260224.mbx

260224.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 Tuesday, February 24, 2026, Vol. 27, No. 39 Headlines C Z E C H R E P U B L I C DRASLOVKA HOLDING: Moody's Alters Outlook on 'Caa1' CFR to Stable F R A N C E VIVALTO SANTE: Moody's Affirms 'B2' CFR, Outlook Remains Stable I R E L A N D ARBOUR CLO XIII: S&P Assigns B-(sf) Rating on Class F-R Notes ARES EUROPEAN XVI: S&P Assigns B-(sf) Rating on Cl. F-R-R Notes DILOSK RMBS 6: DBRS Confirms BB(high) Rating on Class E Notes DILOSK RMBS NO. 11: S&P Assigns B-(sf) Rating on Cl. X2-Dfrd Notes GOLDENTREE LOAN 7: S&P Assigns B-(sf) Rating on Class F-R Notes GRIFFITH PARK CLO: Moody's Ups EUR11.25MM E-R Notes Rating to Ba3 ICG EURO 2023-2: S&P Affirms B-(sf) Rating on Class F Notes JUBILEE CLO 2024-XXVIII: S&P Assigns B-(sf) Rating on F-R Notes NASSAU EURO IV: S&P Assigns BB-(sf) Rating on Class E-R Notes RRE 19 LOAN: S&P Assigns BB-(sf) Rating on Class D-R Notes SONA FIOS II: S&P Assigns B-(sf) Rating on Class F-R Notes I T A L Y JUNO 1 SRL: DBRS Cuts Rating on Class A Notes to BB(high) MAIOR SPV: DBRS Confirms CC Rating on Class A Bonds REKEEP SPA: S&P Affirms 'B' ICR & Alters Outlook to Negative N E T H E R L A N D S AMMEGA GROUP: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable BARENTZ MIDCO: S&P Downgrades ICR to 'B-', Outlook Stable CELESTE BIDCO: Moody's Affirms B3 CFR & Alters Outlook to Positive JUBILEE PLACE 9: Moody's Assigns Ba3 Rating to EUR0.6MM E Notes S P A I N AUTO ABS SPANISH 2026-1: Moody's Assigns (P)Ba1 Rating to F Notes CAIXABANK RMBS 2: DBRS Confirms BB(high) Rating on Class B Notes GRIFOLS SA: Moody's Upgrades CFR to B1 & Alters Outlook to Stable UVESCO FOOD: S&P Withdraws 'B' LongTerm Issuer Credit Rating S W I T Z E R L A N D CONSOLIDATED ENERGY: S&P Puts 'CCC+' ICR on CreditWatch Positive TRANSOCEAN LTD: Reports 18.1% Stake in Valaris Limited U N I T E D K I N G D O M BRAND INTERIORS: Leonard Curtis Named as Administrators CLIFF EDGE: Quantuma Advisory Named as Administrators COBHAM ULTRA: Moody's Affirms 'B3' CFR & Alters Outlook to Stable EAGLE MIDCO: GBP200MM Loan Add-on No Impact on Moody's 'B3' CFR LP SD 100: Creditors' Virtual Meeting Set for March 2 LP SD 101: Creditors' Virtual Meeting Set for March 2 LP SD 40: Creditors' Virtual Meeting Set for March 2 LP SD 48: Creditors' Virtual Meeting Set for March 2 LP SD 50: Creditors' Virtual Meeting Set for March 2 LP SD 51: Creditors' Virtual Meeting Set for March 2 LP SD 52: Creditors' Virtual Meeting Set for March 2 LP SD 53: Creditors' Virtual Meeting Set for March 2 LP SD 54: Creditors' Virtual Meeting Set for March 2 LP SD 83: Creditors' Virtual Meeting Set for March 2 LP SD 84: Creditors' Virtual Meeting Set for March 2 LP SD 88: Creditors' Virtual Meeting Set for March 2 LP SD 91: Creditors' Virtual Meeting Set for March 2 LP SD 94: Creditors' Virtual Meeting Set for March 2 LP SD 97: Creditors' Virtual Meeting Set for March 2 MEDI 4 AMBULANCE: RSM UK Named as Administrators NEW SUN: Moorfields Appointed as Administrators ROUND TABLE: Opus Restructuring Appointed as Administrators TOGETHER ASSET 2025-2ND1: DBRS Confirms B(high) Rating on F Notes [] UK: Kroll Releases Company Insolvency Figures for January 2026 X X X X X X X X [] Fitch Affirms Rating on Nine European Integrated Utilities [] Fitch Affirms Ratings on 10 EMEA Electricity Generation Cos. - - - - - =========================== C Z E C H R E P U B L I C =========================== DRASLOVKA HOLDING: Moody's Alters Outlook on 'Caa1' CFR to Stable ----------------------------------------------------------------- Moody's Ratings affirmed the Caa1 corporate family rating and the Caa1-PD probability of default rating of Draslovka Holding Alpha a.s. (Draslovka). Concurrently, Moody's have affirmed the Caa1 ratings of the $348 million backed senior secured term loan B (TLB) due December 2026 and the $30 million senior secured revolving credit facility (RCF) due December 2026 with Manchester Acquisition Sub LLC as the borrower. The outlook on both entities was changed to stable from negative. Proceeds from the proposed bond issuance that the company placed in February 2026 are earmarked to redeem the $304 million outstanding portion of the $348 million backed senior secured term loan B (TLB) due December 2026. Draslovka also intends to repay the $30 million drawings under its $30 million senior secured revolving credit facility (RCF) due December 2026 and replace it with a new $30 million super senior RCF. Moody's have affirmed the Caa1 TLB and RCF instrument ratings issued by Manchester Acquisition Sub LLC, but will withdraw instrument ratings upon redemption. The rating action reflects: -- The extension Draslovka's debt maturity profile to 2030 with the issuance of proposed new $325 million bonds in February 2026 alleviates refinancing risks, as the company intends to use net proceeds (around $309 million) to redeem the outstanding $304 million portion of its $348 million backed senior secured term loan B due December 2026. -- Continued shareholders' equity injections supports Draslovka's credit profile. Shareholders have committed to a $15 million equity injection during the first quarter of 2026, in addition to a $60 million injection in December 2026. Excluding these injections, shareholders have injected a total of $350 million over the last five years to support Draslovka, including new equity for acquisitions. -- The terms of the proposed new bond allow Draslovka to increase the borrowing limit to $525 million subject to financial covenants, an incurrence test and other conditions such as no shareholder distributions. If EBITDA sufficiently improved, Moody's expects Draslovka could use the incremental borrowing limit to raise debt to fund a partial reduction of the preference shares that were issued outside the restricted group. -- Signing of a proposed new $30 million RCF could be resolved in coming weeks, negotiations with banks are ongoing. Management intends to replace its existing $30 million RCF due December 2026 with a new $30 million super senior RCF by the end of this February. The company will have externally committed liquidity until December 2026. -- The contemplated divestiture of the remaining AgSol in the first quarter of 2026 could further improve cash holdings by around $14 million. -- Operationally, management expects an EBITDA recovery from around $75 million management-adjusted EBITDA in 2025 to around $86 million in 2026. -- The terms of the proposed new $325 million bond include an 11% cash coupon. The annual interest paid of around $36 million on the bond and Moody's-adjusted capital investments (including leases) of around $40 million constrain free cash flow generation that Moody's expects to be negative EUR6 million in 2026. Annual maintenance investment is around $20 million allowing the company to adjust growth investment. RATINGS RATIONALE The Caa1 CFR takes into account the positive backdrop of high gold prices that bodes well for sodium cyanide and hydrogen cyanide revenues, Draslovka's largest revenue exposure, and the roll-out of high-margin licensing sales of its Glycine Leaching Technology (GLT); extended debt maturity on the majority of the outstanding financial debt; and the ongoing shareholder support. Conversely, the small size and revenue concentration to the global mining sector; slow EBITDA recovery; the uncertainty regarding the signing of a new RCF, the continued overhang of the preferred instruments that are costly and could result in a re-leveraging event at Draslovka if funded by entities of the restricted group, although the maturity is beyond the new bonds and shareholder support has been partially applied to redemptions; and the expected negative FCF generation in 2026, all constrain the rating. Ongoing shareholder support and timely refinancing of the backed senior secured term loan B are governance considerations that are key drivers to this rating action. LIQUIDITY Liquidity is improved but weak. Draslovka has access to around $30 million of cash pro forma the bond transaction and the $15 million equity injection. The company also has access to a $30 million RCF, which is fully undrawn, but matures in December 2026. Management is negotiating a new, super senior $30 million RCF that it expects to sign by the end of this February. Moody's expects Draslovka to generate negative free cash flow of around $6 million in 2026, with stronger EBITDA and lower capital investments partially offset by higher interest payments of around $36 million for the bond due 2030. Draslovka paid around $35 million in cash interest in 2025 and amortised around $50 million of its TLB (against scheduled amortization of $26 million). OUTLOOK The stable outlook reflects the extended debt maturity profile and moderate EBITDA improvements that support narrowing the cash burn. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on Draslovka's ratings could arise if the company generates sustained positive FCF generation and is no longer reliant on shareholders' equity injections. A positive action would also require the extension of the RCF and expectations for sustained improvement in operational performance that support a sustainable capital structure. Negative rating pressure would arise if Draslovka's operating performance deteriorates leading to a weaker-than-projected FCF generation further weakening the company's liquidity position. Additionally, Moody's could downgrade the ratings in a scenario where refinancing of the RCF is delayed. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in October 2023. The methodology scorecard indicates a B2 outcome for the last twelve months ending September 2025, which is two notches above the CFR. The scorecard-indicated outcome reflects, in part, a positive impact from the high EBITDA margin and gross leverage. COMPANY PROFILE Draslovka Holding Alpha a.s. (Draslovka), based in Prague/Czech Republic, has operating subsidiaries in the Czech Republic and the United States. Draslovka is a leading producer of cyanide (CN)-based chemicals and industrial services. Chemicals produced are largely used by mining companies, but also in sectors such as agriculture, automotive and pharmaceuticals. Draslovka delivers services to the mining industry focusing on green leaching solutions. Draslovka is owned by bpd partners (75% ownership), an investment holding company, and B3 (25% ownership), a Czech holding company owned by the Bruzek family. Funds of Oaktree in 2022 provided a $150 million preferred instrument as part of Draslovka's acquisition of Chemours Mining Solutions. =========== F R A N C E =========== VIVALTO SANTE: Moody's Affirms 'B2' CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings has affirmed the B2 corporate family rating and the B2-PD probability of default rating of Vivalto Sante Investissement (Vivalto). Moody's have has also affirmed the B2 rating on the EUR945 million senior secured term loan B maturing in July 2031 and the EUR200 million senior secured revolving credit facility (RCF) maturing in January 2031. The outlook remains stable. RATINGS RATIONALE The rating affirmation reflects Vivalto's resilient operating performance despite a challenging regulatory environment, with adjusted credit metrics remaining broadly commensurate with a B2 rating. Based on preliminary unaudited estimates, Moody's expects revenue growth of around 7.6% in 2025 and an improvement in the adjusted EBITDA margin to 14.9%, from 13.6% in 2024. This performance was driven by higher activity levels, positive pricing effects following negotiations with private insurers in the Iberian Peninsula and Switzerland (Aaa stable), and ongoing productivity initiatives. At the same time, the regulatory environment remains challenging particularly in France (Aa3 negative). Indeed, the French government has frozen hospital tariffs at zero percent for 2026 for both public and private hospitals. In an inflationary cost environment, this amounts to a real-terms cut and increases pressure on margins for private operators that rely heavily on activity-based reimbursement. As a result, profitability in 2026 will depend primarily on volume growth, cost discipline and efficiency measures rather than pricing. However, France accounted for only around 50% of group revenue in 2025, with Spain (A3 stable) representing about 35% and Portugal (A3 stable) around 14%. This geographic diversification mitigates French regulatory risk, as Spain's public-private partnership contracts include indexation mechanisms and Portugal benefits from inflation-linked tariffs, providing partial protection to consolidated margins. Going forward, in France, Moody's expects adjusted EBITDA to be slightly lower in 2026 than in 2025. This reflects the absence of non-recurring positive items that supported 2025 performance, notably around EUR13 million of remaining minimum revenue guarantee, the assumption of no tariff growth in 2026, and the one-off impact of a three-day nationwide doctors' strike in January 2026. By contrast, all foreign subsidiaries are expected to deliver year-on-year EBITDA growth in 2026, resulting in broadly flat EBITDA at the group level. Consequently, Moody's forecasts a moderate decline in the EBITDA margin to around 14.2% in 2026, from 14.9% in 2025, while margins remain higher than in 2023 and 2024, when they stood at 12.4% and 13.6%, respectively. Overall, in 2025, Moody's estimates that credit metrics were broadly aligned with the B2 rating guidance, with adjusted gross debt to EBITDA of around 4.6x and adjusted EBITA to interest expense of about 1.7x. However, the adjusted free cash flow to debt ratio was negative at 1.9%, mainly reflecting an adverse change in working capital linked to the settlement of legacy outstanding balances in Spain, which resulted in a cash outflow of around EUR75 million. In 2026, Moody's expects free cash flow generation to improve following the clearance of these old balances. Positively, the company received around EUR10 million in 2025 from late payments on approved liquidation balances, and additional receipts from late payments could further support free cash flow generation going forward. Moody's forecasts adjusted EBITA to interest expense to decline to around 1.4x, primarily reflecting higher interest expense as interest rate hedges lock in higher fixed or minimum rates that become effective in 2026. More generally, Vivalto Sante Investissement's ratings are supported by (1) the company's standing as France's (Government of France, Aa3 negative) third-largest private hospital operator, a position bolstered by a degree of geographical diversification across Europe; (2) the historical supportive regulatory framework of the French healthcare system; (3) favorable secular trends for private hospitals, driven by an ageing population with a higher life expectancy resulting in an increased demand for medical care; and (4) an estimated real estate portfolio valued at about EUR1 billion as of December 31, 2025, offering potential for sale-and-leaseback transactions to support liquidity. Conversely, the ratings are constrained by (1) its leveraged financial profile with an estimated Moody's-adjusted gross debt to EBITDA ratio of 4.7x (using a 4x rent multiple for operating lease commitments) and Moody's-adjusted EBITA to interest expense ratio of 1.7x in 2025; (2) the exposure to adverse regulatory changes, particularly in France due to the lack of visibility in tariff adjustments beyond one year; (3) the negative free cash flow generation partly due to legacy outstanding balances related to public-private partnerships in the Valencia region; and (4) the risk of debt-funded acquisitions which could impede credit metrics improvement. LIQUIDITY Vivalto has a good liquidity profile, supported by an estimated cash of EUR174 million as well as an undrawn revolving credit facility (RCF) of EUR200 million as of December 31, 2025. In the next 12 months, Moody's forecasts positive free cash flow generation of about EUR20 million. The company has a EUR945 million senior secured term loan maturing in July 2031 and a EUR200 million undrawn RCF maturing in January 2031. Moody's estimates the company to maintain ample headroom against the springing net leverage covenant included in the RCF documentation and set at 9.0x, tested when the RCF is drawn by more than 40%. RATING OUTLOOK The stable outlook reflects Moody's expectations that Vivalto's adjusted credit metrics will be broadly within the rating guidance in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could develop if Moody's-adjusted gross debt to EBITDA remains below 4.5x; Moody's-adjusted EBITA to interest expense ratio remains above 2.0x ; Moody's-adjusted free cash flow (FCF) to gross debt ratio remains above 5% - all on a sustained basis. Downgrade rating pressure could develop if Moody's-adjusted gross debt to EBITDA ratio remains above 5.5x for a prolonged period; Moody's-adjusted EBITA to interest expense ratio remains materially below 1.5x for a prolonged period; Moody's-adjusted FCF remains negative for a prolonged period; profitability deteriorates because of competitive, regulatory and pricing pressure; the company's credit profile deteriorates resulting from debt-funded acquisitions; 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. COMPANY PROFILE Established in 2009, Vivalto Sante Investissement is a leading private hospital operator with a pan-European presence. The firm's early focus was on France, particularly in regions such as Brittany, Normandy, Ile de France, and Pays de la Loire. In 2022, Vivalto broadened its footprint by acquiring companies with operations in Switzerland (Government of Switzerland, Aaa stable), Portugal (Government of Portugal, A3 stable), Spain (Government of Spain, A3 stable), and Central Europe. Since November 2021, the majority ownership of Vivalto has been held by Vivalto Sante Holding 3, a holding company under the control of Vivalto Partners, an investment fund created by Daniel Caille. This group of financial investors, which includes IK Investor, Mubadala Investment Company, MACSF, and BPIfrance (Aa3 negative), holds a 68% stake in Vivalto. Practitioners collectively hold around 30%, with the remaining shares divided between management and employee shareholding funds. ============= I R E L A N D ============= ARBOUR CLO XIII: S&P Assigns B-(sf) Rating on Class F-R Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Arbour CLO XIII DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At the same time, we withdrew our ratings on the original class A, B, C, D, E, and F notes. At closing, the issuer had unrated class M and subordinated notes outstanding from the existing transaction. On Feb. 17, 2026, Arbour CLO XIII refinanced the existing class A, B, C, D, E, and F notes (originally issued in August 2024) through an optional redemption and issued replacement notes of the same notional. S&P withdrew its ratings on these classes of notes. The replacement notes are largely subject to the same terms and conditions as the original notes, except that the replacement notes will have a lower spread over Euro Interbank Offered Rate (EURIBOR) and coupon than the original notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,686.95 Default rate dispersion 605.39 Weighted-average life (years) 4.62 Obligor diversity measure 150.90 Industry diversity measure 22.72 Regional diversity measure 1.31 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.81 Actual 'AAA' weighted-average recovery (%) 34.76 Actual weighted-average spread (net of floors; %) 3.73 Actual weighted-average coupon (%) 3.60 Rating 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 on Feb. 15, 2029. The portfolio is well diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted our credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we modeled a target par of EUR400 million. We used the portfolio's actual weighted-average spread (3.73%), actual weighted-average coupon (3.60%), and the actual portfolio weighted-average recovery rates for all rated 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. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R, C-R, D-R, and E-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the A-R notes could withstand stresses commensurate with the assigned rating. The class F-R notes' current break-even default rate (BDR) cushion is negative at the 'B-' rating level. Based on the portfolio's actual characteristics and additional overlaying factors, including S&P's long-term corporate default rates and recent economic outlook, S&P believes this class can sustain a steady-state scenario, in accordance with its criteria. S&P's analysis reflects several factors, including: -- The class F-R notes' available credit enhancement is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- S&P's BDR at the 'B-' rating level is 22.60% versus a portfolio default rate of 14.72% if it was to consider a long-term sustainable default rate of 3.2% for a portfolio with a weighted-average life of 4.6 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance for this note to default. -- If S&P envisions this tranche to default in the next 12-18 months. -- Following this analysis, S&P considers that the available credit enhancement for the class F-R notes is commensurate with a 'B- (sf)' rating. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R to F-R notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Replacement Original Notes notes Amount interest interest Credit Class Rating* (mil. EUR) rate § rate enhancement(%) A-R AAA (sf) 248.00 Three-month Three-month 38.00 EURIBOR EURIBOR + 1.17% + 1.30% B-R AA (sf) 44.00 Three-month Three-month 27.00 EURIBOR EURIBOR + 1.60% + 1.95% C-R A (sf) 23.00 Three-month Three-month 21.25 EURIBOR EURIBOR + 2.000% + 2.35% D-R BBB- (sf) 27.00 Three-month Three-month 14.50 EURIBOR EURIBOR + 3.00% + 3.35% E-R BB- (sf) 20.00 Three-month Three-month 9.50 EURIBOR EURIBOR + 5.35% + 6.16% F-R B- (sf) 12.00 Three-month Three-month 6.50 EURIBOR EURIBOR + 8.50% + 8.27% *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. ARES EUROPEAN XVI: S&P Assigns B-(sf) Rating on Cl. F-R-R Notes --------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Ares European CLO XVI DAC's class X-R-R, A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes. At closing, the issuer has EUR29.10 million unrated subordinated notes outstanding from the existing transaction. This transaction is a reset of the already existing transaction that closed in March 2024. S&P withdrew its ratings on the existing classes of notes, which were fully redeemed with the proceeds from the issuance of the replacement notes. Ares Management Ltd. manages the transaction. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period will end approximately 3.6 years after closing and the non-call period will end 1.2 years after closing. The ratings assigned to Ares European CLO XVI's reset notes reflect our assessment of: -- The diversified collateral pool, which primarily comprises syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,903.33 Default rate dispersion 478.20 Weighted-average life (years) 4.26 Obligor diversity measure 177.70 Industry diversity measure 24.70 Regional diversity measure 1.28 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 3.80 Actual 'AAA' weighted-average recovery (%) 36.36 Actual weighted-average spread (net of floors; %) 3.73 Actual weighted-average coupon (%) 4.67 S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio is well-diversified 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 used the EUR400 million target par amount, the covenanted weighted-average spread (3.50%), the covenanted weighted-average coupon (4.00%), and the target weighted-average recovery rate 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. "Our credit and cash flow analysis show that the class B-R-R to E-R-R notes benefit from break-even default rate and scenario default rate cushions that we would typically consider to be in line with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on these classes of notes. The class X-R-R and A-R-R notes can withstand stresses commensurate with the assigned ratings. "For the class F-R-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F-R-R notes reflects several key factors, including: -- The class F-R-R notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 22.30% (for a portfolio with a weighted-average life of 4.26 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.26 years, which would result in a target default rate of 13.63%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. Following this analysis, S&P considers that the available credit enhancement for the class F-R-R notes is commensurate with the assigned 'B- (sf)' rating. Until the end of the reinvestment period on Oct. 10, 2029, the collateral manager may substitute assets in the portfolio for so long as S&P's CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating and compares that with the default potential of the current portfolio 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 that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "We consider that the transaction's documented counterparty replacement and remedy mechanisms mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our assigned ratings are commensurate with the available credit enhancement for the class X-R-R to F-R-R notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class X-R-R to E-R-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. "For this transaction, the documents prohibit 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." Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ X-R-R AAA (sf) 3.00 N/A 3-month EURIBOR plus 1.00% A-R-R AAA (sf) 248.00 38.00 3-month EURIBOR plus 1.22% B-R-R AA (sf) 39.50 28.13 3-month EURIBOR plus 1.65% C-R-R A (sf) 24.50 22.00 3-month EURIBOR plus 2.05% D-R-R BBB- (sf) 30.00 14.50 3-month EURIBOR plus 2.90% E-R-R BB- (sf) 18.00 10.00 3-month EURIBOR plus 5.30% F-R-R B- (sf) 14.00 6.50 3-month EURIBOR plus 8.89% Sub NR 29.10 N/A N/A *The ratings assigned to the class X-R-R, A-R-R, and B-R-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R-R, D-R-R, E-R-R, and F-R-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. DILOSK RMBS 6: DBRS Confirms BB(high) Rating on Class E Notes ------------------------------------------------------------- DBRS Ratings GmbH took the following credit rating actions on the notes issued by Dilosk RMBS No. 6 (STS) DAC (Dilosk 6) and Dilosk RMBS No. 8 (STS) DAC (Dilosk 8, and together the Issuers): Dilosk 6: -- Class A confirmed at AAA (sf) -- Class B upgraded to AA (high) (sf) from AA (sf) -- Class C confirmed at A (sf) -- Class D upgraded to BBB (high) (sf) from BBB (low) (sf) -- Class E confirmed at BB (high) (sf) The credit rating on the Class A notes addresses the timely payment of interest and ultimate payment of principal on or before the legal final maturity date in July 2061. The credit rating on the Class B notes addresses the ultimate payment of interest and principal, and timely payment of interest while the senior-most class outstanding. The credit ratings on the Class C, Class D, and Class E notes address the ultimate payment of interest and principal on or before the legal final maturity date. In Morningstar DBRS' cash flow analysis, interest on the Class C notes is paid timely when Class C notes becomes the senior-most class outstanding, in the respective credit rating stress scenario, before the legal final maturity date. Dilosk 8 -- Class A Notes confirmed at AAA (sf) -- Class B Notes confirmed at AA (high) (sf) -- Class C Notes upgraded to AA (low) (sf) at A (high) (sf) -- Class D Notes upgraded to A (high) (sf) from A (low) (sf) -- Class E Notes upgraded to A (high) (sf) from BBB (high) (sf) -- Class F Notes upgraded to A (sf) from BBB (high) (sf) -- Class X Notes upgraded to BBB (sf) at B (high) (sf) The credit rating on the Class A Notes addresses the timely payment of interest and ultimate payment of principal on or before the legal final maturity date in May 2062. The credit rating on the Class B Notes addresses the ultimate payment of interest and principal, and timely payment of interest while the senior-most class outstanding. The credit ratings on the Class C, Class D, Class E, Class F, and Class X Notes address the ultimate payment of interest and principal on or before the legal final maturity date. In Morningstar DBRS' cash flow analysis, interest on the Class C, Class D, and Class E Notes is paid timely once each of these classes of notes becomes the senior-most class outstanding, in the respective credit rating stress scenario, before the legal final maturity date. CREDIT RATING RATIONALE The credit rating actions follow an annual review of the transactions and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults and losses as of 31 December 2025 (corresponding to the January 2026 payment date) in Dilosk 6 and 31 October 2025 (corresponding to the November 2025 payment date) in Dilosk 8. -- Portfolio default rate (PD), loss given default (LGD) and expected loss assumptions on the remaining receivables. -- Current available credit enhancement (CE) to the notes to cover the expected losses at their respective credit rating levels at the January 2026 payment date in Dilosk 6 and the November 2025 payment date in Dilosk 8. The transactions are securitizations of prime Irish owner-occupied mortgage loans originated by Dilosk DAC (Dilosk) and the Governor and Company of the Bank of Ireland additionally, in Dilosk 6. All primary and special servicing activities are delegated to BCMGlobal (part of Link Group's Asset Services division) under the Master Servicing Agreement with Dilosk. CSC Capital Markets (Ireland) Limited acts as the back-up servicer facilitator. The first optional redemption dates are on the payment dates falling in October 2026 and November 2027 in Dilosk 6 and Dilosk 8, respectively, and coincide with the step-up of the interest rates applicable to the Class A to Class E notes (Dilosk 6) and Class A to Class F Notes (Dilosk 8). PORTFOLIO PERFORMANCE Dilosk 6 As of December 31, 2025, loans two-to-three months in arrears and more than three months in arrears represented 0.1% and 0.2% of the outstanding portfolio balance, compared to 0.0% and 0.1%, respectively, a year ago. Cumulative losses were 0.0% to date. Dilosk 8 As of October 31, 2025, loans two-to-three months in arrears and more than three months in arrears represented 0.3% and 0.0% of the outstanding portfolio balance compared to 0.0% and 0.0%, respectively, a year ago. Cumulative losses were 0.0% to date. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Dilosk 6 Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and updated its base case PD and LGD assumptions at the B (sf) credit rating level to 1.3% and 0.6%, respectively, from 1.3% and 10.5%, respectively, a year ago. Dilosk 8 Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and updated its base case PD and LGD assumptions at the B (sf) credit rating level to 1.4% and 0.7%, respectively, from 1.2% and 10.8%, respectively, a year ago. In each transaction the decrease in LGD follows the update of the "European RMBS Insight Methodology" and European RMBS Insight Model on 29 January 2026. Changes to the methodology/model include a revised home price approach and revised loss given default floor levels. Please see https://dbrs.morningstar.com/research/473069 for further details. CREDIT ENHANCEMENT Credit enhancement to the notes consists of subordination of the junior notes and the general reserve in each transaction (except the Class X and Class Z2 notes, in both transactions). As of the January 2026 payment date, CE to the notes in Dilosk 6 increased as follows compared to a year ago: -- Class A to 18.5% from 13.9%; -- Class B to 11.2% from 8.3%; -- Class C to 7.0% from 5.1%; -- Class D to 4.7% from 3.4%; and -- Class E to 4.0% from 2.8%. As of the November 2025 payment date, CE to the notes in Dilosk 8 increased as follows compared to a year ago: -- Class A Notes to 11.0% from 8.8%; -- Class B Notes to 7.6% from 6.1%; -- Class C Notes to 5.0% from 3.9%; -- Class D Notes to 3.3% from 2.6%; -- Class E Notes to 2.6% from 2.0%; and -- Class F Notes to 1.9% from 1.5%. Each transaction benefits from a general reserve fund initially funded at closing using the proceeds of the issuance of the Class Z2 notes, and a liquidity reserve fund. The general reserve fund covers senior fees, swap payments, interest shortfall on the Class A to Class E notes (Dilosk 6), Class A to Class F Notes (Dilosk 8) and principal on these classes of notes, via the principal deficiency ledgers (PDLs). The general reserve fund in Dilosk 6 is set at 1.40% of original principal balance of the Class A, Class B, Class C, Class D, Class E, and Class Z1 notes, minus the liquidity reserve target and was at its target level of approximately EUR 4.4 million as of the January 2026 payment date. The general reserve fund in Dilosk 8 is set at 0.75% of original principal balance of the Class A, Class B, Class C, Class D, Class E, Class F and Class Z1 Notes, minus liquidity reserve target and was at its target level of approximately EUR 0.8 million as of the November 2025 payment date. The liquidity reserve fund covers senior fees, swap payments, and interest on the Class A notes in each transaction. The liquidity reserve in Dilosk 6 is set at 1.00% of the outstanding Class A notes and was at its target level of approximately EUR 3.0 million as of the January 2026 payment date. The liquidity reserve in Dilosk 8 is set at 0.75% of the outstanding Class A Notes and was at its target level of approximately EUR 2.9 million as of the November 2025 payment date. BNP Paribas, Dublin Branch (BNP Paribas Dublin) and Barclays Bank PLC (Barclays) act as the account bank in Dilosk 6 and Dilosk 8, respectively. Based on the Morningstar DBRS private credit rating on BNP Paribas Dublin and the account bank reference rating of Barclays at A (high) - being one notch below the Morningstar DBRS public Long-Term Critical Obligations Rating of AA (low), the downgrade provisions outlined in the transactions' documents, and other mitigating factors inherent in the transactions' structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit rating assigned to the Class A notes in each transaction, as described in Morningstar DBRS' " Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Natixis S.A. (Natixis) acts as the swap counterparty in both transactions. Morningstar DBRS' private credit rating on Natixis is above the First Rating Threshold as described in Morningstar DBRS' " Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Notes: All figures are in euros unless otherwise noted. DILOSK RMBS NO. 11: S&P Assigns B-(sf) Rating on Cl. X2-Dfrd Notes ------------------------------------------------------------------ S&P Global Ratings assigned credit ratings to Dilosk RMBS No. 11 DAC's class A to X2-Dfrd notes. At closing, the issuer will issue unrated class Z-Dfrd notes. Dilosk RMBS No. 11 is an RMBS transaction that securitizes a portfolio of prime buy-to-let first-lien residential mortgage loans in Ireland. The loans in the pool were originated by Dilosk DAC (Dilosk), a nonbank specialist lender, under its ICS Mortgages brand over the last five years. Dilosk acquired the ICS brand, mortgage platform, broker network, and a portfolio of mortgages from Bank of Ireland in September 2014. The transaction is partially a refinance of the existing Dilosk RMBS No. 5 DAC transaction, which closed in 2021. These loans constitute 21.01% of the pool. The remaining 78.99% of the transaction comprises newly originated loans. The transaction includes a prefunded amount of 17% of the total transaction size, allowing the issuer to purchase additional loans until the first interest payment date. The transaction benefits from liquidity provided by a general reserve fund, and in the case of the class A and B-Dfrd notes, a liquidity facility, and an amortizing liquidity reserve fund. The liquidity facility will be available from closing and after the liquidity facility replacement date, and the reserve fund will be in place. Principal can also be used to cure interest shortfalls on the class A and B-Dfrd notes once the most senior. At closing, the issuer used the issuance proceeds to purchase the beneficial interest in the mortgage loans from the seller. The issuer grants security over all its assets in the security trustee's favor. There are no rating constraints in the transaction under S&P's counterparty, operational risk, or structured finance sovereign risk criteria. Ratings Class Rating* Amount (mil. EUR) A AAA (sf) 202.40 B-Dfrd AA+ (sf) 11.00 C-Dfrd A (sf) 3.85 D-Dfrd BBB+ (sf) 2.75 X1-Dfrd BBB (sf) 7.70 X2-Dfrd B- (sf) 2.20 Z-Dfrd NR 0.55 S&P's ratings address timely payment of interest and ultimate repayment of principal for the class A notes, and the ultimate payment of interest and principal on the other rated notes. Its ratings also address the timely payment of interest on the rated notes when they become most senior outstanding. Any deferred interest is due at maturity. NR--Not rated. GOLDENTREE LOAN 7: S&P Assigns B-(sf) Rating on Class F-R Notes --------------------------------------------------------------- S&P Global Ratings assigned credit ratings to GoldenTree Loan Management EUR CLO 7 DAC's class A-2-R, B-R, C-R, D-R, E-R, and F-R notes. At the same time, S&P affirmed its ratings on the existing class X and A-1 notes and withdrew its ratings on the existing class A-2, B, C, D, E and F notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. On Feb. 18, 2026, GoldenTree Loan Management EUR CLO 7 DAC refinanced the existing class A-2, B, C, D, E, and F notes (originally issued in July 2024) through an optional redemption and issued replacement notes of the same notional. The replacement notes are largely subject to the same terms and conditions as the original notes, except that the replacement notes will have a lower spread over Euro Interbank Offered Rate (EURIBOR) than the original notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P"s counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,733.34 Default rate dispersion 547.63 Weighted-average life (years) 4.81 Obligor diversity measure 136.97 Industry diversity measure 22.80 Regional diversity measure 1.35 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.63 Actual target 'AAA' weighted-average recovery (%) 37.32 Actual target weighted-average spread (net of floors; %) 3.55 Actual target weighted-average coupon 5.53 Rating 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 on Jan. 20, 2029. The portfolio is well-diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used an adjusted target par amount of EUR399.44 million, which is derived by deducting the capitalized interest on one of the assets and adding the principal proceeds, from the total principal balance, and is therefore lower than the stated target par amount of EUR400 million. We used the portfolio's actual weighted-average spread (3.55%), actual weighted-average coupon (5.53%), and the actual portfolio weighted-average recovery rates for all rated 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. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. U"nder our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates the available credit enhancement for the class B-R, C-R, D-R, E-R, and F-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "Our credit and cash flow analysis indicates the available credit enhancement for the class X, A-1, and A-2-R notes could withstand stresses commensurate with the assigned ratings. "Following our analysis of credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class X, A-1, A-2-R, B-R, C-R, D-R, E-R, and F-R notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class X to E-R 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 or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings assigned Replacement Original Notes notes Amount interest interest Credit Class Rating* (mil. EUR) rate§ rate† enhancement (%) A-2-R AAA (sf) 6.00 Three-month Three-month 37.22 EURIBOR EURIBOR + 1.40% + 1.65% B-R AA (sf) 44.00 Three-month Three-month 26.21 EURIBOR EURIBOR + 1.60% + 2.10% C-R A (sf) 23.60 Three-month Three-month 20.30 EURIBOR EURIBOR + 1.80% + 2.55% D-R BBB- (sf) 26.40 Three-month Three-month 13.69 EURIBOR EURIBOR + 2.60% + 3.70% E-R BB- (sf) 18.00 Three-month Three-month 9.18 EURIBOR EURIBOR + 4.50% + 6.69% F-R B-(sf) 11.00 Three-month Three-month 6.43 EURIBOR EURIBOR + 7.25% + 7.75% Ratings affirmed Class Rating* Amount (mil. EUR) Notes interest rate § X AAA (sf) 0.75 Three-month EURIBOR + 0.50% A-1 AAA (sf) 244.00 Three-month EURIBOR + 1.45% *The ratings on the class X, A-1, A-2-R, and B-R notes address timely interest and ultimate principal payments. The ratings on the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. GRIFFITH PARK CLO: Moody's Ups EUR11.25MM E-R Notes Rating to Ba3 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Griffith Park CLO Designated Activity Company: EUR26,900,000 Class C Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to Aa2 (sf); previously on Jul 3, 2025 Upgraded to A2 (sf) EUR24,450,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to Baa3 (sf); previously on Jul 3, 2025 Upgraded to Ba1 (sf) EUR11,250,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2031, Upgraded to Ba3 (sf); previously on Jul 3, 2025 Upgraded to B1 (sf) Moody's have also affirmed the ratings on the following notes: EUR264,000,000 (Current outstanding amount EUR44,546,621) Class A-1A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Jul 3, 2025 Affirmed Aaa (sf) EUR8,750,000 Class A-1B Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Jul 3, 2025 Affirmed Aaa (sf) EUR20,500,000 Class A-2A Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Jul 3, 2025 Affirmed Aaa (sf) EUR20,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031, Affirmed Aaa (sf); previously on Jul 3, 2025 Affirmed Aaa (sf) EUR31,400,000 Class B Senior Secured Deferrable Floating Rate Notes due 2031, Affirmed Aaa (sf); previously on Jul 3, 2025 Upgraded to Aaa (sf) Griffith Park CLO Designated Activity Company, issued in September 2016 and refinanced in November 2018 and March 2021 is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Blackstone Ireland Limited. The transaction's reinvestment period ended in May 2023. RATINGS RATIONALE The rating upgrades on the Class C, D-R and E-R notes are primarily a result of the deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in July 2025. The affirmations on the ratings on the Class A-1A, A-1B, A-2A, A-2B and B 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-1A notes have paid down by approximately EUR71.5 million (27.1%) since the last rating action in July 2025 and EUR219.5 million (83.1%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated January 2026[1] the Class A, Class B, Class C and Class D OC ratios are reported at 223.9%, 167.8%, 138.1% and 119.0% compared to June 2025[2] levels of 172.3%, 144.8%, 127.3% and 114.8%, 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: EUR212.9 million Defaulted Securities: EUR3.8 million Diversity Score: 35 Weighted Average Rating Factor (WARF): 3396 Weighted Average Life (WAL): 2.9 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.6% Weighted Average Coupon (WAC): 3.3% Weighted Average Recovery Rate (WARR): 43.2% Par haircut in OC tests and interest diversion test: 2.4% 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, 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. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. 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. ICG EURO 2023-2: S&P Affirms B-(sf) Rating on Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned credit ratings to ICG Euro CLO 2023-2 DAC's class A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, and E-R notes. At the same time, S&P affirmed its ratings on the existing class X and F notes and withdrew its ratings on the existing class A-1, A-2, B-1, B-2, C, D and E notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. On Feb. 18, 2026, ICG Euro CLO 2023-2 DAC refinanced the existing class A-1, A-2, B-1, B-2, C, D, and E notes (originally issued in January 2024) through an optional redemption and issued replacement notes of the same notional. The replacement notes are largely subject to the same terms and conditions as the original notes, except that the replacement notes will have a lower spread over Euro Interbank Offered Rate (EURIBOR) than the original notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. --The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,805.85 Default rate dispersion 769.61 Weighted-average life (years) 4.20 Obligor diversity measure 102.88 Industry diversity measure 20.13 Regional diversity measure 1.32 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 8.96 Actual target 'AAA' weighted-average recovery (%) 36.30 Actual target weighted-average spread (net of floors; %) 4.22 Actual target weighted-average coupon 6.56 Rating 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 on Jan. 26, 2028. The portfolio is well-diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR399.3 million adjusted target par collateral principal amount, which is lower than the target par amount of EUR400 million. This takes into account negative cash and the lower of the recovery or market value of the defaulted assets in the portfolio. We used the portfolio's actual weighted-average spread (4.22%), actual weighted-average coupon (6.56%), and the actual portfolio weighted-average recovery rates (WARR) for all rated 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. The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates the available credit enhancement for the class B-1-R, B-2-R, C-R, D-R, and E-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "For the class X, A-1-R, and A-2-R notes, our credit and cash flow analysis indicates the available credit enhancement could withstand stresses commensurate with the assigned ratings. "For the class F notes, our credit and cash flow analysis indicates the available credit enhancement could withstand stresses commensurate with a lower rating. However, we applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for this tranche reflects several key factors, including: -- Their available credit enhancement, which is in the same range as that of other recently issued CLOs in Europe S&P has rated. -- The portfolio's average credit quality, which is similar to other recently issued CLOs. -- S&P's model generated a break-even default rate at the 'B-' rating level of 19.61% (for a portfolio with a weighted-average life of 4.20 years), versus if S&P was to consider a long-term sustainable default rate of 3.2% for 4.20 years, which would result in a target default rate of 13.44%. -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class X, A-1-R, A-2-R, B-1-R, B-2-R, C-R, D-R, E-R, and F notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-1-R to E-R 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 assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings assigned Replacement Original Notes notes Amount interest interest Credit Class Rating* (mil. EUR) rate§ rate† enhancement (%) A-1-R AAA (sf) 240.00 Three-month Three-month 39.74 EURIBOR EURIBOR + 1.29% + 1.73% A-2-R AAA (sf) 6.00 Three-month Three-month 38.24 EURIBOR EURIBOR + 1.65% + 1.98% B-1-R AA (sf) 35.00 Three-month Three-month 27.72 EURIBOR EURIBOR + 1.89% + 2.75% B-2-R AA (sf) 7.00 4.55% 6.20% 27.72 C-R A (sf) 24.80 Three-month Three-month 21.51 EURIBOR EURIBOR + 2.65% + 3.70% D-R BBB- (sf) 27.20 Three-month Three-month 14.70 EURIBOR EURIBOR + 3.95% + 5.20% E-R BB- (sf) 17.80 Three-month Three-month 10.24 EURIBOR EURIBOR + 7.30% + 7.64% Ratings affirmed Amount Class Rating* (mil. EUR) Notes interest rate § X AAA (sf) 0.625 Three-month EURIBOR + 0.65% F B- (sf) 11.80 Three-month EURIBOR + 9.58% *The ratings assigned to the class X, A-1-R, A-2-R, B-1-R, and B-2-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. JUBILEE CLO 2024-XXVIII: S&P Assigns B-(sf) Rating on F-R Notes --------------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to Jubilee CLO 2024-XXVIII DAC's class A-R to F-R notes. At closing, the issuer will also issue unrated subordinated notes. This is a European cash flow CLO transaction, securitizing a portfolio of primarily senior secured leveraged loans and bonds. BSP CLO Management LLC will manage the transaction. The transaction is a reset of the already existing transaction which closed in [Month, year]. The issuance proceeds of the replacement notes will be used to redeem the refinanced notes (the original transaction's class A, B-1, B-2, C, D, E, and F notes). The ratings on the original notes will be withdrawn. The preliminary ratings assigned to the reset 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 collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which S&P expects to be bankruptcy remote. -- The transaction's counterparty risks, which S&P expects to be in line with its counterparty rating framework. -- Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will permanently switch to semiannual payments. -- The portfolio's reinvestment period will end approximately 4.4 years after closing. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,672.41 Default rate dispersion 692.62 Weighted-average life (years) 4.41 Obligor diversity measure 151.15 Industry diversity measure 25.23 Regional diversity measure 1.20 Transaction key metrics Total par amount (mil. EUR) 450 Defaulted assets (mil. EUR) 0.00 Number of performing obligors 209 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.80 Actual 'AAA' weighted-average recovery (%) 35.64 Actual portfolio weighted-average spread (%) 3.71 Actual portfolio weighted-average coupon (%) 3.63 S&P said, "At closing, we expect the portfolio to be well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. As such, we have not applied any additional scenario and sensitivity analysis when assigning preliminary ratings to any class of notes in this transaction. "In our cash flow analysis, we used the EUR450 million target par amount, the actual weighted-average spread (3.71%), and the actual weighted-average coupon (3.63%) calculated in line with our CLO criteria for all classes of notes. We assumed target weighted-average recovery rates. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to E-R notes could withstand stresses commensurate with higher preliminary 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 the assigned preliminary ratings. The class A-R and F-R notes can withstand stresses commensurate with the assigned preliminary ratings. "Until the end of the reinvestment period on Aug. 5, 2030, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes." This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. S&P said, "At closing, we expect the transaction's documented counterparty replacement and remedy mechanisms to adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned preliminary ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "At closing, we expect the transaction's legal structure to be bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our assigned preliminary ratings are commensurate with the available credit enhancement for the class A-R, B-R, C-R, D-R, E-R, and F-R notes. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A-R to E-R notes to four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would not assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance factors 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." Jubilee CLO 2024-XXVIII is a European cash flow CLO transaction, securitizing a portfolio of primarily senior secured leveraged loans and bonds. BSP CLO Management LLC will manage the transaction. Preliminary ratings Prelim Prelim amount Prelim amount Indicative Class rating* (mil. EUR) enhancement (%) interest rate§ A-R AAA (sf) 279.00 38.00 Three/six-month EURIBOR plus 1.24% B-R AA (sf) 49.50 27.00 Three/six-month EURIBOR plus 1.70% C-R A (sf) 27.00 21.00 Three/six-month EURIBOR plus 2.00% D-R BBB- (sf) 31.50 14.00 Three/six-month EURIBOR plus 3.05% E-R BB- (sf) 20.25 9.50 Three/six-month EURIBOR plus 5.25 % F-R B- (sf) 13.50 6.50 Three/six-month EURIBOR plus 8.70 % Additional sub. Notes NR 8.95 N/A N/A Sub. Notes NR 29.74 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. Sub. notes--Subordinated notes. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. NASSAU EURO IV: S&P Assigns BB-(sf) Rating on Class E-R Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Nassau Euro CLO IV DAC's class A-1-R, A-2-R, B-R, C-R, D-R, and E-R notes. At the same time, S&P affirmed its rating on the existing class F notes and withdrew its ratings on the original class A-1, A-2, B, C, D, and E notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. On Feb. 18, 2026, Nassau Euro CLO IV DAC refinanced the existing class A-1, A-2, B, C, D, and E notes (originally issued in June 2024) through an optional redemption and issued replacement notes of the same notional. The replacement notes are largely subject to the same terms and conditions as the original notes, except that the replacement notes will have a lower spread over Euro Interbank Offered Rate (EURIBOR) than the original notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,752.61 Default rate dispersion 527.41 Weighted-average life (years) 4.39 Obligor diversity measure 160.11 Industry diversity measure 27.12 Regional diversity measure 1.21 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.60 Actual 'AAA' weighted-average recovery (%) 36.62 Actual weighted-average spread (net of floors; %) 3.65 Actual weighted-average coupon 5.02 Rating 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 on Jan. 20, 2029. S&P said, "The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we modelled a par amount of EUR396.29 million, which is lower than the target par amount of EUR400.0 million. At closing, the portfolio is below par, the collateral principal amount used in our cash flow analysis is adjusted further down by the presence of negative cash. "We used the portfolio's actual weighted-average spread (3.65%), actual weighted-average coupon (5.02%), and the actual portfolio weighted-average recovery rates for all rated 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. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R, C-R, D-R, and E-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "For the class A-1-R and A-2-R, notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with the assigned ratings. "The class F notes' current break-even default rate (BDR) cushion is negative at the 'B-' rating level. Based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class can sustain a steady-state scenario, in accordance with our criteria." S&P's analysis reflects several factors, including: -- The class F notes' available credit enhancement is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- S&P's BDR at the 'B-' rating level is 17.95% versus a portfolio default rate of 14.06% if it was to consider a long-term sustainable default rate of 3.2% for a portfolio with a weighted-average life of 4.39 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance for this note to default. -- If S&P envisions this tranche to default in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with a 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-1-R to F notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-1-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings assigned Replacement Original Notes notes Amount interest interest Credit Class Rating* (mil. EUR) rate§ rate† enhancement (%) A-1-R AAA (sf) 240.00 Three-month Three-month 39.44 EURIBOR EURIBOR + 1.22% + 1.49% A-2-R AAA (sf) 8.00 Three-month Three-month 37.42 EURIBOR EURIBOR + 1.50% + 1.70% B-R AA (sf) 40.00 Three-month Three-month 27.33 EURIBOR EURIBOR + 1.70% + 2.15% C-R A (sf) 26.80 Three-month Three-month 20.57 EURIBOR EURIBOR + 2.00% + 2.60% D-R BBB- (sf) 28.20 Three-month Three-month 13.45 EURIBOR EURIBOR + 2.85% + 3.95% E-R BB- (sf) 17.00 Three-month Three-month 9.16 EURIBOR EURIBOR + 5.20% + 6.74% Rating affirmed Class Rating* Amount (mil. EUR) Notes interest rate§ F B- (sf) 13.00 Three-month EURIBOR + 8.30% *The ratings assigned to the class A-1-R, A-2-R, and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, and E-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. RRE 19 LOAN: S&P Assigns BB-(sf) Rating on Class D-R Notes ---------------------------------------------------------- S&P Global Ratings assigned credit ratings to RRE 19 Loan Management DAC's class A-1-R Loan and class A-1-R, A-2-R, B-R, C-R, and D-R notes. At closing, the issuer has EUR47.075 million unrated subordinated notes outstanding from the existing transaction. This transaction is a reset of the already existing transaction that closed in June 2024. The issuance proceeds of the refinancing loan and notes were used to redeem the refinanced loan and notes, and pay fees and expenses incurred in connection with the reset. S&P withdrew its ratings on the existing classes of loan and notes. Under the transaction documents, the rated loan and notes will pay quarterly interest, unless a frequency switch event occurs. Following such an event, the loan and notes would permanently switch to semiannual payments. The portfolio's reinvestment period ends 4.66 years after closing; the non-call period ends 1.5 years after closing. The ratings assigned to the reset loan and notes reflect our 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 is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2690.31 Default rate dispersion 582.11 Weighted-average life (years) 4.79 Obligor diversity measure 117.64 Industry diversity measure 20.89 Regional diversity measure 1.19 Country concentration in sovereigns rated below 'AA-' (%) 23.11 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B Portfolio target par (mil. EUR) 400.00 'CCC' category rated assets (%) 1.23 Target 'AAA' weighted-average recovery (%) 36.51 Target weighted-average spread (%) 3.21 Target weighted-average coupon (%) 3.43 The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the actual weighted-average spread (3.43%), the actual weighted-average coupon (3.21%), and the actual 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 Oct. 15, 2030, when the reinvestment period ends, the collateral manager may substitute the assets in the portfolio, as long the CDO Monitor test is maintained or improved in relation to the initial ratings on the loan and notes. This test looks at the total amount of losses that the transaction can sustain, as established by the initial cash flows for each rating, and compares that with the current portfolio's default potential, plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may, through trading, cause the transaction's credit risk profile to deteriorate. S&P said, "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for class A-2-R to C-R notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO is in its reinvestment period, during which the transaction's credit risk profile could deteriorate, we have capped the assigned ratings." The ratings on the class A-1-R Loan and class A-1-R notes and D-R notes can withstand stresses commensurate with their assigned ratings. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-1-R Loan and class A-1-R to D-R 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 assessed the sensitivity of our ratings on the class A-1-R Loan and class A-1-R to D-R 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." RRE 19 Loan Management DAC is a European cash flow CLO securitization of a revolving pool, comprising primarily euro-denominated senior secured loans and bonds. Redding Ridge Asset Management (UK), LLP manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-1-R AAA (sf) 161.00 38.50 Three /six-month EURIBOR plus 1.22% A-1-R Loan AAA (sf) 85.00 38.50 Three /six-month EURIBOR plus 1.22% A-2-R AA (sf) 38.00 29.00 Three/six-month EURIBOR plus 1.60% B-R A (sf) 32.00 21.00 Three/six-month EURIBOR plus 1.95% C-R BBB- (sf) 28.00 14.00 Three/six-month EURIBOR plus 2.55% D-R BB- (sf) 18.50 9.38 Three/six-month EURIBOR plus 4.50% Performance Notes NR 1.00 N/A N/A Preferred return notes NR 0.25 N/A N/A Sub notes NR 45.82 N/A N/A *The ratings assigned to the class A-1-R, A-1-R Loan, and A-2-R notes address timely interest and ultimate principal payments. The ratings assigned to the class B-R, C-R, and D-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. SONA FIOS II: S&P Assigns B-(sf) Rating on Class F-R Notes ---------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Sona Fios CLO II DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction and also issued additional subordinated notes equalling EUR3.5 million. This transaction is a reset of the already existing transaction that closed in June 2024. The issuance proceeds of the refinancing notes were used to redeem the refinanced debt (the original transaction's class A loan and class A, B-1, B-2, C, D, E, and F notes, for which S&P withdrew its ratings at the same time), and pay fees and expenses incurred in connection with the reset. The ratings assigned to the reset 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 collateral manager's experienced team, which can affect the performance of the rated debt through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with our counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,680.85 Default rate dispersion 595.39 Weighted-average life (years) 4.51 Weighted-average life (years) including reinvestment 5.00 Obligor diversity measure 130.32 Industry diversity measure 24.02 Regional diversity measure 1.30 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.90 Portfolio target par amount (mil. EUR) 500 Actual 'AAA' weighted-average recovery (%) 36.62 Actual weighted-average spread 3.87 Actual weighted-average coupon 3.53 Rating 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 on Feb. 17, 2031. The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR500 million target par amount, the covenanted weighted-average spread (3.87%), covenanted weighted-average coupon (3.53%), and the covenanted weighted-average recovery rate at each rating level. "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. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1-R to F-R-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these notes. "For the class A-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with the assigned rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R to F-R notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Sona Fios CLO II DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Sona Asset Management (UK) LLP is the collateral manager. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-R AAA (sf) 307.50 38.50 Three/six-month Euribor plus 1.27% B-1-R AA (sf) 51.70 27.75 Three/six-month Euribor plus 1.78% B-2-R AA (sf) 2.05 27.75 4.40% C-R A (sf) 33.75 21.00 Three/six-month Euribor plus 2.05% D-R BBB- (sf) 35.00 14.00 Three/six-month Euribor plus 2.95% E-R BB- (sf) 22.50 9.50 Three/six-month Euribor plus 5.20% F-R B- (sf) 15.00 6.50 Three/six-month Euribor plus 8.10% Sub. Notes NR 38.52 N/A N/A *S&P's ratings on the class A-R, B-1-R, and B-2-R notes address timely interest and ultimate principal payments. Its ratings on the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. Sub.--Subordinated. NR--Not rated. N/A--Not applicable. ========= I T A L Y ========= JUNO 1 SRL: DBRS Cuts Rating on Class A Notes to BB(high) --------------------------------------------------------- DBRS Ratings GmbH downgraded its credit rating on the Class A notes issued by Juno 1 S.r.l. (the Issuer) to BB (high) (sf) from BBB (low) (sf). The trend remains Stable. The transaction represents the issuance of Class A, Class B, and Class J notes (collectively, the Notes). The credit rating on the Class A notes addresses the timely payment of interest and the ultimate payment of principal on or before its final maturity date. Morningstar DBRS does not rate the Class B notes or the Class J notes. At issuance, the Notes were backed by a EUR 1.11 billion portfolio by gross book value consisting of secured and unsecured Italian nonperforming loans originated by Banca Nazionale del Lavoro S.p.A. Prelios Credit Servicing S.p.A. (Prelios or the Servicer) services the receivables while Banca Finanziaria Internazionale S.p.A. (formerly Securitization Services S.p.A.) operates as the backup servicer. CREDIT RATING RATIONALE The credit rating action follows Morningstar DBRS' review of the transaction and is based on the following analytical considerations: -- Transaction performance: An assessment of portfolio recoveries as of December 2025, focusing on (1) a comparison between actual collections and the Servicer's initial business plan forecast; (2) the collection performance observed over recent months; and (3) a comparison between the current performance and Morningstar DBRS' expectations. -- Updated business plan: The Servicer's updated business plan as of June 2025, received in October 2025, and the comparison with the initial collection expectations. -- Transaction liquidating structure: The order of priority entails a fully sequential amortization of the Notes (i.e., the Class B notes will begin to amortize following the full repayment of the Class A notes and the Class J notes will amortize following the repayment of the Class B notes). Additionally, interest payments on the Class B notes become subordinated to principal payments on the Class A notes if the cumulative gross collection ratio (CCR) or net present value cumulative profitability ratio (NPV CPR) is lower than 85%. One trigger has been breached since the July 2024 interest payment date (IPD). The actual figures for the CCR and NPV CPR were at 77.0% and 114.8% as of the January 2026 IPD, respectively, according to the servicer. -- Liquidity support: The transaction benefits from an amortizing cash reserve providing liquidity to the structure and covering potential interest shortfall on the Class A notes and senior fees. The cash reserve target amount is equal to 4.0% of the Class A notes' principal outstanding and is currently fully funded. TRANSACTION AND PERFORMANCE According to the latest investor report from January 2026, the outstanding principal amounts of the Class A, Class B, and Class J notes were EUR 12.4 million, EUR 26.0 million, and EUR 1.9 million, respectively. As of January 2026, the balance of the Class A notes had amortized by 90.9% since issuance and the current aggregated transaction balance was EUR 40.3 million. As of December 2025, the transaction was performing below the Servicer's business plan expectations. The actual cumulative gross collections equaled EUR 165.5 million, whereas the Servicer's initial business plan estimated cumulative gross collections of EUR 215.0 million for the same period. Therefore, as of December 2025, the transaction was underperforming by EUR 49.5 million (-23.0%) compared with the initial business plan expectations. At issuance, Morningstar DBRS estimated cumulative gross collections of EUR 165.2 million for the same period at the BBB (low) (sf) stressed scenario. Therefore, as of December 2025, the transaction was performing slightly above Morningstar DBRS' initial stressed scenarios. Pursuant to the requirements set out in the receivable servicing agreement, in October 2025, the servicer delivered an updated portfolio business plan. The updated portfolio business plan, combined with the actual cumulative gross collections of EUR 159.3 million as of June 2025, resulted in a total of EUR 188.3 million, which is 15.9% lower than the total gross disposition proceeds of EUR 223.9 million estimated in the initial business plan and collections are expected to be realized over a longer period of time. The Servicer underperformed its updated business plan in H2 2025. Excluding actual collections, the Servicer's expected future collections from January 2026 accounted for EUR 22.1 million. The updated Morningstar DBRS BB (high) (sf) credit rating stress level assumes a haircut of 17.9% to the Servicer's updated business plan, considering future expected collections. Morningstar DBRS observed a slowdown in the amortization of the Class A notes, driven by weaker-than-expected collections. Although the outstanding balance of the Class A notes has declined to EUR 12.4 million, full redemption is expected to take several more years. This reflects a downward revision of the Servicer's expectations for the remaining portfolio, particularly lower projected collections in 2027 and 2028, together with a deteriorating conversion ratio between the early redemption of the Class A notes and cumulative gross collections. In addition, the transaction exhibits high concentration risk, which increases uncertainty around both collection volatility and the timing of collections, especially as the portfolio enters its final phase. Furthermore, the interest rate cap agreement expired in January 2026, exposing the transaction to interest rate risk. As a result, Morningstar DBRS downgraded the credit rating on the Class A notes to BB (high) (sf). The transaction's final maturity date is in July 2038. Notes: All figures are in euros unless otherwise noted. MAIOR SPV: DBRS Confirms CC Rating on Class A Bonds --------------------------------------------------- DBRS Ratings GmbH confirmed its credit rating on the bonds issued by Maior SPV S.r.l. (the Issuer) as follows: -- Class A at CC (sf) The transaction represents the issuance of Class A, Class B, and Class J notes (collectively, the Notes). The credit rating on the Class A notes addresses the timely payment of interest and the ultimate payment of principal. Morningstar DBRS does not rate the Class B or J notes. At issuance, the Notes were backed by a EUR 2.75 billion portfolio by gross book value (GBV) consisting of secured and unsecured Italian nonperforming loans originated by Intesa Sanpaolo SpA (formerly Unione di Banche Italiane S.p.A.) and IW Bank S.p.A. The majority of loans in the portfolio defaulted between 2013 and 2017 and are in various stages of resolution. As of the cut-off date, approximately 47% of the pool by GBV was secured. According to the latest information provided by the servicer in December 2025, 36.8% of the pool by GBV was secured. The loan pool mainly comprised corporate borrowers of approximately 83.3% by GBV at closing compared with approximately 85.6% of the GBV as of December 2025. The receivables are serviced by Prelios Credit Servicing S.p.A. (Prelios or the Servicer) while Banca Finint S.p.A. (formerly Securitization Services S.p.A.) has been appointed as backup servicer. CREDIT RATING RATIONALE The confirmation follows a review of the transaction and is based on the following analytical considerations: -- Transaction performance: An assessment of portfolio recoveries as of December 2025, focusing on (1) a comparison between actual collections and the Servicer's initial business plan forecast; (2) the collection performance observed over recent months; and (3) a comparison between the current performance and Morningstar DBRS' expectations. -- Updated business plan: The Servicer's updated business plan as of June 2025, received in January 2026, and the comparison with the initial collection expectations. -- Portfolio characteristics: The loan pool composition as of December 2025 and the evolution of its core features since issuance. -- Transaction liquidating structure: The order of priority entails a fully sequential amortization of the Notes (i.e., the Class B notes will begin to amortize following the full repayment of the Class A notes, and the Class J notes will amortize following the repayment of the Class B notes). Additionally, interest payments on the Class B notes become subordinated to principal payments on the Class A notes if the cumulative collection ratio or present value cumulative profitability ratio is lower than 90%. These triggers have been breached since the January 2022 interest payment date (IPD), with the actual figures at 59.7% and 97.6%, respectively, as of the January 2026 IPD according to the Servicer. -- Liquidity support: The transaction benefits from an amortizing cash reserve providing liquidity to the structure and covering potential interest shortfall on the Class A notes and senior fees. The cash reserve target amount is equal to 4.0% of the Class A notes principal outstanding and is currently fully funded. According to the latest investor report from January 2026, the outstanding principal amounts of the Class A, Class B, and Class J notes were EUR 218.9 million, EUR 60.0 million, and EUR 26.9 million, respectively. As of the January 2026 payment date, the balance of the Class A notes had amortized by 65.2% since issuance, and the current aggregated transaction balance was EUR 305.8 million. As of December 2025, the transaction was performing below the Servicer's business plan expectations. The actual cumulative gross collections equaled EUR 613.1 million, whereas the Servicer's initial business plan estimated cumulative gross collections of EUR 969.1 million for the same period. Therefore, as of December 2025, the transaction was underperforming by EUR 355.9 million (-36.7%) compared with the initial business plan expectations. At issuance, Morningstar DBRS estimated cumulative gross collections for the same period of EUR 473.4 million at the BBB (low) (sf) stressed scenario. Therefore, as of December 2025, the transaction was performing above Morningstar DBRS' initial stressed scenarios. Pursuant to the requirements set out in the receivable servicing agreement, in January 2026, the Servicer delivered an updated portfolio business plan. The updated portfolio business plan, combined with the actual cumulative gross collections of EUR 590.2 million as of June 2025, resulted in a total of EUR 763.5 million, which is 24.2% lower than the total gross disposition proceeds of EUR 1.0 billion estimated in the initial business plan and is expected to be realized over a longer period. Excluding the actual collections, the Servicer's expected future collections from January 2026 amount to EUR 155.1 million. In Morningstar DBRS' CCC (sf) (or below) scenarios, the Servicer's updated forecast was adjusted only in terms of actual collections to date and the timing of future expected collections. Considering the senior costs, interest, and fees due on the Notes, the full repayment of Class A principal is increasingly unlikely, but considering the transaction structure, a payment default on the Notes would likely only occur a few years from now. The final maturity date of the transaction is in July 2040. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Notes: All figures are in euros unless otherwise noted. REKEEP SPA: S&P Affirms 'B' ICR & Alters Outlook to Negative ------------------------------------------------------------ S&P Global Ratings revised its outlook to negative from stable and affirmed its 'B' long-term issuer credit rating on Italy-based facilities management service provider Rekeep SpA. S&P also affirmed its 'B' issue rating on the company's EUR360 million senior secured notes. The '3' recovery rating on the notes is unchanged. The negative outlook indicates that S&P could downgrade Rekeep if it does not see a path to sustainable positive cash flow and strengthened liquidity. Rekeep SpA's operating performance is affected by continued weak commercial momentum in the domestic traditional facility management (FM) business, along with increasing labor and raw material costs. While the international FM business continues to grow, S&P forecasts associated investments will hamper profitability and cash flow in 2025-2027. S&P said, "We forecast negative free operating cash flow (FOCF) of EUR5 million-EUR10 million in 2026 and EUR15 million-EUR20 million in 2027, on high interest expense and capital expenditure (capex). This will tighten the company's liquidity profile. "We lowered our forecast due to slower-than-expected commercial momentum. We estimate revenue will remain almost flat excluding the impact from the conclusion of contract arbitration in Saudi Arabia in 2025 mainly as weakness in volumes in the domestic traditional FM and a subdued demand in the laundering and sterilization (L&S) businesses was offset by growth in international FM and energy management. We estimate a revenue decline of 2%-3% in 2025, including the arbitration's impact. We forecast revenue growth of about 10%, including 7%-8% organic growth in 2026 and about 5% fully organic revenue growth in 2027. Organic growth will come from solid performance of the international business underpinned by the completion of a second central kitchen in Poland to support its catering services there. Following the success of its business-to-business ready-made meal service, the company launched its business-to-consumer ready-made meal delivery service in November 2025. We expect revenue growth in the energy management business will come from new contracts and slight increases in energy prices. We also forecast modest growth in the domestic FM and L&S businesses as the company sees benefits from commercial initiatives launched in 2025 with increased participation in both public and private tenders. Rekeep acquired Euromex Facility services in Portugal in late January 2026, which will also contribute toward revenue growth. However, we expect the S&P Global Ratings-adjusted EBITDA margin to decline to about 8.4% in 2025 and 8.2% in 2026 from 11.1% in 2024 due to increasing labor and material costs and high start-up costs at the international FM business. Results in 2024 also benefited from one-off income from the settlement of Saudi Arabia contract arbitration. We expect a 30 basis point improvement in 2027 from improved operating leverage, capacity use in Poland, and efficiencies. "We forecast slower deleveraging and tight FFO cash interest coverage due to weaker earnings. Although elevated, leverage will remain commensurate with the rating--declining to about 6.2x in 2027 from about 7.0x in 2025. However, this is above our previous leverage forecast of 5.0x -5.5x. We expect FFO cash interest coverage will remain below the threshold of 2.0x--at 1.7x-1.8x due to weak earnings, high interest costs of EUR53 million-EUR57 million, and tax payments of EUR13 million-EUR23 million per year from 2025-2027. "We revised our liquidity assessment to less than adequate from adequate because of our expectation of negative FOCF in 2026-2027 combined with short-term liabilities. FOCF benefited from the realization of Saudi arbitration in early in 2025, resulting in our estimate of positive FOCF of about EUR7.5 million. However, we think Rekeep will generate negative FOCF of EUR5 million-EUR10 million in 2026 and EUR15 million-EUR20 million in 2027 despite a positive mix effect on working capital and the company's efforts to reduce working capital requirements, including the negotiation of longer payment terms to energy suppliers. Our forecast includes our expectation that capex will remain stable at EUR48 million-EUR50 million owing to new contracts, and considers the company's short-term liabilities of about EUR67 million. Despite availability of an approximately EUR50 million of revolving credit facility, our assessment of Rekeep's liquidity profile has weakened. The company has announced a partnership with Alba Infra Partners to develop and finance energy management projects that Rekeep will service. As part of the agreement, certain equity stakes in project companies held by the company could be transferred to a special-purpose vehicle, which could support liquidity. "The negative outlook indicates that we could downgrade Rekeep if we do not see a path to positive sustainable cash flow and strengthened liquidity. "We could lower the rating if FFO cash interest coverage remains below 2.0x, FOCF remains negative sustainably with no signs of recovery, leading to further tightening of the liquidity position, or debt to EBITDA increased above 7.5x for a prolonged period." This could happen if the company: -- Cannot reduce its working capital requirements; -- Experienced a significant delay in awarding new contracts or higher-than-expected costs associated with this; or -- Becomes involved in litigation that could risk fines or damages its reputation. S&P said, "We could also lower the rating if Rekeep relies more on short-term or uncommitted sources of funding, prompting us to lower our liquidity assessment on the company to weak. "We could revise the outlook to stable if Rekeep's operating performance recovers such that it generates sustained positive FOCF and FFO cash coverage improving toward 2x, and the company improves its liquidity profile." ===================== N E T H E R L A N D S ===================== AMMEGA GROUP: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Ammega Group B.V.'s (Ammega) long term corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD and its senior secured bank credit facilities rating to Caa1 from B3. The outlook changed to stable from negative. RATINGS RATIONALE The downgrade of the CFR to Caa1 reflects weaker than expected operating performance resulting in a prolonged, multiyear timeframe in which Ammega's credit metrics did not meet the expectations for its previous B3 rating. This track record raises risk regarding the speed of Ammega's deleveraging to a more sustainable level ahead of its maturities, in an operating environment where visibility on a rapid operating performance rebound remains limited. The company has adequate liquidity, with the senior secured revolving credit facility (RCF) due in June 2028 and senior secured term loan B (TLB) due in December 2028, but would need to approach the capital markets well in advance of its debt maturities. Moody's expects Moody's-adjusted EBITDA (prior to management add backs for expected cost savings and after one offs, consistent with reported EBITDA per audited accounts) of EUR120 million in 2025 (compared to EUR130 million in 2024), which is materially below Moody's earlier expectations for improvement of earnings in 2025 compared to 2024. As a result, Moody's-adjusted debt/EBITDA is expected to rise to around 12.3x in 2025 from 11.2x in 2024. Moody's expects interest coverage to remain weak at around 0.6x in 2025 (0.6x in 2024), while Moody's-adjusted free cash flow (FCF) after interest is expected to remain negative at roughly EUR50 million (EUR66 million in 2024). Moody's expects some improvement in credit metrics and a substantial reduction of cash burn on Moody's adjusted FCF in 2026, based on Moody's expectations of a gradual recovery in end markets combined with the impact of cost initiatives rolled out over the last couple of years. Moody's forecasts revenue to grow by around 4% in 2026- incorporating January performance of approximately 1% year-on-year revenue growth with acceleration into H2 2026. Ammega plans to accelerate revenue growth through strategic projects focused on its customer base to boost profitability through continued overhead cost reduction. Moody's adjusted EBITDA margins are anticipated to improve to roughly 16% in 2026, up from 13% in 2025, supported by efficiency initiatives and reduction of one off items to EUR10 million in 2026 from EUR27 million in 2025. Despite these improvements, credit metrics will likely remain weak and outside of the triggers set for the previous B3 CFR. Indeed, Moody's projects 2026 Moody's adjusted Debt /EBITDA to be around 9x and FCF generation at around breakeven limiting the company's capacity to reduce its elevated debt load. Moody's 2026 FCF forecast assumes working-capital inflows of EUR7 million, capital spending of approximately EUR20 million, and lease payments of about EUR32 million. EBITA/interest coverage is also expected to remain modest at around 1.0x in 2026. These forecasts do not incorporate the potential for higher interest costs at refinancing considering the current yield on the company's debt. Unless Ammega refinances at a meaningfully lower gross debt level or delivers rapid, substantial operating improvement, higher borrowing costs could further weaken already constrained interest coverage metrics and limit restoration of positive FCF generation. RATIONALE OF THE OUTLOOK The stable outlook reflects Moody's expectations that Ammega will maintain adequate liquidity through at least the next 12–18 months. While some improvement in operating performance is expected, the company will continue to operate with very high leverage and weak FCF generation, raising concern around sustainability of the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could develop if: -- Moody's-adjusted debt/EBITDA is below 7.0x on a sustained basis, and -- Moody's-adjusted EBITA/interest is sustainably above 1.25x, and -- FCF turns positive on a sustained basis, and -- liquidity profile is adequate. Downward pressure could arise if: -- Liquidity deteriorates -- Ammega fails to improve operating performance, increasing the risk of a debt restructuring increasing losses for creditors. LIQUIDITY Ammega's liquidity is adequate. As of September 2025, the company had EUR40 million of cash and EUR182m total RCF due June 2028, of which EUR118m was undrawn as of September 2025. Management targets at least break-even free cash flow in 2026, supported by expected EBITDA recovery and interest expense of around EUR100 million. Factoring lines (EUR74 million utilized at year-end 2025) remain available but are uncommitted. The RCF contains a springing leverage financial covenant tested only when the facility is more than 40% drawn, Moody's expects adequate headroom under the covenant. STRUCTURAL CONSIDERATIONS The guaranteed senior secured first lien term loan B and the RCF rank pari passu and share the same security interest, including mainly share pledges and intercompany receivables. These instruments are rated Caa1 in line with the CFR because they account for the large majority of debt. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in the Netherlands, Ammega is a global producer of lightweight belt products. The company's activities include manufacturing, fabrication, assembly, distribution, and servicing of synthetic and modular conveyor belts, industrial power transmission belts, and specialty belts and others. It serves a variety of end markets, including industries such as food, logistics and e-commerce, industrials, airports, elevators and packaging. The company has been owned by Partners Group since 2018 and reported revenue of around EUR950 million and management-adjusted EBITDA of EUR192 million in the 12 months that ended September 2025. BARENTZ MIDCO: S&P Downgrades ICR to 'B-', Outlook Stable --------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Netherlands-based chemicals distributor Barentz Midco B.V.'s (Barentz) to 'B-' from 'B' and its long-term issue ratings to 'B-' with a '3' recovery rating (unchanged). The stable outlook reflects S&P's expectation of mild deleveraging in 2026, supported by modest EBITDA recovery and improving FOCF thanks to working capital normalization, while liquidity remains adequate due to long-dated maturities (term loan B [TLB] 2031, revolving credit facility [RCF] 2030, payment-in-kind [PIK] 2032) and committed facilities. The continued weak market environment has affected Netherlands-based chemicals distributor Barentz operating performance. In 2025, the market environment was marked by depressed demand, pricing pressure, and elevated one-offs costs that took a toll on margins and weakened credit metrics. S&P said, "We now expect S&P Global Ratings-adjusted EBITDA of EUR170 million–EUR180 million in 2025, translating to adjusted debt to EBITDA of about 12.0x, and funds from operations (FFO) cash interest coverage below 2.0x. We expect these metrics to improve only modestly in 2026-2027. "Although positive, we forecast adjusted free operating cash flow (FOCF) to fall short of our recovery expectations, reflecting the weaker market conditions and working capital outflows." The downgrade reflects the combined effect of sustained high leverage, weak interest coverage, and diminished cash generation. The increase in leverage is driven by both weaker earnings and higher debt levels. Total gross debt has increased due to acquisition funding (most notably the Fengli transaction), PIK accretion, higher drawings under the RCF year on year (to EUR80 million from EUR66 million) and increased use of receivables securitization amid weaker operating cash flow. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA to increase to about 12.0x in 2025 (about 11.0x in 2026), from 10.7x in 2024, and remain structurally elevated thereafter. Excluding PIK instruments, we anticipate that leverage will remain above 9.0x in 2025 and decline gradually to about 7.0x-8.0x in 2026. At the same time, FFO cash interest coverage remains below 2.0x through 2027 (1.4x-1.8x), indicating limited headroom relative to interest obligations and a persistently weak earnings-to-interest buffer." A challenging market environment maintains pressure on earnings; however, the company has shown some resilience compared to the wider chemicals sector. Year-to-date 2025, results confirm slower earnings momentum and unfavorable operating leverage. Revenue increased to approximately EUR1.7 billion, with growth largely acquisition and contract driven, with modest like-for-like performance. For the first nine months of 2025, EBITDA remained broadly flat at EUR159.8 million compared with 2024, while the margin declined by about 30 basis points (bps)-40 bps. This is due to pricing pressure in certain regions (notably South America is affected by Chinese dumping), and continued IT and enterprise resource planning (ERP) rollout investments, with one off costs captured in our EBITDA calculation. S&P said, "For full-year 2025, we forecast S&P Global Ratings-adjusted EBITDA of approximately EUR170 million-EUR180 million, including about EUR25 million of nonrecurring costs related to the IT and ERP program. In 2026, we expect nonrecurring IT-related costs to remain elevated at about EUR27 million, before declining as management expects to complete the rollout by 2027." EBITDA could improve toward EUR185 million-EUR210 million in 2026, supported by internal measures such as cost-saving initiatives, pricing discipline, and principal handover wins rather than a recovery in market conditions. Market conditions for specialty chemical distributors remain challenging, with industrial softness, tariff-related uncertainty, and cautious customer ordering behavior weighing on volumes and limiting operating leverage. While distributors' specialty exposure provides some resilience--particularly in end-markets such as food, pharma, and personal care--more cyclical segments (including performance materials) and certain geographies remain under pressure. S&P said, "As a result, we think that execution, market share gains, and internal initiatives will drive the expected earnings improvement more than demand recovery will, increasing sensitivity to delivery risk. In our view, the company's portfolio of products is well balanced, leaning toward more resilient end markets and well diversified geographically. This provides a sustainable business platform to support growth, in our view, including from market share gains, principals' growth, manufacturers distribution outsourcing trend, and cost and margin management. We expect the company's Value Creation Plan (VCP)--including its sales acceleration, margin management, and "Save to Invest" initiatives--to support gradual margin stabilization and commercial productivity improvements over time." Cash generation recovery, which previously provided an important mitigating factor to the high financial leverage, has fallen short of expectations. S&P said, "We expect adjusted FOCF of approximately EUR14 million (neutralizing the factoring usage) for full-year 2025, primarily reflecting lower EBITDA and working capital outflows driven by inventory build-up linked to new principal onboarding and acquisition integration. While reported FOCF remains positive, it is supported by expanded receivables securitization (rising from EUR97 million in 2024 toward EUR115 million in 2025 and EUR135 million by 2026), which we view as a liquidity management tool rather than structural cash generation. From 2026 onward, we forecast FOCF to improve to about EUR40 million-EUR50 million, supported by moderate earnings growth and working capital normalization. We anticipate that the ongoing ERP rollout -- approximately halfway complete and targeted for full implementation by end-2026 -- will enhance inventory management, improve data visibility, and strengthen receivables discipline, supporting working capital efficiency over time. In the meantime, we expect the cash costs of implementation to progressively soften. While the company maintains positive cash generation, the magnitude of FOCF is insufficient to meaningfully offset the current leverage and weak coverage metrics." Barentz's buy-and-build strategy over recent years has materially expanded its business scale, geographic reach (notably in APAC), and product portfolio. EBITDA has increased meaningfully compared with historical levels, and the company has strengthened its positioning in higher-margin specialty segments. This growth has been largely debt funded, resulting in a materially more leveraged capital structure. While the enhanced business portfolio provides some resilience, the associated increase in debt and ongoing integration and IT-related costs have constrained deleveraging and weighed margins and cash generation. The company benefits from a long-dated maturity profile (TLB due 2031; RCF due 2030) and adequate liquidity supported by committed facilities. Management has a more selective approach to mergers and acquisitions (M&A), focusing on smaller bolt-on acquisitions and internal synergy realization. Nonetheless, near-term cash outflows, including the expected approximately EUR40 million Brazil put option exercise plus about EUR15 million earnouts in 2026, will weigh on financial flexibility. There is an absence of near-term refinancing risk and a cautious acquisition approach in the management of the capital structure. Nevertheless, sustained double-digit leverage above 11.0x on an S&P Global Ratings-adjusted basis and weak coverage metrics support the downgrade to 'B-'. S&P now expects a gradual but measured improvement in credit metrics from 2026, assuming disciplined capital allocation and successful execution of operational initiatives. S&P said, "The stable outlook reflects our view that, while S&P Global Ratings-adjusted leverage will remain very elevated in 2025 (above 10.0x including PIK), we expect a mild improvement in 2026, supported by modest EBITDA recovery factoring in some market share gains, principal handover wins, and incremental margin improvements. We also expect FOCF to remain modestly positive in 2025 and improve toward EUR40 million-EUR50 million in 2026, benefiting from working capital normalization, increased earnings, and reduced cash interest following prior repricing actions. We expect liquidity to remain adequate, supported by long-dated maturities and committed facilities. "We could lower the rating if Barentz experiences a prolonged weakening of profitability and cash flow generation due to deteriorating market conditions, such that the capital structure appears hardly sustainable. We could also lower the rating if the company adopts more aggressive financial policies--including debt-financed dividend recapitalizations or acquisitions. This would lead to an increase in leverage without swift prospects of improvements and deteriorating liquidity, which could point to an unsustainable capital structure." S&P could raise its rating on Barentz if: -- S&P Global Ratings-adjusted debt to EBITDA improves to below 8.0x on a sustained basis, supported by shareholders' strong commitment to maintaining this level; -- FFO cash interest coverage improves to above 2.0x; and -- Adjusted FOCF remains positive on a sustained basis reflecting the capital-light nature of a specialty chemicals distributor. CELESTE BIDCO: Moody's Affirms B3 CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Celeste BidCo B.V. (Affidea or the company). Moody's have also affirmed the B3 instrument rating on Affidea's EUR165 million senior secured multi-currency revolving credit facility (RCF) and Affidea's EUR1,345 million senior secured term loan B. The outlook has been changed to positive from stable. RATINGS RATIONALE The change of outlook to positive primarily reflects improvement in Affidea's credit metrics driven by continued expansion in EBITDA over the past quarters. The action also reflects disciplined acquisition strategy, supported by a strong integration track record, a stable regulatory environment for its largely essential cancer-related services, and the EUR150 million equity injection from Groupe Bruxelles Lambert (GBL) in October 2025. Governance considerations under Moody's General Principles for Assessing Environmental, Social and Governance Risks methodology are a key driver of the rating action. GBL's recent equity contribution enhances financial flexibility, partially supports leverage given ongoing M&A activity, and supports the sponsor and management's commitment to balancing growth with deleveraging over time. Affidea delivered a strong operating performance in 2024, with revenues increasing by 21% in the private segment and 23% in the public segment, supported by robust organic growth of 10%, primarily driven by the private segment. Growth was predominantly volume-led, while profitability improved materially, reflecting operating leverage and disciplined cost control. Moody's-adjusted EBITDA margin increased to approximately 24% in 2024 from around 20% in 2023. Positive momentum continued into the first nine months of 2025, with revenues up 24% year on year, supported by a combination of organic growth and acquisitions, particularly in cancer care, alongside a further expansion in EBITDA margin of around 1.5 percentage points. As a result, credit metrics are strengthening, with leverage expected to decline to around 5.8x based on management's preliminary 2025 figures. In the next 12 to 18 months, Moody's expects continued strong revenue and EBITDA growth with gradual deleveraging. Revenues are projected to rise from around c. EUR1.25 billion in 2025 to c. EUR1.5 billion by 2026–27, with EBITDA increasing from c. EUR290 million in 2025 to c. EUR340 million–370 million by 2026–27, while margins remain solid at around 23–24%. Leverage is expected to improve steadily, with debt/EBITDA declining from about 6.0x in 2024 to c.5.8x in 2025 and around 5.0x–4.6x by 2026–27, driven mainly by earnings growth. Cash flow generation improves at cash flow from operations level, but free cash flow is expected to remain negative in the near term due to sustained elevated capex and ongoing investment, moderating the pace of deleveraging. LIQUIDITY Affidea has adequate liquidity supported by (1) EUR89 million of cash on balance sheet as of end September 2025, (2) the shareholder's EUR150 million equity injection (October 2025), which are forecast to be used for acquisitions over the course of 2026 and 2027, and (3) a EUR165 million senior secured RCF of which EUR163 million was undrawn as of end September 2025. The senior secured RCF has a leverage covenant set at 9.2x, which is tested if the senior secured RCF is drawn at more than 50%. Moody's expects Affidea to keep ample headroom against the covenant test over the next 12 to 18 months. STRUCTURAL CONSIDERATIONS The B3 rating of the senior secured term loan and senior secured RCF reflects their pari passu ranking, with upstream guarantees from material subsidiaries and collateral comprising essentially share pledges. The B3-PD probability of default rating is in line with the CFR, reflecting Moody's assumptions of a 50% family recovery rate. RATING OUTLOOK The positive outlook reflects Affidea's solid operating performance over the past two years, as evidenced by improvements in profitability and credit metrics. It also incorporates Moody's expectations that the company will continue to enhance its profitability and cash flow generation while executing its growth strategy. The outlook assumes that any debt-funded acquisitions could temporarily increase leverage, but that leverage will remain consistent with the company's stated target well below 5.0x company's net senior secured leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if Affidea delivers revenue and EBITDA growth such that its Moody's-adjusted gross debt/EBITDA falls below 5.5x on a sustained basis; its Moody's-adjusted EBITA/interest expense remains higher than 1.5x on a sustained basis; and if the company generates solid free cash flow generation before growth capital expenditures while maintaining a good liquidity. Downward pressure on the rating could emerge if the company's Moody's-adjusted leverage ratio increases above 6.5x, on a prolonged basis; Moody's-adjusted FCF remains negative and Moody's-adjusted EBITA/interest decreases below 1.0x, both on a prolonged basis; Affidea's profitability were to deteriorate because of regulatory developments, competitive pressure or significant cost inflation; or the company's liquidity were no longer adequate. Pressure could also build up in the event of large debt-financed acquisitions or distributions to shareholders. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Affidea's rating is two notches below the 12-18 month forward-looking scorecard-indicated outcome of B1. The difference reflects the risk of additional debt funded acquisitions and the limited FCF generation due to high investments in growth capital expenditures. COMPANY PROFILE Affidea is the leading Pan-European provider of community-based, integrated pathway services, including ADI, laboratory, cancer care and broader outpatient services. Headquartered in The Hague, Netherlands, the company operates a network of 420 centers across 15 European countries, with an asset base of c. 1,900 units of diagnostic and care cancer equipment. The company was established as Euromedic in 1991, when it opened its first center in Hungary, and has since expanded via a combination of acquisitions, greenfield investments and organic growth. The group now employs more than 8,500 doctors and has more than 14 million patients. In 2022, Groupe Bruxelles Lambert (GBL, A1 stable) acquired a majority stake in Affidea B.V. The current management holds a minority stake. JUBILEE PLACE 9: Moody's Assigns Ba3 Rating to EUR0.6MM E Notes --------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to Notes issued by Jubilee Place 9 B.V.: EUR389.5M Class A Mortgage-backed floating rate notes due October 2061, Definitive Rating Assigned Aaa (sf) EUR28M Class B Mortgage-backed floating rate notes due October 2061, Definitive Rating Assigned Aa2 (sf) EUR9.7M Class C Mortgage-backed floating rate notes due October 2061, Definitive Rating Assigned A3 (sf) EUR2.6M Class D Mortgage-backed floating rate notes due October 2061, Definitive Rating Assigned Baa3 (sf) EUR0.6M Class E Mortgage-backed notes due October 2061, Definitive Rating Assigned Ba3 (sf) EUR6M Class X1 Floating rate notes due October 2061, Definitive Rating Assigned Ba1 (sf) EUR2.2M Class X2 Floating rate notes due October 2061, Definitive Rating Assigned Ba2 (sf) RATINGS RATIONALE The Notes are backed by a static pool of Dutch buy-to-let ("BTL") mortgage loans and small-ticket commercial mortgage loans originated by Dutch Mortgage Services B.V. ("DMS", NR), DNL 1 B.V. ("DNL", NR) and Community Hypotheken B.V. ("Community", NR). This represents the ninth issuance of these originators. The definitive ratings of Class E, X1, and X2 Notes improved by one notch compared to the provisional ratings due to higher excess spread in the final structure at closing. The total portfolio as of December 31, 2025 is EUR453.1 million. The liquidity reserve is funded at 0.25% of the Notes balance of Classes A and B at closing with a target of 1.00% of Classes A and B balances until the step-up date. The total subordination for the Class A Notes at closing will be roughly 9.5% in addition to excess spread and the credit support provided by the reserve fund. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. The transaction benefits from various credit strengths such as a static portfolio and an amortising liquidity reserve fund sized at closing at 0.25% of the Class A and B Notes' principal amount. However, Moody's notes that the transaction features some credit weaknesses such as small and unregulated originators also acting as servicers, exposure to a small bucket of CRE loans, and the focus on a small and niche market, the Dutch BTL sector. The originators, with their current size and set-up acting as servicer of the securitised portfolio, would not have the capacity to service the portfolio on their own. However, the day-to-day servicing of the portfolio is outsourced to BCMGlobal Netherlands B.V. ("BCMGlobal Netherlands", NR) as subservicer. This risk of servicing disruption is further mitigated by structural features of the transaction. These include, among others, the issuer administrator acting as a backup servicer facilitator who will assist the issuer in appointing a backup servicer on a best-effort basis upon termination of the servicing agreement. Moody's determined the portfolio lifetime expected loss of 1.2% and MILAN Stressed Loss of 10.6% related to the mortgage portfolio. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the MILAN Stressed Loss captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected loss and MILAN Stressed Loss are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate RMBS. Portfolio expected loss of 1.2%: This is in line with the average expected loss in Dutch buy-to-let transactions. The assumption is based on Moody's assessments of the lifetime loss expectation for the pool taking into account (1) the available historical performance data for previous Jubilee Place transactions; (2) benchmarking with comparable transactions in the Dutch and UK buy-to-let markets; (3) peculiarities of the Dutch BTL market, such as the relatively high likelihood that the lender will not benefit from its pledge on the rents paid by the tenants in case of borrower insolvency, and (4) the current economic conditions and forecasts in The Netherlands. The MILAN Stressed Loss for this pool is 10.6%: This is in line with the average MILAN Stressed Loss in Dutch buy-to-let transactions and follows Moody's assessments of the loan-by-loan information, taking into account the following key drivers (1) the available historical performance data for previous Jubilee Place transactions; (2) the weighted average current loan-to-market-value (LTMV) of approximately 71.6%; (3) the high interest-only (IO) loan exposure, (4) the inclusion of small-ticket CRE loans in the pool, amounting to 5.6% of the total pool balance, (5) adjustment relating to the peculiarities of the Dutch BTL market, and (6) the current economic conditions and forecasts in The Netherlands. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: Factors that would lead to an upgrade of the ratings include: significantly better than expected performance of the pool together with an increase in credit enhancement of Notes. Factors that would lead to a downgrade of the ratings include: (i) increased counterparty risk leading to potential operational risk of (a) servicing or cash management interruptions and (b) the risk of increased swap linkage due to a downgrade of swap counterparties ratings; and (ii) economic conditions being worse than forecast resulting in higher arrears and losses. ========= S P A I N ========= AUTO ABS SPANISH 2026-1: Moody's Assigns (P)Ba1 Rating to F Notes ----------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to Notes to be issued by AUTO ABS SPANISH LOANS 2026-1 FONDO DE TITULIZACION: EUR []M Class A Floating Rate Asset Backed Notes due December 2038, Assigned (P)Aaa (sf) EUR []M Class B Floating Rate Asset Backed Notes due December 2038, Assigned (P)Aa2 (sf) EUR []M Class C Floating Rate Asset Backed Notes due December 2038, Assigned (P)A3 (sf) EUR []M Class D Floating Rate Asset Backed Notes due December 2038, Assigned (P)Baa2 (sf) EUR []M Class E Floating Rate Asset Backed Notes due December 2038, Assigned (P)Baa3 (sf) EUR []M Class F Floating Rate Notes due December 2038, Assigned (P)Ba1 (sf) RATINGS RATIONALE The Notes are backed by a 9-month revolving pool of Spanish auto loans originated by Stellantis Financial Services España, E.F.C., S.A. ("Stellantis Financial Services") (NR), ultimately owned by Stellantis N.V. (Baa3/(P)P-3) and Santander Consumer Finance S.A. (A1/P-1 deposit ratings; A2(cr)/P-1(cr)). This is the sixth securitisation originated by Stellantis Financial Services in Spain. The provisional portfolio of assets amount to approximately Eur819.8 million as of January 08, 2026 pool cut-off date. The Reserve Fund will be funded to 1.7% of the Class A to E Notes balance at closing and the total credit enhancement for the Class A Notes will be 19.2%. The portfolio of underlying assets was distributed through dealers to private individuals (100%) to finance the purchase of new (80%) and used (20%) vehicles. The provisional portfolio consists of 62,007 auto finance contracts to 61,771 borrowers with a weighted average seasoning of 1.1 years. The portfolio is collateralised by 47.7% amortising loans and 52.3% balloon loans, which consist of a fixed rate amortising installment portion with an optional final balloon payment. In the case of balloon loans, the borrower can either pay the final balloon payment at contract maturity and keep the vehicle, or return the vehicle to the lender with no further obligation. In the event that the borrower chooses to return the vehicle to the lender - the guarantees, Stellantis Financial Services, Fiat Chrysler Automobiles Spain, S.A. and Leapmotor International Business S.P.A., ultimately owned by Stellantis N.V. (Baa3), have entered into an agreement under which the latter are contractually bound to repurchase the vehicle for a purchase price that equals the initially agreed balloon installment. In the event the borrower returns the vehicle to the lender and Stellantis Financial Services, Fiat Chrysler Automobiles Spain, S.A. or Leapmotor International Business S.P.A. are unable to buy back the vehicles under this agreement for any reason whatsoever (including in case of insolvency), the issuer would be exposed to the residual value ("RV") risk arising from the potential shortfall between the realisable market value of the vehicle versus the final balloon payment. As of closing date the transaction has a total exposure to RV risk of 40.97% of total principal cash flows. The proportion of balloon loans that can be included in the pool is limited to 55%. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. According to us, the transaction benefits from various credit strengths such as (i) a granular portfolio, (ii) the high excess spread available to the transaction, (iii) Stellantis Financial Services's experience as a consumer finance lender in the auto market, (iv) financial strength of the originator's parent company and (v) a swap agreement to mitigate interest rate risk provided by Banco Santander, S.A. (Spain) (A1/P-1; A2(cr)/P-1(cr)). However, Moody's notes that the transaction features some credit weaknesses such as (i) the presence of a 9-month revolving period which adds uncertainty to the portfolio credit quality, (ii) the exposure to RV risk and (iii) a complex structure including interest deferral triggers for juniors Notes and pro-rata amortisation after the end of the revolving period. Various mitigants have been included in the transaction structure such as performance triggers which will stop the revolving period or the pro-rata amortization. Moody's analysis focused, amongst other factors, on (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information of the total book of the originator and past ABS transactions; (iii) the credit enhancement provided by subordination and the reserve fund; (iv) the liquidity support available in the transaction through the reserve fund; and (v) the overall legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined the portfolio lifetime expected defaults of 2.0%, expected recoveries of 50.0% and portfolio credit enhancement ("PCE") of 9.0%. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate Auto ABS. Portfolio expected defaults of 2.00% is lower than the Spanish Auto ABS average and is based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historic performance of the book of the originator, (ii) other similar transactions used as a benchmark, and (iii) other qualitative considerations. Portfolio expected recoveries of 50.00% is in line with recent Spanish Auto ABS average and is based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historic performance of the originator's book, (ii) benchmark transactions, and (iii) other qualitative considerations. PCE of 9.0% is below the Spanish Auto ABS average and is based on Moody's assessments of the pool which is mainly driven by: (i) the exposure to balloon payments despite considering the strength of the originator, (ii) the relative ranking to originator peers in the Spanish Auto ABS market and (iii) the 9-month revolving period. The PCE level of 9.0% results in an implied coefficient of variation ("CoV") of 70.9%. Residual value risk credit enhancement ("RV CE") In case a the guarantors do not meet its obligation to guarantee the contracted residual values, the transaction would be fully exposed to RV risk. Moody's apply Moody's RV risk assessment to evaluate this risk. The Aaa (sf) baseline RV haircut in this Spanish auto loan portfolio, after adjustment for its specific characteristics, is 43%. The RV haircut considers (i) the robustness of the RV settings; (ii) the concentration of the RV maturities; and (iii) the portfolio composition. The haircut is in line with the EMEA Auto ABS average. Moody's RV analysis results in an RV credit enhancement of 12.7% for the Aaa (sf) rated Notes, taking into account (i) the RV haircut; (ii) the maximum RV exposure during the revolving period; and (iii) the guarantee. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may cause an upgrade of the ratings of the notes include significantly better than expected performance of the pool together with an increase in credit enhancement of Notes. Factors that would lead to a downgrade of the ratings include: (i) increased counterparty risk leading to potential operational risk of (a) servicing or cash management interruptions and (b) the risk of increased swap linkage due to a downgrade of a currency swap counterparty ratings; and (ii) economic conditions being worse than forecast resulting in higher arrears and losses. CAIXABANK RMBS 2: DBRS Confirms BB(high) Rating on Class B Notes ---------------------------------------------------------------- DBRS Ratings GmbH took the following credit rating actions on the rated notes issued by CaixaBank RMBS 1, FT, CaixaBank RMBS 2, FT, and CaixaBank RMBS 3, FT as follows: CaixaBank RMBS 1, FT (CB1): -- Class A Notes upgraded to AA (high) (sf) from AA (sf) -- Class B Notes confirmed at A (low) (sf) CaixaBank RMBS 2, FT (CB2): -- Class A Notes confirmed at AA (sf) -- Class B Notes confirmed at BB (high) (sf) CaixaBank RMBS 3, FT (CB3): -- Series A Notes upgraded to AA (high) (sf) from AA (sf) -- Series B Notes confirmed at B (low) (sf) The credit ratings on the Class A Notes address the timely payment of interest and the ultimate repayment of principal on or before the legal final maturity date of each transaction. The credit ratings on the Class B Notes address the ultimate payment of interest and principal on or before the legal final maturity date of each transaction. CREDIT RATING RATIONALE The credit rating actions follow an annual review of the transactions and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses, as of December 2025 (CB1 and CB3) and January 2026 (CB2) payment dates; -- Updated probability of default (PD), loss given default (LGD), and expected loss assumptions for the aggregate collateral pools; and -- Current available credit enhancement to the rated notes to cover the expected losses at their respective credit rating levels. The transactions are securitizations of first-lien residential mortgage loans and first-lien multicredito (drawn credit lines) mortgages on properties in Spain originated and serviced by CaixaBank, S.A. (CaixaBank). The transactions closed in February 2016 (CB1), March 2017 (CB2), and December 2017 (CB3). PORTFOLIO PERFORMANCE The three portfolios are performing within Morningstar DBRS' expectations. As of the latest payment dates, delinquency ratios related to loans more than 90 days in arrears are as follows: -- CB1: 2.0%, stable from the last annual review; -- CB2: 1.7%, down from 2.1% at the last annual review; and -- CB3: 3.3%, down from 3.6% at the last annual review. The gross cumulative default ratios expressed as a percentage of the portfolios initial balances were as follows: -- CB1: 1.9%; -- CB2: 1.9%; and -- CB3: 1.8%. PORTFOLIO ASUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis on the remaining receivables, and updated its base case PD and LGD assumptions as follows: -- CB1: 2.1% and 14.1%, respectively; -- CB2: 1.9% and 13.0%, respectively; and -- CB3: 3.5% and 14.7%, respectively. CREDIT ENHANCEMENT The credit enhancement for the Class A Notes in the three transactions is provided by the subordination of the Class B Notes and by the reserve fund. The notes amortize on a fully sequential basis, with no option to switch to pro-rata. As the transactions amortize, the credit enhancement available to the Class A Notes continues to increase. The credit enhancement for the Class B Notes is currently zero; however, the respective reserve funds will begin to provide support to the Class B Notes once the Class A Notes have been fully repaid. Current levels of credit enhancement for the three Class A Notes are as follows: -- CB1: 35.3%, up from 30.8% at the last annual review; -- CB2: 29.2%, up from 26.7% at the last annual; and -- CB3: 29.2%, up from 25.9% at the last annual. As mentioned above, the transactions benefit from liquidity support provided by the reserve funds. The reserve funds are available to cover senior fees and expenses and all interest and principal amounts due on the Class A Notes. Following the full repayment of the Class A Notes, the reserve funds will also cover interest and principal payments on the Class B Notes. Any amortized amount will be released outside of the priority of payments and used to repay the subordinated loans used to fund the reserve funds. As of the December 2025 (CB1 and CB3) and January 2026 (CB2) payment dates, the reserve funds were at their respective target balance, as follows: -- CB1: EUR 568.0 million, currently not amortizing due to trigger relating to the 90+ delinquencies ratio being higher than 1.5%; -- CB2: EUR 73.2 million, or 6.0% of the outstanding balance of the rated notes; and -- CB3: EUR 42.3 million, or 4.0% of the outstanding balance of the rated notes. CaixaBank acts as the account bank for the three transactions. Based on the account bank reference rating of AA (low) on CaixaBank, which is one notch below its Morningstar DBRS Long-Term Critical Obligations Rating of AA, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structures, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned to the notes, as described in Morningstar DBRS' "Legal Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Notes: All figures are in euros unless otherwise noted. GRIFOLS SA: Moody's Upgrades CFR to B1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has upgraded to B1 from B2 the corporate family rating and to B1-PD from B2-PD the probability of default rating of Grifols S.A. (Grifols or the company). Consequently, Moody's have upgraded to Ba3 from B1 the instrument ratings of the backed senior secured instruments issued by Grifols, Grifols World Wide Operations Ltd. and Grifols World Wide Operations USA, Inc. At the same time, Moody's have upgraded to B3 from Caa1 the instrument ratings of the backed senior unsecured instruments issued by Grifols Escrow Issuer, S.A.U. The outlook on all entities has been changed to stable from positive. RATINGS RATIONALE The upgrade of the CFR to B1 from B2 reflects Grifols' continued strong operating performance with robust revenue and profitability growth, which has led to an improvement of its key credit metrics. This, in conjunction with the company's strong business profile in plasma derivatives and management execution, drives the rating action. Over the next 12-18 months, Moody's expects the company's Moody's-adjusted gross leverage to trend towards 5.5x from an estimated 6.3x in 2025, with a Moody's-adjusted free cash flow (FCF) generation of about EUR140 million over the same period. Governance considerations were key to the rating action, in particular continued track record of management execution to deliver its business plan and improved visibility into the company's new financial policy and capital allocation strategy. The B1 CFR also reflects the company's strong market position, scale and vertical integration in human blood plasma-derived products, which are relevant for the industry, the favourable fundamental demand drivers of the sector, the high barriers to entry in the industry because of regulation, customer loyalty, and its good product safety track record. The rating also takes into consideration the company's current high leverage, high capital intensity of the business and working capital requirements which can have large swings during the fiscal year, and are important drivers of FCF. Moody's forecasts the company's top-line revenue growth to be stable over the next 12-18 months. Over the same period, Moody's expects Grifols' Moody's-adjusted EBITDA to be around EUR1.9 billion with improved profitability due to volume growth, operational leverage, reduced cost per litre and general focus on higher margins. OUTLOOK The stable outlook reflects Moody's expectations that Grifols will continue to have a strong operating performance and prudent financial management over the next 12-18 months, leading to a Moody's-adjusted leverage ratio improving towards 5.5x and increasing Moody's-adjusted FCF generation. LIQUIDITY Moody's views Grifols' liquidity as good supported by EUR621 million of cash balances at the end of September 2025, and a fully available backed senior secured revolving credit facility (RCF) of $938 million due in May 2027, issued by Grifols World Wide Operations Ltd. Moody's forecasts Moody's-adjusted FCF, before dividend payments, of about EUR300- EUR340 million over the next 12-18 months, assuming working capital requirements of about 2% of revenue, total capital expenditure of about EUR500 million per year. Moody's have assume the company will continue to pay dividends to shareholders at about EUR160-200 million over the same period. The company's next debt maturities are about EUR3 billion due in 2027, which Moody's expects the company to address in a prudent and timely manner. The RCF is subject to a springing leverage covenant (net debt/EBITDA at a maximum of 7x) that is activated if drawings exceed 40%. Grifols' leverage covenant was 4.2x as of September 30, 2025 and Moody's expects the company to maintain adequate capacity under the threshold. STRUCTURAL CONSIDERATIONS Grifols' capital structure comprises a mix of senior secured debt instruments (term loans, RCF and notes) rated Ba3, one notch above the CFR, and senior unsecured notes that are ranked behind the senior secured debt in the waterfall and are rated B3, two notches below the CFR. All these instruments benefit from guarantees of subsidiaries representing at least 60% of Grifols' EBITDA. The senior secured debt instruments benefit from collateral, which includes among others certain tangible and intangible assets and plasma inventories. The B1-PD probability of default rating (PDR) is in line with the B1 CFR, assuming a 50% corporate family recovery rate appropriate for debt structures comprising bank and bond debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the rating if there is continued improvement in operating and financial performance. Quantitatively, this would translate into a Moody's-adjusted gross leverage moving towards 5x, with solid interest coverage and Moody's-adjusted FCF to debt strengthening, all on a sustainable basis. Conversely, Moody's could downgrade Grifols' rating if its operating performance weakens, leading to a worsening of credit metrics. Numerically, this would translate into a Moody's-adjusted gross leverage remaining above 6x, Moody's-adjusted EBITDA to interest expense declining towards 2.5x, or its Moody's-adjusted FCF materially weakens, all on a sustained basis. Additionally, Moody's could consider a downgrade if liquidity were to deteriorate. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Medical Products and Devices published in October 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 Grifols, headquartered in Barcelona, Spain, is a global healthcare company that is primarily focused on human blood plasma-derived products and transfusion medicine. Grifols also supplies devices, instruments and assays for clinical diagnostic laboratories. It reported a company-adjusted EBITDA of EUR1,915 million for the last twelve months ended in September 2025. UVESCO FOOD: S&P Withdraws 'B' LongTerm Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew its 'B' long-term issuer credit rating on Uvesco Food Retail S.L., and its 'B' issue rating on the group's senior unsecured notes due 2029, at the issuer's request. At the time of the withdrawal, the outlook on its issuer credit rating was stable. ===================== S W I T Z E R L A N D ===================== CONSOLIDATED ENERGY: S&P Puts 'CCC+' ICR on CreditWatch Positive ---------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' issuer and issue ratings on methanol and ammonia producer Consolidated Energy Ltd. (CEL)and its debt, including the expected add-on to the term loan B (TLB), and placed all ratings on CreditWatch with positive implications. The CreditWatch placement indicates that S&P will raise its issuer and issue-level ratings on CEL and its debt to 'B-' once the add-on has been placed and the roughly $227 million notes due 2026 are repaid. On Feb. 10, 2026, CEL announced its intention to secure a $330 million add-on to its existing $712 million TLB due 2030 by the end of the month, for refinancing purposes. S&P believes this transaction, alongside the settlement of the upstream loan to parent Proman AG, improves the company's liquidity and mitigate repayment risk associated with CEL's 6.5% bond due May 2026. S&P said, "We believe the refinancing, if successful, will enable CEL to address its short-term debt maturities in a timely and sufficient manner. The proposed $330 million add-on to CEL's term loan B (TLB) due 2030, under largely the same original conditions except for the interest rate, will refinance the $227 million outstanding amount of the company's 6.5% senior unsecured notes due 2026. We also expect the add-on, $100 million cash contribution, and the contribution of nitrogen assets to free up approximately $97 million in drawn cash from the company's revolving credit facility. "While the company has largely secured commitments for the add-on, we anticipate the process will be finalized within the first quarter of 2026. Our downgrade in November 2025, partially owed to the proximity of the upcoming maturity and limited visibility into tangible liquidity sources. Therefore, upon securing the add-on proceeds and repaying the bond, we expect the company's liquidity to improve." CEL will strengthen its liquidity and operating cash generation through the repayment of the upstream parent loan with cash and in-kind contributions. On Feb. 5, 2026, the company also announced that it received $100 million of cash from Proman, fulfilling a portion of the $360 million parent upstream loan granted by CEL during 2023 and 2024, plus $63 million in accrued interest. Furthermore, Proman transferred its equity stakes in Caribbean Nitrogen Co. Ltd. (CNC) and N2000 Unlimited--30.3% and 27.2%, respectively, held through Process Energy (Trinidad) Ltd.--to CEL, with an estimated independent valuation of $373 million. As a result, CEL now consolidates the full operating and financial results of both entities in 2026, and is the 72.1% and 67.2% owner, respectively, compared to its previous approximate 40% stake in each. S&P said, "On a pro forma basis, we expect these transactions incorporate CNC and N2000 into the restricted group of CEL's subsidiaries. We project that this will improve the company's cash balance (by approximately $75 million-$80 million) and enable the consolidation of revenue (approximately $450 million-$500 million), EBITDA (approximately $100 million-$120 million), and production volumes (approximately 1.0 million tons of ammonia). Considering these factors, we will no longer view the company's liquidity as weak. "We anticipate resolving the CreditWatch and raising our issuer and issue ratings to 'B-' if CEL completes the refinancing transaction within the next 90 days. However, we could revert the CreditWatch positive and potentially lower our ratings by multiple notches if CEL is unable to secure the add-on or refinance its short-term debt maturities in a timely and full manner within the next 90 days." TRANSOCEAN LTD: Reports 18.1% Stake in Valaris Limited ------------------------------------------------------ Transocean Ltd. disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of February 9, 2026, it may be deemed to beneficially own 12,573,155 shares of Valaris Limited's common shares, $0.01 par value, representing 18.1% of the 69,577,278 shares outstanding as of October 23, 2025, as reported in Valaris' Form 10-Q filed October 30, 2025). On February 9, 2026, Transocean Ltd. entered into a Business Combination Agreement with Valaris Limited providing for Transocean to acquire all outstanding Valaris common shares in exchange for Transocean shares at a ratio of 15.235 Transocean shares per Valaris share. In connection therewith, Transocean entered into Support Agreements with certain Valaris shareholders, pursuant to which those shareholders agreed to vote their Valaris shares in favor of the transactions contemplated by the Agreement. Transocean Ltd. may be reached through: Debra Kupferman Turmstrasse 30 Steinhausen CH-6312, Switzerland Tel: +41 41 749 0500 A full-text copy of Transocean Ltd.'s SEC report is available at: https://tinyurl.com/5y9nw8hf About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of September 30, 2025, the Company had $16.17 billion in total assets, $2.24 billion in total current liabilities, $5.86 billion in total long-term liabilities, and $8.08 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. =========================== U N I T E D K I N G D O M =========================== BRAND INTERIORS: Leonard Curtis Named as Administrators ------------------------------------------------------- Brand Interiors Limited (Company Number 06637986) was placed into administration in the High Court of Justice Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-MAN-000148. Megan Singleton (IP No. 22090) and M J Colman (IP No. 9721) of Leonard Curtis were appointed as Joint Administrators on February 11, 2026. Brand Interiors Limited operates in the retail of furniture, lighting and similar (not musical instruments or scores) in specialised stores. The company's registered office and principal trading address is Vine Mill, Brookside Street, Oswaldtwistle, Accrington, BB5 3PX. The Joint Administrators are: Megan Singleton (IP No. 22090) M J Colman (IP No. 9721) Leonard Curtis 20 Roundhouse Court South Rings Business Park Bamber Bridge PrestonPR5 6DA For further details, contact: Joint Administrators Tel: 01772 646180 Email: recovery@leonardcurtis.co.uk Alternative contact: Tom Young CLIFF EDGE: Quantuma Advisory Named as Administrators ----------------------------------------------------- Cliff Edge Ltd was placed into administration in the High Court of Justice Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-001043. Nicholas Simmonds and Chris Newell of Quantuma Advisory Limited were appointed as Joint Administrators on February 11, 2026. Cliff Edge Ltd operates in the buying and selling of own real estate. The company's registered office is The City Foundry, 10 Princes St, Truro, TR1 2ES, and it is in the process of being changed to 1st Floor, 21 Station Road, Watford, WD17 1AP. Its principal trading address is The City Foundry, 10 Princes St, Truro, TR1 2ES. The Joint Administrators can be reached at: Nicholas Simmonds (IP No. 9570) Chris Newell (IP No. 13690) Quantuma Advisory Limited 1st Floor, 21 Station Road Watford, WD17 1AP For further details contact: Neil Allen Tel: 02382 357 956 Email: Neil.Allen@quantuma.com COBHAM ULTRA: Moody's Affirms 'B3' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has changed the outlook of aerospace and defence manufacturer Cobham Ultra SunCo S.a r.l. (Ultra or the company) and subsidiary Cobham Ultra SeniorCo S.a.r.l to stable from negative. Concurrently, Moody's affirmed Ultra's B3 long term corporate family rating and B3-PD probability of default rating. Moody's have also affirmed the B3 ratings on the senior secured bank credit facilities of Cobham Ultra SeniorCo S.a.r.l. The rating actions principally reflect (i) sizeable debt repayments from the latest disposal proceeds, which de-risk Ultra's capital structure, and (ii) the significant value of the remaining businesses, supported by very solid EBITDA growth prospects. RATINGS RATIONALE The ratings affirmation reflects sizeable debt repayments of approximately $1 billion executed in January and February 2026. Proceeds of around $1.5 billion from the company's largest disposal to date (Precision Control Systems, PCS) funded the debt reduction, which was in line with Moody's previous expectations. Nevertheless, around half of the repayments were made to holders of payment-in-kind (PIK) debt above the restricted group. As a result, Moody's estimates that Moody's-adjusted gross debt/EBITDA remained above 10x on a pro-forma basis at the end of 2025. However, the modest size of the remaining PIK debt ($93 million) limits risks related to refinancing within the restricted group or cash leakage outside of it. In addition, Moody's views the remaining Ultra business (Sonar – Maritime – and the Intelligence & Communications – I&C – division) as retaining significant value and well above the remaining Moody's-adjusted gross debt of around $1.5 billion. On that basis, Moody's estimates that Ultra's equity cushion is at least 50%. Moody's expects that the Sonar business will further benefit from operating standalone and its exposure to priority defence applications such as anti-submarine warfare. Ultra has strong revenue and EBITDA growth prospects in 2026 and beyond, backed by contractual revenue and its position as a prime contractor on certain programmes, despite its relatively small size. Moody's forecasts revenue and EBITDA growth at double digit percentages annually in 2026-2027, providing potential for Moody's-adjusted leverage to decline to around 8x on an organic basis in the next 12 to 18 months. Factors constraining the B3 ratings continue to include the company's aggressive financial policy. It is characterised by cash leakage from the restricted group from disposal proceeds deal-to-date around 1.5x higher than restricted group debt repayments. Ultra also maintains weak credit metrics, including a track record of negative free cash flow (FCF). Moody's calculates FCF of -$91 million in 2025, excluding PCS. Moody's expects a material reduction in cash burn in 2026 and only slightly positive FCF in 2027 on the back of EBITDA growth, interest savings and a reduction in cash one-offs. LIQUIDITY Ultra maintains adequate liquidity, supported by $295 million of cash and overdrafts as of December 2025, pro forma for the PCS disposal and use of proceeds. In addition, the company has restored full availability under its February 2029 $257 million equivalent revolving credit facility (RCF). Moody's expects most of Ultra's working capital consumption to occur in the first half of the year given typical seasonality patterns and order phasing. RATING OUTLOOK The stable outlook reflects Moody's expectations that Ultra will (i) continue to grow revenue and EBITDA organically, leading to some reduction in leverage organically to around 8x, (ii) improve Moody's-adjusted EBITDA/interest expense towards 1.5x, (iii) maintain adequate liquidity, supported by at least breakeven FCF, and (iv) reduce Moody's-adjusted gross debt and leverage when utilising proceeds from any future disposals. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Ultra's ratings if: -- Moody's expects a positive outlook for the company's programme portfolio, and -- Moody's-adjusted leverage reduces sustainably below 6.5x, and -- Moody's-adjusted FCF turns materially positive on a sustained basis, and -- The company demonstrates a financial policy consistent with sustaining the above metrics, and -- Liquidity is at least adequate. Conversely, Moody's could downgrade Ultra's ratings if: -- The estimated value of the remaining business declines, particularly as debt maturities approach, or -- Moody's-adjusted leverage fails to reduce towards 8x, or -- Moody's-adjusted FCF remains negative, or -- Organic revenue or EBITDA margins decline, or -- Liquidity deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Aerospace and Defense published in July 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 Ultra is a UK-based manufacturer of defence and aerospace products. In 2025, Ultra had revenue of $874 million and EBITDA before exceptional items of $158 million (excluding contributions from businesses sold in the period). The company is majority owned by funds controlled by Advent International. The take-private closed in August 2022. EAGLE MIDCO: GBP200MM Loan Add-on No Impact on Moody's 'B3' CFR --------------------------------------------------------------- Moody's Ratings said that Eagle MidCo Limited's (Busy Bees or the company) B3 long-term corporate family rating and B3-PD probability of default rating, and Eagle Bidco Limited's B3 ratings of the GBP1.2 billion equivalent guaranteed senior secured first-lien term loan Bs (TLB) and the GBP150 million guaranteed senior secured revolving credit facility (RCF) are unaffected by the proposed GBP200 million equivalent fungible add-on to the existing euro TLB. The positive outlook remains unchanged. The proceeds from the add-on will be used to repay GBP150 million of the group's GBP300 million payment-in-kind (PIK) instrument outside the restricted group, repay drawings under the group's GBP150 million RCF, and pay transaction fees and expenses. The transaction will moderately increase Moody's-adjusted leverage by approximately 0.6x to around 6.3x as of December 2025 (based on preliminary numbers). At the same time, Moody's expects the company's operating performance to remain robust over the next 12-18 months, which should support a gradual deleveraging to below 6.0x. Busy Bees delivered 10% year-on-year revenue growth in 2025 while maintaining broadly stable adjusted EBITDA (pre-IFRS 16) margins. Earnings growth was supported by a combination of higher occupancy rates, continued fee increases, overall good cost management and to a lesser extend from acquisitions. Regionally, growth was primarily driven by UK operations, supported by the expansion of government-funded childcare entitlements to children under three, which helped offset the weaker performance in other regions including Australia and the United States. Over the next 12–18 months, Moody's expects operating performance to remain robust. EBITDA growth will continue to benefit from the favourable UK funding dynamics, as well as the company's increased focus on improving the conversion rate of new enquiries through investments in business improvement tools and technology. Ongoing pricing actions and cost control should help offset inflationary pressures, while M&A activity will continue to complement organic growth. In January the company completed 3 acquisitions with an EBITDA contribution of around GBP8 million. Pro forma for the transaction, Moody's expects Busy Bees' liquidity to remain good supported by cash and cash equivalents of around GBP60 million and access to a fully undrawn RCF of GBP150 million, although approximately GBP19 million is reserved for bank guarantees. Moody's also anticipates free cash flow to remain positive in 2026. The company has no material debt maturities until 2032. LP SD 100: Creditors' Virtual Meeting Set for March 2 ----------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD One Hundred Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 3:30 p.m. LP SD One Hundred Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007835, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 101: Creditors' Virtual Meeting Set for March 2 ----------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD One Hundred One Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 3:45 p.m. LP SD One Hundred One Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007830, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 40: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Forty Seven Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 10:00 a.m. LP SD Forty Seven Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007816, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House, 1 Westmead Road Sutton SM1 4LA by no later than 4 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew Richard Bailey Turpin Barker Armstrong Allen House, 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 48: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Forty Eight Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 10:15 a.m. LP SD Forty Eight Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007839, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House, 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 50: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Fifty Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 10:30 a.m. LP SD Fifty Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007840, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew Richard Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 51: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Fifty One Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 10:45 a.m. LP SD Fifty One Limited (Company Number 14891102) was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007822, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 52: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Fifty Two Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 11:00 a.m. LP SD Fifty Two Limited (Company Number 14891096) was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007834, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 53: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Fifty Three Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 11:15 a.m. LP SD Fifty Three Limited (Company Number 14891209) was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007818, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 54: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Fifty Four Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 11:30 a.m. LP SD Fifty Four Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007831, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 83: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Eighty Three Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 11:15 a.m. LP SD Eighty Three Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007820, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 84: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Eighty Four Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 12:00 p.m. LP SD Eighty Four Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007819, on Nov. 6, 2025. The purpose of the March 2 meeting is, to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 88: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Eighty Eight Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 2:00 p.m. LP SD Eighty Eight Limited (Company Number 15074047) was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007826, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 91: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Ninety One Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 2:30 p.m. LP SD Ninety One Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007836, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 94: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong and Andrew R Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD Ninety Four Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 3:00 p.m. LP SD Ninety Four Limited was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007824, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrators' pre-administration costs and to fix the basis of the Joint Administrators' remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrators can be reached at: Martin C Armstrong Andrew R Bailey Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk LP SD 97: Creditors' Virtual Meeting Set for March 2 ---------------------------------------------------- Martin C Armstrong of Turpin Barker Armstrong, Joint Administrator of LP SD Ninety Seven Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 2, 2026 at 3:15 p.m. LP SD Ninety Seven Limited (Company Number 15075155) was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number: CR-2025-007829, on Nov. 6, 2025. The purpose of the March 2 meeting is to seek resolutions approving the Joint Administrator's pre-administration costs and to fix the basis of the Joint Administrator's remuneration. In order for their votes to be counted, creditors must attend the virtual meeting and vote either personally or by proxy, and must also have submitted proof of their debt (if not already lodged) at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton SM1 4LA by no later than 4:00 p.m. on Feb. 27, 2026 and their proxy in advance of the meeting. Failure to do so will lead to their vote(s) being disregarded. The Joint Administrator can be reached at: Martin C Armstrong Turpin Barker Armstrong Allen House 1 Westmead Road Sutton, Surrey SM1 4LA For further details, contact: Tel No: 0208 661 4005 Email: jhoots.creditors@turpinba.co.uk MEDI 4 AMBULANCE: RSM UK Named as Administrators ------------------------------------------------ Medi 4 Ambulance Services Ltd was placed into administration in the High Court of Justice Business and Property Courts in Leeds Insolvency & Companies List (ChD), Court Number CR-2026-000121. Lee Van Lockwood and James Miller of RSM UK Restructuring Advisory LLP were appointed as Joint Administrators on February 6, 2026. Medi 4 Ambulance Services Ltd operates in other passenger land transport. The company's registered office is Central Square, 29 Wellington Street, Leeds, LS1 4DL. Its principal trading address is Stone Building, Paddockhurst Road, Turners Hill, West Sussex, RH10 4SF. The Joint Administrators can be reached at: Lee Van Lockwood (IP No. 13050) James Miller (IP No. 21290) RSM UK Restructuring Advisory LP Central Square, 5th Floor 29 Wellington Street Leeds, LS1 4DL For further details, contact: Ryan Marsh RSM UK Tel: 0113 285 5053 Alternative contact: The Joint Administrators Tel: 0113 285 5000 NEW SUN: Moorfields Appointed as Administrators ----------------------------------------------- New Sun Holdings Limited (Company Number 13978823) was placed into administration in the High Court of Justice, Business and Property Courts, Insolvency & Companies List (ChD), Court Number CR-2026-000299. Andrew Pear (IP No. 9016) and Michael Solomons (IP No. 9043) of Moorfields were appointed as Joint Administrators on February 6, 2026. The company operates as an advertising agency. The company's registered office and principal trading address is at 47 Bermondsey Street, London, SE1 3XF. The Joint Administrators are: Andrew Pear (IP No. 9016) Michael Solomons (IP No. 9043) Moorfields 82 St John Street London EC1M 4JN Tel: 020 7186 1144 For further information, contact: Matthew Donohoe Moorfields Tel No: 020 7186 1149 Email: matthew.donohoe@moorfieldscr.com ROUND TABLE: Opus Restructuring Appointed as Administrators ----------------------------------------------------------- Round Table Post Production Ltd (Company Number 06546868), trading as Roundtable Post Production, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-000638. Ben Stanyon (IP No. 25710) and Adrian Paul Dante (IP No. 9600) of Opus Restructuring LLP were appointed as Joint Administrators on February 9, 2026. The company operates in video production activities, television programme production activities, and motion picture, video and television programme post-production activities. The company's registered office is c/o Opus Restructuring LLP, 1 Radian Court, Knowlhill, Milton Keynes, MK5 8PJ. Its principal trading address is 25 Macklin Street, London, WC2B 5NN. The Joint Administrators are: Ben Stanyon (IP No. 25710) Adrian Paul Dante (IP No. 9600) Opus Restructuring LLP First Floor, Milwood House 36B Albion Place Maidstone Kent ME14 5DZ For further details, contact: The Joint Administrators Tel: 0203 995 6383 Email: Mark.percival@opusllp.com Alternative contact: Mark Percival TOGETHER ASSET 2025-2ND1: DBRS Confirms B(high) Rating on F Notes ----------------------------------------------------------------- DBRS Ratings Limited confirmed its credit ratings on the notes issued by Together Asset Backed Securitization 2025-2ND1 PLC (the Issuer) as follows: -- Class A at AAA (sf) -- Class B at AA (low) (sf) -- Class C at A (low) (sf) -- Class D at BBB (low) (sf) -- Class E at BB (high) (sf) -- Class F at B (high) (sf) The credit rating on the Class A notes addresses the timely payment of interest and ultimate payment of principal on or before the legal final maturity date. The credit ratings on the Class B, Class C, Class D, Class E and Class F notes address the ultimate payment of interest and the ultimate payment of principal on or before the legal final maturity date, and the timely payment of interest when the senior-most class outstanding. CREDIT RATING RATIONALE The confirmations follow an annual review of the transaction and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults and losses, as of the January 2026 payment date. -- Portfolio default rate (PD), loss given default (LGD) and expected loss assumptions on the remaining receivables. -- Current available credit enhancement to the notes to cover the expected losses at their respective credit rating levels. The transaction is a securitization of second-lien mortgage loans, both owner-occupied and buy-to-let, backed by residential properties in the United Kingdom). The loans are originated and serviced by Together Personal Finance Limited and Together Commercial Finance Limited, both belonging to the Together Group of companies. BCMGlobal Mortgage Services Limited acts as the standby servicer. The first optional redemption date is on the January 2029 payment date and coincides with a step-up of the coupons on the notes. PORTFOLIO PERFORMANCE As of December 31, 2025, loans two to three months in arrears represented 0.9% of the outstanding portfolio balance, and loans more than three months in arrears represented 3.5%. The cumulative default ratio and the cumulative loss ratio were both 0.0%. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and has updated its base case PD and LGD assumptions at the B (sf) credit rating level to 9.0% and 26.2% respectively. CREDIT ENHANCEMENT Credit enhancement consists of the subordination of the junior notes. Credit enhancement levels as of the January 2026 payment date compared to the CE levels at the Morningstar DBRS initial ratings were as follows: -- Class A notes: 35.4%, from 28.0% -- Class B notes: 22.1% from 17.5% -- Class C notes: 14.9% from 11.8% -- Class D notes: 9.5% from 7.5% -- Class E notes: 5.7% from 4.5% -- Class F notes: 2.5% from 2.0% The transaction benefits from a liquidity facility (LF) provided by Wells Fargo Bank, N.A., London Branch equal to 1.4% of the outstanding Class A and Class B notes balance. The commitment amount is currently at GBP 2.4 million, and is available to be drawn on to cover senior fees, senior swap payments, interest shortfall on the Class A Notes, and interest shortfall on the Class B notes (once the Class A notes have been fully redeemed). On and from the step-up date in January 2029, the liquidity reserve fund (LRF) will be funded through available revenue and principal funds to 1.4% of the Class A and Class B notes balance. The LF commitment amounts will be reduced by the amounts credited to the LRF. The LRF will be available to cover senior fees, senior swap payments, interest shortfall on the Class A Notes, and interest shortfall on the Class B notes (once the Class A notes have been fully redeemed). U.S. Bank Europe DAC, U.K. Branch acts as the account bank for the transaction. Based on the Morningstar DBRS private credit rating on U.S. Bank Europe DAC, U.K. Branch, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit rating assigned to the Class A notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Natixis S.A. (Natixis) acts as the swap counterparty for the transaction. Morningstar DBRS' private credit rating on Natixis is above the First Rating Threshold as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Notes: All figures are in British pound sterling unless otherwise noted. [] UK: Kroll Releases Company Insolvency Figures for January 2026 ----------------------------------------------------------------- Responding to the latest Company Insolvency statistics covering January 2026 published by the Insolvency Service, Sarah Rayment, Managing Director and Global Co-Head of Restructuring, Kroll, stated: "The key question at this point in the year is whether distress and insolvencies will continue to rise given the pressures facing UK businesses. There are signs of resilience in the economy, inflation has steadied and markets expect interest rate cuts later in the year, but the picture is far from uniform. Strong post‑Christmas retail sales contrast sharply with persistently weak consumer confidence. "Among larger and mid‑sized businesses, we are continuing to see proactive restructuring as management teams work to get ahead of economic challenges, tighten cost control, and future‑proof their organizations. "There is understandable concern across the high‑street economy, particularly retail, leisure and hospitality, where the debate around business rates reform adds to an already difficult trading environment. But the reality is that every sector will face headwinds this year. What matters is how management teams and stakeholders respond to them." The top sectors for administrations across the UK in January 2026 are: Industry Jan 2026 Jan 2025 Total -------- -------- -------- ----- Retail 13 13 134 Manufacturing 11 11 146 Construction 10 5 142 Leisure & Hospitality 8 11 98 Media & Tech 6 8 108 Energy & Industrial 6 2 75 Professional Practices 5 1 73 Real Estate 5 3 124 Recruitment 5 4 49 Other 4 0 27 Healthcare 4 1 54 Administrations are a formal insolvency process designed to rescue business and maximize returns for creditors. Administrations are typically utilized for larger companies where a restructure is needed to save parts or all the business and tend to be a better barometer on the health of the economy, whereas company liquidations represent small and microbusinesses, with very few assets and debts. About Kroll Kroll -- http://www.kroll.com-- is an independent provider of global financial and risk advisory solutions. Kroll's team of more than 6,500 professionals worldwide continues the firm's nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. =============== X X X X X X X X =============== [] Fitch Affirms Rating on Nine European Integrated Utilities ------------------------------------------------------------- Fitch Ratings has affirmed nine central and eastern European (CEE) integrated utilities' ratings: 1. PGE Polska Grupa Energetyczna S.A. 2. TAURON Polska Energia S.A. 3. ENEA S.A. 4. Energa S.A. 5. MVM Zrt. 6. Bulgarian Energy Holding EAD 7. ENERGO-PRO a.s. 8. Eurohold Bulgaria AD 9. Eastern European Electric Company B.V. 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 PGE Polska Grupa Energetyczna 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 (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria results in a(n) standalone approach. TAURON Polska Energia S.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 and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (bb+, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2027, 20% for the forecast year 2028 and 70% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Government Related Entities Considerations Rating Criteria results in a(n) standalone approach. ENEA S.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 and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027 and 70% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria results in a(n) standalone approach. Energa S.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 and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) equalised approach. MVM Zrt. 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 and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (bb, Moderate), Financial Structure (a+, Moderate), 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 'bbb-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria results in a(n) constrained approach. - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a(n) consolidated approach. Bulgarian Energy Holding EAD Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb-, Higher), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Government Related Entities Considerations Rating Criteria results in a(n) bottom-up +1 approach. ENERGO-PRO a.s. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bb, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bb-' Eurohold Bulgaria AD Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (bb+, Moderate), and Financial Flexibility (b+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'bb+' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'b'. Eastern European Electric Company B.V. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (bb+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 50% for the forecast year 2026, 20% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bb'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- ENERGO-PRO a.s. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B senior unsecured LT BB- Affirmed RR4 BB- ENEA S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB Energa S.A. LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ Natl LT AA+(pol) Affirmed AA+(pol) senior unsecured LT BBB+ Affirmed BBB+ subordinated LT BBB- Affirmed BBB- senior unsecured Natl LT AA+(pol) Affirmed AA+(pol) MVM Zrt. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Bulgarian Energy Holding EAD LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Eurohold Bulgaria AD LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B Eastern European Electric Company B.V. LT IDR BB Affirmed BB senior secured LT BB Affirmed RR4 BB PGE Polska Grupa Energetyczna S.A. LT IDR BBB Affirmed BBB LC LT IDR BBB Affirmed BBB Natl LT A+(pol) Affirmed A+(pol) senior unsecured LT BBB Affirmed BBB senior unsecured Natl LT A+(pol) Affirmed A+(pol) TAURON Polska Energia S.A. LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 LC LT IDR BBB- Affirmed BBB- LC ST IDR F3 Affirmed F3 Natl LT A(pol) Affirmed A(pol) senior unsecured LT BBB- Affirmed BBB- subordinated LT BB Affirmed BB subordinated Natl LT BBB(pol) Affirmed BBB(pol) PGE Sweden AB (publ) senior unsecured LT BBB Affirmed BBB Energa Finance AB (publ) senior unsecured LT BBB+ Affirmed BBB+ [] Fitch Affirms Ratings on 10 EMEA Electricity Generation Cos. --------------------------------------------------------------- Fitch Ratings has affirmed 10 EMEA high-yield electricity generation companies' ratings and their related subsidiaries' ratings: 1. Drax Group Holdings Limited 2. JSC Samruk-Energy 3. Energia Group Limited 4. Thermal Power Plants Joint Stock Company 5. Uzbekhydroenergo JSC 6. ContourGlobal Limited 7. Limak Yenilenebilir Enerji Anonim Sirketi 8. Aydem Yenilenebilir Enerji Anonim Sirketi 9. DTEK Energy B.V. 10. DTEK Renewables B.V. These actions follow the update of Fitch's Corporate Rating Criteria and 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 Drax Group Holdings Limited 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 and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. JSC Samruk-Energy Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (b+, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 45% weight for the forecast year 2026, 45% 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 assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Government Related Entities Considerations Rating Criteria results in a top-down -2 approach. Energia Group Limited 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-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb+, 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb'. Thermal Power Plants Joint Stock Company Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (b+, Lower), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb+, Lower), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Higher), Profitability (b, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 30% for the forecast year 2026, 20% 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 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'b' results in no adjustment. - The SCP is 'ccc'. To derive the IDR: - Application of Fitch's Government Related Entities Considerations Rating Criteria results in an equalised - single factor approach. Uzbekhydroenergo JSC Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Lower), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (b, Moderate), Profitability (b+, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (b+, Higher). - 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. - 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 'b' results in an adjustment of -1 notch(es). - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Government Related Entities Considerations Rating Criteria results in a(n) equalised - single factor approach. ContourGlobal Limited 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 and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Higher), Financial Structure (bb+, Higher), and Financial Flexibility (bb+, Moderate). - Assessments of the quantitative financial subfactors include bespoke holdco calculations with equal weighting of 20% for forecast years from 2025 through to 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -1 notch. - The SCP is 'bb-' Limak Yenilenebilir Enerji Anonim Sirketi 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+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb-' results in no adjustment. - The SCP is 'bb-'. Aydem Yenilenebilir Enerji Anonim Sirketi 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, Higher), Diversification and Asset Quality (bb, Lower), Company Operational Characteristics (b+, Higher), Profitability (bb-, Lower), Financial Structure (bb, Moderate), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2024, 40% for the forecast year 2025 and 20% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb-' results in no adjustment. - The SCP is 'b'. DTEK Energy B.V. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb, Lower), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (ccc+, Moderate), Profitability (b, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (ccc-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the historical year 2024, 25% for the forecast year 2025, 25% for the forecast year 2026 and 25% 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 'ccc' results in no adjustment. - The SCP is 'ccc-'. DTEK Renewables B.V. Fitch scored the issuer as follows, using its CRT to produce the 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 (bbb-, Lower), Company Operational Characteristics (b-, Higher), Profitability (b+, Moderate), Financial Structure (ccc-, Moderate), and Financial Flexibility (ccc-, 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 an adjustment of -2 notch(es). - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'ccc' results in no adjustment. - The SCP is 'cc'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- DTEK Renewables Finance B.V. senior unsecured LT CC Affirmed RR4 CC Energia Group ROI FinanceCo DAC senior secured LT BB+ Affirmed RR2 BB+ Uzbekhydroenergo JSC LT IDR BB Affirmed BB Energia Group Limited LT IDR BB Affirmed BB Limak Yenilenebilir Enerji Anonim Sirketi LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Drax Group Holdings Limited LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- DTEK Renewables B.V. LT IDR CC Affirmed CC LC LT IDR CC Affirmed CC JSC Samruk-Energy LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ Natl LT AA-(kaz) Affirmed AA-(kaz) senior unsecured LT BB+ Affirmed RR4 BB+ senior unsecured Natl LT AA-(kaz) Affirmed AA-(kaz) ContourGlobal Limited LT IDR BB- Affirmed BB- ContourGlobal Power Holdings S.A. senior secured LT BB+ Affirmed RR2 BB+ Thermal Power Plants JSC LT IDR BB Affirmed BB Drax Finco Plc senior secured LT BBB- Affirmed RR2 BBB- DTEK Energy B.V. LT IDR CCC- Affirmed CCC- ST IDR C Affirmed C LC LT IDR CCC- Affirmed CCC- LC ST IDR C Affirmed C Natl LT CCC-(ukr) Affirmed CCC-(ukr) senior unsecured LT CCC- Affirmed RR4 CCC- Aydem Yenilenebilir Enerji Anonim Sirketi LT IDR B Affirmed B senior secured LT B Affirmed RR4 B ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *