260218.mbx

260218.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, February 18, 2026, Vol. 27, No. 35 Headlines A R M E N I A ARMECONOMBANK: Moody's Withdraws 'B1' Deposit Ratings F R A N C E KERSIA INT'L: Moody's Affirms 'B3' CFR, Outlook Remains Stable G E R M A N Y PLATIN2025 ACQUISITION: Moody's Affirms 'B2' CFR, Outlook Stable I R E L A N D ARES EUROPEAN XII: Fitch Affirms 'B-sf' Rating on Class F Notes AVOCA CLO XXXV: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes BLUEMOUNTAIN FUJI IV: Moody's Affirms B3 Rating on Class F Notes CONTEGO CLO VIII: Moody's Cuts Rating on EUR12.5MM F Notes to Caa1 HOLLAND PARK: S&P Affirms 'B-(sf)' Rating on Class E Notes MADISON PARK XI: Fitch Puts 'B+sf' Rating on F Notes on Watch Neg. TORO EUROPEAN 7: Moody's Affirms Ba3 Rating on EUR22.4MM E Notes I T A L Y REKEEP SPA: Moody's Affirms 'B3' CFR & Alters Outlook to Negative K O S O V O KOSOVO: Fitch Affirms 'BB-' LT Foreign Currency IDR, Outlook Stable L U X E M B O U R G INVACARE CORP: Highbridge Advised by Davis Polk in Unit Sale MATADOR BIDCO: S&P Affirms 'B+' ICR, Outlook Remains Negative N E T H E R L A N D S BELL GROUP: Final Claims Deadline by Unidentified Bondholders Set MAXEDA DIY: Fitch Lowers LongTerm IDR to CCC-, On Watch Negative S W E D E N INTRUM AB: Moody's Affirms 'Caa2' CFR & Alters Outlook to Positive S W I T Z E R L A N D ALLWYN INTERNATIONAL: Moody's Affirms 'Ba2' CFR, Outlook Stable U N I T E D K I N G D O M CUBE SAFETY: Moody's Assigns First Time 'B2' Corp. Family Rating POLARIS 2026-1: S&P Assigns CCC(sf) Rating on Cl. X2-Dfrd Notes S4 CAPITAL: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable TUPLE MIDCO 2: S&P Assigns 'B' LongTerm ICR, Outlook Positive X X X X X X X X [] Fitch Affirms Ratings on 11 EMEA Automotive Suppliers [] Fitch Affirms Ratings on Five EMEA Gaming Companies [] Fitch Affirms Ratings on Four EMEA Automotive Manufacturers [] Fitch Affirms Ratings on Six EMEA Waste Management Companies - - - - - ============= A R M E N I A ============= ARMECONOMBANK: Moody's Withdraws 'B1' Deposit Ratings ----------------------------------------------------- Moody's Ratings has withdrawn all the ratings and assessments of Armeconombank (Armenian Economy Devt Bank): B1/Not Prime (NP) long- and short-term deposit ratings, Ba3 long-term Counterparty Risk Ratings (CRR), NP short-term CRRs, Ba3(cr)/NP(cr) long- and short-term Counterparty Risk Assessments, b1 Baseline Credit Assessment (BCA) and Adjusted BCA. Prior to the withdrawal, the outlook on Armeconombank (Armenian Economy Devt Bank)'s long-term deposit ratings was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). =========== F R A N C E =========== KERSIA INT'L: Moody's Affirms 'B3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed Kersia International SAS' (Kersia or the company) B3 corporate family rating, B3-PD probability of default rating. Concurrently, Moody's have assigned B3 ratings to the EUR715 million senior secured term loan, the GBP45 million senior secured term loan and the EUR150 million senior secured revolving credit facility (RCF). The outlook remains stable. RATINGS RATIONALE The affirmation of Kersia's B3 rating reflects the company's good operating performance as evidenced by maintaining its Moody's adjusted EBITDA margins at around 20% expected for the end of 2025 up from about 17% in 2024 and moderately growing sales in the low single digits over the same period, adversely affected by FX (organic growth at 3% at current FX and 6% at constant FX). Kersia's Moody's adjusted debt/EBITDA ratio remains within Moody's expectations for the B3 rating at about 6.9x at the end of December 2025 pro forma for several recent acquisition and an envisaged EUR75 million tap of its senior secured term loan. The tap is part of envisaged 3 year amend & extend transaction of Kersia's senior secured Term Loan B and upsized RCF, coming due in December and June of 2027, respectively. Proceeds from the planned EUR75 million tap will repay EUR24 million of the company's EUR48 million PIK loan outside the restricted group, fund the EUR23 million bolt-on acquisition of Polish Radex's C&D business in Q4 2025, and repay EUR25 million drawn under the RCF. In 2025, Kersia also established a strategic partnership in Mexico in Q1, completed the acquisition of a Greek biosecurity company in Q2, and acquired the farming disinfectants assets of US-listed Neogen for EUR114 million in Q3. Kersia's Moody's adjusted debt /EBITDA rose from about 6.0x at the end of 2024 to the higher end of Moody's expectations (below 7.0x Moody's adjusted debt/EBITDA) for the B3 rating as a consequence of its relatively opportunistic buy and build strategy, at times including significant deferred considerations and earn out instruments, which Moody's adjust as debt. The pace of acquisitions also makes assessing performance based on reported numbers challenging. Finally, repayment of the PIK loan with incremental debt resulted in higher gross debt within the restricted group and gradually delays the path to de-leveraging. Kersia's relatively high leverage is balanced by its exposure to the stable market for biosecurity solutions for the food value chain in which it generates most of its revenue and its successful long standing track record to successfully integrate acquired companies. The rating also reflects the company's relatively small scale although growing, mitigated by long-standing customer relationships and leading positions in its local markets and increased product diversification. OUTLOOK The stable outlook reflects Moody's expectations that Kersia will reduce its Moody's adjusted debt/EBITDA towards 6.0x over the next 12-18 months, following the successful closure and integration of the recent acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider upgrading Kersia's rating if leverage decreased to well below 6.0x and if the company would generate Moody's adjusted FCF/debt in mid-single digit percentages, both on a sustainable basis. An upgrade furthermore would require a more balanced approach towards capital allocation and acquisition financing. Moody's could consider downgrading Kersia's rating if leverage would increase above 7.0x, if the company's liquidity profile would deteriorate as a result of negative FCF generation or acquisitions, and if Moody's adjusted EBITDA/Interest expense falls below 1.5x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in France, Kersia International SAS is a leading biosecurity company for the food, farm and healthcare industries with about EUR665 million of revenue pro forma for acquisitions at the end of 2025. The company's products are used in the farming, food and beverages, food service, and health care sectors. Kersia is owned by IK Partners, which acquired the company from Ardian in late 2020. ============= G E R M A N Y ============= PLATIN2025 ACQUISITION: Moody's Affirms 'B2' CFR, Outlook Stable ---------------------------------------------------------------- Moody's Ratings affirmed the B2 corporate family rating, B2-PD probability of default rating and the B2 ratings for the backed senior secured bank credit facilities of Platin2025 Acquisition S.a r.l. (Syntegon or the company). Concurrently, Moody's have assigned a B2 rating to the proposed EUR1.6 billion backed senior secured term loan B3 (TLB) facility with Syntegon Topco GmbH as the borrower and a B2 rating to the backed senior secured guarantee facility and the backed senior secured revolving credit facility issued by Platin2025 Acquisition S.a r.l. The outlook on Syntegon remains stable. The outlook on Syntegon Topco GmbH is stable. Proceeds of the transaction will be used to repay existing debt and to fund a shareholder dividend of approximately EUR570 million, which increases leverage to slightly over 7x debt-to-EBITDA from approximately 5.2x as of estimated 2025 results. The rating action reflects: -- Syntegon in 2025 largely concluded past restructuring actions that included footprint rationalization, overhead cost savings, more efficient working capital management as well as organic and inorganic growth initiatives -- As a result, Moody's-adjusted EBITDA improved to EUR233 million for the last twelve months ending September 2025 from EUR155 million in 2024 -- Moody's expectes EBITDA improvements to be sustainable and that future restructuring actions will moderate with restructuring-related expenses accounting for about 1% of annual revenues, or around EUR20 million, against EUR79 million in 2024 -- Syntegon's strong order intake of EUR1.86 billion in 2025, its 2025 year-end book to bill ratio of 1.1x and high single digit growth in its pharma end market provide continued growth momentum; its 36% share of service revenues remains a solid base for highly profitable, recurring sales -- With Moody's EBITDA expectations of EUR237 million in 2025, EUR257 million in 2026 and EUR279 million in 2027, the company has the capacity to pay out a EUR570 million dividend -- Although Moody's expects elevated Moody's-adjusted debt to EBITDA of 6.6x in 2026 as a result of the increased TLB, sustained growth in EBITDA supports deleveraging towards 6x in 2027 and the capacity to generate positive free cash flow even with higher interest expense. RATINGS RATIONALE The B2 ratings reflect Syntegon's exposure to resilient markets, such as pharmaceuticals and food; high share of resilient and highly profitable service revenues; de-leveraging towards 6x in 2027; and generation of free cash flow supported by low capital investment needs. The B2 ratings also takes into account the elevated leverage in 2026 due to the proposed dividend of EUR570 million; some lack of transparency given audited financials only available for operating company, not consolidated perimeter including debt-issuing entity; moderately negative, but so far manageable exposure to tariffs; and event risks from potential acquisitions and shareholder returns. Funds of CVC Capital Partners will continue to own majority of Syntegon while in parallel pursuing the transaction with a new investor. The dividend materially increases leverage and reduces financial flexibility for executing on management's growth strategy, but the recent track record supports positive momentum in improving metrics within the next 12 to 18 months. The new shareholder will also potentially affect board structure, policies & procedures, which are Moody's governance considerations. LIQUIDITY Syntegon's liquidity is good. As of year-end 2025 it had EUR280 million of cash, thereof EUR82 million restricted. The high cash balance was supported by estimated EUR46 million Moody's-adjusted free cash flow in 2025 as well as EUR50 million proceeds from divestitures of excess real estate. Its liquidity is further bolstered by a EUR187.5 million backed senior secured revolving credit facility, which was undrawn at December 31, 2025 (but EUR7m were used for bank guarantees). Moody's expects an increase in capital investments to around 3% of revenues in 2026 and around 4% in 2027 to capture strategic investments to support growth in Syntegon's pharma segment. The proposed dividend payment of EUR570 million leaves FCF in 2026 highly negative, but Moody's expects a return to positive FCF of nearly EUR50 million in 2027. OUTLOOK The outlook is stable. The stable outlook assumes restructuring charges of around 1% of annual revenues from 2026 onwards and deleveraging towards 6.0x Moody's-adjusted debt/EBITDA in 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade ratings if (1) the company's Moody's-adjusted debt to EBITDA declines below 5.0x; and (2) Moody's-adjusted FCF/debt in the high single-digit percentages; and (3) EBITA margin improves towards 14%; and (4) its liquidity position improves. An upgrade would also require a financial policy commitment to maintain the improved credit metrics. Conversely, Syntegon's ratings could be downgraded with Moody's expectations for (1) inability to bring Moody's-adjusted debt/EBITDA toward 6.0x and sustain it; or (2) sustained negative FCF; or (3) Moody's-adjusted EBITA/interest coverage sustainably below 2.0x; or (4) deterioration of liquidity. COVENANTS Moody's have reviewed the marketing draft terms for the new credit facilities. Notable terms include the following: Guarantor coverage will be at least 80% of consolidated EBITDA (determined in accordance with the agreement) and only include material subsidiaries incorporated in Germany, USA, Switzerland, Netherlands, Luxembourg, UK, Denmark and Japan may provide guarantees. Security will be granted over key shares, bank accounts and intra-group receivables, over subsidiaries incorporated in Germany, USA, Switzerland, the Netherlands, Japan and Luxembourg plus a floating change over obligors incorporated in England & Wales and customary security interests in substantially all tangible and intangible assets located in the United States. Incremental facilities are permitted up to the greater of EUR360 million and 100% of EBITDA, plus unlimited additional amounts subject to leverage or fixed charge coverage ratio tests. Unlimited pari passu senior secured debt is permitted if the senior net leverage ratio (SNLR) does not exceed 4.6x. Unlimited junior secured debt is permitted if the total secured net leverage ratio (TSNLR) does not exceed 5.5x or subject to a 2x fixed charge coverage ratio. Unlimited unsecured debt debt is permitted up to a total net leverage ratio of 6x or subject to a 2x fixed charge coverage ratio. Unlimited restricted payments are permitted if the SNLR does not exceed 4x; or 4.6x where 100% funded from available amounts. Investments are permitted from available amount or if the SNLR is less than 4.5x. Dividends from asset sales proceeds are permitted up to 35% of EBITDA if the SNLR is less than 4.6x. Adjustments to consolidated EBITDA include the full run rate of cost savings and synergies arising from actions expected to be taken, capped at 25% of consolidated EBITDA and believed to be realisable within 24 months of the relevant step being taken. Additionally specified transactions where the aggregate consideration is equal to or less than the greater of 20% of LTM Consolidated EBITDA or EUR80 million, the cap does not apply at the Company's election. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Syntegon, headquartered in Stuttgart/Germany, is a global leader in the development and production of high-quality processing and packaging machinery for the pharmaceuticals, biotech and food industries. Besides the equipment sale, the group provides recurring after-sales services (including spare parts, modernisation and field services), which accounts for around 36% of sales in 2025. In 2024 Syntegon reported total sales of around EUR1.6 billion and company-adjusted EBITDA of EUR222 million (14.0% margin). The company is currently majority owned by CVC Capital Partners (CVC), which acquired Syntegon from Robert Bosch GmbH (unrated) in 2020. ============= I R E L A N D ============= ARES EUROPEAN XII: Fitch Affirms 'B-sf' Rating on Class F Notes --------------------------------------------------------------- Fitch Ratings has upgraded Ares European CLO XII DAC's class B-1-R and B-2-R notes to 'AAAsf' from 'AA+sf' and class D-R notes to 'BBB+sf' from 'BBBsf', and affirmed the rest. Entity/Debt Rating Prior ----------- ------ ----- Ares European CLO XII DAC A-R XS2391578155 LT AAAsf Affirmed AAAsf B-1-R XS2391578742 LT AAAsf Upgrade AA+sf B-2-R XS2391579559 LT AAAsf Upgrade AA+sf C-R XS2391580052 LT A+sf Affirmed A+sf D-R XS2391580649 LT BBB+sf Upgrade BBBsf E XS2034052865 LT BB-sf Affirmed BB-sf F XS2034054135 LT B-sf Affirmed B-sf Transaction Summary Ares European CLO XII DAC is a cash flow CLO comprising mostly senior secured obligations. The transaction closed in September 2019 and the class A, B (divided into B-1 and B-2), C and D notes were refinanced in October 2021. The transaction is actively managed by Ares European Loan Management LLP and exited its reinvestment period in April 2024. KEY RATING DRIVERS Stable Performance; Low Refinancing Risk: The portfolio's performance has been stable since Fitch's last rating action in March 2025. According to the latest trustee report dated 7 January 2026, the transaction was passing all its collateral quality (other than the weighted average life test) and portfolio profile tests. The transaction is currently 2% below target par (calculated as the current par difference over the original target par) and it has low near and medium-term refinancing risk, with no portfolio assets maturing in 2026 and 4% maturing in 2027. Exposure to assets with a Fitch-Derived Rating of 'CCC+' and below is 6.1%, according to the trustee, versus a limit of 7.5%. Deleveraging Transaction: About EUR42.3 million of the A-R notes have been repaid since the last rating action in March 2025. This has resulted in an increase in credit enhancement across the capital structure. The upgrades of the class B-1-R, class B-2-R and class D-R notes reflect sufficient default-rate cushions at their current ratings. Large Cushion Support Stable Outlooks: All notes have large default-rate buffers to support their ratings and should be capable of absorbing further defaults in the portfolio. The notes have sufficient credit protection to withstand potential deterioration in the credit quality of the portfolio at their higher ratings. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The weighted average rating factor of the current portfolio is 26.7 as calculated by Fitch under its latest criteria. About 16.2% of the portfolio is on Negative Outlook. High Recovery Expectations: Senior secured obligations comprise 99.5% of the portfolio. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 60%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration, as calculated by Fitch, is 15.4%, and no obligor represents more than 1.9% of the portfolio balance. Exposure to the three largest Fitch-defined industries is 26.1%, as calculated by Fitch. Fixed-rate assets as reported by the trustee are at 4%, complying with the limit of 10%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades, which are based on the current portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority- registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Ares European CLO XII DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. AVOCA CLO XXXV: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes ---------------------------------------------------------------- S&P Global Ratings assigned preliminary ratings to Avoca CLO XXXV DAC's class A-1, A-2, B, C, D, E, and F notes. At closing, the issuer will also issue unrated class Z notes and subordinated notes. The preliminary ratings assigned to the Avoca CLO XXXV DAC's notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The experience of the collateral manager's team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. The transaction's legal structure, which we expect to be bankruptcy remote. -- The transaction's counterparty risks, which we expect to be in line with our counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2806.72 Default rate dispersion 443.06 Weighted-average life (years) 4.84 Obligor diversity measure 187.10 Industry diversity measure 25.43 Regional diversity measure 1.17 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.25 'AAA' weighted-average recovery (%) 36.38 Target weighted-average spread (%) 3.59 Country concentration in sovereigns rated below 'AA-' (%) 29.03 Rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.56 years after closing. S&P said, "The portfolio is well diversified at closing, 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 modeled a target par of EUR400 million. We also modeled the covenanted weighted-average spread (3.50%), the covenanted weighted-average coupon (4.00%), and the target weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes. 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." Until the end of the reinvestment period on Oct. 15, 2030, the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. 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, we consider the transaction's exposure to country risk to be sufficiently mitigated at the assigned preliminary ratings. "At closing, we expect the transaction's documented counterparty replacement and remedy mechanisms to adequately mitigate its exposure to counterparty risk under our counterparty criteria. "We expect the transaction's legal structure and framework to be bankruptcy remote, in line with our legal criteria. "We have not yet completed our review of the transaction documentation. For this analysis, we assume final transaction and legal documents will be consistent with our criteria." The CLO will be managed by KKR Credit Advisors (Ireland) Unlimited Co., and the maximum potential rating on the liabilities is 'AAA' under our operational risk criteria. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the preliminary ratings are commensurate with the available credit enhancement for the class A-1 to F notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from closing--during which the transaction's credit risk profile could deteriorate--we have capped our preliminary ratings on the notes. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our preliminary ratings are commensurate with the available credit enhancement for all the rated classes of 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 also included the sensitivity of the ratings on the class A-1 to E notes based on four hypothetical scenarios." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain industries. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Avoca CLO XXXV DAC is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. The transaction is a broadly syndicated CLO that will be managed by KKR Credit Advisors (Ireland) Unlimited Co. Ratings Prelim. Prelim. Amount Credit Class rating* (mil. EUR) enhancement (%) Interest rate§ A-1 AAA (sf) 236.00 41.00 Three/six-month EURIBOR plus 1.20% A-2 AAA (sf) 13.00 37.75 Three/six-month EURIBOR plus 1.45% B AA (sf) 41.00 27.50 Three/six-month EURIBOR plus 1.60% C A (sf) 23.00 21.75 Three/six-month EURIBOR plus 1.85% D BBB- (sf) 30.00 14.25 Three/six-month EURIBOR plus 2.60% E BB- (sf) 20.00 9.25 Three/six-month EURIBOR plus 4.45% F B- (sf) 11.00 6.50 Three/six-month EURIBOR plus 7.60% Z NR 0.10 N/A N/A Sub notes NR 30.20 N/A N/A *The preliminary ratings assigned to the class A-1, A-2, and B notes address timely interest and ultimate principal payments. The preliminary 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 Euro Interbank Offered Rate (EURIBOR) when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. BLUEMOUNTAIN FUJI IV: Moody's Affirms B3 Rating on Class F Notes ---------------------------------------------------------------- Moody's Ratings has upgraded the rating on the following notes issued by BlueMountain Fuji EUR CLO IV DAC: EUR30,150,000 Class B Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Aug 17, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR215,750,000 Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Aug 17, 2021 Definitive Rating Assigned Aaa (sf) EUR24,700,000 Class C Deferrable Mezzanine Floating Rate Notes due 2034, Affirmed A2 (sf); previously on Aug 17, 2021 Definitive Rating Assigned A2 (sf) EUR24,150,000 Class D Deferrable Mezzanine Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Aug 17, 2021 Definitive Rating Assigned Baa3 (sf) EUR18,750,000 Class E Deferrable Junior Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Aug 17, 2021 Definitive Rating Assigned Ba3 (sf) EUR10,450,000 Class F Deferrable Junior Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Aug 17, 2021 Definitive Rating Assigned B3 (sf) BlueMountain Fuji EUR CLO IV DAC, issued in March 2019 and refinanced in August 2021, is a managed cashflow CLO. The notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. The portfolio is currently managed by Sound Point Capital Management, LP. The transaction's reinvestment period will end on February 25, 2026. RATINGS RATIONALE The rating upgrade on the Class B notes is primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in February 2026. The affirmations on the ratings on the Class A, Class C, Class D, Class E and Class F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. Key model inputs: The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR341.1m Defaulted Securities: EUR9.0m Diversity Score: 57 Weighted Average Rating Factor (WARF): 3012 Weighted Average Life (WAL): 4.41 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.59% Weighted Average Coupon (WAC): 3.82% Weighted Average Recovery Rate (WARR): 44.29% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. CONTEGO CLO VIII: Moody's Cuts Rating on EUR12.5MM F Notes to Caa1 ------------------------------------------------------------------ Moody's Ratings has taken a variety of rating actions on the following notes of Contego CLO VIII Designated Activity Company: EUR24,700,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 1, 2021 Assigned Aa2 (sf) EUR18,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 1, 2021 Assigned Aa2 (sf) EUR28,500,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Sep 1, 2021 Assigned A2 (sf) EUR12,500,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Downgraded to Caa1 (sf); previously on Sep 1, 2021 Assigned B3 (sf) Moody's have also affirmed the ratings on the following notes: EUR249,600,000 Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Sep 1, 2021 Assigned Aaa (sf) EUR30,800,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Sep 1, 2021 Assigned Baa3 (sf) EUR22,800,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Sep 1, 2021 Assigned Ba3 (sf) Contego CLO VIII Designated Activity Company, issued in September 2020 and refinanced in September 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Five Arrows Managers LLP. The transaction's reinvestment period will end in April 2026. RATINGS RATIONALE The rating upgrades on the Class B-1, Class B-2 and Class C notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in April 2026. The rating downgrade on the Class F notes is primarily a result of the deterioration in over-collateralisation ratios since April 2025. The affirmations on the ratings on the Class A, Class D and Class E notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The over-collateralisation ratios of the Class F notes have deteriorated since April 2025. According to the trustee report dated January 2026[1] the Class F OC ratio is reported at 105.02% compared to April 2025[2] levels of 106.8%, respectively. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR404.1m Defaulted Securities: EUR8.9m Diversity Score: 59 Weighted Average Rating Factor (WARF): 3111 Weighted Average Life (WAL): 4.06 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.76% Weighted Average Coupon (WAC): 3.52% Weighted Average Recovery Rate (WARR): 43.7% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: Once reaching the end of the reinvestment period in April 2026, The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. HOLLAND PARK: S&P Affirms 'B-(sf)' Rating on Class E Notes ---------------------------------------------------------- S&P Global Ratings raised its credit ratings on Holland Park CLO DAC's class A-2 notes to 'AAA (sf)' from 'AA (sf)', class B1 and B-2 notes to 'AA+ (sf)' from 'A (sf)', and class C notes to 'A (sf)' from 'BBB (sf)'. At the same time, S&P affirmed its 'AAA (sf)' rating on the class A-1 notes, its 'BB- (sf)' rating on the class D notes, and its 'B- (sf)' rating on the class E notes. The rating actions follow the application of S&P's global corporate CLO criteria, and its credit and cash flow analysis of the transaction based on the December 2025 trustee report. Since S&P rated this transaction in November 2019: -- The portfolio's weighted-average rating remains at 'B'. -- The portfolio has become less diversified, as the number of performing obligors has decreased to 115 from 173. -- The portfolio's weighted-average life has decreased to 2.992 years from 4.679 years. -- The percentage of 'CCC' rated assets has increased to 11.73% from 9.66%. -- Following the deleveraging of the notes, all classes of notes benefit from higher credit enhancement since our previous review. Table 1 Credit enhancement Current amount Class (mil. EUR) Current (%) Previous review (%) A-1 94.31 61.28 37.36 A-2 40.00 44.86 27.33 B-1 10.00 33.77 20.57 B-2 17.00 33.77 20.57 C 24.30 23.79 14.48 D 22.70 14.48 8.79 E* 4.31 12.71 6.28 Sub 54.25 N/A N/A N/A--Not applicable. *The class E notes have a turbo payment feature. The scenario default rates (SDRs) have decreased for all rating scenarios primarily due to the lower weighted-average life since closing. Table 2 Portfolio benchmarks Previous Current review S&P Global Ratings' weighted-average rating factor 3016.79 2,875.60 Default rate dispersion 786.81 559.22 Weighted-average life (years) 2.992 3.74 Obligor diversity measure 82.55 134.58 Industry diversity measure 12.81 18.08 Regional diversity measure 1.20 1.24 Figures do not include defaults. On the cash flow side: -- The reinvestment period ended in May 2024. -- The class A-1 notes have deleveraged by EUR155.69 million since closing. -- No tranches are currently deferring interest. All coverage tests are passing as of the December 2025 payment report. Table 3 Transaction key metrics Previous Current review Total collateral amount (mil. EUR)* 243.57 399.08 Defaulted assets (mil. EUR) 0.00 6.89 Number of performing obligors 115 173 Portfolio weighted-average rating B B 'AAA' SDR (%) 59.33 62.02 'AAA' WARR (%) 35.24 37.79 *Performing assets plus cash and expected recoveries on defaulted assets. SDR--Scenario default rate. WARR--Weighted-average recovery rate. S&P said, "In our view, the portfolio is diversified across obligors, industries, and asset characteristics. "In our credit and cash flow analysis, we considered the transaction's available current cash balance of approximately EUR17.06 million, based on the December 2025 payment report. We also considered the level of available principal proceeds from the last two payment date reports and the amount of principal proceeds used to deleverage the notes on the last two payment dates (EUR98.25 million). We therefore considered a base-case cash flow scenario where the full amount of principal cash will be used to redeem the rated notes. "We affirmed our 'AAA (sf)' rating on the class A-1 notes to reflect our credit and cash flow analysis, which indicates the available credit enhancement remains commensurate with this rating. "Our base-case cash flow analysis indicates the available credit enhancement for the class A-2, B-1, B-2, and C notes is commensurate with higher ratings. For these classes, we assumed the manager will still deleverage the notes using most of the principal cash and may reinvest unscheduled proceeds and sale proceeds from credit-risk and credit-improved assets. We also considered the level of cushion between our break-even default rates (BDRs) and SDRs for these notes at their passing rating levels, as well as current macroeconomic conditions and these tranches' relative seniority. We therefore raised our ratings on these classes of notes. "For the class D and E notes, our base-case cash flow analysis indicates the available credit enhancement is commensurate with higher ratings. However, the transaction includes an amortizing reinvestment target par adjustment amount, equal to a predetermined reduction in the value of the transaction's target par amount, and unrelated to the principal payments on the notes. This may allow for principal proceeds to be characterized as interest proceeds when the collateral par exceeds this amount, subject to a limit, and can affect the reinvestment criteria, among others. This feature also allows some excess par to be released to equity during benign economic conditions, which may reduce the amount of losses that the transaction can sustain during such conditions. "Since the manager has still not used this feature, in our cash flow