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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

          Tuesday, February 17, 2026, Vol. 27, No. 34

                           Headlines



F R A N C E

LA FINANCIERE: S&P Lowers ICR to 'CCC-' on Debt Restructuring Risk


G R E E C E

OPAP SA: S&P Affirms 'BB' ICR & Alters Outlook to Stable


I R E L A N D

AURIUM CLO IV: S&P Affirms 'B-(sf)' Rating on Class F Notes
LOGICLANE III: S&P Assigns B-(sf) Rating on Class F Notes


L U X E M B O U R G

EOS FINCO: S&P Ups ICR to 'CCC+' on Debt Restructuring Completion


S W E D E N

POLESTAR AUTOMOTIVE: Eric Li and Affiliates Report Equity Stake
POLESTAR AUTOMOTIVE: NATIXIS Reports 8.4% Equity Stake


S W I T Z E R L A N D

ALLWYN INTERNATIONAL: S&P Affirms BB ICR & Alters Outlook to Stable


T U R K E Y

LIMAK CIMENTO: Fitch Affirms 'B+' IDR, Outlook Stable
[] Fitch Alters Outlook on BB- IDRs on 9 Turkish LRGs to Positive


U N I T E D   K I N G D O M

ATLANTICA SUSTAINABLE: Fitch Affirms 'BB-' Issuer Default Rating
BELLS ENTERPRISES: FRP Advisory Trading Named as Administrators
ORION RETAIL: Interpath Advisory Named as Administrators
SPECIALIST RECRUITMENT: PKF Littlejohn Named as Administrators
SUMMIT 2 LEISURE CLUBS: Mercer & Hole Named as Administrators

TARAK INTERNATIONAL: Interpath Advisory Named as Administrators
ZANDRA SYSTEMS: Interpath Advisory Named as Administrators
[] Fitch Affirms Ratings on 3 EMEA Restaurant and Pub Companies


X X X X X X X X

[] Fitch Affirms Ratings on 5 EMEA Pharmaceutical Companies

                           - - - - -


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F R A N C E
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LA FINANCIERE: S&P Lowers ICR to 'CCC-' on Debt Restructuring Risk
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on La
Financiere Atalian SAS (Atalian) and the issue-level rating on its
senior secured notes to 'CCC-' from 'CCC'.

S&P said, "The negative outlook reflects that we could lower the
ratings if Atalian pursues a debt restructuring or other
transaction that we view as tantamount to a default, or if it
misses or agrees to defer its next coupon payment due in March as
part of the negotiations with its lenders."

Atalian continued to operate with a sustained free operating cash
flow (FOCF) deficit and meaningfully high leverage throughout 2025.
And, although the company has started a major business turnaround
plan, it will take time to materialize and will likely give rise to
additional expenses in the near term.

Meanwhile, Atalian has secured EUR50 million of super senior notes
to meet near-term liquidity needs, including a EUR30 million
deferred payment of value-added tax (VAT) and social security
charges.

Atalian also announced that it had initiated discussions with its
lenders on a recapitalization plan. S&P could consider this
transaction as tantamount to a default if lenders receive less than
the original promise.

S&P said, "The downgrade reflects our view that Atalian is likely
to pursue a distressed debt restructuring over the next six months.
Its operating performance remained weak in 2025, with losses of
contracts surpassing wins, and delayed inflation pass through,
leading to our estimate of S&P Global Ratings-adjusted debt to
EBITDA of 24x at year-end 2025, and negative EUR15 million S&P
Global Ratings-adjusted FOCF. The company has launched a major
transformation plan, with the aim to improve service quality and
operating efficiency. However, we believe it will take time before
it translates into renewed growth and improved profitability. In
2026, we forecast broadly stable revenue in France and 3%-4%
revenue growth internationally. We expect Atalian to invest in its
transformation plan and IT systems, leading to our expectation of
broadly stable S&P Global Ratings-adjusted EBITDA of about EUR53
million. We therefore expect the company to continue burning EUR15
million-EUR20 million of FOCF this year and maintain leverage close
to 25x."

Atalian announced that it had entered into a framework agreement
with a group of bondholders representing more than 50% of the
outstanding principal amount of the notes, to negotiate a
recapitalization transaction to address the next coupon payment due
in March and the overall capital structure.

Atalian's recent actions to bolster liquidity are insufficient to
sustain operations beyond the next 12 months. To finance its
near-term liquidity requirements, Atalian has raised EUR50 million
of super senior notes with a one-year maturity. S&P said, "While
funding of these notes is conditional to certain consent
solicitations on the 2028 notes, we understand these have been
granted by the majority lenders. Half of the funds will be received
in the next few days, and the other half made available on an
escrow account. The total will add to about EUR155 million of cash
that the company had on balance sheet at year-end 2025. However, we
believe this is insufficient to cover its future liquidity needs
beyond the next 12 months, considering the FOCF deficit. We
acknowledge that Atalian is looking to amend its bond documentation
to be able to raise an additional EUR50 million of credit
facilities and currently has access to about EUR250 million of
factoring facilities."

The negative outlook reflects our view that Atalian is vulnerable
to a near-term payment default or distressed debt restructuring
over the next six months.

S&P could lower the ratings if Atalian:

-- Pursues a debt restructuring or other transaction that we view
as tantamount to a default;

-- Misses an interest payment or agrees to differ its next coupon
payment due in March as part of the negotiations with its lenders;
or

-- Raises more super senior debt beyond the EUR50 million
originally permitted under the credit agreement, leading to
noteholders being primed.

S&P could take a positive rating action on Atalian if it believes a
default is less likely in the next six months. This could occur
if:

-- It secures alternative financing in line with the original
credit agreement, which S&P expects will provide it with a
comfortable liquidity cushion; and

-- It demonstrates improved EBITDA and cash flow prospects such
that S&P no longer believe a distressed debt restructuring is
likely in the next six months.




===========
G R E E C E
===========

OPAP SA: S&P Affirms 'BB' ICR & Alters Outlook to Stable
--------------------------------------------------------
S&P Global Ratings revised the outlook on OPAP S.A. to stable and
affirmed its 'BB' rating.

The stable outlook reflects S&P's expectation that Allwyn's
adjusted debt to EBITDA will increase to about 5.0x at year-end
2026 before decreasing to below 5.0x in 2027, driven by improved
cash generation from acquisitions.

S&P said, "On Feb. 11, 2026, we affirmed our 'BB' ratings on Allwyn
and its senior secured debt, and changed the outlook to stable.
Allwyn and OPAP announced their merger on Oct. 13, 2025, through an
all-share deal that valued the combined group at about EUR16
billion. After the transaction's closing, Allwyn, which currently
holds a 54.78% in Athens-listed lottery-Greek operator OPAP, will
hold an indirect 100% ownership through a new combined entity,
Allwyn AG. Allwyn AG will then be listed on the Athens Stock
Exchange, and OPAP's existing public shareholders will have a 21.6%
stake in Allwyn AG (including J&T Arch's current minority stake in
Allwyn International AG), while KKCG will hold 78.4%. The stable
outlook reflects our expectation that Allwyn's adjusted leverage
will increase toward 5.0x by year-end 2026, but the group's cash
generation will improve thanks to recent acquisitions, such that
leverage will reduce to below 5.0x by 2027. In addition, we think
that following the group's listing on the Athens Stock Exchange
expected in the first half of 2026, Allwyn will progressively
adhere to its financial policy of maintaining adjusted leverage at
about 2.5x, which translates into S&P Global Ratings-adjusted
leverage of 3.5x-4.0x. We expect free operating cash flow (FOCF) to
debt to remain stable at about 8%-10%.

"OPAP will be a core entity of the Allwyn group following the
merger between the two companies, in our view. OPAP will represent
about 40% of the combined group's EBITDA and about EUR600 million
of the group's FOCF in 2026. Allwyn will be able to upstream cash
to the group's parent more efficiently, given that the restrictions
linked to the presence of non-controlling shareholders on Greek
listed entities will no longer apply. We assess OPAP's stand-alone
credit profile (SACP) at 'bbb-' two notches higher than our rating,
which is capped by that on its parent.

"We expect OPAP's credit metrics to remain solid over the next
12-24 months. OPAP generates strong earnings while sustaining
strong debt metrics with ample cushion to finance acquisitions and
license payments. We forecast annual adjusted EBITDA of about
EUR840 million over the next two years, supported by the continued
customer engagement to OPAP's offline and online offering. This
should offset the overall increase in operating expenditure to
support growth in operations, such as higher personnel costs and
third-party technology providers' fees. This results in an adjusted
EBITDA margin of 35%, above the 20%-30% level that we consider
average for leisure companies, although this is partially distorted
by the terms and conditions of the license extension obtained in
2011 with the Greek government. According to the agreement, OPAP
only pays about 5% of cash gaming taxes on a monthly basis between
2020 and 2030, and will be required to settle the differential
between the amount due, according to a 30% gross gaming revenue
(GGR) tax regime and the sums actually paid (including 5% GGR over
2020-2030 period, EUR1.83 billion future value of GGR tax
prepayment occurred in 2011, and the higher corporate income taxes
paid as a result of the lower GGR). At the end of 2025, the
estimated value of such payment was about EUR200 million.

"We expect OPAP to generate about EUR600 million FOCF annually,
which will support capital expenditure (capex) on upgrades to
physical retail terminals. The group expects to increase capex to
about EUR70 million-EUR100 million in 2026, up from EUR30 million
in 2025. Spending includes rebranding its retail point of sales and
corporate identity under the Allwyn brand, as well as investments
to support upgrades on the digital platform that underpins retail
gaming. We expect OPAP to finance acquisitions and license payments
with external debt, such as EUR80 million-EUR90 million of license
fees for the renewal of instant and passive lotteries expected in
2026. That said, we think this will not have a material impact on
the group's credit metrics given its ample headroom and strong cash
balance. We expect stable adjusted leverage of about 0.3x and FOCF
to debt that is substantially above 200% in 2025-2026.

"The stable outlook reflects our expectations that, despite the
negative pressure on credit metrics arising from the debt needed to
acquire PrizePicks, the merger with OPAP will reinforce Allwyn's
quality of earnings and sustain profitability. As such, we expect
S&P Global Ratings-adjusted debt-to-EBITDA to decrease below 5.0x
over the next 12-18 months and FOCF to debt to stabilize at 8%-10%
by end-2026.

"A temporary deterioration in credit metrics because of large
upfront license payments to renew important lottery concessions or
secure new contracts may not lead to a downgrade, if we think the
license will preserve or strengthen the company's competitive
position by ensuring adequate profitability and free cash flow
generation over time.

"On a stand-alone basis, we expect OPAP to exhibit solid operating
performance over the next 12 months. We expect adjusted leverage to
remain comfortably below 1.5x and FOCF to debt above 40% over our
forecast horizon."

S&P could lower the rating on Allwyn over the next 12-18 months
if:

-- Adjusted debt to EBITDA remains above 5.0x; and

-- Adjusted FOCF to debt deteriorates below 5% for a prolonged
period.

This could happen due to weaker-than-expected operating
performance, for instance due to a higher impact from changes in
regulatory regimes, a failure to turn around the UK national
lottery's profitability, or higher-than-expected integration costs
from Allwyn's recent acquisitions. Additional pressure could arise
if the group pursued material debt-financed acquisitions or if a
more generous shareholder distribution policy is not offset by a
commensurate improvement in free cash flow.

S&P said, "Although this would not result in a downgrade, we could
revise down our assessment of OPAP's SACP if its adjusted
debt-to-EBITDA ratio increased to above 2.0x and FOCF to debt
deteriorated to below 25%. This could happen, for example, if the
company funded significant acquisitions with external debt
following the change to a more aggressive financial policy, or if
structural changes in Greek gaming regulation or license-awarding
procedures resulted in dramatically increased license fee
payments.

"We could raise our rating on Allwyn if the company outperforms our
base-case scenario such that S&P Global Ratings-adjusted debt to
EBITDA improves to below 4.0x and FOCF to debt stays above 10% over
a sustained period. This would happen if Allwyn demonstrated a
clear path to deleveraging in line with its stated financial policy
as it smoothly integrates its recent acquisitions while maintaining
its largely predictable cash flows from the lottery segment,
allowing the group to comfortably finance shareholders
distributions, including distribution to minority shareholders.

"Although this would not result in an upgrade and unlikely in the
medium term, we could revise up our assessment of OPAP's SACP if
the group were to increase meaningfully its scale and geographic
diversification, for example through acquisitions or being awarded
foreign licenses. This would need to be accompanied with a more
conservative financial policy to maintain robust credit metrics and
ample earning conversion to cash flow."




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I R E L A N D
=============

AURIUM CLO IV: S&P Affirms 'B-(sf)' Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Aurium CLO IV DAC's
class B notes to 'AAA (sf)' from 'AA (sf)', class C notes to 'AA+
(sf)' from 'A (sf)', class D notes to 'A- (sf)' from 'BBB (sf)',
and class E notes to 'BB+ (sf)' from 'BB- (sf)'. At the same time,
S&P affirmed its 'AAA (sf)' rating on the class A-R notes and its
'B- (sf)' rating on the class F notes.

The rating actions follow the application of its global corporate
CLO criteria, and its credit and cash flow analysis of the
transaction based on the November 2025 trustee report.

Since the transaction's refinance date in November 2021:

-- The weighted-average rating of the portfolio remains unchanged
at 'B'.

-- The portfolio has become less diversified and the number of
performing obligors has decreased to 72 from 175.

-- The portfolio's weighted-average life has decreased to 2.52
years from 4.96 years.

-- The percentage of 'CCC'-rated assets has increased to 3.54%
from 3.11%.

-- The percentage of defaulted assets has increased to 0.31% from
0%.

-- The liabilities decreased by EUR69.55 million, while the assets
declined by EUR81.06million, resulting in a EUR11.51 million loss,
equivalent to 2.88% of the aggregate collateral balance since
closing.

-- Following the deleveraging of the senior notes, the class A-R
to D notes benefit from higher levels of credit enhancement
compared with our closing analysis.

  Table 1

  Credit enhancement
                        Credit
        Current amount  enhancement as of    Credit enhancement
  Class  (mil. EUR)     November 2025 (%)*   at closing (%)

  A-R       159.45           49.89               42.64
  B          54.00           32.91               29.11
  C          32.00           22.86               21.10
  D          24.20           15.25               15.04
  E          20.30            8.87                9.95
  F          11.80            5.16                7.00

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)] / [Performing balance +
cash balance + recovery on defaulted obligations (if any)].
*Based on the portfolio composition as reported by the trustee in
November 2025.

The scenario default rates (SDRs) have decreased for all rating
scenarios primarily due to a reduction in the weighted-average life
since the closing date (2.52 years from 4.97 years).

  Portfolio benchmarks
  SPWARF                            2,762.63
  Default rate dispersion             714.94
  Weighted-average life (years)         2.52
  Obligor diversity measure            46.43
  Industry diversity measure           13.90
  Regional diversity measure            1.23

SPWARF--S&P Global Ratings' weighted-average rating factor.

On the cash flow side:

-- The reinvestment period for the transaction ended in July
2022.

-- The class A-R has deleveraged by EUR69.55 million since
closing, equivalent to an outstanding note factor of 69.63%.

-- No class of notes is currently deferring interest.

-- All coverage tests are passing as of the November 2025 trustee
report.

  Transaction key metrics

  Total collateral amount (mil. EUR)*    318.17
  Defaulted assets (mil. EUR)              1.00
  Number of performing obligors              72
  Portfolio weighted-average rating           B
  'AAA' SDR (%)                           56.08
  'AAA' WARR (%)                          36.05

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--Scenario default rate.
WARR--Weighted-average recovery rate.

In S&P's view, the portfolio is diversified across obligors,
industries, and asset characteristics.

S&P said, "In our credit and cash flow analysis, we considered the
transaction's available current cash balance of approximately
EUR78.86 million, as per the November 2025 trustee report. As a
base case, we referred to the January 2026 payment date report,
which showed EUR17.88 million used for the class A-R paydown. We
assume a similar amount will be used for the class A-R paydown in
our base case, with the remaining EUR60.98 million allocated to
reinvestment.

"We also analyzed scenarios that incorporated a collateral quality
test failure and the use of all available principal proceeds to
repay the notes. Furthermore, we considered scenarios in which the
full amount of principal cash is reinvested.

"Our base case credit and cash flow analysis indicates that the
available credit enhancement for the class A-R and B notes is
sufficient to withstand the credit and cash flow stresses that we
apply at the 'AAA' rating level. We therefore affirmed our 'AAA
(sf)' rating on the class A-R notes and raised our rating on the
class B notes to 'AAA (sf)' from 'AA (sf)'.

"Our base-case credit and cash flow analysis indicates that the
available credit enhancement for the class C notes is sufficient to
withstand the stresses that we apply at the 'AA+' rating level. We
therefore raised our rating on the class C notes to 'AA+ (sf)' from
'A (sf)'.

"Our base case credit and cash flow analysis indicates that the
available credit enhancement for the class D notes is sufficient to
withstand the stresses that we apply at the 'A-' rating level. We
therefore raised our rating on the class D notes to 'A- (sf)' from
'BBB (sf)'.

"Our base case credit and cash flow analysis indicates that the
available credit enhancement for the class E notes is sufficient to
withstand the stresses that we apply at the 'BB+' rating level. We
therefore raised our rating on the class E notes to 'BB+ (sf)' from
'BB- (sf)'.

"Our base case credit and cash flow analysis indicates that the
available credit enhancement for the class F notes is sufficient to
withstand the stresses that we apply at the 'B-' rating level. We
therefore affirmed our 'B-(sf)' rating on the class F notes.

"The transaction's exposure to country risk is limited at the
assigned ratings, as the exposure to individual sovereigns does not
exceed the diversification thresholds outlined in our structured
finance sovereign risk criteria.

"Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria."

Aurium CLO IV is a European cash flow CLO transaction that
securitizes loans granted to primarily speculative-grade corporate
firms. The transaction is managed by Spire Management LLP.


