA includes normalised VAT payment in
France

- Capex at EUR26 million in 2025, to increase following the
acquisition to around EUR80 million a year

- Neutral working capital in 2025-2028

- Dividend payments at EUR140 million in 2025, EUR400 million a
year in 2026-2028

- Issuance of EUR3 billion senior secured debt at market rate to
finance the Tipico acquisition and repay its existing debt

- EUR65 million of cash restricted, representing customer deposits,
jackpot provision and pending bets in 2025, increased to around
EUR130 million after the acquisition in 2026

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile:

-- The business and financial profile factors are assessed (in the
format of the 'assessment', followed by relative importance) as
follows: Management ('bb', moderate), Sector Characteristics ('bb',
moderate), Market and Competitive Positioning ('bb+', moderate),
Diversification and Asset Quality ('bb-', high), Company
Operational Characteristics ('bb', low), Profitability ('bb',
moderate), Financial Structure ('bb-', high), and Financial
Flexibility ('bb-', moderate).

-- The quantitative financial subfactors are assessed based on
custom financial period parameters of 40% weight for the forecast
year 2026, 30% for the forecast tear 2027 and 30% for the forecast
year 2028.

-- The Governance assessment of 'Good' results in no adjustment.

-- The Operating Environment assessment of 'a+' results in no
adjustment.

-- The Standalone Credit Profile is 'bb-'.

-- Application of Fitch's "Parent and Subsidiary Linkage Rating
Criteria" results in standalone approach.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Weakening profitability with EBITDAR margins declining towards
  15% due to competitive or regulatory challenges

- Failure to sustain positive FCF

- More aggressive financial policy or underperformance leading to
  EBITDAR net leverage increasing to above 4.5x

- EBITDAR fixed-charge cover sustainably below 3.0x

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Organic growth with increasing scale, EBITDAR margins remaining
  above 20%

- FCF margin improving to mid-single digits

- Commitment to a consistent financial policy supporting EBITDAR
  net leverage below 4.0x

- EBITDAR fixed-charge cover above 3.5x on a sustained basis

Liquidity and Debt Structure

Fitch views Betclic's liquidity as adequate at an estimated EUR160
million after Fitch's adjustments at end-2025. Fitch anticipates
increased cash of around EUR250 million following completion of the
transaction, also adequate considering the increased scale. Fitch
calculates available cash net of restrictions at around EUR70
million at the Betclic level and EUR130 million at the combined
level after the acquisition.

Following the transaction, the debt maturity profile will be
concentrated, with all maturities falling due in 2031.

Issuer Profile

Betclic is an online sports betting and gaming company,
headquartered in France. It operates in the highly regulated gaming
markets of France and Portugal, where it has leading market
positions, and has operations in Poland and Côte d'Ivoire.




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G E R M A N Y
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RENK GROUP: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings has upgraded the long-term corporate family rating
of the German gearbox producer RENK Group AG (RENK) to Ba1 from Ba2
and the probability of default rating to Ba1-PD from Ba2-PD. The
outlook has been changed to stable from positive.

RATINGS RATIONALE

The rating action reflects the steady improvement in RENK's
operating performance and credit metrics. Moody's expects RENK's
Moody's adjusted gross leverage to decline to approximately 2.2x by
the end of 2025, compared to 2.6x in December 2024. The company
posted around 19% revenue growth year-over-year YTD as of September
2025, driven by increased defense spending across NATO states, with
contributions from all segments and some margin expansion.
Furthermore, Moody's believes leverage would continue declining
absent any M&A activity to below 2.0x over the next 12–18 months
as market demand remains strong resulting in higher earnings.

The company guided that the increase in revenue to EUR2.8 - 3.2
billion by 2030 would also be accompanied by margin expansion to
above 20% EBIT margin, up from 15.2% in 9M 2025. This uplift in
margin will be largely driven by the continued business mix change
towards more profitable defense segment, the operating leverage
effect through better capacity utilization and improved
efficiencies as well as due to additional highly profitable
aftermarket sales. However, RENK is actively looking for M&A
opportunities, expecting up to EUR1 billion of additional revenue
from acquisitions by 2030. This may temporarily increase leverage
or at least slow down deleveraging, even though the company is
still committed to reducing its net leverage to below 1.5x in the
mid-term.

Moody's expects RENK's working capital to increase for the full
year 2025 compared to 2024, which benefited from a high level of
prepayments received in Q4 2024 that helped offset inventory
build-up. However, continued prepayments driven by growing order
intake will support positive free cash flow generation over the
coming quarters. RENK aims to reduce net working capital to around
20% of sales over the mid-term, although Moody's notes that working
capital can fluctuate significantly throughout the year, requiring
strong liquidity to manage these variations. Moody's anticipates
free cash flow (after dividends) of approximately EUR40–60
million in the coming years, notwithstanding higher capex in 2026
and 2027 as guided by RENK to capitalize on the backlog.

With approximately EUR1.3 billion in revenue, RENK remains a
relatively small entity compared to most of its Ba-Baa rated peers
in the Aerospace and Defense sector, as well as across the broader
Manufacturing industry. However, the company's strong market
position as the leading supplier of drive systems and good customer
diversification, with around 75% revenue exposure to Defense (both
land and naval programs), mitigates this size disadvantage.
Additionally, RENK aims to increase its revenue to EUR2 billion by
the end of 2028 and further to EUR2.8 - 3.2 billion by 2030 through
organic growth. During its Capital Market Day held in November
2025, RENK announced that it might achieve up to EUR1 billion
additional sales by 2030 through strategic acquisitions that would
expand its product range and geographies. Moody's expects the
inorganic growth opportunities to be largely centered in the naval
defense segment as the land domain is already very concentrated.
Moody's also believes that acquisitions will be mainly financed
through additional debt because of limited free cash flow
generation stemming from a temporary capex push in 2026 and 2027.

The rating is mainly supported by (1) its strong positions in the
market for military tracked vehicle transmissions and naval
gearboxes; (2) its large exposure (around 75% of revenue) to
defense end markets, which benefit from growing defense spending;
(3) its long-standing relationships with ministries of defense and
original equipment manufacturers (OEMs); (4) its good near-term
revenue visibility, supported by a sizable aftermarket business and
its large order backlog (EUR2.4 billion fixed order backlog and
EUR6.4 billion total order backlog as of Q3 2025); and (5) Moody's
expectations of conservative and balanced financial policy as a
public company with a net leverage target of below 1.5x.

The rating is primarily constrained by (1) RENK's modest scale of
operations relative to rated peers; (2) exposure to raw material
price volatility and supply chain disruptions; (3) intra-year
volatility in net working capital; and (4) a history of growth
through acquisitions that may continue in coming years given the
company's growth aspirations and sector dynamics.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that RENK's
operating performance will continue to benefit from the growing
defense spending across NATO states. Moody's also expects the
company to use flexibility created by steady earnings growth for
acquisitions over the next 2-3 years. At the same time, Moody's
assumes that the company will stick to conservative financial
management and will maintain good liquidity while considering
potential inorganic growth options.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive rating pressure could arise if:

-- The company continues to build a track record of compliance
with conservative financial policy;

-- Unsecured debt capital structure, typical for investment grade
rated corporates;

-- Moody's-adjusted gross debt/ EBITDA declining sustainably below
2.0x;

-- Moody's-adjusted RCF/ net debt increasing sustainably above
35%;

-- Strong liquidity buffer.

Conversely, negative rating pressure could arise if:

-- Moody's-adjusted gross debt/ EBITDA sustained above 2.5x;

-- Moody's-adjusted RCF/ net debt sustained below 30%;

-- Reduced free cash flow and deterioration of liquidity profile.