analysis, we also ran a sensitivity scenario assuming a collateral size below actual par (EUR243.57 million target par minus the EUR6.5 million maximum reinvestment target par adjustment amount). Under this scenario, the available credit enhancement is sufficient at the current rating levels for the class D and E notes. However, we affirmed our ratings on these notes to reflect their improved credit enhancement since our previous review due to the deleveraging of the class A-1 notes. We also considered the transaction's good performance, particularly the very low rate of asset defaults, as well as its reduced tenor. We expect these classes of notes to benefit from ongoing future deleveraging, which we deem likely given the weighted-average life test failure and reinvestment criteria language. Finally, our affirmations also reflect our forward-looking view, where we expect the notes' performance to continue to improve. "Counterparty, operational, and legal risks are adequately mitigated in line with our current criteria." Holland Park CLO is a European cash flow CLO transaction that securitizes loans granted to primarily speculative-grade corporate firms. The transaction is managed by Blackstone/GSO Debt Funds Management Europe Ltd. MADISON PARK XI: Fitch Puts 'B+sf' Rating on F Notes on Watch Neg. ------------------------------------------------------------------ Fitch Ratings has placed Madison Park Euro Funding XI DAC class E and F notes on Rating Watch Negative (RWN) and revised the class D notes' Outlook to Negative from Stable. The class A to D notes have been affirmed. Entity/Debt Rating Prior ----------- ------ ----- Madison Park Euro Funding XI DAC A-1 XS1833623306 LT AAAsf Affirmed AAAsf A-2 XS1833623561 LT AAAsf Affirmed AAAsf B-1 XS1833624379 LT AA+sf Affirmed AA+sf B-2 XS1833624965 LT AA+sf Affirmed AA+sf C XS1833625426 LT A+sf Affirmed A+sf D XS1833626150 LT BBB+sf Affirmed BBB+sf E XS1833626747 LT BB+sf Rating Watch On BB+sf F XS1833627471 LT B+sf Rating Watch On B+sf Transaction Summary Madison Park Euro Funding XI is a cash flow CLO mostly comprising senior secured obligations. The portfolio is managed by Credit Suisse Asset Management and its reinvestment period ended on 15 August 2022. KEY RATING DRIVERS Increasing Long-Dated Assets: The RWN of the class E and F and the Negative Outlook on the class D notes reflect a large increase in exposure to assets with a maturity beyond the legal final maturity of the transaction (long-dated assets (LDA)). Fitch calculates that LDA increased to 14.9% in January 2026 due to maturity extensions (including restructurings), from 3.6% at the last review in May 2025. Fitch considers LDA to expose the notes to market value risk and assumes they are subject to a fire sale prior to or at the last payment period, with the notes receiving only the assumed recovery value. Unlike recent CLOs, the transaction documentation does not envisage any haircut for LDA in the adjusted collateral principal amount used to calculate the coverage tests. However, the LDA bucket is currently made up of mostly performing credits, with a market value near or above par, and the manager has the ability to sell these assets, limiting potential trading losses. Potential Downgrade: Fitch will continue to monitor the LDA exposure and if it does not reduce in the near term, this could result in downgrades of the class E and F notes. The class D notes benefit from greater credit protection and are therefore not at immediate risk. However, a further material increase in LDA exposure could also lead to a downgrade of the class D notes. This explains the RWN on the class E and F notes while the class D notes have been placed on Negative Outlook. Performance and Refinancing Risk: The RWN on the class E and F notes also reflects exposure to EUR6 million of defaulted assets, a par erosion of 2.1% and near- and medium-term refinancing risk (with about 2.5% of assets maturing in 2026 and 14.1% in 2027). This may lead to further deterioration in the portfolio, increasing downgrade risk beyond that associated with LDA. Transaction Still Reinvesting: The reinvestment period for this deal ended in August 2022, but the manager continues reinvesting in line with the reinvestment criteria. The transaction is currently failing the weighted average life test but the manager can reinvest proceeds on a "maintain or improve" basis. The class A-1 notes have amortised marginally as of the current review and are now 97.9% of the original amount. The amount of cash in the accounts, according to the latest investor report, is EUR67.9 million, which can be used to partially amortise the most senior notes. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The weighted average rating factor (WARF) of the current portfolio is 24.7 as calculated by Fitch under its latest criteria. About 22.3% of the portfolio is currently on Negative Outlook. High Recovery Expectations: Senior secured obligations comprise 97.6% of the portfolio. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate (WARR) of the current portfolio is 59.4%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration, as calculated by Fitch, is 20.4%, and no obligor represents more than 3.2% of the portfolio balance. Exposure to the three largest Fitch-defined industries is 29.9% as calculated by Fitch. Fixed-rate assets are reported by the trustee at 9.3%, in line with the limit of the matrix currently in use of 12.5%. Cash Flow Analysis: Fitch used a customised proprietary cash flow model to simulate the principal and interest waterfalls and the various structural features of the transaction, and to assess their effectiveness, including the structural protection provided by excess spread diverted through the par-value and interest-coverage tests. Deviation from Model-Implied Rating: The class E notes' rating is three notches above their model-implied rating (MIR) and the class F notes' rating is also above their MIR of below 'B-sf', reflecting Fitch's view that the manager has the flexibility to sell LDA, limiting potential trade losses. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades, which are based on the current portfolio, may occur if the exposure of the notes to LDA does not reduce in the foreseeable future, or if loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Madison Park Euro Funding XI DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. TORO EUROPEAN 7: Moody's Affirms Ba3 Rating on EUR22.4MM E Notes ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Toro European CLO 7 DAC: EUR16,000,000 Class B-1 Secured Floating Rate Notes due 2034, Upgraded to Aaa (sf); previously on May 29, 2025 Affirmed Aa1 (sf) EUR14,950,000 Class B-2 Secured Fixed Rate Notes due 2034, Upgraded to Aaa (sf); previously on May 29, 2025 Affirmed Aa1 (sf) EUR21,300,000 Class C Secured Deferrable Floating Rate Notes due 2034, Upgraded to Aa3 (sf); previously on May 29, 2025 Affirmed A1 (sf) Moody's have also affirmed the ratings on the following notes: EUR192,000,000 (Current outstanding amount EUR154,516,457) Class A Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on May 29, 2025 Affirmed Aaa (sf) EUR21,350,000 Class D Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa2 (sf); previously on May 29, 2025 Affirmed Baa2 (sf) EUR22,400,000 Class E Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on May 29, 2025 Affirmed Ba3 (sf) EUR7,450,000 Class F Secured Deferrable Floating Rate Notes due 2034, Affirmed Caa1 (sf); previously on May 29, 2025 Downgraded to Caa1 (sf) Toro European CLO 7 DAC, originally issued in December 2020 and later refinanced in December 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Chenavari Credit Partners LLP. The transaction's reinvestment period ended in February 2024. RATINGS RATIONALE The rating upgrades on the Class B-1, B-2 and C notes are primarily a result of the deleveraging of the Class A senior notes following amortisation of the underlying portfolio since the last rating action in May 2025. The affirmations on the ratings on the Class A, D, E and F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A notes have paid down by approximately EUR34.8 million (18.2%) since the last rating action in May 2025 and EUR37.5 million (19.5%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased. According to the trustee report dated January 2026[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 146.05%, 131.00%, 118.74% and 108.13% compared to June 2025[2] levels of 139.91%, 127.58%, 117.22% and 108.02%, respectively. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR268.7m Defaulted Securities: EUR3.9m Diversity Score: 44 Weighted Average Rating Factor (WARF): 3111 Weighted Average Life (WAL): 3.71 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.78% Weighted Average Coupon (WAC): 3.38% Weighted Average Recovery Rate (WARR): 43.65% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank provider, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ========= I T A L Y ========= REKEEP SPA: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings has changed the outlook on Rekeep S.p.A. (Rekeep or the company) to negative, from stable. Concurrently, Moody's affirmed Rekeep's B3 corporate family rating, its B3-PD probability of default rating and the B3 instrument rating on the EUR360 million senior secured notes due September 2029. "The rating action reflects Moody's expectations that Rekeep's operating performance will be lower than Moody's previously anticipated over the next 12 months and that this will lead to high financial leverage and negative free cash flow", says Sarah Nicolini, a Moody's Ratings Vice President-Senior Analyst and lead analyst for Rekeep. RATINGS RATIONALE Rekeep's operating performance was weaker than Moody's previously anticipated in the last twelve months (LTM) ended September 2025, driven by lower growth, higher raw material and personnel expenses in the domestic market and start-up costs related to new production plants in the international markets. Moody's now expect Rekeep to face subdued operating conditions in the domestic market in 2026 because of limited growth and lower fixed costs absorption. Moody's anticipates that this will lead to a decline in margin, despite the sustained earnings growth in the international market. Therefore, Moody's forecasts that the company's Moody's adjusted EBITA margin will decrease to around 4.5% over the next 12 months, compared to 5.2% in the LTM ended September 2025. Moody's also anticipates that free cash flow (FCF), on a Moody's adjusted basis, will be negative, driven by lower profits, higher interest expenses following last year's bond refinancing and the ongoing repayment of the FM4 fine. This compares to an almost breakeven Moody's adjusted FCF as of September 2025. Moody's also forecasts that Moody's adjusted EBITA/interest will decrease to around 0.8x, compared to 1x as of September 2025. At the same time, Moody's expects that debt will remain elevated, leading to an increase in Moody's adjusted debt/EBITDA to around 7.4x (including the FM4 fine) in the next 12 months, materially higher than what Moody's previously anticipated. This compares to 7.1x as of September 2025. Rekeep's credit metrics will leave the company weakly positioned in the B3 rating category. The B3 CFR continues to be supported by the company's leading market positioning in the Italian and Polish facility management market; a degree of revenue visibility, supported by its order book and its multi-year contracts; and the non-discretionary nature of its business activities. LIQUIDITY Rekeep's liquidity is adequate. As of September 2025, the company had EUR47 million of cash on balance and a committed EUR55.5 million super-senior revolving credit facility (RCF) maturing in February 2029, of which EUR45.5 million were available. The super senior RCF is subject to a financial maintenance covenant on net leverage that Moody's expects to be complied with. Rekeep has also access to a EUR300 million committed factoring facility maturing in January 2028, of which EUR25.7 million were used as of September 2025. Moody's anticipates that the company will generate negative FCF of around EUR5 million in 2026. The company will face a maturity wall in 2029, when the RCF and the EUR360 million senior secured notes will expire, respectively in February and September. STRUCTURAL CONSIDERATIONS The B3 rating on the EUR360 million senior secured notes is aligned with the CFR, as it is only subordinated to the new super-senior RCF. Both the new senior secured notes and the new super-senior RCF are secured against share pledges of certain companies of the group and intercompany receivables. Moody's typically view debt with this type of security package as akin to unsecured debt. In addition, the new RCF benefits from a special lien (privilegio speciale) on the company's moveable assets. RATIONALE FOR THE NEGATIVE OUTLOOK The negative outlook reflects Moody's expectations of a weaker operating performance in 2026 than Moody's previously estimated, leading to a higher Moody's adjusted debt/EBITDA and lower interest coverage over the next 12 months. The rating could be stabilized if the company improves its FCF, on a Moody's adjusted basis, to breakeven and its Moody's adjusted EBITA/interest increases to at least 1x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although unlikely at present, upward pressure on the rating could develop if the company builds a track record of reducing its exposure to litigation and potential fines or if its operating performance strengthens materially through a combination of EBITDA growth and positive FCF, both on a sustained basis; the company sustainably reduces its Moody's-adjusted debt/EBITDA (including FM4 fine) towards 5.0x and increase its Moody's adjusted EBITA/interest well above 1.5x. Downward pressure on the rating could manifest if Rekeep's credit metrics deteriorate further as a result of weakening operating performance or loss of sizeable contracts, penalty payments or significant legal costs, or an aggressive change in its financial policy. Quantitatively, downward pressure on the rating could develop if its Moody's-adjusted debt/EBITDA (including FM4 fine) remains above 6.5x or FCF stays negative or if its Moody's adjusted EBITA/interest fails to increase above 1x, all on a sustained basis. Furthermore, any negative outcome from the investigations, ranging from management distraction to reputational risk or even financial damage, would strain the company's rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Founded in 1938 and headquartered in Bologna (Italy), Rekeep S.p.A. (formerly Manutencoop Facility Management S.p.A.) is a leading provider of facility management and laundry and sterilisation services in Italy and Poland. The company is also exposed to Turkiye, Saudi Arabia and France. In the last twelve months ending September 2025, Rekeep generated revenue of EUR1249 million. =========== K O S O V O =========== KOSOVO: Fitch Affirms 'BB-' LT Foreign Currency IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Kosovo's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. The rating is supported by Kosovo's low and stable public debt, very low interest/revenue, a record of prudent fiscal policy and sound banking sector. These factors are balanced by a lack of full international recognition, risks from unresolved tensions with Serbia, a small economy and heavy reliance on diaspora inflows to finance a large structural trade deficit. Key Rating Drivers New Government, Reduced Political Risk: The ruling Vetevendosje party won 57 out of 120 seats in parliamentary elections in December 2025 and is set to form the next government, ending nearly a year of parliamentary deadlock that prevented government formation. Fitch expects the government to pass the 2026 budget by the end-February deadline and facilitate presidential elections in March, significantly reducing domestic political risks. Parliament is also likely to approve borrowing of part of the EU's Reform and Growth Facility (RGF; total: EUR440 million, equivalent to 4% of 2025 GDP) as well as a USD100 million (0.8% of GDP) World Bank Loan, both of which were held up in 2025 due to the political crisis. Strong Fiscal Performance: The general government balance amounted to a deficit of 0.8% of GDP in 2025, compared with a target of 2.7% (2024: surplus of 0.3%; current 'BB' median: 3.1%). This was mainly driven by under-execution of expenditure, Fitch expects continued compliance with the fiscal rule, which limits deficits to 2% of GDP, over 2026-2027. Inflows of grants under the RGF in 2026-2027 will be positive for revenue growth. Capex execution reached 77% of the budgetary target in 2025 - an historical high - and Fitch expects continued momentum in execution, given the impending unlocking of RGF funds. Very Low Debt: Kosovo's general government debt fell marginally to an estimated 16.5% of GDP at end-2025, the second lowest in the 'BB' category, and will average 18.3% in 2026-2027, reflecting absorption of World Bank and EU loans. No Eurobond issuances are planned for 2026. Government deposits (including assets of the Privatisation Agency of Kosovo) were an estimated 5.6% of GDP at end-2025. Fitch treats Kosovo's debt as 100% foreign-currency-denominated, consistent with its unilateral adoption of the euro as legal tender since 2002. At 1H25, 89% of debt was euro-denominated, mitigating currency risk. Further interest/revenue was an estimated 1.5% in 2025, well below the current 'BB' median of 11.8%. Weak External Finances: Kosovo has consistently run large current account deficits (CAD), averaging 7.4% of GDP in 2016-2025, nearly 3x the 'BB' median, mainly owing to a very large goods deficit (2025: estimated 44% of GDP). Large financial inflows, driven by the diaspora (which durably account for about 70% of FDI; and are concentrated in real estate) are expected to be stable. International reserves were 2.1 months of current external payments in 2025 (in line with the 2020-2024 average) and will steadily increase given projected external borrowing. After over 15 years of a net external creditor position, the economy became a small net external borrower in 2024, a position that will remain broadly stable in 2026-2027. Stable Economic Growth: Real GDP growth is estimated at 3.9% in 2025 and projected to largely stabilise around the medium-term potential level of 4% in 2026-2027. Fiscal measures such as the introduction of a 13th month pension in 2025 (which will be paid retroactively in 2026), stable remittances and a 32% increase in the minimum wage in 2025 will boost private consumption, while public investment will benefit from EU funds. In the medium to long term, weak demographics and productivity growth could impede growth prospects. Strained Relations with Serbia: There has been no meaningful progress in Serbia relations following an informal seven-step normalisation plan agreed in 2023 under the aegis of the EU. The closure of 'parallel' Serbian-dominated institutions in northern Kosovo briefly raised tensions in 2025, but Fitch does not expect escalation. Kosovo is currently an EU 'potential candidate country' but lacks recognition by five EU member states, and Fitch does not expect notable progress with accession at present. Furthermore, notwithstanding the RGF, some EU restrictions on new project financing remain in place. Stable Banking Sector: The banking sector is profitable, with a return on average equity of 17.1% as of November 2025, solid asset quality (non-performing loan ratio of 2.1%) and adequate capitalisation (Tier 1 capital ratio of 14.4%). Macro-prudential measures by the central bank target capital requirements for banks, and do not entail borrower-based measures. Foreign-owned banks make up 82.5% of the sector, of which 52% are EU bank-owned, supporting prudential standards. ESG - Governance: Kosovo has an ESG Relevance Score of '5' for Political Stability and Rights, and for Rule of Law, Institutional and Regulatory Quality, and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in its proprietary Sovereign Rating Model (SRM). Kosovo has a medium WBGI ranking at the 47th percentile. This reflects a moderate level of rights for participation in the political process, moderate institutional capacity, an established rule of law, a moderate level of corruption and political risks associated with relations with Serbia. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Structural: Marked escalation of tensions with Serbia that have a materially negative impact on macro-fiscal metrics - External Finances: A marked increase in external financing risk, for example, due to a sizeable drop in the availability of external concessional financing, remittances, or net FDI Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - External: Reduction in external financing risk, for example, due to a marked rise in international reserves, potentially reflecting stronger and more diversified capital inflows - Structural: Sustained improvement in relations with Serbia, reducing political risks, and underpinning faster international recognition and integration with EU economies Sovereign Rating Model (SRM) and Qualitative Overlay (QO) Fitch's proprietary SRM assigns Kosovo a score equivalent to a rating of 'BB' on the LTFC IDR scale. Fitch's sovereign rating committee adjusted the output from the SRM to arrive at the final LTFC IDR by applying its QO, relative to SRM data and output, as follows: - Structural: -1 notch, to reflect risks from unresolved tensions with Serbia, which also constrain full international recognition, adding to political risk and adversely affecting the business environment. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LTFC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within its criteria that are not fully quantifiable and/or not fully reflected in the SRM. Debt Instruments: Key Rating Drivers Fitch does not currently rate any debt instruments for this sovereign. Country Ceiling The Country Ceiling for Kosovo is 'BBB-', three notches above the LTFC IDR. This reflects very strong constraints and incentives, relative to the IDR, against capital or exchange controls being imposed that would prevent or significantly impede the private sector from converting local currency into foreign currency and transferring the proceeds to non-resident creditors to service debt payments. Fitch's Country Ceiling Model produced a starting point uplift of +3 notches above the IDR. Fitch's rating committee did not apply a qualitative adjustment to the model result. Summary of Data Adjustments The principal sources of information used in the analysis are described in the Applicable Criteria. There is no Climate Vulnerability Signal (VS) for Kosovo due to the limited availability of data. However, Fitch is able to produce a Climate VS for transition risk, which is 35 in 2035. Fitch has also qualitatively considered Kosovo's potential exposure to physical risks and concluded that these climate risk factors are sufficiently captured in the SRM. Climate Vulnerability Signals There is no Climate VS for Kosovo due to data limitations, as noted above. ESG Considerations Kosovo has an ESG Relevance Score of '5' for Political Stability and Rights, as the WBGI have the highest weight in Fitch's SRM and is therefore highly relevant to the rating and a key rating driver with a high weight. As Kosovo has a percentile rank below 50 for the respective governance indicator, this has a negative impact on the credit profile. Kosovo has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality, and Control of Corruption, as the WBGI have the highest weight in Fitch's SRM and is therefore highly relevant to the rating and a key rating driver with a high weight. As Kosovo has a percentile rank below 50 for the respective governance indicators, this has a negative impact on the credit profile. Kosovo has an ESG Relevance Score of '4+' for Human Rights and Political Freedoms, as the Voice and Accountability pillar of the WBGI is relevant to the rating and a rating driver. As Kosovo has a percentile rank above 50 for the respective governance indicator, this has a positive impact on the credit profile. Kosovo has an ESG Relevance Score of '4' for International Relations and Trade, as the lack of full international recognition is relevant to the rating and is a rating driver, with a negative impact on the credit profile. Kosovo has an ESG Relevance Score of '4[+]' for Creditor Rights, as willingness to service and repay debt is relevant to the rating and is a rating driver for Kosovo, as for all sovereigns. As Kosovo has a record of 20+ years without a restructuring of public debt, captured in its SRM variable, this has a positive impact on the credit profile. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Kosovo LT IDR BB- Affirmed BB- ST IDR B Affirmed B Country Ceiling BBB- Affirmed BBB- =================== L U X E M B O U R G =================== INVACARE CORP: Highbridge Advised by Davis Polk in Unit Sale ------------------------------------------------------------ Davis Polk advised Highbridge Capital Management, LLC and certain of its managed investment funds (collectively, "Highbridge Capital") in connection with the sale of Invacare Holdings S.a r.l. (collectively with certain of its affiliates, "Invacare") to investment vehicles affiliated with Rhone Capital L.L.C. Invacare completed a chapter 11 restructuring in May 2023, with Highbridge Capital (the only prepetition secured lender) receiving new secured debt on account of its prepetition and DIP claims. At emergence and through closing of the Rhone transaction, Highbridge Capital was the sole lender under Invacare's secured term loans and the majority holder of Invacare's secured convertible notes. In July 2025, Invacare entered into a definitive agreement with Rhône to sell its European and Asian businesses. Following receipt of regulatory approvals and satisfaction of customary closing conditions, the transaction was closed on January 30, 2026. In connection with the transaction, Highbridge Capital's debt investments in Invacare were fully repaid at closing, including the payment of various premiums and fees under the term loan and secured notes. Invacare is a world-leading manufacturer and distributor of high-quality home healthcare and specialist mobility equipment and solutions benefitting millions of people around the world. Invacare Holdings S.a r.l. holds all Invacare EMEA and APAC businesses. Rhone is a global private equity firm with a focus on investments in businesses with an international presence. The Davis Polk restructuring team included partners Damian S. Schaible and Jonah A. Peppiatt and associate Moshe Melcer. The finance team included partner Kenneth J. Steinberg, counsel Bernard Tsepelman and associate Lauren Flint. The capital markets team included counsel David (Wei Fu) Li. Partner Cheryl Chan provided M&A advice. The antitrust and competition team included partner Matthew Yeowart and associate Andrzej O'Leary. Members of the Davis Polk team are based in the New York and London offices. About Invacare Corporation Headquartered in Elyria, Ohio, Invacare Corporation (IVC) is a leading manufacturer and distributor in its markets for medical equipment used in non-acute care settings. The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, elderly, bariatric) ailments. Invacare employs approximately 3,400 associates and markets its products in more than 100 countries around the world. Invacare Corp. and 2 U.S. subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90068) on January 31, 2023. In the petition signed by Kathleen Leneghan, senior vice president and chief financial officer, the Debtor disclosed up to $1 billion in both assets and liabilities. The Debtors tapped Kirkland and Ellis, LLP and Kirkland and International LLP as bankruptcy counsel, McDonald Hopkins, LLC as bankruptcy co-counsel, Huron Consulting Group as restructuring advisor, Miller Buckfire and Co. as financial advisor and investment banker, and Epiq Corporate Restructuring, LLC, as claims, noticing, and solicitation agent and administrative advisor. Street Advisory Group, LLC is serving as strategic communications advisor to the company. Judge Christopher M. Lopez oversees the cases. The DIP Term Loan Lenders led by Cantor Fitzgerald Securities, as administrative agent, and GLAS Trust Corporation Limited, as collateral agent, have retained Davis Polk & Wardwell LLP, Ducera Partners, Porter Hedges LLP, Baker & McKenzie LLP, McDermott Will & Emery LLP, Shipman & Goodwin LLP as advisors. PNC Bank, National Association, and the ABL DIP Lenders, have retained Blank Rome LLP, and B. Riley Advisory Services as advisors. Brown Rudnick LLP is serving as legal counsel and GLC Advisors & Co., LLC is serving as investment banker to the ad hoc committee of unsecured notes. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Kilpatrick Townsend & Stockton, LLP. MATADOR BIDCO: S&P Affirms 'B+' ICR, Outlook Remains Negative ------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' long-term issuer credit rating on Luxemburg based non-controlling equity interest company Matador Bidco S.a.r.l. (Matador) and its 'B+' issue rating on its $710 million term loan B (TLB). the recovery rating on the TLB is unchanged at '4', reflecting about 40% recovery prosects. The negative outlook reflects the possibility of a downgrade over the next 12 months if the credit quality of Matador's investee asset deteriorates or if Matador's interest coverage does not improve to around 1.5x. Matador, fully owned by investment firm The Carlyle Group Inc., retains a 38.4% equity stake in Spain-based energy company Moeve S.A. (unrated). Under our updated base case on Matador, S&P anticipates that the investment vehicle will receive $75 million-$80 million from Moeve in 2026-2027 per year on average, translating into an S&P Global Ratings-adjusted interest coverage ratio of 1.3x-1.7x over 2026 -2027. The 'B+' rating and negative outlook on Matador reflect the weak position of Matador's investee asset, Moeve. Matador is fully owned by The Carlyle Group and retains a 38.4% equity stake in Moeve, its only source of cash flows. S&P said, "Recently we affirmed and subsequently withdrew our 'BBB-/A-3' ratings on Moeve, on which our outlook at the time of the withdrawal was negative. Since that time, there have been no market events leading us to believe that the credit quality of Moeve has further deteriorated." At the same time, any changes in the creditworthiness of Moeve will affect our rating on Matador, all else being equal. S&P said, "We treat Moeve's potential business combination with the downstream activities of Portugal-based energy company Galp (unrated) as event risk because the two companies have not reached a definitive agreement. On Jan. 8, 2026, Moeve announced it had reached a non-binding agreement to combine its business and Galp's downstream activities into two separate and self-standing companies, one serving business to business companies and the second retail. We know very little at this stage about the corporate and capital structure of these two new entities or the definitive composition of the shareholders. If the proposed business combination were to materialize, we would need to understand the credit implications for Matador. Given the lack of information at this stage, we will treat this potential business combination as event risk and as a result we continue to rate Matador based on its unique stake in Moeve, based on the current consolidation perimeter. "We believe lower dividend distributions from Moeve will result in high debt to EBITDA for Matador. Under our updated base case we anticipate cash dividends of $75 million-$80 million in 2026-2027 on average per year. This compares with about $230 million received in 2021-2022 per year and $359 million received in 2023, before falling to $81 million in 2024. This partly reflects smaller scope of the business following the sale of United Arab Emirates upstream assets in 2023 but also the decision of shareholders to forgo part of dividends to pursue Moeve's transformation strategy, allowing the company to invest materially in capital expenditure (capex) dedicated toward sustainable energy. This level is sufficient for Matador to service its interest obligations and leaves very limited headroom for cash flow volatility. Based on this, we estimate that Matador's S&P Global Ratings-adjusted debt-to-EBITDA will remain high at about 8.0x-8.5x in 2025 and about 7.0x–8.0x through in 2026-2027. This compares with 2.8x-2.9x in 2021-2022, 1.8x in 2023, and 8.7x in 2024. "Matador's S&P Global Ratings-adjusted interest coverage will remain around 1.3x-1.7x in 2026-2027. Under our criteria, if the interest coverage ratio is below 1.5x, the rating is generally capped at 'B-'. We now anticipate the interest coverage ratios will gradually improve. Moreover, we note that the weighted average over 2021-2024 reached 4x-5x, falling to 1.2x in 2024 and an estimated 1.3x in 2025. We also understand that Matador retains a contractual right to request higher dividends from Moeve under the shareholder agreement with Mubadala Investment Co., a sovereign wealth fund of the government of Abu Dhabi, if needed to meet interest obligations. This provides some protection in a downside scenario, although the ability to increase distributions remains constrained by Moeve's own cash requirements. Nevertheless, given the gradually falling interest rates, we estimate this ratio to recover modestly. "We continue to assess Matador's corporate governance and financial policy, as well as its partial control over dividends, as positive. Still, while Matador has some influence over most key decisions, its ability to affect those related to annual dividends has decreased because of cash flow being diverted to capex at the Moeve levels for the next few years. Although The Carlyle Group has only minority representation on Moeve's board, both shareholders must approve any changes to financial and dividend policies. Nevertheless, in our view, Matador has the ability to exercise more control over dividends than peers in similarly structured transactions." The negative outlook reflects the possibility of a downgrade over the next 12 months if the credit quality of Matador's investee asset deteriorates or if Matador's S&P Global Ratings-adjusted interest coverage does not improve above 1.5x. S&P could lower the rating in the next 12 months if: -- The credit quality of Matador's investee asset deteriorates, or -- Matador's interest coverage ratio fails to improve above 1.5x. S&P would revise the outlook on Matador to stable if the operating performance of its investee asset improves, leading to materially robust dividends on a sustained basis, leading to interest coverage ratios materially above 1.5x. ===================== N E T H E R L A N D S ===================== BELL GROUP: Final Claims Deadline by Unidentified Bondholders Set ----------------------------------------------------------------- Bell Group N.V. (now deregistered) (the "Issuer") A$75,000,000 11 per cent. Guaranteed Convertible Subordinated Bonds due 1995 (CH0005575151) (the "1995 Bonds") A$175,000,000 10 per cent. Guaranteed Convertible Subordinated Bonds due 1997 (XS0000001247) (the "First 1997 Bonds") GBP75,000,000 5 per cent. Guaranteed Convertible Subordinated Bonds due 1997 (GB0040901711) (the "Second 1997 Bonds") (together, the "Bonds", and the holders of the Bonds, the "Bondholders") Unconditionally guaranteed on a subordinated basis by The Bell Group Ltd. (now deregistered) ("TBGL") This notice is given by Madison Pacific Trust Limited as trustee for the Bondholders (the "Trustee"). Reference is made to (i) the Trust Deeds dated December 20, 1985, May 7, 1987 and July 14, 1987 constituting the Bonds (as amended and supplemented from time to time, the "Trust Deeds") and (ii) deed polls dated March 7, 2024 and April 8, 2024 modifying the Trust Deeds (the "Deed Polls"), the Trustee's previous notices to the Bondholders (the "Trustee's Notices"), and (iv) the judgement issued by the High Court of Justice Chancery Division under citataion [2023]EWHC 2605 (Ch) a copy of which is available on: https://bailii.org/ew/cases/EWHC/Ch/2023/2605.html (the "Judgment"). All terms and expressions used but not otherwise defined in this notice shall have the meanings given to them in the Trust Deeds or, the Deed Polls or the Trustee's Notices, as applicable. NOTICE IS HEREBY GIVEN that: A. End of Prescription Period and Final Deadline for Claims by Unidentified Bondholders Pursuant to the Judgment and the Deed Polls, Condition 9 of the Bonds states that "Bonds and Coupons will become void unless presented for payment within a period of two years from the Relevant Date therefor, as defined in Condition 8". Condition 8 of the Bonds defines "Relevant Date" as ". . . (ii) if all moneys then due for payment shall not have been paid to the Principal Paying Agent or the Trustee on or prior to such due date, the date on which all such moneys, or all such moneys that Trustee (in its sole discretion) determines it is ever reasonably likely to receive in respect of the Relevant Bonds or Coupons, shall have been so paid and notice to that effect shall have been duly published in accordance with Condition 13". Pursuan to the Judgement, the Court held that the prescription period for the Bonds with respect to which Bonds must be surrendered for payment under Condition 8 and Condition 9 of each Bond should run from the time the amendments made by the Deed Polls became effective,until the period of two years from such dates. Accordingly, Bondholders are hereby notified that the end of the prescription period: (i) for the Second 1997 Bonds is March 6, 2026; and (ii) for the 1995 Bonds and First 1997 Bonds is April 7, 2026 (together, the "Prescription Period End Dates"). The Trustee hereby invites the Bondholders whose Bonds are not held in the ICSDs AND who have not yet come forward and identified themselves to the Trustee (the "Unidentified Bondholders") to contact the Trustee urgently before February 20, 2026 in order that they are able to provide the information required in order to receive their share of the distributions under the Bonds. There is no guarantee that Bondholders who contact the Trustee after February 20, 2026 will be able to be paid at the same time as all other identified Bondolders. Following the Prescription Period End Dates, any remaining Unidentified Bondholders will lose all rights to claim any further amount in respect of the Bonds. B. Distribution to Bondholders Following the Prescription Period End Dates, the Trustee intends to make a further distribution of funds to the Bondholders. Details of this further distribution will be shared in due course. C. Presentation of Bonds Bondholders whose Bonds are currently held in the ICSDs need not take any further action in respect of the proposed further distribution. The Trustee will pay the relevant share of the distribution to the ICSDs for onward distribution to those Bondholders. Bondholders whose Bonds are not held in the ICSDs shoult note that they will be required to present their Bonds and re-verification of their Bonds may be required and they will not receive their share of the distribution until those steps have been completed. Bondholders whose Bonds are not held in the ICSDs will be requested to contact the Trustee on or after the proposed date of payments (which payment date shall be notified to the Bondholders in a separate notice), even if they have previously contacted the Trustee or verified their Bonds prior to the date of this notices. The above communication is made without prejudice to any and all of the Trustee's rights under the Trust Deeds, all of which are expressly reserved. The Trustee provides the information above for the information of Bondholders, but makes no representation as to the accuracy or completeness thereof and cannot accept any liability for any loss caused by any inaccuracy therein. The Trustee expresses no opinion as to the action (if any) that Bondholders should take in relation to the matters set out above. The Trustee makes no recommendations and gives no legal or investment advice herein or as to the Bonds generally. Bondholders should take and rely on their own independent legal, financial or other professional advice, and may not rely on advice or information provided to the Trustee, statements as to the legal position included in notices issued by the Trustee relating to the Bonds or otherwise or the views of the Trustee expressed herein or otherwise. ISIN numbers appearing herein have been included solely for the convenience of the Bondholders. The Trustee assumes no responsibility for the selection or use of such number and makes no representation as to the correctness of the numbers listed above. February 6, 2026 By the Trustee: Madison Pacific Trust Limited Unit 6B1, 6/F Bank of America Tower 12 Harcourt Road Hong Kong Email: agent@madisonpac.com MAXEDA DIY: Fitch Lowers LongTerm IDR to CCC-, On Watch Negative ---------------------------------------------------------------- Fitch Ratings has downgraded Maxeda DIY Holding B.V.'s Long-Term Issuer Default Rating (IDR) to 'CCC-' from 'CCC+' and senior secured ratings to 'CCC' from 'B-' with a Recovery Rating of 'RR3'. Fitch has placed Maxeda's IDR and senior secured rating on Rating Watch Negative (RWN). The rating actions follow the company's initiative to approach lenders and its main shareholder to restructure its debt, in response to the upcoming maturity of its debt in 2026. It reflects its view of a sharply increased probability of a distressed debt exchange (DDE) leading to a material reduction in terms for existing creditors under its Corporate Rating Criteria. The prospect of a near-term announcement of a DDE would lead to a downgrade to 'C', as signalled by the RWN. Key Rating Drivers Near-Term DDE Highly Probable: Following the announced recapitalization transaction, the rating actions have been driven by the heightened probability of a debt restructuring, which Fitch would likely view as a DDE. Fitch considers some form of a DDE the most likely outcome of the announced transaction. Looming RCF Maturity: Maxeda has a fully drawn down revolving credit facility (RCF) that matures in March 2026. The lack of timely refinancing might result in it losing access to its RCF, increasing liquidity pressure. The refinancing of the RCF is in discussion. The RWN also signals the possibility of a payment default under the RCF, if it is not extended. Transaction Reduces Leverage; Coverage Pressured: Should the proposed debt restructuring complete, Fitch expects Maxeda's leverage to reduce to 4.3x by end-FY27 (financial year ending February 2027) from 5.1x at end-FY26, driven by reduced debt. This is relatively strong for Maxeda's rating. However, Fitch estimates EBITDAR fixed charge coverage would remain weak at below 1.5x. Stable Operating Performance: The company's overall operating performance remains stable, which contrasts sharply with the debt restructuring announcement amid a lack of refinancing alternatives and resulting acute liquidity risks. Fitch estimates profitability will mildly improve to 5.7% in FY26 from 5.6% in FY25, supported by reduced selling, distribution and promotional costs. Fitch expects revenue growth to be neutral in FY26 with strong trading in 1HFY26 to be balanced by a weaker 2HFY26. Neutral-to-Positive FCF: Pro forma for the transaction, Fitch projects Maxeda's free cash flow (FCF) will remain neutral to slightly positive through to 2029, driven by tight working capital management, cost control initiatives and limited capex. However, given the cyclical and seasonal nature of the DIY market, with thin operating profitability, cash flow remains sensitive to the top line dynamics and the ability to maintain operating profitability and manage working capital. Benelux Market Leader: Maxeda's credit profile benefits from a leading position in the DIY markets in Belgium and the Netherlands, with fairly stable market shares of 45% and 21%, respectively, at end-October 2025. At 2 November 2025, the company had 330 stores, 135 of which are franchisee-operated, in prime retail locations, and strong brand awareness, creating a barrier to entry for new competitors. The two markets have a record of rational competition, which mitigates profit sustainability risks. Growing But Limited Online Presence: Maxeda has invested in omni-channel capabilities in recent years, notably through the creation of a dedicated distribution centre and the development of a marketplace. However, Fitch assumes that online sales growth will remain fairly limited relative to the overall business. This generally characterises DIY market players focused on the B2C channel, where online penetration tends to be low, due to its technical complexity, logistics and consumer reliance on in-store advice. Consequently, Fitch does not consider this aspect of Maxeda's profile a competitive weakness. Satisfactory Format Diversification: The company focuses on two countries but benefits from some diversification due to its three store formats (city stores, medium box and big box) operated through three brands (Praxis in the Netherlands, and Brico and BricoPlanit in Belgium). These stores offer a wide product range, including private labels (about a quarter of sales). Peer Analysis Kingfisher plc (BBB/Stable) is Maxeda's closest comparable peer, as both focus on DIY retail. Kingfisher is the largest DIY retailer in the UK and the second largest in France after Groupe Adeo. Its business profile is stronger than Maxeda's, with sales nearly 10 times larger, providing scale advantages. It is also more diversified by geography and brand, which provides competitive benefits and supports its 'BBB' rating. Maxeda's leverage of just over 5x is significantly higher than Kingfisher's 2x. Mobilux Group SCA (B+/Stable), a French furniture and home decor retailer, has similarities with Maxeda in market concentration, competitive positioning and exposure to home-improvement spend. Both hold leading positions in their respective markets and exhibit comparable geographic diversification. Their EBITDAR margins are similar, but Maxeda is smaller and has a slightly lower FCF margin. Combined with its higher leverage and potential liquidity risks, this results in a rating lower than Mobilux's. Fitch’s Key Rating-Case Assumptions Store count broadly unchanged over FY26 to FY29 Annual like-for-like revenue growth of 1.0% in the Netherlands; 0.2%-0.5% in Belgium Neutral-to-slightly positive revenue evolution in FY26 to FY29 EBITDA margin at 5.7%-5.9% in FY26 to FY29 Working capital of EUR25 million inflow in FY26, EUR5 million inflow FY27, neutral thereafter Annual capex of EUR30 million in FY26, EUR37 million to EUR38 million in FY27 to FY29 No stock repurchases, dividends or M&A through to FY29 Fitch's projection assumptions do not currently incorporate the effects of the proposed transaction. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management (ccc, higher), sector characteristics (bb, moderate), market and competitive positioning (bb-, moderate), diversification and asset quality (b+, moderate), company operational characteristics (bb, moderate), profitability (bb-, lower), financial structure (b, moderate) and financial flexibility (ccc-, higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical FY24, and 40% each for the forecast FY25 and FY26. B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a+' results in no adjustment. The SCP is 'ccc-'. Recovery Analysis Fitch assumes that Maxeda would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim in the recovery analysis. In its bespoke recovery analysis, Fitch estimates GC EBITDA available to creditors of about EUR70 million. The GC EBITDA is based on a stressed scenarios including prolonged low economic growth combined with sustained competitive pressures in an inflationary environment. Fitch continues to apply a distressed enterprise value/EBITDA multiple of 5.0x, lower than 5.5x for combined Mobilux, which increased in size and improved its market position after the recent combination with Conforama. Based on the debt waterfall analysis, Maxeda's EUR65 million RCF, which Fitch assumes to be fully drawn on default, ranks super senior to the EUR434 million senior secured notes, reduced by EUR36 million due to the buybacks executed since September 2024. After deducting 10% for administrative claims, the analysis generates a ranked recovery for the senior secured bonds in the 'RR3' band, indicating a 'CCC' instrument rating based on current metrics and assumptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Steps to completion of the proposed debt restructuring that Fitch would view as a DDE - Near-term liquidity crisis, leading to a payment default Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating action is unlikely, as reflected by the RWN, ahead of the proposed balance sheet restructuring. Liquidity and Debt Structure The cash balance at end-December 2025 was EUR126 million (of which Fitch excludes EUR10 million for working capital purposes), including EUR37.5 million drawn from the EUR65 million RCF. The remaining portion of the RCF (EUR27.5 million) is an overdraft facility, currently unused. Absent timely refinancing of the upcoming maturity, the company could lose access to its RCF, key for managing intra-year working capital fluctuations. The RCF is due in March 2026 and the senior secured notes mature in October 2026. The proposed transaction is key to addressing the approaching debt maturities. Issuer Profile Maxeda is a leading DIY retailer in Benelux. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Maxeda DIY Holding B.V. LT IDR CCC- Downgrade CCC+ senior secured LT CCC Downgrade RR3 B- =========== S W E D E N =========== INTRUM AB: Moody's Affirms 'Caa2' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings has affirmed Intrum AB (publ) (Intrum)'s Caa2 corporate family rating, Intrum Investments and Financing AB's (Intrum Investment and Financing) Caa3 backed senior secured rating related to the Guaranteed Senior Global Notes (2.0 lien notes), and Intrum Investment and Financing's B3 backed senior secured rating related to the new money bonds (1.5 lien new money notes). Moody's also changed the outlook on Intrum and Intrum Investment and Financing to positive from stable. The rating action follows improvements in Intrum's leverage resulting from the repurchase of a portion of its 2.0 lien notes in H2 2025, stable Cash EBITDA and cash flow performance as reported in the company's full year 2025 results, and the announcement of Intrum's plan to further reduce leverage in H1 2026. RATINGS RATIONALE The change of Intrum's outlook to positive from stable reflects improvements in the company's leverage, following the repurchase of a portion of Intrum Investments and Financing's 2.0 lien notes during H2 2025, and stable Cash EBITDA and cash flow performance as reported in the company's full year 2025 results. Intrum's leverage could further improve in H1 2026 following a planned additional debt portfolio sale and redemption of 2.0 lien notes maturing in 2027; approval is however still required by creditors and regulators. Intrum's Caa2 CFR remains constrained by considerable negative financing cash flows, reduced earnings power due to inability to fully replenish its loan portfolios, still relatively high leverage and a substantial tangible equity deficit. While the company's active management of debt maturities provides near-term financial stability, Intrum has not yet established a track record of a material reduction in leverage, stabilizing profitability and business model transformation. Under its new strategy for the period up to 2030, Intrum will focus first on reducing leverage and raising servicing efficiency while relying on co-investors for larger-ticket portfolio investment. Subsequently, the company plans to grow servicing revenue by acquiring clients particularly outside of financial services and increase its own investing once funding costs reduce post deleveraging. The Caa3 backed senior secured rating of the 2.0 lien notes reflects Intrum's CFR, and no subordination. The B3 backed senior secured rating of the 1.5 lien new money notes reflects Intrum's CFR, as well as the benefit from the subordination of the much larger issuance volume of the 2.0 lien notes, even though they still rank junior to the revolving credit facility. OUTLOOK Intrum's positive outlook reflects Moody's expectations that the company's financial performance will improve while remaining relatively weak over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Intrum's CFR and Intrum Investments and Financing's backed senior secured debt ratings could be upgraded if the company's financial performance shows sustained improvements, as evidenced by consistently positive earnings, stable cash flows, and a lower debt/EBITDA leverage. Improvements in leverage resulting from the redemption of the 2.0 lien notes would reduce the volume of subordinated debt and are hence unlikely to lead to an upgrade of the 1.5 lien new money notes. Intrum's CFR and Intrum Investments and Financing's backed senior secured debt ratings could be downgraded if its financial performance materially weakens and the firm's profitability, cash flow, and interest coverage deteriorate. The 1.5 lien new money notes could be downgraded or receive a lower rating uplift over the CFR if there is a substantial reduction in the volume of subordinated debt, specifically the 2.0 lien notes. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Finance Companies published in July 2024. Intrum's 'Assigned Standalone Assessment' of Caa2 is set three notches below the 'Financial Profile' initial score of B2 to reflect a limited track record of material reduction in leverage, stabilizing profitability and business model transformation, and corporate behaviour and risk management. ===================== S W I T Z E R L A N D ===================== ALLWYN INTERNATIONAL: Moody's Affirms 'Ba2' CFR, Outlook Stable --------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 long-term corporate family rating and the Ba2-PD probability of default rating of Allwyn International AG (Allwyn). The outlook remains stable. The rating action follows Allwyn's intention to resort to approximately EUR460 million of incremental debt to fully fund corresponding cash payments to shareholders of its listed subsidiary, Greek Organisation of Football Prognostics SA (OPAP), who exercised their exit rights in opposition to the proposed combination between Allwyn and OPAP announced in late 2025. RATINGS RATIONALE Moody's projects Allwyn's Moody's-adjusted gross debt to EBITDA (leverage) to rise between 4.6x – 4.9x through year-end 2026, which is above the 4.25x threshold identified for a downgrade. That said, the rating action considers: --- Allwyn's sizeable unrestricted cash balances and underlying free cash flow (FCF)-generative business, which partially mitigates the elevated gross leverage (in Moody's-adjusted terms) -- Moody's expectations that key credit metrics will rapidly bounce back to levels commensurate with the current rating by the end of 2027 -- Moody's views that the combination between Allwyn and OPAP remains overall beneficial to Allwyn's business, financial and governance profiles, because it will lead to more predictable financial policy commitments and increased transparency around governance practices. Allwyn's credit profile also reflects the company's significant exposure to lotteries, typically drive more resilient revenue and profitability compared to other gaming activities; strong market shares; and diversified mix of geographies and distribution channels. Beside the abovementioned elevated leverage, negative near-term free cash flow (FCF) generation and pro forma still concentrated ownership structure constrain the company's credit quality. ESG CONSIDERATIONS Governance factors influenced the rating action. Raising around EUR460 million in additional debt to buy out shareholders opposing the Allwyn–OPAP merger temporarily reduces Allwyn's ability to absorb underperformance at the current rating level. It also temporarily takes net leverage outside of the company's target of 2.5x. However, this is mitigated by good track record of meeting business plans, which underpins Moody's expectations of a rapid improvement in key credit metrics after 2026. LIQUIDITY Allwyn's liquidity is good. At September 30, 2025 and on a consolidated basis, the company had EUR1.6 billion of unrestricted cash and cumulative undrawn availabilities of EUR1,180 million across committed revolving credit facilities (RCFs) and delayed draw term loan at different entities within the group. EUR1,180 million is available to the group and EUR850 million was fully available at the holding company level. Moody's projects Allwyn to generate underlying positive FCF before dividends, albeit of lower magnitude versus historical levels in the near-term because of the Italian license renewal (around EUR450 million). FCF after distributions to the parent entity and to minority shareholders will be heavily negative in 2026 at around - EUR550 million but projected to turn strongly positive from 2027 onwards. Moody's expects Allwyn to remain compliant with financial covenants attached to the bank loans. OUTLOOK The stable outlook reflects Moody's expectations that Allwyn's gross leverage and FCF generation will substantially improve after the trough in 2026 through a combination of growing earnings and lower capital expenditure. The stable outlook also reflects expected adherence to stated financial policies upon Allwyn becoming a listed entity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could arise if: -- The company sustains positive organic growth, withstands the impact of potential regulatory changes, successfully manages licenses renewal risk as well as execution and integration of acquired businesses. -- The company commits to more conservative financial policies and consistently reduces leverage, so that its Moody's-adjusted gross leverage on a consolidated basis falls well below 3.25x. -- The holding company generates strong cash flow on a sustained basis and maintains solid liquidity to service upcoming debt maturities, cutting back dividend and M&A spending when necessary. Downward rating pressure would arise if Allwyn's: -- Organic revenue declines, changes to the regulatory environments negatively impact the company's earnings and cashflows or in case of missteps with regards to license renewals. -- Moody's-adjusted gross leverage remains above 4.25x on a consolidated basis or its Moody's-adjusted FCF remains negative on a sustained basis. -- The consolidated group's liquidity weakens or financial policies become less conservative, with significant debt-financed acquisitions or material shareholder distributions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Allwyn is a multinational lottery and gaming operator with activities across the Czech Republic, Austria, the UK, the US, Greece, and Italy. In addition to its core lottery operations, the company is active in sports betting, online gaming, daily fantasy sports, video lottery terminals (VLTs), and casino operations. It also holds a 37% stake in Betano's online sports betting and gaming platform. On a consolidated basis, Allwyn generated EUR9.1 billion in gross revenue and EUR1.5 billion in Moody's-adjusted EBITDA over the twelve months ending September 30, 2025. The company is owned by KKCG, an investment group founded by Karel Komárek. =========================== U N I T E D K I N G D O M =========================== CUBE SAFETY: Moody's Assigns First Time 'B2' Corp. Family Rating ---------------------------------------------------------------- Moody's Ratings has assigned a first-time B2 corporate family rating and a B2-PD probability of default rating to Cube Safety BidCo AB (Ramudden), the new parent entity of the Ramudden group, to effect acquisition of the company by I Squared Capital. The outlook on this entity is positive. At the same time, Moody's have withdrawn the B2 CFR and B2-PD PDR of Ramudden Global AB, following the expected group's reorganization under the new ownership. At the time of the withdrawal, the outlook for Ramudden Global AB was negative. Concurrently, Moody's have assigned B2 instrument ratings to the proposed senior secured term loan B and senior secured revolving credit facility (RCF) to be issued by Cube Safety BidCo AB. The B2 rating of the backed senior secured bank credit facilities issued by Ramudden Global (Group) GmbH will be withdrawn upon repayment. The net proceeds from the proposed EUR1,175 million senior secured term loan B, together with a sizable shareholder equity contribution, will be used to refinance existing indebtedness of Ramudden Global AB, support the secondary buyout transaction through which I Squared Capital will acquire the group from Triton Partners, and fund related transaction costs. RATINGS RATIONALE The B2 CFR and positive outlook reflect the improvement in Ramudden's operating performance in 2025 and Moody's expectations that this momentum will continue over the next 12–18 months. Moody's expects the company to remain acquisitive under its new ownership, and a demonstration of a disciplined M&A track record and improving free cash flow (FCF) as the business scales would support further strengthening of credit quality. On a pro forma basis, Moody's estimates Moody's-adjusted debt/EBITDA of 5.3x in 2025. Moody's expects mid-single-digit organic revenue growth across diversified end markets, supported by structural demand for road-infrastructure maintenance and safety services. Moody's also expects the company to pursue around EUR150 million of bolt-on acquisitions per year, at disciplined EV/EBITDA multiples of 5–7x, funded mostly by debt and positive FCF generation, which should allow Ramudden to modestly lower leverage toward 5.0x by 2026 and improve Moody's-adjusted FCF/Debt towards mid-single digits. Ramudden benefits from a strong market position in temporary traffic management across Europe, and an increasing presence in North America, supported by a combination of organic and inorganic expansion. Ramudden's sector exposure is relatively stable, but revenue can be affected by project delays tied to budget approvals or political cycles, as seen in the UK. However, broad geographic diversification mitigates these risks, and Moody's expects underlying market fundamentals driven by ongoing need for maintenance of existing infrastructure to support mid-single digit organic revenue growth. In 2025 all operating segments except the UK (around 10% of EBITDA) achieved mid- to high-single-digit organic revenue growth and EBITDA expansion. The rating also reflects the company's high leverage, with Moody's-adjusted debt/EBITDA forecast to remain around 5x by end-2026, incorporating IFRS 16 leases (EUR54 million add back to EBITDA and EUR126 million included in debt), inclusion of one-off costs in EBITDA (EUR22 million in 2025 and around EUR20 million per annum in Moody's forecasts). FCF generation has been inconsistent in recent years because of ongoing investment needs; however, scaling benefits and improved asset utilization could support stronger FCF over time. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATIONALE OF THE OUTLOOK The positive outlook reflects Moody's expectations that Ramudden will deliver mid-single digit organic revenue growth over next 12-18 months, and build a more consistent track record of positive Moody's adjusted FCF. These improvements will be supported by moderating capital intensity and scaling effects, while liquidity remains good. The positive outlook does not factor in any large transformation debt-funded M&A or dividends, but includes expectation of EUR150 million of bolt-ons per annum at 5-7x EBITDA/EV multiples. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Governance is a key driver of this initial rating assignment. The company's concentrated ownership under I Squared Capital, combined with an acquisitive strategy, increases the risk of a sustained tolerance for high leverage. More favorably, I Squared Capital structured the secondary buyout to reduce Ramudden's Moody's adjusted leverage compared to the existing capital structure. LIQUIDITY Ramudden's liquidity is good, supported by committed external funding and Moody's expectations of EUR40–60 million in positive Moody's adjusted FCF per year. As part of the transaction, the company increased its RCF to EUR300 million which may be further increased by additional EUR75 million, from EUR215 million. Moody's expects unrestricted cash of at least EUR50 million by year end 2026. Management is optimizing cash pooling arrangements, which will reduce operational drawings under the RCF. Moody's assumes EUR150 million of M&A related outflows per year in Moody's base case. The company benefits from a long dated maturity profile, with no significant debt maturities before 2032. The senior secured RCF includes a springing covenant tested if drawings exceed 40% of commitments, and Moody's expects ample headroom. STRUCTURAL CONSIDERATIONS The senior secured term loan B and the RCF issued by Cube Safety BidCo AB rank pari passu and share the same security interest, including package described below. These senior secured bank credit facilities are rated B2 in line with the CFR because they account for the large majority of debt. COVENANTS Moody's has reviewed the marketing draft terms for the new credit facilities. Notable terms include the following: Guarantor coverage will be at least 80% of consolidated EBITDA (determined in accordance with the agreement) and include all companies in security jurisdictions representing 5% or more of consolidated EBITDA. The security jurisdictions are Sweden, England & Wales, USA, Germany, Canada, Belgium and the Netherlands. Security will be granted over key shares, material bank accounts and material intra-group receivables, with all asset security over all material assets granted in the USA, Canada and England and Wales. Senior secured debt is permitted up to a senior secured leverage ratio of 5.0x, and total debt is permitted subject to a 2.0x fixed charge coverage ratio, any of which can be made available as incremental facilities. Restricted payments are permitted if total net leverage is 4.85x or lower, and unlimited repayments of subordinated debt if it is 5.10x or lower. Repayment from asset sale proceeds is not subject to a leverage test. Adjustments to consolidated EBITDA include the full run rate of savings and synergies, capped at 25% of consolidated EBITDA and believed to be realisable within 24 months of the date of calculation. Numerical baskets are subject to a "high watermarking" provision that permanently increases them if EBITDA rises. The proposed terms, and are subject to finalisation. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure could arise if: -- Moody's adjusted debt/EBITDA declines sustainably below 5.0x -- Moody's adjusted FCF/debt rises toward mid-single digit levels -- EBITA/interest improves above 2.0x on a sustained basis -- Liquidity remains good Downward pressure could arise if: -- Moody's adjusted debt/EBITDA increases above 6.0x -- Moody's adjusted EBITA/interest falls below 1.7x -- FCF/debt falls toward zero or liquidity deteriorates PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CORPORATE PROFILE Ramudden is a leading provider of temporary traffic safety services across Europe and North America. In 2025, the company generated EUR1,053 million of revenue and EUR229 million of pro forma adjusted EBITDA (22% margin). On December 24, 2025, I Squared Capital agreed to acquire the company from Triton Partners, with closing expected in the first half of 2026. POLARIS 2026-1: S&P Assigns CCC(sf) Rating on Cl. X2-Dfrd Notes --------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Polaris 2026-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, X1-Dfrd, and X2-Dfrd notes. At closing, the issuer also issued unrated RC1 and RC2 residual certificates. The originator, UK Mortgage Lending Ltd., began lending in 2015 and operates as a specialist buy-to-let and owner-occupied mortgage lender. S&P said, "This is the 12th Polaris transaction that we have rated. The historical performance of the lender's mortgage book has proven relatively strong to date, with total arrears generally below 6.0% for owner-occupied mortgages. Total arrears have trended below our U.K. nonconforming index for post-2014 originations." The servicer, Pepper (UK) Ltd., is an established and leading U.K. servicer. S&P believes its team is experienced, and it has already serviced several transactions that it has rated. Since Pepper (UK) also provides third-party servicing, it has well-established and fully integrated servicing systems and policies. The capital structure's application of principal proceeds is fully sequential. Credit enhancement can therefore accumulate for the rated notes, enabling the capital structure to withstand performance shocks. The pool has a low current indexed loan-to-value (LTV) ratio of 67.79%, which is less likely to incur loss severities if the borrower defaults. The liquidity reserve fund was unfunded at closing and is expected to accumulate using available principal receipts until it reaches the higher of 1% of the class A or B-Dfrd notes' outstanding balances. As a result, the class A notes will remain exposed to liquidity risk until the reserve is fully funded. S&P has considered this in its cash flow analysis, and we noted the liquidity coverage available to each class in our rating considerations. In our stressed cash flow modelling, the liquidity reserve fund is fully funded shortly after closing. The transaction includes a prefunded amount of up to 30%, where the issuer can purchase loans until the first interest payment date. The addition of these loans could adversely affect the pool's credit quality. Portfolio limitations mitigate this risk. Product switches are permitted, subject to certain conditions being met. S&P performed additional sensitivities that capture the risk of margin deterioration, and the assigned ratings reflect the results of these sensitivities. Of the loans in the pool, 8.78% relates to shared ownership mortgages, and this exposure is higher than in Polaris 2025-3 PLC (7.52%). S&P considered this risk in our analysis. S&P said, "The issuer is an English special-purpose entity, which we consider to be bankruptcy remote. We consider the legal structure and transaction documents to be in line with our legal criteria. "The issuer is exposed to HSBC Bank as the transaction account provider, Barclays Bank PLC as the collection account provider, and Lloyds Bank Corporate Markets PLC as swap counterparty. The documented replacement mechanisms are consistent with our counterparty criteria."s Ratings Class Rating Amount (mil. GBP) A AAA (sf) 338.93 B-Dfrd* AA (sf) 20.93 C-Dfrd* A- (sf) 17.21 D-Dfrd* BBB- (sf) 7.04 E-Dfrd* BB- (sf) 4.69 F-Dfrd* B- (sf) 2.35 X1-Dfrd* B- (sf) 11.34 X2-Dfrd* CCC (sf) 5.87 RC1 Residual Certificates NR N/A RC2 Residual Certificates NR N/A *S&P's rating on this class considers the potential deferral of interest payments. NR--Not rated. N/A--Not applicable. S4 CAPITAL: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings affirmed its long-term ratings on S4 Capital PLC and its senior secured debt at 'B'. The recovery rating on the senior secured debt remains at '3', indicating its expectation of meaningful recovery (50%-70%; rounded estimate 60%) in the event of a default. The stable outlook indicates S&P's expectations that S4 Capital will return to organic revenue growth in 2027 and continue to prudently manage its cost base, such that it maintains adjusted debt to EBITDA of 4.0x-5.0x. S&P said, "The affirmation reflects that we expect S4 Capital's revenue to stabilize and improving profitability to support robust cash flow generation, liquidity, and deleveraging. In a trading update released on Jan. 26, 2026, S4 Capital reported a material 8.5% decline in like-for-like net revenue, but guided for a stronger-than-expected EBITDA margin and net leverage position at the end of the year, stemming from stronger working capital and FOCF. We estimate that this will translate into S&P Global Ratings-adjusted leverage just below 5x in 2025, in line with our threshold for the rating. Strong FOCF generation, a solid liquidity position with a material cash balance, and absence of near-term maturities support the rating in our view. This is despite the still-challenging operating conditions and reduced spending by clients, primarily in the technology sector. We expect that, in 2026, S4 Capital's revenue growth should broadly stabilize and improve from the second half of the year. Together with lower operating, restructuring, and one-off costs, this should support the EBITDA margin strengthening toward 11% and adjusted leverage remaining below 5x in 2026 and reducing toward 4.5x in 2027. "We expect the stabilizing top line and the company's cost savings to support improving operating margins in the next few years . We anticipate tough trading conditions to prevail in the first half of 2026, but expect S4 Capital to return to organic revenue growth in the second half of this year. Overall, we forecast a 1%-3% decline in 2026, and a return to 1%-3% growth in 2027. The company has recently won key new business with General Motors, Amazon, T-Mobile, Saudi Arabia's Public Investment Fund, and two fast moving consumer goods companies, which should drive revenue growth toward the end of 2026 and into 2027. We also anticipate adjusted EBITDA to increase over the coming years, supported by the company's prudent management of costs. We estimate that, in 2025, its adjusted EBITDA remained broadly flat, despite a material decline in revenue and thanks to significant operating cost savings. The company right-sized the business and aligned the cost-to-net-revenue ratio closer to industry averages, and implemented a significant reduction in headcount in 2025, decreasing to under 6,500 from over 7,000 12 months prior. We project adjusted EBITDA margins to improve to nearly 11% by 2027 from below 9% in 2024, as revenue performance improves and restructuring and one-off costs decline. "We expect S4 Capital to generate solid positive FOCF, which supports its liquidity and the rating. In 2025, S4 Capital continued to maintain tight control over net working capital (NWC) and capital expenditure (capex). We estimate that, coupled with lower interest expense due to declining base rates, this resulted in robust FOCF and liquidity position at the end of 2025. While we anticipate some reversal in NWC as business momentum and revenue growth pick up, we expect FOCF to debt to remain comfortably above 10% through our forecast period. We also note that, based on the company's guidance of net company-adjusted leverage of under £100 million at the end of 2025, we estimate it had a cash balance of over £200 million. While we don't net off the cash in our adjusted leverage calculations, we note that this sizable cash balance in relation to its EUR375 million term loan supports the rating and gives it some financial flexibility." If S4 Capital's revenue continues to decline sharply, or it loses key clients and fails to win sufficient new business, this could indicate structural issues with its operating performance. In turn, this could harm its reputation with existing and potential clients, leading us to reassess the group's business position. S&P said, "We also think that due to S4 Capital's relatively modest scale, especially compared to larger ad holding companies, it cannot match the scale of investments by these agencies. This positions it weaker than some peers to withstand the potential disruption of AI, in our view. AI could lower barriers to entry in the advertising sector and lead to intensifying competition. That said, S4 started addressing the oncoming AI disruptions few years ago, and has built in-house AI tools, like Monk.flow, which we think should help improve internal efficiency, particularly in creative production." Potentially higher competition from AI could mean that agencies like S4 Capital might have to share these efficiency gains with the customer, leading to lower revenue for the company. The stable outlook indicates S&P's expectation that S4 Capital will return to organic revenue growth in 2027 and continue to prudently manage its cost base, such that it maintains adjusted debt to EBITDA of 4.0x-5.0x. S&P could lower the rating if: -- S4 Capital's top line continues to decline amid challenging macroeconomic conditions or if a loss of contracts increases uncertainty regarding its long-term growth prospects, leading us to reassess its business position. -- Adjusted leverage increases beyond 5.0x or FOCF to debt falls below 5%. S&P could raise the rating if S4 Capital returns to solid organic revenue and EBITDA growth on a sustained basis, driven by increased spending by existing clients and new contracts. An upgrade would also require adjusted debt to EBITDA to be lower than 4.0x and FOCF to debt higher than 10%. TUPLE MIDCO 2: S&P Assigns 'B' LongTerm ICR, Outlook Positive ------------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issuer credit rating to Tuple Midco 2 Ltd. (Finastra TCM). S&P also assigned its 'B' issue rating and '3' recovery rating (reflecting its rounded estimate of 55% recovery in the event of default) to the $1.2 billion-equivalent term loan B (TLB). The positive outlook reflects S&P's expectations of steadily growing revenue and EBITDA over the 12-18 months following the closing of the sale, assuming the carve-out is executed in line with plans. This should result in adjusted leverage improving to about 6.5x by fiscal 2027 and free operating cash flow (FOCF) to debt increasing to over 7% (10% excluding separation costs) in fiscal 2027. Finastra TCM includes Finastra's Treasury And Capital Management (TCM) business unit, which is acquired by Apax Partners LLP. Apax Partners funded the purchase and associated transactions costs with recently issued term loans of $1.2 billion and a portion of cash equity. Following the debt issuance, S&P expects that S&P Global Ratings-adjusted leverage will peak at just above 7.0x in fiscal 2026 (ending May 2026), declining to about 6.5x by fiscal 2027, driven mainly by earnings growth. Finastra TCM provides mission-critical treasury and capital management solutions, essential for the day-to-day operations and regulatory compliance of financial institutions. This leads to very low churn, which, along with the high level of recurring revenue, enhances earnings stability and predictability. S&P said, "The ratings are in line with the preliminary ratings we assigned on Jan. 6, 2026. There were no material changes to the financial documentation compared with our original review, and the company's operating performance has been in line with our forecast. "The positive outlook reflects our expectations of steadily growing revenue and EBITDA over the 12-18 months following the closing of the sale, assuming the carve-out is executed in line with plans. This should result in adjusted leverage improving to about 6.5x by fiscal 2027 and FOCF to debt increasing to over 7% (10% excluding separation costs) in fiscal 2027. "We could revise the outlook to stable in the next 12 months if Finastra TCM's earnings fail to improve in line with our base case (adjusted leverage remains above 6.5x or FOCF to debt remains well below 10% in fiscal 2027). This scenario could unfold if there are substantial carve-out cost overruns, unexpected operational challenges as a stand-alone entity, higher churn due to increased competition, or tough macroeconomic conditions, leading to weaker EBITDA than our base case. "We could raise the rating if Finastra TCM's adjusted leverage improves to below 6.5x and its FOCF to debt approaches 10%, supported by a financial policy aligned with maintaining these metrics." =============== X X X X X X X X =============== [] Fitch Affirms Ratings on 11 EMEA Automotive Suppliers -------------------------------------------------------- Fitch Ratings has affirmed 11 EMEA automotive supplier ratings: 1. Continental AG 2. Autoliv, Inc. 3. Garrett Motion Inc. 4. FORVIA S.E. 5. HELLA GmbH & Co. KGaA 6. Pirelli & C.S.p.A. 7. Robert Bosch GmbH 8. Schaeffler AG 9. IHO Verwaltungs GmbH's 10. Benteler International Austria GmbH 11. Compagnie Generale des Etablissements Michelin 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 Continental AG 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, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Higher), Financial Structure (bbb, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - 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: No other consideration applied. Autoliv, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Moderate), Market & Competitive Positioning (a-, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (a-, Moderate). - 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. - 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: No additional considerations applied. Garrett Motion Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (a, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Lower). - 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. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb'. To derive the IDR: No additional considerations applied. FORVIA S.E. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: No other consideration applied. HELLA GmbH & Co. KGaA Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Higher), Financial Structure (bbb+, Higher), and Financial Flexibility (a, Moderate). - 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. - 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 consolidated profile+1 approach. Pirelli & C.S.p.A. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (a+, Higher), Financial Structure (bb+, 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, 40% for the forecast year 2025 and 40% for the forecast year 2026. - 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: No other consideration applied. Robert Bosch GmbH Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (a, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bb+, Moderate), Financial Structure (a, Higher), and Financial Flexibility (aa-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2027 and 60% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'a'. To derive the IDR: No other consideration applied. Schaeffler AG Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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 consolidated profile +1 approach. IHO Verwaltungs GmbH Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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 other considerations applied. Benteler International Austria GmbH Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb, Moderate), Profitability (b, Higher), Financial Structure (b, Moderate), and Financial Flexibility (bb+, Moderate). - 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. - 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 Rating Criteria results in a standalone approach. Compagnie Generale des Etablissements Michelin: Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a, Higher), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a, Higher), Financial Structure (a-, Moderate), and Financial Flexibility (a+, Moderate). - 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. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a'. To derive the IDR: No other consideration applied. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Autoliv, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Garrett Motion Holdings Inc. senior secured LT BB+ Affirmed RR2 BB+ senior unsecred LT BB Affirmed RR4 BB Continental Rubber of America Corp. senior unsecured ST F2 Affirmed F2 Schaeffler AG LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Garrett LX I S.a r.l. senior unsecured LT BB Affirmed RR4 BB Benteler International Austria GmbH LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ Continental AG LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Autoliv ASP, Inc. senior unsecured LT BBB+ Affirmed BBB+ Robert Bosch Investment Nederland B.V. senior unsecured LT A Affirmed A Garrett Motion, Inc. LT IDR BB Affirmed BB FORVIA S.E. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Compagnie Generale des Etablissements Michelin LT IDR A Affirmed A ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 Compagnie Financiere Michelin Suisse SA LT IDR A Affirmed A ST IDR F1 Affirmed F1 Compagnie Financiere Michelin SAS LT IDR A Affirmed A ST IDR F1 Affirmed F1 Robert Bosch GmbH LT IDR A Affirmed A ST IDR F1+ Affirmed F1+ senior unsecured LT A Affirmed A senior unsecured ST F1+ Affirmed F1+ IHO Verwaltungs GmbH LT IDR BB Affirmed BB senior secured LT BB Affirmed RR4 BB Pirelli & C. S.p.A. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Robert Bosch Finance LLC senior unsecured LT A Affirmed A senior unsecured ST F1+ Affirmed F1+ HELLA GmbH & Co. KGaA LT IDR BBB- Affirmed BBB- [] Fitch Affirms Ratings on Five EMEA Gaming Companies ------------------------------------------------------ Fitch Ratings has affirmed five EMEA gaming companies' ratings: 1. Bally's Intralot S.A. 2. Entain plc 3. evoke plc 4. Flutter Entertainment plc 5. Meuse Bidco SA 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 Bally's Intralot S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Higher), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb, Lower), Company Operational Characteristics (b+, Moderate), Profitability (bb+, Lower), Financial Structure (bb-, Moderate), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 10% for the forecast year 2028. - 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 'a+' 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(n) consolidated profile+2 approach. Entain plc 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-, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Lower), Profitability (bb, Moderate), Financial Structure (bb, 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 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 'a' results in no adjustment. - The SCP is 'bb'. evoke plc 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+, Lower), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Lower), Profitability (b, Higher), Financial Structure (b-, 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 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b' Flutter Entertainment plc. 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, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Lower), 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 latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. Meuse Bidco SA 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 (bb, Higher), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb, Lower), Profitability (bbb-, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (bb, Moderate). - 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. The Diversification and Asset Quality factor is considered the weakest link in its analysis. This leads to an adjustment of -1 notch. - 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+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Bally's Intralot S.A. LT IDR B+ Affirmed B+ Entain plc LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR3 BB+ Flutter Entertainment plc LT IDR BBB- Affirmed BBB- 888 Acquisitions Limited senior secured LT B+ Affirmed RR3 B+ evoke plc LT IDR B Affirmed B Meuse Finco SA senior secured LT BB- Affirmed RR3 BB- 888 Acquisitions LLC senior secured LT B+ Affirmed RR3 B+ Meuse Bidco SA LT IDR B+ Affirmed B+ FanDuel Group Financing LLC senior secured LT BBB Affirmed BBB Flutter Financing B.V. senior secured LT BBB Affirmed BBB Flutter Treasury DAC senior secured LT BBB Affirmed BBB Entain Holdings (Gibraltar) Limited senior secured LT BB+ Affirmed RR3 BB+ Intralot Capital Luxembourg S.A. senior secured LT BB Affirmed RR2 BB [] Fitch Affirms Ratings on Four EMEA Automotive Manufacturers -------------------------------------------------------------- Fitch Ratings has affirmed four EMEA automotive manufacturer ratings: 1. Aston Martin Lagonda Global Holdings PLC 2. Ford Otomotiv Sanayi A.S. 3. JSC UzAuto Motors 4. Volkswagen AG 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 Aston Martin Lagonda Global Holdings PLC 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+, Lower), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (ccc+, Moderate), Profitability (ccc+, Higher), Financial Structure (ccc-, 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 'Good' results in no adjustment. The Operating Environment assessment of 'aa-' results in no adjustment. The SCP is 'ccc+'. To derive the IDR: no other consideration applied. Ford Otomotiv Sanayi A.S. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b, Lower), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Higher), Financial Structure (b+, Moderate), and Financial Flexibility (b+, Lower). - 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' 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 bottom up +1 approach. JSC UzAuto Motors 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 (b, Lower), Market and Competitive Positioning (ccc+, Moderate), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (b+, Moderate), Profitability (bb-, Moderate), Financial Structure (bbb+, Lower), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - 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 'b' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria results in a top-down -1 approach. Volkswagen AG Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Higher), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (a, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a-, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (a, Moderate). - 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'a-'. To derive the IDR: no other consideration applied. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- JSC UzAuto Motors LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Aston Martin Lagonda Global Holdings PLC LT IDR CCC+ Affirmed CCC+ VW Credit Canada, Inc. senior unsecured LT A- Affirmed A- Aston Martin Capital Holdings Limited senior secured LT B- Affirmed RR3 B- Volkswagen Group of America Finance, LLC senior unsecured LT A- Affirmed A- Volkswagen International Finance NV senior unsecured LT A- Affirmed A- subordinated LT BBB Affirmed BBB Volkswagen AG LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 Ford Otomotiv Sanayi A.S. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ [] Fitch Affirms Ratings on Six EMEA Waste Management Companies --------------------------------------------------------------- Fitch Ratings has affirmed six EMEA waste management companies' ratings: 1. Biffa Group Holdings Limited 2. EEW Energy from Waste GmbH 3. Paprec Holding SA 4. Seche Environnement S.A. 5. FCC Servicios Medio Ambiente Holding, S.A. 6. Luna 2.5 S.a r.l. 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. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Biffa The business and financial profile factors (score, relative importance) are management ('bbb-', lower), sector characteristics ('bbb', lower), market and competitive positioning ('bbb-', moderate), diversification and asset quality ('bb+', moderate), company operational characteristics ('bb+', moderate), profitability ('bb', moderate), financial structure ('b-', higher) and financial flexibility ('b+', higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for forecast FY26, 40% for forecast FY27, 30% for forecast FY28 and 10% for forecast FY29. 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 'aa-' results in no adjustment. The SCP is 'b+'. EEW The business and financial profile factors (score, relative importance) are management ('bbb-', lower), sector characteristics ('bbb', moderate), market and competitive positioning ('bbb-', higher), diversification and asset quality ('bbb-', moderate), company operational characteristics ('bb+', moderate), profitability ('bbb-', moderate), financial structure ('bb+', higher) and financial flexibility ('bb+', moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 17% weight for historical FY24, 17% for forecast FY25, 17% for forecast FY26, 17% for forecast FY27, 17% for forecast FY28 and 15% for forecast FY29. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'aa-' results in no adjustment. The SCP is 'bbb-'. Paprec The business and financial profile factors (score, relative importance) are management ('bbb', lower), sector characteristics ('bbb-', moderate), market and competitive positioning ('bbb', moderate), diversification and asset quality ('bbb-', moderate), company operational characteristics ('bbb-', moderate), profitability ('bb-', higher), financial structure ('bb-', higher) and financial flexibility ('bbb-', moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for historicalVFY24, 25% for forecast FY25, 25% for forecast FY26 and 25% for forecast FY27. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a+' results in no adjustment. The SCP is 'bb'. Seche The business and financial profile factors (score, relative importance) are management ('bbb-', lower), sector characteristics ('bbb', moderate), market and competitive positioning ('bbb-', moderate), diversification and asset quality ('bb+', moderate), company operational characteristics ('bbb-', moderate), profitability ('bb+', higher), financial structure ('b+', higher) and financial flexibility ('bbb-', moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for historical FY24, 22% for forecast FY25, 22% for forecast FY26, 23% for forecast FY27 and 23% for forecast FY28. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a+' results in no adjustment. The SCP is 'bb'. FCC Servicios Medio Ambiente The business and financial profile factors (score, relative importance) are management ('bbb', lower), sector characteristics ('bbb+', moderate), market and competitive positioning ('bbb+', higher), diversification and asset quality ('bbb', moderate), company operational characteristics ('a-', moderate), profitability ('bbb-', moderate), financial structure ('bb', higher) and financial flexibility ('bbb-', moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for forecast FY25, 10% for forecast FY26, 45% for forecast FY27 and 40% for forecast FY28. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a+' results in no adjustment. The SCP is 'bbb-'. Luna 2.5 The business and financial profile factors (score, relative importance) are management ('b+', higher), sector characteristics ('bbb', lower), market and competitive positioning ('bbb', moderate), diversification and asset quality ('bbb', moderate), company operational characteristics ('bbb-', moderate), profitability ('bb', moderate), financial structure ('ccc+', higher) and financial flexibility ('bb-', moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for forecast FY25, 20% for forecast FY26, 20% for forecast FY27, 20% for forecast FY28 and 20% for forecast FY29. 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'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Luna 2.5 S.a.r.l. LT IDR B Affirmed B senior secured LT BB- Affirmed R2 BB- Biffa Holdco Limited LT IDR B+ Affirmed B+ FCC Servicios Medio Ambiente Holding, S.A. LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 Seche Environnement S.A. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB subordinated LT B+ Affirmed B+ Biffa Group Holdings Limited senior secured LT BB- Affirmed RR3 BB- Paprec Holding SA LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR3 BB+ EEW Energy from Waste GmbH LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- ********* 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. 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