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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
Wednesday, January 28, 2026, Vol. 27, No. 20
Headlines
A R M E N I A
ACBA BANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
ARDSHINBANK OJSC: Fitch Affirms 'BB-' IDR & Alters Outlook to Pos.
ARMECONOMBANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
EVOCABANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
YEREVAN CITY: Fitch Alters Outlook on 'BB-' IDRs to Positive
G E R M A N Y
BENTELER INTERNATIONAL: S&P Puts 'BB-' LT ICR on Watch Negative
SC GERMANY 2022-1: Fitch Affirms 'CCsf' Rating on Class F Notes
I R E L A N D
BARINGS EURO 2025-1: S&P Assigns B-(sf) Rating on Class F Notes
K A Z A K H S T A N
BATYS TRANSIT: S&P Suspends 'B' LongTerm ICR, Outlook Stable
N E T H E R L A N D S
DOMI 2026-1: S&P Assigns Prelim BB+(sf) Rating on D-Dfrd Notes
S W E D E N
PREEM HOLDINGS: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
U N I T E D K I N G D O M
CITIPOINT LTD: CRG Insolvency Appointed as Administrators
FREP 3 (SALFORD): FRP Advisory Appointed as Administrators
JLP SURVEYING: Leonard Curtis Appointed as Administrators
METASHEAR LIMITED: FRP Advisory Appointed as Administrators
SUTTON CREATIVE: Leonard Curtis Appointed as Administrators
X X X X X X X X
TURKMENISTAN STATE INSURANCE: Fitch Cuts LongTerm IDR to 'B+'
- - - - -
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A R M E N I A
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ACBA BANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed ACBA BANK OJSC's Long-Term Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook and Viability
Rating (VR) at 'bb-'.
Key Rating Drivers
Standalone Profile Drives IDRs: ACBA's Long-Term Foreign-Currency
IDR is driven by its 'bb-' VR and reflects the bank's notable
franchise in high-risk lending to individual farmers, which is
counterbalanced by solid core capital ratios and robust
profitability.
Solid Economic Growth: The operating environment for Armenian banks
is supported by continued solid economic growth, low inflation, and
resilient local currency. Fitch forecasts Armenia's real GDP to
grow by 5% in 2026 (2025: 5.5%). Fitch expects strong bank lending
momentum to persist in 2026, further supporting the sector's
performance at its above-historical-average, which provides a
reasonable buffer against asset-quality risks.
Moderate Franchise Limits Pricing Power: ACBA is the third-largest
Armenian bank, focussed on agriculture, retail and SMEs, but it has
limited pricing power. It had a market share of about 10% sector
loans at end-3Q25 in a fragmented and competitive market. The
performance of ACBA's traditional banking business is highly
sensitive to economic cycles.
Focus on High-Risk Retail: The bank has a large loan exposure to
inherently high-risk individual farmers and consumer finance
(combined 35% of gross loans at end-3Q25) and SMEs (30%). ACBA's
heightened risk appetite is mitigated by lower than sector average
loan book dollarisation (end-3Q25: 23%) and high portfolio
granularity, with large corporates making up only 22% of its loan
book at end-3Q25.
Stable Asset Quality Metrics: Credit risk mainly stems from ACBA's
loan book (71% of assets at end-3Q25). Its impaired loans (Stage 3
plus purchased or originated credit-impaired) ratio slightly
increased to 2.7% at end-3Q25 (end-2024: 2.1%), mainly due to a
change in write-off policy with a longer period before write-off.
Coverage of impaired loans by total loan loss allowances was a
moderate 0.7x, but net impaired loans made up a limited 3.5% of
Fitch Core Capital (FCC) at end-3Q25. Fitch expects impaired loans
ratio to decline closer to 2.5% in 2026 on the back of loan
growth.
Strengthened Performance: Operating profit increased to 5.5%
(annualised) of risk-weighted assets in 9M25 (2024: 5%). This was
driven by slightly better operating efficiency and a lower cost of
funding due to an increased share of current accounts in the
funding mix, causing an increase in the net interest margin to 8.4%
in 9M25 (2024: 8%). Return on average equity was a robust 21%
(annualised) in 9M25. Fitch expects profitability to remain broadly
stable in 2026.
Comfortable Capital Buffers: ACBA's FCC ratio remained solid at 22%
at end-3Q25 (end-2024: 21.9%) due to strong internal capital
generation. Fitch expects the bank to maintain its capital buffers
comfortably above regulatory minimums, including additional
buffers, resulting in sufficient capital to sustain growth.
Increased Reliance on Non-Deposit Funding: The bank's increase in
loans/deposits ratio to 125% at end-3Q25 (end-2024: 108%) reflects
higher, albeit still moderate, reliance on non-deposit funding (25%
of total liabilities) following a 3% decline in customer deposits.
Liquid assets (including cash, due from banks and government
securities) net of wholesale repayments in 4Q25-2026 covered a
healthy 32% of customer deposits at end-3Q25.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of ACBA's ratings could result from a sharp increase in
problem assets, which would weigh significantly on profitability
and capital, particularly if the FCC ratio deteriorated to about
15% on a sustained basis.
Material funding disruptions could also result in a downgrade if
they translated into serious refinancing issues for the bank that
it was unable to mitigate with available local- and
foreign-currency liquidity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of ACBA's ratings would require a sovereign upgrade,
coupled with a large improvement in Fitch's assessment of the local
operating environment. An upgrade would also require a stronger,
more diverse franchise and a longer period of robust performance.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
ACBA's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that the Armenian authorities (BB-/Positive) have
limited financial flexibility to provide extraordinary support to
the bank, given the banking sector's large foreign-currency
liabilities relative to the country's international reserves.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Upside for the GSR is currently limited and would require a
substantial improvement in sovereign financial flexibility as well
as an extended record of timely and sufficient capital support
being provided to local banks.
VR ADJUSTMENTS
The business profile score of 'bb-' is above the 'b & below'
category implied score due to the following adjustment reason:
market position (positive).
The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason: underwriting
standards and growth (negative).
The capitalisation & leverage score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason: risk
profile and business model (negative).
RATING ACTIONS
Entity/Debt Rating Prior
----------- ------ -----
ACBA BANK OJSC
LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
Viability bb- Affirmed bb-
Gov't. Support ns Affirmed ns
ARDSHINBANK OJSC: Fitch Affirms 'BB-' IDR & Alters Outlook to Pos.
------------------------------------------------------------------
Fitch Ratings has revised Ardshinbank OJSC's Outlook to Positive
from Stable, while affirming its Long-Term Issuer Default Rating
(IDR) at 'BB-' and Viability Rating (VR) at 'bb-'.
The Positive Outlook mirrors the recent revision of the Outlook on
Armenia's Long-Term IDR. It reflects Fitch's view that, given the
bank's material and sustained improvements in its business and
financial profile in recent years, its rating is positioned to be
aligned with that of the sovereign's. This assessment also
considers the bank's particularly strong position relative to
domestic peers,' as demonstrated by its leading market shares and
exceptionally strong profitability, supporting robust internal
capital generation and high growth potential.
Key Rating Drivers
Standalone Profile Drives IDRs: Ardshinbank's IDRs are driven by
the bank's standalone credit profile, as captured by its VR. The
ratings reflect the bank's strong domestic franchise, albeit
without notable pricing power in a rather granular banking sector.
The ratings also factor in its robust profitability, which
underpins its high capital ratios, healthy asset quality and solid
liquidity. These strengths are counterbalanced by the cyclical
operating environment in Armenia and resulting credit risks from a
highly dollarised and concentrated economy.
Solid Economic Growth: The operating environment for Armenian banks
is supported by continued solid economic growth, low inflation and
a resilient local currency. Fitch forecasts Armenia's real GDP to
grow by 5% in 2026 (2025: 5.5%). Fitch expects strong bank lending
momentum to persist in 2026, further supporting the sector's
performance at its above-historical average, which provides a
reasonable buffer against asset-quality risks.
Strong Domestic Franchise: Ardshinbank was the largest Armenian
bank at end-3Q25, with an estimated 20% market share by total
assets. The bank has leveraged its leading franchise and
accumulated solid capital and liquidity buffers during the period
of high economic growth in 2022-2024, underpinned by an
extraordinary inflow of migrants and money transfers to Armenia.
Revenue generation in 2022-9M25 was considerably above previous
averages and peers'. The acquisition of a local HSBC subsidiary in
4Q24 has also increased Ardshinbank's market share by about 2% in
4Q24.
High Dollarisation; Improved Loan Quality: High loan dollarisation
of 50% of gross loans at end-3Q25 (sector average: 34%) and
concentration remain Ardshinbank's weaknesses. However, impaired
loans (Stage 3 and purchased or originated credit-impaired loans)
declined to a low 2.6% of gross loans at end-3Q25 (end-2023: 5.2%),
due to growth and asset disposals, while Stage 2 loans accounted
for a modest 0.8% (end-2023: 3.4%). Fitch expects asset-quality
metrics to deteriorate moderately in 2026, as loans season
following rapid growth, but to remain acceptable for the current
rating.
Very Strong Performance to Continue: Ardshinbank reported record
operating profits at above 9.5% of risk-weighted assets (RWAs) in
2022-9M25. This extremely strong performance was driven by
additional income from money transfers, currency-conversion
operations and wider margins due to higher interest rates. Fitch
expects the bank's profitability to moderate on narrowing margins
and stabilising non-interest income, but to remain significantly
stronger than its historical averages, in 2026.
Capitalisation Materially Above Target: The bank's Fitch Core
Capital (FCC) ratio declined to a still solid 20.8% at end-3Q25
(end-2024: 25.2%), after sizeable dividend payout. It was supported
by its very strong earnings performance, which Fitc h expects to
continue in 2026, supporting the FCC ratio at significantly above
the bank's target. Solvency levels could come under pressure from
stronger-than-expected RWA growth, but Fitch expects it to remain
manageable with comfortable buffers over the regulatory minimums.
Solid Liquidity: The loans/deposits ratio increased to 92% at
end-3Q25 (end-2024: 78%), as rapid loan expansion outpaced deposit
growth, while highly liquid assets equalled a solid 43% of customer
deposits, or 33% of liabilities. Wholesale funding due within the
next 12 months was modest.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Ardshinbank's ratings are sensitive to a negative sovereign rating
action.
A reduction of the FCC ratio below 15% on a sustained basis could
be negative for the ratings.
Material funding disruptions could also result in a downgrade if
they translate into serious refinancing issues for the bank, which
it is unable to mitigate via available local- and foreign-currency
liquidity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade would require a sovereign upgrade, in addition to the
bank maintaining healthy financial profile. Lower balance-sheet
dollarisation and risk concentrations would be positive for the
bank's credit profile.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
The 'BB-(EXP)' expected long-term rating of the bank's upcoming
issue of senior unsecured eurobonds, housed under a special-purpose
vehicle, Netherlands-incorporated Dilijan Finance B.V., is at the
same level as the bank's Long-Term IDR. The notes will represent
unconditional, senior unsecured obligations of the bank, with
average recovery prospects for noteholders in a default.
Ardshinbank's Government Support Rating (GSR) of 'no support'
reflects Fitch's view that the Armenian authorities have limited
financial flexibility to provide extraordinary support to the bank,
given the banking sector's large foreign-currency liabilities
relative to the country's international reserves.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The bank's senior debt rating is likely to move in tandem with the
IDR.
Upside for the GSR is currently limited and would require a
substantial improvement of sovereign financial flexibility and an
extended record of timely and sufficient capital support for local
banks.
VR ADJUSTMENTS
The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason: underwriting
standards and growth (negative).
The earnings and profitability score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason:
revenue diversification (negative).
RATING ACTIONS
Entity / Debt Rating Prior
------------- ------ -----
Dilijan Finance B.V.
senior unsecured LT BB-(EXP) Affirmed BB-(EXP)
Ardshinbank OJSC
LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
Viability bb- Affirmed bb-
Gov't Support ns Affirmed ns
ARMECONOMBANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Armeconombank OJSC's (AEB) Long-Term
Issuer Default Rating (IDR) at 'B+' and Viability Rating (VR) at
'b+'. The Outlook is Stable.
Key Rating Drivers
Standalone Profile Drives IDRs: AEB's 'B+' IDR is driven by the
bank's standalone credit strength, as captured by its VR, which is
influenced by the cyclical Armenian operating environment, and
resulting credit risks from a highly dollarised and concentrated
local economy. The ratings further consider AEB's medium-sized
franchise (5% of system loans at end-3Q25), heavy reliance on
wholesale funding and tight liquidity. The ratings also reflect
AEB's low impaired loans, moderate earnings and adequate core
capitalisation.
Solid Economic Growth: The operating environment for Armenian banks
is supported by continued solid economic growth, low inflation and
a resilient local currency. Fitch forecasts Armenia's real GDP to
grow by 5% in 2026 (2025: 5.5%). Fitch expects strong bank lending
momentum to persist in 2026, further supporting the sector's
performance at its above-historical average, which provides a
reasonable buffer against asset-quality risks.
Low Impairment Ratios: AEB's asset quality is vulnerable due to
loan concentrations, large exposure to the SME and consumer
segments (about half of loans at end-3Q25) and foreign-currency
(FC) lending (23% of loans, but below sector average of 34%).
However, its asset-quality metrics are far better than the sector
average. AEB had low shares of Stage 2 and 3 loans, at 1% and 0.9%
of gross loans, respectively, at end-3Q25. Loan impairment charges
(LICs) have been low, at less than 1% of average loans over the
past decade.
Moderate Profitability: Operating profit improved to 3.3% of
risk-weighted assets (RWAs) in 9M25 (2024: 2.6%) on stronger net
interest margins, driven by expansion in consumer lending and
sustained non-interest income. Moderate LICs and adequate cost
controls further supported operating profitability which,
nevertheless, remained below peers'. Fitch expects the core
profitability to moderate slightly in 2026, due to competitive
pressures on margins and slightly higher LICs.
Adequate Core Capitalisation: AEB's Fitch Core Capital (FCC) ratio
was healthy at 17.4% at end-3Q25 (end-2024: 16.3%). In 2024, this
was underpinned by Tier 2 debt conversion into core equity, new
equity placement (2% of RWAs) and retained earnings. Fitch expects
the FCC ratio to remain above 17% in 2026, supported by internal
capital generation.
Large Wholesale Funding: The bank's deposit franchise is modest (3%
of system deposits at end-3Q25) relative to its size, and customer
accounts were a low 43% of liabilities. The rest was wholesale
funding, mainly comprising long-term borrowings from international
financial institutions and the Central Bank of Armenia. This
translated into a 188% gross loans/deposits ratio, materially above
the sector average (108%).
Tight Liquidity: AEB's liquid assets covered an acceptable 12% of
liabilities at end-3Q25, excluding mandatory reserves at the
Central Bank of Armenia (5% of liabilities), while some of these
funds could be made available to AEB in case of liquidity stress.
The bank's total liquid assets just cover wholesale funding
repayments within the next 12 months. However, Fitch expects most
of the debt to be rolled over to avoid high pressure on liquidity.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of AEB's ratings could result from a sharp increase in
problem assets, which would weigh heavily on profitability and
capital, particularly if the FCC ratio deteriorates to about 10% on
a sustained basis.
Material funding disruptions could also result in a downgrade if
they translate into serious refinancing issues for the bank, which
it is unable to mitigate with available local-currency and FC
liquidity.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of AEB's ratings would require a sovereign upgrade,
coupled with a considerable improvement in Fitch's assessment of
the local operating environment. In addition, an upgrade would
require a larger and more diverse franchise and improved funding
profile, with loans/deposits declining to 100%, alongside continued
stable financial performance.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
AEB's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that the Armenian authorities (BB-/Positive) have
limited financial flexibility to provide extraordinary support to
the bank, given the banking sector's large FC liabilities relative
to the country's international reserves.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Upside for the GSR is currently limited and would require a
substantial improvement of sovereign financial flexibility as well
as an extended record of timely and sufficient capital support for
local banks.
VR ADJUSTMENTS
The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason: underwriting
standards and growth (negative).
The earnings and profitability score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason:
earnings stability (negative).
The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason: risk
profile and business model (negative).
RATING ACTIONS
Entity / Debt Rating Prior
------------- ------ -----
Armeconombank OJSC
LT IDR B+ Affirmed B+
ST IDR B Affirmed B
Viability b+ Affirmed b+
Gov't. Support ns Affirmed ns
EVOCABANK: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed OJSC Evocabank's (Evoca) Long-Term
Issuer Default Rating (IDR) at 'B+' and Viability Rating (VR) at
'b+'. The Outlook is Stable.
Key Rating Drivers
Standalone Profile Drives IDRs: Evoca's Long-Term Foreign-Currency
IDR is driven by the bank's intrinsic credit strength, as captured
by its Viability Rating. The bank's narrow but growing franchise
and high loan dollarisation are counterbalanced by high capital
ratios, reasonable profitability and ample liquidity.
Solid Economic Growth: The operating environment for Armenian banks
is supported by continued solid economic growth, low inflation, and
a resilient local currency. Fitch forecasts Armenia's real GDP to
grow by 5% in 2026 (2025: 5.5%). Fitch expects strong bank lending
momentum to persist in 2026, further supporting the sector's
performance at its above-historical average, which provides a
reasonable buffer against asset-quality risks.
Continued Growth of Franchise: Evoca was one of the beneficiaries
from rising inflows of immigrants and associated money transfers to
Armenia since 2022, resulting in annualised average 30% asset
growth in 2022-9M25. The bank's share in total sector loans
increased to 6% at end-3Q25 from 4% at end-2022. Return on average
equity also significantly strengthened to an average of 31% in
2022-9M25 (an exceptional 58% in 2022) from 4% in 2018-2021.
High Growth, High Loan Dollarisation: The bank's risk profile is
broadly in line with peers', reflected by rapid loan growth
(average of about 25% in 2022-9M25, annualised) and high loan
dollarisation (47% of loans at end-3Q25). Evoca aims to continue
its loan expansion at double-digit rates, including in
higher-yielding SME and consumer finance segments through digital
channels.
Stable Loan Quality: Evoca's Stage 3 (end-3Q25: 3%) and Stage 2
(1%) loans ratios were broadly stable compared with 2024. Coverage
of impaired loans by total provisions remained low at 0.4x. Despite
Evoca's low impaired loans ratio, Fitch views asset quality as
vulnerable due to loan dollarisation and heightened loan growth.
Volatile Earnings: The bank's operating profit was healthy at 5% of
risk-weighted assets (RWAs) in 9M25 (2023-2024: 4%), due mainly to
substantial net FX gains, some of which may be one-off. The bank
targets to increase its net interest margin (9M25: 4.6%) by
expanding into higher-yield lending. Nevertheless, Fitch expects
Evoca's operating profit to moderate to about 3.5% of RWAs in 2026
on the back of lower FX gains.
High Capital Buffers, Decline Expected: The Fitch Core Capital
(FCC) ratio edged up to 17.2% at end-3Q25 from 16.6% at end-2024 on
the back of solid internal capital generation. Fitch expects the
ratio to moderately decline in 2026 due to moderated profitability
and rapid loan growth.
Ample Liquidity: Evoca is primarily funded by customer accounts
(68% of liabilities at end-3Q25), most of which are granular retail
accounts (60% of customer accounts). The loans/deposits ratio was
85% at end-3Q25, reflecting the bank's strong liquidity position.
Wholesale funding - a moderate 19% of liabilities at end-3Q25 -
mainly consists of borrowings from international financial
institutions and domestic debt. Evoca's liquid assets, net of
wholesale repayments in 4Q25-2026, covered 61% of customer accounts
at end-3Q25.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of Evoca's ratings could result from a sharp increase
in problem assets, which would weigh heavily on profitability and
capital, particularly if the FCC ratio deteriorates to about 10% on
a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade would require a larger and more diverse franchise,
alongside continued stable financial performance. In additional, an
upgrade of Evoca's ratings would require a sovereign upgrade,
coupled with a considerable improvement in Fitch's assessment of
the local operating environment.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Evoca's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that the Armenian authorities (BB-/Positive) have
limited financial flexibility to provide extraordinary support to
the bank, given the banking sector's large foreign-currency
liabilities relative to the country's international reserves.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Upside for the GSR is currently limited and would require a
substantial improvement of the sovereign's financial flexibility as
well as an extended record of timely and sufficient capital support
for local banks.
VR ADJUSTMENTS
The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason: underwriting
standards and growth (negative).
The earnings and profitability score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason:
earnings stability (negative).
The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason: risk
profile and business model (negative).
RATING ACTIONS
Entity / Debt Rating Prior
------------- ------ -----
OJSC Evocabank
LT IDR B+ Affirmed B+
ST IDR B Affirmed B
Viability b+ Affirmed b+
Gov't. Support ns Affirmed ns
YEREVAN CITY: Fitch Alters Outlook on 'BB-' IDRs to Positive
------------------------------------------------------------
Fitch Ratings has revised the Outlook on the City of Yerevan's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to Positive from Stable and affirmed the IDRs at 'BB-'.
The revision of the Outlook follows the recent similar action on
Armenia's sovereign ratings. Fitch views the city's ratings as
capped by the sovereign's.
Under applicable credit rating agency (CRA) regulations, the
publication of local and regional government reviews is subject to
restrictions and must take place according to a published schedule,
except where it is necessary for CRAs to deviate from this schedule
in order to comply with the CRAs' obligation to issue credit
ratings based on all available and relevant information and
disclose credit ratings in a timely manner. Fitch interprets these
provisions as allowing us to publish a rating review in situations
where there is a material change in the creditworthiness of the
issuer that Fitch believes makes it inappropriate for us to wait
until the next scheduled review date to update the rating or
Outlook/Watch status. The next scheduled review date for Fitch's
ratings on Yerevan City is June 5, 2026, but Fitch believes that
developments for the issuer warrant such a deviation from the
calendar and Fitch's rationale for this is set out in the first
part (High weight factors) of the Key Rating Drivers section
below.
Key Rating Drivers
HIGH
Sovereign Cap
Yerevan's IDRs are capped by those of Armenia as Fitch's assessment
of the city's 'bbb-' Standalone Credit Profile (SCP) is unchanged
since the last full review on June 6, 2025. As a result, a
sovereign upgrade would lead to an upgrade of Yerevan.
Derivation Summary
The combination of a 'Weaker' risk profile and financial profile
assessment of 'aaa' leads to a 'bbb' category SCP. The 'bbb-' SCP
is based on the payback ratio being at the weaker end of the 'aaa'
range and Armenia's low sovereign rating of 'BB-', which is the
major contributor to Yerevan's revenue through transfers. Yerevan's
IDRs are not affected by any asymmetric risk or extraordinary
support from the central government but remain capped by those of
the sovereign.
Key Assumptions
Qualitative Assumptions and Assessments and weight in the rating
decision:
Risk Profile: Weaker, Unchanged with Low weight
Revenue Robustness: Weaker, Unchanged with Low weight
Revenue Adjustability: Weaker, Unchanged with Low weight
Expenditure Sustainability: Midrange, Unchanged with Low weight
Expenditure Adjustability: Weaker, Unchanged with Low weight
Liabilities and Liquidity Robustness: Weaker, Unchanged with Low
weight
Liabilities and Liquidity Flexibility: Weaker, Unchanged with Low
weight
Financial Profile: aaa, Unchanged with Low weight
Support (Budget Loans): N/A, Unchanged with Low weight
Support (Ad Hoc): N/A, Unchanged with Low weight
Asymmetric Risk: N/A, Unchanged with Low weight
Sovereign Cap (LT IDR): BB-, Improved with High weight
Sovereign Cap (LT LC IDR) BB-, Improved with High weight
Sovereign Floor: N/A, Unchanged with Low weight
Quantitative assumptions - issuer-specific
For quantitative assumptions (issuer-specific) see the latest
published rating action commentary for Yerevan City. No weights and
changes since the last review are included as none of these
assumptions was material to the rating action.
Quantitative assumptions - Sovereign Related
Figures as per Fitch's sovereign actual for 2024 and forecast for
2027, respectively (no weights and changes since the last review
are included as none of these assumptions was material to the
rating action).