LIQUIDITY

RENK's liquidity is solid. As of September 2025, the company had
EUR108 million of cash on its balance sheet, which Moody's expects
to increase by year-end 2025 following the seasonally strong Q4,
typical for the defense industry. Additionally, RENK has access to
a EUR75 million revolving credit facility (RCF) maturing in 2029,
which remains fully undrawn. In Moody's views the RCF is fairly
small for the size of the company, which is however mitigated by a
good cash position. Moody's anticipates that RENK will generate
EUR40-60 million of free cash flow p.a. (after dividends, but
excluding acquisitions) in 2025-26, further supporting its
liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense published in July 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Headquartered in Augsburg, Germany, RENK Group AG is a manufacturer
of high-quality gear units, automatic transmissions, slide
bearings, suspension systems, couplings and test systems. The
company operates through three business segments — Vehicle
Mobility Solutions, Marine & Industry and Slide Bearings —
serving a diverse set of end markets, with around 75% of its
revenue coming from the defense sector. In the last 12 months
ending September 2025, the company reported EUR1.3 billion in
revenue and its Moody's adjusted EBIT was EUR159 million (12%
margin). Since its IPO in February 2024, RENK Group AG has been
publicly listed on the Frankfurt Stock Exchange with a current
market capitalization of around EUR6 billion. In February 2025, the
Franco-German defense company KNDS exercised its option to increase
its shareholding in RENK, and following a settlement later in 2025,
KNDS currently holds about 16% of shares, making it a significant
shareholder. Former majority owner Triton has sold its remaining
stake, and the rest of the shares are now held by institutional and
retail investors as part of the free float.




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I R E L A N D
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CVC CORDATUS XV: Fitch Hikes Rating on Class E Notes to BB+sf
-------------------------------------------------------------
Fitch Ratings has upgraded CVC Cordatus Loan Fund XV DAC's class
B-1-R to E notes, and affirmed the rest.

RATING ACTIONS

   Entity / Debt            Rating             Prior  
   -------------            ------             -----

CVC Cordatus Loan Fund XV DAC

  A-R XS2382262793     LT   AAAsf   Affirmed   AAAsf
  B-1-R XS2382262959   LT   AAAsf   Upgrade    AA+sf
  B-2-R XS2382263171   LT   AAAsf   Upgrade    AA+sf
  C-R XS2382263338     LT   A+sf    Affirmed   A+sf
  D-R XS2382263502     LT   BBB+sf  Upgrade    BBBsf
  E XS2025846671       LT   BB+sf   Upgrade    BBsf
  F XS2025847216       LT   Bsf     Affirmed   Bsf

Transaction Summary

CVC Cordatus Loan Fund XV DAC is a cash flow CLO comprising mostly
senior secured obligations. The transaction exited its reinvestment
period in February 2024 and the portfolio is actively managed by
CVC Credit Partners European CLO Management LLP.

KEY RATING DRIVERS

Deleveraging Increases Credit Enhancement: About EUR108.1 million
of the class A-R notes have been repaid since Fitch's last review
in February 2025. This deleveraging has resulted in an increase in
credit enhancement across the capital structure. The upgrades of
the class B-1-R, B-2-R, D-R notes and E notes and their Stable
Outlooks reflect sufficient default-rate cushions at their current
ratings.

Low Refinancing Risk: The transaction has low near- and medium-term
refinancing risk, with 0.5% portfolio assets maturing in 2026 and
6% maturing in 2027.

'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 25.6 as calculated by Fitch
under its latest criteria. About 16.1% of the portfolio is
currently on Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
9.5% 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 58.2%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 22%, and no obligor
represents more than 3% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 23.4% as calculated by
Fitch. Fixed-rate assets as reported by the trustee are at 10.7%,
within 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

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.


PENTA CLO 21: Fitch Assigns 'B-sf' Rating on Class F Debt
---------------------------------------------------------
Fitch Ratings has assigned Penta CLO 21 DAC's final ratings.

RATING ACTIONS

    Entity / Debt         Rating                 Prior  
    -------------         ------                 -----

Penta CLO 21 DAC

A XS3237070142      LT   AAAsf   New Rating   AAA(EXP)sf

B XS3237070654      LT   AAsf    New Rating   AA(EXP)sf

C XS3237070811      LT   Asf     New Rating   A(EXP)sf

D XS3237071116      LT   BBB-sf  New Rating   BBB-(EXP)sf

E XS3237071546      LT   BB-sf   New Rating   BB-(EXP)sf

F XS3237071629      LT   B-sf    New Rating   B-(EXP)sf

Subordinated Notes
XS3237072353        LT   NRsf    New Rating   NR(EXP)sf

Z XS3237072197      LT   NRsf    New Rating   NR(EXP)sf

Transaction Summary

Penta CLO 21 DAC is a securitisation of mainly senior secured loans
and secured senior bonds (at least 90%), with a component of senior
unsecured, mezzanine and second-lien loans. Note proceeds were used
to fund a portfolio with a target par of EUR400 million. The
portfolio is actively managed by Partners Group (UK) Management
Ltd. The CLO has a 4.6-year reinvestment period and an 8.5-year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.9.

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 60.3%.

Diversified Asset Portfolio (Positive): The transaction includes
various portfolio concentration limits, including a top 10 obligor
concentration limit of 20% and a maximum exposure to the three
largest (Fitch-defined) industries in the portfolio of 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction will have a
4.6-year reinvestment period and 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.

The transaction includes three Fitch test matrix sets, each
comprising two matrices that correspond to two fixed-rate asset
limits of 5% and 10%. All matrices correspond to a top 10 obligor
limit at 20%. One set is effective at closing, corresponding to an
8.5-year WAL test. Another set, which corresponds to a 7.5-year WAL
test, is effective 12 months after closing. The third set
corresponds to a seven-year WAL test and is effective 18 months
after closing. Switching to the forward matrices is subject to the
satisfaction of the reinvestment target par condition.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis has been reduced by one year, down to 7.5
years. This accounts for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
conditions include passing both the coverage tests and the Fitch
'CCC' maximum limit, together with a WAL covenant that gradually
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

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 notes
and lead to downgrades of no more than one notch for the class B,
C, D, and E notes and to below 'B-sf' for the class F 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, C, D, E and F notes
display rating cushions of two notches. The class A notes 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 up to
four notches for the 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 in 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 two notches for the class B, C, and D notes and
three notches for the class E and F notes. The class A notes are
rated 'AAAsf', 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. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread to cover
losses in the remaining portfolio.




=========
M A L T A
=========

MULTITUDE BANK: Fitch Hikes LongTerm IDR to 'BB-', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Multitude Bank plc's Long-Term Issuer
Default Rating (IDR) to 'BB-' from 'B+' and affirmed Multitude AG's
Long-Term IDR at 'B+'. The Outlooks are Stable.

Fitch has also affirmed Multitude Capital Oyj's senior unsecured
notes at 'B+' with a Recovery Rating of 'RR4' and Multitude AG's
subordinated hybrid perpetual capital notes at 'B-' with 'RR6'.

Key Rating Drivers

Upward Revision of Group SCP: The upgrade of Multitude Bank's
Long-Term IDR is underpinned by an upward revision of the
consolidated group's standalone credit profile (SCP) to 'bb-' from
b+', following improvements in profitability, business volumes and
revenue diversification. The ratings factor in Multitude group's
sufficient capitalisation, supported by prudential requirements at
Multitude Bank, and access to granular, but price-sensitive, retail
deposits.

