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

                          E U R O P E

          Friday, February 6, 2026, Vol. 27, No. 27

                           Headlines



G E R M A N Y

VOITH GMBH: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable


I R E L A N D

HARVEST CLO XXV: Fitch Affirms 'B-sf' Rating on Class F Notes
MARGAY CLO II: Fitch Assigns 'BB-sf' Final Rating on Cl. E-R Notes


I T A L Y

EVOCA SPA: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
NEXTURE SPA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


L U X E M B O U R G

TELENET FINANCE: Moody's Rates New Sr. Secured Notes Due 2034 'B1'


S P A I N

BBVA CONSUMER 2026-1: Moody's Gives (P)B2 Rating to EUR46MM E Notes


U N I T E D   K I N G D O M

ALPKIT LTD: BDO Named as Administrators
AQUILA RECRUITMENT: Voscap Limited Named as Administrators
ECRUBOX DIGITAL: Currie Young Named as Administrators
ICEBERG ACQUISITIONS: S&P Assigns Prelim. 'B' ICR, Outlook Stable
IVC ACQUISITION: Moody's Rates New Amended & Extended Loans 'B3'

JOHNSONS 1871: Leonard Curtis Named as Administrators
MOCKBA LTD: Oury Clark Named as Administrators
OCEAN RECOVERY: Quantuma Named as Administrators
SHACKLEFORD PIANOS: KBL Advisory Named as Administrators
ULTIMATE ELECTRICAL: CG & Co. Named as Administrators



X X X X X X X X

[] BOOK REVIEW: The Turnaround Manager's Handbook

                           - - - - -


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G E R M A N Y
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VOITH GMBH: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable
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Moody's Ratings has affirmed the Ba1 long term corporate family
rating and Ba1-PD probability of default rating of German-based
diversified engineering group Voith GmbH & Co. KGaA (Voith).
Concurrently, the outlook has been changed to stable from
negative.

RATINGS RATIONALE

The rating action reflects the improvement of Voith's key credit
metrics in FY 2025 (ending 30 September) and Moody's expectations
that the actions taken by management to further strengthen the
company's competitive position will help Voith to remain compliant
with Moody's expectations for the Ba1 rating category over the
rating horizon even when taking into account the cost of the
restructuring measures that have been announced in December 2025.

During FY 2025 Voith showed stronger credit metrics, primarily
driven by a turnaround at Voith Hydro and as well as strengthened
performance at Voith Turbo. Supported by strong free cash flow
generation Voith was able to reduce its debt position by EUR414
million, leverage was reduced to 3.9x (gross) debt / EBITDA (2.2x
on a net debt basis), EBITA margin reached 5.0%. With that Voith
was in compliance with the triggers Moody's have set for the Ba1
rating category.

In April 2025 a new group strategy has been implemented. Under the
new strategy Voith is addressing fast growing markets, targets to
reach / defend leading market positions and encourages
entrepreneurship and dynamic resource allocation. The key pillars
of the strategy to be achieved until the end of the decade include
profitable growth towards a revenue of EUR10 billion combined with
an EBIT margin of 10% and a common group culture. Taking into
account the compounded annual growth rate of 3.3% Voith has shown
since 2021 and the average EBIT margin of 3.1% (Moody's-adjusted)
during that period these targets are ambitious.

The review of the organization to ensure long-term competitiveness
comprises a material reduction of the workforce, primarily in
Germany and other areas of high labor costs. According to initial
estimates around 2,500 employees will be affected which compares to
a global workforce of 21,452 on the payroll as of September 30,
2025. While the company has not guided on the expected cost of
these restructuring measures Moody's estimates that the company
will have to digest a noticeable P&L-impact over the next two years
which will limit short-term upside from the other measures of the
new strategy program.

The rating is currently constrained by (i) a short track record of
improved credit metrics, and (ii) the material restructuring
program announced in December 2025 targeting to reduce headcount by
more than 10%, which will challenge the company to meet the
requirements set for the Ba1 rating category in FY 2026, (iii) the
cyclical nature in most of its end markets and only moderate
revenue growth (1.2% CAGR during the last decade, 3.5% in FY 2025)
and, (iv) an adverse market environment with subdued global growth,
geopolitical conflicts and trade policy tensions.

Voith's rating continues to be supported by (i) market and
technology leadership in many of its relevant markets, such as
hydro power plants and paper machines; (ii) very diversified and
well balanced portfolio, with the group serving many end markets,
which typically follow different cycles in terms of length and
timing, backed by healthy order backlog in excess of one year of
sales; (iii) substantial financial flexibility given cash & cash
equivalents in excess of EUR650 million and (iv) its conservative
financial policy.

RATIONALE FOR STABLE OUTLOOK

The rating is currently weakly positioned. The stable outlook
mirrors Moody's expectations that the actions taken by management
to further strengthen the company's competitive position will help
Voith to remain compliant with Moody's expectations for the Ba1
rating category over the rating horizon even when taking into
account the cost of the restructuring measures that have been
announced in December 2025.

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

Moody's could upgrade Voith's ratings in case of a sustainable
strengthening of its credit profile reflected in a Moody's-adjusted
EBITA margin in the mid-to-high-single digits and Moody's-adjusted
debt/EBITDA improving well below 3.5x as well as Moody's adjusted
RCF/net debt above 25% while preserving FCF/debt in high single
digits in percentage terms.

Moody's could downgrade Voith's ratings, in case of the company's
Moody's-adjusted debt/EBITDA sustainably exceeds 4.5x, its
Moody's-adjusted RCF/net debt falls below 15%, free cash flow turns
negative for a prolonged period of time, if its strong liquidity
profile is weakened or in case of sizeable M&A activity.

LIQUIDITY

Moody's views Voith's liquidity as good. The company's cash
position amounted to EUR594 million per September 2025. This cash
balance is further supported by an undrawn EUR600 million
multicurrency syndicated credit facility, which matures in October
2029. The facility has no repeating material adverse change clause
or financial covenants with the possibility to increase the credit
volume to a maximum of EUR800 million. Voith's liquidity is also
supported by certain bilateral committed credit facilities of
EUR630 million. These sources are sufficient to cover its liquidity
needs, including any intra-year movements of working capital and
short-term debt maturities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 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

Voith GmbH & Co. KGaA (Voith) is a diversified engineering group,
primarily addressing energy, oil and gas, paper, raw materials, and
transport and automotive markets. Its product offerings hold
leading positions in hydropower generation, paper machine
technology and selected niches of technical services and power
transmission.

Voith employed some 21,452 people in more than 60 countries and
generated sales of EUR4.8 billion in the fiscal year ended
September 30, 2025 (fiscal 2025). The group is privately owned by
descendants of the Voith family, but it has been led by nonfamily
senior managers for decades.




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HARVEST CLO XXV: Fitch Affirms 'B-sf' Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has upgraded Harvest CLO XXV DAC's class B notes and
affirmed the rest.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Harvest CLO XXV DAC

   A XS2405859286       LT AAAsf  Affirmed   AAAsf
   B-1 XS2405859369     LT AA+sf  Upgrade    AAsf
   B-2 XS2405859799     LT AA+sf  Upgrade    AAsf
   C XS2405859955       LT Asf    Affirmed   Asf
   D XS2405860029       LT BBB-sf Affirmed   BBB-sf
   E XS2405860532       LT BB-sf  Affirmed   BB-sf
   F XS2405860706       LT B-sf   Affirmed   B-sf

Transaction Summary

Harvest CLO XXV DAC is a securitisation of mainly senior secured
obligations. The portfolio is actively managed by Investcorp Credit
Management EU Ltd. and will exit its reinvestment period in July
2026.

KEY RATING DRIVERS

Stable Performance, Shorter Risk Horizon: The portfolio's credit
quality has remained stable over the last 12 months. Exposure to
assets with a Fitch-Derived Rating of 'CCC+' and below was 5.8%
versus a limit of 7.5%, according to the latest trustee report
dated January 2026, and there were no defaulted assets in the
portfolio.

The transaction is 1.5% below par (calculated as the current par
difference over the original target par). However, losses are
within its rating case assumptions. The transaction is also passing
all its collateral-quality, portfolio-profile and coverage tests.
The stable performance of the transaction, alongside a shorter
weighted average life (WAL) test covenant since the last review in
March 2025, resulted in today's upgrades and affirmations.

Large Cushion; Low Refinancing Risk: The transaction has low near-
and medium-term refinancing risk, with no assets maturing in 2026
and 1.7% in 2027. All notes have comfortable default-rate buffers
to support their ratings and should be capable of absorbing further
defaults in the portfolio. This supports the upgrade of the class B
notes and affirmation of the other rated notes.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor of the current portfolio is 25.2 as calculated by Fitch.
About 19.4% of the portfolio is currently on Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
98.7% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 59.3%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 12.7%, and no obligor
represents more than 1.5% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 37.8% as calculated by
Fitch. Fixed-rate assets as reported by the trustee are at 5.5%,
complying with the limit of 10%.

Transaction Inside Reinvestment Period: Given the manager's ability
to reinvest, Fitch's analysis is based on a stressed portfolio and
tested the notes' achievable ratings across all Fitch test
matrices, as the portfolio can still migrate to different
collateral quality tests and the level of fixed-rate assets could
change.

RATING SENSITIVITIES

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

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.

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

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Harvest CLO XXV
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


MARGAY CLO II: Fitch Assigns 'BB-sf' Final Rating on Cl. E-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Margay CLO II DAC refinancing notes
final ratings and affirmed the existing class F notes.

   Entity/Debt            Rating                Prior
   -----------            ------                -----
Margay CLO II DAC

   A XS2820458342      LT   PIFsf   Paid In Full   AAAsf
   A-1 Loan            LT   PIFsf   Paid In Full   AAAsf
   A-2 Loan            LT   PIFsf   Paid In Full   AAAsf
   A-R XS3273805328    LT   AAAsf   New Rating
   B XS2820458698      LT   PIFsf   Paid In Full   AAsf
   B-R XS3273805674    LT   AAsf    New Rating
   C XS2820458854      LT   PIFsf   Paid In Full   Asf
   C-R XS3273805831    LT   Asf     New Rating
   D XS2820459076      LT   PIFsf   Paid In Full   BBB-sf
   D-R XS3273806052    LT   BBB-sf  New Rating
   E XS2820459233      LT   PIFsf   Paid In Full   BB-sf
   E-R XS3273806219    LT   BB-sf   New Rating
   F XS2820459407      LT   B-sf    Affirmed       B-sf

Transaction Summary

Margay CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. The refinancing
note proceeds have been used to redeem the outstanding notes other
than the class F and subordinated notes.

The portfolio is actively managed by M&G Investment Management
Limited. The CLO will exit its reinvestment period in January 2029
and has a seven-year weighted average life (WAL) test.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch places the average credit
quality of obligors at 'B'/'B-'. The weighted average rating factor
(WARF), as calculated by Fitch, is 24.1.

High Recovery Expectations: 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 60.3%.

Diversified Portfolio: The transaction includes two updated Fitch
matrices, which are effective at closing and correspond to a
seven-year WAL, fixed-rate asset limits at 5% and 12.5% and a top
10 obligor concentration limit at 20%. The transaction includes
various concentration limits in the portfolio, including a maximum
exposure to the three largest Fitch-defined industries in the
portfolio at 40%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.

Transaction Inside Reinvestment Period: The transaction is within
its reinvestment period, which expires in January 2029, and the
manager can reinvest principal proceeds and sale proceeds, subject
to compliance with the reinvestment criteria. Given the manager's
ability to reinvest, Fitch's analysis is based on a stressed
portfolio, which it tested the notes' achievable ratings across the
matrices, since the portfolio can still migrate to different
collateral quality tests.

Cash Flow Analysis: The transaction must satisfy coverage tests and
the Fitch 'CCC' test for reinvestment? after the reinvestment
period, among other reinvestment criteria. This, together with a
consistently decreasing WAL, would reduce the effective risk
horizon of the portfolio during stress periods. In addition, its
analysis has considered that the transaction is 0.12% below the
target par of EUR400 million. The transaction has no defaulted
assets.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the class A-R and C-R notes and would lead
to a downgrades of one notch each for the class B-R, D 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 defaults and portfolio deterioration. All notes,
except the 'AAAsf' class A-R notes, have a rating cushion of two
notches each, due to the better metrics and shorter life of the
current portfolio than the Fitch-stressed portfolio, and the class
A notes do not display any rating cushion as they are already at
the highest achievable rating.

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 two notches
each for the class A-R, B-R, class C-R and the class E notes, one
notch for the class D notes and below 'B-sf' for the class F
notes.

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

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to four notches for the class F notes, up to three notches each
for the class C-R, class D and class E notes, up to two notches for
the class B-R notes and no upgrades for class A as they are already
at 'AAAsf'.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from a stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Margay CLO II DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.




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I T A L Y
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EVOCA SPA: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Ratings has changed the outlook on EVOCA S.p.A. (EVOCA or
the company) to negative from stable. At the same time, Moody's
affirmed the company's B3 long-term corporate family rating, B3-PD
probability of default rating and the B3 rating on the EUR550
million senior secured notes maturing in 2029.

"The change in outlook to negative from stable reflects EVOCA's
deteriorated credit metrics following its weaker than expected YTD
2025 performance, alongside heightened uncertainty over both the
pace of demand recovery and the execution of the company's
initiatives to restore EBITDA growth and improve its leverage to a
level more commensurate for the B3 rating," says Donatella Maso, a
Moody's Ratings Vice President-Senior Credit Officer and lead
analyst for EVOCA.

RATINGS RATIONALE

EVOCA's operating performance was weaker than expected for the
first nine months of 2025, driven by a slowdown in customer
investments amid macroeconomic uncertainty, as well as high coffee
prices, which weighed on consumption levels and impacted demand for
professional coffee machines, delaying its replacement cycle and
boosting the refurbishment market. EVOCA also lost some market
share to lower priced competitors, particularly in segments
sensitive to input cost inflation.

These challenging trading conditions will likely continue in the
last quarter of 2025 and result in an increase to Moody's adjusted
gross leverage to around 9x at the end 2025, materially above the
tolerance for the current B3 rating category. The company's free
cash flow (FCF) is also negative owing to reduced earnings,
restructuring initiatives and adverse working capital swings
because of inventory build-up ahead of the plant closure in Spain.

In this context, EVOCA has launched an ambitious plan to restore
EBITDA growth, centred around commercial repositioning (launch of
new entry level auto coffee machines, growth in the direct client
segment) product portfolio optimisation, footprint rationalisation
and the implementation of various restructuring measures. Moody's
expects these actions to yield benefits over the next 24 months,
supporting deleveraging towards 7x by end 2027. While the
initiatives could facilitate a steady recovery, execution risks are
high, and both the timing and scale of the benefits remain
uncertain given the still weak demand and structural changes in the
operating environment such as the reduced number of people in the
workplaces. Moreover, the planned cost reduction measures involve
substantial restructuring expenses, considered as recurring
expenses, which will continue to constrain cash generation in
2026.

The B3 rating also factors in EVOCA's small size and the limited
product diversification; some concentration in terms of geography,
with most of its revenue generated in Europe, and customers; its
limited revenue visibility with a backlog of around one month of
sales; and its vulnerability to economic cycles. The B3 rating also
reflects that appetite for high leverage and the presence of
significant payment-in-kind (PIK) notes outside of the restricted
group, an overhang risk for the company.

More positively, the B3 rating is supported by EVOCA's market
leadership in its key European markets; its strong profitability
margin; and an asset-light business model with low capital spending
requirements, and a variable cost structure that helps to maintain
stability of margins and support free cash flow generation. The B3
rating also takes into consideration the positive trends in the
"value-for-money" professional coffee machine segment.

LIQUIDITY

Despite Moody's expectations that the company's FCF will be
negative or weak over the next 12 to 18 months because of pressured
earnings and high restructuring costs, Moody's views EVOCA's
liquidity as good, supported by around EUR49 million of available
cash as of September 2025; full availability under its EUR80
million revolving credit facility (RCF) due in 2028; and no
significant debt maturities until 2029.

The super senior RCF has one springing financial covenant (net
super senior leverage ratio), set at 1.15x and to be tested on a
quarterly basis when the drawn RCF less cash and cash equivalents
exceeds 40% of the RCF, under which Moody's expects the company to
maintain sufficient capacity. A potential breach would result in a
draw stop of the facility but not an event of default.

STRUCTURAL CONSIDERATIONS

The B3 rating on the EUR550 million senior secured notes due 2029
is also in line with the CFR, as this instrument represents most
debt of the capital structure. The notes have the same security as
the super senior RCF, consisting of pledges over the capital stock,
certain operating bank accounts and certain significant receivables
of the issuer, which Moody's considers weak. The notes rank junior
to the super senior RCF upon enforcement under the provisions of
the intercreditor agreement.

The EUR422 million PIK notes (including accrued interests) outside
the restricted group mature six months after the guaranteed senior
secured notes; are not guaranteed by, do not cross-default with and
do not have any creditor claim on the guaranteed senior secured
notes of the restricted group; and, therefore, are not included in
Moody's leverage calculation.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectations that the
company's credit metrics will remain weak in the next 12 to 18
months. The outlook also incorporates limited visibility on a
sustained recovery in volumes, market shares and earnings, despite
management's commercial activities, cost-reduction initiatives and
footprint optimization.

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

Given the negative outlook, upward rating pressure is unlikely in
the near term. However, Moody's could consider an upgrade if the
company's operating performance visibly improves because of
increasing volumes and the achievement of the cost reduction
initiatives. On a quantitative basis Moody's would upgrade the
company if its Moody's-adjusted EBITA margin stays in the high-teen
percentages; its Moody's-adjusted gross debt/EBITDA falls
sustainably below 5.5x; its Moody's-adjusted EBITA/interest expense
increases above 2.0x; and its Moody's adjusted FCF turns
sustainably positive.

Conversely, negative pressure could develop if the company's
operating performance continues to deteriorate so that its
Moody's-adjusted gross debt/EBITDA remains persistently above 6.5x;
its Moody's-adjusted EBITA/interest expense remains below 1.5x; its
FCF stays negative; or its liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2025.

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

COMPANY PROFILE

Headquartered in Bergamo, Italy, EVOCA S.p.A. is a global leader in
the production of professional coffee machines, and other hot and
cold beverage and food vending machines, with a particular focus on
espresso coffee, and a fast-developing presence in professional
coffee machines for the offices and food service agreements. For
the last twelve months ending September 2025, the company generated
revenue of EUR375 million and Moody's-adjusted EBITDA for EUR74.5
million. The company has been owned by the private equity firm Lone
Star since March 2016.


NEXTURE SPA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Nexture S.p.A.'s Long-Term Issuer
Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has
downgraded Nexture's EUR425 million senior secured notes (SSN) to
'B+' from 'BB-' and removed them from Rating Watch Negative (RWN).
It also revised the Recovery Rating to 'RR4' from 'RR3'. Fitch has
also assigned Nexture's new EUR500 million SSN a final rating of
'B+' with 'RR4'. The assignment of the final rating follows the
receipt of documents conforming to information already received.

Nexture's IDR reflects its moderate scale and product
diversification, mitigated by its well-established European market
positions, longstanding customer relationships and a broad
distribution network. The rating also reflects increased EBITDA
margins and still moderate leverage after acquisitions. The Stable
Outlook reflects manageable execution risk around integrating the
Frulact and Sipral acquisitions.

Key Rating Drivers

Enhanced Diversification and Scale: Fitch expects the acquisitions
of Frulact and Sipral to strengthen Nexture's business profile by
widening its geographical and product diversification and
increasing its scale with EBITDA rising towards EUR200million by
2027, from an estimated EUR100 million for 2025. Fitch expects
Nexture will gain more exposure to the attractive US market after
the acquisitions and the group plans to further expand in rapidly
growing China and the Middle East regions, even though Europe will
remain the dominant region for the group (2026F: 85% of total
revenue).

Nexture's credit profile will also benefit from a broadened product
range across fruit-based, nut-based specialty ingredients, creams
and fillings, with an increasing share of high-value added products
towards 70% of revenue after the acquisitions.

Robust Business Model: Nexture is an integrated supplier of bakery,
dairy and confectionary ingredients to the traditional bakery
channel, industrial producers and trade in Europe. Its market
positions are supported by a portfolio of established brands, solid
in-house R&D, an extensive distribution network and longstanding
customer relationships. The business is exposed to changing
consumer sentiment, demand volatility, challenges in cost control,
commodity price volatility and stiff competition in the fragmented
home and overseas markets. Supplier concentration is moderate, with
the top 10 suppliers representing 25% of cost of goods sold.

Moderate Integration Risks: Fitch sees moderate execution risks
stemming from the ongoing integration of CSM Ingredients and
Italcanditi and the announced acquisitions. Fitch expects that a
combination of procurement, manufacturing and distribution
platforms, alongside a wider assortment of products and cost
optimisation, and a strategic shift towards higher-margin
value-added products, will create sustainable organic growth in the
mid-single digits and EBITDA margin expansion. Fitch expects
enhanced cross-selling opportunities following the acquisitions to
add to the group's organic growth potential.

Contained Credit Metrics, Deleveraging Trajectory: The rating is
underpinned by Nexture's moderate credit metrics. Fitch forecasts
Fitch-defined EBITDA leverage increasing to 5.5x at end-2026
(2025E: 4.7x), following the Frulact and Sipral acquisitions before
gradually declining towards 4.1x by end-2028. Fitch expects
deleveraging to be mainly driven by EBITDA growth, supported by
organic revenue growth and profitability expansion from cost
optimisation and synergies. The fragmented market offers ample
scope for M&A activity, but frequent, large debt-funded
acquisitions could hinder deleveraging and put pressure on
Nexture's ratings.

Healthy Organic Revenue Growth: Fitch assumes mid-single digit
organic revenue growth for 2026-2028, supported by volume growth of
valued-added products, cross-selling opportunities from new
acquisitions, rising demand for health and tailored nutrition and
upside from expansion in the US, China and Middle East markets. In
addition, revenue growth will be supported by sustained
premiumisation of ingredients and inflation-driven price
increases.

Acquisitions Boost Margins: Fitch forecasts Nexture's EBITDA margin
to increase to 14% in 2026 and towards 16% by 2028, driven by the
margin-accretive acquisitions of Frulact and Sipral (with EBITDA
margins of about 17%-18%), and anticipated cost synergies. Nexture
outperformed its expectations in EBITDA margin expansion after its
Italcanditi purchase in July 2025, which Fitch estimates to have
risen to 12.1% for the year from a pro-forma 9.7% in 2024,
underlining its strong integration record. Nexture benefits from a
flexible cost structure, with variable costs at 75% of operating
costs, while the rest is exposed to commodity volatility with lags
in cost pass-through to customers.

Positive FCF: Fitch forecasts FCF margins to be consistently
positive in the range of 4.5%-6.5% in 2027-2028, driven by
operating profit margin improvements, manageable interest expenses,
limited working capital outflows and moderate capex requirements at
2%-3% of revenue. Fitch expects excess cash to be reinvested in the
business, with annual bolt-on M&A assumed at EUR35 million from
2027.

Peer Analysis

Nexture has comparable product portfolio and geographical
diversification to Nomad Foods Limited (BB/Stable). However, Nomad
Foods' larger scale of branded and private-label frozen food,
higher profitability and stronger cash generation result in its
two-notch higher rating.

The latest acquisitions will broadly align Nexture's business
profile and profitability with that of Sammontana Italia S.p.A.
(B+/Stable), with comparable scale, product portfolio and business
model. Fitch also expects Nexture's business profile to become
modestly stronger than that of La Doria S.p.A. (B+/Stable), which
has comparable scale, but lower operating margins and narrower
product and geographical diversification than Nexture after the
latter's acquisitions, translating into a mildly higher debt
capacity for the same rating than La Doria.

IRCA Group Luxembourg Midco 3 S.a r.l's (B/Stable) one-notch
differential with Nexture's rating is due to its higher leverage.
Like Nexture, it has similar scale and faces comparable execution
challenges stemming from similar food ingredients market trends.
IRCA has weaker cash flow generation than Nexture despite higher
profitability.

Nexture is rated one notch above Seashell Bidco, SLU (Natra,
B/Stable), reflecting the latter's smaller scale, narrower product
diversification, moderately weaker operating margin and higher
leverage, while both companies have strong FCF generation
capabilities and longstanding relationships with major customers.

Sigma Holdco BV (B/Stable) is materially larger, and has greater
geographic diversification and higher operating margins, due to its
strong brand portfolio and a different cost base. The one-notch
rating differential is due to Sigma's much higher leverage than
Nexture's.

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):

The business and financial profile factors (score, importance):
management ('bb+', moderate), sector characteristics ('bbb',
lower), market and competitive positioning ('b+', higher),
diversification and asset quality ('bb', moderate), company
operational characteristics ('bb', moderate), profitability ('b+',
higher), financial structure ('b+', moderate), and financial
flexibility ('bb-', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for FY25, 30% each for FY26
and FY27 and 20% for FY28.

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

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

The SCP is 'b+'.

Recovery Analysis

Its recovery analysis assumes Nexture will be considered a going
concern (GC) in bankruptcy, and that it would be reorganised rather
than liquidated. Fitch has assumed a 10% administrative claim.

Fitch has increased GC EBITDA to EUR115 million (from EUR70
million), to reflect the contribution from Frulact and Sipral
acquisitions, reflecting the level of earnings required for
sustaining operations as a going concern with shrinking sales
volumes and an inability to pass on cost increases. Fitch applied a
distressed multiple of 5.0x, which is the mid-range for packaged
food companies in EMEA.

The company has increased its super senior revolving credit
facility (RCF) to EUR150 million, which ranks in line with other
debt of EUR20 million, but ahead of its SSNs with a total value of
EUR925 million, including new notes of EUR500 million.

Its recovery analysis generated a change in the recovery band to
'RR4' from 'RR3' following the EUR500 million SSN issue and
increase in the RCF. This results in a 'B+' rating for the SSNs, in
line with the company's IDR.

Fitch expects Nexture's receivables factoring facilities of EUR38
million to remain during and after distress without requiring
alternative funding, but at a reduced amount. This assumption is
driven by the strong credit quality of the group's client base.

RATING SENSITIVITIES

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

- Increase in EBITDA gross leverage to above 5.5x, due to weaker
profitability or debt-funded acquisitions

- EBITDA margin below 10%, resulting in lower FCF margins towards
1%

- EBITDA interest coverage weakening towards 3.0x or below

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

- A wider scale and broader diversification across geographies,
alongside product premiumisation supporting EBITDA growth towards
EUR300 million

- Higher EBITDA margin supporting sustained FCF margins at above
2.5%

- EBITDA gross leverage below 4.5x

Liquidity and Debt Structure

Fitch estimates Nexture's available cash balance at about EUR97
million at end-2025. Solid operating performance with minimal
working capital outflows and limited capex should support positive
FCF, translating into a growing year-end cash balance, despite its
assumption of annual bolt-on acquisitions in 2027-2028.

Liquidity is supported by Nexture's increased RCF of EUR150
million, which Fitch expects to remain undrawn. The group has no
major debt maturing before 2032, when the EUR925 million SSNs
(including the new EUR500 million notes) will come due.

Issuer Profile

Nexture is an Italy-based pan-European manufacturer and distributor
of food ingredients.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Nexture.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
Nexture S.p.A.        LT IDR B+ Affirmed                B+

   senior secured     LT     B+ New Rating   RR4        B+(EXP)

   senior secured     LT     B+ Downgrade    RR4        BB-




===================
L U X E M B O U R G
===================

TELENET FINANCE: Moody's Rates New Sr. Secured Notes Due 2034 'B1'
------------------------------------------------------------------
Moody's Ratings has assigned B1 instrument ratings to the proposed
senior secured notes due 2034 to be issued by Telenet Finance
Luxembourg Notes S.a r.l. as well as the proposed senior secured
term loans due 2033 to be issued by Telenet International Finance
S.ar.l. and Telenet Financing USD LLC. All entities are
subsidiaries of Telenet Group Holding NV (Telenet or the company,
B1 stable). The stable outlook on all entities is unaffected.

Proceeds from the debt issuance, together with the EUR2,341 million
of proceeds to be received from its network company, Wyre, will be
used to repay in full the senior secured notes and term loans due
in 2028, partially repay the senior secured term loan due in 2029,
and cover related financing fees, derivative costs and accrued
interest.

"The refinancing takes place in the context of the designation of
Wyre as an unrestricted subsidiary of Telenet and the subsequent
creation of two distinct Telenet and Wyre restricted groups. The
Wyre transaction is subject to the approval by the Belgian
Competition Authority of the partnership between Telenet/Wyre  and
Proximus/Fiberklaar to roll out full fibre across Flanders," says
Luigi Bucci, a Moody's Ratings VP and lead analyst for Telenet.

"While Telenet excluding Wyre will aim for a reported gross
leverage target of 3.5x–4.5x in the short to medium term,
supported by potential proceeds from the monetisation of Wyre that
will be partly used to prepay some of the company's debt, its
opening leverage will remain high and outside the target. However,
the improvement in the company's free cash flow profile will help
mitigate this risk to some extent," adds Mr Bucci.

RATINGS RATIONALE

Moody's views of the impact of the proposed Wyre transaction on
Telenet is broadly negative. While the separation of Wyre will
enable the company to reduce its overall debt quantum and improve
its free cash flow (FCF) profile through lower capital intensity
and reduced interest costs, it will not lead to any material
deleveraging from current levels on a Moody's-adjusted basis. This
is because the positive impact of lower debt outstanding will be
offset by the decline in EBITDA following the deconsolidation of
Wyre.

The company's current large cash balance is likely to be upstreamed
to its parent, Liberty Global Limited, upon the successful
monetisation of Wyre. As Moody's outlined previously, the
upstreaming of the company's large cash balance is one of the key
risks to Telenet's credit quality.

Moreover, any upside deriving from the monetisation of Wyre will be
capped at around EUR600 million, or the remainder of the
outstanding 2029 maturities. The transaction will also weaken the
company's overall business profile, as Wyre will be spun off from
Telenet and the company will no longer be an integrated
fixed-mobile network operator.

Telenet's reported opening leverage will be 5.4x, with the
intention to de-leverage towards the high end of its 3.5-4.5x
target in the short to medium term, supported by cash proceeds from
the potential monetisation of Wyre. Moody's-adjusted leverage is
approximately 1.0x higher than company reported gross leverage.
Moody's forecasts it will stand at around 5.5x in 2026 when
assuming that cash proceeds from the monetisation of Wyre will be
used for debt repayment, before a slight reduction towards 5.4x in
2027 reflecting Moody's assumptions of modest EBITDA growth.

Telenet's B1 corporate family rating (CFR) reflects the company's:
(1) position as one of Belgium's leading telecom operators, with a
strong presence in Flanders; (2) ongoing expansion in Wallonia
through the wholesale agreement with Orange (Baa1, stable); (3)
expected improvement in FCF over 2026–27 when excluding Wyre; and
(4) solid liquidity supported by a long-dated maturity profile, pro
forma for the transaction, and undrawn credit facilities.

These strengths are offset by Telenet's: (1) high leverage, with
Moody's-adjusted debt/EBITDA expected to stand at around 5.5x in
2026, pro forma for the completion of all steps of the transaction;
(2) still-weak EBITDA performance; (3) Moody's expectations of a
weakening of the business profile post-Wyre's spin-off; and (4)
uncertainties around the ultimate impact of new-entrant Digi on the
Belgian telecom market.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

LIQUIDITY

Telenet benefits from a good liquidity profile, supported by: (1)
Moody's expectations that FCF will gradually improve over
2026–27; (2) access to two revolving credit facilities, currently
undrawn, totalling EUR600 million and currently maturing in 2026
(EUR20 million) and 2029 (EUR580 million), respectively, and
expected to be largely extended to 2032; (3) a EUR25 million
overdraft facility due in 2026; and (4) a long-dated maturity
profile, pro forma for the proposed transaction.

While Telenet currently benefits from around EUR1 billion of cash
on its balance sheet, Moody's expects the company to upstream most
of this amount to Liberty Global, thereby providing no support to
its liquidity profile.

STRUCTURAL CONSIDERATIONS

Telenet's B1-PD probability of default rating (PDR) is at the same
level as the CFR, reflecting the expected recovery rate of 50%
which Moody's typically assume for a capital structure that
consists of a mix of bank debt and bonds.

The senior secured on-lending of the senior secured notes, issued
by Telenet Finance Luxembourg Notes S.a r.l., establishes a claim
position for the noteholders that is broadly equivalent to that of
the existing lenders under the Telenet senior secured bank credit
facilities. The senior secured bank credit facilities and the
senior secured notes are both rated B1, in line with the CFR.

The designation of Wyre as an unrestricted subsidiary implies that
the funding to be raised by the infrastructure company will fall
outside the Telenet restricted group. The designation of Wyre as a
unrestricted subsidiary will be triggered by the drawdown of its
credit facility and is subject to regulatory approval from the
Belgian Competition Authority (BCA) for the full-fibre partnership
between Wyre and Fiberklaar, together with their respective parent
companies, Telenet and Proximus SA de droit public (A3 stable). The
proposed refinancing of Telenet is, in turn, subject to the
successful completion of Wyre's financing.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company's
Moody's-adjusted leverage will gradually decline to below 5.5x,
supported by modest EBITDA growth and, mostly, debt repayments
driven by the potential monetisation of Wyre. The rating is
currently weakly positioned, leaving only limited headroom for
underperformance against Moody's current expectations.

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

Moody's expects to revisit the rating thresholds following the
successful completion of the overall transaction. Currently, the
rating could be upgraded if Telenet: (1) improves its operating
performance meaningfully; (2) demonstrates a clear commitment to
maintaining its Moody's-adjusted gross debt/EBITDA below 4.75x on a
sustained basis; (3) increases its Moody's-adjusted cash flow from
operations (CFO)/debt well above 15%; and (4) increases
substantially its margins.

Telenet could be downgraded if: (1) there is a further
deterioration in the company's operating performance; (2) its
business profile weakens, as in the case of a network separation;
(3) the company's Moody's-adjusted gross debt/EBITDA exceeds 5.75x,
particularly if it is not sufficiently balanced by cash on balance
sheet, on a sustained basis; and (4) its Moody's-adjusted CFO/debt
falls below 10% and FCF (after capital spending and dividends)
deteriorates further.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in December 2025.

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

COMPANY PROFILE

Headquartered in Mechelen, Belgium, Telenet Group Holding NV
provides broadband, video, fixed-line telephony and mobile
communications services, predominantly in Belgium but also in
Luxembourg. Telenet generated revenue of EUR2,851 million and
company-adjusted EBITDA of EUR1,357 million in 2024. The company is
fully owned by Liberty Global.



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

BBVA CONSUMER 2026-1: Moody's Gives (P)B2 Rating to EUR46MM E Notes
-------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to Notes to be
issued by BBVA CONSUMER 2026-1 FONDO DE TITULIZACION:

EUR1,978.0M Class A Floating Rate Asset Backed Notes due May 2039,
Assigned (P)Aa1 (sf)

EUR86.2M Class B Floating Rate Asset Backed Notes due May 2039,
Assigned (P)A1 (sf)

EUR86.3M Class C Floating Rate Asset Backed Notes due May 2039,
Assigned (P)Baa2 (sf)

EUR69.0M Class D Floating Rate Asset Backed Notes due May 2039,
Assigned (P)Ba2 (sf)

EUR46.0M Class E Floating Rate Asset Backed Notes due May 2039,
Assigned (P)B2 (sf)

EUR20.7M Class Z Floating Rate Asset Backed Notes due May 2039,
Assigned (P)A2 (sf)

Moody's have not assigned any rating to the EUR34.5M Class F
Floating Rate Asset Backed Notes due May 2039.

RATINGS RATIONALE

The transaction is a static cash securitisation of Spanish
unsecured consumer loans originated by Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA) (A2 Senior Unsecured/A2(cr), A1 LT Bank
Deposits). The portfolio consists of consumer loans used for
several purposes, such as car acquisition, property improvement and
other undefined or general purposes. BBVA also acts as servicer,
collection account bank and issuer account bank provider of the
transaction.

The provisional portfolio consists of approximately EUR2,662.6
million of loans as of November 2025 pool cut-off date. A final
portfolio of EUR2,300.0 million will be randomly selected from the
provisional portfolio to match the final Collateralised Notes
issuance amount. The weighted average remaining maturity of the
provisional portfolio is 6.8 years and the weighted average
seasoning is 0.8 years. 80.7% of the loans in this pool were used
to finance living expenses and 8.9% for the purchase of a new, used
and other type of vehicles. All the loans are fixed-rate loans.
Around 78.4% of the provisional portfolio is composed of
pre-approved loans where the borrower was offered an unsecured
consumer loan up to a maximum amount without initiating an
application process. Pre-approved loans require the borrower to be
an active customer of BBVA and meet a minimum behavioural scoring.

The Reserve Fund will be funded to 0.9% of the Collateralised Notes
balance at closing and the total credit enhancement for the Class A
Notes will be 14.90%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

The transaction benefits from credit strengths such as the
granularity of the portfolio, the excess spread-trapping mechanism
through a 6 months artificial write off mechanism, the high average
interest rate of 6.6% and the financial strength and securitisation
experience of the originator. However, Moody's notes that there is
a risk of yield compression as 97.0% of the loans in the pool has
the option of an automatic discount on the loan interest rate as a
result of the future cross selling of other products.

Moreover, Moody's notes that the transaction features some credit
weaknesses such as a complex structure including interest deferral
triggers for junior Notes, pro-rata payments on all asset-backed
Notes from the first payment date, the high linkage to BBVA and
limited liquidity available in case of servicer disruption. Various
mitigants have been put in place in the transaction structure such
as sequential redemption triggers to stop the pro-rata
amortization.

Hedging: all the loans are fixed-rate loans, whereas the Notes are
floating-rate liabilities. As a result, the issuer is subjected to
a fixed-floating interest-rate mismatch. To mitigate the
fixed-floating rate mismatch, the issuer has entered into a swap
agreement with BBVA. Under the swap agreement, (i) the issuer pays
a fixed rate of [ ]%, (ii) the swap counterparty pays 3M Euribor,
(iii) the notional as of any date will be the outstanding balance
of Classes A-F Notes.

Moody's analysis focused, amongst other factors, on: (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on
BBVA's total book and past consumer loan ABS transactions and
performance of previous BBVA Consumer deals; (iii) the credit
enhancement provided by subordination, excess spread and the
reserve fund; (iv) the liquidity support available in the
transaction by way of principal to pay interest; and (v) the
overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 5.0%, expected recoveries of 20.0% and portfolio credit
enhancement ("PCE") of 17.0%. The expected mean default rate and
recoveries capture Moody's expectations of performance considering
the current economic outlook, while the PCE captures the loss
Moody's expects the portfolio to suffer in the event of a severe
recession scenario. Expected defaults and PCE are parameters used
by us to calibrate its lognormal portfolio loss distribution curve
and to associate a probability with each potential future loss
scenario in the ABSROM cash flow model to rate Consumer ABS.

Portfolio expected mean default rate of 5.0% is in line with recent
Spanish consumer loan transaction average and is based on Moody's
assessments of the lifetime expectation for the pool taking into
account (i) historic performance of the loan book of the
originator, (ii) performance track record on most recent BBVA
Consumer deals,(ii) benchmark transactions, and (iii) other
qualitative considerations.

Portfolio expected recoveries of 20.0% are higher than recent
Spanish consumer loan average and are based on Moody's assessments
of the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

The PCE of 17.0% is in line with other Spanish consumer loan peers
and is based on Moody's assessments of the pool taking into account
the relative ranking to originator peers in the Spanish consumer
loan market. The PCE of 17.0% results in an implied coefficient of
variation ("CoV") of 41.6%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that would lead to an upgrade of the ratings include
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
BBVA; or (3) an increase in Spain's sovereign risk.




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

ALPKIT LTD: BDO Named as Administrators
---------------------------------------
Alpkit Ltd was placed into administration proceedings in the High
Court of Justice, Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number 2026-MAN-000144,
and Mark Thornton and Benjamin Peterson of BDO LLP were appointed
as joint administrators on Jan. 28, 2026.

Alpkit Ltd specialized in retail sale of sporting equipment in
specialised stores.

Its registered office is at Units 12-14 Oak House, Engine Lane,
Moorgreen Industrial Park, Newthorpe, Nottingham, NG16 3QU (to be
changed to c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool,
L2 5RH).

The joint administrators can be reached at:

    Mark Thornton (IP No. 25650)
    Benjamin Peterson (IP No. 25570)
    BDO LLP
    Water Court, Ground Floor, Suite B
    116-118 Canal Street
    Nottingham, NG1 7HF

For further details, contact:

    Tel No: +44 (0)151 237 2526
    Email: BRCMTNorthandScotland@bdo.co


AQUILA RECRUITMENT: Voscap Limited Named as Administrators
----------------------------------------------------------
Aquila Recruitment Ltd was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number
CR-2026-000157, and Ian Lawrence Goodhew and Abigail Shearing of
Voscap Limited were appointed as joint administrators on Jan. 28,
2026.

Aquila Recruitment Ltd specialized in recruitment and timesheet
services to the construction industry.

The Company's registered office is at 19 Greenfield Road, Dagenham,
Essex, RM9 4RT.

Its principal trading address is 19 Greenfield Road, Dagenham,
Essex, RM9 4RT.

The joint administrators can be reached at:

    Ian Lawrence Goodhew (IP No. 28472)
    Abigail Shearing (IP No. 10290)
    Voscap Limited
    20 North Audley Street
    Mayfair, London, W1K 6WE

For further details, contact:

    The Joint Administrators
    Email: team@voscap.co.uk
    Tel No: 0207 769 6831


ECRUBOX DIGITAL: Currie Young Named as Administrators
-----------------------------------------------------
Ecrubox Digital Ltd was placed into administration proceedings in
the Business and Property Courts of England and Wales, Court Number
CR-2026-000487, and Steven John Currie and Sophie Murcott of Currie
Young Ltd were appointed as joint administrators on Jan. 23, 2026.

Ecrubox Digital Ltd specialized in advertising agencies.

The Company's registered office and principal trading address is at
Royal Porcelain Works, First Floor, Severn Street, Worcester, WR1
2NE.

The joint administrators can be reached at:

    Steven John Currie (IP No. 009675)
    Sophie Murcott (IP No. 030510)
    Currie Young Ltd
    Riverside 2, No. 3
    Campbell Road
    Stoke on Trent, ST4 4RJ

For further details, contact:

    The Administrators
    Tel No: 01782 394500
    Alternative contact: Will Davies
    Email: will.davies@currieyoung.com
           sjc@currieyoung.com


ICEBERG ACQUISITIONS: S&P Assigns Prelim. 'B' ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' ratings to European
ice cream manufacturer Iceberg Acquisitions UK Ltd. and its
proposed pari passu ranking term loan B (TLB) and revolving credit
facility (RCF), subject to the successful closure of the
transaction; the preliminary recovery rating of '3' on the debt
reflects its expectations of meaningful recovery (50%-70%; rounded
estimate: 65%) in a hypothetical default scenario.

The outlook on S&P's rating is stable because it forecasts
resilient operating performance over the next 12-18 months, with
S&P Global Ratings-adjusted EBITDA of EUR80 million-EUR90 million,
adjusted debt to EBITDA of 5.0x-5.5x, and robust cash flow
generation, together with sufficient liquidity to cover the
ambitious growth investment plans.

Glacier has a strong position in the European non-branded ice cream
market, but S&P views the business as relatively small in scale and
exposed to some seasonality and concentration risks. Glacier was
formed in January 2025 from the combination of Gelato d'Italia and
YSCO and generated pro forma S&P Global Ratings-adjusted EBITDA of
EUR72 million in 2025. The group is considerably smaller in size
than other rated manufacturers of non-branded packaged food, such
as Froneri International Ltd. (BB-/Stable/--) or Sammontana Italia
S.p.A. (B/Stable/--). Glacier operates in the inherently seasonal
ice-cream market, and its revenue is concentrated in Europe, with
35% generated from two pan-European customers in 2025, although the
independent client contracts in each country partly mitigate this
concentration.

The European private label and co-manufacturing ice-cream market is
fragmented and characterized by mostly national players. Glacier
holds the second-largest market share in Europe, close behind
Froneri. Glacier's market share is double the size of the
third-largest company's, and its revenue base is relatively
diverse, with France and the Netherlands--its largest markets--each
accounting for 12% of sales in the 12 months to Sept. 30, 2025.
Moreover, ice cream manufacturing has relatively high barriers to
entry due to high initial capital outlays and a dependence on
economies of scale to operate profitably. This allows Glacier to
leverage its market position and strong retailer relationships to
capture market share from competitors.

While inherently low-margin, the private-label segment should enjoy
favorable demand trends in the medium term, and the group's
manufacturing capabilities and track record on product quality and
innovation position it well vis-à-vis competition. About 85% of
Glacier's sales come from private label contracts, with the
remaining 15% generated from co-manufacturing contracts. The
private label segment, while inherently low-margin, is set to enjoy
favorable demand trends in medium term, following resilient
performance over the past five years.

S&P anticipates that trends toward discounters, private
label-driven differentiation among retailers, and premiumization
will drive greater penetration of private label ice cream within
retailers' product portfolios. Glacier's consistently high product
quality, extensive product development and innovation capabilities,
efficient manufacturing facilities, and specialized equipment
position it favorably with retailers looking to diversify from
branded products. The group benefits from strong, well-established
relationships with key retailers across Europe, some spanning more
than 25 years and across multiple markets. It also has a solid
contract renewal record and hasn't lost any major contracts in the
past three years, in a market where standard practice is for
suppliers to tender annually.

Glacier effectively navigates the ice cream industry's input price
volatility and seasonal production demands by passing on cost
increases, advancing centralized procurement of the key
ingredients, and adapting its workforce. Ice cream manufacturers
depend on four key ingredients: cocoa, milk, sugar, and flavorings.
Cocoa and milk have historically shown significant price
volatility, with price spikes that have affected manufacturer's
margins in the short term. However, due to the annual nature of
private label contracts and resilient demand for ice cream, Glacier
has been able to pass through those cost increases. Dairy prices
surged in 2022, but Glacier was able to recover from a temporary
margin decline the following year, with its adjusted EBITDA margin
rising to 15% from the historical 12%-13%. Glacier enters into
long-term agreements with cocoa suppliers and sources cocoa in
advance at a fixed price to cover its needs for at least the
following two quarters, which mitigates the risk of mispricing the
contract bids.

Additionally, Glacier addresses demand seasonality, with
consumption peaking during summer and the resulting production
concentration in the first half of the year, by balancing full-time
employees with a seasonal workforce, of which 80% are recurring
temporary employees. This model ensures adequate capacity and skill
sets during peak production (March through July), while allowing it
to adapt to lower demand in the subsequent months.

S&P said, "We expect Glacier to continue expanding on the back of
European ice-cream market growth and increase its market share with
new and existing customers. We forecast revenue of EUR582 million
in 2025, EUR623 million in 2026, and EUR657 million in 2027. We
base this forecast on our expectations of continued growth in the
value of the European ice cream market, driven primarily by price
increases above the consumer price index (CPI). This will support
the growth of the private label segment, which we expect will
maintain a stable share of the market relative to branded products.
We expect Glacier to benefit from this trend and gain further
market share by expanding its product mix and volumes with existing
customers and by gaining new customers in existing markets, as it
has in the past. For 2026, specifically, Glacier has already
contracted 96% of the group's budgeted revenue. The projected
topline expansion, along with an anticipated normalization in the
global supply and price of cocoa beans and efficiency measures in
Glacier's plants, should translate into an adjusted EBITDA margin
expansion to about 13.3% in 2026 and 13.9% in 2027, from an
estimated 12.8% in 2025.

"We expect Glacier to produce positive free operating cash flow
(FOCF), but growth investments will weigh on cash generation. We
anticipate growth capital expenditure (capex) of about EUR17
million in 2026 and EUR35 million in 2027 to support new production
lines to cater for existing demand and new contracts and enhance
operating efficiency, in addition to about EUR11 million in annual
maintenance capex. The EBITDA expansion and improved working
capital management from renegotiated terms with buyers and
suppliers will contribute to healthy cash flow from operations.
However, significant growth investments will moderate FOCF to about
EUR3 million in 2026 and EUR6 million in 2027. Nevertheless, we
acknowledge the company's prudent intention to pre-fund this
planned expansionary spending by retaining part of the proceeds
from the proposed refinancing transaction as cash on balance sheet.
Pro forma, excluding growth capex, Glacier's FOCF is more aligned
with that of other similarly rated peers.

"We consider that, following the proposed refinancing, Glacier's
capital structure will be highly leveraged and its financial policy
is unlikely to prioritize deleveraging. Under our base-case
scenario, we forecast adjusted debt to EBITDA of about 5.5x in
2026, declining towards 5.0x in 2027, reflecting the new capital
structure that will include EUR455 million debt (of which EUR400
million is the proposed term loan). As is the case with other
financial sponsor-owned companies, we do not anticipate Glacier
will engage in further dividend distributions over the forecast
period. However, our rating takes into consideration the risk of a
possible deviation from our base-case credit metrics due to
higher-than-anticipated discretionary spending on shareholder
remuneration or debt-funded acquisitions. In our leverage
calculation, we do not deduct cash and cash equivalents from
adjusted debt, because of Glacier's ownership and control by the
financial sponsors Davidson Kempner (96% stake) and Afendis (4%).
Our main debt adjustments for 2026 and 2027 include lease
liabilities of about EUR23 million; EUR30 million in receivables
factoring that we assume is used broadly in line with 2025 (total
program availability is about EUR60 million); and pension
liabilities of EUR2 million.

"Glacier has some headroom under its credit metrics to fund future
bolt-on acquisitions, in our view. We understand that the group has
ambitions to become the leading private label ice cream
manufacturer in Europe and to act as a consolidator in its markets.
This could result in some bolt-on acquisitions to acquire
additional manufacturing capabilities, leveraging expected ongoing
private label penetration and the existing market fragmentation. We
think the group will pursue this strategy through bolt-on
acquisitions, but our current base case is based on organic growth
with no contribution from acquisitions. Therefore, material
debt-funded acquisitions could result in increased leverage in the
medium term. The company's inorganic growth strategy entails
execution risks, but we acknowledge the track record of the
executive management team and the owners in consolidating platforms
in the fast-moving consumer goods (FMCG) sector.

"Our final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of our
final ratings. If S&P Global Ratings does not receive the final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the right
to withdraw or revise our ratings. Potential changes include, but
are not limited to, use of loan proceeds, maturity, size and
conditions of the loans, financial and other covenants, security,
and ranking.

"The stable outlook reflects on our view that Glacier's operating
performance should remain resilient over the next 12-18 months,
with adjusted debt to EBITDA below 6.0x and FOCF turning positive
by 2026.

"We could lower our ratings in the next 12 months if, contrary to
our base-case scenario, Glacier fails to organically expand its
EBITDA base, such that adjusted debt to EBITDA deteriorated to more
than 7.0x, or if its FOCF failed to turn positive and became
structurally negative. We could also take a negative rating action
if the group pursues a more aggressive financial policy than we
previously expected, with a large debt-financed acquisition or
shareholder payout.

"For a positive rating action, we would assess Glacier's ability to
generate positive and recurring FOCF on a sustainable basis, the
resilience of its earnings and profitability, and its track record
of maintaining adjusted debt to EBITDA comfortably below 5.0x with
a clear financial policy commitment to maintain this level over
time. We would also expect a prudent approach to the funding of
discretionary spending on organic projects or acquisitions and to
shareholder distributions."


IVC ACQUISITION: Moody's Rates New Amended & Extended Loans 'B3'
----------------------------------------------------------------
Moody's Ratings has assigned B3 ratings to IVC Acquisition Midco
Ltd's (IVCE) proposed amended and extended facilities. These
include the amended and extended EUR and GBP denominated backed
senior secured first lien term loan B tranches and backed first
lien senior secured revolving credit facility (RCF), all borrowed
by IVC Acquisition Limited. Moody's also assigned a B3 rating to
the extended USD denominated backed senior secured first lien term
loan B, borrowed by VetStrategy Canada Holdings Inc and co-borrowed
by IVCE US LLC. All other ratings of IVCE are unaffected, including
the company's B3 corporate family rating and B3-PD probability of
default rating. The outlook on all entities is stable.

The proposed transaction will extend the maturity of the existing
term loan B tranches (TLB) of GBP4.1 billion (equivalent) by three
years to December 2031 from December 2028, with a modest upsize of
GBP24 million (equivalent) subject to changes, and extend the
maturity of its upsized RCF of GBP640 million to June 2031 from
February 2028.

RATINGS RATIONALE

Moody's views the proposed amended and extended facilities as
credit positive, as it proactively addresses the 2028 maturities.
The transaction is broadly leverage neutral, with Moody's adjusted
leverage remaining in line with the B3 rating level.

In fiscal 2025, IVCE reported a like-for-like revenue decline of
2%, reflecting continued post-COVID market normalisation and a
softer consumer environment. The Canadian business was particularly
affected, facing additional local challenges such as staff
retention. Despite these headwinds, the company achieved a modest
margin expansion during the year. However, exceptional
items—primarily higher-than-anticipated transformation
costs—placed pressure on Moody's-adjusted EBITDA. M&A activity is
ongoing, with 122 sites acquired over the period. Moody's adjusted
FCF is negative by approximately GBP135 million for the period, a
higher outflow then Moody's expected, but in part due to a one-off
interest payment linked to changes in payment frequency.

Over the next 12–18 months Moody's forecasts organic revenue
growth in the low single digits. Moody's expects the growth to be
driven by the gradual recovery of IVCE's Canadian operations,
supported by regional initiatives, and ongoing price increases
across its key markets. Cost-saving measures should also help
offset inflationary pressures, while continued M&A activity will
complement organic growth. Consequently, Moody's expects
Moody's-adjusted leverage to trend to below 7.5x in fiscal 2026.
However, Moody's-adjusted FCF will likely remain limited, as it
continues to be constrained by high interest costs, elevated capex,
and exceptional expenses—although these are expected to decline
from 2025's levels.

IVCE's B3 CFR continues to be supported by strong market
fundamentals, underpinned by the low elasticity of demand and
resilient pricing in veterinary services. However, in the near
term, adverse pet age demographics and subdued consumer sentiment
are expected to constrain volume growth. In addition, uncertainty
in the UK persists regarding the outcome of the Competition and
Markets Authority (CMA) review of veterinary services for household
pets and the potential associated costs.

The CMA's provisional decision, published in October 2025, proposes
measures aimed at enhancing transparency around veterinary
ownership structures and pricing, introducing a cap on prescription
fees, and improving access to medicines through online channels. If
implemented, these measures could result in additional
administrative and regulatory costs for IVCE, including the
potential need to revisit its branding strategy.

LIQUIDITY

IVCE's liquidity is good. As of December 2025 and pro forma for the
transaction, the company is expected to have GBP186 million of
unrestricted cash on balance sheet and and GBP524 million of
availability under its new GBP640 million senior secured RCF. The
latter has a net senior leverage springing covenant, under which
the company will retain ample headroom. Given its highly
acquisitive strategy, Moody's expects the company to use the RCF to
fund future M&A.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company
returns to organic growth and at least breakeven FCF over the next
12-18 months while further reducing Moody's adjusted leverage. The
stable outlook also assumes that IVCE will maintain at least an
adequate liquidity, including substantial cash balances and
availability under its revolving credit facility.

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

IVCE's ratings could be upgraded if the company records solid
like-for-like revenue and EBITDA growth along with a successful
track record of acquisitions' integration and synergy realisation;
Moody's-adjusted gross debt/EBITDA approaches 6.5x sustainably;
IVCE generates and maintains positive FCF generation with
Moody's-adjusted FCF/debt sustained toward 5%; and Moody's adjusted
EBITA/ interest increases towards 1.5x.

IVCE's ratings could be downgraded if its organic revenue and
EBITDA growth further softens; Moody's adjusted gross debt/EBITDA
does not reduce from current elevated levels; Moody's adjusted
EBITA/interest expense reduces to below 1.0x or; FCF remains
negative for a prolonged period of time or liquidity weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

COMPANY PROFILE

IVC-Evidensia, based near Bristol, England, is the largest
veterinary services group in Europe and second largest globally,
with presence in 19 countries. In FY2025, the company generated
around GBP3.5 billion of revenue and GBP745 million of
company-adjusted EBITDA pro forma for acquisitions and before
exceptional items.


JOHNSONS 1871: Leonard Curtis Named as Administrators
-----------------------------------------------------
Johnsons 1871 Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number
CR-2026-000107, and Steven Muncaster and Andrew Poxon of Leonard
Curtis were appointed as joint administrators on Jan. 28, 2026.

Johnsons 1871 Limited specialized in other construction
installation, operation of warehousing and storage facilities for
land transport activities, and specialised design activities.

The Company's registered office and principal trading address is at
King Edward Court, King Edward Road, Knutsford, WA16 0BE.

The joint administrators can be reached at:

     Steven Muncaster (IP No. 9446)
     Leonard Curtis
     3rd Floor, Exchange Station
     Tithebarn Street
     Liverpool, L2 2QP

     Andrew Poxon (IP No. 8620)
     Leonard Curtis
     Riverside House
     Irwell Street
     Manchester, M3 5EN

For further details, contact:

     The Joint Administrators
     Tel No: 0161 831 9999
     Email: recovery@leonardcurtis.co.uk
     Alternative contact: Joe Thompson


MOCKBA LTD: Oury Clark Named as Administrators
----------------------------------------------
Mockba Ltd, trading as Mockba Modular, was placed into
administration proceedings in the High Court of Justice, Court
Number CR-2026-000261, and Carrie James of Oury Clark Chartered
Accountants and Simon Carvill-Biggs of FRP Advisory Trading Limited
were appointed as joint administrators on Jan. 29, 2026.

Mockba Ltd specialized in other manufacturing not elsewhere
classified, construction of commercial and domestic buildings, and
buying and selling of own real estate.

The company's registered office and principal trading address is at
Unit 1 Roundwood Industrial Estate, Ossett, WF5 9SQ.

The joint administrators can be reached at:

    Carrie James (IP No. 16570)
    Oury Clark Chartered Accountants
    Herschel House
    58 Herschel Street
    Slough, SL1 1PG

    Simon Carvill-Biggs (IP No. 15930)
    FRP Advisory Trading Limited
    2nd Floor, Churchill House
    26-30 Upper Marlborough Road
    St Albans, AL1 3UU

For further details contact:

    The Liquidators
    Email: IR@ouryclark.com
    Tel No: 01753 551111
    Alternative contact: James Langston


OCEAN RECOVERY: Quantuma Named as Administrators
------------------------------------------------
Ocean Recovery and Wellness Centre Ltd was placed into
administration proceedings in the High Court of Justice, Business
and Property Courts of England and Wales, Insolvency & Companies
List (ChD), Court Number CR-2026-000051, and Nicholas Simmonds and
Chris Newell of Quantuma Advisory Limited were appointed as joint
administrators on Jan. 28, 2026.

Ocean Recovery and Wellness Centre Ltd specialized in residential
care activities for learning difficulties and mental health.

The Company's registered office is at 52 High Street, Pinner, HA5
5PW (in the process of being changed to 1st Floor, 21 Station Road,
Watford, Herts, WD17 1AP).

Its principal trading address is 94 Queen's Promenade, Blackpool,
FY2 9NS.

The joint administrators can be reached at:

    Nicholas Simmonds (IP No. 9570)
    Chris Newell (IP No. 13690)
    Quantuma Advisory Limited
    1st Floor, 21 Station Road
    Watford, Herts, WD17 1AP

For further details, contact:

    Silvia Fernandes
    Tel No: 01923 954 179
    Email: Silvia.Fernandes@quantuma.com


SHACKLEFORD PIANOS: KBL Advisory Named as Administrators
--------------------------------------------------------
Shackleford Pianos Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Court in Manchester, Company and Insolvency List (ChD), Court
Number CR-2026-MAN-000171, and Richard Cole and Steve Kenny of KBL
Advisory Ltd were appointed as joint administrators on Jan. 30,
2026.

Shackleford Pianos Limited specialized in retail sale of musical
instruments and scores, and retail sale of other second-hand goods
in stores.

The Company's registered office and principal trading address is at
Unit 2 Crown Centre, Bond Street, Macclesfield, SK11 6QS.

The joint administrators can be reached at:

    Richard Cole (IP No. 26070)
    Steve Kenny (IP No. 24030)
    KBL Advisory Ltd
    Stamford House
    Northenden Road
    Sale, Cheshire, M33 2DH

For further details, contact:

    Emma Butcher
    Email: Emma.Butcher@kbl-advisory.com
    Tel No: 0161 637 8100
    Alternative contact: Mary Dempsey


ULTIMATE ELECTRICAL: CG & Co. Named as Administrators
-----------------------------------------------------
Ultimate Electrical, Security & Smarthome Ltd was placed into
administration proceedings in the High Court of Justice, Court
Number CR-2026-MAN-000195, and Edward M Avery-Gee and Nick Brierley
of CG & Co were appointed as joint administrators on Feb. 2, 2026.

Ultimate Electrical, Security & Smarthome Ltd specialized in
electrical installation.

The Company's registered office is at 20-22 Wenlock Road, London,
N1 7GU.

Its principal trading address is Humberston Business Park, Wilton
Rd, Humberston, Grimsby, DN36 4BJ.

The joint administrators can be reached at:

     Edward M Avery-Gee (IP No. 12410)
     Nick Brierley (IP No. 19950)
     CG & Co
     27 Byrom Street
     Manchester, M3 4PF

For further details, contact:

     Tel No: 0161 358 0210
     Email: info@cg-recovery.com




===============
X X X X X X X X
===============

[] BOOK REVIEW: The Turnaround Manager's Handbook
-------------------------------------------------
Author:  Richard S. Sloma
Publisher:  Beard Books
Soft cover:  226 pages
List Price:  $34.95

Review by Gail Owens Hoelscher

In the introduction to this book, the author suggests that an
accurate subtitle could be "How to Become a Successful Company
Doctor."  Using everyday medical analogies throughout, he targets
"corporate general practitioners" charged with the fiscal health of
their companies.  

As with many human diseases, early detection of turnaround
situations is critical. The author describes turnaround situations
as a continuum differentiated by length of time to disaster: "Cash
Crunch," "Cash Shortfall," "Quantity of Profit," and "Quality of
Profit."  

The book centers on 13 steps to a successful turnaround. The steps
are presented in a flowchart form that relates one to another.
Extensive data collection and analysis are required, including the
quantification of 28 symptoms, the use of 48 diagnostic and
analytical tools, and up to 31 remedial actions.  (In case the
reader balks at the effort called for, the author points out that
companies that collect and analyze such data on a regular basis
generally don't find themselves in a turnaround situation to begin
with!)

The first step is to determine which of 28 symptoms are plaguing
the company. The symptoms generally pertain to manufacturing firms,
but can be applied to service or retail companies as well.  Most of
the symptoms should be familiar to the reader, but the author lays
them out systematically, and relates them to the analytical tools
and remedial actions found in subsequent chapters. The first seven
involve the inability to make various payments, from debt service
to purchase commitments.  Others include excessive debt/equity
ratio; eroding gross margin; increasing unit overhead expenses;
decreasing product line profitability; decreasing unit sales; and
decreasing customer  profitability.

Step 2 employs 48 diagnostic and analytical tools to derive
inferences from the symptom data and to judge the effectiveness of
any proposed remedy.  The author begins by saying ". . . if the
only tool you have is a hammer, you will view every problem only as
a nail!"  He then proceeds to lay out all 48 tools in his medical
bag, which he sorts into two kinds, macro- and micro- tools.
Macro-tools require data from several symptoms or assess and
evaluate more than a single symptom, whereas micro-tools more
general-purpose in function. The 12 macro-tools run from "The Art
of Approximation" to "Forward-Aged Margin Dollar Content in Order
Backlog." The 36 micro-tools include "Product Line Gross Margin
Percent Profitability," Finance/Administration People-Related
Expenses As Percent Of Sales," and "Cumulative Gross $ by Region."

Next, managers are directed to 31 possible remedial actions,
categorized by the four stage turnaround continuum described above.
The first six actions are to be considered at the Cash Crunch
stage, and range from a fire-sale of inventory to factoring
accounts receivable.  The next six deal with reducing
people-related expenses, followed by 13 actions aimed at reducing
product- and plant-related expenses.  The subsequent five actions
include eliminating unprofitable products, customers, channels,
regions, and reps.  Finally, managers are advised on increasing
sales and improving gross margin by cost reduction in various
ways.

The remaining steps involve devising the actual turnaround plan,
ensuring management and employee ownership of the plan, and
implementing and monitoring the plan. The advice is comprehensive,
sensible and encouraging, but doesn't stoop to clich, or empty
motivational babble.  The author has clearly operated on patients
before and his therapeutics have no doubt restored many a firm's
financial health.



                           *********


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 * * *