260225.mbx

260225.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, February 25, 2026, Vol. 27, No. 40 Headlines G E R M A N Y PAPIERFABRIK HAINSBERG: Files for Insolvency for Third Time I R E L A N D AVOCA CLO XXXV: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes I T A L Y [] Fitch Affirms Ratings on 4 EMEA Diversified Industrials Cos. N E T H E R L A N D S FINANCIERE TOP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable T U R K E Y MERSIN ULUSLARARASI: Fitch Alters Outlook on BB- Rating to Positive U N I T E D K I N G D O M HANX LIMITED : Opus Restructuring Appointed as Joint Administrator HENRY NUTTALL: Azets Holdings Appointed as Joint Administrators LP SD 103: Creditors' Virtual Meeting Set for March 3 LP SD 104: Creditors' Virtual Meeting Set for March 3 LP SD 105: Creditors' Virtual Meeting Set for March 3 LP SD 110: Creditors' Virtual Meeting Set for March 3 X X X X X X X X [] Fitch Affirms Ratings on 4 EMEA Protein & Commodity Trading Cos [] Fitch Affirms Ratings on Nine Media Ratings Entities [] Fitch Affirms Seven B+ Rated EMEA Diversified Industrials Cos. - - - - - ============= G E R M A N Y ============= PAPIERFABRIK HAINSBERG: Files for Insolvency for Third Time ----------------------------------------------------------- markku bjorkman of PulpaperNews reports that Papierfabrik Hainsberg, a paper mill in Hainsberg in the German state of Saxony has once again entered insolvency proceedings. It is said to be the company's third time to seek preliminary insolvency proceedings. The report notes that the Dresden District Court on February 5, 2026, appointed lawyer Susanne Berner from the law firm Dr Berner & Partner Rechtsanwalte as provisional insolvency administrator. Over the coming weeks, she is expected to gain an overview of the financial situation at the long-established industrial company and examine possible options to stabilize operations, Pulpaper relates. The decision formally places the company in a new insolvency process, marking another setback for the regional paper industry. The Hainsberg plant has a long history and has experienced recurring financial difficulties over the years. Pulpaper notes that the provisional administrator has been tasked with analyzing the company's finances, debt situation and operations. The aim is to determine whether the business can continue under restructuring, be sold to a new owner or, in the worst case, be wound down. The administrator is also responsible for securing ongoing operations during the initial phase and holding discussions with creditors, employees and potential investors. A key objective in such proceedings is to find a solution that preserves production and jobs where possible. Germany's paper industry has faced mounting pressure in recent years due to high energy costs, declining demand for certain paper products and intensifying competition, Pulpaper cites. Several mills across the country have already been forced to scale back production or shut down. The Hainsberg facility is located in the town of Freital near Dresden and is one of the older industrial sites in the region. It remains unclear how many employees will be affected by the current insolvency, but local authorities and trade unions are closely monitoring the situation, according to the report. It is also unclear whether investors will emerge to take over the business or whether restructuring within the current corporate structure is possible, Pulpaper says. The insolvency administrator is expected to present an initial assessment once the financial review has been completed. ============= I R E L A N D ============= AVOCA CLO XXXV: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes ----------------------------------------------------------------- Fitch Ratings has assigned Avoca CLO XXXV DAC expected ratings. The assignment of final ratings is contingent on the receipt of final documents conforming to the information already received. Entity/Debt Rating ----------- ------ Avoca CLO XXXV DAC A- 1 XS3286684595 LT AAA(EXP)sf Expected Rating A- 2 XS3286684751 LT AAA(EXP)sf Expected Rating B XS3286684835 LT AA(EXP)sf Expected Rating C XS3286684918 LT A(EXP)sf Expected Rating D XS3286685139 LT BBB-(EXP)sf Expected Rating E XS3286685212 LT BB-(EXP)sf Expected Rating F XS3286685303 LT B-(EXP)sf Expected Rating Subordinated Notes LT NR(EXP)sf Expected Rating Transaction Summary Avoca CLO XXXV DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds will be used to fund a portfolio with a target par of EUR400 million. The portfolio will be actively managed by KKR Credit Advisors (Ireland) Unlimited Company. The collateralised loan obligation (CLO) will have a 4.6-year reinvestment period and an 8.6-year weighted average life test (WAL) at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors to be in the 'B' category. The Fitch weighted average rating factor (WARF) of the identified portfolio is 24.3. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 60.8%. Diversified Asset Portfolio (Positive): The transaction will include various concentration limits in the portfolio, including the top 10 obligor concentration limit of 20% and a maximum exposure to the three largest Fitch-defined industries in the portfolio of 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction will have a reinvestment period of 4.6 years and include reinvestment criteria similar to those of other European deals. Its analysis is based on a stressed-case portfolio with the aim of testing the robustness of the deal structure against its covenants and portfolio guidelines. Cash Flow Modelling (Neutral): The WAL used for the transaction's Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL test covenant at the issue date, accounting for strict reinvestment conditions after the reinvestment period. These include the satisfaction of the coverage tests and the Fitch 'CCC' limitation test, together with a WAL test covenant that gradually reduces over time. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would lead to a downgrade of one notch each for the class D and E notes and below 'B-sf' for the class F notes. There is no rating impact on the class A-1 to C notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B to F notes each have a cushion of up to three notches due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A-1 and A-2 notes have no rating cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to five notches for the notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to four notches each, except for the 'AAAsf' notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the transaction's remaining life. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Avoca CLO XXXV DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ========= I T A L Y ========= [] Fitch Affirms Ratings on 4 EMEA Diversified Industrials Cos. --------------------------------------------------------------- Fitch Ratings has affirmed 4 EMEA diversified industrials companies' ratings. 1. TK Elevator Holdco GmbH 2. Omnia Technologies S.p.A. 3. CEME S.p.A. 4. Dynamo Midco B.V. (Innomotics) 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 Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): TK Elevator Holdco GmbH Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb-, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b'. To derive the IDR: no other considerations were applied. Omnia Technologies S.p.A. - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'b'. To derive the IDR: no other consideration applied. CEME S.p.A. - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (bbb, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 40% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'b'. To derive the IDR: no other consideration applied. Dynamo Midco B.V. (Innomotics) - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (b-, Higher), Financial Structure (b, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b'. To derive the IDR: no other consideration applied. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CEME S.p.A. LT IDR B Affirmed B senior secured LT B Affirmed RR4 B Dynamo Newco II GmbH senior secured LT B+ Affirmed RR3 B+ TK Elevator Holdco GmbH LT IDR B Affirmed B Dynamo Midco B.V. LT IDR B Affirmed B Dynamo US Bidco Inc. senior secured LT B+ Affirmed RR3 B+ TK Elevator U.S. Newco, Inc. senior secured LT B Affirmed RR4 B Omnia Technologies S.p.A. LT IDR B Affirmed B senior secured LT B Affirmed RR4 B TK Elevator Midco GmbH senior secured LT B Affirmed RR4 B ===================== N E T H E R L A N D S ===================== FINANCIERE TOP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Financiere Top Mendel SAS's Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. Fitch has also affirmed the senior secured rating at 'BB-' with a Recovery Rating of 'RR3' on the term loan B (TLB), the US dollar tranche of which is co-issued by Financiere Mendel S.A.S. and Mendel US Holding LLC. These actions follow the update of Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria on January 9, 2026. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): The business and financial profile factors (assessment, relative importance) are management ('bb+', moderate), sector characteristics ('bbb+', lower), market and competitive positioning ('b+', higher), diversification and asset quality ('bbb', moderate), company operational characteristics ('bbb', moderate), profitability ('bbb-', moderate), financial structure ('b', higher) and financial flexibility ('bb-', moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year FY24, 40% for the forecast year FY25 and 40% for the forecast year FY26. B+ to CC considerations apply in its analysis and result in no adjustment. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a' results in no adjustment. The SCP is 'b+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Financiere Mendel S.A.S. senior secured LT BB- Affirmed RR3 BB- Financiere Top Mendel SAS LT IDR B+ Affirmed B+ Mendel US Holding LLC senior secured LT BB- Affirmed RR3 BB- =========== T U R K E Y =========== MERSIN ULUSLARARASI: Fitch Alters Outlook on BB- Rating to Positive ------------------------------------------------------------------- Fitch Ratings has revised Mersin Uluslararasi Liman Isletmeciligi A.S.'s USD600 million senior unsecured notes' Outlook to Positive from Stable and affirmed the rating at 'BB-'. This follows the revision of the Outlook on Turkiye's sovereign ratings. Mersin's rating remains constrained by Turkiye's 'BB-' Country Ceiling and aligned with the sovereign ratings due to the port's linkages to the country's economic and regulatory environment. RATING RATIONALE The rating reflects Mersin's dominant market position in its catchment area, its location and strong connectivity to its industrial hinterland and its diversified goods mix, which mitigate the volatility of its domestic and export markets. Its weak, single-bullet debt structure weighs on the rating, although the refinancing risk associated with the bullet bond is largely mitigated by its moderate leverage. KEY RATING DRIVERS Revenue Risk - Volume - Midrange Industrial Hinterland, Macroeconomic Volatility: Mersin is Turkiye's largest export-import port and its largest container port. The volume mix is diversified and balanced between imports and exports, but volatile. The port benefits from an industrial hinterland and has annual container and conventional cargo capacity of 2.6 million 20-foot equivalent unit (TEUs) and 10 million tons, respectively. Mersin has lost some of its market share since 2015 to its main competitor, Limak Iskenderun Uluslararasi Liman Isletmeciligi A.S., due to the latter's competitive rates. Mersin had a market share of just over 70% in 1H25. Revenue Risk - Price - Midrange Unregulated US Dollar Tariffs: Mersin's concession allows for considerable pricing flexibility, subject to restrictions on excessive or discriminatory pricing. While these restrictions have not been enforced historically, there may now be increased government oversight or constraints on tariff increases, though Mersin has historically been able to adjust tariffs. The typical contract length with Mersin's customers is, on average, short at one-to-two years, and includes volume-related incentives. Mersin's fees are almost 100% set and largely paid in US dollars. The remaining local-currency payments are settled weekly in dollars, so depreciation of the Turkish lira does not have a direct impact on Mersin's tariffs. Most operational expenses are lira-denominated, and Mersin has successfully passed on increased costs of operations in inflationary periods to customers through tariff adjustments. However, the operating margin continued to decline in 2024 due to inflationary pressures. Fitch has considered these factors in the rating case. Infrastructure Dev. & Renewal - Midrange Extensive Investment Plan: Mersin's current container handling capacity is 2.6 million TEUs. After the completion of its EMH Phase I in 2016, it began constructing EMH II, which is scheduled to be completed in 2026. EMH II will further enhance the company's competitiveness in the region and increase container handling capacity to 3.6 million TEUs. Management expects additional capacity from this expansion to reach 100% in 2026. Debt Structure - 1 - Weaker Refinancing Risk, Unsecured Debt: Mersin issued a five-year 8.5% yield (coupon 8.25%) USD600 million US dollar-denominated bullet bond in 2023 to refinance its existing USD600 million outstanding debt. No material covenants protect debt holders, apart from a 3.0x net debt/EBITDA incurrence-based covenant. The senior debt does not benefit from a security package. Financial Profile Under Fitch's rating case, projected net debt/EBITDA will average about 2.0x between 2025 and 2029. Leverage is low, but Mersin's rating is constrained by Turkiye's Country Ceiling and aligned with the sovereign ratings. PEER GROUP Mersin's main peer is Limak Iskenderun Uluslararasi Liman Isletmeciligi A.S. (B-/Negative), which also operates in the eastern Mediterranean. Limak is an export-import-oriented port with lower tariffs than Mersin due to its need to compete on price versus bigger ports in the region, including Mersin. Limak's debt structure is fully amortising compared with Mersin's bullet debt structure, so it is not exposed to refinancing risk. Limak's operations were temporarily halted after the earthquake hit Turkiye in February 2023, before partially resuming in April of the same year. As of now, Limak is operating at 80% of its total port capacity. Limak's lower rating and Negative Outlook reflect the continued reliance of debt sustainability on sustained, material volume growth, particularly given ongoing uncertainty arising from Red Sea disruptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative action on Turkiye's sovereign ratings and Country Ceiling Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive action on Turkiye's sovereign ratings and Country Ceiling Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Mersin. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Mersin Uluslararasi Liman Isletmeciligi A.S. Mersin Uluslararasi Liman Isletmeciligi A.S./ Project Revenues - Senior Secured Debt/1 LT LT USD 600 mln 8.25% bond/note 15-Nov-2028 590454AC8 LT BB- Affirmed BB- =========================== U N I T E D K I N G D O M =========================== HANX LIMITED : Opus Restructuring Appointed as Joint Administrator ------------------------------------------------------------------ Hanx Limited, 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-2026-000789. Mark Siddall (IP No. 028890) and Bradley Parrott (IP No. 31750), both of Opus Restructuring LLP were appointed as Joint Administrators on February 12, 2026. The company engaged in manufacturing; retail sale in non-specialised stores; retail sale of medical and orthopaedic goods in specialised stores (not including hearing aids); and retail sale via mail order houses or via Internet. The company's registered office and principal trading address is at Office 7, 35–37 Ludgate Hill, London, EC4M 7JN. The Joint Administrators are: Mark Siddall (IP No. 028890) Bradley Parrott (IP No. 31750) Opus Restructuring LLP 1 Radian Court, Knowlhill Milton Keynes MK5 8PJ For further details, contact: The Joint Administrators Tel: 01908 752942 Alternative contact: Kathryn Smith HENRY NUTTALL: Azets Holdings Appointed as Joint Administrators --------------------------------------------------------------- Henry Nuttall Limited, was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency and Companies List (ChD), Court Number CR-2026-000120. Richard Oddy (IP No. 26330) and Jonathan Mark Amor (IP No. 017770), both of Azets Holdings Limited, were appointed as Joint Administrators on February 6, 2026. The company engaged in manufacturing. The company's registered office and principal trading address is Unit 2b Manor Drive, Dinnington, S25 3QU. The Joint Administrators are: Richard Oddy (IP No. 26330) Jonathan Mark Amor (IP No. 017770) Azets Holdings Limited 12 King Street Leeds LS1 2HL For further details, contact: The Joint Administrators Tel: 0161 245 1000 Alternative contact: Araminta Taylor Email: araminta.taylor@Azets.co.uk LP SD 103: Creditors' Virtual Meeting Set for March 3 ----------------------------------------------------- Martin C Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD One Hundred Three Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 3, 2026 at 10:00 a.m. LP SD One Hundred Three Limited (Company Number 15074580) 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-2025-007825, on Nov. 6, 2025. The purpose of the March 3 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 March 2, 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 104: Creditors' Virtual Meeting Set for March 3 ----------------------------------------------------- Martin C Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD One Hundred Four Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 3, 2026 at 10:15 a.m. LP SD One Hundred Four Limited (Company Number 15075091) 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-2025-007833, on Nov. 6, 2025. The purpose of the March 3 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 March 2, 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 105: Creditors' Virtual Meeting Set for March 3 ----------------------------------------------------- Martin C Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD One Hundred Five Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 3, 2026 at 10.30 a.m. LP SD One Hundred Five Limited (Company Number 15075074) 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-2025-007832, on Nov. 6, 2025. The purpose of the March 3 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 March 2, 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 110: Creditors' Virtual Meeting Set for March 3 ----------------------------------------------------- Martin C Armstrong and Andrew Richard Bailey of Turpin Barker Armstrong, Joint Administrators of LP SD One Hundred Ten Limited, disclosed that a virtual meeting of the creditors of the Company will be held by conference call on March 3, 2026 at 10:45 a.m. LP SD One Hundred Ten Limited (Company Number 15075096) 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-2025-007828, on Nov. 6, 2025. The purpose of the March 3 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 March 2, 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 =============== X X X X X X X X =============== [] Fitch Affirms Ratings on 4 EMEA Protein & Commodity Trading Cos ------------------------------------------------------------------ Fitch Ratings has affirmed 4 EMEA protein, commodity processing and trading companies' ratings and their associated entities: 1. Bering III S.a r.l. 2. Boparan Holdings Limited 3. Kernel Holding S.A. 4. Aragvi Holding International Limited These actions follow the update of Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria on January 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Bering III S.a r.l. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'b'. Boparan Holdings Limited 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-, Lower), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (b+, Moderate), Profitability (bb-, Higher), Financial Structure (bb, Moderate), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025 (fiscal year ending July 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Kernel Holding 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 (bb, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (bbb-, Lower), Financial Structure (bb, Moderate), and Financial Flexibility (ccc, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the historical year 2025 (fiscal year ending June 2025), 30% for the forecast year 2026, 30% for the forecast year 2027 and 10% for the forecast year 2028. - The Financial Flexibility factor is considered the weakest link in its analysis. This leads to an adjustment of -1 notch(es). - 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 'b' results in no adjustment. - The SCP is 'ccc-'. Aragvi Holding International Limited 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, Lower), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025 (fiscal year ending June 2025), 40% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - 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 SCP is 'b+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Kernel Holding S.A. LT IDR CCC- Affirmed CCC- LC LT IDR CCC- Affirmed CCC- Natl LT CCC-(ukr)Affirmed CCC-(ukr) senior unsecured LT CCC- Affirmed RR4 CCC- Bering III S.a r.l. LT IDR B Affirmed B Boparan Holdings Limited LT IDR B+ Affirmed B+ Aragvi Finance International DAC senior secured LT B+ Affirmed RR4 B+ Aragvi Holding International Limited LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ Boparan Finance plc senior secured LT B+ Affirmed RR4 B+ [] Fitch Affirms Ratings on Nine Media Ratings Entities ------------------------------------------------------- Fitch Ratings has affirmed nine media ratings and their associated entities: 1. AVIV Group GmbH 2. Banijay S.A.S. 3. Delta Topco Limited 4. ITV plc 5. Mediawan Holding SAS 6. Pearson plc 7. S4 Capital plc 8. Speedster Bidco GmbH 9. The Stepstone Group Holding GmbH 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 AVIV Group GmbH Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (a-, Lower), Financial Structure (b, Higher), and Financial Flexibility (b+, Moderate). - 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. Banijay S.A.S. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bb, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR of 'B+': - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a bottom up +1 approach. Delta Topco Limited 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 (bbb, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. ITV plc Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb, Higher), Financial Structure (a, Higher), and Financial Flexibility (bbb-, 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 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. Mediawan Holding SAS Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bb, Moderate), Profitability (bb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (b+, Moderate). - 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. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b'. Pearson plc 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 (bbb, Moderate), Company Operational Characteristics (a, Lower), Profitability (bbb+, Higher), Financial Structure (a+, Lower), and Financial Flexibility (a-, Lower). - 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 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. S4 Capital plc 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 (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Higher), Profitability (b+, Higher), Financial Structure (bb, Moderate), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Speedster Bidco GmbH Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a-, Lower), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, Moderate). - 