The ratings also consider the group's niche franchise in high-yield
consumer and SME lending; pressure on its net interest margin;
high, but gradually declining, impairment charges; and rapid SME
and wholesale lending growth.

Group Ratings Approach: Multitude Bank's ratings reflect Fitch's
group rating approach and are based on the analysis of Multitude,
as a group of companies, on a consolidated basis. Multitude Bank is
a Malta-based 100%-owned subsidiary of Multitude AG and the group's
core operating entity, accounting for about 90% of the group's
assets. Fitch views the bank as operationally integrated into the
group.

Holding Company Notching: Multitude AG's Long-Term IDR is notched
down once from the consolidated group's SCP. This reflects that,
following the change in the group organisational structure,
lending-related and other operating entities will shortly be
transferred under the bank, which will increase the holding
company's reliance on cash being up streamed from the bank. Fitch
now treats Multitude AG as a holding company which generates its
revenue largely from a prudentially regulated entity (Multitude
Bank) as opposed to a holding company of more diversified financial
institutions.

The notching of Multitude AG's Long-Term IDR from the group's SCP
reflects high double leverage (about 160% if perpetual bonds are
included in Multitude AG's standalone equity, and about 200% if
excluded). Other factors include different jurisdictions between
the bank and the holding company, and potential restrictions on
dividend and liquidity transfers from the bank given the regulatory
focus on protecting bank depositors and creditors.

Niche Franchise, Improving Diversification: Multitude group mainly
operates in non-prime lending with an increasing focus on
lower-risk consumer, SME and wholesale lending. Credit risk in
consumer lending is mitigated by high margins and adequate
underwriting standards. Expansion into SME and wholesale lending
adds diversification to the business model but also poses risks of
increased concentration and credit losses due to rapid growth.

High Loan Impairments: High loan impairments are inherent to
Multitude group's business model, with an impaired/gross loans
ratio of 18% at end-9M25 but are mitigated by adequate reserves.
Loan impairment charges moderated to 10% of average gross loans in
9M25 (2024:13%), helped by tightened underwriting in consumer and
SME lending. The group's asset quality is improving from the
gradual transition to lower-risk retail clients.

Improving Profitability, Margin Pressures: Pre-tax income improved
to 2.5% of average assets in 9M25, helped by contained operating
expenses and lower impairment charges. Loan impairments consumed
74% of pre-impairment profit in 9M25 (2024: 81%). The net interest
margin is pressured by regulatory interest caps, a gradual shift to
lower yielding clients and high, although gradually declining,
costs of deposit funding amid higher interest rates. Growth in SME
and wholesale lending should support profitability, provided credit
risk remains well-managed.

Sufficient Capital Buffers: Multitude Bank's common equity Tier 1
(end-1H25: 17.2%) and total capital ratios (23%) had reasonable
headroom above their prudential requirements (13.8% and 16.9%,
respectively). Capitalisation was supported by the issue of Tier 2
debt and reduction in operational risk-weighted assets in 1H25,
following the implementation of the Capital Requirements Regulation
3. Fitch expects Multitude Bank to maintain regulatory capital
ratios with sufficient buffer above their minimum requirements.

Deposit-Funded; Moderate Refinancing Risk: Funding is predominantly
from retail deposits (end-3Q25: 87% of liabilities), which are
price-sensitive but granular. An increasing share of deposits from
Multitude Bank's own platform adds resilience to its deposit base.
Non-deposit funding comprises about EUR80 million senior unsecured
bonds (maturity in 2028) and EUR45 million perpetual debt (with a
call option in 2026). The fairly short tenor of the loan book and a
sound liquidity buffer support the bank's adequate liquidity.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Pressure on profitability, such as from a tightening of regulatory
interest caps in key markets or losses from expansion into new
business segments, could result in a downgrade.

Significant asset quality deterioration, with loan impairment
charges sustained above 15% of average gross loans and pressuring
profitability, or a notable increase in unreserved impaired loans
relative to tangible equity, could also lead to a downgrade.

A reduction in Multitude Bank's headroom above the regulatory
capital requirements to materially below 100bp on a sustained
basis, or a large increase in leverage at the consolidated group
level, could also be credit-negative.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Material improvement in asset quality and profitability, alongside
increased scale and a more diversified revenue base, could be
positive for the group's SCP.

Material reduction in double leverage (to below 120%), combined
with improved profitability and cash generation at the holding
company, could lead Fitch to equalise Multitude AG's Long-Term IDR
with the group's SCP, which would result in a one-notch upgrade.

Increase of qualified junior debt buffers at Multitude Bank to
sustainably above 10% of its risk-weighted assets could be positive
for the bank's Long-Term IDR.


DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Multitude Capital Oyj's senior unsecured bonds are rated in line
with Multitude AG's Long-Term IDR, reflecting the guarantee
provided by Multitude AG, and Fitch's expectation of average
recovery prospects. Its subordinated perpetual hybrid callable
notes are notched down twice from Multitude AG's Long-Term IDR, in
line with Fitch's Non-Financial Corporates Hybrids Treatment and
Notching Criteria.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior unsecured notes' rating is sensitive to changes in the
holding company's Long-Term IDR. Adverse changes to Fitch's
assessment of recovery prospects for senior unsecured debt in
default would result in the senior unsecured notes' rating being
notched down from the IDR.

The subordinated notes' rating will mirror changes in Multitude
AG's Long-Term IDR. Adverse changes to Fitch's assessment of
going-concern loss absorption or recovery prospects for
subordinated debt in a default (such as the introduction of
features resulting in easily triggered going-concern loss
absorption or a permanent write-down of the principal in wind-down)
could also result in a widening of the notching for the
subordinated notes' rating to more than two notches below Multitude
AG's Long-Term IDR.

ADJUSTMENTS

The business profile score of 'bb-' is below the 'bbb' implied
category score due to the following adjustment reasons: business
model (negative), market position (negative).

The asset quality score of 'b+' is above the 'ccc & below' implied
category score due to the following adjustment reason: collateral
and reserves (positive).

RATING ACTION

Multitude AG

                      LT IDR    B+    Affirmed         B+

   subordinated       LT        B-    Affirmed   RR6   B-

Multitude Capital Oyj


   senior unsecured   LT        B+    Affirmed   RR4   B+

Multitude Bank plc

                      LT IDR    BB-   Upgrade          B+

                      ST IDR    B     Affirmed         B




=====================
N E T H E R L A N D S
=====================

LAVENDER DUTCH: Fitch Assigns BB- LongTerm IDR, Outlook Positive
----------------------------------------------------------------
Fitch Ratings has assigned Lavender Dutch BorrowerCo B.V. a final
Long-Term Issuer Default Rating (IDR) of 'BB-' with a Positive
Outlook. Fitch has also assigned Lavender's USD900 million term
loan (TLB) and EUR1,265 million TLB a final senior secured rating
of 'BB+' with a Recovery Rating of 'RR2'. The assignment of the
final ratings follows the completion of the acquisition of Vestacy
(formerly Essential Home) business following its carve-out from
Reckitt Benckiser Group plc in December 2025, and the execution of
the secured funding facilities. Fitch expects full separation to
take about two years.

Lavender's 'BB-' reflects Vestacy's moderately diversified
portfolio of global and national consumer product brands, balanced
against strong profitability and adequate leverage.

The Positive Outlook reflects receding execution risks and the
prospect of an improved credit profile from 2028, on completion of
its separation from Reckitt. This would materially improve free
cash flow (FCF), which could support a single-notch upgrade.

