260205.mbx

260205.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, February 5, 2026, Vol. 27, No. 26 Headlines D E N M A R K AQUAPORIN A/S: Board of Directors Initiates Insolvency Proceedings G E R M A N Y PCF GMBH: Fitch Downgrades LongTerm IDR to 'CCC' I R E L A N D DILOSK RMBS 11: Fitch Gives BB+(EXP) Rating on Class X1 Notes INVESCO EURO XII: Fitch Affirms 'B-sf' Rating on Class F Notes T U R K E Y TAKASBANK: Fitch Alters Outlook on 'BB-' IDR to Positive VOLKSWAGEN: Fitch Alters Outlook on 3 Turkish Units to Positive [] Fitch Alters 4 Turkish Banks Outlooks to Positive [] Fitch Alters 9 Turkish Banks' Outlooks to Positive U N I T E D K I N G D O M AVIANCA MIDCO: $150MM Notes Add-on No Impact on Moody's 'B1' CFR PARAGON BANKING: Fitch Gives 'BB(EXP)' Rating on AT1 Notes PEACH PUB (HOLDINGS): FTI Consulting Named as Administrators PRETTY AS PEACH: FTI Consulting Named as Administrators PURE PEACH: FTI Consulting Named as Administrators REVEL COLLECTIVE: FTI Consulting Named as Administrators REVOLUCION DE CUBA: FTI Consulting Named as Administrators REVOLUTION BARS 2: FTI Consulting Named as Administrators REVOLUTION BARS: FTI Consulting Named as Administrators VIALTO UK: Moody's Affirms 'Caa2' CFR & Alters Outlook to Positive - - - - - ============= D E N M A R K ============= AQUAPORIN A/S: Board of Directors Initiates Insolvency Proceedings ------------------------------------------------------------------ The Board of Directors of Aquaporin A/S has decided on Jan. 30, 2026, to withdraw the rights issue that was announced on December 19, 2025 and initiate insolvency proceedings and file for bankruptcy. The Company has explored multiple options to obtain sufficient subscription commitments to complete the Offering or otherwise secure the necessary funding to cover the Company's near-term capital needs to continue as a going concern. Although, the Company had received support from a number of its shareholders and investors through pre-subscription commitments, exercise of pre-emptive rights, and applications for additional shares, the Board of Directors has concluded that the results of the Offering does not provide sufficient funding for the Company's current working capital needs for the current year 2026, and the Board of Directors does not see sufficient basis to complete the Offering, which is therefore withdrawn. As a consequence, the Board of Directors also regrets to inform that it has resolved to initiate in-court insolvency proceedings and expects to file for bankruptcy and request that a trustee is appointed in the coming days. Despite significant efforts through a period of time and as part of its strategic review in the second half of 2025, where multiple routes have been explored with the view to raise capital, enter into a strategic transaction, or a sale of part of or all of the Company's asset, the Company has not been successful in identifying investors or partners that can provide sufficient funding to continue the Company's commercialization and advancing its proprietary water technology platform. The Board of Directors does therefore not see a viable path forward to secure a sustainable financing solution as a going concern. "Aquaporin is a Danish company with a unique nature-inspired Aquaporin Inside(R) technology, which enables fast, energy-efficient, and selective water filtration technology through its reverse osmosis and forward osmosis technology. Based on its technology, the Company has a product offering that addresses global megatrends across water, energy, sustainability, and food & beverage and that is well positioned to create value in industrial applications such as spray drying, food and beverage concentration, carbon capture and other areas. It is therefore with great sadness to acknowledge that Aquaporin has not been able to drive commercialization in a pace and scale that allow for its continued efforts within these areas while safeguarding the technology through Danish ownership. The Board of Directors firmly believe that the Company could have made significant impact in the global water technology market to responsibly treat industrial wastewater, concentrate food and beverage products in a natural way, and enhance drinking water quality and accessibility had additional funding been available. We would also like to express our gratitude to efforts made by the executive management and the employees, and the support provided by our customers, partners, and investors over the years", says the Board of Directors at Aquaporin. The Company will provide further information regarding its bankruptcy filings as soon as possible and expects that Nasdaq Copenhagen will suspend trading in the Company's shares shortly. Withdrawal of Offering The Offering is withdrawn and any exercise of pre-emptive rights that has already taken place will be cancelled automatically when the Offering is withdrawn. The subscription amount for the new shares will be refunded (less any transaction costs) to the last registered owner of the new shares. All pre-emptive rights will lapse, and no New Shares will be issued. Trades of pre-emptive rights executed during the rights trading period will, however, not be affected. Consequently, shareholders and investors who have acquired pre-emptive rights will incur a loss corresponding to the purchase price of the pre-emptive rights and any transaction costs. Shareholders and investors who have subscribed for new shares will receive a refund of the subscription amount for the new shares (less any transaction costs) through their account-holding institution. The Company is not liable for any losses that investors may suffer as a result of withdrawal of the Offering including but not limited to, any transaction costs or lost interest. Reference is also made to Information Document published on December 19, 2025 and section 8.3 "Withdrawal or suspension of the Offering". The Information Document is, subject to certain restrictions, available at the Company's website: https://investors.aquaporin.com/investors/right-issue-2025/default.aspx Advisers Gorrissen Federspiel Advokatpartnerselskab has acted as legal adviser to the Company in connection with the Offering. About Aquaporin Aquaporin is an innovative water technology company with operations in Denmark (HQ), Singapore, Turkey, the United States, and China. Aquaporin is committed to rethinking water filtration with biotechnology to solve global water challenges. By combining three disciplines from the world of natural sciences: biology, chemistry, and physics, it has created the unique, nature-inspired Aquaporin Inside(R) technology which it embed into all its membranes and solutions. Its technology is based on Nobel Prize-winning research and is used to clean and reuse water in industries, in our homes, and even by NASA in space. Aquaporin works with customers and partners around the globe to responsibly treat industrial wastewater, concentrate food and beverage products in a natural way, and enhance drinking water quality and accessibility. ============= G E R M A N Y ============= PCF GMBH: Fitch Downgrades LongTerm IDR to 'CCC' ------------------------------------------------ Fitch Ratings has downgraded PCF GmbH's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC+', and senior secured notes to 'CCC-' from 'CCC+' with a Recovery Rating of 'RR5'. The downgrades reflect recent changes to PCF's restricted group structure and Fitch's expectation of a prolonged recovery in operational performance, which is