LOGICLANE III: S&P Assigns B-(sf) Rating on Class F Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Logiclane III CLO
DAC's class A to F European cash flow CLO notes. The issuer has
also issued unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.50
years after closing, while the noncall period will end 1.5 years
after closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,798.45
  Default rate dispersion                                 425.68
  Weighted-average life (years)                             5.03
  Obligor diversity measure                               137.14
  Industry diversity measure                               25.11
  Regional diversity measure                                1.28

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P' CDO evaluator                              B
  'CCC' category rated assets (%)                           0.00
  'AAA' weighted-average recovery (%)                      36.25
  Floating-rate assets (%)                                 97.50
  Covenanted weighted-average spread (net of floors; %)     3.88
  Covenanted weighted-average coupon                        7.98

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we have conducted our credit and
cash flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.88%), the
covenanted recovery rate of 36.25% at the 'AAA' rating level, and
identified portfolio weighted-average recovery rates for all other
rating categories. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

"Our credit and cash flow analysis show that the class B, C, D, and
E notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes."

The class A notes can withstand stresses commensurate with the
assigned rating.

S&P said, "For the class F notes, our credit and cash flow analysis
indicate that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we have applied
our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

The ratings uplift for the class F notes reflects several key
factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated BDR at the 'B-' rating level of 25.33%
(for a portfolio with a weighted-average life of 5.03 years),
versus if S&P was to consider a long-term sustainable default rate
of 3.2% for 5.03 years, which would result in a target default rate
of 16.10%.

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

Following this analysis, S&P considers that the available credit
enhancement for the class F notes is commensurate with the assigned
'B- (sf)' rating.

Until the end of the reinvestment period on Aug. 11, 2030, the
collateral manager may substitute assets in the portfolio for so
long as S&P's CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating and compares
that with the current portfolio's default potential plus par losses
to date. As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

S&P said, "Under our structured finance sovereign risk criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria."

The transaction's legal structure and framework is bankruptcy
remote. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class A to F notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category--and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met--we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit or limit assets from being
related to certain industries. Since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

Logiclane III CLO DAC securitizes a portfolio of primarily European
senior secured leveraged loans and bonds. It is managed by Acer
Tree Investment Management LLP.

  Ratings
                      Amount
  Class   Rating*   (mil. EUR)   Sub (%)    Interest rate§

  A       AAA (sf)    248.00     38.00   Three/six-month EURIBOR
                                         plus 1.35%

  B       AA (sf)      44.00     27.00   Three/six-month EURIBOR
                                         plus 2.05%

  C       A (sf)       24.00     21.00   Three/six-month EURIBOR
                                         plus 2.50%

  D       BBB- (sf)    28.00     14.00   Three/six-month EURIBOR
                                         plus 3.60%

  E       BB- (sf)     18.00      9.50   Three/six-month EURIBOR
                                         plus 6.00%

  F       B- (sf)      12.00      6.50   Three/six-month EURIBOR
                                         plus 9.04%

  Sub     NR   30.70 N/A N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and F notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

EOS FINCO: S&P Ups ICR to 'CCC+' on Debt Restructuring Completion
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
global telecom provider Eos Finco S.a.r.l. (Netceed) to 'CCC+' from
'SD' (selective default). S&P also assigned a 'CCC+' issue rating
to its EUR355 million term loans with a '3' recovery rating. The
recovery rating reflects its expectations of meaningful recovery
(50%-70%; rounded estimate 55%) in the event of a payment default.

The stable outlook reflects S&P's expectation of a material EBITDA
improvement over the next two years, alongside a sufficient
liquidity profile that is supported by about EUR42 million
available under the super senior delayed draw facility and no debt
maturity until 2032.

Netceed's debt restructuring has significantly reduced its debt and
interest costs and improved its liquidity.

S&P said, "However, we believe Netceed's S&P Global
Ratings-adjusted leverage remains high with debt to EBITDA expected
to be about 11.5x in 2026 and 11.4x in 2027 including the
payment-in-kind (PIK) holdco debt (or 7.9x and 7.6x excluding it).
We also forecast negative free operating cash flow (FOCF) and low
funds from operations (FFO) cash interest coverage of just below
1.5x."

The successful debt restructuring has significantly reduced
Netceed's debt and interest cost and improved liquidity. Netceed's
new capital structure now includes only EUR355 million senior
secured term loans, EUR27.8 million out of EUR70 million drawn
under the super senior delayed draw facility, and a EUR205 million
PIK holdco debt, versus a debt quantum of around EUR2.3 billion
(including preferred equity certificates) previously. S&P forecasts
cash interest to be paid in 2026 at EUR35 million, which compares
with EUR185 million in 2024. For the first two years and limited to
a one-year time horizon, the company may also elect to PIK toggle
part of the interest from the term loans B, subject to having a
liquidity of less than EUR70 million, saving about EUR7 million of
cash interest in that case. The lower interest cost will support
the liquidity profile. The company has EUR36.9 million of cash on
the balance sheet at closing of the transaction, alongside EUR42.2
million available under the super senior delayed draw facility
(over the next 18 months). Lastly, the access to a super senior
emergency basket of EUR30 million solely available to address its
liquidity needs is another support layer to maintain sufficient
liquidity.

S&P said, "However, we believe the company's leverage remains high
with low interest coverage, and negative FOCF. We forecast
continued high leverage of about 11.5x (approximately 8.0x
excluding the PIK holdco debt) with low FFO and interest coverage
below 1.5x in 2026, before gradually improving toward 11x leverage
in 2027 (7.6x excluding the PIK holdco debt). FFO cash interest
coverage is forecast to stay at 1.4x in 2027. FOCF is forecast to
be about negative EUR30 million in 2026, of which we estimate EUR25
million are linked to exceptional costs coming from the
recapitalization transaction. Moreover, given our assumption that
exceptional costs will recede to EUR40 million in 2026 and then
below EUR20 million in 2027, FOCF is forecast to break even in that
year. The improvement in FOCF is also supported by management's
clear focus on working capital management by guiding to a reduction
in gross inventory by 20% in 2026, while having an asset light
business model with capital expenditure (capex) requirements of
about 1% of revenue annually.

"We expect Netceed to return to revenue growth and EBITDA expansion
over the next two years. We forecast revenue growth of about 5.5%
in 2026 and 7% in 2027, supported by demand for fiber-to-the-home
rollout in the U.S., Germany, and Belgium, where penetration rates
remain low compared with those in countries like France or Spain.
With Netceed's exposure to tier 2 and tier 3 telecommunication
operators in the U.S., we expect that lower interest costs and
continued demand for fiber deployment will support revenue growth,
despite the persistent uncertainties around the broadband equity,
access, and deployment program and its funds flowing through,
viewed as one of the growth pillars for smaller telecommunication
operators. In addition, we anticipate higher demand for
energy-related products in Europe linked to the European
investments in electrification and significant growth opportunities
coming from data centers. While we believe that Netceed can use its
existing service offerings and expertise, including supply chain
management, network planning, and easier integration through
pre-assembly or cable-cutting to win new business in those upcoming
industries, we continue to see the end markets as very fragmented
and price sensitive; hence, benefiting larger players like Wesco
that operate at larger scale. One key risk would be if Netceed were
unable to capture growth opportunities in the data center industry,
as well as muted demand for fiber deployment in underpenetrated
geographies. This is due to its exposure to smaller tier 2 and 3
clients that are more constrained in their financial capabilities
to fund such investments."

S&P Global Ratings-adjusted EBITDA margin is forecast to remain at
about 7% over the next two years. During 2026, Netceed is still
affected by the loss of the Altice business that negatively
contributes to EUR13 million of lower gross margin year over year,
hence largely explaining the EBITDA margin decline from about 9%
estimated for 2025 down to 7%. S&P expects that the negative Altice
impact becomes immaterial from 2026, given revenue from Altice is
expected to be less than EUR20 million in 2026. Apart from the
Altice impact, Netceed is impacted by a negative gross margin mix
as growth in the data centers comes with lower gross margin, given
the company mostly operates under a drop-ship model that delivers
equipment directly to the client without taking the inventory risk.
Despite the negative mix effect, offset by gradually improving
operating leverage and strict control on operating costs, keeping
margins broadly flat at 7% in 2026 and 2027.

S&P said, "The stable outlook reflects our expectation of a
material EBITDA improvement over the next two years, alongside a
sufficient liquidity profile that is supported by about EUR42
million available under the super senior delayed draw facility and
no debt maturity until 2032.

"We could lower our ratings on Eos Finco if we believed there was
an increased risk of default in the next 12 months. This could
occur, for example, if the expected business recovery fails to take
hold, leading to significantly negative FOCF and deteriorating
liquidity, including reduced headroom under the minimum liquidity
covenant. We could also downgrade the company if we saw an
increased likelihood of an additional debt exchange or debt
restructuring, or if the company missed any interest payment.

"We could raise the rating if Eos Finco's operating performance
shows a sustained recovery, leading to a material reduction in
leverage and a path to sustainably positive FOCF generation."