Key Rating Drivers

Transaction Closed: Advent acquired 70% of Reckitt's Vestacy
portfolio in December 2025 and transferred it to Lavender, while
Reckitt retained a 30% minority stake. Full separation is targeted
within about two years. Fitch expects material separation costs to
be mostly incurred in 2026-2027, alongside dual-running costs under
transaction services agreements (TSAs), pressuring FCF. The costs
relate to Vestacy's manufacturing reconfiguration, including
outsourcing 23% of volumes currently produced by Reckitt. The
separation risk is still considerable across commercial, supply and
corporate functions, but is mitigated by Reckitt's large, retained
stake.

A USD300 million vendor loan, treated as equity, and added cash
liquidity further support the transition. In addition to TSAs,
Reckitt has signed manufacturing services agreements to secure
continuity within two years, with a 12-month extension for select
services.

FCF Volatility on Separation: Fitch said, "We assume that the
separation will be completed on schedule by end-2027 and within
budget, which will drive the IDR trajectory over the medium term.
We project FCF to be negative to neutral after absorbing separation
costs and one-off working-capital outflows in 2026 and 2027. On
completion of the separation, we expect Vestacy will generate
double-digit FCF margins, supported by high EBITDA margins,
manageable interest payments and limited capex needs (average capex
under 1% of revenue between 2025 and 2029). This, alongside a
slight improvement of moderate credit metrics, could support an
upgrade to 'BB'."

Conversely, delays, cost overruns and separation-related
operational disruptions will likely lead to negative rating
actions.

Strong Homecare Product Portfolio: Vestacy 's credit profile
benefits from a moderately diversified portfolio of competitive
branded homecare products. This is underpinned by leading
international brands, such as Air Wick, Cillit Bang, Calgon,
Woolite, Mortein and SBP. The rating benefits from a cross-regional
presence in North America (36% of revenue in 2024), Europe and
Australia and New Zealand (46%), and Latin America (18%). The
company's consumer staples offering is supported by resilient
demand in downturns.

Concentration on Air Wick: About half of the revenue (46% in 2024)
comes from Air Wick, a leader in the air care category. The
concentration risk is partly mitigated by the brand's strong global
presence and recurring revenue, as it primarily competes in the
devices subsector, accounting for about 80% of the brand's revenue
in 2024, due mostly to refills. Vestacy 's other top 14 brands,
which are regional leaders in their respective home care
categories, together account for about 40% of revenue, further
reducing single brand concentration risk.

Moderate Credit Metrics: The rating is supported by Vestacy 's
moderate credit metrics. Fitch said, "We estimate EBITDA leverage
of about 4.5x at end-2025, before declining toward 4.0x by
end-2028. We forecast EBITDA interest coverage at slightly above
4.0x at end-2028. Both metrics are in line with a 'BB' rating
category."

Temporary Sales Decline: Vestacy sales have been temporarily
affected by a challenging macroeconomic environment, which has led
to weak consumer sentiment and retailers destocking, alongside
continued competition across categories and markets. The company
reported a 5.1% decline in volumes and a 1.4% decline in prices in
1H25, and Fitch estimates some stabilisation in 2H25, driven by
improved consumer demand and management initiatives. Fitch expects
the company will continue to invest in marketing and innovation,
which, combined with recovering consumer sentiment and demand,
should support revenue CAGR of 2.8% in 2025-2029.

Strong Profitability; Moderate Margin Expansion: Fitch said, "We
expect Vestacy to maintain strong EBITDA margins for the rating of
above 22%, with moderate expansion in 2026-2029, as savings would
largely be reinvested in marketing and innovation. The company
targets between USD41 million and USD87 million of savings by 2027,
mainly from procurement optimisation, operating expenses
rationalisation and manufacturing reconfiguration."

Highly Competitive Industry; Resilient Demand: Vestacy provides
consumer staples that have demonstrated resilience through economic
cycles, underpinning Fitch's expectation of low- to single-digit
revenue growth. Nevertheless, home care is also highly competitive,
requiring sustained investments in marketing and product innovation
to address evolving consumer needs and protect profitability and
market share. The company's plan to increase spending on both is
credit-positive and supports Vestacy's brand competitiveness.

Peer Analysis

Vestacy is rated below Reynolds Consumer Products Inc.
(BB+/Stable), a producer of cooking products and tableware. Both
companies operate in consumer products, although different
categories, have similar EBITDA of over EUR500 million and high
revenue concentration on core brands. The rating differential
mainly reflects Reynolds' more conservative financial policy, with
EBITDA gross leverage of below 3x and sustainable positive FCF
generation.

Vestacy is also rated below Birkenstock Holding plc (BB+/Stable), a
German shoe producer, which is of comparable scale and also has
high exposure to a single brand, but narrower product
diversification. The latter is more than balanced by sharply lower
leverage and stronger operating profitability, resulting in the
two-notch rating differential.

Vestacy is rated above Opal Holdco 4 SAS (Opella; B+/Stable), one
of the leading companies in consumer health, despite the latter's
larger scale, more diversified product portfolio and comparable
EBITDA margin. This is due mainly to Opella's less conservative
financial policy, with EBITDA gross leverage projected at above
6.5x over 2025-2026 after the carve-out from Sanofi.

Fitch's Key Rating-Case Assumptions

- Organic revenue to have declined moderately in 2025, affected by
soft consumer sentiment and retailers' destocking, followed by an
average 2.8% annual increase in 2026-2029

- EBITDA margin at 21.3% in 2025, before gradually rising to 22.6%
in 2029

- Capex at about 1% of revenue over 2025-2029

- Working capital outflow of USD73 million in 2026 and USD21
million in 2027

- No dividend payments

Corporate Rating Tool Inputs and Scores

The business and financial profile factors are assessed (in the
format of the assessment, followed by relative importance) as
follows: management ('bbb-', low), sector characteristics ('bbb-',
moderate), market and competitive positioning ('bb', high),
diversification and asset quality ('bb-', moderate), company
operational characteristics ('bb', moderate), profitability ('bb',
high), financial structure ('bb', moderate), and financial
flexibility ('bb+', moderate).

The quantitative financial subfactors are assessed based on
customised financial period parameters of 40% weight for the
forecast year 2026, 40% for the forecast year 2027 and 20% for the
forecast year 2028.

Analytical weakest link results in an adjustment of -1 notch to the
IDR to reflect high execution risks after carve-out and near-term
high separation expenses.

The governance assessment of 'good' results in no adjustment to the
IDR.

The operating environment assessment of 'a+' results in no
adjustment to the IDR.

The Standalone Credit Profile is 'bb-'.

Recovery Analysis
Fitch's recovery analysis follows the generic approach applicable
to 'BB' category issuers and treat the new TLB as category 2
first-lien debt, which receives a two-notch uplift from the IDR,
leading to a 'BB+' rating with 'RR2'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage consistently above 5.0x as a result of weak
carve-out execution, including larger-than-expected separation cost
or working capital outflows, or an extended period of operating
weakness

- Neutral FCF margin

- EBITDA interest coverage remaining below 3.5x

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Completion of the separation leading to steady EBITDA expansion
and FCF margins sustainably above 3%

- EBITDA leverage consistently below 4.5x

- EBITDA interest cover sustained above 4.0x

Liquidity and Debt Structure

Fitch estimates Vestacy 's available cash balance at about USD260
million at end-2025 (after restricting USD40 million of cash for
operating needs). FCF will be affected by the separation costs and
working capital outflows, mainly in 2026 and 2027. Solid operating
performance with normalising working capital and limited capex
should support strongly positive FCF from 2028.

Vestacy also has access to a USD500 million revolving credit
facility, which Fitch expects to remain fully undrawn in 2026-2029.
It has no major debt maturing before 2032, when the new USD2,375
million TLB comes due.

Issuer Profile

Vestacy is one of the leading companies in home care, operating in
more than 70 markets across the categories of air care (46% of 2024
sales), surface (23%), laundry (21%) and pest (10%).

RATING ACTIONS

                           Rating                 Prior
                           ------                 -----
Lavender Dutch BorrowerCo B.V.

                    LT IDR  BB-  New Rating       BB-(EXP)

   senior secured   LT      BB+  New Rating  RR2  BB+(EXP)

   senior secured   LT      BB+  New Rating  RR2




=========
S P A I N
=========

BBVA RMBS 3: Fitch Affirms Csf Rating on Class C Debt
-----------------------------------------------------
Fitch Ratings has upgraded four tranches of two BBVA RMBS
transactions and affirmed the rest. All the Rating Outlooks are
Stable.

RATING ACTIONS

  Entity/Debt                 Rating             Prior  
  -----------                 ------             -----

BBVA RMBS 1, FTA
  
Class A3 ES0314147028   LT   AAAsf   Upgrade    AA+sf

Class B ES0314147036    LT   AA+sf   Upgrade    AAsf

Class C ES0314147044    LT   Asf     Affirmed   Asf

BBVA RMBS 2, FTA

Class A4 ES0314148034   LT   AAsf    Upgrade    AA-sf

Class B ES0314148042    LT   A+sf    Affirmed   A+sf

Class C ES0314148059    LT   A-sf    Upgrade    BBB+sf

BBVA RMBS 3, FTA

B ES0314149032          LT   CCCsf   Affirmed   CCCsf

C ES0314149040          LT   Csf     Affirmed   Csf

Transaction Summary

The transactions comprise Spanish mortgages serviced by Banco
Bilbao Vizcaya Argentaria S.A. (A-/Stable/F1).

KEY RATING DRIVERS

Payment Interruption Risk Mitigated: Fitch considers payment
interruption risk in BBVA RMBS 1 to be mitigated in its expected
case. The cash reserve fund (RF), which has been at its target
since 2022 and is currently at its floor, is sufficient to cover
stressed senior fees, net swap payments and senior note interest
while an alternative servicing arrangement is being implemented.
The transaction's stabilised performance and the RF's record over
the last five years underpin Fitch's expectation that reserve
coverage will remain sufficient over the medium term.

Credit Enhancement to Increase: The rating actions reflect Fitch's
view that the notes are sufficiently protected by credit
enhancement (CE) to absorb the projected losses commensurate with
their corresponding ratings. Fitch said, "We expect CE for BBVA
RMBS 1 and BBVA RMBS 2 to gradually increase, considering their
pro-rata note amortisation and non-amortising RFs. We also expect
CE to continue increasing for BBVA RMBS 3, given the prevailing
sequential amortisation and the stable performance outlook while
their negative CE ratios are reflected in their distressed
ratings."

Stable Asset Performance Outlook: The rating actions reflect the
transactions' broadly stable asset performance outlook, in line
with Fitch's neutral asset performance outlook for eurozone RMBS.
The transactions have low shares of loans in arrears over 90 days
(below 0.5%) and are protected by substantial portfolio seasoning
of more than 17 years.

Fitch has applied transaction adjustments of 1.5x to BBVA RMBS 3's
and 1.0x to BBVA RMBS 1's and BBVA RMBS 2's foreclosure frequency
(FF) to reflect its general assessment of the pools based on their
historical performance data. This accounts for the difference
between observed FF performance in the portfolios and the
criteria-derived transaction-specific weighted average (WA) FF,
resulting in a higher WAFF for BBVA RMBS 3.

Counterparty Risk Constraints: The derivative provider for the BBVA
deals has not complied with contractually-defined minimum ratings
and remedial actions, resulting in the notes' ratings being capped
at the higher of the counterparty's - BBVA - 'A' Derivative
Counterparty Rating and the rating that can be supported by
transaction cash flows on an unhedged basis. This is in accordance
with Fitch's Structure Finance and Covered Bonds Counterparty
Rating Criteria as Fitch considers derivatives to be material for
the rating analysis.

BBVA 1 class C notes rating is capped at TAB provider's - Societe
Generale S.A. - 'A' long term deposit rating , as the cash RF held
at the TAB represents its only source of CE. The rating cap
reflects an excessive counterparty dependence under Fitch's
criteria.

RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Long-term asset performance deterioration such as increased
delinquencies or larger defaults, which could be driven by changes
to macroeconomic conditions, interest-rate increases or borrower
behaviour, would result in negative rating action. For instance, a
15% increase in defaults and a 15% decrease in recoveries could
trigger downgrades of up to two notches.

For BBVA RMBS 1's class C notes, a downgrade of the TAB provider's
deposit rating would lead to a corresponding rating action on the
notes, which are at their maximum achievable rating due to
excessive counterparty risk exposure.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Notes rated 'AAAsf' are at the highest level on Fitch's scale and
cannot be upgraded.

Increases in CE ratios as the transactions deleverage to fully
compensate the credit losses and cash flow stresses commensurate
with higher ratings may result in upgrades.

For BBVA RMBS 1's class C notes, an upgrade of the TAB provider's
deposit rating will result in a similar rating action on the
notes.




===========
S W E D E N
===========

HEIMSTADEN BOSTAD: Fitch Rates EUR500MM Hybrid Bond 'BB'
--------------------------------------------------------
Fitch Ratings has assigned Heimstaden Bostad AB's EUR500 million
undated hybrid bond issued in January 2026 a final rating of 'BB'.
The rating is the same as Heimstaden Bostad's existing subordinated
debt rating of 'BB'. The hybrid qualifies for 50% equity credit.

The assignment of the hybrid's final rating follows the completion
of the bond issue and the receipt of the final documentation, which
conforms to the previously received information.

The proceeds from the hybrid issue will be used to refinance
Heimstaden Bostad's existing EUR500 million hybrid bond callable in
January 2026. Of this existing hybrid's nominal amount, EUR336
million remains outstanding. A further EUR164 million is held by
Heimstaden Bostad on its own books and will be cancelled as part of
this transaction. The residual cash will be used for general
corporate purposes.

Key Rating Drivers

Fixed-to-Reset Coupon: The hybrid has a fixed-rate coupon for 5.25
years until April 2031 before resetting to a five-year euro swap
rate plus initial margin and any step-up, if applicable. If the
hybrid is not called ahead of its first step-up date, the margin
will increase by 25bp and by a cumulative total 100bp at its second
step-up date.

Hybrid Notched Off IDR: The perpetual hybrid is rated two notches
below Heimstaden Bostad AB's Long-Term Issuer Default Rating (IDR)
of 'BBB-'/Stable. This reflects the hybrid's deeply subordinated
status, ranking behind senior creditors and senior only to equity
(ordinary and preference shares), with coupon payments deferrable
at the discretion of the issuer and no formal maturity date. It
also reflects the hybrid's greater loss severity and higher risk of
non-performance than senior obligations.

Equity Treatment: Under Fitch's hybrid criteria, the security
qualifies for 50% equity credit due to deep subordination, a
remaining effective maturity of at least five years, full
discretion to defer coupons for at least five years and limited
events of default. Equity credit is limited to 50%, given the
cumulative interest coupon, a feature that is more debt-like in
nature.

Effective Maturity Date: Although the hybrid is undated, Fitch deem
its effective maturity to be 20 years after the first reset date in
accordance with Fitch's Corporate Hybrids Treatment and Notching
Criteria.

From this date, the issuer will no longer be subject to replacement
language, which discloses the intent to redeem the instrument with
the proceeds from similar instrument or equity. The instrument's
equity credit would change to 0% five years before the effective
maturity date (ie 15 years after the respective reset date). The
coupon step-up remains within Fitch's aggregate threshold rate of
100bp.

Peer Analysis

Heimstaden Bostad's portfolio of EUR29.7 billion and 158,317
residential-for-rent units at end-3Q25 was materially larger than
Grainger plc's (BBB-/Stable; EUR4.2 billion; 10,924 units); Peach
Property Group AG (B/Stable; EUR1.9 billion), which is mainly
focused in Germany's North Rhine-Westphalia region; and D.V.I.
Deutsche Vermogens- und Immobilienverwaltungs GmbH (DVI;
BBB-/Stable; Berlin-focused EUR2.3 billion, mainly residential).
The German-weighted portfolio of Vonovia SE (BBB+/Stable) is larger
at EUR82 billion with 539,753 units.

Heimstaden Bostad's 2024 like-for-like (lfl) rental growth was 5.3%
compared with Vonovia's 3.7%, with both companies' Swedish
portfolios averaging about 5.5% for 3Q25. Their German portfolios
are markedly different with Vonovia's more widespread domestic
portfolio capturing lower-quality portfolios, compared with
Heimstaden Bostad's quality-end Berlin and Hamburg-specific
portfolios. DVI's equivalent 2024 lfl rent rise was about 4% with
little tenant improvement capex. Grainger's equivalent year to
end-September 2025 was a subdued 3.4%. All companies have high
occupancy.

The geographical diversification of Heimstaden Bostad's European
portfolio is wider than peers', balancing city-specific conditions
such as Berlin's rent regulation with exposure to different
countries' economies and rental regulations.

Heimstaden Bostad's net debt/EBITDA of 19.6x at end-2024 is
comparable to that of investment-grade peers, such as Vonovia
(around 17x), DVI (residential-based measure; end-2024: 17.7x), and
the development-burdened, less-regulated, portfolio of Grainger
(end-September 2025: 16x). For some companies, tightening interest
coverage is constraining their debt capacity.

Fitch's Key Rating-Case Assumptions

- Net rents averaging 2.5% year-on-year growth during 2025-2028.
Annual net rental growth averages 5.4%, excluding the adverse
effect of ongoing privatisation disposals but including the
beneficial effect of tenant improvement capex on units

- Eurozone variable rates use the 2% eurozone policy rate from
Fitch's Global Economic Outlook (September 2025). New fixed-rate
bonds assumed at 4%. Hybrids' scheduled coupon resets to 6%-7%

- Capex at SEK5 billion a year during 2026-2028, yielding gross
rent of 7.5% (this is a blend of tenant improvement capex at
double-digit yields and lower yield for maintenance expenditure)

- Disposals, including ongoing privatisation disposals, average
SEK10.5 billion a year during 2025-2028

- Cash dividends are paid in 2027 including the accrued dividend
for the Class A shares to Heimstaden AB

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
to produce the Standalone Credit Profile (SCP):

- The business and financial profile factors are assessed (in the
format of the 'assessment', followed by relative importance) as
follows: Management ('bbb', low), Access to Capital ('bbb-',
moderate), Liability Profile ('bbb', moderate), Property Portfolio
('a', higher), Rental Income Risk Profile ('a-', moderate),
Profitability ('bbb', lower), Financial Structure ('bbb-',
moderate) and Financial Flexibility ('bbb-', higher).

- The quantitative financial subfactors are assessed based on
standard financial period parameters of 20% weight for the
historical fiscal year 2024, 40% for the forecast year 2025 and 40%
for the forecast year 2026.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa' results in no
adjustment.

- The Financial Flexibility factor is considered the weakest link
in Fitch's analysis. This leads to an adjustment of -1 notch.

- The SCP is 'bbb-'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Net debt/EBITDA above 22x

- EBITDA net interest cover remaining below 1.4x

- Changes to the governance structure that loosen the ring-fencing
around Heimstaden Bostad

- A 12-month liquidity score approaching 1.0x

- For the senior unsecured debt rating: failure to improve the
unencumbered investment property assets/unsecured debt cover
towards 1.5x by end-2025 (end-2025E: 1.7x; end-2026F: 1.9x)

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Successful progress with the privatisation disposal programme

- Liquidity score above 1.25x for the first 12 months and above
1.0x for the subsequent nine to 12 months

- Net debt/EBITDA below 21x

- EBITDA net interest cover above 1.6x

Liquidity and Debt Structure

Heimstaden Bostad had cash of SEK3 billion at end-3Q25, including
the benefits of proceeds from its September 2025's EUR500 million
3.75% coupon bond, privatisation disposal proceeds, lighter capex
and no dividends. At end-3Q35, revolving credit facilities (RCFs)
were SEK25.7 billion (of which SEK19 billion remained available)
with their maturity dates starting from mid-2027. The debt maturity
profile totals SEK10.4 billion in 2026. The company's debt maturity
profile until 2031 is about SEK22 billion-25 billion a year and
2027's liquidity profile is 1x, without extensions of existing
RCFs.

Fitch calculates the 2024 average cost of debt at 3.3% (including
hybrids' interest expense at 100%). The average debt maturity was
7.7 years at end-3Q25 (end-2023: eight years), excluding the
permanent hybrids. The average interest rate maturity was a short
3.25 years at end-3Q25: (end-3Q24: 3.24 years) and 87% of debt had
fixed or hedged interest rates.

Issuer Profile

Heimstaden Bostad is a pan-European residential-for-rent real
estate company. It is owned by Heimstaden AB, together with other
long-term Nordic institutional investors.




===========================
U N I T E D   K I N G D O M
===========================

BOOTH TRANSPORT: Interpath Appointed as Administrators
------------------------------------------------------
Booth Transport Limited, formerly C.F. Booth (Transport) Limited,
was placed into administration in the High Court of Justice,
Business and Property Courts in Manchester, under Court Number
CR-2026-MAN-000080.  James Ronald Alexander Lumb and Howard Smith
of Interpath Advisory, Interpath Ltd were appointed as joint
administrators on January 20, 2026.

The company operates freight transport by road.

The company's registered office is c/o Interpath Advisory, 4th
Floor, Tailors Corner, Thirsk Row, Leeds LS1 4DP

The principal trading address is at Clarence Metal Works, Armer
Street, Rotherham, S60 1AF

The administrators can be reached at:

     James Ronald Alexander Lumb  
     Howard Smith  
     Interpath Advisory, Interpath Ltd  
     4th Floor, Tailors Corner  
     Thirsk Row  
     Leeds  
     LS1 4DP  

For further details contact:

     Email: cfbooth@interpath.com  


BUSINESS MORTGAGE 4: Fitch Cuts Class B Notes Rating to CCCsf
-------------------------------------------------------------
Fitch Ratings has downgraded Business Mortgage Finance 4 Plc's
(BMF4) class B notes and affirmed the class C notes. Fitch has also
affirmed Business Mortgage Finance 5 PLC (BMF5) and Business
Mortgage Finance 6 PLC (BMF6).