weakening liquidity and increasing the probability of further restructuring. Fitch now deconsolidates Silekol (starting with 2026 financials) due to its migration out of the restricted group, resulting in lower EBITDA, negative free cash flow (FCF) and higher leverage, considering no change to PCF's outstanding debt. With the revolving credit facility (RCF) and senior secured notes maturing in 2029, immediate refinancing risk is low, but Fitch now views debt restructuring as more likely, considering PCF's weakened credit metrics. Key Rating Drivers Change in Restricted Group: Fitch has revised PCF's analytical perimeter following PCF's sale of 90% of its equity in Silekol to Maple Group, moving Silekol outside the restricted group supporting PCF's secured debt. Fitch understands that PCF has access to the liquidity from the Silekol transaction, but do not have sufficient details about the transaction to include it in Fitch's rating case forecast or liquidity assessment. Fitch believes the transaction limits PCF's access to Silekol's future cash flows. As a result, from 2026, Fitch assesses the standalone profile of PCF's engineering wood segment when deriving its ratings. Eroded FCF Weakens Liquidity: Fitch forecasts PCF's FCF will remain negative from 2025 to 2028, due to insufficient EBITDA to fund interest cost and capex. As a result, Fitch expects liquidity to stay weak, with declining cash balances and increased debt to fund negative FCF, leading to lower EBITDA interest coverage of 1.0x-1.4x over 2025-2028. Nonetheless, liquidity may be supported by the sponsor's ongoing commitment, evidenced by the EUR75 million injection in 2024 and participation in the Silekol transaction. High Leverage: Fitch forecasts PCF's EBITDA gross leverage will have reached 14.8x by end-2025 and will peak at around 18x at end-2026, before gradually declining to around 13x by end-2028. This is significantly higher than previous estimates of below 7x at end-2028, mainly due to Silekol's deconsolidation and slower panel segment recovery. Constrained EBITDA Generation: Fitch expects PCF's EBITDA remained weak in 2025 due to delayed volume recovery in the panel and Silekol segments. Fitch assumes EBITDA margins improved slightly to 6.8% in 2025 (from 5.6% in 2024) due to cost initiatives by management but remained well below 12.5%-16.4% of between 2021-2023. Fitch forecasts EBITDA at EUR53 million in 2026 and EUR63 million in 2027, significantly below previous estimates of EUR98 million in 2026 and EUR117 million in 2027, mainly due to Silekol's deconsolidation and ongoing delay in sector recovery. Higher Risk of Restructuring: PCF completed its amend and extend transaction in 2024, extending the maturity of its senior secured notes to April 2029 from August 2026, and its RCF to January 2029 from January 2026. The company can partly pay its coupon in kind, which will raise gross debt but provide flexibility to manage subdued performance in 2025-2026. However, considering the weakened credit metrics across the forecast period, Fitch believes that a risk of debt restructuring that may constitute a distressed debt exchange has increased. Peer Analysis Fitch compares PCF with HESTIAFLOOR 2 (Gerflor; B+/Stable), Tarkett Participation (B+/Positive) and Victoria PLC (CCC/RWN). With forecast revenue EUR1 billion in 2026, PCF is smaller than Gerflor and Victoria. Its high exposure to Germany (around 50% of sales) results in lower geographical diversification than its peers. Similar to Gerflor, PCF is primarily a B2B company but is less diversified across sectors, focused on kitchen manufacturers, furniture makers and wholesale, against Gerflor's broader exposure to contractors in residential, public, social and commercial construction, as well as transport and sports facilities. PCF's forecast EBITDA margins are lower than those of Gerflor and Victoria, due to deconsolidation of its higher-margin Silekol business. Its forecast EBITDA leverage profile remains higher than all its peers. Fitch's Key Rating-Case Assumptions - Revenue to rise by 9.2% in 2025 and then decline by 25% in 2026 primarily due to Fitch's deconsolidation of Silekol. Fitch then forecasts revenue to grow by 5.6% in 2027 and 8.1% in 2027 driven increase in volumes and pricing - EBITDA margin at 6.8% in 2025, forecasted to increase and stay in the range of 7.8%-8.8% across 2026 and 2027 and to 10.4% in 2028 due to improved operational performance. - Neutral to negative working capital change across 2025-2028 - Capex at EUR65 million for 2025, driven by Project Nord, followed by EUR30 million annually across 2026-2028 - No M&As and dividends between 2025 and 2028 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management (b+, moderate), sector characteristics (bb, moderate), market and competitive positioning (b, moderate), diversification and asset quality (b, higher), company operational characteristics (b+, moderate), profitability (ccc, moderate), financial structure (ccc-, higher), and financial flexibility (ccc+, moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - The governance assessment of 'some deficiencies' results in no adjustment. - The operating environment assessment of 'a+' results in no adjustment. - The SCP is 'ccc'. Recovery Analysis - The recovery analysis assumes that PCF would be a going-concern (GC) in bankruptcy and that it would be reorganised rather than liquidated. - A 10% administrative claim is assumed. - The GC EBITDA estimate of EUR75 million (reduced from EUR115 million due to the deconsolidation of the Silekol division) reflects Fitch's view of a sustainable, post-reorganisation EBITDA upon which Fitch bases the valuation of the company. - The RCF is fully drawn in a post-restructuring scenario, according to Fitch's criteria. The factoring line (EUR60 million) along with equipment financing facility (EUR6 million) is ranked super senior (deducted from estimated enterprise value). The remainder comprises the senior secured notes of EUR879 million (face value at EUR750 million plus call premium plus 'early-bird' premium at redemption date of 15 April 2029), and a small remaining portion of other unsecured debt. - Fitch applies an enterprise value multiple of 5.0x (revised from 5.5x due to recent sector underperformance and considering lower scale after the Silekol deconsolidation) to EBITDA to calculate a post-reorganisation valuation, which is comparable with multiples applied to other building products producers. The multiple is based on PCF's strong market position in western Europe and fairly high barriers to entry. The multiple also reflects its smaller scale than some other Fitch-rated peers, concentrated geographical diversification and limited range of products. - These assumptions result in a recovery rate for the senior secured notes within the 'RR5' range (previously RR4) indicating a 'CCC-' instrument rating, a notch below the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Lack of improvement in PCF's liquidity profile - Lack of deleveraging trajectory affecting its refinancing ability - Steps towards capital restructuring that may be considered a distressed debt exchange Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved liquidity profile - Improvement in coverage and leverage profile Liquidity and Debt Structure At end-September 2025, PCF's liquidity was supported by EUR20.2 million of available cash, down from EUR42 million at end-2024 (Fitch-adjusted) and EUR15 million of RCF available out of a EUR65 million limit that matures in January 2029. The lower cash balance was due to lower EBITDA, seasonally higher working capital outflows (which typically recover in the second half of the year) and increased capex for Project Nord. Fitch forecasts cumulative negative FCF of EUR110 million for 2025-2026. At end-September 2025, PCF's debt maturity comprised the RCF, EUR779 million of senior secured notes (including the pay-in-kind component and interest accrued on bonds) due in April 2029, approximately EUR60 million of factoring, EUR11 million of equipment financing and limited other unsecured debt. Issuer Profile PCF is one of the leading European manufacturers of wood products, specialising in the production of materials for the furniture industry, the interior industry and construction (i.e. active only in the B2B sector). ============= I R E L A N D ============= DILOSK RMBS 11: Fitch Gives BB+(EXP) Rating on Class X1 Notes ------------------------------------------------------------- Fitch Ratings has assigned Dilosk RMBS No.11 DAC's notes expected ratings. The assignment of final ratings is contingent on the receipt of final documentation conforming to information already reviewed. RATING ACTIONS Entity / Debt Rating Dilosk RMBS No.11 DAC A LT AAA(EXP)sf Expected Rating B LT AA-(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB+(EXP)sf Expected Rating X1 LT BB+(EXP)sf Expected Rating X2 LT NR(EXP)sf Expected Rating Z LT NR(EXP)sf Expected Rating Transaction Summary Dilosk RMBS No. 11 DAC will be a securitisation of Irish prime buy-to-let (BTL) mortgages originated by Dilosk DAC and secured on properties located in Ireland. The transaction will feature a pre-funding period ending on the first interest payment date on July 27, 2026. KEY RATING DRIVERS Prime BTL Mortgages: The initial EUR182 million portfolio will consist entirely of BTL standard variable rate mortgages with a weighted average (WA) seasoning of 16.6 months and WA current loan-to-value ratio of 55.8%. The debt servicing coverage ratio (DSCR) is high: around 75% of the initial portfolio has a DSCR higher or equal to 120% calculated by Fitch. Fitch applied a 1.0x transaction adjustment in the analysis to reflect standard origination practices and Dilosk's low arrears compared with the market average. Pre-Funding with Adequate Covenants: The issuer will be allowed to transfer additional mortgage loans, subject to pre-funding limits, using the proceeds of the notes. The class A to D notes will be over-issued by about 20% of the closing pool balance. Fitch considers the pre-funding covenants adequate to maintain portfolio credit quality, with minimal expected changes to key portfolio characteristics compared to the initial portfolio. Fitch therefore based its asset analysis on the static initial pool. Payment Interruption Risk Mitigated: Fitch considers payment interruption risk mitigated for the class A and B notes as the amortising liquidity facility, sized at 1% of the greater of class A or class B outstanding balance, will cover for at least three months of class A and class B interest, when most senior, and senior expenses. For the other rated classes, Fitch considers payment interruption risk mitigated up to 'A+sf' based on the declaration of trust in place to protect funds from the servicer's default, the collection account bank (CAB) funds holding period and Fitch's classification of the CAB as an operational-continuity bank. Excess Spread Notes Rating Cap: The class X1 and X2 excess spread notes' interest and principal will be paid from the available excess spread. Excess spread notes are typically sensitive to underlying loan performance and prepayments and cannot achieve a rating higher than 'BB+sf', in line with Fitch's European RMBS Rating Criteria. The class A to D notes will be collateralised and amortise sequentially. After the step-up date, the collateralised notes margins will increase. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by changes in market conditions and the economic environment. Weakening economic performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. In addition, unanticipated declines in recoveries could result in lower net proceeds, which may make certain notes susceptible to negative rating action depending on the extent of the decline in recoveries. Fitch found that a 15% increase in the WA foreclosure frequency (FF) and a 15% decrease in the WA recovery rate (RR) indicate downgrades of up to three notches for all classes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing CE levels and consideration for upgrades. Fitch found a decrease in the WAFF of 15% and an increase in the WARR of 15% indicate upgrades of up to two notches for the class B to D notes. The class A notes' rating is at the highest level on Fitch's scale and cannot be upgraded. INVESCO EURO XII: Fitch Affirms 'B-sf' Rating on Class F Notes -------------------------------------------------------------- Fitch Ratings has assigned Invesco Euro CLO XII DAC's refinancing notes final ratings and affirmed its existing class X, E and F notes. RATING ACTIONS Entity / Debt Rating Prior ------------- ------ ----- Invesco Euro CLO XII DAC Class A-1 XS2821782492 LT PIFsf Paid In Full AAAsf Class A-1-R XS3263960877 LT AAAsf New Rating Class A-2 XS2821782906 LT PIFsf Paid In Full AAAsf Class A-2-R XS3263961099 LT AAAsf New Rating Class B XS2821783110 LT PIFsf Paid In Full AAsf Class B-R XS3263961255 LT AAsf New Rating Class C XS2821783540 LT PIFsf Paid In Full Asf Class C-R XS3263961412 LT Asf New Rating Class D XS2821783896 LT PIFsf Paid In Full BBB-sf Class D-R XS3263961685 LT BBB-sf New Rating Class E XS2821783979 LT BB-sf Affirmed BB-sf Class F XS2821784357 LT B-sf Affirmed B-sf Class X XS2821782229 LT AAAsf Affirmed AAAsf Transaction Summary Invesco Euro CLO XII DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Net proceeds from the refinancing notes have been used to redeem the existing notes except the class X, E, F and the subordinated notes. The collateralised loan obligation (CLO) has a three-year reinvestment period and a 5.9-year weighted average life (WAL) at the closing of the refinancing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch-calculated weighted average rating factor (WARF) of the current portfolio is 24.5. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate (WARR) of the current portfolio is 62.6%. Diversified Portfolio (Positive): The transaction includes various concentration limits in the portfolio, including a top 10 obligor concentration limit of 25% and a maximum exposure to the three largest Fitch-defined industries in the portfolio of 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has two Fitch matrices, which were effective since the original closing date in June 2024 and correspond to two fixed-rate asset limits of 5% and 10% of the portfolio. The transaction has a three-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL for the transaction's Fitch-stressed portfolio and matrices analysis is in line with the WAL covenant, which, under Fitch's criteria, is below the floor with no further reduction, despite the strict reinvestment conditions envisaged by the transaction after its reinvestment period. In addition, Fitch's analysis has considered that the transaction is about 0.6% below the target par of EUR400 million. Affirmation of Existing Notes (Neutral): The deal is slightly below par with one reported default, but the loss is smaller than Fitch's rating case assumption and the affirmed notes continue to have comfortable default rate cushions at their ratings. Deviation from Model Implied Rating (Neutral): The ratings for the class C-R and E notes are one notch below their model-implied ratings (MIRs), reflecting thin break-even default-rate cushions at the MIRs and allowing reasonable buffer against performance deterioration. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An increase of the default rate (RDR) by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all rating levels in the current portfolio would have no impact on the class X to C-R notes, and would lead to downgrades of one notch each for the class D-R and E notes and to below 'B-sf' for the class F notes. Downgrades, which are based on the current portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B-R, D-R, E and F notes each have a two-notch cushion and the class C-R notes have a three-notch cushion, due to the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. The class X, A-1-R and A-2-R notes have no rating cushion. Should the cushion between the current portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to three notches each for the class X to D-R notes, and to below 'B-sf' for the class E and F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would result in upgrades of up to four notches each for all notes, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may result from better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the deal. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. =========== T U R K E Y =========== TAKASBANK: Fitch Alters Outlook on 'BB-' IDR to Positive -------------------------------------------------------- Fitch Ratings has revised Istanbul Takas ve Saklama Bankasi A.S.'s (Takasbank) Outlook to Positive from Stable, and affirmed its Long-Term Issuer Default Ratings (IDRs) at 'BB-' and National Long-Term Rating at 'AAA(tur)'. Takasbank's Viability Rating (VR) of 'bb-' is unaffected. The rating action follows the revision of the Outlook on Turkiye's Long-Term IDRs to Positive from Stable. Key Rating Drivers VR and Government Support: Takasbank's Long-Term IDRs are driven by the government support in conjunction with its standalone credit profile. The Positive Outlooks reflect those on the sovereign. Its 'AAA(tur)' National Long-Term Rating reflects Fitch's view of Takasbank's strong creditworthiness relative to other domestic issuers'. Systemically Important Turkish Clearing House: Takasbank's Government Support Rating (GSR) is in line with other systemically important domestic banks'. In Fitch's opinion, Takasbank has exceptionally high systemic importance for the Turkish financial sector. Contagion risk from Takasbank's default is significant, given the bank's interconnectedness with the wider Turkish financial sector as Turkiye's only Central Counterparty Clearing House. Fitch believes that, even in extreme scenarios, Takasbank's foreign-currency support needs should be manageable for the sovereign, given the bank's adequate liquidity and very short-term assets. Majority State-Owned: Takasbank is 64.2% owned by Borsa Istanbul, Turkiye's main stock exchange, which, in turn, is 80.6% owned by Turkiye Wealth Fund (BB-/Stable). Takasbank operates under a limited banking licence and is regulated by three Turkish regulatory bodies: Central Bank of Turkiye, Banking Regulation and Supervision Agency and the Capital Markets Board. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of Takasbank's IDRs and National Rating would require both a downgrade of its VR and GSR. A downgrade of Turkiye's sovereign LTFC IDR or deterioration in the sovereign's propensity to provide support, due to an adverse change in Takasbank's systemic importance or reduced government ownership through privatisation, would be reflected in its GSR. A revision of the sovereign's rating Outlooks would be mirrored in that on Takasbank's IDRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A positive action on Turkiye's sovereign ratings would be mirrored in Takasbank's IDRs. Public Ratings with Credit Linkage to other ratings Takasbank's GSR is driven by Turkiye's sovereign IDRs. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Istanbul Takas ve Saklama Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Natl LT AAA(tur) Affirmed AAA(tur) Gov't. Support bb- Affirmed bb- VOLKSWAGEN: Fitch Alters Outlook on 3 Turkish Units to Positive --------------------------------------------------------------- Fitch Ratings has revised Volkswagen Dogus Finansman A.S.'s (VDF Finans), VDF Filo Kiralama A.S.'s (VDF Filo) and VDF Faktoring A.S.'s (VDF Faktoring) Outlooks to Positive from Stable and affirmed the companies' Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The rating action follows the revision of the Outlook on Turkiye's Long-Term IDR to Positive from Stable. Key Rating Drivers Support-Driven Ratings: All three non-bank financial institutions' (NBFIs) ratings are driven by support from their controlling shareholder, Volkswagen Financial Services Overseas AG (VWFSO, A-/Negative) as expressed by their Shareholder Support Ratings (SSRs) of 'bb-'. Fitch views these subsidiaries as strategically important, given their mandate to complement and support Volkswagen's (VW) operations in Turkiye. Constrained by Country Ceiling: The three companies' Long-Term IDRs and SSRs are capped by Turkiye's 'BB-' Country Ceiling. The Country Ceiling captures transfer and convertibility risks and limits the extent to which support from VWFSO or VW can be factored into the Long-Term Foreign-Currency IDRs. The revision of the Outlook to Positive from Stable on the Long-Term Foreign Currency IDR reflects the Outlook revision on Turkiye's sovereign ratings. Joint Venture: All three companies are fully owned by VDF Servis ve Ticaret, which is, in turn, owned by VWFSO (51%) and Dogus Group (49%), a large Turkish conglomerate with diverse operations, and the sole importer of VW vehicles in Turkiye. VWFSO exercises operational control over VDF entities, but Dogus retains a significant role in running the companies. Reliance on VW Group: All three companies rely heavily on VW activity in Turkiye as they conduct most of their business activities within the group or with VW group car dealers. Historically, VWFSO has provided significant funding support when needed by extending loans at arm's length. Fitch believes VWFSO would continue to have a strong willingness to provide financial support to VDF entities. Support Underpins National Rating: The 'AAA(tur)' National Long-Term Ratings for all three companies reflect their strong credit profiles compared with that of other issuers in Turkiye due to the high propensity of support from VWFS. The Stable Outlook reflects Fitch's expectation of no material change in these NBFIs' creditworthiness relative to other Turkish issuers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Long-Term IDRs and SSRs would be downgraded on a downward revision of Turkiye's Country Ceiling. Changes in the propensity of support from VWFSO, for example, as a result of dilution of ownership, a loss of operational control or diminishing importance of the Turkish market, could also trigger a downgrade of the IDRs and SSRs. Deterioration of the companies' creditworthiness relative to other Turkish issuers would trigger a downgrade of the National Ratings. An Outlook revision on Turkiye's sovereign LTFC IDR would be reflected on that of VDF's entities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upward revision of Turkiye's Country Ceiling as a result of a sovereign rating upgrade would be reflected in the VDF entities' ratings. Public Ratings with Credit Linkage to other ratings The ratings are driven by VWFSO's support and constrained by Turkiye's Country Ceiling. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Volkswagen Dogus Finansman A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B Natl LT AAA(tur) Affirmed AAA(tur) Shareholder Support bb- Affirmed bb- VDF Filo Kiralama A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B Natl LT AAA(tur) Affirmed AAA(tur) Shareholder Support bb- Affirmed bb- VDF Faktoring A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B Natl LT AAA(tur) Affirmed AAA(tur) Shareholder Support bb- Affirmed bb- [] Fitch Alters 4 Turkish Banks Outlooks to Positive ---------------------------------------------------- Fitch Ratings has revised Akbank T.A.S.'s, Turkiye Garanti Bankasi A.S.'s (Garanti BBVA), Turkiye Is Bankasi A.S.'s (Isbank) and Yapi ve Kredi Bankasi A.S.'s (YKB) Outlooks to Positive from Stable and affirmed their Long-Term Foreign-Currency (LTFC) and Local-Currency (LTLC) Issuer Default Ratings (IDRs) at 'BB-'. Fitch has also affirmed the banks' Viability Rating (VRs) at 'bb-'. Fitch has also affirmed Garanti BBVA's Shareholder Support Rating (SSR) at 'bb-'. The revisions follow similar rating action on Turkiye's LT IDRs. The revision of the Outlook on the sovereign was driven by a further reduction in external vulnerabilities from a faster-than-expected rise in FX reserves since Fitch's upgrade in September 2024, improved quality of reserves and a fall in FX contingent liabilities. Fitch has also revised the outlook on the 'bb-' operating environment score for Turkish banks to positive from stable given banks' ongoing access to external markets and likely stronger earnings in 2026, driven by expected rate cuts amid declining inflation despite expected pressure on asset quality, which Fitch view as manageable. Key Rating Drivers Akbank's, Isbank's, Garanti BBVA's and YKB's LT IDRs are driven by their respective standalone profiles, as captured by their VRs, which are at the same level as Turkiye's IDRs. The affirmation of these banks' VRs considers their solid domestic franchises and market shares, their status as domestic systemically important banks, resilient financial metrics, comfortable FC liquidity buffers, external market access and ability to generate reasonable earnings through the cycle. The ratings also reflect concentration of operations in Turkiye. Garanti BBVA's IDRs are also underpinned by its SSR, which considers potential support from Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; A-/Stable), which has an 86% stake, mainly reflecting the former's strategic importance to, and integration with, BBVA. Garanti BBVA's SSR and LTFC IDR are constrained by Turkiye's Country Ceiling of 'BB-', which captures Fitch's view of transfer and convertibility risk, while the bank's LTLC IDR also considers country risks. The revision of the Outlooks to Positive from Stable reflects that on the banks' operating environment score and Turkiye's sovereign rating, and the ensuing impact of improved operating conditions on the banks' business, risk and financial profiles. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade is unlikely given the Positive Outlooks on the LT IDRs. Fitch would revise the Outlooks to Stable if there is a weakening in the operating environment or the sovereign. A downgrade of Garanti BBVA's LT IDRs would follow a downgrade of both its VR and SSR. A VR downgrade for all four banks could arise from a material erosion in their capital and FC liquidity or a sustained deterioration in impaired loans, resulting in material weakening in earnings. Garanti BBVA's SSR is sensitive to a sovereign downgrade. The SSR is also sensitive to Fitch's view of BBVA's ability and propensity to provide support. The Short-Term IDRs are sensitive to a multi-notch downgrade of the LT IDRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Akbank's, Isbank's and YKB's IDRs would be upgraded if their VRs were upgraded. VR upgrades for Akbank, Isbank and YKB would require an upgrade of the sovereign rating, likely accompanied by an upward revision of the operating environment score, while maintaining a healthy financial profile and capital and FC liquidity buffers. An upgrade of Turkiye's LT IDRs and an upward revision of the Country Ceiling would likely lead to similar action on Garanti's SSR and LT IDRs. A VR upgrade for Garanti would require an upgrade of the sovereign rating, likely leading to an upward revision of the operating environment score, while maintaining a healthy financial profile. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The banks' senior unsecured debt ratings are aligned with their IDRs, in line with Fitch's Bank Rating Criteria, reflecting average recovery prospects in a default. Garanti BBVA's Tier 2 notes are rated one notch below its LTFC IDR. The notching for the subordinated notes' rating includes one notch for loss severity and zero notches for non-performance risk relative to the LTFC IDR anchor rating. The one notch for loss severity reflects Fitch's view of below-average recovery prospects for the notes in a non-viability event. The one notch, rather than the baseline two notches, reflects Fitch's view that shareholder support could help mitigate losses. The LTFC IDR is the anchor rating for the notes as Fitch believes that potential extraordinary shareholder support is likely to flow through to the bank's subordinated noteholders. Akbank's, Isbank's and YKB's Tier 2 notes' ratings are notched down twice from their VR anchor rating for loss severity, reflecting Fitch's expectation of poor recoveries in a default, in line with Fitch criteria's baseline approach. Akbank's, Isbank's and YKB's additional Tier 1 (AT1) notes' ratings are three notches below their VR anchor ratings, comprising two notches for loss severity, given the notes' deep subordination, and one notch for incremental non-performance risk, given their full discretionary, non-cumulative coupons. In accordance with the Bank Rating Criteria, Fitch has applied three notches from the banks' VRs, instead of the baseline four notches, as the banks' VRs are at the 'BB-' threshold. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The banks' senior unsecured debt ratings are sensitive to changes in their IDRs. The banks' subordinated debt ratings are sensitive to a change of their respective anchor ratings. They are also sensitive to a revision in Fitch's assessment of potential loss severity in case of non-performance. The AT1 notes' ratings of Akbank, Isbank and YKB are sensitive to changes in the VR anchor ratings. However, the AT1 debt rating would be notched down four times from the banks' VRs if the VRs are upgraded to 'bb', in accordance with Fitch's Bank Rating Criteria. The notes' ratings are also sensitive to an unfavourable revision of Fitch's assessment of incremental non-performance risk. VR ADJUSTMENTS The operating environment score of 'bb-' for Turkish banks is lower than the category implied score of 'bbb', due to the following adjustment reason: sovereign rating (negative). The business profile scores of 'bb-' for Akbank, Garanti BBVA, Isbank and YKB are below the 'bbb' category implied scores, due to the following adjustment reason: business model (negative). The earnings and profitability score of 'bb-' Akbank, Garanti BBVA, Isbank and YKB is below the