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

POLESTAR AUTOMOTIVE: Eric Li and Affiliates Report Equity Stake
---------------------------------------------------------------
Eric Li and affiliated reporting persons including -- Zhejiang
Geely Holding Group Company Limited, Volvo Car Corporation, PSD
Investment Limited, PSD Capital Limited, Snita Holding B.V., Volvo
Car AB, Geely Sweden Holdings AB, Shanghai Geely Zhaoyuan
International Investment Co., Ltd, Beijing Geely Wanyuan
International Investment Co., Ltd, Beijing Geely Kaisheng
International Investment Co., Ltd, and Geely Sweden Automotive
Investment B.V. -- disclosed in a Schedule 13D (Amendment No. 11)
filed with the U.S. Securities and Exchange Commission that as of
February 5, 2026, the reporting persons beneficially amounts of
Polestar Automotive Holding UK PLC's Class A American Depositary
Shares (ADSs) and Class A Ordinary Shares, par value $0.01 each.

The ownership include:

     * Eric Li (Shufu Li) beneficially owns 63,831,976 shares,
representing 56.4% of the class, with sole voting power over
72,799,747 shares and sole dispositive power over 63,831,976
shares.

     * PSD Investment Limited and PSD Capital Limited each
beneficially own 33,949,660 shares, representing 30.0% of the
class.
     * Geely Sweden Holdings AB, Shanghai Geely Zhaoyuan
International Investment Co., Ltd, Beijing Geely Wanyuan
International Investment Co., Ltd, Beijing Geely Kaisheng
International Investment Co., Ltd, and Zhejiang Geely Holding Group
Company Limited each beneficially own 29,882,316 shares,
representing 26.4% of the class.

     * Geely Sweden Automotive Investment B.V. beneficially owns
16,738,542 shares, representing 14.8% of the class.

     * Volvo Car Corporation, Snita Holding B.V., and Volvo Car AB
each beneficially own 12,677,431 shares, representing 11.2% of the
class.

The percentages of beneficial ownership set forth herein are based
on:

     (i) 112,203,357 Class A ADSs and

    (ii) 996,419 Class B ADSs, issued and outstanding as of
February 5, 2026.

The reporting persons may be reached through:

     Eric Li (Shufu Li)
     No. 1760 Jiangling Road, Binjiang District
     Hangzhou, F4, 310051, China
     Tel: 86-571-2809-8282

A full-text copy of the Eric Li's SEC report is available at
https://tinyurl.com/3xbr93aj

                     About Polestar Automotive

Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand with a focus on uncompromised design and innovation, and the
ambition to accelerate the change towards a sustainable future.
Headquartered in Gothenburg, Sweden, its cars are available in 27
markets globally across North America, Europe and Asia Pacific.

Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 9, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
requires additional financing to support operating and development
activities that raise substantial doubt about its ability to
continue as a going concern.

As of June 30, 2025, the Company had $3.6 billion in total assets,
$7.9 billion in total liabilities, and a total deficit of $4.3
billion.

POLESTAR AUTOMOTIVE: NATIXIS Reports 8.4% Equity Stake
------------------------------------------------------
NATIXIS disclosed in a Schedule 13G filed with the U.S. Securities
and Exchange Commission that as of 12/23/2025, it beneficially owns
7,755,946 Class A American Depositary Shares (ADSs) of Polestar
Automotive Holding UK PLC's Class A American Depositary Shares,
representing 8.4%, based on:

     (i) 2,745,231,600 Class A Shares in the form of 91,507,720
Class A ADSs and

    (ii) 29,892,570 Class B Shares in the form of 996,419 Class B
ADSs outstanding on December 23, 2025, as disclosed by the issuer
to the reporting person. The calculation assumes the conversion of
the Class B Shares into Class A Shares.

NATIXIS may be reached through:

     Anne SABOT, CFO
     7 Promenade Germain Sablon
     Paris, France 75013
     Tel: 011 33 1 58 32 30 00

A full-text copy of NATIXIS's SEC report is available at:
https://tinyurl.com/3snkbvjv

                     About Polestar Automotive

Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand with a focus on uncompromised design and innovation, and the
ambition to accelerate the change towards a sustainable future.
Headquartered in Gothenburg, Sweden, its cars are available in 27
markets globally across North America, Europe and Asia Pacific.

Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 9, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
requires additional financing to support operating and development
activities that raise substantial doubt about its ability to
continue as a going concern.

As of June 30, 2025, the Company had $3.6 billion in total assets,
$7.9 billion in total liabilities, and a total deficit of $4.3
billion.



=====================
S W I T Z E R L A N D
=====================

ALLWYN INTERNATIONAL: S&P Affirms BB ICR & Alters Outlook to Stable
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Allwyn International AG
(Allwyn) to stable from negative and affirmed its 'BB' long-term
issuer credit and issue ratings on Allwyn and its senior secured
debt. S&P also assigned its 'BB' issue rating to the proposed
senior secured notes.

The stable outlook reflects S&P's expectations that, although
Allwyn's adjusted leverage will increase toward 5x over the next 12
months, the group's cash generation will improve thanks to recent
acquisitions, such that the company will swiftly delever below 5x
by 2027.

On Jan. 20, 2026, the board of directors of Allwyn and OPAP S.A.
waived the cash exit condition related to shareholder exit rights.
Following this decision, Allwyn is now required to pay about EUR456
million to OPAP's dissenting shareholders who implemented their
exit rights at the end of the exercise window on Feb. 9, 2026.
Allwyn intends to finance this amount with EUR500 million new
senior secured notes and a EUR100 term loan B (TLB) add-on to its
existing EUR925 million TLB due 2032 The issuance will also repay
EUR90 million of revolving credit facility (RCF) drawings and fees
connected to the transaction.

Post-transaction, the group will benefit from a strengthened
competitive position, significantly reducing cash flow leakage to
minority interests and reaffirming its strong market share in the
predictable and highly cash-generative lottery segment in Greece.

S&P sees elevated likelihood that the transaction will close by
first-half-end 2026, so it is fully consolidating OPAP in Allwyn's
credit metrics starting 2025.

The merger with OPAP reinforces Allwyn's competitive position and
reduces cash flow leakage to minority interests. On Oct. 16, 2025,
Allwyn and OPAP announced their business combination, which valued
the combined group at about EUR16 billion. After the transaction's
closing, Allwyn, which currently holds a 54.44% in Greek and
Athens-listed lottery operator OPAP, will hold an indirect 100%
ownership through a new combined entity, Allwyn AG. Allwyn AG will
then be listed on the Athens Stock Exchange, and OPAP's existing
public shareholders will have a 21.6% stake in Allwyn AG (including
J&T Arch's current minority stake in Allwyn), while KKCG will hold
78.4%. S&P said, "We view the transaction as beneficial to the
group's creditworthiness because it will reinforce Allwyn's
competitive position in the growing Greek gaming market and give it
access to OPAP's EBITDA and free cash flow. Although Allwyn fully
consolidated OPAP in its audited account, we had only given credit
to OPAP pro rata in calculating our adjusted credit metrics. The
boards decided to waive the condition that tied the transaction's
closing to less than 5% of OPAP shareholders exercising cash exit
rights, so we now estimate the transaction's closing is highly
likely. As such, we now fully consolidate OPAP's financials into
Allwyn's adjusted metrics starting 2025 (pro forma). In addition,
we now fully consolidate Allwyn's operating subsidiary in Austria,
CASAG, based on the group's track record of maintaining a stable
dividend and financial policy on CASAG and the shareholder
agreements between Allwyn and the largest noncontrolling
shareholder of CASAG, government-related entity OBAG. Consequently,
the group's S&P Global Ratings-adjusted EBITDA margin increases by
about 350 basis points to 14% and free operating cash flow (FOCF)
of about EUR300 million in 2025, owing to improved profitability
and reduced cash flow leakage to minority interests."

The financing of OPAP's shareholders cash exit rights and the
acquisition of U.S. daily fantasy sport operator PrizePicks will
temporarily raise Allwyn's S&P Global Ratings-adjusted leverage at
about 5x in 2026, before returning to 4.0x-4.5x in 2027. Following
OPAP's general meeting Jan. 7, 2026, about 14% of shareholders have
cash exit rights against Allwyn. Eventually, only 6.7% of OPAP's
shares outstanding exercised their exit rights on Feb. 9, 2026, for
EUR456 million. Allwyn intends to finance this amount by issuing
EUR500 million new senior secured notes and a EUR100 million TLB
add-on. This follows the debt-financed acquisition of a 62.3% stake
in PrizePicks that closed Jan. 16, 2026 for about $1.5 billion. S&P
said, "As a result, we expect S&P Global Ratings-adjusted leverage
in 2026 to increase to about 5x in 2026 from 3.8x in 2025 pro forma
the merger (about 4.2x if we include the debt to fund the exit
rights already in 2025). Our adjusted debt calculation in 2026
includes EUR400 million-EUR450 million of performance-based
earnouts, although we understand that PrizePicks recently launched
a regulated prediction markets offering in the U.S. and could face
increased competition, with higher customer acquisition costs and
greater scrutiny from regulators. Our adjusted debt metrics include
about EUR900 million for the put option that PrizePicks'
noncontrolling shareholders hold, although it can only be exercised
upon certain conditions, which protect Allwyn's credit metrics and
financial flexibility."

S&P said, "Despite sizable investments to turn around the U.K.
national lottery's (UKNL's) profitability and higher corporate
investments to support strategic initiatives, we expect Allwyn's
FOCF to remain solid. High operating costs due to a more arduous
technology transition for the UKNL have challenged the group's
profitability, although we understand most of digital upgrades are
completed. Higher gaming taxes are also weighing on CASAG's
profitability, although we expect the impact to be partially
mitigated by cost-saving measures. In addition, operating costs at
the Allwyn International AG (holdco) level will significantly
increase from 2025, owing in part to operating expense previously
sustained by its parent company Allwyn AG (before Allwyn
International AG's domiciliation in Switzerland), as well as costs
relating to Allwyn's growth strategies. Still, the group's free
cash flow is supported by OPAP's asset-light business model and
lower gaming taxes payment under the license extension obtained in
2011 with the Greek government. According to the agreement, OPAP
pays about 5% of cash gaming taxes per month from 2020-2030, and
will be required to settle the differential between the amount due,
according to a 30% gross gaming revenue (GGR) tax regime and the
sums actually paid (including the 5% GGR, the EUR1.83 billion
future value of GGR tax prepayment in 2011, and the higher
corporate income taxes paid owing to the lower GGR). As of
end-2025, S&P Global Ratings estimated the value of this payment to
be about EUR200 million, which we include in our adjusted debt as
it accrues over the next few years. We also think PrizePicks's
nimble operating model would contribute positively to the group's
profitability and free cash flow, although the former could face
some issues upon its entrance on the prediction market. While we
consider that some execution risks remain, we expect Allwyn's track
record of integrating new acquisitions to partly mitigate these
risks. Therefore, we expect S&P Global Ratings-adjusted FOCF to
debt will remain stable at 8%-9% in 2025 and 2026, before improving
to 13%-15% in 2027.

"We evaluate positively the group's commitment to reduce leverage
below 2.5x as calculated by management (below 4x on an S&P Global
Ratings-adjusted basis). Despite Allwyn's appetite for acquisitions
and the elevated license fees required to renew or win new lottery
licenses, we expect the group to progressively delever in line with
its financial policy and a stronger commitment to its target after
its listing on the Athens stock exchange. Over 2024-2026, Allwyn
pursued an aggressive inorganic growth strategy, while facing about
EUR750 million license fees and capital expenditure (capex) linked
to the recent awarding of the Italian lottery license to its
subsidiary LottoItalia, a joint venture (JV) controlled by
Brightstar Lottery PLC (BB+/Stable/--) in which Allwyn has a 32.5%
stake. Allwyn paid about EUR270 million of these fees in 2025 and
will need to pay the remainder by April 2026. In addition, the
company has set a new dividend policy, once it completes the merger
with OPAP, and we estimate that it will pay EUR800 million-EUR1
billion in dividends per year, including about EUR200 million
dividends to noncontrolling shareholders each year. Finally, the
combined group's financial policy targets a net leverage of about
2.5x in the company's adjusted terms (translating to 3.5x-4.0x with
S&P Global Ratings' adjustments). We expect a stronger adherence to
this financial policy once the company is listed, and we expect the
company to progressively delever from 2027 onward, thanks to a
stronger free cash flow following the merger with OPAP and
integration of PrizePicks. The listing will enable it to diversify
funding sources when pursuing acquisitions, potentially tapping the
equity markets and not relying exclusively on internal cash flows
or debt issuance.

"The stable outlook reflects our expectations that, despite the
negative pressure on credit metrics arising from the debt needed to
acquire PrizePicks, the merger with OPAP will reinforce Allwyn's
quality of earnings and sustain profitability. As such, we expect
S&P Global Ratings-adjusted debt-to-EBITDA to decrease below 5x
over the next 12-18 months and FOCF to debt stabilizing at 8%-10%
by end-2026. A temporary deterioration in credit measures because
of large upfront license payments to renew important lottery
concessions or secure new contracts might not lead to a downgrade
if we think the license will preserve or strengthen the company's
competitive position, ensuring adequate profitability and free cash
flow."

S&P could lower the rating on Allwyn over the next 12-18 months
if:

-- Adjusted debt to EBITDA remains above 5x; and

-- Adjusted FOCF to debt deteriorates below 5% for a prolonged
period.

This could happen due to weaker-than-expected operating
performance, for instance due to higher impact from changes in
regulatory regimes, failure to turn around the UKNL's
profitability, or higher-than-expected integration costs from
Allwyn's recent acquisitions. Additional pressure could arise if
the group pursued material debt-financed acquisitions or a more
generous shareholder distribution policy is not offset by a
commensurate improvement in free cash flow.

S&P could raise the rating on Allwyn if the company outperforms its
base-case scenario such that S&P Global Ratings-adjusted debt to
EBITDA improves to below 4x and FOCF to debt stay above 10% over a
sustained period. This would happen if Allwyn demonstrated a clear
path to deleveraging in line with its stated financial policy as it
smoothly integrates its recent acquisitions while maintaining its
largely predictable cash flows from the lottery segment, allowing
the group to comfortably finance shareholders distributions,
including distribution to minority shareholders.




===========
T U R K E Y
===========

LIMAK CIMENTO: Fitch Affirms 'B+' IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed three EMEA building materials companies'
ratings and their associated entities' ratings.

   1. CRH plc

   2. Limak Cimento Sanayi Ve Ticaret Anonim Sirketi

   3. Cimko Cimento Ve Beton Sanayi Ticaret Anonim Sirketi

These actions follow the update of Fitch's 'Corporate Rating
Criteria' and the 'Sector Navigators Addendum to the Corporate
Rating Criteria' on January 9, 2026. The companies' ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

CRH plc

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 (assessment, relative
importance): management (bbb, lower), sector characteristics (bbb,
higher), market & competitive positioning (bbb+, moderate),
diversification and asset quality (a, moderate), company
operational characteristics (bbb, moderate), profitability (bbb+,
moderate), financial structure (bbb+, higher), and financial
flexibility (a, moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the forecast year 2025,
30% for the forecast year 2026 and 30% for the forecast year 2027.

- The governance assessment of 'good' results in no adjustment.

- The operating environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bbb+'.

To derive the IDR:

- Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB+'.

Limak Cimento Sanayi Ve Ticaret Anonim Sirketi

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The governance assessment of 'some deficiencies' results in no
adjustment.

- The operating environment assessment of 'bb-' results in no
adjustment.

- The SCP is 'b+'.

To derive the IDR:

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

Cimko Cimento Ve Beton Sanayi Ticaret Anonim Sirketi

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (bb, moderate), sector characteristics
(bb-, moderate), market and competitive positioning (b+, moderate),
diversification and asset quality (b, higher), company operational
characteristics (bb, moderate), profitability (a-, moderate),
financial structure (bb+, moderate), and financial flexibility (b+,
higher).

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

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The governance impact assessment of 'some deficiencies' results
in no adjustment.

- The operating environment impact assessment of 'bb-' results in
no adjustment.

- The SCP is 'b+'.

To derive the IDR:

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

RATING ACTIONS

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
CRH plc             

                        LT IDR   BBB+  Affirmed              BBB+
                        ST IDR   F1    Affirmed              F1
   senior unsecured     LT       BBB+  Affirmed              BBB+
   senior unsecured     ST       F1    Affirmed              F1

CRH Finance (U.K.) plc

   senior unsecured     LT       BBB+  Affirmed              BBB+
   senior unsecured     ST       F1    Affirmed              F1

Limak Cimento Sanayi
Ve Ticaret Anonim Sirketi       

                        LT IDR    B+   Affirmed              B+
                        LC LT IDR B+   Affirmed              B+
   senior unsecured     LT        B+   Affirmed   RR4        B+

CRH Funding B.V.

   senior unsecured     LT        BBB+ Affirmed              BBB+

Cimko Cimento Ve Beton
Sanayi Ticaret Anonim
Sirketi    

                        LT IDR    B+   Affirmed              B+
                        LC LT IDR B+   Affirmed              B+
   senior unsecured     LT        B+   Affirmed   RR4        B+

CRH America Inc.

   senior unsecured     LT        BBB+ Affirmed              BBB+

CRH America
Finance, Inc.

   senior unsecured     LT        BBB+ Affirmed              BBB+
   senior unsecured     ST        F1   Affirmed              F1

CRH SMW Finance DAC

   senior unsecured     LT        BBB+ Affirmed              BBB+

CRH Finance DAC

   senior unsecured     LT        BBB+ Affirmed              BBB+
   senior unsecured     ST        F1   Affirmed              F1


[] Fitch Alters Outlook on BB- IDRs on 9 Turkish LRGs to Positive
-----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on the Metropolitan
Municipalities of Ankara, Antalya, Bursa, Istanbul, Izmir, Konya,
Manisa, Mersin and Mugla's Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to Positive from Stable and affirmed
their IDRs at 'BB-'.

Under applicable credit rating agency (CRA) regulations, the
publication of local and regional government (LRG) reviews is
subject to restrictions and must take place according to a
published schedule, except where it is necessary for CRAs to
deviate from the schedule in order to comply with the CRAs'
obligation to issue credit ratings based on all available and
relevant information and disclose credit ratings in a timely
manner. Fitch interprets this provision as allowing us to publish a
rating review in situations where there is a material change in the
creditworthiness of the issuer that Fitch believes makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/ Watch status.

The next scheduled review date for Ankara, Izmir, Konya and Manisa
is June 5, 2026 and for Antalya, Bursa, Istanbul, Mersin and Mugla
June 12, 2026. Fitch believes the recent revision of Turkiye's
Outlook warrants such a deviation from the calendar.
Key Rating Drivers

HIGH

Sovereign Cap

The revision of the Outlooks on the nine Turkish LRGs reflects the
revision of the sovereign's Outlook to Positive from Stable on
January 23, 2026, as the LRGs' ratings are capped by the sovereign
ratings. Under Fitch's International LRG Criteria, Turkish LRGs
cannot be rated above the sovereign due to high fiscal
interdependence between the central government and Turkish
subnationals.

Other key rating drivers and Standalone Credit Profiles (SCPs) are
unchanged.

Derivation Summary

The unchanged SCPs of nine Turkish LRGs range from 'bb+' to 'bbb+'.
They reflect a combination of their 'Weaker' risk profiles and
financial profiles assessed in the 'aa' category for Konya, and in
the 'aaa' category for the eight other LRGs.

The IDRs and Outlooks mirror that on the sovereign. This reflects
SCPs of 'bbb+' for Mugla, 'bbb' for Ankara and Manisa, 'bbb-'for
Antalya, Bursa, Istanbul, Izmir and Mersin, and 'bb+' for Konya.

In its assessment Fitch does not apply extraordinary support from
the upper-tier government or asymmetric risk. The IDRs are not
affected by any other rating factors but are capped by the Turkish
sovereign IDRs.

Key Assumptions

Qualitative Assumptions and Assessments and weight in the rating
decision:

Ankara and Mugla

Risk Profile: Weaker, Unchanged with Low weight

Revenue Robustness: Midrange, Unchanged with Low weight

Revenue Adjustability: Weaker, Unchanged with Low weight

Expenditure Sustainability: Weaker, Unchanged with Low weight

Expenditure Adjustability: Midrange, Unchanged with Low weight

Liabilities and Liquidity Robustness: Midrange, Unchanged with Low
weight

Liabilities and Liquidity Flexibility: Weaker, Unchanged with Low
weight

Financial Profile: aaa, Unchanged with Low weight

Asymmetric Risks (Notches): N/A, Unchanged with Low weight

Budget Loans (Notches): N/A, Unchanged with Low weight

Ad-Hoc Support (Notches): N/A, Unchanged with Low weight

Sovereign Cap (LT IDR): 'BB-', Improved with High weight

Sovereign Cap (LT LC IDR) 'BB-', Improved with High weight

Sovereign Floor: N/A, Unchanged with Low weight

Antalya, Bursa, Istanbul, Izmir, Manisa and Mersin

Risk Profile: Weaker, Unchanged with Low weight

Revenue Robustness: Midrange, Unchanged with Low weight

Revenue Adjustability: Weaker, Unchanged with Low weight

Expenditure Sustainability: Weaker, Unchanged with Low weight

Expenditure Adjustability: Midrange, Unchanged with Low weight

Liabilities and Liquidity Robustness: Weaker, Unchanged with Low
weight

Liabilities and Liquidity Flexibility: Weaker, Unchanged with Low
weight

Financial Profile: aaa, Unchanged with Low weight

Asymmetric Risks (Notches): N/A, Unchanged with Low weight

Budget Loans (Notches): N/A, Unchanged with Low weight

Ad-Hoc Support (Notches): N/A, Unchanged with Low weight

Sovereign Cap (LT IDR): 'BB-', Improved with High weight

Sovereign Cap (LT LC IDR) 'BB-', Improved with High weight

Sovereign Floor: N/A, Unchanged with Low weight

Konya

Risk Profile: Weaker, Unchanged with Low weight

Revenue Robustness: Midrange, Unchanged with Low weight

Revenue Adjustability: Weaker, Unchanged with Low weight

Expenditure Sustainability: Weaker, Unchanged with Low weight

Expenditure Adjustability: Midrange, Unchanged with Low weight

Liabilities and Liquidity Robustness: Weaker, Unchanged with Low
weight

Liabilities and Liquidity Flexibility: Weaker, Unchanged with Low
weight

Financial Profile: aa, Unchanged with Low weight

Asymmetric Risks (Notches): N/A, Unchanged with Low weight

Budget Loans (Notches): N/A, Unchanged with Low weight

Ad-Hoc Support (Notches): N/A, Unchanged with Low weight

Sovereign Cap (LT IDR): 'BB-', Improved with High weight

Sovereign Cap (LT LC IDR) 'BB-', Improved with High weight

Sovereign Floor: N/A, Unchanged with Low weight

Quantitative assumptions - issuer-specific

For quantitative assumptions see the latest published rating action
commentary for each entity. No weights and changes since the last
review are included as none of these assumptions was material to
the rating action.

Quantitative assumptions - Sovereign Related

Figures as per Fitch's sovereign actual for 2024 and forecast for
2027, respectively (no weights and changes since the last review
are included as none of these assumptions was material to the
rating action).

Figures as per Fitch's sovereign data for 2024 and forecast for
2027, respectively:

- GDP per capita (US dollar, market exchange rate): 15,024; 20,350

- Real GDP growth (%): 3.3; 4.2

- Consumer prices (annual average % change): 60.0; 21.1

- General government balance (% of GDP): -4.8; -4.0

- General government debt (% of GDP): 24.2; 25.1

- Current account balance plus net FDI (% of GDP): -0.4; -2.1

- Net external debt (% of GDP): 12.3; 15.3

- IMF Development Classification: EM (emerging market)

- CDS Market-Implied Rating: 'BB-'

RATING SENSITIVITIES

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

Negative rating action on Turkiye would be reflected in the
issuers' ratings.

A downward revision of the issuers' SCPs resulting from a debt
payback of more than 9x on a sustained basis would lead to a
downgrade of the IDRs.

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

An upgrade of the Turkish sovereign IDRs would lead to upgrades of
the issuers' IDRs, provided that they maintain their debt payback
ratios below 5x under Fitch's rating case.

Sources of Information

Committee date: February 4, 2026

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

Public Ratings with Credit Linkage to other ratings

The issuers' IDRs are capped by the Turkish sovereign's IDRs.

RATING ACTIONS

   Debt                          Rating           Prior
   -----------                   ------           -----
Ankara Metropolitan
Municipality   

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-

Mersin Metropolitan
Municipality          

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-
                      LC ST IDR   B     Affirmed   B

Izmir Metropolitan
Municipality   

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-
                      LC ST IDR   B     Affirmed   B

Konya Metropolitan
Municipality

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-

Manisa Metropolitan
Municipality

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-
                      LC ST IDR   B     Affirmed   B

Istanbul
Metropolitan
Municipality   

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-
   senior unsecured   LT          BB-   Affirmed   BB-

Mugla Metropolitan
Municipality

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-

Bursa Metropolitan
Municipality

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-
                      LC ST IDR   B     Affirmed   B

Antalya
Metropolitan
Municipality  

                      LT IDR      BB-   Affirmed   BB-
                      ST IDR      B     Affirmed   B
                      LC LT IDR   BB-   Affirmed   BB-
                      LC ST IDR   B     Affirmed   B




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

ATLANTICA SUSTAINABLE: Fitch Affirms 'BB-' Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed eight North American Electric Generation
Companies and their related subsidiaries' ratings:

  1. Atlantica Sustainable Infrastructure Ltd. (related
     subsidiary Atlantica Sustainable Infrastructure Group plc)

  2. Brookfield Renewable Partners L.P. (related subsidiaries
     Brookfield BRP Holdings (Canada) Inc.; Brookfield Renewable
     Partners ULC; Brookfield Renewable Power Preferred Equity
     Inc.)

  3. Northland Power Inc.

  4. Leeward Renewable Energy Operations, LLC

  5. TerraForm Power Operating, LLC

  6. The AES Corporation

  7. XPLR Infrastructure LP (related subsidiary XPLR
     Infrastructure Operating Partners, LP)

  8. Pattern Energy Operations LP

These actions follow the update of Fitch's "Corporate Rating
Criteria" and "Sector Navigators Addendum to the Corporate Rating
Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are
unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

Atlantica Sustainable Infrastructure Ltd.

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 (bbb-, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bbb, Lower),
Diversification and Asset Quality (a-, Moderate), Company
Operational Characteristics (bbb+, Higher), Profitability (bbb+,
Moderate), Financial Structure (b-, Higher), and Financial
Flexibility (bb+, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 25% weight for the latest historical
year 2024, 25% weight for the forecast year 2026, 25% weight for
the forecast year 2026 and 25% weight for the forecast year 2027.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The SCP is 'bb-'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a(n) equalized approach.

Brookfield Renewable Partners L.P.

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 (bbb+, Moderate), Sector Characteristics
(bbb+, Moderate), Market and Competitive Positioning (a, Moderate),
Diversification and Asset Quality (a-, Higher), Company Operational
Characteristics (a-, Higher), Profitability (bbb+, Moderate),
Financial Structure (bbb-, Higher), and Financial Flexibility
(bbb+, Moderate).

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

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The SCP is 'bbb+'.

To derive the IDR:

- No adjustments made to SCP resulting in an IDR of 'BBB+'.

Northland Power Inc.

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 (bbb-, Moderate), Sector Characteristics
(bbb, Moderate), Market & Competitive Positioning (bbb, Lower),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb-, Higher), Profitability (bbb,
Moderate), Financial Structure (a-, Higher), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The SCP is 'bbb'.

To derive the IDR:

Fitch made no adjustments to the SCP, resulting in an IDR of
'BBB'.

Leeward Renewable Energy Operations, LLC.

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 (bbb-, Moderate), Sector Characteristics
(bbb-, Lower), Market and Competitive Positioning (bb, Lower),
Diversification and Asset Quality (b, Higher), Company Operational
Characteristics (bb, Moderate), Profitability (bb+, Moderate),
Financial Structure (bb+, Higher), and Financial Flexibility (bb,
Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the historical year
2024, 40% for the forecast year 2025 and 20% for the forecast year
2026.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The SCP is 'bb-'.

To derive the IDR:

- No adjustments made to SCP resulting in an IDR of 'BB-'.

TerraForm Power Operating, LLC

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 (bbb, Moderate), Sector Characteristics
(bbb, Moderate), Market and Competitive Positioning (bb, Lower),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb, Higher), Profitability (bbb+,
Moderate), Financial Structure (b, Higher), and Financial
Flexibility (bb-, Higher).

- The quantitative financial subfactors are assessed based on
custom financial period parameters of 20% weight for the forecast
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The SCP is 'bb-'.

To derive the IDR:

- No adjustments made to SCP resulting in an IDR of 'BB-'.

The AES Corporation

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 (bbb, Moderate), Sector Characteristics
(bb, Moderate), Market and Competitive Positioning (bbb, Lower),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb, Higher), Profitability (bbb,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb+, Moderate).

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

- Assessments of the quantitative financial subfactors include
bespoke calculations.

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

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

- The SCP is 'bbb-'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a(n) standalone approach.

XPLR Infrastructure LP

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 (bbb-, Moderate), Sector Characteristics
(bbb, Lower), Market & Competitive Positioning (bbb-, Lower),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb+, Higher), Profitability (bbb,
Moderate), Financial Structure (bb, Higher), and Financial
Flexibility (bb-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2026,
40% for the forecast year 2027, and 40% for the forecast year
2028.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The SCP is 'bb+'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Considerations
Rating Criteria results in a(n) consolidated approach.

Pattern Energy Operations LP

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 (bbb-, Moderate), Sector Characteristics
(bbb-, Lower), Market & Competitive Positioning (bbb-, Lower),
Diversification and Asset Quality (b, Higher), Company Operational
Characteristics (bbb, Moderate), Profitability (bbb-, Moderate),
Financial Structure (b+, Higher), and Financial Flexibility (bb,
Moderate).

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

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The SCP is 'bb-'.

To derive the IDR:

- No adjustments made to SCP resulting in an IDR of 'BB-'

RATING ACTIONS

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Leeward Renewable
Energy Operations, LLC

                          LT IDR    BB-    Affirmed           BB-

   senior unsecured       LT        BB-    Affirmed    RR4    BB-

Brookfield Renewable
Partners ULC

   senior unsecured       LT        BBB+   Affirmed           BBB+


   subordinated           LT        BBB-   Affirmed           BBB-


The AES Corporation    

                          LT IDR    BBB-   Affirmed           BBB-


                          ST IDR    F3     Affirmed           F3

   senior unsecured       LT        BBB-   Affirmed           BBB-


   junior subordinated    LT        BB     Affirmed           BB

   senior unsecured       ST        F3     Affirmed           F3

Pattern Energy
Operations LP       

                          LT IDR    BB-    Affirmed           BB-

   senior unsecured       LT        BB-    Affirmed   RR4     BB-

XPLR Infrastructure
Operating Partners, LP

                          LT IDR    BB+    Affirmed           BB+

   senior unsecured       LT        BB+    Affirmed   RR4     BB+

XPLR Infrastructure LP    

                          LT IDR    BB+    Affirmed           BB+

Atlantica Sustainable
Infrastructure Ltd  

                          LT IDR    BB-    Affirmed           BB-

   senior unsecured       LT        BB-    Affirmed   RR4     BB-

   senior secured         LT        BB+    Affirmed   RR2     BB+

Atlantica Sustainable
Infrastructure
Group plc        

                          LT IDR   BB-    Affirmed           BB-

   senior unsecured       LT       BB-    Affirmed   RR4     BB-

   senior secured         LT       BB+    Affirmed   RR2     BB+

Brookfield Renewable
Partners L.P.        

                         LT IDR    BBB+   Affirmed           BBB+
                      
                         ST IDR    F2     Affirmed           F2

   preferred             LT        BBB-   Affirmed           BBB-

Northland Power Inc.  

                         LT IDR    BBB    Affirmed           BBB

   preferred             LT        BB+    Affirmed           BB+

   subordinated          LT        BB+    Affirmed           BB+

Brookfield BRP
Holdings (Canada) Inc.

   junior
   subordinated          LT        BBB-   Affirmed           BBB-

   senior unsecured      ST        F2     Affirmed           F2

Brookfield Renewable
Power Preferred
Equity Inc.

   preferred             LT        BBB-   Affirmed          BBB-

TerraForm Power
Operating, LLC       

                         LT IDR    BB-   Affirmed           BB-

   senior unsecured      LT        BB-   Affirmed   RR4     BB-

   senior secured        LT        BB+   Affirmed   RR2     BB+


BELLS ENTERPRISES: FRP Advisory Trading Named as Administrators
---------------------------------------------------------------
Bells Enterprises Ltd, trading as Bells Accountants, was placed
into administration in the High Court of Justice, Court Number
CR-2026-000162.  Nedim Ailyan and Glyn Mummery of FRP Advisory
Trading Limited were appointed as joint administrators on February
4, 2026.

Bells Enterprises Ltd operates in accounting and auditing
activities.

The company's registered office is 10a High Street, Chislehurst,
BR7 5AN and is to be changed to Centre Block, 4th Floor, Central
Court, Knoll Rise, Orpington, Kent, BR6 0JA.

Its principal trading addresses are:

     10a High Street, Chislehurst, BR7 5AN, and
     310 Stafford Road, Wallington, CR0 4NH

The Joint Administrators are:

     Nedim Ailyan (IP No. 9072)
     Glyn Mummery (IP No. 8996)
     FRP Advisory Trading Limited
     Centre Block
     4th Floor, Central Court
     Knoll Rise, Orpington
     Kent BR6 0JA

Contact details for the Joint Administrators:

     Tel No: 020 8302 4344
     Alternative contact: Chloe Fortucci
     Email: chloe.fortucci@frpadvisory.com


ORION RETAIL: Interpath Advisory Named as Administrators
--------------------------------------------------------
Orion Retail Limited, trading as Quiz, has been placed into
administration in the Court of Session, Case No. P113 of 2026.
Geoffrey Isaac Jacobs and Alistair McAlinden of Interpath Advisory
were appointed as joint administrators on February 5, 2026.

Orion Retail Limited operates in the retail sale of clothing in
specialised stores.

The company's registered office is 61 Hydepark Street, Glasgow, G3
8BW.

The Joint Administrators are:

     Geoffrey Isaac Jacobs (IP No. 14590)
     Alistair McAlinden (IP No. 21950)
     Interpath Advisory
     Interpath Ltd
     5th Floor, 130 St Vincent Street
     Glasgow G2 5HF

For further details contact:

     Sarah Coyne
     Tel No: 0141 648 4334
     Email: Sarah.Coyne@interpath.com


SPECIALIST RECRUITMENT: PKF Littlejohn Named as Administrators
--------------------------------------------------------------
Specialist Recruitment Solutions Limited was placed into
administration in the High Court of Justice, Business & Property
Courts in Manchester, Insolvency and Companies List (ChD), Case No.
000166 of 2026.  James Sleight and Oliver Collinge of PKF
Littlejohn Advisory Limited were appointed as joint administrators
on January 30, 2026.

The company's registered office is Fourth Floor, 12 King Street,
Leeds, LS1 2HL.

Its principal trading address is M.I.O.C, 3 Styal Road, Manchester,
M22 5WB.

The Joint Administrators are:

     James Sleight , (IP No. 9648)
     Oliver Collinge (IP No. 21830)
     PKF Littlejohn Advisory Limited
     Fourth Floor, 12 King Street
     Leeds LS1 2HL

For further details, contact:

     Isabel Jackson
     Tel No: 0161 884 5222
     Email: ijackson@pkf-l.com


SUMMIT 2 LEISURE CLUBS: Mercer & Hole Named as Administrators
-------------------------------------------------------------
Summit 2 Leisure Clubs Ltd was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-000032.  Dominic Dumville and Henry Page of Mercer & Hole
were appointed as joint administrators on January 29, 2026.

Summit 2 Leisure Clubs Ltd operates fitness facilities.

The company's registered office is Fieldhouse Lane, Marlow,
Buckinghamshire, SL7 1LU.

Its principal trading address is The Marlow Club, Fieldhouse Lane,
Marlow, Buckinghamshire, SL7 1LU.

The Joint Administrators are:

     Dominic Dumville (IP No. 17890)
     Henry Page (IP No. 12250)
     Mercer & Hole
     7th Floor, 21 Lombard Street
     London EC3V 9AH

Further information can be obtained from the Joint Administrators
at the above address, or from the case administrator:

     Harry Smart
     Email: harry.smart@mercerhole.co.uk
     Tel No: 020 7236 2601


TARAK INTERNATIONAL: Interpath Advisory Named as Administrators
---------------------------------------------------------------
Tarak International Limited, trading as Quiz, has been placed into
administration in the Court of Session, Case No. P111 of 2026.
Geoffrey Isaac Jacobs and Alistair McAlinden of Interpath Advisory
were appointed as joint administrators on February 5, 2026.

Tarak International Limited operates in the retail sale of clothing
in specialised stores.

The company's registered office is 61 Hydepark Street, Glasgow,
Strathclyde, G3 8BW.

The Joint Administrators are:

     Geoffrey Isaac Jacobs (IP No. 21950)
     Alistair McAlinden (IP No. 14590)
     Interpath Advisory
     Interpath Ltd
     5th Floor, 130 St Vincent Street
     Glasgow G2 5HF

For further details, contact:

     Tel No: 0141 648 4334
     Email: Sarah.Coyne@interpath.com


ZANDRA SYSTEMS: Interpath Advisory Named as Administrators
----------------------------------------------------------
Zandra Systems Limited, trading as Quiz, has been placed into
administration in the Court of Session, Case No. P112 of 2026.
Geoffrey Isaac Jacobs and Alistair McAlinden of Interpath Advisory
were appointed as joint administrators on February 5, 2026.

Zandra Systems Limited operates in the retail sale of clothing in
specialised stores.

The company's registered office is 61 Hydepark Street, Glasgow, G3
8BW.

The Joint Administrators are:

     Geoffrey Isaac Jacobs (IP No. 14590)
     Alistair McAlinden (IP No. 21950)
     Interpath Advisory
     Interpath Ltd
     5th Floor, 130 St Vincent Street
     Glasgow G2 5HF

For further details, contact:

     Sarah Coyne
     Tel No: 0141 648 4334
     Email: Sarah.Coyne@interpath.com


[] Fitch Affirms Ratings on 3 EMEA Restaurant and Pub Companies
---------------------------------------------------------------
Fitch Ratings has affirmed three EMEA restaurant and pub companies'
ratings:

  1. QSRP Invest S.a.r.l.
  2. Stonegate Pub Company Limited
  3. Wheel Bidco Limited

These actions follow the update of Fitch's Corporate Rating
Criteria' and the Sector Navigators - Addendum to the Corporate
Rating Criteria on January 9, 2026. The companies' ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

QSRP Invest S.a.r.l.

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 (bb-, moderate), sector characteristics
(bb, moderate), market and competitive positioning (b+, higher),
diversification and asset quality (bb, moderate), company
operational characteristics (bbb, lower), profitability (bbb-,
moderate), financial structure (b-, higher), and financial
flexibility (b+, moderate).

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year FY24, 40% for the forecast year FY25 and 40% for the forecast
year FY26.

B+ to CC considerations apply in its analysis and result in no
adjustment.

The governance assessment of 'some deficiencies' results in no
adjustment.

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

The SCP is 'b'.

Stonegate Pub Company Limited

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

Business and financial profile factors (assessment, relative
importance): management (b, moderate), sector characteristics (bb-,
moderate), market and competitive positioning (bb+, moderate),
diversification and asset quality (bb, moderate), company
operational characteristics (bb, lower), profitability (b-,
moderate), financial structure (ccc-, higher), and financial
flexibility (b-, higher).

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year FY24, 40% for the forecast year FY25 and 40% for the forecast
year FY26.

B+ to CC considerations apply in its analysis and result in no
adjustment.

The governance impact assessment of 'some deficiencies' results in
no adjustment.

The operating environment impact assessment of 'aa-' results in no
adjustment.

The SCP is 'ccc+'.

Wheel Bidco Limited

Fitch scored the issuer as follows, using its CRT to produce the
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+, moderate), company
operational characteristics (bb-, lower), profitability (b,
moderate), financial structure (ccc+, higher), and financial
flexibility (ccc+, higher).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 33% weight for the forecast year FY25,
33% for the forecast year FY26 and 34% for the forecast year FY27.

B+ to CC considerations apply in its analysis and result in no
adjustment.

The governance impact assessment of 'good' results in no
adjustment.

The operating environment impact assessment of 'aa-' results in no
adjustment.

The SCP is 'ccc+'.

RATING ACTIONS

   Entity/Debt                   Rating           Recovery   Prior
   -----------                   ------           --------   -----
QSRP Finco BV

   senior secured         LT       B+    Affirmed   RR3        B+

Stonegate Pub Company
Financing 2019 Plc

   senior secured         LT       B     Affirmed   RR2        B

QSRP Invest S.a r.l.   

                          LT IDR   B     Affirmed              B

Stonegate Pub Company Limited      

                          LT IDR   CCC+  Affirmed              CCC+


Wheel Bidco Limited      

                          LT IDR   CCC+  Affirmed              CCC+


   super senior           LT       B+    Affirmed   RR1        B+

   senior secured         LT       B-    Affirmed   RR3        B-




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

[] Fitch Affirms Ratings on 5 EMEA Pharmaceutical Companies
-----------------------------------------------------------
Fitch Ratings has affirmed five EMEA high-yield pharmaceuticals
companies' ratings. These actions follow the update of Fitch's
Corporate Rating Criteria and the Sector Navigators - Addendum to
the Corporate Rating Criteria on January 9, 2026.

The companies are:

  1. Dechra Topco Limited
  2. Grifols, S.A.
  3. Grunenthal Pharma GmbH & Co. Kommanditgesellschaft
  4. Nidda BondCo GmbH
  5. Rossini S.a.r.l

Corporate Rating Tool Inputs and Scores

Dechra Topco

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 (assessment, relative
importance) are management ('bb', moderate), sector characteristics
('bbb+', lower), market and competitive positioning ('b', higher),
diversification and asset quality ('bbb-', moderate), company
operational characteristics ('bb+', moderate), profitability
('bbb-', moderate), financial structure ('b', higher) and financial
flexibility ('bb-', moderate).

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year ended 30 June FY25, 40% for the forecast year FY26 and 40% for
the forecast year FY27.

B+ to CC considerations apply in its analysis and result in no
adjustment.

The governance assessment of 'some deficiencies' results in no
adjustment.

The operating environment assessment of 'aa-' results in no
adjustment.

The SCP is 'b+'.

Grifols

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for forecast FY25, 40% for
forecast FY26 and 40% for forecast FY27.

Assessments of the quantitative financial subfactors also include
bespoke calculations.

B+ to CC considerations apply in its analysis and result in no
adjustment.

The governance assessment of 'some deficiencies' results in an
adjustment of -1 notch.

The operating environment assessment of 'aa-' results in no
adjustment.

The SCP is 'b+'.

Grunenthal Pharma

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for historical FY24, 40%
for forecast FY25 and 40% for forecast FY26.

The governance assessment of 'good' results in no adjustment.

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

The SCP is 'bb'.

Nidda BondCo

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for historical FY24, 40%
for forecast FY25 and 40% for forecast FY26.

B+ to CC considerations apply in its analysis and result in no
adjustment.

The governance assessment of 'good' results in no adjustment.

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

The SCP is 'b'.

Rossini

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

The quantitative financial subfactors are based on custom CRT
financial period parameters: 35% weight for forecast FY25, 35% for
forecast FY26 and 30% for forecast FY27.

Assessments of the quantitative financial subfactors also include
bespoke calculations.

B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch(es).

The governance assessment of 'some deficiencies' results in no
adjustment.

The operating environment assessment of 'a-' results in no
adjustment.

The SCP is 'b'.

RATING ACTIONS

   Entity/Debt                Rating          Recovery   Prior
   -----------                ------          --------   -----
Dechra Finance US LLC

   senior secured       LT       BB-     Affirmed   RR3        BB-


Grunenthal GmbH

   senior secured       LT       BB+     Affirmed   RR2        BB+


Nidda BondCo GmbH       LT IDR   B       Affirmed              B

Dechra Topco Limited    LT IDR   B+      Affirmed              B+

Grunenthal Pharma
GmbH & Co.
Kommanditgesellschaft   LT IDR   BB      Affirmed              BB

Nidda Healthcare
Holding GmbH

   senior secured       LT        B+     Affirmed   RR3        B+

Grifols, S.A.           LT IDR    B+     Affirmed              B+

   senior unsecured     LT        B-     Affirmed   RR6        B-

   senior secured       LT        BB     Affirmed   RR2        BB

Dechra Pharmaceuticals
Holdings Limited

   senior secured       LT        BB-    Affirmed   RR3        BB-


Grifols Worldwide
Operations USA, Inc

   senior secured       LT        BB     Affirmed   RR2        BB

Rossini S.a.r.l.        LT IDR    B      Affirmed              B

   senior secured       LT        B      Affirmed   RR4        B

Grifols Worldwide
Operations Limited

   senior secured       LT        BB    Affirmed   RR2        BB



                           *********


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.

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