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260130.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 30, 2026, Vol. 27, No. 22 Headlines F R A N C E MEDIAWAN HOLDING: S&P Affirms 'B' ICR on Debt-Funded Acquisition G E R M A N Y APCOA GMBH: Moody's Affirms B3 CFR, Rates New Sr. Secured Notes B3 CHEPLAPHARM ARZNEIMITTEL: Moody's Rates New EUR750MM Notes 'B3' G R E E C E AEGEAN BALTIC: S&P Affirms 'BB/B' ICRs, Outlook Remains Stable PIRAEUS BANK: S&P Affirms 'BB+/B' ICRs & Alters Outlook to Positive I T A L Y ITALMATCH CHEMICALS: Moody's Ups CFR to 'B2', Outlook Stable NEXTURE SPA: Moody's Affirms B2 CFR & Rates New Secured Notes B2 N E T H E R L A N D S FLORA FOOD: Moody's Rates New Amended Secured First Lien Debt 'B2' VITA BIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Positive N O R W A Y SECTOR ALARM: Planned Repricing No Impact on Moody's 'B2' CFR S P A I N JOYE MEDIA: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative S W I T Z E R L A N D GENEURO SA: Declares Bankruptcy After Debt Moratorium Ends U N I T E D K I N G D O M ALLROUNDER CRICKET: FRP Advisory Appointed as Administrators CAUKI LIMITED: Kroll Appointed as Administrators CAV SLEEP: KRE (North) Appointed as Administrators E.J. TAYLOR: FRP Advisory Appointed as Administrators EALBROOK MORTGAGE 2022-1: Moody's Cuts Rating on Cl. E Notes to B2 EM MIDCO 2: Term Loan Repricing No Impact on Moody's 'B3' CFR NORD ANGLIA: Moody's Rates New Incremental Secured Term Loans 'B2' ORIFLAME INVESTMENT: S&P Withdraws 'SD' LT Issuer Credit Rating PHARMANOVIA BIDCO: S&P Affirms CCC+ ICR & Alters Outlook to Stable ROADFORM CIVIL: Kirks Appointed as Administrators STUDY ACTIVE: Quantuma Advisory Appointed as Administrators TRADE TEAM: Leonard Curtis Appointed as Administrators X X X X X X X X [] BOOK REVIEW: A History of the New York Stock Market - - - - - =========== F R A N C E =========== MEDIAWAN HOLDING: S&P Affirms 'B' ICR on Debt-Funded Acquisition ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' rating on Mediawan Holding SAS and its senior secured debt, including the proposed EUR225 million add-on. The recovery rating on the debt remains unchanged at 3 (60%). S&P said, "The stable outlook indicates our expectation that Mediawan will continue to deliver successful shows, such that its revenue and EBITDA steadily increase on an organic basis; integrate recent acquisitions, including NRC, in line with our expectations; and reduce S&P Global Ratings-adjusted leverage to less than 6.5x with positive FOCF, supported by EBITDA growth." On Jan. 27, 2026, Mediawan Holding SAS announced the acquisition of the North Road Company (NRC), which it will fund with equity and a EUR225 million add-on to its term loan B due 2031. S&P said, "We believe the acquisition is incrementally positive to Mediawan's business scope and diversity and somewhat enhances the group's profitability and free operating cash flow (FOCF) generation. "At the same time, Mediawan's focus on scripted content continues 1to constrain our view of the overall business, as it translates to weaker profitability and FOCF than peers with a stronger focus on unscripted content. "We expect that in 2026, S&P Global Ratings-adjusted debt to EBITDA will be just below 6.5x, leaving limited headroom under the rating, but will decline toward 6.0x in 2027 upon EBITDA growth. "In our view, the acquisition of NRC will somewhat enhance Mediawan's business strength, with leverage commensurate with our 'B' rating over the next 12 months despite limited cushion. On Jan. 27, 2026, Mediawan announced the acquisition of NRC, an independent, U.S.-based, content studio, founded in 2022 through the combination of three assets: Chernin Entertainment (focused on TV and film), Red Arrow US (focus on unscripted content), and Words + Pictures (focused on documentary). "The latter, although part of the acquisition, will be immediately carved out from Mediawan's restricted group. Mediawan will have the option to contribute it back to the restricted group once KKR ceases to be a significant shareholder. We believe the acquisition is incrementally positive to Mediawan's business scope and diversity and somewhat enhances the group's profitability and free operating cash flow (FOCF) generation because a large part of its revenue is skewed toward unscripted content. "We estimate S&P Global Ratings-adjusted debt to EBITDA at about 7.0x (including production loans and put options on earn-outs for past mergers and acquisitions) by the end of 2025 due to several bolt-on debt-funded acquisitions. Given that the NRC acquisition will be largely equity funded, we expect adjusted leverage will improve to slightly less than 6.5x in 2026, pro forma the acquisition of NRC from Jan. 1, 2026, leaving very limited flexibility to absorb operational underperformance versus our base case or additional debt funded acquisitions over the next 12 months. "We expect the leverage will further improve toward 6.0x in 2027. This is supported by our expectation of 4%-5% organic revenue growth in 2026-2027, recognizing the company's strong position in Europe's audiovisual production and distribution market and its strengthened capabilities in the U.S. market through NRC. Organic EBITDA growth will be further boosted by the addition of NRC, which has higher profitability than Mediawan. "We also note that NRC's acquisition will mainly be funded by shares and Mediawan has a track record of successfully integrating acquisitions. We believe Mediawan will likely continue expanding through mergers and acquisitions, but large deals will remain co-funded with equity, such as for Plan B, Leonine, and now NRC. "The acquisition of NRC is incrementally positive for Mediawan's business scope and diversity. We expect it will add about EUR185 million of revenue and about EUR45 million of reported EBITDA. This will make Mediawan the second largest independent producer globally, ahead of Gold Rush Bidco Ltd. (parent company of All3Media; B/Stable/--), but still well behind Banijay SAS (B+/Stable/--)." Mediawan will strengthen its operations in North America, enriching its production capabilities and pool of talents, while increasing its exposure to English-language content, which travels well to other markets. The addition of NRC will increase the share of Mediawan's revenue from production activities, which are more cyclical than distribution revenue, to 76% from 66% in 2023. S&P said, "However, the company will also slightly diversify away from scripted content since most of NRC's revenue comes from unscripted shows. We estimate the share of production revenue from scripted content will decline to 62% of the group's total production revenue when consolidating NRC, from 65% without in 2025 and 70% in 2023. Unscripted formats are less capital intensive and easier to replicate than scripted content. The contribution from streaming platforms will increase to about 35% of total revenue from 20%-25% previously, which will diversify Mediawan's operations away from the more traditional, linear TV broadcasters with lower growth prospects." The acquisition will modestly enhance the company's IP portfolio. NRC operates under a producer-for-hire model and therefore does not retain the IP for most of its projects. However, NRC owns a small library of 10 films and one series, which will slightly enrich Mediawan's current catalogue. S&P said, "Although we expect Mediawan to continue to focus on scripted content, the acquisition will somewhat improve its profit margin and FOCF. A higher proportion of contribution from scripted formats constrains Mediawan's profitability and FOCF generation compared to peers. The addition of NRC, which has higher margins, will incrementally support the group's overall profitability, and we forecast adjusted EBITDA margin will improve to about 13.7% in 2026, from 12.3% estimated in 2025. "We also think NRC will marginally boost FOCF. NRC does not, in most cases, prefund productions, unlike Mediawan, which we understand covers 35% of the costs linked to a new production with its own cash flow and funds the rest through advances from customers (included in our FOCF calculation) and production loans (inflow excluded from our FOCF calculation). NRC receives a producer fee for providing production services and expertise, which supports its higher EBITDA margin and stronger cash conversion. "Sound EBITDA interest coverage and liquidity continue to support the rating. We continue to forecast sound EBITDA cash interest coverage ratio of about 3.0x over 2026-2027. This is because the additional cash interest cost from the EUR225 million TLB add-on will be largely offset by additional EBITDA contributed by NRC. This coverage level compares well with peers in the 'B' rating category. Mediawan's solid liquidity also supports the rating, given the company's large cash balance (estimated at about EUR212 million, pro forma the acquisition of NRC) and undrawn revolving credit facility (RCF) (will be upsized to EUR275 million), which will be sufficient to cover intrayear working capital requirements and cash outflow related to already contracted acquisitions and earn-out payments. "The stable outlook reflects our view that Mediawan will continue to deliver successful shows--such that its revenue and EBITDA steadily increase on an organic basis--and integrate recent acquisitions, including North Road Co., in line with our expectations. We also expect higher-margin licensing and distribution revenue will support Mediawan's profitability, leading to positive FOCF and adjusted debt to EBITDA just below 6.5x in 2026, leaving limited headroom for any operational underperformance versus our base case or additional debt-funded acquisitions over the next 12 months. "We could lower the rating over the next 12 months if FOCF turns negative for a prolonged period or Mediawan fails to reduce its adjusted debt to EBITDA to less than 6.5x." This could happen if: -- The revenue and EBITDA fall significantly below our base-case scenario due to weaker demand for its content or Mediawan's inability to deliver successful shows; -- Free cash flow deteriorates because of cost overruns, working capital outflow, production capital expenditure that is not sufficiently covered by inflow from customer advances, or higher-than-expected integration costs from acquisitions; or -- The company continues debt-funded acquisitions. S&P is unlikely to upgrade Mediawan in the near term. Over the long term, we could raise the rating if Mediawan increases its revenue and EBITDA and sustains positive free cash flow, allowing it to reduce adjusted debt to EBITDA well below 5.0x and maintain FOCF to debt higher than 5%. An upgrade would also require Mediawan's financial policy to sustain such improved credit metrics. ============= G E R M A N Y ============= APCOA GMBH: Moody's Affirms B3 CFR, Rates New Sr. Secured Notes B3 ------------------------------------------------------------------ Moody's Ratings has affirmed the corporate family rating of APCOA GmbH (APCOA) at B3 and the probability of default rating at B3-PD. Moody's have also affirmed the B3 instrument ratings on the EUR425 million existing backed senior secured fixed notes and on the EUR385 million backed senior secured floating rate notes both due in 2031. Concurrently, Moody's assigned a B3 rating to the proposed EUR435 million backed senior secured floating rate notes due in 2031. The outlook remains stable. If completed, the proceeds from the offering will be used, together with cash on hand, to (i) redeem in full the company's outstanding backed senior secured floating rate notes due 2031 in an aggregate principal amount of EUR385 million and pay any accrued and unpaid interest to the date of redemption, (ii) fund a distribution to its shareholders and (iii) pay fees and expenses incurred in connection therewith. Moody's expect the existing backed senior secured floating rate notes to be repaid upon closing of the refinancing transaction. As a result, Moody's will withdraw the existing B3 rating on this instrument later. RATINGS RATIONALE The rating affirmation reflects Moody's expectations of an ongoing improvement in operating performance over the next 12–18 months, driven by volume and price growth and cost initiatives. It also reflects the company's strong track record in winning new business, maintaining high retention rates, improving volumes and pricing on existing contracts, negotiating rents, and achieving cost efficiencies. APCOA's rating remains constrained by its high leverage (Moody's adjusted debt/EBITDA) of 6.5x, negative free cash flow (FCF) to debt of -0.8% and very weak interest coverage (EBITA / interest expense) of 1.0x as of LTM September 2025, and an aggressive financial policy with the EUR50 million proposed debt funded dividend on top of a EUR125 million tap on its existing senior secured notes to pay a dividend in August 2025. Despite the EUR50 million add-on, Moody's expects that leverage will gradually improve to 6.3x by the end of 2026 while FCF, before the dividend, will turn positive. In the first nine months of 2025, APCOA outperformed its budget. The Company's revenue grew by 7% and the company's EBITDA increased by 18%, driven by both organic growth and cost savings. Moody's expects mid-single digit revenue and EBITDA growth will drive deleveraging in 2026. LIQUIDITY APCOA's liquidity is adequate. The unrestricted cash balance as of September 30, 2025 is of EUR83 million and the company has an available undrawn EUR73 million revolving credit facility (RCF). The RCF has a maximum super senior leverage covenant of 1.5x if the RCF is utilized by more than 40%. The nearest debt maturity is the RCF maturing in January 2031. The notes mature in April 2031. STRUCTURAL CONSIDERATIONS The senior secured notes are rated B3, at the same level as the CFR, reflecting the comparatively small amount of super senior RCF and upstream guarantees from operating companies. The senior secured notes and the RCF are secured by shares, bank accounts and intragroup receivables of material subsidiaries. However, the RCF will rank ahead of the notes in an enforcement scenario under the provisions of the intercreditor agreement. Moody's typically view debt with this type of security package to be akin to unsecured debt. The notes and the RCF benefit from upstream guarantees from operating companies accounting for at least 80% of consolidated EBITDA. OUTLOOK The stable outlook assumes that APCOA's credit metrics will gradually improve as demand and earnings continue to improve, which will lead to deleveraging towards 6.3x by 2026, at least neutral FCF generation, before dividends, and improving interest coverage. The outlook incorporates Moody's assumptions that management will not embark on any debt-funded acquisitions or further dividend recapitalisation during this period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Over time, Moody's could upgrade APCOA's ratings if Moody's-adjusted debt/EBITDA is sustainably below 6x, EBITA/interest expense improves towards 1.5x and the company maintains a solid liquidity profile including positive Moody's-adjusted FCF to debt towards 5%. Ratings could be downgraded if operating performance deteriorates such that its Moody's-adjusted debt/EBITDA remains sustainably above 7.0x, EBITA/interest expense is sustainably below 1.0x, FCF to debt remains negative and liquidity weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. APCOA's B3 rating is two notches below the scorecard-indicated outcome of B1. The difference reflects the limited free cash flow generation of the company and ongoing dividend recapitalisations. COMPANY PROFILE APCOA is a leading European parking operator, with revenue of EUR1 billion and Moody's-adjusted EBITDA of EUR273 million as of LTM September 2025. APCOA manages around 1.7 million car parking spaces across about 13,000 sites in 12 countries as of September 2025. Headquartered in Germany, the company is majority-owned by Strategic Value Partners (SVP). CHEPLAPHARM ARZNEIMITTEL: Moody's Rates New EUR750MM Notes 'B3' --------------------------------------------------------------- Moody's Ratings has assigned a B3 instrument rating to the proposed EUR750 million backed senior secured notes due in 2032 issued by Cheplapharm Arzneimittel GmbH (Cheplapharm or the company). The company's other ratings, including its long-term corporate family rating of B3, probability of default rating of B3-PD, the senior secured and backed senior secured instrument ratings of B3, are not affected by this rating action. The outlook is also unaffected at stable. Along with some cash on balance, Cheplapharm intends to use the proceeds of the new notes to refinance the remaining amount of senior secured notes due in 2028. Moody's expects that credit metrics will remain largely unchanged with the contemplated refinancing transaction. RATINGS RATIONALE The B3 rating of the new backed senior secured notes reflect their pari passu ranking with Cheplapharm's existing senior secured debt. Moody's continues to view positively that the company is proactively addressing its debt maturities well ahead of maturity, supporting liquidity. Cheplapharm's B3 rating continues to be supported by the company's good therapeutic and geographical diversification; strong cash flow generation, supported by its asset-light business model; and adequate liquidity. At the same time, the B3 rating is constrained by the structural earnings decline in Cheplapharm's existing off-patent branded product portfolio, prompting it to make product acquisitions to maintain or grow revenue; the execution risks related to the integration of its acquisitions, notably industrial transfers; and its aggressive financial policy, with multiple debt-funded acquisitions in recent years. Cheplapharm has faced operational challenges including limited product availability on key products, delayed integration of acquisitions, and negative market shifts materially impacting profitability and leverage. The company's operations and financial performance are stabilising due to its transformation programme, which focuses on supply chain, commercial and integration, as well as working capital improvements. OUTLOOK The stable outlook on Cheplapharm's rating reflects Moody's expectations that the company will be able to stabilise its operating performance over the next 12-18 months, while its credit metrics will remain in line with a B3 rating. The stable outlook also factors in Moody's expectations of the company sustaining adequate liquidity. LIQUIDITY Cheplapharm's liquidity is adequate, supported by cash balances of EUR166 million as of September 30, 2025, and Moody's expectations of Moody's-adjusted FCF generation, before any acquisitions, of about EUR390 million over the next 12-18 months. The company has a EUR695 million senior secured revolving credit facility (RCF), maturing in early 2028. Upon successful completion, the next significant debt maturities would occur in 2029, totaling approximately EUR1.5 billion of senior secured term loans. The RCF is subject to a springing covenant, which requires the company to maintain net senior secured debt/EBITDA of less than 6.0x if at least 40% of the senior secured RCF is drawn. The RCF was drawn at EUR150 million as of September 30, 2025 and the covenant was therefore not tested. Further increase in leverage could restrict its RCF access to only 40% of its total capacity. STRUCTURAL CONSIDERATIONS Cheplapharm's debt comprises a senior secured term loan B and senior secured notes, as well as a senior secured RCF, all rated B3 in line with the CFR. All these debt instruments have been issued by Cheplapharm, the group's main operating company, and they share the same collateral, which includes a first-priority pledge over Cheplapharm's shares, as well as pledges over bank accounts and intercompany receivables. Moody's uses a family recovery rate of 50%, appropriate for a debt structure comprising bank and bond debts. Cheplapharm's capital structure also comprises EUR500 million in shareholder loans, which Moody's treat as equity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade Cheplapharm's rating if the company successfully addresses its operational difficulties and stabilises its business, thereby returning to its historical revenue trends, specifically achieving an organic revenue decline of 3%-5% per year. Quantitatively, Moody's would upgrade the rating if Cheplapharm maintains its Moody's-adjusted debt/EBITDA below 5.5x and cash flow from operations (CFO)/debt above 10% on a sustained basis. An upgrade would also require the company to demonstrate a more cautious acquisition strategy. Conversely, Moody's could downgrade Cheplapharm's rating if the company fails to address its operational difficulties and its revenue continues to decline at higher rates than that in the past. Quantitatively, Moody's could downgrade Cheplapharm's rating if it fails to maintain its Moody's-adjusted debt/EBITDA comfortably below 7.0x or its CFO/debt remains below 5% on a sustained basis. A failure to maintain adequate liquidity, including a well-spread debt maturity profile and timely refinancing of upcoming maturities, or a significant deterioration in interest coverage metrics could also lead to negative pressure on the rating. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Pharmaceuticals published in September 2025. COMPANY PROFILE Based in Greifswald, Germany, Cheplapharm is a family-owned pharmaceutical company specialising in the marketing of off-patent, branded legacy and niche medications. Cheplapharm manages a portfolio of more than 150 products distributed across over 145 countries, and as of the 12 months that ended September 2025, it reported revenue of EUR1,588 million and company-adjusted EBITDA of EUR693 million. Ownership of the company is equally split between co-CEO Sebastian Braun and Chief Scientific Officer Bianca Juha, siblings who assumed ownership in 2003. =========== G R E E C E =========== AEGEAN BALTIC: S&P Affirms 'BB/B' ICRs, Outlook Remains Stable -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB/B' long- and short-term issuer credit ratings on Aegean Baltic Bank S.A. (ABB). The outlook is stable. The stable outlook reflects S&P's expectation that ABB will maintain its current creditworthiness over the next 12 months, despite recent asset quality and profitability deterioration. Greece's economic growth, alongside the steady strengthening of the private sector and continued decline of nonperforming loans, could lead to further diminishing credit risks for local banks over the next 12-18 months. S&P said, "The trend toward an improved economic environment for banks in Greece has a more limited impact for Aegean Baltic Bank (ABB), in our view, given the particular focus of its business model on the shipping segment and related concentrations of its portfolio. "Although we see ABB's strengthened capital metrics as positive, we believe this is partly counterbalanced by its sector and single-name concentrations." While still facing comparatively higher credit risks than European peers, Greek banks are demonstrating gradual improvement, driven by a strengthening economic environment. Corporate leverage is expected to rise with increased public investment and a supportive macroeconomic backdrop, but both households and corporates have undergone substantial balance sheet repair, bolstered by robust liquidity and improving employment. Asset quality continues to improve, with nonperforming exposure ratios declining and underwriting standards strengthening, supported by legal and regulatory reforms aimed at facilitating debt recovery. Although real estate price appreciation might lead to increased imbalances, current borrower-based measures and a generally manageable level of imbalances suggest that S&P could see further decrease in credit risk and enhanced earnings potential for Greek banks over the next 12-18 months. The affirmation of the ratings reflects the limited impact that the potential economic risk improvement in Greece would have on ABB's creditworthiness, given the predominant focus of its business model on the shipping segment, high concentrations in its portfolio that are only somewhat mitigated by a certain level of international geographic diversification of its borrower base. The current ratings reflect a balance between ABB's small scale, monoline business model and confidence-sensitive funding profile, and a solid track record of earnings generation and strong capitalization. During 2025, ABB's profitability declined, following two exceptionally strong years in 2023-2024. Estimated net income for 2025 is about 27% lower than the previous year, primarily reflecting lower net interest income, as loans were refinanced at lower rates and competition in the shipping market intensified. Profitability was further affected by higher impairment charges, following an increase in ABB's nonperforming loan ratio to about 2.8% from 0.8% in 2024, largely attributable to the deterioration of a large single credit exposure, which underscores the bank's concentrated business model. Also, coverage ratios declined to around 54% from 165% in 2024 and borrower concentration further increased, with the top 20 exposures accounting for around 65% loans, including undrawn commitments, compared with 51% two years ago. While slower loan growth has supported further strengthening of ABB's capital metrics, with the bank's estimated risk-adjusted capital ratio of about 21.4% at end-2025, this relatively high level of capitalization should be viewed in conjunction with the bank's more concentrated monoline business model compared with that of peers with more diversified business models. S&P said, "We view recent changes in the ownership structure and executive management of the bank as neutral for its business profile, given we understand the bank will continue operating under the same business model as before. If the bank's new ownership structure and management lead to material changes of its future growth strategy and risk management, we will reassess them in due course. "The stable outlook reflects our expectation that ABB's strong capitalization will continue balancing the risks of its sector and single-name concentrations over the next 12 months. We anticipate return on equity will gradually improve from current levels, reaching around 10%-11% by 2027, from about 8% in 2025, despite the bank's high capitalization levels. Efficiency is also likely to improve, with the cost-to-income ratio declining toward 40% by 2027 from 48% in 2025." S&P could take a negative rating action if ABB's: -- Financial profile weakens due to a sustained significant deterioration in profitability metrics. For example, this could be driven by negative trends in the shipping industry or intensified competition; -- Business growth strategy becomes more aggressive, increasing risks for the bank; or -- Asset quality materially deteriorates compared with historical and the peer levels, which will require a substantial increase in loan loss provisions and will have a material negative impact on capitalization of the bank. S&P sees a limited likelihood of a positive rating action over the next 12 months. PIRAEUS BANK: S&P Affirms 'BB+/B' ICRs & Alters Outlook to Positive ------------------------------------------------------------------- S&P Global Ratings took the following rating actions on three Greek financial institutions: -- Eurobank S.A: S&P revised the outlook to positive from stable and affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit ratings on the bank. S&P also affirmed its long- and short-term resolution counterparty ratings (RCRs) at 'BBB/A-2'. -- National Bank of Greece S.A.: S&P revised the outlook to positive from stable and affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit ratings on the bank. S&P also affirmed its long- and short-term RCRs at 'BBB/A-2'. -- Piraeus Bank S.A.: S&P revised the outlook to positive from stable and affirmed its 'BB+' long-term and 'B' short-term issuer credit ratings on the bank. S&P also affirmed its long- and short-term RCRs at 'BBB/A-2'. S&P also affirmed its program and issue credit ratings on the senior and subordinated debt issued by these entities. Although the risks that credit conditions in Greece present for domestic banks remain higher than those for peers in other jurisdictions, they continue to improve. Although the corporate sector has resumed borrowing and is undertaking leveraged investments, after years of reducing leverage, the corporate debt-to-GDP ratio in Greece had reduced substantially, to 95%, by the end of 2025. It peaked at 136% in 2012 but is now in line with that in Italy and Spain, and below that of Malta (110%), Portugal (124%), and Cyprus (127%). S&P anticipates that leverage at Greek companies will increase due to the resumption of heavy public investments linked to the absorption of NextGeneration EU funds, combined with a better macroeconomic backdrop and healthier corporate balance sheets. Over the past decade, Greek households and corporates have made substantial repairs to their balance sheets. Corporates now benefit from stronger liquidity buffers and robust gross operating surplus growth, while households benefit from historically low unemployment and a rise in disposable income. In addition, the banking system offloaded to debt servicers about EUR80 billion of its combined EUR233 billion in debt, comprising loans extended to the least viable firms and household debt. Although offloading this debt did not lead to improved systemwide leverage metrics, and remains a complex economic and political issue for Greece, S&P views the risk to the banking system represented by these vulnerable, unbanked, individuals as limited. Greece's economic prospects support banks' asset quality. S&P said, "We project that GDP growth will average 2.2% a year over 2026-2027, fueled by investment and private consumption. Thereafter, we forecast that economic expansion will slow as the lending through the Recovery and Resilience Facility begins to wind down. Economic momentum has supported banks in their efforts to converge toward EU peers in terms of asset quality. The pace of their improvement has been spectacular--the nonperforming exposure (NPE) ratio fell to 3.3% as of Sept. 30, 2025, from a peak of 51% at the end of 2016. We also consider the performance of new lending since 2018 to be encouraging. There have been limited inflows of NPEs and banks' cost of risk (including costs related to sales and transactions) dropped to about 50-60 basis points by end-2027. This suggests a reduction in banks' risk appetites and that underwriting standards have improved." Greece is still revamping its legal and regulatory frameworks to facilitate recoveries. It has fundamentally overhauled its insolvency framework and has introduced a comprehensive out-of-court workout (OCW) mechanism. Greece also introduced a new judicial map in 2024/2025 to reduce congestion in courts and improve judicial efficiency. Nationally, this reduced decision times at first-instance courts by about 50% (to 330-364 days from over 700 days). S&P views this as positive, although it has proved insufficient to materially reduce the court backlog. The latest change to be implemented is a unified, modern framework for collateral security. Greece is introducing a centralized electronic pledge registry under the Hellenic Cadastre. If successfully completed, it will improve transparency while facilitating foreclosures and increasing recovery rates for banks. As a result of solid household consumption and investment activity, real estate prices are picking up. House prices increased by 8% year-on-year as of September 2025, and by about 9% in 2024. S&P said, "However, given that real estate prices have only just passed the peak they reached before the 2008 crisis, we regard this buildup of imbalances as manageable. The Bank of Greece is implementing binding borrower-based measures, such as caps on loan-to-value ratios and debt service-to-income ratios, which we see as positive. That said, affordability ratios, such as house price to rent and house price to income are starting to deteriorate. Given that we forecast an increase in investment and mortgage lending, we will continue to monitor the possible effect of weaker affordability ratios on the construction and real estate sectors." Improvements to the Greek economy implies potential for banks operating in Greece to benefit from lower credit risks and stronger earnings capacity. Therefore, S&P has taken various rating actions on Greek banks, as described below. Eurobank S.A. S&P said, "The outlook revision indicates that we consider that, if Eurobank sustains its business diversification and resilient funding, signifying creditworthiness more in line with that of higher-rated peers, we could incorporate uplift to the bank's stand-alone credit profile (SACP). We expect the bank to maintain its strong profitability and reap the benefits of its recent acquisitions, leading to a more diversified group." Although Eurobank experienced margin compression, the bank reported solid profitability for the first three quarters of 2025, with a return on average common equity ratio of 15.5%. S&P said, "Our baseline projections suggest that Eurobank's profitability will remain sound over the next 12-24 months, supported by the good efficiency reflected in its 36.6% cost-to-income ratio. In addition, we expect Eurobank's profitability to be supported by a sound funding profile and funding costs that are lower than global peers, thanks to its international franchise. All member banks are self-funded and have excess liquidity to fund local lending operations." Eurobank is the largest bank by deposits in Cyprus (reported loan-to-deposit ratio at 37%), the third-largest in Bulgaria (reported loan-to-deposit ratio of about 87%) and the fourth-largest in Greece (loan-to-deposit ratio of 83%). At group level, customer deposits represent about 88% of Eurobank's funding base. Its customer loans-to-deposits ratio (as adjusted by S&P Global Ratings) was 67% on Sept. 30, 2025, below that of European peers. If economic risks in Cyprus and Greece ease, it would support Eurobank's risk profile. The bank's asset quality has improved sharply in recent years as it worked out legacy assets and NPE inflows from new lending vintages have been limited. S&P said, "Despite this, we forecast that cost of risk will still be above that of similarly rated peers, at 55 bps-60 bps, by year-end 2027. If economic risks in Eurobank's core markets ease--despite global economic uncertainty--we would expect asset quality to show further convergence with peers." Eurobank's recently completed acquisitions, the pick-up in lending, increasing shareholder returns, and the capital hit from the extra deferred tax credits amortization all have a negative impact on its capitalization, but this is offset by the bank's solid earnings generation and recent issuances of capital instruments. Therefore, S&P anticipates that Eurobank will maintain adequate capitalization over the next two years, measured by its RAC ratio remaining within the 7%-10% range. Outlook S&P said, "The positive outlook indicates that, over the next 18-24 months, we could raise our ratings on Eurobank if it continues to perform in line with peers with 'bbb' SACPs, while demonstrating resilient operational performance and funding ratios. Our outlook also reflects our expectation that economic risks in Eurobank's main markets will ease further." Upside scenario: S&P could raise its ratings on Eurobank if: -- S&P's view of the operating environment that the bank faces improves; -- The bank's strategy to diversify its revenue streams and strengthen its market positions in various geographies appears likely to provide it with a competitive advantage over peers, in terms of financial performance and funding profile; and -- Its asset quality and capitalization remain resilient despite ongoing acquisitions and rapid lending growth, as measured by S&P's RAC ratio remaining sustainably above 7%. Downside scenario: S&P could revise the outlook to stable if it anticipates that Eurobank's risk profile and performance will not align with those of higher-rated peers. This could materialize if the bank experienced a weakening of its earnings capacity or a building up of credit risks as a result of rapid lending growth and inorganic growth. Ratings Score Snapshot Eurobank S.A. To From Issuer credit rating BBB-/Positive/A-3 BBB-/Stable/A-3 SACP bbb- bbb- Anchor bbb- bbb- Business position Adequate (0) Adequate (0) Capital and earnings Adequate (0) Adequate (0) Risk position Adequate (0) Adequate (0) Funding Adequate Adequate Liquidity Adequate (0) Adequate (0) Comparable ratings analysis 0 0 Support 0 0 ALAC support 0 0 GRE support 0 0 Group support 0 0 Sovereign support 0 0 Additional factors 0 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity. National Bank of Greece S&P said, "The outlook revision primarily reflects our view that economic risks in Greece are receding. At the same time, we expect that National Bank of Greece (NBG) will deliver sound risk-adjusted profitability thanks to a strong domestic franchise and rationalized business model, despite continued margin compression. As Greek banks return to more-dynamic lending practices, we project that NBG will harness its dominant position in the domestic market." After a decade of restructuring and the rationalization of its operations, NBG reduced its cost-to-income ratio to 37.9% as of Sept. 30, 2025 (including nonrecurring items). S&P said, "We expect return on equity to be 13.2%-13.8% by 2027, down from 14.4% at year-end 2024. Despite NBG's solid earnings growth, we forecast that its risk-adjusted capital (RAC) ratio will stabilize at 9.7%-10.2% over the next 24 months, due to a planned increase in shareholder remuneration, vigorous credit expansion, acceleration of deferred tax credit amortization, and potential bolt-on mergers and acquisitions. Further capital optimization, including the potential issuance of capital instruments, could push the ratio marginally above the 10% threshold although we remain cautious as to how NBG would allocate this excess capital in the future. As of Sept. 30, 2025, the bank's NPE ratio was 2.5% and NPE coverage remained high at 101%. We expect NPE inflows to remain modest, given that economic conditions in Greece have been more benign." S&P said, "Moreover, we now consider NBG's funding profile to be superior to those of its domestic and international peers. It achieved this through its strong franchise in Greece, underpinned by a sizable deposit surplus and solid name recognition. If there were to be deposit turbulence, we anticipate that NBG would benefit from the resulting flight to quality, which adds to its rating strengths." NBG funding ratios are also solid. At close to 64%, the loan-to-deposit ratio is likely to remain one of the strongest in Europe, and its net stable funding ratio, at 147% as of Sept. 30, 2025, is also likely to remain among the strongest. Outlook S&P said, "The positive outlook on NBG stems from our view that economic risks in Greece are decreasing, and therefore that credit risk in the economy is also receding. We anticipate that NBG will maintain its strong capital and improved profitability, as well as a RAC ratio of 9%-10%, over the next two years." Upside scenario: S&P could raise the ratings over the next 12-24 months if it forecasts that NBG's RAC ratio is likely to increase sustainably above 10%, improving the bank's credit profile. This could occur, for example, if economic risks for the Greek banking sector recede further. Downside scenario: S&P could revise the outlook to stable if an aggressive dividend payout, rapid lending growth, large acquisitions, or a weakening of earnings capacity lead to a pronounced drop in the bank's capitalization, such that its forecast RAC ratio remains below 10%. Ratings Score Snapshot National Bank of Greece S.A. To From Issuer credit rating BBB-/Positive/A-3 BBB-/Stable/A-3 SACP bbb- bbb- Anchor bbb- bbb- Business position Adequate (0) Adequate (0) Capital and earnings Adequate (0) Adequate (0) Risk position Adequate (0) Adequate (0) Funding Strong Adequate Liquidity Adequate (0) Adequate (0) Comparable ratings analysis 0 0 Support 0 0 ALAC support 0 0 GRE support 0 0 Group support 0 0 Sovereign support 0 0 Additional factors 0 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity. Piraeus S.A. S&P affirmed its 'BB+/B' long- and short-term ratings on Piraeus Bank based on the entity's solid operating performance, efficiency, and strong position within the Greek banking system. These positive factors are balanced against its domestic market concentration and weaker-than-peers capitalization. During 2025, Piraeus Bank's earnings generation capacity and efficiency remained resilient, despite margin compression. They were supported by loan growth and increased fee income as the bank diversified domestically through the expansion of its asset management and bancassurance businesses. The bank's ROE decreased to 14% in September 2025, from 14.9% at end 2024. Meanwhile, its efficiency remained strong, with a cost-to-income ratio of 32.8%, only slightly above its all-time low level of 29.1% in 2024. S&P forecasts that Piraeus's RAC ratio will increase to about 6.9% by 2027, supported by sustained profitability and solid operating efficiency, from an estimated 6.4% at the end of 2025, similar to the 6.3% achieved in 2024. The organic capital generated during the year and the EUR400 million additional tier 1 (AT1) debt issued in June 2025 are largely offset by increased loan growth, dividend payouts, the temporary acceleration in the amortization of deferred tax credits, and the capital impact of acquiring Ethniki. S&P said, "We anticipate that Piraeus Bank's ROE will remain resilient, at about 13.9% by 2027, while its cost to income is expected to stabilize at 35%. In addition, we forecast a decline in the bank's NPE ratio to about 2% from 2.6% in 2024, and that its cost of risk will normalize at 50 bps-60 bps by end-2027, from 112 bps in 2024. If the positive economic risk trend were to materialize, we project that Piraeus Bank's RAC ratio would increase by about 40 bps." Outlook S&P's positive outlook on Piraeus Bank reflects its view that over the next 12 months S&P could raise the ratings if the bank's capitalization strengthens and its RAC ratio is forecast to exceed 7% on a sustained basis. Upside scenario: S&P could raise the ratings over the next 12-24 months if it forecasts that Piraeus Bank's RAC ratio is likely to increase sustainably to above 7%, improving the bank's credit profile. This could occur, for example, if economic risks for the Greek banking sector recede further. Downside scenario: S&P could revise the outlook to stable if an aggressive dividend payout, rapid lending growth, large acquisitions, or a weakening of earnings capacity lead to a pronounced drop in the bank's capitalization. Ratings Score Snapshot Piraeus Bank S.A. To From Issuer credit rating BB+/Positive/B BB+/Stable/B SACP bb+ bb+ Anchor bbb- bbb- Business position Adequate (0) Adequate (0) Capital and earnings Moderate (-1) Moderate (-1) Risk position Adequate (0) Adequate (0) Funding Adequate Adequate Liquidity Adequate (0) Adequate (0) Comparable ratings analysis 0 0 Support 0 0 ALAC support 0 0 GRE support 0 0 Group support 0 0 Sovereign support 0 0 Additional factors 0 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity. Greece--BICRA Score Snapshot To From BICRA group 5 5 Economic risk 6 6 Economic resilience High risk High risk Economic imbalances Intermediate risk Intermediate risk Credit risk in the economy High risk High risk Trend Positive Stable Industry risk 5 5 Institutional framework Intermediate risk Intermediate risk Competitive dynamics High risk High risk Systemwide funding Intermediate risk Intermediate risk Trend Stable Stable Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores are on a scale from 1 (lowest risk) to 10 (highest risk). Ratings List Eurobank S.A. Ratings Affirmed; Outlook Action To From Eurobank S.A. Issuer Credit Rating BBB-/Positive/A-3 BBB-/Stable/A-3 Ratings Affirmed Eurobank S.A. Resolution Counterparty Rating BBB/--/A-2 Senior Unsecured BBB- National Bank of Greece S.A. Ratings Affirmed; Outlook Action To From National Bank of Greece S.A. Issuer Credit Rating BBB-/Positive/A-3 BBB-/Stable/A-3 Ratings Affirmed National Bank of Greece S.A. Resolution Counterparty Rating BBB/--/A-2 Senior Unsecured BBB- Piraeus Bank S.A. Ratings Affirmed; Outlook Action To From Piraeus Bank S.A. Issuer Credit Rating BB+/Positive/B BB+/Stable/B Ratings Affirmed Piraeus Bank S.A. Resolution Counterparty Rating BBB/--/A-2 Senior Unsecured BB+ Junior Subordinated B- ========= I T A L Y ========= ITALMATCH CHEMICALS: Moody's Ups CFR to 'B2', Outlook Stable ------------------------------------------------------------ Moody's Ratings upgraded Italmatch Chemicals S.p.A.'s (Italmatch or the company) corporate family rating and probability of default rating to B2 and B2-PD from B3 and B3-PD, respectively. Concurrently, Moody's assigned B2 instrument ratings to the proposed total EUR690 million backed senior secured floating rate notes and backed senior secured fixed rate notes. Moody's also changed the outlook to stable from positive. The proceeds from the proposed debt issuance will be used to refinance the company's existing EUR690 million backed senior secured global notes. The maturity date for the proposed notes will be 2031. The proposed capital structure includes also an upsized super senior revolving credit facility (SSRCF). Moody's expects to withdraw the existing B3 instrument ratings of the existing EUR300 million backed senior secured fixed rate notes and EUR390 million backed senior secured floating rate notes, which were unaffected by this rating action, upon their repayment. The upgrade incorporates Moody's expectations that the company will execute its proposed refinancing transaction. RATINGS RATIONALE The rating action reflects Moody's expectations that Italmatch's gross leverage and EBITDA interest coverage, as defined and adjusted by us, will strengthen to levels commensurate with the B2 rating over the next 12–18 months. This improvement is driven by more favourable financing conditions for the company compared with the last refinancing transaction in early 2023, as well as Moody's expectations of a modest increase in EBITDA over the next 12-18 months. Governance considerations were a key rating driver as Moody's views the contemplated transaction as credit positive. The transaction extends the company's debt maturity profile and lowers cash interest costs, thereby supporting Moody's-adjusted free cash flow generation (FCF). Historically, the company has had a mixed track record in generating positive adjusted FCF. Although the proposed transaction will improve cash flow generation, Moody's still forecast Moody's-adjusted FCF to debt to remain in the low- to mid-single-digit percentage range over the next 12-18 months. Italmatch's Moody's-adjusted debt/EBITDA stood at 6.1x for the last twelve months ended September 2025, which is weaker than what Moody's would expect for the B2 rating. In the first three quarters of 2025, Italmatch's management-adjusted EBITDA fell to EUR102 million from EUR110 million during the same period previous year. The decline was primarily driven by lower volumes (-9%) and an adverse foreign exchange impact (-2%). These headwinds were partly offset by strict cost discipline. Nonetheless, Italmatch's performance was solid compared to other rated chemical peers in the lights of the weak business conditions in the chemical sector. In addition, Moody's expects Moody's-adjusted gross leverage to decline to around 5.5x over the next 12–18 months, supported by incremental volumes from new capacity in the United States and China, as well as continued cost discipline and the realization of some minor synergies from the Alcolina acquisition. The company also aims to achieve further benefits from its digitalization and operational excellence program. In recent years, the company adjusted its commercial strategy and product portfolio towards increasing the share of specialty chemicals and functional solutions. Facing competition from cheaper imports from China, the company stopped prioritizing volumes for certain commodity products and instead focused on providing solutions to its customers rather than selling single molecules. The shift in the product portfolio over the last years also supported the rating upgrade. More generally, Italmatch's B2 rating reflects the company's geographical and end-market diversification despite its modest revenue size; good positions in select market niches; and good liquidity. However, the company's modest scale; exposure to fluctuations in raw material costs, although the company was successful to pass-through increased costs and manage volatility in recent history; and event risks, including debt funded M&A, due to majority ownership by private equity continue to weigh on the credit quality. There are also uncertainties surrounding potential growth projects in Saudi Arabia and their possible impact on Italmatch's credit profile. Debt funded M&A remains a risk and consolidated net leverage ratio test under the limitation of indebtedness covenant in the draft documentation would allow the company to raise additional debt from day one as this is set above opening leverage. Given the initially weak positioning of the B2 CFR, Italmatch has limited capacity for dividends or debt funded acquisitions. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATIONALE FOR OUTLOOK The stable outlook reflects Moody's expectations that the company will be able to achieve credit metrics commensurate for the B2 rating over the next 12-18 months. LIQUIDITY Italmatch's liquidity is good. As of end September 2025, the company had around EUR122 million of cash on balance and access to a EUR107 million SSRCF. The rating assumes the company will maintain access to its factoring programme. On a pro-forma basis following the refinancing, Moody's expects the cash balance to decline by around EUR18 million because of transaction related fees and the redemption premium. The company also targets to upsize its SSRCF to EUR117 million from currently EUR107 million. In combination with forecasted funds from operations, these liquidity sources are sufficient to cover capital expenditure, working capital swings and day-to-day cash. STRUCTURAL CONSIDERATIONS Italmatch's proposed EUR690 million backed senior secured floating rate notes and backed senior secured fixed rate notes are rated B2, in line with Italmatch's CFR. This is because the senior secured instruments have a dominant position in the capital structure, despite ranking behind SSRCF. The security package for the senior notes comprises mostly a pledge over the company's bank accounts and intercompany receivables. The EBITDA guarantor coverage of the newly proposed bond is around 54%. Moody's sees this level of guarantor coverage as relatively weak however there is no financial debt at non-guarantor subsidiaries. If the company were to add debt at non-guarantor subsidiaries, this could increase the likelihood of instruments being rated below the CFR. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Italmatch's B2 CFR, if the company's Moody's-adjusted debt/EBITDA reduces below 4.5x and its Moody's-adjusted FCF/debt improves in the mid-single digit range in percentage term, both on a sustained basis. In addition, the company needs to demonstrate a track record of prudent financial policy. Moody's could downgrade Italmatch's B2 CFR if the company's Moody's-adjusted debt/EBITDA remains above 5.5x or its Moody's-adjusted EBITDA/interest expense below 2x on a sustained basis. Additional downgrade considerations include a weakening of liquidity or a sustained deterioration in margins. The principal methodology used in these ratings was Chemicals published in October 2023. 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 Genova, Italy, Italmatch Chemicals S.p.A. is a global specialty chemicals manufacturer focused on phosphorus derivatives, specialty polymers and esters. Italmatch's revenue amounted to around EUR648 million in the 12 months that ended September 2025. The company is owned by Bain Capital, LP (majority shareholder), Saudi Arabian Industrial Investments Company (Dussur) and management. NEXTURE SPA: Moody's Affirms B2 CFR & Rates New Secured Notes B2 ---------------------------------------------------------------- Moody's Ratings has affirmed the B2 long-term corporate family rating and the B2-PD probability of default rating of Nexture S.p.A. (Nexture or the company), a leading international company primarily active in the European food ingredients market. Concurrently, Moody's affirmed the B2 rating on the outstanding EUR425 million backed senior secured floating-rate notes due 2032, and assigned a B2 rating to the proposed new EUR475 million backed senior secured floating-rate notes, issued by Nexture. The outlook remains stable. Proceeds from the proposed EUR475 million new backed senior secured floating rate notes will be used to finance the acquisitions of Oferta Genuína S.A. (Frulact) and Sipral Padana S.R.L. (Sipral) and pay transaction fees. As part of the transaction, the super senior revolving credit facility (RCF) will be upsized by EUR70 million to EUR150 million. RATINGS RATIONALE The B2 rating affirmation reflects Moody's expectations that Nexture's credit metrics will remain commensurate with the rating, notwithstanding the increase in leverage following the acquisition of Frulact, a Portuguese producer of fruit-based ingredients for the dairy industry, and Sipral, an Italian manufacturer of fats, creams, filling and other ingredients. Both acquisitions align with the company's strategy to focus on value-added ingredients and to diversify from the more commoditized bakery ingredients that are suffering from the structural challenges faced by the traditional trade channel. The acquisitions will allow Nexture to increase its presence in the fruit-based ingredients segment, as well as into the high value-added segments of creams, filling and toppings for bakery and ice cream sectors. Following the acquisitions, value-added ingredients will represent approximately 55% of sales compared to 45% of Nexture stand-alone, with a combined pro-forma EBITDA margin of around 15% in 2025 (vs. 14% for Nexture stand-alone). In addition, the company expects to achieve EUR17 million of cost synergies over the next four years, mainly through savings on procurement, manufacturing optimization and SG&A cost reduction. Moody's anticipates Nexture's Moody's-adjusted EBITDA to grow towards EUR200 million by 2027 from pro-forma EUR167 million in 2025, driven by (1) a modest increase in revenue, (2) improvement in gross margin because of a better product mix, and (3) benefits from cost-saving initiatives. However, Moody's expects the acquisitions to increase leverage by approximately 0.4x-0.5x, notwithstanding the equity contribution from the sponsor of around EUR300 million. Including the additional notes, Moody's expects that the company's Moody's-adjusted gross debt/EBITDA will be around 6.8x at closing, which is slightly higher than the maximum leverage tolerance for the B2 rating. However, Moody's expects that the company's leverage will reduce toward 6.5x already by year-end 2026 driven by EBITDA improvement. Given its high initial leverage, the company remains weakly positioned within the B2 rating category, with limited capacity for underperformance. The rating is supported by Nexture's extensive product range across various food categories and the low cyclicality characteristic of the food ingredients market. The rating also reflects the company's exposure to mature markets in Europe, resulting in volume pressure in core ingredients, as well as the exposure to raw material price volatility that can result in some earnings volatility. Lastly, the rating factors some execution risk related to the ability to improve organic growth and to execute the integration of the acquired companies. LIQUIDITY Pro-forma for the new EUR475 million bond issuance, liquidity is good, supported by pro-forma cash of almost EUR60 million and the upsized super senior revolving credit facility of EUR150 million maturing in 2032, which Moody's expects to remain undrawn. The facility does not have any financial covenants. Moody's expects the company to generate operating free cash flow (FCF) generation of EUR100 million- EUR115 million each year over 2026-27, allowing to comfortably cover for increasing capex of about EUR45 million- EUR55 million per year to support growth. The company has no significant debt maturities until 2032, when the existing EUR425 million and the new EUR475 million backed senior secured floating-rate notes, coupled with the EUR150 million super-senior RCF are due. STRUCTURAL CONSIDERATIONS Following the transaction, Nexture's capital structure will mostly include EUR425 million existing backed senior secured floating-rate notes and the EUR475 million proposed backed senior secured floating-rate notes, both due in 2032, and the upsized EUR150 million super senior RCF maturing six months before the notes. The backed senior secured notes and the super senior RCF are secured against share pledges of the main companies of the group. Moody's typically view debt with this type of security package to be similar to unsecured debt. The RCF has priority over the proceeds in an enforcement scenario under the Intercreditor Agreement. However, it is not sizeable enough to warrant a notching of the bonds below the CFR according to Moody's loss given default waterfall. The notes are issued by Nexture S.p.A. and guaranteed by its subsidiaries, which represented 73% of the adjusted EBITDA for the nine months ended September 2025. The B2 backed senior secured rating on the notes is aligned with the CFR, as these constitute most of the company's debt. Nexture's probability of default rating of B2-PD incorporates the use of a 50% family recovery rate assumption. RATIONALE FOR STABLE OUTLOOK The company remains weakly positioned in the B2 rating category, because of its high leverage, following the transaction. The stable outlook is supported by Moody's expectations that leverage will reduce below 6.5x in the next 12 months, on the back of consistent earnings growth driven by a modest rise in revenue and an enhanced contribution from a more favorable product mix. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on the ratings could materialize once Nexture establishes a track record of sustained strong revenue and earnings growth and positive free cash flow, resulting in a Moody's-adjusted debt/EBITDA below 5.0x and Moody's-adjusted EBITA margin towards mid-teens in percentage terms both on a sustainable basis. It also requires maintaining a prudent financial policy consistent with such metrics, and at least a good liquidity profile. The ratings could be downgraded if the company's operating performance does not improve in line with Moody's expectations. Quantitatively, negative pressure could materialize if its Moody's-adjusted EBITA margin falls below 10%, its Moody's-adjusted debt/EBITDA does not reduce below 6.5x or its FCF weakens. In addition, the ratings could be downgraded if the financial policy becomes more aggressive and if the company's liquidity deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Nexture S.p.A. is a global producer of high-quality food ingredients, including functional ingredients, fruit-based preparations, cream fillings and toppings, and ice cream solutions. Including the acquisitions of Frulact and Sipral, Nexture operates 29 manufacturing sites across Europe, North America, Asia and Africa and 19 R&D centers, employing about 2,800 people. The company is present in more than 120 countries, although with a stronger focus in Europe. The company is owned by an investment subsidiary of the private equity group Investindustrial. ===================== N E T H E R L A N D S ===================== FLORA FOOD: Moody's Rates New Amended Secured First Lien Debt 'B2' ------------------------------------------------------------------ Moody's Ratings has assigned B2 ratings to the proposed amended and extended backed senior secured first-lien bank credit facilities of Flora Food Management B.V. (previously known as Upfield B.V.) and Flora Food Management US Corp., subsidiaries of Sigma Holdco BV (Sigma Holdco or the company), a global manufacturer of plant butters and spreads, plant creams, liquids, and plant cheeses. Moody's have also assigned a stable outlook on Flora Food Management US Corp. Sigma Holdco BV's B2 long-term corporate family rating (CFR), the B2-PD probability of default rating (PDR) and the Caa1 rating on the backed senior secured notes, together with the B2 backed senior secured first-lien credit facility and the backed senior secured notes ratings at its subsidiary Flora Food Management B.V. are unaffected. The stable outlook on both entities is also unaffected. The proposed transaction seeks to extend the maturity of the existing backed senior secured first-lien term loans to 2030 from the current maturity of January 2028, subject to certain conditions being met. In October 2025, the company already extended the maturity of its backed senior secured first-lien revolving credit facility (RCF) to July 2030, subject to the term loans being extended as well. As part of the transaction, in January 2026 the company issued senior secured EUR500 million notes, unrated, with a maturity of October 2030 which could be used to repay non-consenting lenders. Overall, Moody's understands the transaction will have no impact on the net leverage of the company. RATINGS RATIONALE The B2 CFR of Sigma Holdco reflects the company's strong business profile, highlighted by its significant scale, strong portfolio of brands, leading global market positions with extensive geographical diversification, and good growth potential offered by product innovation and expansion into adjacent plant-food categories like cream and cheese. The rating is also supported by the company's good operating performance since 2023 and Moody's expectations that the company's free cash flow (FCF) generation will remain positive and gradually improve. The rating is constrained by the company's limited segmental diversification as large part of its revenues depend on a mature product category in mature markets which volumes are experiencing secular decline. This reduces its growth potential, despite favorable dynamics in emerging markets and innovation in other segments. Moody's notes that the company's financial leverage and interest cover levels remain weak for the rating, although these are partially compensated by the strong business profile and Moody's expects improvements in both ratios over the next 12 months. LIQUIDITY The company's liquidity is good, with cash on balance sheet of EUR430 million as of December 2025, full availability under its EUR700 million RCF (which will be replaced by the new EUR700 million RCF, once the transaction closes), as utilization under the facility was repaid during the last quarter of 2025, and Moody's expectations of positive FCF. The company maintains a comfortable covenant capacity, with net senior secured leverage at 5.8x as of December 2025, against a maximum level of 8.5x. Following the completion of the proposed transaction, the bulk of the company's capital will be due in 2030, except for the backed senior secured notes of EUR1.12 billion due in 2029, and the backed senior secured Nordic bond for EUR400 million due in 2031. STRUCTURAL CONSIDERATIONS The B2-PD probability of default rating, in line with the B2 CFR, reflects a 50% corporate family recovery assumption applicable for mixed bank/bond debt structures. The B2 ratings of the backed senior secured term loans, the backed senior secured RCFs and the backed senior secured notes issued by Flora Food Management B.V. and Flora Food Management US Corp. reflect the first-lien nature of these facilities with no structural subordination because of the guarantee structure and the fact that these instruments represent most of the debt of the group. However, the security package only covers significant assets in the UK and the US, and share pledges, intercompany receivables and some bank accounts in other jurisdictions. The Caa1 rating on the backed senior secured Nordic notes issued by Sigma Holdco BV reflects the contractual and structural subordination of the notes to the term loans, the RCFs and the backed senior secured notes sitting at Flora Food Management B.V. and Flora Food Management US Corp. RATIONALE FOR STABLE OUTLOOK The unaffected stable outlook reflects Moody's expectations that the company will sustain its good operating performance and FCF generation, enabling modest debt reduction. Consequently, Moody's expects its Moody's-adjusted debt/EBITDA to decrease below 7.0x over the next 12-18 months. The outlook also reflects Moody's expectations that the company will maintain adequate liquidity on an ongoing basis. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if the company demonstrates solid top-line growth with improving profitability, leading to significant positive FCF generation and a reduction in leverage (Moody's-adjusted gross debt/EBITDA) towards 6.5x, both on a sustained basis. Additionally, before an upgrade, the company must attain and consistently maintain a Moody's-adjusted EBITA interest coverage ratio above 2.0x. Moody's could downgrade the rating if the company fails to sustain its current earnings level, leading to negative FCF over the next 12-18 months, which would weaken liquidity, as illustrated by reduced availability under its RCFs or a significant deterioration in covenant capacity. Quantitatively, Moody's can downgrade the rating if the company's leverage, on a Moody's-adjusted gross debt/EBITDA basis, remains above 7.5x and its Moody's-adjusted EBITA interest coverage ratio remains below 1.5x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. COMPANY PROFILE Formed in 2018, Flora Food Group is a global leader in plant-based foods, operating in four categories of plant butters and spreads, plant creams, liquids and plant cheeses, with most of its revenue coming from the sale of plant spreads. As of December 2025, on a preliminary basis, the company reported revenue of EUR3.0 billion and a company-normalised EBITDA of EUR805 million. The company operates largely in retail (89% of revenue) and partially in food service. Flora Food Group is geographically diversified across both developed and emerging markets, with no significant concentration in any one market. Its largest markets are the US, Germany, the UK and the Netherlands. Flora Food Group is controlled by funds managed and advised by Kohlberg Kravis Roberts & Co. Partners LLP (KKR). VITA BIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings has affirmed the B2 long term Corporate Family Rating and a B2-PD Probability of Default Rating of Vita BidCo SARL (Hanab or the company), a leading Netherlands-based multi-utility infrastructure services provider. Moody's have also affirmed the B2 rating of its EUR605 million backed senior secured term loan B due 2031, its EUR100 million backed senior secured multicurrency revolving credit facility (RCF) due 2031 and the EUR125 million backed senior secured guarantee facility due 2031 issued by Vita BidCo SARL. Moody's have also changed the outlook to positive from stable. "The change in outlook reflects the company's stronger-than-anticipated operating performance, which resulted in a significant improvement in Moody's estimated credit metrics for 2025. Moody's now estimate that deleveraging reached approximately 4.2x in 2025, compared with Moody's previous expectation of around 5.5x" says Pilar Anduiza, a Moody's Ratings AVP - Analyst and lead analyst for Hanab. "In addition, the company has launched a repricing initiative which, if successfully completed, could result in lower interest expenses," adds Ms Anduiza. RATINGS RATIONALE The change in outlook to positive from stable reflects the material improvement in the company's profitability, which has translated into better-than-expected credit metrics. The affirmation of the ratings balances the strengthened financial profile and the company's robust growth and profitability improvement against the fact that, although Moody's expects credit metrics to remain strong for the current rating category, the company still needs to demonstrate a sustained track record of operating with lower leverage which would be consistent with a B1 rating. The action also reflects uncertainty about how increased financial flexibility might be used in future, for example, to fund shareholder distributions or support M&A, while still maintaining leverage on a sustained basis at levels consistent with a B1 rating. The company reported revenue growth of 10% in 2025, driven primarily by strong performance in the energy and utility segment, partially offset by the structural decline in its telecoms infra-activities. The EBITDA margin improved by around two percentage points, supported mainly by the energy related divisions. Over the next 12–18 months, Moody's expects Hanab's earnings to continue to grow strongly on an organic basis, supporting a reduction in leverage to below 4.0x. FCF generation was also stronger than anticipated in 2025, partly due to a working capital inflow that is expected to unwind in 2026. Excluding these temporary working capital movements, Moody's expects FCF generation to strengthen in line with earnings growth, with interest coverage improving materially compared with previous expectations. Moody's estimates interest coverage, as measured by EBITA/interest, at around 4.0x in 2025. Hanab's B2 CFR is supported by its strong market position in the Netherlands, with diverse offerings across energy and utility, telecom and connectivity and building installation; the expectation of positive end-market fundamentals, particularly in energy and utility, a relatively good revenue visibility with a EUR3.1 billion order book, and its asset-light service business with a flexible cost structure, which contributes to its positive free cash flow (FCF) generation. At the same time, the CFR is constrained by its significant revenue concentration in the Netherlands, a relatively high customer concentration, the potential for earnings volatility due to end-market investment cycles and exposure to the cyclical construction market, competitive and fragmented markets and a shift to maintenance from fiber build-out in telecom. STRUCTURAL CONSIDERATIONS Hanab's capital structure will consist of a EUR605 million backed senior secured term loan B, a EUR100 million backed senior secured multicurrency RCF and a EUR125 million backed senior secured guarantee facility, all rated in line with the CFR. The B2-PD PDR is at the same level as the CFR, reflecting the use of a standard 50% recovery rate as is customary for capital structures with first-lien bank loans and a covenant-lite documentation. The facilities rank pari passu, benefit from upstream guarantees from the group's restricted subsidiaries representing at least 80% of consolidated EBITDA, and are secured by intragroup receivables, bank accounts and share pledges. LIQUIDITY Liquidity is good. The company has a cash position of around EUR168 million at the end of 2025 which should provide Hanab with the capacity to cover high intra-year working capital swings, as well as the capital spending needs, over the next 12-18 months. The company also benefits from a fully available EUR100 million backed senior secured revolving credit facility (RCF) and a long debt maturity profile. The RCF is set to mature in February 2031, with the Term Loan B maturing six months later. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook reflects Moody's expectations that the company's credit metrics will remain at levels commensurate with a B1 rating in the next 12 to 18 months, with Moody's-adjusted leverage remaining below 4.5x. The rating and outlook also incorporates Moody's expectations that Hanab will continue building a track record running the business with a financial policy consistent with a B1 rating level. The outlook also assumes that the company will refrain from undertaking any sizeable debt-funded acquisitions or shareholder distributions that lead to material deviations in Moody's expectations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating could develop if Moody's-adjusted gross debt/EBITDA reduces below 4.5x on a sustained basis, Moody's-adjusted EBITA/Interest expense increases above 2.5x and FCF/debt moves above mid-single digits in percentage terms, while liquidity remains good. An upgrade will also require continuous evidence of the company's reporting solid operating performance, sustained strong relationships with key customers while demonstrating a financial policy consistent with a B1 rating. Downward pressure on the rating could develop if Moody's-adjusted gross debt/EBITDA increases above 5.5x on a sustained basis, if Moody's-adjusted EBITA/Interest expense declines well below 2.0x, FCF/Debt weakens or turns negative and liquidity deteriorates. The rating would also come under pressure if the company exhibits a more aggressive financial policy such as embarking in large debt-funded acquisitions or shareholder distributions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Construction published in November 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 Hanab, headquartered in the Netherlands, is a leading end-to-end multi-utility installation and technical service provider in the areas of energy and utility, telecom and connectivity, and installation services in the Netherlands. The company has over 3,400 employees. For the fiscal year that ended 2025, it generated revenue of around EUR1.46 billion and company-adjusted EBITDA of EUR196 million (post IFRS 16). =========== N O R W A Y =========== SECTOR ALARM: Planned Repricing No Impact on Moody's 'B2' CFR ------------------------------------------------------------- Moody's Ratings says leading provider of monitored alarm solutions Sector Alarm Holding AS's (Sector Alarm or the company) B2 long-term corporate family rating and B2-PD probability of default rating are unaffected by the planned extension and repricing. The B2 instrument ratings of the senior secured multi-currency revolving credit facility (RCF) and the senior secured term loan B3 (TLB) are also unaffected. The stable outlook remains unchanged. On January 23, 2026, the company announced plans to reprice, extend, and add EUR30 million to its existing senior secured term loan B3. Assuming a 50 basis point cut in interest rates, Moody's projects the annual interest expense will drop by around EUR4 million, which will enhance interest and cash flow coverage. The proposed three-year extension to June 2032, pending approval, is credit-positive and diminishes refinance risk. As of December 31, 2025, Moody's-adjusted gross debt/EBITDA stood at 6.4x, and Moody's anticipates this ratio will decrease to approximately 6x in 2026. This ratio includes additional funding in 2026 to finance the acquisition of ADT Spain, which is expected to close in the first quarter of the year, as well as the EBITDA contribution from the acquired business. A rating upgrade could occur if: -- Sector Alarm expands in scale via pursuing a balanced growth strategy alongside solid operating performance that improves Moody's-adjusted gross debt/EBITDA to below 4.5x on a sustained basis; -- Free cash flow (FCF; after customer acquisition costs) turns positive and steady-state FCF/Debt improves to above 10%; and -- meaningful improvement in liquidity Conversely, a rating downgrade could be considered if: -- Moody's-adjusted gross debt/EBITDA increases above 6.0x; -- Pronounced decline in the company's operating performance or its business plan is not adequately funded for at least 12-18 months ahead and if its FCF (after customer acquisition costs) remains negative on a prolonged basis; and -- Any change in financial policy that increases expected leverage, including using debt to finance growth in the subscriber base PROFILE Headquartered in Oslo, Norway, Sector Alarm is a leading provider of monitored alarm solutions. It operates in eight countries across Europe under the Sector Alarm brand name (as well as Phone Watch in Ireland). The company sells and installs alarms and provides ongoing monitoring services primarily to the residential market with a customer base of around 700,000 subscribers. ========= S P A I N ========= JOYE MEDIA: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings has downgraded to Caa1 from B3 the long-term corporate family rating and to Caa1-PD from B3-PD the probability of default rating of Joye Media S.L. (Joye Media, Mediapro, or the company), a leading global integrated sports, media and entertainment group. Concurrently, Moody's downgraded to Caa1 from B3, the rating on the EUR525 million senior secured term loan B (TLB) due in August 2029, issued by Subcalidora 2 S.a r.l. The outlook for both entities has been changed to negative from stable. "The downgrade is driven by significant underperformance in 2025, which has weakened key credit metrics, and ongoing operational challenges expected to persist into 2026. The loss of major contracts in 2025 will be difficult to offset, and 2026 will be the first full year reflecting the full impact of these losses," says Víctor García Capdevila, a Moody's Ratings Vice President–Senior Analyst and lead analyst for Mediapro. Moreover, the recent appointment of a new CEO and president are expected to trigger a major restructuring and reorganization of the group—initiatives that will require financial resources the company currently lacks, making external shareholder support critical. This comes at a time when the company's financial profile is already weak, characterized by high leverage, weak interest coverage, negative free cash flow, limited liquidity, and a likely breach of maintenance covenants in the near term," adds Mr. García. RATINGS RATIONALE Given the significant operating underperformance through September 2025, Moody's base case scenario assumes a full year 2025 revenue decline of 10%, to EUR958 million, while Moody's adjusted EBITDA is projected to fall by 25% to EUR83 million. This deterioration reflects a higher than expected volume of non renewals of key audiovisual contracts, as well as substantial investments in the US and Canadian content production businesses that did not deliver the anticipated earnings contribution. For 2026, Moody's base case incorporates continued operational headwinds and unusual and non-recurring costs related to the implementation of a restructuring plan, resulting in a sustained period of depressed Moody's adjusted EBITDA generation. This will result in a material deterioration of the company's key credit metrics. Moody's forecasts Moody's adjusted leverage to increase to 7.5x in 2025 from 5.6x in 2024, while interest coverage (measured as EBITA/interest expense) will weaken to 0.9x from 1.1x over the same period. Moody's also expects Mediapro to continue generating negative free cash flow in 2025, amounting to around EUR23 million exerting further pressure on the company's liquidity, which may impact the sustainability of the company's current capital structure. Moody's base case also assumes that the major contract with LaLiga International will most likely not be renewed upon its expiration in 2028 due to LaLiga's clear strategic shift away from Mediapro—evidenced by the creation of a 50% joint venture with Ocho Sports Advisors to take control of its national and international audiovisual strategy, as well as the decision not to renew Mediapro's long standing audiovisual production contract from the 2025–2026 season onward—both of which materially weaken LaLiga's traditional reliance on Mediapro and significantly increase the risk of non renewal in the next contract cycle. Mediapro's rating reflects the company's weakened operating performance due to major contract losses and underperforming content investments, alongside very high leverage, weak interest coverage, reliance on the LaLiga International contract, and persistent negative free cash flow. The rating also reflects its large scale of operations; global footprint, with good geographical diversification; well-integrated operations across the value chain; and improving business risk profile, with an increased focus on the content production and audiovisual services divisions, and away from the less-predictable and more capital-intensive sports rights brokerage business. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Governance risks as per Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology were considered key rating drivers of this rating action. The rating action reflects the high tolerance for leverage that increases the risk of unsustainability of the capital structure, at a time when operating performance is weakening. LIQUIDITY Mediapro's liquidity position is weak. Moody's estimates that, as of year end 2025, the company held a cash balance of around EUR100 million. Although this amount may appear sizeable, Moody's expects the company to generate negative free cash flow of approximately EUR30 million in 2026. In addition, Moody's assumes that the restructuring plan likely to be implemented in 2026 will entail restructuring costs, leaving the group with very limited liquidity headroom. Mediapro faces no debt maturities until August 2029, when its TLB falls due. The TLB is subject to a net leverage maintenance covenant set at 3.75x. As of September 2025, the company reported a net leverage ratio of 3.32x, providing an 11% cushion relative to the covenant threshold. A covenant breach is highly likely when the covenant is tested again in Q4 2025 or Q1 2026. STRUCTURAL CONSIDERATIONS Mediapro's capital structure comprises a EUR525 million senior secured TLB due in August 2029. The Caa1-PD probability of default rating is in line with the Caa1 long-term corporate family rating, reflecting the 50% family recovery rate used. The Caa1 rating of the senior secured TLB is in line with the company's CFR, reflecting the absence of any other debt instrument in the capital structure. The security package is limited to share pledges, intercompany receivables and bank accounts. The group is subject to a minimum EBITDA guarantor coverage test of 80%. RATIONALE FOR NEGATIVE OUTLOOK The negative outlook reflects Moody's expectations that the group's operating performance will deteriorate further in 2026, and underscores the increasing likelihood that external support or adjustments to the company's current capital structure will be required. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating is unlikely in the short term. However, it could materialize if Mediapro's Moody's-adjusted gross leverage falls below 5.0x. In addition, the company would need to demonstrate a material and sustained improvement in its interest coverage ratio measured as EBITA to interest expense exceeding 1.5x, along with a consistent ability to generate positive free cash flow. The rating could face downward pressure if operating conditions deviate significantly from Moody's current expectations or the likelihood of a default over the next 12–18 months increases. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Joye Media S.L. (Mediapro) is a leading integrated international media group with operations in sports rights management, audiovisual services, content production and technology. It is present in more than 150 countries and employs nearly 7,000 people worldwide. Mediapro is majority-owned by Southwind Media Holdings Ltd (85%), followed by WPP Plc (10%) and the senior management team (5%). ===================== S W I T Z E R L A N D ===================== GENEURO SA: Declares Bankruptcy After Debt Moratorium Ends ---------------------------------------------------------- GeNeuro SA (Euronext Paris: CH0308403085 -- GNRO), a biopharmaceutical company developing novel treatments for neurodegenerative and autoimmune diseases, announced on January 28, 2026, that the Geneva Court of First Instance, in a ruling notified on January 28, 2026, considered there was no ground to extend the definitive debt moratorium and, as a result, has declared GeNeuro SA bankrupt. As previously announced, GeNeuro SA had obtained on September 26, 2025, a definitive debt-restructuring moratorium of four months, expiring on January 27, 2026, to allow GeNeuro SA to further its efforts to evaluate all available options, including recapitalization, advancing and/or monetizing its therapeutic assets in development, and negotiating agreements with its creditors. However, despite the scientific interest of the Company's clinical and preclinical programs in indications such as multiple sclerosis, amyotrophic lateral sclerosis, and long COVID, and despite the steps taken during the moratorium period, no recovery or restructuring solution could be finalized to ensure the Company's long-term viability. In this context, the Court decided not to extend the debt moratorium and to declare the Company bankrupt. The Geneva Court of First Instance judgment will be published today in the Feuille d'Avis Officielle du canton de Genève and the Feuille Officielle Suisse du Commerce. Any further information is now the responsibility of the Geneva Cantonal Bankruptcy Office. It should be noted that, under the rules applicable to bankruptcy proceedings, creditors take priority over shareholders. Given the amount of the Company's debts, it seems highly likely that shareholders will not be able to recover any proceeds from the liquidation. About GeNeuro GeNeuro's mission is to develop safe and effective treatments against neurological disorders and autoimmune diseases, such as multiple sclerosis, by neutralizing causal factors encoded by HERVs, which represent 8% of human DNA. GeNeuro is based in Geneva, Switzerland. =========================== U N I T E D K I N G D O M =========================== ALLROUNDER CRICKET: FRP Advisory Appointed as Administrators ------------------------------------------------------------ Allrounder Cricket Ltd was placed into administration in the High Court of Justice, Business and Property Courts at Leeds, Insolvency & Companies List (ChD) under Court Number CR-2026-LDS-000033. Kelly Burton and Joseph Fox of FRP Advisory Trading Limited were appointed as joint administrators on January 23, 2026. The company is engaged in the retail sale of cricket sportswear and equipment. The company's registered office and principal trading address is at Unit 4 Epsom Court, Bruntcliffe Avenue, Morley, Leeds, LS27 0LL (to be changed to c/o FRP Advisory Trading Limited, The Manor House, 260 Ecclesall Road South, Sheffield, S11 9PS). The joint administrators