category-implied score of 'bbb', due to the following adjustment reason: revenue diversification (negative). The capitalisation and leverage score of 'b+' for YKB is below the 'bb' category implied score, due to the following reason: leverage and risk-weight calculation (negative). RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Turkiye Garanti Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- subordinated LT B+ Affirmed B+ senior unsecured ST B Affirmed B AKBANK T.A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- subordinated LT B- Affirmed B- senior unsecured LT BB- Affirmed BB- subordinated LT B Affirmed B Turkiye Is Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- junior subordinated LT B- Affirmed B- senior unsecured LT BB- Affirmed BB- subordinated LT B Affirmed B senior unsecured ST B Affirmed B Yapi ve Kredi Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- junior subordinated LT B- Affirmed B- subordinated LT B Affirmed B senior unsecured ST B Affirmed B [] Fitch Alters 9 Turkish Banks' Outlooks to Positive ----------------------------------------------------- Fitch Ratings has revised nine foreign-owned Turkish banks' Outlooks to Positive from Stable and affirmed their Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer Default Ratings (IDRs) at 'BB-'. It has also affirmed the Shareholder Support Ratings (SSRs) of all banks at 'bb-'. The banks are: 1. Denizbank A.S., 2. ING Bank A.S. (INGBT), 3. QNB Bank A.S. (QNB), 4. Turk Ekonomi Bankasi A.S. (TEB), 5. Kuveyt Turk Katilim Bankasi A.S. (Kuveyt Turk), 6. Turkiye Finans Katilim Bankasi A.S. (TFKB), 7. Odea Bank A.S., 8. Alternatifbank A.S. and 9. Burgan Bank A.S. The rating action follows the revision of the Outlook on Turkiye's 'BB-' LT IDR. The revision of the Outlook on the sovereign rating reflects a further reduction in external vulnerabilities from a faster-than -expected rise in FX reserves since Fitch's upgrade in September 2024, improved quality of reserves and a fall in FX contingent liabilities. Key Rating Drivers All the banks' IDRs are driven by potential support from their foreign shareholders based on their strategic importance, to varying degrees, integration, roles within their respective groups and, in some cases, common branding and legal commitments. Odea's IDR reflects the parent's record of support and reputational risks. The banks' IDRs and SSRs are capped at the level of Turkiye's Country Ceiling of 'BB-', and the Positive Outlooks are in line with that on Turkiye's sovereign rating. The banks' 'B' Short-Term IDRs are the only possible option mapping to LT IDRs in the 'BB-' rating category. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A sovereign downgrade and downward revision of the Country Ceiling would lead to downgrades of the banks' SSRs and, therefore, their LT IDRs. A downgrade of Kuveyt Turk's LT IDRs would follow a downgrade of both its Viability Rating (VR) and SSR. The banks' SSRs are also sensitive to Fitch's view of their respective shareholders' ability and propensity to provide support. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Turkiye's LT IDRs and upward revision of the Country Ceiling would likely lead to similar action on the banks' SSRs and LT IDRs. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The senior unsecured debt ratings of QNB, Denizbank and TEB are aligned with their IDRs. The notching for the subordinated notes issued by INGBT, Kuveyt Turk (through its special-purpose vehicle KT21 T2 Company Limited), QNB and TEB, includes one notch for loss severity and zero notches for non-performance risk relative to their LT IDR anchor ratings. The one notch, rather than the default two notches, for loss severity reflects Fitch's view that institutional support (as reflected in the banks' LTFC IDRs) helps mitigate losses. The notching for the subordinated notes issued by Odea includes two notches for loss severity and zero notches for non-performance risk relative to the LTFC IDR anchor rating. The LTFC IDR is the anchor rating for the notes as extraordinary shareholder support would likely flow through to the bank's subordinated noteholders. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The senior unsecured debt ratings of QNB, Denizbank and TEB are sensitive to changes in their IDRs. The subordinated debt ratings of INGBT, Kuveyt Turk, QNB, TEB and Odea are primarily sensitive to a change of their LTFC IDRs. They are also sensitive to a revision in Fitch's assessment of potential loss severity in case of non-performance. Public Ratings with Credit Linkage to other ratings Turkish foreign-owned banks have ratings linked to their respective parent banks' ratings. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Kuveyt Turk Katilim Bankasi A.S LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- Turk Ekonomi Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- subordinated LT B+ Affirmed B+ senior unsecured ST B Affirmed B Denizbank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B QNB Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- subordinated LT B+ Affirmed B+ senior unsecured ST B Affirmed B Burgan Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- ING Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- subordinated LT B+ Affirmed B+ Odea Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- subordinated LT B Affirmed B KT21 T2 Company Limited subordinated LT B+ Affirmed B+ Turkiye Finans Katilim Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- Alternatifbank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- =========================== U N I T E D K I N G D O M =========================== AVIANCA MIDCO: $150MM Notes Add-on No Impact on Moody's 'B1' CFR ---------------------------------------------------------------- Moody's Ratings has said that Avianca MidCo 2 PLC, a fully owned subsidiary of Avianca Group International Limited ("Avianca") launched a $150 million add-on to its recently issued $600 million backed senior secured global notes maturing in 2031. The proposed add-on continues to align with Avianca's liability management strategy, with proceeds aimed at refinancing its senior secured notes maturing in 2028 and for general corporate purposes, including transaction fees and expenses. With the add-on, the 2031 backed senior secured global notes will amount $750 million. This move will further reduce refinancing risk by extending maturities and will be largely debt neutral. Following the refinancing, the majority of Avianca's notes will share terms aligned with its existing 2030 Notes, enhancing consistency across its capital structure. Notwithstanding this partial prepayment, Avianca's 2028 Notes will remain the governing instrument within the company's capital structure. The company's ratings are unaffected because of the proposed transaction, including Avianca's B1 corporate family rating (CFR) and the B1 ratings on the existing backed senior secured notes issued by Avianca MidCo, and stable outlook. The add-on notes will also benefit from a first-priority lien on the assets of LifeMiles, which, along with recent appraisal value of the collateral package, result in strong collateral coverage of the rated debt. Recently performed appraisals estimate the collateral value at $6.3 billion, well above the $2.1 billion secured debt as of September 30, 2025. In a liquidation scenario, its value could be lower, given its reliance on assets that are more difficult to value, such as intangibles and LifeMiles' ties with the airline. However, liquidation risk is lower, given Avianca's strong credit profile. Avianca's B1 rating reflects its sustained operational and financial improvements, strong liquidity, and effective execution of its post-restructuring business strategy. The rating also incorporates Avianca's solid competitive position in the Latin American airline sector and its favorable cost structure. The rating is constrained by intensifying competition that may pressure fares, the inherent volatility of the airline industry, and macroeconomic risks across key Latin American markets. Since emerging from bankruptcy, Avianca has delivered consistent performance. The third quarter of 2025 marked its fourth consecutive record quarter, with Moody's-adjusted EBITDA reaching $1.5 billion and a 26% margin for the 12 months ended September 30, reducing leverage to 3.6x. With 2025 as the first full year of expanded capacity, leverage is expected to decline further to around 3.5x by year-end. PARAGON BANKING: Fitch Gives 'BB(EXP)' Rating on AT1 Notes ---------------------------------------------------------- Fitch Ratings has assigned Paragon Banking Group PLC's (BBB+/Stable) planned Additional Tier 1 (AT1) notes an expected long-term rating of 'BB(EXP)'. Paragon's other ratings are unaffected by this rating action. The assignment of a final rating is contingent on the receipt of final documents conforming to the information already received. Key Rating Drivers The expected rating on the AT1 notes is four notches below Paragon's 'bbb+' Viability Rating (VR), in accordance with Fitch's Bank Rating Criteria. The notching comprises two notches for loss severity, given the notes' deep subordination, and two notches for incremental non-performance risk, given fully discretionary coupon payments. Paragon's common equity Tier 1 (CET1) ratio of 13.6% at FYE25 (year to end-September) provides adequate buffers over its regulatory minimum requirement of 9.1%. The notes will be perpetual, deeply subordinated, fixed-rate resettable AT1 debt securities, with fully discretionary, non-cumulative coupons. They will be subject to conversion to equity if Paragon's consolidated CET1 ratio falls below 7.0%. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The AT1 notes would be downgraded if Paragon's VR was downgraded. The notes are also sensitive to a revision in Fitch's assessment of their incremental non-performance risk. This may result, for example, from a significant decline in capital buffers relative to regulatory requirements. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The AT1 notes would be upgraded if Paragon's VR was upgraded. PEACH PUB (HOLDINGS): FTI Consulting Named as Administrators ------------------------------------------------------------ The Peach Pub Company (Holdings) Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (CHD), Court Number CR-2026-000557, and Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as joint administrators on Jan. 27, 2026. The Peach Pub Company (Holdings) Limited specialized in activities of other holding companies not elsewhere classified. Its registered office is at 21 Old Street, Ashton Under Lyne, Tameside, OL6 6LA. The joint administrators can be reached at: Lindsay Kate Hallam Oliver Stuart Wright Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Tel No: +44 20 3727 1000 For further details, contact: The Joint Administrators FTI Consulting LLP Email: revelcollectiveadministrators@fticonsulting.com PRETTY AS PEACH: FTI Consulting Named as Administrators ------------------------------------------------------- Pretty as Peach Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (CHD), Court Number CR-2026-000554, and Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as joint administrators on Jan. 27, 2026. Pretty as Peach Limited trades as The Thatch, The James Figg, and The Bear & Ragged Staff, and specialized in licensed restaurants. Its registered office is at 21 Old Street, Ashton Under Lyne, Tameside, OL6 6LA. Its principal trading addresses are: 29-30 High Street, Thame, OX9 2AA 21 Cornmarket, Thame, OX9 2BL 28 Appleton Road, Cumnor, Oxford, OX2 9QH The joint administrators can be reached at: Lindsay Kate Hallam Oliver Stuart Wright Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Tel No: +44 20 3727 1000 For f urther details contact: The Joint Administrators FTI Consulting LLP Email: revelcollectiveadministrators@fticonsulting.com PURE PEACH: FTI Consulting Named as Administrators -------------------------------------------------- Pure Peach Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (CHD), Court Number CR-2026-000570, and Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as joint administrators on Jan. 27, 2026. Pure Peach Ltd trades as The Black Horse, The Swan, and The Embankment, and specialized in public houses and bars. Its registered office is at 21 Old Street, Ashton Under Lyne, Tameside, OL6 6LA. Its principal trading addresses are: 1 Bedford Street, Woburn, Milton Keynes, MK17 9Q 2 Wavendon Road, Salford, Milton Keynes, MK17 8BD 6 The Embankment, Bedford, MK40 3PD The joint administrators can be reached at: Lindsay Kate Hallam Oliver Stuart Wright Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Tel No: +44 20 3727 1000 For further details contact: The Joint Administrators FTI Consulting LLP Email: revelcollectiveadministrators@fticonsulting.com REVEL COLLECTIVE: FTI Consulting Named as Administrators -------------------------------------------------------- The Revel Collective Plc was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (CHD), Court Number CR-2026-000561, and Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as joint administrators on Jan. 27, 2026. The Revel Collective Plc, previously known as Revolution Bars Group Plc, specialized in the retail sale of beverages in specialised stores. Its registered office is at 21 Old Street, Ashton Under Lyne, Tameside, OL6 6LA. The joint administrators can be reached at: Lindsay Kate Hallam Oliver Stuart Wright Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Tel No: +44 20 3727 1000 For further details, contact: The Joint Administrators FTI Consulting LLP Email: revelcollectiveadministrators@fticonsulting.com REVOLUCION DE CUBA: FTI Consulting Named as Administrators ---------------------------------------------------------- Revolucion de Cuba Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (CHD), Court Number CR-2026-000559, and Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as joint administrators on Jan. 27, 2026. Revolucion de Cuba Limited trades as Revolucion de Cuba and specialized in the retail sale of beverages in specialised stores. Its registered office is at 21 Old Street, Ashton Under Lyne, Tameside, OL6 6LA. Its principal trading addresses are: 11 Peter Street, Manchester, M2 5QR The Friary Centre, Greyfriars Rd, Cardiff, South Glamorgan, CF10 3FA 7-9 Queen Street, Norwich, NR2 4TL 9 The Wardwick, Derby, DE1 1BJ Culzean House, 36 Renfield Street, Glasgow, G2 1LU 64-68 Call Lane, Leeds, LS1 6DT 21 Savoy Crescent, Milton Keynes, MK9 3PU 26-28 Market St, Nottingham NG1 6HW Unit 17, Albert Dock, Liverpool, L3 4AF 138-141 Friar Street, Reading, Berks, RG1 1EX 18-20 Parliament St, Harrogate, HG1 2RN The Academy, Belmont St, Aberdeen, AB10 1LB 25-39 Arthur St, Belfast, BT1 4GQ 1-3 Cloth Market, Newcastle Upon Tyne, NE1 1EE 8 Temple Street, Birmingham, B2 5BN The joint administrators can be reached at: Lindsay Kate Hallam Oliver Stuart Wright Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Tel No: +44 20 3727 1000 For further details, contact: The Joint Administrators FTI Consulting LLP Email: revelcollectiveadministrators@fticonsulting.com REVOLUTION BARS 2: FTI Consulting Named as Administrators --------------------------------------------------------- Revolution Bars (Number Two) Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (CHD), Court Number CR-2026-000563, and Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as joint administrators on Jan. 27, 2026. Revolution Bars (Number Two) Limited trades as Revolution Bars and specialized in the retail sale of beverages in specialised stores. Its registered office is at 21 Old Street, Ashton Under Lyne, Tameside, OL6 6LA. Its principal trading addresses are: 90-94 Oxford Road, Manchester, M1 5WH 28 Cross Church Street, Huddersfield, HD1 2PT 6B New Walk, Leicester, LE1 6TF The joint administrators can be reached at: Lindsay Kate Hallam Oliver Stuart Wright Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Tel No: +44 20 3727 1000 For further details, contact: The Joint Administrators FTI Consulting LLP Email: revelcollectiveadministrators@fticonsulting.com REVOLUTION BARS: FTI Consulting Named as Administrators ------------------------------------------------------- Revolution Bars Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (CHD), Court Number CR-2026-000558, and Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were appointed as joint administrators on Jan. 27, 2026. Revolution Bars Limited trades as Revolution Bars and specialized in the retail sale of beverages in specialised stores. Its registered office is at 21 Old Street, Ashton Under Lyne, Tameside, OL6 6LA. Its principal trading addresses are: 48 Call Lane, Leeds, LS1 6DT 67-69 Renfield Street, Glasgow, G2 1LF Old Fish Market, 19-21 St. Nicholas Street, Bristol, BS1 1UA 9-11 Castle Street, Cardiff, CF10 1B 25 Belmont Street, Aberdeen, AB10 1JS Collingwood Street, Newcastle Upon Tyne, NE1 1JF Coney Street, York, YO1 9NA 3-8 Downing Street, Cambridge, CB2 3DS Unit LG6/G7, The Corner House, Forman Street, Nottingham, NG1 4DB 41 Cookridge Street, Leeds, LS2 3AW 77 West Street, Brighton, BN1 2RA The Plaza, Units 1+2, Fitzwilliam Street, Sheffield, S1 4JL 1-7 Old Cattle Market, The Buttermarket, Ipswich, Suffolk, IP1 1AY St. Marys Gate, Parsonage Gardens, Manchester, M3 2LF Unit 1, Derrys Cross, Plymouth, PL1 2SW 28 Bedford Place, Southampton, SO15 2DB North Quay, Atlantic Pavillion, Albert Dock, Liverpool, L3 4AE 84 Mitchell St, Glasgow, G1 3NA 1-4 North Road, Durham, DH1 4PW 24 Wind Street, Swansea, SA1 1DY 79-82 Queen St, Exeter, EX4 3RP 1 Fishergate, Preston, PR1 2NR The joint administrators can be reached at: Lindsay Kate Hallam Oliver Stuart Wright Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Tel No: +44 20 3727 1000 For further details, contact: The Joint Administrators FTI Consulting LLP Email: revelcollectiveadministrators@fticonsulting.com VIALTO UK: Moody's Affirms 'Caa2' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings affirmed Vialto UK Interco 3 Limited's, (Vialto Partners) Caa2 corporate family rating and Caa2-PD probability of default rating. Concurrently, Moody's affirmed the Caa2 senior secured bank credit facility ratings of Galaxy US Opco Inc., a subsidiary of Vialto Partners. Moody's changed the outlook of both entities to positive from stable. The affirmation of the Caa2 CFR and change in outlooks to positive reflect Moody's expectations that if Vialto Partners improves profit margins and continues to generate positive free cash flow that debt/EBITDA could decline and remain below 6x by the end of fiscal year 2027 (ends 30 June). RATINGS RATIONALE Vialto Partners' Caa2 CFR remains constrained by its elevated debt to EBITDA of around 6.2x (for the last twelve months ended September 30, 2025) and the complexity of its corporate structure, which includes a broad network of international operating subsidiaries and a significant share of revenue and earnings generated from non-guarantor and unrestricted entities. Since its separation from former parent PricewaterhouseCoopers ("PwC") in 2022, the company's performance has fallen materially short of Moody's initial expectations, reflecting softer-than-anticipated sales, profitability, and cash flow, as well as challenges in realizing targeted standalone operating efficiencies. An improvement in Vialto Partners' operating performance following its debt restructuring in 2025 has resulted in improved cash flow generation. Notwithstanding the company's 2025 debt restructuring, Moody's continues to see meaningful execution risk around its ability to streamline operations and capture planned cost synergies. Moreover, the expiration of the company's option to pay in-kind interest in October 2026 could erode free cash flow and weaken liquidity. The company also faces ongoing credit challenges related to its concentrated business profile and corporate governance considerations tied to its highly concentrated ownership structure. These credit challenges are tempered by the company's broad global operations, strong competitive position, and substantial base of recurring revenue driven by consistent demand for its tax services. Revenue reliability is further reinforced by Vialto Partners' long-standing client relationships, multi-year contractual arrangements, and high retention rates among its large, high-quality enterprise customers. Vialto Partners' liquidity is adequate, supported by approximately $41 million cash balance as of 30 September, 2025. Moody's expects the company to generate approximately $10-$15 million of free cash flow over the next 12 to 15 months, assuming it continues to utilize its option to pay a portion of interest on its first-lien debt in kind through October 31, 2026, when the payment-in-kind feature expires. Vialto Partners' liquidity is further supported by around $200 million of availability under its revolving credit facility as of September 30, 2025. The company's term loan does not include financial maintenance covenants. The revolving credit facility contains a springing maximum net senior secured first-lien leverage covenant of 8.58x (stepping down to 8.0x after April 2027) that is tested only when borrowings exceed 40% of revolver usage, and Moody's expects the company to remain in compliance with this covenant over the next 12 to 15 months. The Caa2 rating for the senior secured first-lien credit facility is consistent with the Caa2 CFR and reflects Moody's recovery expectations for this class of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's anticipates revenue growth, profit margin expansion and sustained positive free cash flow through the cycle. The ratings could be downgraded if Vialto Partners experiences revenue declines or weaker than expected profit margins. The ratings could also be downgraded if the company incurs sustained free cash flow deficits that weaken liquidity. 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. Vialto Partners, controlled by affiliates of private equity sponsor CD&R and HPS, is a worldwide provider of global mobility solutions, providing integrated compliance, consulting, and technology services to global enterprises with a primary focus on tax preparation and immigration services for employees of its corporate clients. Moody's forecasts that the company will generate revenue of approximately of $930 million in FY26. ********* 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. 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