RATING ACTIONS

   Entity / Debt               Rating             Prior  
   -------------               ------             -----
Business Mortgage Finance 4 Plc
  
  Class B XS0249508754    LT    CCCsf  Downgrade  B-sf
  Class C XS0249509133    LT    CCsf   Affirmed   CCsf

Business Mortgage Finance 6 PLC

  Class B2 XS0299447507   LT    Csf    Affirmed   Csf
  Class C XS0299447846    LT    Csf    Affirmed   Csf
  Class M1 XS0299446442   LT    CCCsf  Affirmed   CCCsf
  Class M2 XS0299446798   LT    CCCsf  Affirmed   CCCsf

Business Mortgage Finance 5 PLC

  B1 XS0271325291         LT    CCsf   Affirmed   CCsf
  B2 XS0271325614         LT    CCsf   Affirmed   CCsf
  C XS0271326000          LT    Csf    Affirmed   Csf
  M1 XS0271324724         LT    BB-sf  Affirmed   BB-sf
  M2 XS0271324997         LT    BB-sf  Affirmed   BB-sf

Transaction Summary

The transactions are securitisations of mortgages to SMEs and the
owner-managed business community, originated by Commercial First
Mortgages Limited.

KEY RATING DRIVERS

Liquidity Constraints: Over the past year, revenue from performing
assets in BMF4 has been insufficient to pay transaction fees plus
interest due on the notes. The liquidity facility has, thus, been
drawn on to cover this. The transaction may not be able to meet
senior costs and interest due on the class B notes, on either a
timely or ultimate basis. The transaction is also exposed to
variations in fees related to work-out of underperforming assets,
which may reduce the available liquidity further. As a result,
Fitch considers BMF4's class B notes to be more aligned with a
'CCCsf' rating, resulting in today's downgrade.

Portfolio Underperformance: Late-stage arrears are high. As of
November 2025, one-month plus arrears were 22.9%, 31.9% and 24.8%
in BMF 4, BMF5 and BMF6, respectively. The amount of arrears in
each portfolio, alongside the losses experienced to date,
contributes to most of the notes being rated in the distressed
rating categories.

Junior Notes Mostly Under-Collateralised: The combination of past
cumulative losses and insufficient excess spread has led to the
depletion of reserve funds and increasing balances on the principal
deficiency ledgers (PDL). The outstanding PDLs in BMF5 and BMF6 are
GBP10.3 million and GBP40.5 million, respectively, each
representing more than 25% of the total current note balance. The
PDL shortfalls, together with the presence of other loans in
litigation but still not provisioned for, leave the junior notes in
distress. These distressed notes are rated 'CCCsf' to 'Csf',
depending on each class level of subordination and expected
principal loss.

Secondary Quality Collateral: The pools comprise loans secured
against owner-occupied commercial real estate, which is likely to
be more affected by a deterioration in economic sentiment,
especially due to the secondary quality of the collateral
properties. This exposes the pool to tail risks in an economic
downturn.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement available to the
notes. Fitch found that a 25% increase of the mean rating default
rate (RDR) and a 25% decrease in recovery rates (RR) would lead to
downgrades of no more than one notch each for all notes in BMF5.

Further losses and increases in PDLs beyond Fitch's stresses could
lead to negative rating action. The secondary quality of the
collateral means an economic downturn is likely to affect the
series performance more than other UK structured finance
transactions.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement levels
and, potentially, upgrades. Fitch found that a 25% reduction of the
mean RDR and a 25% increase in the RR would lead to upgrades of up
to four notches each for all notes in BMF5.


METAGRAVITY GROUP: Parker Andrews Appointed as Administrators
-------------------------------------------------------------
Metagravity Group Limited was placed into administration in the
High Court of Justice, under Court Number CR-2026-000343.  Grace
Jones and David Perkins of Parker Andrews Limited were appointed as
joint administrators on January 19, 2026.

The company engaged in business and domestic software development
and activities of head offices.

The company's registered office is at 6th Floor Capital Tower, 91
Waterloo Road, London, SE1 8RT (to be changed to c/o Parker Andrews
Ltd, 5th Floor, The Union Building, 51-59 Rose Lane, Norwich,
Norfolk, NR1 1BY)

The administrators can be reached at:

     Grace Jones  
     David Perkins
     Parker Andrews Limited  
     5th Floor, The Union Building  
     51-59 Rose Lane  
     Norwich NR1 1BY  


NORTHFIELD ALUMINIUM: Interpath Appointed as Administrators
-----------------------------------------------------------
Northfield Aluminium Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Manchester,
under Court Number CR-2026-MAN-000082.  James Ronald Alexander Lumb
and Howard Smith of Interpath Advisory, Interpath Ltd were
appointed as joint administrators on January 20, 2026.

The company was in the business of aluminium production/treatment
and disposal of non-hazardous waste.

The company's registered name is c/o Interpath Advisory, 4th Floor,
Tailors Corner, Thirsk Row, Leeds LS1 4DP

The company's principal trading address is at Clarence Metal Works,
Armer Street, Rotherham, S60 1AF & Northfield Road, Rotherham, S60
1RR

The administrators can be reached at:

     James Ronald Alexander Lumb  
     Howard Smith  
     Interpath Advisory, Interpath Ltd  
     4th Floor, Tailors Corner  
     Thirsk Row  
     Leeds  
     LS1 4DP  

For further details, contact:

     Email: Cfbooth@interpath.com  


PIERPOINT BTL: Fitch Gives 'BB(EXP)' Rating on Class E Debt
-----------------------------------------------------------
Fitch Ratings has assigned Pierpont BTL 2026-1 PLC expected
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

RATING ACTIONS

Entity / Debt       Rating  
-------------       ------

Pierpont BTL 2026-1 PLC

  A           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
  X           LT   BB+(EXP)sf   Expected Rating

Transaction Summary

Pierpont BTL 2026-1 PLC is a securitisation of buy-to-let (BTL)
mortgages originated in England, Wales and Scotland by LendInvest
BTL Limited, and MT Finance (MTF), which entered the BTL mortgage
market in 2017 and 2022, respectively. LendInvest and MTF are the
named servicers for their respective sub-pools (62% of the total
pool for LendInvest and 38% for MTF) with servicing activities
delegated to Pepper (UK) Limited. This is the fifth transaction in
the Pierpont series and the third to be rated by Fitch.

KEY RATING DRIVERS

Prime BTL Underwriting: The pool has a weighted average (WA)
original loan-to-value ratio of 75.1%, a Fitch-calculated WA
interest coverage ratio (ICR) of 95.2% and predominantly consists
of interest-only loans. LendInvest and MTF's lending policies are
in line with those of prime BTL lenders and the transaction's
attributes are in line with peer BTL transactions rated by Fitch.
MTF has limited BTL origination performance data history and
therefore Fitch assigned a transaction adjustment of 1.1x to these
loans.

Specialist Properties: By current balance, 36% of the properties
are classed as houses in multiple occupation (HMO) or multi-unit
freehold blocks (MUFBs). These properties are generally
higher-yielding and require active management. LendInvest and MTF
require landlords to have a minimum of 12 months' experience when
advancing against these properties. HMOs or MUFBs attract a higher
foreclosed sale adjustment discount in Fitch's asset analysis,
which affects the WA recovery rate (RR) calculation.

Fixed Hedging Schedule: The issuer will enter into a swap at
closing to mitigate the interest rate risk arising from the
fixed-rate mortgage loans prior to their reversion date. The swap
notional will be based on a pre-defined schedule assuming a
constant prepayment rate based on past borrower prepayment
behaviour on comparable mortgage products. If the loans prepay
ahead of the schedule or default, the issuer will be over-hedged.
The excess hedging is beneficial to the issuer in a rising
interest-rate scenario and detrimental when interest rates are
falling.

Product switches will be repurchased, mitigating potential pool
migration towards lower-yielding assets and the need for additional
hedging.

Alternative High Prepayment Rates: The transaction contains a high
proportion of fixed-rate loans subject to early repayment charges.
The point at which these loans are scheduled to revert from a fixed
rate to the relevant follow-on rate will likely determine when
prepayments will occur. Fitch has therefore applied an alternative
high prepayment stress that tracks the fixed-rate reversion profile
of the pool. The prepayment rate applied is floored at the high
prepayment rate assumptions produced by ResiGlobal:UK and capped at
a maximum rate of 40% a year.

Unrated Representations and Warranties Provider: LendInvest and MT
Finance are unrated by Fitch and will have an uncertain ability to
make substantial repurchases from the pool in the event of a
material breach of representations and warranties. As part of its
analysis Fitch placed more emphasis on a materially clean
agreed-upon procedures report and prior file review.

Deviation From MIR: The class D and E notes' ratings have been
assigned at one notch below their model-implied ratings (MIRs).
This is due to the transaction's reliance on excess spread, which
forms the only source of support for the class E notes and most of
the support for the class D notes. The class C notes' (and all
notes junior to it) ratings are capped at 'A+sf' due to the payment
interruption risk caused by the lack of dedicated liquidity
support.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes. In addition, unexpected declines in
recoveries could result in lower net proceeds, which may make
certain notes susceptible to potential negative rating action
depending on the extent of the decline in recoveries.

Fitch conducts sensitivity analyses by stressing a transaction's
base-case foreclosure frequency (FF) and RR assumptions. For
example, a 15% WAFF increase and a 15% WARR decrease would result
in model-implied downgrades of up to three notches for the class B
notes and two notches for the class C notes. There is no implied
impact on the class A, D, E and X notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and
potential upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the WAFF of 15% and an increase
in the WARR of 15%, implying upgrades of up to two notches for the
class C and E notes, three notches for the class D notes and one
notch for the class X notes. The class A notes are already rated at
the maximum achievable rating 'AAAsf' and cannot be upgraded.


STONE PAVING: Leonard Curtis Appointed as Administrators
--------------------------------------------------------
Stone Paving Supplies Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Manchester,
under Court Number CR-2026-000047.  Megan Singleton and Mark Colman
of Leonard Curtis were appointed as joint administrators on January
15, 2026.

The company operates as a wholesaler of stone paving.

The company's registered office is at 67 Chorley Old Road, Bolton,
BL1 3AJ

The administrators can be reached at:

     Megan Singleton  
     Mark Colman
     Leonard Curtis  
     20 Roundhouse Court  
     South Rings Business Park  
     Bamber Bridge  
     Preston PR5 6DA  

For further details, contact:

     Joint Administrators
     Tel: 01772 646180
     Email: recovery@leonardcurtis.co.uk
     Alternative contact: Azimunnisa Raj



UKRAINE: S&P Hikes Foreign Curr. Sovereign Credit Ratings to CCC+/C
-------------------------------------------------------------------
On Jan. 22, 2026, S&P Global Ratings raised its foreign currency
long- and short-term sovereign credit ratings on Ukraine to
'CCC+/C' from 'SD/SD'. At the same time, S&P affirmed its long- and
short-term local currency sovereign ratings at 'CCC+/C' and
affirmed the national scale rating at 'uaBB'. The outlook on the
long-term ratings is stable. S&P also assigned its 'CCC+' issue
rating to the new step-up C notes maturing in 2032. The transfer
and convertibility assessment remains at 'CCC+'.

As "sovereign ratings" (as defined in EU CRA Regulation 1060/2009
"EU CRA Regulation"), the ratings on Ukraine are subject to certain
publication restrictions set out in Art 8a of the EU CRA
Regulation, including publication in accordance with a
pre-established calendar. Under the EU CRA Regulation, deviations
from the announced calendar are allowed only in limited
circumstances and must be accompanied by a detailed explanation of
the reasons for the deviation. In this case, the reason is the
exchange of the GDP-linked securities for newly issued B notes and
C notes. The next scheduled publication on the sovereign rating on
Ukraine is March 6, 2026.

Outlook

The stable outlook balances Ukraine's manageable government debt
service requirements over the next 12 months and S&P's expectation
of steady international financial support against the risks to its
economy, external balances, public finances, and financial
stability stemming from the ongoing Russia-Ukraine war.

Downside scenario

S&P said, "We could lower the ratings in the next 12 months if
Ukraine's security situation deteriorates, putting further pressure
on its fiscal and foreign exchange reserve position. Absent an
escalation of the conflict, we could also lower the ratings if we
see indications that Ukraine's commercial debt needs
restructuring."

Upside scenario

S&P could raise the ratings if Ukraine's security environment and
medium-term macroeconomic outlook improve significantly, including
through further donor support over the medium-term.

Rationale

S&P Global Ratings has taken this rating action following the
completion of a US$2.6 billion exchange of Ukraine's GDP warrants
for new C bonds and existing B bonds at end-December 2025. The
GDP-liked securities had previously been in default after a missed
$0.67 billion payment in June 2025, prompting a downgrade of the
issue ratings to 'D'. Following the exchange, S&P assigned a 'CCC+'
rating to the newly issued step-up C securities and raised the
foreign currency rating on Ukraine to 'CCC+' from 'SD'.

The exchange ratio was 1.34x, with the new C bond principal
repayments falling due in 2030-2032 and offering a gradual step-up
in coupon payments.

While a small portion of Ukraine's commercial debt remains in
default--namely a foreign commercial bank loan and a
sovereign-guaranteed Eurobond issued by a state power
utility--these obligations represent less than 2.5% of Ukraine's
total outstanding commercial debt and less than 1% of total debt.
S&P said, "We understand the authorities are in restructuring talks
with the respective creditors. Even with limited clarity on the
timing of this additional restructuring, we believe the government
will continue to service its existing commercial debt. Our view is
supported by our understanding that Ukraine's restructured bonds do
not contain cross-default or acceleration clauses related to the
two defaulted obligations."

Following debt exchanges in 2024 and 2025, Ukraine's foreign
commercial debt service needs have significantly reduced to an
average of $1.0 billion per year over the next three years, with
the first principal repayment on a foreign bond not due until 2029.
This is supported by Ukraine's ample foreign exchange reserves,
which reached a record high of $57.3 billion at year-end 2025.

S&P said, "That said, our 'CCC+' ratings reflect our view that
Ukraine's capacity to meet its financial commitments remains
vulnerable and dependent on favorable financial and economic
conditions, including the evolution of the war and continued
support of its allies.

"We note the EU has committed a EUR90 billion loan to Ukraine.
This, in tandem with funding from other G7 states, roughly
corresponds to Ukraine's financing needs in 2026 and 2027, by our
estimate. These funds, expected to be disbursed starting in April,
would only be repaid by Ukraine if the war ends and Russia provides
reparations. While largely unrestricted, the funding comes with
conditions related to anti-corruption reforms, enhanced oversight
of defense contracts, and a preference for procuring military
equipment from EU suppliers.

"Despite ongoing diplomatic efforts, the terms and timing of a
potential ceasefire remain unclear, as Russia and Ukraine strongly
disagree on ceasefire preconditions, including border disputes and
security guarantees for Ukraine. Consequently, in our baseline we
assume high-intensity military activity will continue through
2026."

Areas occupied by Russian forces account for about 20% of Ukraine's
territory, about 8%-9% of its pre-war GDP, and 14% and 10% of its
industrial and agricultural production, respectively. Almost
one-third of Ukraine's population has been displaced, with
approximately 15% now refugees, primarily residing in the EU.
Available estimates suggest Ukraine's post-war reconstruction will
cost at least $0.5 trillion (2.5x its annual GDP).

Absent a significant reduction of security risks, S&P projects
Ukraine's GDP growth will remain muted and its public finances
strained.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

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