- GDP per capita (US dollar, market exchange rate): 8,437; 10,006
- Real GDP growth (%): 5.9; 5.2
- Consumer prices (annual average % change): 0.4; 3.0
- General government balance (% of GDP): -3.5; -3.9
- General government debt (% of GDP): 48.0; 51.7
- Current account balance plus net FDI (% of GDP): -4.3; -3.2
- Net external debt (% of GDP): 21.5; 27.7
- IMF Development Classification: EM
- CDS Market Implied Rating: n/a
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Yerevan's IDRs are currently constrained by the sovereign
ratings. Therefore, positive rating action on the sovereign could
lead to corresponding action on Yerevan's IDRs
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Negative rating action on Armenia would lead to corresponding
action on Yerevan's ratings
- A downward revision of the SCP below 'bb-', which could be driven
by a material deterioration of the city's debt sustainability
leading to a payback ratio above 9x on a sustained basis under
Fitch's rating case
RATING ACTIONS
Entity/Debt Rating Prior
----------- ------ -----
Yerevan City
LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
=============
G E R M A N Y
=============
BENTELER INTERNATIONAL: S&P Puts 'BB-' LT ICR on Watch Negative
---------------------------------------------------------------
S&P Global Ratings placed its 'BB-' long-term issuer credit ratings
on Benteler International Austria GmbH (Benteler) and its senior
secured notes on CreditWatch with negative implications.
S&P subsequently withdrew its ratings on Benteler at the company's
request.
Potential additional debt at CAB, which now owns 100% of auto
components supplier Benteler, could increase the consolidated
group's S&P Global Ratings-adjusted indebtedness.
The CreditWatch placement follows the recent acquisition of an
additional 50% stake in Benteler by CAB, making it the 100% owner
of Benteler. The negative implications of the CreditWatch reflect
the lack of disclosure regarding the financing of the transaction.
S&P said, "We incorporate parent companies in a group's perimeter
if they have control over the rated entity and operations, or
assets and liabilities that we consider material to the entity's
credit profile. This is because any potential debt at the parent
company is typically serviced by dividends received from the
operating entities."
Benteler's stand-alone credit metrics are currently unaffected by
the change of ownership. S&P said, "However, we estimate that
potential additional debt at CAB could weaken credit metrics for
the whole group, beyond our downside triggers of S&P Global
Ratings-adjusted debt to EBITDA of 3.5x and free operating cash
flow to debt lower than 5%. This is partly offset by the company's
robust operating performance in 2025 and solid prospects for modest
EBITDA growth and free cash flow generation in 2026, which we
believe should allow gradual deleveraging."
The CreditWatch indicates the possibility that information about
possible debt at CAB or its intermediate holding companies could
lead S&P to either affirm the rating on Benteler or lower it by one
notch.
SC GERMANY 2022-1: Fitch Affirms 'CCsf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has upgraded four tranches of SC Germany S.A.,
Compartment Consumer 2020-1 (SCGC 2020) and three tranches of both
SC Germany S.A., Compartment Consumer 2021-1 (SCGC 2021) and SC
Germany S.A., Compartment Consumer 2022-1 (SCGC 2022). It has also
revised the Outlook on SCGC 2022's class E notes to Negative from
Stable.
RATING ACTIONS
Entity / Debt Rating Prior
------------- ------ -----
SC Germany S.A.,
Compartment Consumer 2022-1
Class A XS2482884850 LT AAAsf Affirmed AAAsf
Class B XS2482885071 LT AAAsf Upgrade AA-sf
Class C XS2482886046 LT AAsf Upgrade Asf
Class D XS2482886475 LT A-sf Upgrade BBBsf
Class E XS2482886558 LT B+sf Affirmed B+sf
Class F XS2482886632 LT CCsf Affirmed CCsf
SC Germany S.A.,
Compartment Consumer 2021-1
Class A XS2398387071 LT AAAsf Affirmed AAAsf
Class B XS2398387741 LT AAAsf Affirmed AAAsf
Class C XS2398388129 LT AAAsf Upgrade AA+sf
Class D XS2398388632 LT AAsf Upgrade A-sf
Class E XS2398388715 LT A-sf Upgrade BBB-sf
SC Germany S.A.,
Compartment Consumer 2020-1
A XS2239090785 LT AAAsf Affirmed AAAsf
B XS2239091320 LT AAAsf Affirmed AAAsf
C XS2239091593 LT AAAsf Upgrade AA+sf
D XS2239091759 LT AAAsf Upgrade AAsf
E XS2239091833 LT AAAsf Upgrade AA-sf
F XS2239091916 LT AAAsf Upgrade A+sf
Transaction Summary
The transactions are securitisations of unsecured consumer loans
originated by Santander Consumer Bank AG. SCGC 2020 is amortising
pro-rata. Following performance trigger breaches, SCGC 2021 and
2022 are amortising sequentially. The class F notes in SCGC 2021
and 2022 can be paid down via excess spread in the priority of
interest payments. SCGC 2021's class F notes have been paid in
full.
KEY RATING DRIVERS
Default Expectations Reflect Performance Stabilisation: The
performance of SCGC 2021 and SCGC 2022 shows signs of
stabilisation, demonstrated by the development of delinquencies for
more than 30 days past due, following
higher-than-initially-expected defaults over the last two years.
The stabilisation is also evident in SCB's overall unsecured loans
book data reflecting its tightening of origination processes, with
defaults now levelling off for the latest vintages after
consistently rising since 2021.
SCGC 2020 has consistently performed better than the younger
transactions and in line with Fitch's expectations. With a current
pool factor of around 11%, Fitch does not expect any performance
deterioration. Fitch has therefore kept the default assumptions
unchanged for all three transactions, which reflects the current
performance. Fitch has also kept the recovery rate assumptions for
all three transactions unchanged and in line with the recent SCGC
2025-2 transaction rated in November 2025.
Low Excess Spread: All transactions are reporting low excess
spread, with SCGC 2022 reporting negative excess spread as a result
of high defaults. SCGC 2022 has an uncleared principal deficiency
ledger (PDL) that has been increasing and is about EUR25 million
(6% of the total outstanding asset balance). As Fitch expects
defaults to stabilise rather than decrease, further amortisation of
SCGC 2022's class F notes from excess spread is improbable.
Repayment of the class F notes is therefore dependent on default
timing and availability of funds at the end of the transaction's
life. Fitch has affirmed the notes at 'CCsf' as default of some
kind appears probable and there is very high credit risk,
commensurate with Fitch's 'CCsf' rating definition. Fitch has
revised the Outlook on SCGC 2022's class E notes to Negative as
persistent negative excess spread and further build-up of the PDL
could lead to a downgrade.
CE Counterbalances Higher Defaults: The transactions have been
building up credit enhancement (CE) since amortisation started.
This largely has offset the impact of high defaults and low excess
spread. The switch to sequential amortisation for SCGC 2021 and
2022, quicker deleveraging of the notes during pro rata
amortisation and the liquidity reserve having reached their floors
have contributed to increased CE. This has been sufficient in SCGC
2020 and 2021 to upgrade all mezzanine and junior notes, and SCGC
2022's class B to D notes. SCGC 2022's class E notes, are
increasingly reliant on excess spread for repayment due to
insufficient CE build up.
Servicing Disruption Risks Addressed: All three transactions have
fully funded liquidity reserves that are currently at their
respective floors. The reserves are sufficient to cover payment
interruption risk for at least three months, in line with Fitch's
criteria.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A further weakening of borrowers' debt servicing capacity beyond
Fitch's expectations might result in higher-than-expected defaults,
negatively affecting the transactions' performance.
Lower-than-expected recoveries would also have a negative impact on
the transactions' performance due to large asset pool losses and
low available funds to clear PDLs. Sensitivities to higher default
rates and lower recoveries are shown below.
SCGC 2020
Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/F)
Increase default rates by 10%:
'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AA+sf'
Increase default rates by 25%:
'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AA+sf'/'AA+sf'
Expected impact on the notes' ratings of reduced recoveries (class
A/B/C/D/E/F)
Reduce recovery rates by 10%:
'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'
Reduce recovery rates by 25%:
'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'
Expected impact on the notes' ratings of increased defaults and
reduced recoveries (class A/B/C/D/E/F)
Increase default rates by 10% and reduce recovery rates by 10%:
'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AA+sf'
Increase default rates by 25% and reduce recovery rates by 25%:
'AAAsf'/'AAAsf'/'AAAsf'/'AAAsf'/'AA+sf'/'AA+sf'
SCGC 2021
Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E)
Increase default rates by 10%:
'AAAsf'/'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'
Increase default rates by 25%:
'AAAsf'/'AAAsf'/'AAAsf'/'Asf'/'BBBsf'
Expected impact on the notes' ratings of reduced recoveries (class
A/B/C/D/E)
Reduce recovery rates by 10%:
'AAAsf'/'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'
Reduce recovery rates by 25%:
'AAAsf'/'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'
Expected impact on the notes' ratings of increased defaults and
reduced recoveries (class A/B/C/D/E)
Increase default rates by 10% and reduce recovery rates by 10%:
'AAAsf'/'AAAsf'/'AAAsf'/'A+sf'/'BBB+sf'
Increase default rates by 25% and reduce recovery rates by 25%:
'AAAsf'/'AAAsf'/'AAAsf'/'Asf'/'BBB-sf'
SCGC 2022
Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/F)
Increase default rates by 10%:
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'NRsf'/'NRsf'
Increase default rates by 25%:
'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'NRsf'/'NRsf'
Expected impact on the notes' ratings of reduced recoveries (class
A/B/C/D/E/F)
Reduce recovery rates by 10%:
'AAAsf'/'AAAsf'/'AAsf'/'A-sf'/'B-sf'/'NRsf'
Reduce recovery rates by 25%:
'AAAsf'/'AAAsf'/'AAsf'/'A-sf'/'CCCsf'/'NRsf'
Expected impact on the notes' ratings of increased defaults and
reduced recoveries (class A/B/C/D/E/F)
Increase default rates by 10% and reduce recovery rates by 10%:
'AAAsf'/'AAAsf'/'AA-sf'/'BBB+sf'/'NRsf'/'NRsf'
Increase default rates by 25% and reduce recovery rates by 25%:
'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'NRsf'/'NRsf'
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
The notes could benefit from an improvement in the macroeconomic
dynamics resulting in a reduction in defaults. Smaller asset pool
losses and higher available funds resulting from
higher-than-expected recoveries would also be beneficial to the
notes.
SCGC 2020's notes are at their highest possible ratings and cannot
be upgraded further.
=============
I R E L A N D
=============
BARINGS EURO 2025-1: S&P Assigns B-(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Barings Euro CLO
2025-1 DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.
The reinvestment period will be approximately three years, while
the noncall period will end one year after closing.
Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy remote.
-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,687.24
Default rate dispersion 595.42
Weighted-average life (years) 4.87
Obligor diversity measure 151.21
Industry diversity measure 21.29
Regional diversity measure 1.37
Transaction key metrics
Total par amount (mil. EUR) 400.00
Defaulted assets (mil. EUR) 0.00
Number of performing obligors 180
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.51
Target 'AAA' weighted-average recovery (%) 35.83
Target weighted-average spread (net of floors; %) 3.61
Target weighted-average coupon (%) 4.34
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'.
"The portfolio is well diversified on the closing date, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we modeled the covenanted
weighted-average spread of 3.55%, the covenanted weighted-average
coupon of 4.25%, and the target weighted-average recovery rates at
all rating levels calculated in line with our CLO criteria. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.
"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.
"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.
"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to D notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO will be in its reinvestment phase starting from
the effective date, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes. The class A notes can withstand stresses commensurate
with the assigned rating.
"For the class F notes, our credit and cash flow analysis indicate
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."
The ratings uplift for the class F notes reflects several key
factors, including:
-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.
-- The portfolio's average credit quality, which is similar to
other recent CLOs.
-- S&P's model generated break-even default rate at the 'B-'
rating level of 20.45%, versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.87 years, which would result
in a target default rate of 15.58%.
-- S&P does not believe that there is a one-in-two chance of this
note defaulting.
-- S&P does not envision this tranche defaulting in the next 12-18
months.
S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A,
B, C, D, E, and F notes.
"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes, based on four
hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."
Environmental, social, and governance
S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector.
"Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average.
"For this transaction, the documents prohibit assets from being
related to certain activities. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."
Barings Euro CLO 2025-1 DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. Barings (U.K.) Ltd. manages the transaction.
Ratings
Amount Credit
Class Rating* (mil. EUR) enhancement (%) Interest rate§
A AAA (sf) 248.00 38.00 Three/six-month EURIBOR
plus 1.26%
B AA (sf) 44.00 27.00 Three/six-month EURIBOR
plus 2.00%
C A (sf) 24.00 21.00 Three/six-month EURIBOR
plus 2.40%
D BBB- (sf) 28.00 14.00 Three/six-month EURIBOR
plus 3.50%
E BB- (sf) 18.00 9.50 Three/six-month EURIBOR
plus 5.95%
F B- (sf) 12.00 6.50 Three/six-month EURIBOR
plus 8.76%
Sub notes NR 31.00 N/A N/A
*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and F notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.
===================
K A Z A K H S T A N
===================
BATYS TRANSIT: S&P Suspends 'B' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings suspended its 'B' long-term issuer credit rating
and stable outlook, 'B' short-term rating issuer credit rating, and
'kzBBB-' local scale rating on Batys Transit JSC (Batys). This
suspension is due to a lack of sufficient information necessary to
maintain S&P's ratings, particularly management projections
including the management assumptions related to the city lighting
contracts in Atyrau, Kazakhstan, which significantly contribute to
Batys' EBITDA generation.
S&P said, "We will resume our surveillance and reinstate the
ratings once the missing data is available and meets our standards
for quantity, timeliness, and reliability. If our information
requirements for surveillance are not fulfilled within a reasonable
timeframe, we will withdraw the ratings."
=====================
N E T H E R L A N D S
=====================
DOMI 2026-1: S&P Assigns Prelim BB+(sf) Rating on D-Dfrd Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Domi
2026-1 B.V.'s class A and B-Dfrd to D-Dfrd notes. At closing, Domi
2026-1 will also issue unrated class Z notes.
Domi 2026-1 is a static RMBS transaction that securitizes a
portfolio of EUR530.4 million buy-to-let mortgage loans secured on
properties in the Netherlands. The loans in the pool were
originated by Domivest B.V. It will be the ninth in the series of
Domi RMBS securitizations.
The portfolio's mortgage loans are prime-originated, performing,
BTL residential mortgages. The preliminary pool contains no loans
in arrears and no borrowers with adverse credit history. The pool
does not include construction or development loans.
Around 20% of the loans in Domi 2026-1 are currently securitized in
Domivest's inaugural transaction, Domi 2020-2 B.V., which was
redeemed in November 2025.
At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer will grant security over all its assets in the security
trustee's favor.
Credit enhancement for the rated notes includes subordination and
the reserve fund, as amounts standing to the credit of the reserve
are released to the principal waterfall on the legal maturity date
to redeem the notes.
A reserve fund will be available at closing to meet shortfalls in
senior fees, senior swap payments, and interest shortfalls on the
class A to D-Dfrd notes.
There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.
Ratings
Class Prelim. rating* Class size (%)
A AAA (sf) 7.7
B-Dfrd AA- (sf) 3.2
C-Dfrd A- (sf) 1.7
D-Dfrd BB+ (sf) 0.7
Z NR N/A
*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and ultimate
repayment of interest and principal on the class B-Dfrd, C-Dfrd,
and D-Dfrd notes.
NR--Not rated.
N/A--Not applicable.
===========
S W E D E N
===========
PREEM HOLDINGS: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings withdrew its ratings on Preem Holdings AB
(Publ), including its 'BB-' long-term issuer credit rating and
'BB-' issue-level rating and '4' recovery rating on the company's
senior secured debt, at the issuer's request. At the time of the
withdrawal, S&P's outlook on Preem was stable.
The company was recently acquired by Swiss company VARO (not rated)
and bonds have been repaid in full.
===========================
U N I T E D K I N G D O M
===========================
CITIPOINT LTD: CRG Insolvency Appointed as Administrators
---------------------------------------------------------
Citipoint Ltd was placed into administration in the High Court of
Justice, Leeds, under Court Number CR-2025-001210. Charles Howard
Ranby-Gorwood and Arabella Jane Beatrice Ranby-Gorwood of CRG
Insolvency & Financial Recovery were appointed as joint
administrators on September 10, 2025.
The company operates in the buying and selling of own real estate.
The company's registered office is at Alexandra Dock Business
Centre, Fisherman's Wharf, Grimsby, DN31 1UL.
The company's principal trading address is at 2b Sandown Lane,
Liverpool, L15 8HY.
The administrators can be reached at:
Charles Howard Ranby-Gorwood
Arabella Jane Beatrice Ranby-Gorwood
CRG Insolvency & Financial Recovery
Alexandra Dock Business Centre
Fisherman's Wharf
Grimsby DN31 1UL
For further details, contact:
Mark Fletcher
Tel: 01472 250001
FREP 3 (SALFORD): FRP Advisory Appointed as Administrators
----------------------------------------------------------
FREP 3 (Salford) Limited was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), under Court Number
CR-2026-000354. Ian James Corfield and Simon Baggs of FRP Advisory
Trading Limited were appointed as joint administrators on January
19, 2026.
The company is into the construction business.
The company's registered office and principal trading address is at
11-15 Wigmore Street, London W1A 2JZ (to be changed to c/o FRP
Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London EC4N
6EU).
The administrators can be reached at:
Ian James Corfield
Simon Baggs
FRP Advisory Trading Limited
2nd Floor
110 Cannon Street
London EC4N 6EU
For further details, contact:
George Shallcross
Email: George.shallcross@frpadvisory.com
Tel: 020 3005 4000
JLP SURVEYING: Leonard Curtis Appointed as Administrators
---------------------------------------------------------
JLP Surveying Consultants Ltd was placed into administration in the
High Court of Justice, Business and Property Courts in Manchester,
under Court Number CR-2026-MAN-000112. Mike Dillon of Leonard
Curtis was appointed as administrator on January 21, 2026.
The company provides surveying consultancy services to both the UK
and global industries.
The company's registered office and principal trading address is at
at Suite 45 Rodney House, King Street, Wigan, Lancashire, WN1 1BT.
The administrator can be reached at:
Mike Dillon
Leonard Curtis
Riverside House
Irwell Street
Manchester M3 5EN
For further details, contact:
Amelia Heeds
Email: recovery@leonardcurtis.co.uk
Tel: 0161 831 9999
METASHEAR LIMITED: FRP Advisory Appointed as Administrators
-----------------------------------------------------------
Metashear Limited was placed into administration in the High Court
of Justice, Business and Property Courts in Manchester, under Court
Number CR-2026-000095. Lila Thomas and Jessica Leeming of FRP
Advisory Trading Limited were appointed as joint administrators on
January 20, 2026.
The company engaged in specialised construction activities.
The company's registered office and principal trading address is at
Dickens Street, Blackburn, Lancashire BB1 1RN (to be changed to FRP
Advisory Trading Limited, Derby House, 12 Winckley Square, Preston,
PR1 3JJ).
The administrators can be reached at:
Lila Thomas
Jessica Lemming
FRP Advisory Trading Limited
Derby House
12 Winckley Square
Preston PR1 3JJ
For further details, contact:
James Lancaster
Email: james.lancaster@frpadvisory.com
Tel: 01772 440700
SUTTON CREATIVE: Leonard Curtis Appointed as Administrators
-----------------------------------------------------------
Sutton Creative Ltd was placed into administration in the High
Court of Justice, Business and Property Courts in Manchester, under
Court Number CR-2026-MAN-000034. Mark Colman and Megan Singleton
of Leonard Curtis were appointed as joint administrators on January
16, 2026.
The company operates in specialised design activities.
The company's registered office and principal trading address is at
Unit 16 Dunscar Business Park, Blackburn Road, Bolton BL7 9PQ.
The administrators can be reached at:
Mark Colman
Megan Singleton
Leonard Curtis
20 Roundhouse Court
South Rings Business Park
Bamber Bridge
Preston PR5 6DA
For further details, contact:
Yasin Hussain
Email: recovery@leonardcurtis.co.uk
Tel: 01772 646180
===============
X X X X X X X X
===============
TURKMENISTAN STATE INSURANCE: Fitch Cuts LongTerm IDR to 'B+'
-------------------------------------------------------------
Fitch Ratings has upgraded The State Insurance Organization of
Turkmenistan's (SIOT) Insurer Financial Strength (IFS) Rating and
Long-Term Issuer Default Rating (IDR) to 'B+' from 'B'. The
Outlooks are Stable.
The upgrades reflect stronger evidence of government propensity to
support SIOT through guaranteeing compulsory lines, and as
evidenced by high reputational risks for the authorities in case of
SIOT failure. This view is based on the government guarantee set
out in local legislative provisions on part of SIOT's insurance
obligations and the company's strategic importance to the national
insurance system.
Key Rating Drivers
State Ownership Supports Rating: SIOT is fully owned by the
government of Turkmenistan (BB-/Stable). Fitch expects the
government to be able and willing to support the company. This is
based on legislation establishing government backing for SIOT's
compulsory insurance obligations, and SIOT's position as the sole
authorised provider of compulsory insurance in Turkmenistan.
Combined with SIOT's dominant market share, strategic importance to
the national insurance sector, and potential reputational risks to
the government should SIOT default on its obligations, this results
in a two-notch uplift from the standalone credit quality assessment
of 'b-' to an IFS Rating of 'B+'.
Weak Operating Environment: Turkmenistan's insurance sector suffers
from weak regulatory oversight and limited technical
sophistication. The regulatory framework is loose, with
non-risk-based capital requirements that do not account for
accumulated losses or multiple business line operations.
Leading Domestic Insurer: SIOT is Turkmenistan's largest and only
state-owned insurance company, with a dominant market position of
60% in 9M25 (2024: 86%; 2023: 92%). The decline reflects rapid
growth in financial risks insurance, a high-risk segment SIOT has
deliberately avoided, which is reflected positively in Fitch's
assessment of the company's business risk profile.
SIOT's voluntary insurance focuses primarily on property (including
watercraft and aircraft), but the company also provides motor,
accident and health, and liability coverage. As the exclusive
provider of compulsory insurance in Turkmenistan, SIOT offers
mandatory motor third-party liability, passenger, fire, employee
and environmental insurance, and manages the state military life
insurance programme.
Weak Capital Position: Fitch views SIOT's capitalisation as weak,
as measured by its Prism Global model. High asset risk is the
primary contributor to the insurer's target capital requirement.
SIOT does not pay dividends, but internal capital generation is
constrained by a 50% income tax—significantly higher than other
domestic insurers—and off-balance-sheet expenses including
maintenance of residential buildings, afforestation works, and
participation in state events. These consume a substantial portion
of profits. SIOT has shown some improvement, reducing its
accumulated loss to TMT63 million at end-2024 from TMT77 million at
end-2023, which decreased net leverage to 5.4x from 5.6x.
High Investment Risk: Fitch views SIOT's investment and asset risk
as high, primarily due to the low (by international standards)
credit quality of local banks where the majority of assets are held
and material equity investments. These are mitigated to an extent
by liquid assets (91% of the total investment portfolio at
end-2024) that are mainly placed with state-owned banks, whose
credit profiles are correlated with the sovereign. However,
illiquid equity investments in associated companies in tourism,
finance, logistics, and other businesses accounted for 38% of
SIOT's equity at end-2024 (43% at end-2023), representing a
material concentration relative to the capital base.
Adequate Financial Performance: SIOT reported strong underwriting
results of TMT109 million in 2024, driven by a low combined ratio
of 26% (22% average for 2021-2024). Investment income contributed a
further TMT10.3 million (2023: TMT9.7 million), resulting in profit
before tax of TMT107.8 million (2023: TMT99.1 million). According
to management reporting, 9M25 financial performance remains solid,
with profit before tax of TMT67.5 million, compared with TMT65.3
million in 9M24.
However, actual capital generation remains constrained. The 50%
income tax combined with various off-balance-sheet expenses
substantially erode profitability. As a result, net capital
generation was only TMT13.3 million in 2024 (2023: TMT6.3 million),
representing just 12% of pre-tax profit.
Conservative Reserving: SIOT demonstrates strong claims-paying
capacity stemming from its conservative reserving approach.
However, the company applies simplistic reserving practices and
does not release reserves but only adjusts them for income tax
purposes, resulting in significant reserve accumulation. Fitch
believes this practice leads to persistent reserve redundancy.
The insurance sector in Turkmenistan is marked by limited
transparency and public disclosure. Reporting practices are
restricted, limiting public insight into the financial position and
performance of Turkmenistan's insurance companies. Local accounting
provides only limited transparency on important financial areas
such as capital structure and expenses. The low financial
transparency of SIOT negatively affects Fitch's assessment of its
company profile.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- Worsening of Fitch's assessment of the insurance's operating
environment in Turkmenistan through, for example, a
deterioration in economic or business conditions
-- Reduction in the government's ability or willingness to support
the company
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- Improvement of Fitch's assessment of the insurance's operating
environment in Turkmenistan
-- Improvement in SIOT's standalone credit quality, evidenced by
sustained strengthening of capitalisation, company profile and
transparency
-- Stronger evidence of government propensity to support the
company
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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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