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. The Stepstone Group Holding GmbH Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Lower), Profitability (bbb+, Lower), Financial Structure (b-, Higher), and Financial Flexibility (b, Moderate). - 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Pearson Plc LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Delta Topco Limited LT IDR BB Affirmed BB Banijay S.A.S. LT IDR B+ Affirmed B+ The Stepstone Group US Co-Borrower LLC senior secured LT B+ Affirmed RR3 B+ Mediawan Financing SAS senior secured LT B+ Affirmed RR3 B+ Mediawan Holding SAS LT IDR B Affirmed B The Stepstone Group MidCo 2 GmbH senior secured LT B+ Affirmed RR3 B+ Pearson Funding Plc senior unsecured LT BBB Affirmed BBB S4 Capital plc LT IDR B+ Affirmed B+ AVIV Group GmbH LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Banijay Entertainment SAS senior secured LT BB- Affirmed RR3 BB- ITV plc LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- Speedster Bidco GmbH LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ The Stepstone Group Holding GmbH LT IDR B Affirmed B Banijay Group US Holding, Inc. senior secured LT BB- Affirmed RR3 BB- S4 Capital LUX Finance S.a r.l. senior secured LT B+ Affirmed RR4 B+ Delta 2 (Lux) S.a r.l. senior secured LT BB+ Affirmed RR2 BB+ [] Fitch Affirms Seven B+ Rated EMEA Diversified Industrials Cos. ----------------------------------------------------------------- Fitch Ratings has affirmed seven 'B+' rated EMEA diversified industrials companies' ratings: 1. Arcelik A.S. 2. ADB Safegate Luxembourg Finco S.à r.l. (ADB) 3. Purmo Group Holdings Limited (Purmo) 4. INNIO Holding GmbH (INNIO) 5. Protect Holdco GmbH (Uvex) 6. Ahlstrom Oyj (Ahlstrom) 7. Umami Bidco S.a r.l. These actions follow the update of Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria on January 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Arcelik - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (b, Moderate), Financial Structure (ccc+, 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, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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 'bbb-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: no other consideration applied. ADB - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: no other consideration applied. Purmo - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb+, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b+'. To derive the IDR: no other consideration applied. INNIO - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (a+, Lower), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+' To derive the IDR: no other consideration applied. Uvex - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bbb-, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Lower). - 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. - Weakest link considerations adjustment is applied based on company operational characteristics factor and results in an adjustment of -1 notch. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: no other considerations apply. Ahlstrom - Business and financial profile factors (assessment, relative importance): Management (b+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: no other considerations apply. Umami Bidco S.a r.l. - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (a+, Lower), Financial Structure (b, Higher), and Financial Flexibility (bb-, Moderate). - 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: no other considerations apply. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Protect Bidco GmbH senior secured LT B+ Affirmed RR4 B+ Ahlstrom Oyj LT IDR B+ Affirmed B+ senior secured LT B+ Affirmed RR4 B+ Spa US Holdco, Inc. senior secured LT B+ Affirmed RR4 B+ ADB Safegate Sweden AB senior secured LT B+ Affirmed RR4 B+ Umami Bidco S.a r.l. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- ADB Safegate Germany Verwaltungs GmbH senior secured LT B+ Affirmed RR4 B+ Arcelik A.S. LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ Natl LT A+(tur)Affirmed A+(tur) senior unsecured LT B Affirmed RR5 B INNIO Group Holding GmbH senior secured LT B+ Affirmed RR4 B+ Purmo Group Holdings Limited LT IDR B+ Affirmed B+ INNIO North America Holding Inc. senior secured LT B+ Affirmed RR4 B+ Project Grand (UK) Plc senior secured LT B+ Affirmed RR4 B+ ADB Safegate Luxembourg Finco S.a r.l. LT IDR B+ Affirmed B+ senior secured LT B+ Affirmed RR4 B+ ADB Safegate Americas 1 Inc. senior secured LT B+ Affirmed RR4 B+ INNIO Holding GmbH LT IDR B+ Affirmed B+ senior secured LT B+ Affirmed RR4 B+ INNIO Beteiligungs GmbH senior secured LT B+ Affirmed RR4 B+ Protect Holdco GmbH LT IDR B+ Affirmed 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. 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