can be reached at: Kelly Burton Joseph Fox FRP Advisory Trading Limited The Manor House 260 Ecclesall Road South Sheffield S11 9PS For further details contact: The Joint Administrators Tel: 01142356780 Email: cp.sheffield@frpadvisory.com Alternative contact: Anya Jenkins CAUKI LIMITED: Kroll Appointed as Administrators ------------------------------------------------ Cauki Limited was placed into administration in the High Court of Justice under Court Number CR-2026-000341. Philip Dakin, Benjamin John Wiles and Janet Elizabeth Burt of Kroll Advisory Ltd were appointed as joint administrators on January 26, 2026. The company trades as Claire's UK & Ireland and operates in the retail sale of new goods in specialised stores. Previous name of the company was Modella Acquisition Co 10 Limited. The company's registered office is c/o Kroll Advisory Ltd., The News Building, Level 6, 3 London Bridge Street, London, SE1 9SG. The company's principal trading address is at Unit 4 Bromford Gate, Bromford Lane, Birmingham, England, B24 8DW. The joint administrators can be reached at: Philip Dakin Benjamin John Wiles Janet Elizabeth Burt Kroll Advisory Ltd The News Building Level 6 3 London Bridge Street London SE1 9SG For further details contact: The Joint Administrators Tel: 020 7089 4700 Email: CAUKI@kroll.com Alternative contact: Harriet Hurst or Sam Pryor CAV SLEEP: KRE (North) Appointed as Administrators -------------------------------------------------- CAV Sleep Limited was placed into administration in the High Court of Justice, Business and Property Court in Newcastle under Court Number 000004 of 2026. Paul Matthew Kings and Lynn Marshall of KRE (North) Limited were appointed as Joint Administrators on January 20, 2026. The company's trading name is Slzzp. Its nature of business is retail of furniture. The company's registered office is at 3rd Floor Cragside House, Heaton Road, Newcastle Upon Tyne, NE6 1SE. The company's principal trading address is at 160-170 New Bridge Street, Newcastle upon Tyne, NE1 2TE. The joint administrators can be reached at: Paul Matthew Kings Lynn Marshall KRE (North) Limited 7-8 Delta Bank Road Gateshead, NE11 9DJ Email: lynn.marshall@krecr.co.uk Tel: 0191 406 7364 For further details contact: Lynn Marshall Tel: 0191 406 7364 Email: lynn.marshall@krecr.co.uk E.J. TAYLOR: FRP Advisory Appointed as Administrators ----------------------------------------------------- E.J. Taylor & Sons Limited was placed into administration in the High Court of Justice, The Business & Property Courts of England & Wales, under Court Number CR-2025-008516. Glyn Mummery and Julie Humphrey of FRP Advisory Trading Limited were appointed as joint administrators on January 22, 2026. The company operates in the construction of commercial and domestic buildings. The company's registered office and principal trading address is at Mill Works, Hazeleigh, Nr. Purleigh, Chelmsford, Essex, CM3 6QT (to be changed to Jupiter House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE) The joint administrators can be reached at: Glyn Mummery Julie Humphrey FRP Advisory Trading Limited Jupiter House Warley Hill Business Park The Drive Brentwood, Essex CM13 3BE For further details contact: The Joint Administrators Email: cp.brentwood@frpadvisory.com Tel: 01277 50 33 33 Alternative contact: Addison Davis EALBROOK MORTGAGE 2022-1: Moody's Cuts Rating on Cl. E Notes to B2 ------------------------------------------------------------------ Moody's Ratings has upgraded the rating of one class and downgraded the rating of one class of notes Ealbrook Mortgage Funding 2022-1 plc. The rating action reflects the increased level of credit enhancement for the upgrade and worse than expected collateral performance for the downgrade of the affected notes. Moody's affirmed the rating(s) of the notes that had sufficient credit enhancement to maintain their current ratings. GBP316.67M Class A Notes, Affirmed Aaa (sf); previously on Jun 30, 2022 Assigned Aaa (sf) GBP15.83M Class B Notes, Upgraded to Aaa (sf); previously on Jun 30, 2022 Assigned Aa2 (sf) GBP10.56M Class C Notes, Affirmed A2 (sf); previously on Jun 30, 2022 Assigned A2 (sf) GBP5.28M Class D Notes, Affirmed Baa3 (sf); previously on Jun 30, 2022 Assigned Baa3 (sf) GBP3.52M Class E Notes, Downgraded to B2 (sf); previously on Jun 30, 2022 Assigned Ba3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the upgraded tranches and increased key collateral assumptions, namely the portfolio Expected Loss (EL) and MILAN Stressed Loss assumptions, in combination with high reliance of affected notes on available excess spread for the downgraded tranches. Increase in Available Credit Enhancement Sequential amortization led to the increase in the credit enhancement available in this transaction. For instance, the credit enhancement for class B upgraded by the rating action increased to 20.52% from 6.50% since closing. On the other hand, the credit enhancement for class E downgraded by the rating action remains 1.12%, which results in this tranche being heavily dependent on excess spread available in the portolfio. The excess spread is negatively impacted by increase in the proportion of arrears in the pool as described below and by the approaching step-up date (July 2026). Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed Moody's lifetime loss expectation for the portfolio reflecting the collateral performance to date. Although 90 days plus arrears currently stand at 10.53% of current pool balance, showing an increasing trend over the past year, this is partly due to the fast deleveraging of the portfolio while the absolute amount of arrears has seen a less pronounced increase. There have been no losses reported since closing. Moody's increased the expected loss assumption to 4.3% as a percentage of current pool balance to reflect the higher concentration of arrears loans in the portfolio. The revised expected loss assumption corresponds to 1.22% as a percentage of original pool balance decreased from 1.45%. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolio to incur in a severe economic stress. As a result and reflecting the increase of the expected loss assumption as percentage of current balance, Moody's have increased the MILAN Stressed Loss assumption to 12.6% from 9.8%. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. EM MIDCO 2: Term Loan Repricing No Impact on Moody's 'B3' CFR ------------------------------------------------------------- Moody's Ratings says UK based testing, inspection and certification (TIC) company, EM Midco 2 Limited's (Element Materials, Element or the company) B3 long-term corporate family rating, B3-PD probability of default rating and the B3 instrument ratings of the backed senior secured bank credit facilities, issued at the subsidiary level, are unaffected by the repricing of Element Materials Technology Group US Holdings Inc's $1.4 billion backed senior secured first-lien term loan B (TLB) and EM Bidco Limited's EUR370 million backed senior secured first-lien TLB. The stable outlook for all entities is also unaffected. On January 27, 2026, Element announced a repricing of its existing backed senior secured term loans B (term loans). Assuming a 50 basis point reduction in the interest margins for both the US dollar and euro-denominated term loans, interest expense will decrease by approximately $10 million, modestly improving interest and cash flow coverage. Throughout the first nine months of 2025, Element delivered solid operating performance, with revenues growing by 4% and company-defined EBITDA increasing by 14% driven by both organic sales growth and cost savings measures. Although the company's Moody's-adjusted free cash flow was still negative, it showed notable improvement from the prior year and is set to benefit further from the upcoming decrease in cash interest payments. The B3 CFR continues to reflect (1) the group's established position in the TIC sector, with high barriers to entry due to the technically demanding testing market and significant switching costs for customers; (2) the critical and non-discretionary nature of the group's testing services for its customers, largely in resilient industries with zero or low tolerance for failure and; and (3) Element's business diversification across various markets. Conversely, the CFR is constrained by (1) Element's weak credit metrics, particularly the low interest cover and negative free cash flow generation, impacted by high restructuring and other company-defined exceptional costs; (2) its exposure to cyclical end-markets such as commercial aerospace and energy; and (3) its historical debt funded growth strategy. A rating upgrade could occur if: -- Moody's-adjusted debt/EBITDA decreases towards 6.5x; -- Moody's-adjusted free cash flow/debt is positive; -- Moody's adjusted EBITA/ interest expense increases towards 1.5x and; -- Liquidity remains adequate. Conversely, a rating downgrade could be considered if: -- Element is unable to grow its EBITDA, resulting in continued high leverage; -- Free cash flow remains negative for a sustained period; -- Interest coverage as measured by Moody's adjusted EBITA/ interest expense remains below 1.0x or liquidity weakens. COMPANY OVERVIEW Headquartered in the UK, Element is an independent provider of materials and product qualification testing, offering a full suite of laboratory-based services. The company specialises in the aerospace, space & defence, connected technology, life sciences, mobility, energy & transition and built environment sectors. It operates mainly in the US and Europe, with a growing presence in Asia. Its services cover technically demanding testing for a broad range of advanced materials, components, products and systems. The testing ensures compliance with safety, performance and quality standards imposed by customers, accreditation bodies and regulatory authorities. In 2022 Temasek Holdings (Private) Limited (Temasek, Aaa stable), a Singapore-based investment company, became the majority owner of the group. NORD ANGLIA: Moody's Rates New Incremental Secured Term Loans 'B2' ------------------------------------------------------------------ Moody's Ratings has assigned B2 ratings to the new repriced and upsized backed senior secured term loans B issued by finance subsidiaries of Nord Anglia Education, Inc (Nord Anglia or the company, B2 positive). These comprise the new EUR1,515 million backed senior secured first-lien term loan B (TLB) due 2032 issued by Fugue Finance B.V. and the new $2,674 million backed senior secured first-lien term loan B issued by Fugue Finance LLC. The existing ratings of Nord Anglia and its subsidiaries remain unchanged, including its B2 long-term corporate family rating (CFR), its B2-PD probability of default rating, the B2 instrument ratings of the existing senior secured first-lien term loan B and senior secured first-lien revolving credit facility (RCF) issued by Fugue Finance B.V., and the B2 instrument rating of the existing backed senior secured first-lien term loan B issued by Fugue Finance LLC. The positive outlook on all entities also remains unchanged. The rating action follows the launch of a $200 million incremental TLB and repricing of the company's backed senior secured term loans. The additional facilities will be used to repay seasonal drawdowns of the RCF, for future acquisitions and general corporate purposes. RATINGS RATIONALE The ratings reflect the company's (1) leading position as one of the largest operators in the fragmented K-12 education market, with a geographically diversified portfolio of schools around the world and a focus on the premium segment; (2) high degree of revenue and cash flow visibility from committed student enrollments and upfront fee collection; (3) barriers to entry through regulation, brand reputation and a purpose-built real estate portfolio; (4) demand in excess of supply in many regions driving revenue growth; and (5) very good liquidity. The ratings also reflect the company's (1) financial policy with a tolerance for high financial leverage, and limited deleveraging to date; (2) moderate free cash flow generation and relatively weak interest coverage; (3) importance of its academic reputation and brand quality in a regulated environment; (4) exposure to evolving regulatory and economic environments in emerging markets. Nord Anglia has performed well in fiscal 2025 (ended 31 August 2025) although has not delevered as expected because it has maintained a high pace of debt-funded acquisitions. The additional debt tap increases its Moody's-adjusted leverage to 7.6x on a pro forma basis as at August 2025. Moody's expects a gradual deleveraging towards 6x over the next 12-18 months driven by growth and the use of existing cash and cash generation to support M&A. This is captured in the positive outlook, although further evidence of intent to degear will likely be needed to continue to support the outlook. ESG CONSIDERATIONS Nord Anglia has low exposure to environmental risks, considering its focus on the provision of private-pay K-12 education. Social risks include the importance of sustaining the company's academic reputation and need to attract highly qualified teachers, balanced by the increasing demand for quality education. Governance risks relate to the company's track record of an aggressive financial policy and debt-funded growth strategy, although Moody's understands the company is committed to reduce leverage going forward and fund future M&A accordingly. LIQUIDITY ANALYSIS Nord Anglia's liquidity remains very good. As at August 2025 it held cash balances of $891 million and had an undrawn RCF of $545 million, due 2031. Moody's expects liquidity to reduce by around $400-450 million in the first half of fiscal 2026 as a result of seasonal working capital movements and committed acquisition spending. The RCF is subject to a springing net first-lien net leverage covenant which is tested quarterly when it is drawn down by more than 40%, and under which Moody's expects sufficient headroom. STRUCTURAL CONSIDERATIONS Nord Anglia's capital structure consists of senior secured first-lien term loans B due 2032, and a pari passu ranking RCF. The B2 instrument ratings assigned to the first-lien instruments are aligned with the B2 CFR. The facilities benefit from guarantees from all material subsidiaries covering at least 80% of the consolidated EBITDA and are secured by a first-lien pledge over shares. In addition the capital structure includes a $1.3 billion PIK note that is held outside the restricted group for the senior secured debt and is not included in Moody's financial metrics. RATING OUTLOOK The positive outlook reflects Moody's expectations that Nord Anglia will continue to achieve good organic revenue growth through growing student numbers and fee increases ahead of cost inflation, resulting in steady deleveraging. The outlook further assumes that the company will adhere to a more balanced financial policy with a focus on deleveraging and future acquisitions will be partially financed through excess cash generated. The outlook could be changed back to stable if Nord Anglia continues to raise additional debt to fund larger acquisitions or distributions to shareholders and credit metrics fail to improve as a result. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating could occur if: the company continues to achieve strong organic growth in revenue and EBITDA; and Moody's-adjusted Debt/EBITDA sustainably decreases towards 6.0x; and Moody's-adjusted EBITA/Interest sustainably increases towards 2.0x; and Moody's-adjusted Free Cash Flow/Debt is sustained above 5%; and liquidity remains very good. The rating could be downgraded if: the company fails to achieve materially positive organic growth in revenue and EBITDA; or Moody's-adjusted Debt/EBITDA remains sustainably above 7.0x; or Moody's-adjusted EBITA/Interest remains below 1.5x; or Moody's-adjusted free cash flow turns negative or liquidity deteriorates; or there is a materially negative impact from a change in any of the schools' regulatory approval status. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. CORPORATE PROFILE Nord Anglia is headquartered in London and operates 88 international premium schools in 37 countries across Asia, Europe, the Middle East, and North and South America, with over 100,000 students ranging in level from preschool through secondary school. Nord Anglia also provides outsourced education and training contracts with governments and curriculum products through its Learning Services division. During the financial year ended August 2025, Nord Anglia generated revenue of around $2.4 billion. The company is owned by a consortium led by EQT, CPP Investments and Neuberger Berman. ORIFLAME INVESTMENT: S&P Withdraws 'SD' LT Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings withdrew its 'SD' (selective default) long-term issuer credit rating on Oriflame Investment Holding PLC and the 'D' (default) issue ratings on Oriflame's senior secured notes, at the issuer's request. PHARMANOVIA BIDCO: S&P Affirms CCC+ ICR & Alters Outlook to Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its ratings on specialty pharmaceutical company Pharmanovia Bidco Ltd. and its senior term loan at 'CCC+' and removed the ratings from CreditWatch with negative implications, where S&P placed them on Jan. 20, 2026. The stable outlook reflects S&P's expectations of some positive developments in operational turnaround to support a gradual recovery in operating performance and eventually deleveraging of the group. Pharmanovia tendered EUR82.3 million of its EUR980 million TLB due February 2030, financed with cash proceeds recently received from the disposal of its business in China. The debt was tendered at an average price of EUR0.6077, resulting in a cash outflow of around EUR50 million. S&P said, "We consider the transaction as opportunistic, supported by the contained nominal amount repurchased at subpar levels and funding from some of the recent cash proceeds from the disposal of majority of the bone health business in mainland China, Hong Kong, Taiwan, and Macao completed in December 2025. In addition, we consider the possibility of a conventional default in the next 12-18 months is unlikely, thanks to the lack of near-term maturities and sufficient liquidity to fund its operations. That said, should Pharmanovia be incentivized to launch additional buybacks at prices significantly below par in the near future instead of refinancing or reimbursing them, we may consider any such buyback, including another tender offer, as distressed and tantamount to a default." S&P said, "We forecast S&P Global Ratings-adjusted leverage to remain elevated above 10x in the next 12-18 months, before declining gradually as the group focuses on operational turnaround. Pharmanovia continues to experience challenging operating performance with 8% top line decline in the first half of fiscal 2026 (April 1- Sept. 30, 2025) along with reported EBITDA compression to around EUR24 million, from EUR51 million the same period in fiscal 2025. This is mainly due to conscious destocking efforts undertaken by management as the group continues to realign selling into and out of distribution channels. At the same time, there has been slower implementation of transformation savings. Along with the disposal of the business in China, which we view as having a dilutive effect on the leverage position, we now anticipate S&P Global Ratings-adjusted leverage will remain substantially elevated above 10x in fiscal 2026, with funds from operations (FFO) cash interest coverage around 1.0x. "Our expectation is for destocking to largely be completed by the end of fiscal 2026, such that benefits from the realignment should start materializing from fiscal 2027. Pharmanovia has also been ramping up its specialty product pipeline, which we believe should help to gradually rebuild profitability and support eventual deleveraging. This includes established launches of Dropizol and Sunosi in Western Europe, along with recent launch of Korjuny in Germany, which should help to support gradual recovery in volume performance. Combined, the current innovative specialty product portfolio is expected to have combined peak sales around EUR100 million-EUR180 million. That said, we think the extent of recovery in the near term relies heavily on execution of the operational reset and upcoming pipeline rollout, for which we believe there remains uncertainty on timing. "Although we assume Pharmanovia has sufficient liquidity over the next 12 months, its cash flow and liquidity profile remain tight. As the group prioritizes inventory destocking and receivables collection, we anticipate working capital to slowly stabilize. In addition, considering the asset-light nature of the business model requiring limited capital expenditure (capex) requirements, we expect free operating cash flow (FOCF) to gradually improve to neutral cash flow generation over the next 12-18 months. However, in fiscal 2026, we forecast FOCF will likely be negative at around EUR25 million. As a result, we forecast current sources will likely marginally cover uses by 1.2x over the next 12 months. This is considering our expectation that the group will likely gradually improve cash flows in the second half of fiscal 2026 to partially repay the EUR97 million drawn under the EUR202.9 million revolving credit facility (RCF). We note there are no near-term refinancing risks with the RCF maturing in 2029 and the TLB maturing in 2030. "The stable outlook reflects our expectation that, while Pharmanovia will continue to post elevated leverage above 10x in fiscal 2026 and 2027, it will maintain sufficient liquidity to fund its operations over the next 12-18 months, supported by its lack of near-term maturities. The outlook also reflects our base-case assumptions of some positive gradual developments in operating performance thanks to anticipated completion of destocking at the end of fiscal 2026, gradual realization of saving benefits, and ramping up of the specialty product pipeline. "We could lower the rating on Pharmanovia in the next 12 months if the group's liquidity position weakens further, such as through a financial covenant breach due to weaker-than-anticipated EBITDA generation, higher working capital volatility, or inability to self-fund operations. "We could also lower our rating if we see heightened risk of default, including debt-exchange offers or similar restructurings that we deem a distressed exchange. "We could take a positive rating action on Pharmanovia if it generates positive FOCF on a sustained basis and consistently deleverages, supported by revenue growth, an improvement of its EBITDA margins, and stronger FFO cash interest coverage reaching 1.5x." ROADFORM CIVIL: Kirks Appointed as Administrators ------------------------------------------------- Roadform Civil Engineering Company 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-2026-000400. David Gerard Kirk and Daniel Robert Jeeves of Kirks were appointed as administrators on January 23, 2026. The company operates in construction of commercial buildings and other specialised construction activities not elsewhere classified. The company's registered office is at 5 Barnfield Crescent, Exeter, Devon, EX1 1QT The company's principal trading address is at Roadform House, Milber Trading Estate, Newton Abbot, Devon, TQ12 4SG The joint administrators can be reached at: David Gerard Kirk Daniel Robert Jeeves Kirks 5 Barnfield Crescent Exeter, Devon EX1 1QT For further details contact: Daniel Jeeves Email: daniel@kirks.co.uk Tel: 01392 474303 STUDY ACTIVE: Quantuma Advisory Appointed as Administrators ----------------------------------------------------------- Study Active Learning Limited was placed into administration in the High Court of Justice under Court Number CR-2026-000534. Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited were appointed as Joint Administrators on January 26, 2026. The company's nature of business is activities of other holding companies not elsewhere classified. The company's registered office and principal trading address is c/o Kinnaird Hill Ltd, 4 Station Road, St Ives, PE27 5AF (in the process of being changed to 1st Floor, 21 Station Road, Watford, WD17 1AP). The joint administrators can be reached at: Nicholas Simmonds Chris Newell Quantuma Advisory Limited 1st Floor, 21 Station Road Watford, Herts WD17 1AP For further details contact: Glenn Adams Tel: 01923 954172 Email: Glenn.Adams@quantuma.com TRADE TEAM: Leonard Curtis Appointed as Administrators ------------------------------------------------------ Trade Team Recruitment Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, under Court Number CR-2026-MAN-000041. Mike Dillon and Andrew Knowles of Leonard Curtis were appointed as administrators on January 20, 2026. The company provides temporary employment agency activities. The company's registered office and principal trading address is at Unit 10a, Eagley House, Deakins Business Park, Blackburn Road, Egerton, Bolton, BL7 9RP. The administrators can be reached at: Mike Dillon Andrew Knowles Leonard Curtis Riverside House Irwell Street Manchester M3 5EN For further details contact: Natasha Lee Email: recovery@leonardcurtis.co.uk Tel: 0161 831 9999 =============== X X X X X X X X =============== [] BOOK REVIEW: A History of the New York Stock Market ------------------------------------------------------ Author: Robert Sobel Publisher: Beard Books Soft cover: 395 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/the_big_board.html First published in 1965, The Big Board was the first history of the New York stock market. It's a story of people: their foibles and strengths, earnestness and avarice, triumphs and crash-and-burns. It's full of entertaining anecdotes, cocktail-party trivia, and tales of love and hate between companies and investors. Early investments in North America consisted almost exclusively of land. The few securities holders lived in cities, where informal markets grew, with most trading carried out in the street and in coffeehouses. Banking, insurance, and manufacturing activity increased only after the Revolution. In 1792, 24 prominent New York businessmen, for whom stock- and bond-trading was only a side business, met under a buttonwood tree on Wall Street and agreed to trade securities on a common commission basis. Five securities were traded: three government bonds and two bank stocks. Trading was carried out at the Tontine Coffee-House in a call market, with the president reading out a list of stocks as brokers traded each in turn. The first half of the 19th century was heady for security trading in New York. In 1817, the Tontine gave way to the New York Stock and Exchange Board, with a more organized and regulated system. Canal mania, which peaked in the late 1820s, attracted European funds to New York and volume soared to 100 shares a day. Soon, the railroads competed with canals for funding. In the frenzy, reckless investors bought shares in "sheer fabrications of imaginative and dishonest men," leading an economist of the day to lament that "every monied corporation is prima facia injurious to the national wealth, and ought to be looked upon by those who have no money with jealousy and suspicion." Colorful figures of Wall Street included Jay Gould and Jim Fisk, who in 1869 precipitated one of the worst panics in American financial history by trying to corner the gold market. Almost lynched, the two were hauled into court, where Fisk whined, "A fellow can't have a little innocent fun without everybody raising a halloo and going wild." Then there was Jay Cooke, who invented the national bond drive and, practically unaided, financed the Union effort in the Civil War. In 1873, however, faulty judgement on railroad investments led to the failure of Cooke & Co. and a panic on Wall Street. The NYSE closed for ten days. A journalist wrote: "An hour before its doors were closed, the Bank of England was not more trusted." Despite J. P. Morgan's virtual single-handed role in stemming the Knickerbocker Trust panic of 1907, on his death in 1913, someone wrote "We verily believe that J. Pierpont Morgan has done more harm in the world than any man who ever lived in it." In the 1950s, Charles Merrill was instrumental in changing this attitude toward Wall Streeters. His firm, Merrill Lynch, derisively known in some quarters as "We, the People" and "The Thundering Herd," brought Wall Street to small investors, traditionally not worth the effort for brokers. The Big Board closes with this story. Asked by a much younger man what he thought stocks would do next, J.P. Morgan "never hesitated for a moment. He transfixed the neophyte with his sharp glance and replied 'They will fluctuate, young man, they will fluctuate.' And so they will." Robert Sobel died in 1999 at the age of 68. A professor at Hofstra University for 43 years, he was a prolific historian of American business, writing or editing more than 50 books. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *