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

                          E U R O P E

          Thursday, February 26, 2026, Vol. 27, No. 41

                           Headlines



A R M E N I A

ARMENIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings, Outlook Pos.


F R A N C E

POSEIDON BIDCO: Moody's Cuts CFR to Caa2, Outlook Negative


I R E L A N D

ARES EUROPEAN XIV: Moody's Ups Rating on EUR5.1MM F Notes to B1
BILBAO CLO II: S&P Assigns B-(sf) Rating on Class E-R-R Notes
CAIRN CLO XVI: S&P Assigns B-(sf) Rating on Class F-R Notes
CVC CORDATUS IV: Moody's Affirms Ba3 Rating on EUR24MM E-R Notes


N E T H E R L A N D S

LOPAREX MIDCO: S&P Lowers ICR to 'CCC' on Upcoming Debt Maturities


S P A I N

BBVA CONSUMER 2026-1: Moody's Assigns B2 Rating to EUR46MM E Notes


U N I T E D   K I N G D O M

AESIR (EUROPEAN LOAN 41): S&P Assigns BB+(sf) Rating on E Notes
FEATHERSTONE ROVERS: Statement of Proposal Available on Request
GRAFTERS LABOUR: FRP Advisory Appointed as Joint Administrators
MARASU'S PETITS : Xeinadin Corporate Named as Joint Administrators
O&H VEHICLE: BDO LLP Appointed as Joint Administrators

PRESTAT GROUP: Xeinadin Corporate Appointed as Joint Administrators
PRESTAT LIMITED: Xeinadin Corporate Named as Joint Administrators
ROCOCO CHOCOLATIER : Xeinadin Corporate Named as Administrators


X X X X X X X X

[] Fitch Affirms Six 'B/B-' Rated EMEA Diversified Industrials Cos

                           - - - - -


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A R M E N I A
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ARMENIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings, Outlook Pos.
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On Feb. 20, 2026, S&P Global Ratings revised its outlook on Armenia
to positive from stable. Simultaneously, S&P affirmed its 'BB-/B'
long- and short-term foreign and local currency sovereign credit
ratings.

Outlook

S&P said, "The revision of the outlook to positive reflects our
view that there is the potential for improvement in regional
geopolitical and security dynamics, specifically further progress
toward normalizing diplomatic and trade relations between Armenia
and Azerbaijan. We also view Armenia's growth prospects as
favorable, while higher levels of the Central Bank of Armenia's
(CBA's) international reserves and a flexible exchange rate should
help mitigate possible unanticipated external shocks."

Downside scenario

S&P could take a negative rating action should regional
geopolitical risks escalate markedly or labor and capital inflows
from Russia sharply reverse, weighing on Armenia's economic,
fiscal, and balance-of-payments performance.

Upside scenario

S&P could consider a positive rating action if security and
geopolitical risks continue to recede durably. Upside potential
could also arise if Armenia's fiscal outcomes significantly
outperform its projections or if balance-of-payments
vulnerabilities ease, supported by a further sustained increase in
the CBA's international reserves.

Rationale

Armenia's exposure to still-material, albeit moderating,
geopolitical and external security risks, its evolving
institutional settings, moderate per capita income levels, and
balance-of-payments vulnerabilities constrain the ratings. The
ratings are supported by Armenia's prudent policy frameworks, its
strong growth outlook, moderating fiscal risks, and the improved
foreign exchange reserve position.

Institutional and economic profile: Progress in normalizing
relations with Azerbaijan, volatile ties with Russia, and elevated
domestic political uncertainty

-- Progress in negotiations with Azerbaijan could reduce near-term
security risks, although the prospect of a durable peace agreement
still depends on signing a binding agreement and its effective
implementation.

-- Political relations with Russia remain volatile, while
Armenia's dependence on trade and financial flows from Russia
remains high.

-- S&P expects macroeconomic policy continuity after the upcoming
parliamentary elections in June 2026, yet the domestic political
landscape remains fragmented.

Peace negotiations between Armenia and Azerbaijan have progressed,
reducing the probability of further military escalation in the near
term, in S&P's view. Azerbaijan consolidated its control over
Nagorno-Karabakh through a military offensive in late 2023,
following a 44-day war in 2020. With Nagorno-Karabakh no longer
contested, negotiations between the two countries have focused on a
comprehensive peace framework centered on mutual recognition of
sovereignty and territorial integrity, border delimitation, and the
establishment of diplomatic relations. The August 2025
U.S.-brokered agreement marked an important political milestone,
signaling commitment at the leadership level and helping to
stabilize the security environment. Initial normalization steps
have led to modest improvements in regional connectivity and trade,
alongside an ongoing Armenia-Türkiye normalization process aimed
at reopening borders and establishing diplomatic relations.

However, the path to signing and ratifying the peace agreement
between Armenia and Azerbaijan remains complex and will take time,
in S&P's view. The durability of the agreement will depend on both
sides' willingness to implement politically sensitive decisions,
the credibility of enforcement, and security arrangements.
Outstanding issues include the sequencing and enforcement of border
delimitation and the absence of clearly defined security
guarantees. It also remains unclear, in our view, to what extent
Russia will remain supportive of an international diplomatic effort
to normalize Armenia-Azerbaijan relations that so far has been made
without its direct participation.

Domestic political constraints in Armenia may also add a layer of
uncertainty to peace agreement negotiations. The authorities are
preparing a new constitution, with the draft expected by March and
a referendum planned for after the June parliamentary elections.
Yet it remains unclear whether the preamble will retain references
to the 1990 Declaration of Independence, a key point disputed with
Azerbaijan, given the latter views such references as implying
territorial claims. Meanwhile, already high domestic political
polarization has been further amplified by tensions between the
government and the Armenian Apostolic Church, which enjoys some
public support. Since 2024, part of the senior clergy has become
closely involved in opposition protests against the government's
border and foreign policy decisions. The dispute escalated further
in 2025, when authorities arrested several church-linked figures,
accusing them of attempts to seize power. Against this background,
upcoming constitutional changes and sensitive foreign policy
negotiations could face headwinds, in S&P's view.

Relations between Armenia and Russia have deteriorated since 2023,
marking a shift away from Armenia's longstanding reliance on Moscow
as its primary security anchor. The relationship weakened sharply
after Russia failed to intervene during Azerbaijan's 2023 military
operation in Nagorno-Karabakh, prompting Yerevan to publicly
question the value of Russian security guarantees and to freeze
participation in Russia-led regional security structures.

Armenia has increasingly pursued a more diversified foreign and
security policy, but its economic links with Russia remain high.
Armenia has deepened engagement with Western partners, hosted EU
monitoring missions, and signaled greater alignment with
international legal frameworks, although economic and financial
exposure to Russia is still substantial. Russia continues to
account for over 36% of Armenia's total exports, a third of
imports, half of financial inflows (including labor remittances),
and 60% of the country's total energy needs. These links have
actually increased in the aftermath of Russia's invasion of
Ukraine, when Armenia emerged as one of the key destinations for
Russian individuals and businesses trying to escape domestic
political risks and the adverse effects of international sanctions.
S&P considers that Armenia's ability to balance political
distancing from Russia with continued significant economic ties
will be important for its medium-term economic prospects, given
that Armenia remains exposed to potential adverse shifts in
Russia's policies.

Armenia's upcoming parliamentary elections scheduled for June
represent an important near-term test for political stability and
policy continuity. Recent opinion polls signal that Prime Minister
Nikol Pashinyan and his Civil Contract party continue to lead the
field, albeit with lower approval levels than in the aftermath of
the 2021 snap elections. At the same time, the opposition remains
highly fragmented, spanning former government-linked figures,
nationalist groups, protest movements, and church-aligned actors,
none of which has yet coalesced around a single leader with broad
national appeal or clear electoral momentum. S&P's base-line
expectation is for broad political continuity after the June
elections, with the new government continuing to focus on reaching
a full peace agreement with Azerbaijan and not reversing related
previous commitments for populist reasons.

S&P said, "We forecast Armenia's real GDP will expand by 5.3% this
year and 4.8% in 2027. Armenia's growth averaged a high 7.8% in
2022-2025; one of the fastest growth rates among the 143 sovereigns
we rate. Softer growth in the medium term reflects our expectations
that growth drivers linked to the Russia-related re-exports
activity and labor and capital inflows will continue to moderate.
We expect growth to remain primarily consumption- and
private-investment-driven, supported by resilient labor market
conditions, improving real incomes amid moderating inflation, and
supportive credit conditions, alongside continued investment in
construction and services."

Flexibility and performance profile: Fiscal consolidation is
progressing, but balance-of-payments vulnerabilities remain
Fiscal consolidation is underway, with deficits narrowing and
government debt remaining moderate.

-- Despite growth in Armenia's international reserves,
balance-of-payments vulnerabilities persist, reflected in wide
current account deficits and a large net external liability
position.

-- Despite very high loan growth, the banking sector remains
stable, underpinned by strong capitalization and high
profitability.

Armenia's medium-term fiscal framework reflects a shift toward
gradual fiscal consolidation following higher budgetary deficits in
2024-2025. S&P said, "We project the fiscal deficit to average
about 3.3% of GDP over 2026-2029. While the 2025 budget targeted a
deficit of about 5.5% of GDP, the actual outturn came in at just
below 4% of GDP, largely due to the underexecution of planned
capital spending. Building on this, the 2026 budget targets a lower
deficit of roughly 4.5% of GDP, based on a real economic growth
assumption of around 5.5%. Expenditure priorities are rebalanced,
with capital investment remaining elevated to support medium-term
growth, while defense spending is planned to decline in nominal
terms and as a share of GDP, reflecting reduced perceived near-term
security pressures following peace negotiations with Azerbaijan.
Social spending remains targeted, including continued support for
displaced populations and vulnerable households. We forecast the
2026 general government deficit at 4.2% of GDP, below the official
target, reflecting our assumption that capital spending will not be
executed in full, although this will likely be partly offset by
pre-electoral spending pressures. As in recent years, we expect the
deficit to be financed primarily through a mix of domestic
borrowing and external concessional funding."

S&P said, "Considering the narrowing fiscal deficits and high
nominal GDP growth, we project general government debt, net of
liquid assets, to remain broadly stable at a moderate 44% of GDP in
the medium term." Fiscal risks from Armenia's housing support
program for refugees have diminished relative to our earlier
expectations. The program remains restricted to Armenian citizens,
which has significantly limited uptake, and its costs are now
capped and incorporated into the medium-term fiscal framework,
reducing the risk of open-ended liabilities. While faster
naturalization (previous Nagorno-Karabakh residents who fled the
region becoming Armenian citizens) could raise housing-related
spending over time, this risk appears manageable and unlikely to
materially alter baseline debt dynamics.

Armenia's balance-of-payments profile remains structurally fragile,
characterized by persistent current account deficits, except for
the one-off surplus recorded in 2022. As a result, the country
maintains a sizable net external liability position, equivalent to
roughly 80% of current account receipts, underscoring continued
reliance on external financing. As Russia-related inflows
(including re-exports) have continued to normalize, the current
account balance has weakened, widening to an estimated 6.4% of GDP
in 2025 from 4.6% of GDP in 2024.

Looking ahead, S&P expects the current account deficit to remain
elevated at nearly 5% of GDP, on average, annually, as domestic
demand remains firm and export growth normalizes. While strong
services exports (primarily in tourism) and labor remittances
should provide some offset, Armenia's balance-of-payments position
is likely to continue to depend on stable access to external
financing, including a combination of concessional funding, as well
as some private and public commercial borrowing.

Armenia's international reserves strengthened materially in 2025,
providing an important buffer amid unpredictable external
developments. Gross international reserves rose to a record $5.2
billion in January (18% of GDP), up from about $3.3 billion a year
earlier. This increase was driven by a combination of government
Eurobond issuance and central bank foreign currency purchases,
supported by strong financial and capital inflows from abroad.
These reserve buffers should enable the central bank to mitigate
risks emanating from potentially volatile capital inflows to the
banking system. The banking sector's stock of short-term external
debt (primarily nonresident deposits) stands at a relatively large
$3.3 billion. S&P expects reserves to register more modest growth
through 2029, rising by around 5% annually.

Price pressures have re-emerged after a period of low inflation,
with headline inflation rising to 3.8% in January 2026. This
compares with 1.7% a year earlier. Accelerating inflation has been
driven by higher food prices and increases in transport and
education costs. S&P expects inflation to ease toward an average of
around 3.2% in 2026 as economic activity cools. The CBA's strong
record of maintaining price stability and its enhanced monetary
policy framework enabled it to lower its inflation target to 3%
(+/- 1 percentage point) in 2025, from 4% (+/- 1.5 percentage
points) previously.

S&P assesses risks to Armenia's financial stability as contained,
for now. The banking sector remains well capitalized and highly
profitable, supported by strong net interest income, while the rate
of credit growth remains above 20% year-on-year, driven mainly by
consumer and mortgage lending. The gradual phase-out of mortgage
interest tax credits and macroprudential tightening measures have
begun to temper housing demand, particularly in Yerevan.
Dollarization of banks' assets and liabilities has trended down in
recent years with around a third of domestic deposits and loans
currently denominated in foreign currency.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed; Outlook Action

                                     To           From
  Armenia  

  Sovereign Credit Rating    BB-/Positive/B    BB-/Stable/B

  Ratings Affirmed  

  Armenia  

  Transfer & Convertibility Assessment  

  Local Currency        BB
  Senior Unsecured      BB-




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F R A N C E
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POSEIDON BIDCO: Moody's Cuts CFR to Caa2, Outlook Negative
----------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of
Poseidon BidCo S.A.S (Ingenico or the company) to Caa2 from B3, and
the company's probability of default rating to Caa2-PD from B3-PD.
Concurrently, the ratings on the company's EUR277.5 million senior
secured revolving credit facility (RCF) and EUR1.1 billion senior
secured term loan B2 have also been downgraded to Caa2 from B3. The
outlook remains negative.

"The rating action reflects Ingenico's continued underperformance
compared to Moody's expectations and the likelihood that the
company's financial metrics will remain very weak over the next
12-18 months, characterized by very high leverage, ongoing negative
free cash flow and weak liquidity" said Fabrizio Marchesi, a
Moody's Ratings Vice President-Senior Analyst and lead analyst for
the company. " Moody's considers that Ingenico's capital structure
is unsustainable and covenant headroom is increasingly tight, which
could lead to a distressed exchange under Moody's methodologies
over the course of 2026", added Mr. Marchesi.

Corporate governance considerations were a key rating driver for
the rating action. This reflects the aggressive financial policy of
the company and its shareholders (Financial Strategy and Risk
Management), which are captured under Moody's General Principles
for Assessing Environmental, Social and Governance Risks
methodology for assessing ESG risks.

RATINGS RATIONALE

Ingenico's financial performance remained under pressure in 2025,
following a very challenging 2024, and it is unlikely that the
company's financial metrics will recover to pre-2024 levels in the
medium term. Given expected levels of profitability, the drag on
free cash flow generation from the company's significant cash
interest bill is increasingly untenable.

Moody's forecasts that Ingenico's revenue dropped by around 10%
year-over-year to EUR825 million in 2025 with company adjusted
EBITDA falling to EUR155-160 million, from EUR168 million in the
prior year. The related drop in Moody's-adjusted EBITDA to between
EUR75-80 million (calculated after deducting exceptional items,
capitalized development costs and other Moody's standards
adjustments) implies an expected increase in Moody's-adjusted
leverage to around 19x as of December 31, 2025, up from 14x in 2024
and well above Moody's previous expectations of around 13x.
Additionally, Ingenico's Moody's-adjusted EBITA/interest dropped to
only 0.5x while Moody's-adjusted free cash flow (FCF) remained
firmly negative.

Moody's considers that a recovery in Ingenico's financial
performance to pre-2024 levels is unlikely. Competition in the
global point-of-sale (POS) terminal market is fierce. While the
company still has strong technical skills and a reputable brand,
Moody's believes that its market share has eroded. Over the past
three years, Ingenico has not delivered the requisite success from
its Android product offering – indeed, revenue growth in its
AXIUM product line flatlined in 2025. At the same time, some of the
company's traditional merchant acquiror customers continue to face
increased competition from recent market entrants, which ultimately
dampens demand for Ingenico's products. Going forward, Moody's
think that there is significant execution risk associated with
forecasting the company's financial performance.

Moody's forecasts is for revenue to continue to remain under
pressure in 2026, falling 4% year-over-year, as Moody's expects
stability in North America to be offset by moderate attrition in
Europe (down 2% year-over-year) and a negative impact from the exit
of the Brazilian market in Latin America. As a result, Ingenico's
company adjusted EBITDA will likely slip towards EUR145 million in
2026 and EUR140 million in 2027, which is equivalent to
Moody's-adjusted EBITDA of around EUR75 million and EUR70 million,
respectively. This will leave the company's Moody's-adjusted
leverage at very elevated levels of around 20x over the next 12-24
months.

At the aforementioned levels of profitability, the company's large
(c. EUR100 million per year) cash interest bill implies a
Moody's-adjusted EBITA/interest of only 0.5x. In combination with
other fixed charges, Moody's expects that Ingenico will continue to
burn around EUR60-70 million of Moody's-adjusted FCF per year.

The Caa2 rating also reflects the company's narrow business focus
and the risk that an increasing share of online payment
transactions may hamper demand for POS solutions. Concurrently, the
rating is supported by the company's recognized market position in
the global POS terminal market, underpinned by a large installed
base; a certain degree of geographic revenue diversification; and
technological know-how and R&D capabilities.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Ingenico has been controlled by investment funds managed by Apollo
Global Management, Inc., which owns 97% of the company, since 2022,
with the remainder held by management. The company has historically
demonstrated an aggressive financial policy as evidenced by
significant leverage and a EUR159 million cash distribution made to
shareholders in 2024, which was financed via cash on balance sheet
and has proven to be detrimental to liquidity. Ingenico's board
structure and policies reflect concentrated control and decision
making, while financial disclosure is more limited relative to
publicly-listed companies. These considerations are reflected in
Ingenico's G-5 Issuer Profile Score (IPS), which reflects overall
exposure to governance risk, as well as the company's Credit Impact
Score (CIS) of CIS-5.

LIQUIDITY

Moody's considers Ingenico's liquidity to be weak. Although
liquidity consisted of EUR62 million of cash on balance sheet as
well as access to a EUR277.5 million senior secured RCF, EUR72.5
million of which was undrawn, as of September 30, 2025, this needs
to be placed into the context of Moody's expectations of
significant ongoing negative Moody's-adjusted FCF of around EUR70
million per year, intra-year working capital movements and minimum
liquidity requirements of at least EUR50 million. Overall, Moody's
considers that the company could face liquidity pressure in the
second half of 2026 in the absence of a meaningful improvement in
its cash flow generation.

Additionally, the company's senior secured RCF features a springing
Senior Secured Net Leverage ratio test, which is tested when the
senior secured RCF is drawn above 40%. In the first quarter of
2025, the company obtained a covenant reset for the six quarters
until June 30, 2026 (inclusive). As per Moody's current forecasts,
Moody's considers that a covenant breach during 2026 is possible.

STRUCTURAL CONSIDERATIONS

Ingenico's capital structure includes a EUR277.5 million senior
secured RCF due in March 2028 and a EUR1.1 billion senior secured
term loan B2 due in March 2030. The security package provided to
senior secured lenders consists of pledges over shares and
intercompany receivables, which Moody's considers to be weak.

The Caa2 ratings on the senior secured RCF and senior secured term
loan B2 are in line with the CFR, reflecting the pari-passu nature
of the facilities. The Caa2-PD probability of default rating is at
the same level as the CFR, reflecting Moody's assumptions of a 50%
family recovery rate.

RATING OUTLOOK

The negative outlook reflects Ingenico's weak financial metrics and
weak liquidity as well as Moody's concerns regarding the
sustainability of the company's capital structure. It also takes
into account the possibility that a default on interest payments or
a distressed exchange, as per Moody's definitions, may occur over
the next 12 months.

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

Positive pressure on the ratings is unlikely at this stage but
could develop over time if the company's financial performance and
liquidity materially improve and it becomes clear that Ingenico's
capital structure will be sustainable over the long-term.

Negative ratings pressure could develop if the probability of a
distressed exchange increases compared to current levels or if
potential losses to creditors are higher compared to those implied
by the current rating.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Ingenico is a leading authentication and payment initiation
provider globally. It provides POS terminals and embedded software,
which permit the authentication of cardholders and initiation of
payments, as well as POS-related services. In 2024, the company
generated revenue of EUR911 million and EUR168 million of company
adjusted EBITDA.




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ARES EUROPEAN XIV: Moody's Ups Rating on EUR5.1MM F Notes to B1
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Ares European CLO XIV DAC:

EUR15,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Aa1 (sf); previously on Aug 22, 2025
Upgraded to Aa3 (sf)

EUR14,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A3 (sf); previously on Aug 22, 2025
Upgraded to Baa1 (sf)

EUR10,300,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Ba1 (sf); previously on Aug 22, 2025
Affirmed Ba2 (sf)

EUR5,100,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Upgraded to B1 (sf); previously on Aug 22, 2025 Affirmed
B2 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR171,200,000 (Current outstanding amount EUR58,273,846) Class A
Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on Aug 22, 2025 Affirmed Aaa (sf)

EUR20,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Affirmed Aaa (sf); previously on Aug 22, 2025 Upgraded to Aaa (sf)

Ares European CLO XIV DAC, issued in November 2020 and later
refinanced in October 2024, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Ares European Loan
Management LLP ("Ares"). Subsequent to the refinancing,
reinvestment is not permitted and all sales and unscheduled
principal proceeds received will be used to amortize the notes in
sequential order.

RATINGS RATIONALE

The rating upgrades on the Class C, D, E and F notes are primarily
a result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the last rating
action in August 2025.

The affirmations on the ratings on the Class A 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 notes have paid down by approximately EUR52.5 million
(30.6%) since the last rating action in August 2025 and EUR112.9
million (65.9%) 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/B, Class C, Class D, Class E and Class F OC ratios are
reported at 158.46%, 137.66%, 122.63%, 113.57% and 109.57% compared
to August 2025[2] levels of 146.14%, 131.01%, 119.46% , 112.24% and
108.97%, respectively. Moody's notes that the January 2026 note
principal payments are not reflected in the reported OC ratios.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

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: EUR138.6 million

Defaulted Securities: None

Diversity Score: 34

Weighted Average Rating Factor (WARF): 3209

Weighted Average Life (WAL): 2.9 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.96%

Weighted Average Coupon (WAC): 5.31%

Weighted Average Recovery Rate (WARR): 43.57%

Par haircut in OC tests and interest diversion test: None

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 debt's 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 debt 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.

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.


BILBAO CLO II: S&P Assigns B-(sf) Rating on Class E-R-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bilbao CLO II
DAC's class X, A-1-R-R, A-2A-R-R, B-R-R, C-R-R, D-R-R, and E-R-R
notes. At closing, the issuer had unrated subordinated notes
outstanding from the existing transaction and also issued
additional subordinated notes equaling EUR21,820,500.

This transaction is a reset of the already existing transaction,
which closed in July 2021, that S&P did not rate.

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
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,868.22
  Default rate dispersion                                445.010
  Weighted-average life (years)                             4.41
  Weighted-average life (years) including reinvestment      4.50
  Obligor diversity measure                               115.61
  Industry diversity measure                               18.87
  Regional diversity measure                                1.27

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.48
  Portfolio target par amount (mil. EUR)                     400
  Actual 'AAA' weighted-average recovery (%)               36.20
  Actual weighted-average spread                            3.64
  Actual weighted-average coupon                            4.50

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 Aug. 20, 2030. 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 EUR400 million
target par amount, the covenanted weighted-average spread (3.64%),
covenanted weighted-average coupon (4.50%), 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 A-2A-R-R to D-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 X, A-1-R-R, and E-R-R notes, our credit and cash
flow analysis indicates 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 X
to E-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 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 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."

Bilbao 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. Guggenheim
Partners Europe Limited is the collateral manager.

  Ratings

                      Amount    Credit
  Class    Rating*  (mil. EUR)  enhancement (%)   Interest rate§

  X        AAA (sf)     0.60      N/A    Three/six-month Euribor
                                         plus 0.95%

  A-1-R-R  AAA (sf)   248.00    38.00    Three/six-month Euribor
                                         plus 1.24%

  A-2A-R-R AA (sf)     37.00    27.50    Three/six-month Euribor
                                         plus 1.65%

  A-2B-R-R AA (sf)      5.00    27.50    4.40%

  B-R-R    A (sf)      26.00    21.00    Three/six-month Euribor
                                         plus 1.95%

  C-R-R    BBB- (sf)   28.00    14.00    Three/six-month Euribor
                                         plus 2.75%

  D-R-R    BB- (sf)    18.00     9.50 Three/six-month Euribor
                                         plus 4.65%

  E-R-R    B- (sf)     12.00     6.50    Three/six-month Euribor
                                         plus 7.99%

  Sub. Notes   NR      51.39      N/A    N/A

*S&P's ratings on the class X, A-1-R-R, A-2A-R-R, and A-2B-R-R
notes address timely interest and ultimate principal payments. The
ratings on the class B-R-R, C-R-R, D-R-R, and E-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.
Sub. Notes—Subordinated notes.
NR--Not rated.
N/A--Not applicable.


CAIRN CLO XVI: S&P Assigns B-(sf) Rating on Class F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Cairn CLO XVI DAC's
class X, A-R, B-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 EUR3.50 million of additional
subordinated notes.

This transaction is a reset of the already existing transaction.
The existing classes of notes were fully redeemed with the proceeds
from the issuance of the replacement notes on the reset date. The
ratings on the original notes were withdrawn on the reset date.

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

The portfolio's reinvestment period will end approximately 5.0
years after closing, while the noncall period will end 2.0 years
after closing.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

-- 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    2,724.55
  Default rate dispersion                                 683.30
  Weighted-average life (years)                             4.41
  Weighted-average life extended to cover
  the length of the reinvestment period (years)             5.00
  Obligor diversity measure                               135.47
  Industry diversity measure                               15.47
  Regional diversity measure                                1.27

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.14
  Target 'AAA' weighted-average recovery (%)               36.83
  Target weighted-average coupon (%)                        3.58
  Target weighted-average spread (net of floors; %)         3.73

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.

Rating rationale

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 used the EUR400 million target par
amount, the covenanted weighted-average spread (3.65%), and the
covenanted weighted-average coupon (4.00%) as indicated by the
collateral manager. We assumed the identified weighted-average
recovery rates (WARRs) for all rated notes (35.52% at the 'AAA'
rating level). We used a 1% haircut on the 'AAA' WARR. 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 ratings than those we have
assigned. However, as the CLO will be in its reinvestment period
from closing until Feb. 20, 2031 during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes.

"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.

"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 X
to F-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 included the
sensitivity of the ratings on the class X 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 assets from being related
to certain activities. 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."

Cairn CLO XVI 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. Cairn Loan
Investments II LLP and Polus Capital Management Ltd manage the
transaction.

  Ratings

                     Amount    Credit
  Class   Rating*  (mil. EUR)  enhancement (%)  Interest rate§

  X       AAA (sf)     4.00      N/A     Three/six-month EURIBOR
                                         plus 0.92%

  A-R     AAA (sf)   248.00    38.00     Three/six-month EURIBOR
                                         plus 1.26%

  B-R     AA (sf)     40.00    28.00     Three/six-month EURIBOR
                                         plus 1.90%

  C-R     A (sf)      24.00    22.00     Three/six-month EURIBOR
                                         plus 2.25%

  D-R     BBB- (sf)   27.00    15.25     Three/six-month EURIBOR
                                         plus 3.00%

  E-R     BB- (sf)    20.00    10.25     Three/six-month EURIBOR
                                         plus 6.50%

  F-R     B- (sf)     13.00     7.00     Three/six-month EURIBOR
                                         plus 8.33%

  Sub. Notes  NR      26.30      N/A     N/A

  Additional
  sub. Notes  NR       3.50      N/A     N/A

*S&P said, "Our ratings on the class X, A-R, and B-R notes address
timely interest and ultimate principal payments. Our 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.
NR--Not rated.
N/A--Not applicable.
Sub. notes—Subordinated notes.


CVC CORDATUS IV: Moody's Affirms Ba3 Rating on EUR24MM E-R Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by CVC Cordatus Loan Fund IV DAC:

EUR31,800,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Mar 5, 2021 Assigned Aa2
(sf)

EUR11,200,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Upgraded to Aaa (sf); previously on Mar 5, 2021 Assigned Aa2
(sf)

EUR25,800,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Aa2 (sf); previously on Mar 5, 2021
Assigned A2 (sf)

EUR29,900,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Baa2 (sf); previously on Mar 5, 2021
Assigned Baa3 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR273,000,000 (Current outstanding amount EUR210,039,936) Class
A-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on Mar 5, 2021 Assigned Aaa (sf)

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Mar 5, 2021
Assigned Ba3 (sf)

EUR12,300,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Mar 5, 2021
Assigned B3 (sf)

CVC Cordatus Loan Fund IV DAC, issued in December 2014, refinanced
in March 2019, 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 CVC Credit Partners
Group Limited. The transaction's reinvestment period ended in
February 2025.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R, Class B-2-R, Class C-R and
Class D-R notes are primarily a result of the deleveraging of the
senior notes following amortisation of the underlying portfolio
since the payment date in February 2025.

The affirmations on the ratings on the Class A-R, Class E-R and
Class F-R 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-R notes have paid down by approximately EUR63.0 million
(23.1%) in the last 12 months. As a result of the deleveraging,
over-collateralisation (OC) has increased. According to the trustee
report dated December 2025[1] the Class A/B, Class C and Class D OC
ratios are reported at 146.23%, 132.70% and 119.85% compared to
February 2025[2] levels of 139.50%, 128.97% and 118.60%
respectively. Moody's notes that the February 2025 principal
payments are not reflected in the reported OC ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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: EUR339,800,946

Defaulted Securities: EUR4,364,315

Diversity Score: 51

Weighted Average Rating Factor (WARF): 3073

Weighted Average Life (WAL): 4.06 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.66%

Weighted Average Coupon (WAC): 4.05%

Weighted Average Recovery Rate (WARR): 42.79%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
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.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values 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.




=====================
N E T H E R L A N D S
=====================

LOPAREX MIDCO: S&P Lowers ICR to 'CCC' on Upcoming Debt Maturities
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating to 'CCC' from
'CCC+' and its issue-level ratings on Loparex Midco B.V.'s
first-out facility to 'B-' from 'B', second-out facility to 'CCC'
from 'CCC+', and third-out facility to 'CC' from 'CCC-'.

S&P also lowered its ratings on the pre-exchange first-lien and
second-lien term loans to 'CC' from 'CCC-'.

The negative outlook reflects the likelihood of a lower rating if
Loparex cannot address its upcoming maturities in a timely manner.

Loparex Midco B.V. (formerly PHM Netherlands Midco B.V.) faces
elevated refinancing risk because roughly $700 million of its
first-lien term loans will come due in February 2027. Weak demand
in 2026 will raise S&P Global Ratings adjusted debt to EBITDA above
10x, and cash flow deficits will persist across the fiscal year.

S&P said, "We lowered our ratings on Loparex because of heightened
refinancing risk. The company's first-lien term loans due in
February 2027 are current. Its available sources of liquidity,
including $41 million cash on hand and $9 million availability
under its accounts receivable securitization facilities (September
2025), are insufficient to meet its roughly $700 million principal
repayment obligations in 12 months. While we believe management is
actively pursuing refinancing solutions, weak operating performance
and a short time to maturity leads us to view a transaction as
dependent on favorable financial conditions.

"Sluggish demand in 2026 will sustain elevated leverage and cash
flow deficits. We anticipate S&P Global Ratings-adjusted leverage
above 10x in 2026 because demand for Loparex's products continues
to be weak. We think shipped volume will largely be in line with
2025, about 10% below 2024." Disappointing shipped volumes,
downward pricing pressures, and increasing input costs will
pressure earnings and operating margins ahead of the refinancing.
Loparex's onerous interest burden and modest earnings will drive
persistent free operating cash flow deficits across the fiscal
year.

The negative outlook reflects the likelihood of a lower rating if
Loparex cannot address its upcoming debt maturities in the next 12
months.

S&P said, "We could lower our ratings on Loparex if we believe a
payment default, distressed exchange, or redemption appears
inevitable within six months.

"We could raise our ratings if Loparex successfully addresses its
upcoming maturities and we no longer view a payment default or
distressed restructuring as likely within the next 12 months."




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

BBVA CONSUMER 2026-1: Moody's Assigns B2 Rating to EUR46MM E Notes
------------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to Notes issued by
BBVA CONSUMER 2026-1 FONDO DE TITULIZACION:

EUR1978M Class A Floating Rate Asset Backed Notes due May 2039,
Definitive Rating Assigned Aa1 (sf)

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

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

EUR69M Class D Floating Rate Asset Backed Notes due May 2039,
Definitive Rating Assigned Ba2 (sf)

EUR46M Class E Floating Rate Asset Backed Notes due May 2039,
Definitive Rating Assigned B2 (sf)

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

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

RATINGS RATIONALE

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

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

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

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

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

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

Hedging: all the loans are fixed-rate loans, whereas the Notes are
floating-rate liabilities. As a result, the issuer is subjected to
a fixed-floating interest-rate mismatch. To mitigate the
fixed-floating rate mismatch, the issuer has entered into a swap
agreement with BBVA. Under the swap agreement, (i) the issuer pays
a fixed rate of 2.2892%, (ii) the swap counterparty pays 3M
Euribor, (iii) the notional as of any date will be the outstanding
balance of Classes A-F Notes.

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

MAIN MODEL ASSUMPTIONS

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

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

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

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

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

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

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

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




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

AESIR (EUROPEAN LOAN 41): S&P Assigns BB+(sf) Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Aesir (European
Loan Conduit No. 41) DAC's class A, B, C, D, and E notes. At
closing, the issuer also issued unrated class X1 and X2 notes.

The transaction is backed by one senior loan, which Morgan Stanley
Bank, N.A. advanced to the borrowers as part of their refinancing
of 20 logistics assets (19 in the U.K. and one in Ireland).

The senior loan consists of a GBP281.8 million loan comprising
facility A and facility B1 (together, the securitized loan), and
EUR19.0 million facility B2 held outside the transaction. The
issuer purchased the securitized loan from the loan seller on the
closing date. Prior to closing, Morgan Stanley Bank, N.A. assigned
the securitized loan to Morgan Stanley Principal Funding, Inc.
(MSPFI), and MSPFI assigned the securitized loan to the issuer on
the closing date pursuant to the loan sale documents. Morgan
Stanley Bank, N.A. remains lender under facility B2.

The senior loan has an initial term of three years with two
one-year extension options, subject to the satisfaction of certain
conditions being met. Payments due under the loan facilities
agreement primarily fund the issuer's interest and principal
payments due under the notes.

Under EU, U.K., and U.S. risk retention requirements, the issuer
and the issuer lender (Morgan Stanley Bank, N.A.) also entered into
a GBP15.0 million issuer loan agreement (representing 5% of the
securitized senior loan plus the issuer loan share of the issuer
reserve), which ranks pari passu to the notes. The issuer lender
advanced the issuer loan to the issuer on the closing date. The
issuer applied the proceeds of this loan as partial consideration
for the purchase of the securitized loan from the loan seller.

The appraiser -- Savills -- valued the U.K. assets in October 2025
at GBP417.5 million and the Irish asset at EUR28.2 million, and the
current loan-to-value (LTV) ratio is 67.5%. The appraiser also
valued the U.K. assets at GBP437.6 million and the Irish asset at
EUR30.0 million, assuming a corporate sale. The senior loan does
not include amortization or default covenants. Instead, there are
cash trap mechanisms if the LTV ratio is greater than 72.5% or if
the debt yield is less than 8.1%.

S&P's ratings address the issuer's ability to meet timely interest
payments and principal repayment no later than the legal final
maturity in January 2036. They reflect its assessment of the
underlying loan's credit, cash flow, and legal characteristics, and
an analysis of the transaction's counterparty and operational
risks.

  Ratings

  Class  Rating*   Amount (mil. GBP)

  A      AAA (sf)     174.4§
  X1     NR             0.1
  X2     NR             0.1
  B      AA (sf)       24.9
  C      A (sf)        27.8  
  D      BBB- (sf)     45.8
  E      BB+ (sf)      11.9

*S&P's ratings address timely payment of interest and payment of
principal not later than the legal final maturity.
§Includes amounts to fund the issuer liquidity reserve.
NR--Not rated.


FEATHERSTONE ROVERS: Statement of Proposal Available on Request
---------------------------------------------------------------
Andrew David Rosler of Ideal Corporate Solutions Limited, as
administrator of Featherstone Rovers Rugby League Football Club
Limited, provide notice that he will undertake to to provide a copy
of their statement of proposals free of charge to any member of the
company who applies in writing to the postal address of the office
holders or to the email address provided.

The Administrator can be reached at:

     Andrew David Rosler (IP No. 9151)
     Ideal Corporate Solutions Limited
     Lancaster House
     171 Chorley New Road
     Bolton BL1 4QZ

Featherstone Rovers engaged in activities of sport clubs. The
company was placed into administration in the Business and Property
Courts in Manchester, Court Number 001694 of 2025, on December 15,
2025.  The Administrator was also appointed on December 15, 2025.

The company's registered office is The Millennium Stadium, Post
Office Road, Featherstone, Pontefract, WF7 5EN. Its principal
trading address is The Millennium Stadium, Post Office Road,
Featherstone, Pontefract, WF7 5EN.

For further details, contact:

     Lee Counsill
     Ideal Corporate Solutions Limited
     Tel: 01204 663000
     Email: lee.counsill@idealcs.co.uk


GRAFTERS LABOUR: FRP Advisory Appointed as Joint Administrators
---------------------------------------------------------------
GRAFTERS LABOUR SUPPLY (COLCHESTER) LTD, trading as Grafters Labour
Supply, 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-2026-000923.
Martyn Rickels (IP No. 28830) and Tom Bowes (IP No. 17010), both of
FRP Advisory Trading Limited, were appointed as Joint
Administrators on February 6, 2026.

The company operates in other activities of employment placement
agencies.

The company's registered office is 27 Villa Road, Stanway,
Colchester, CO3 3RH (to be changed to c/o FRP Advisory Trading
Limited, 2nd Floor, Abbey House, 32 Booth Street, Manchester, M2
4AB).

Its principal trading address is Wellington House, 90-92 Butt Road,
Colchester, CO3 3DA.

The Joint Administrators are:

     Martyn Rickels (IP No. 28830)
     Tom Bowes (IP No. 17010)
     FRP Advisory Trading Limited
     2nd Floor, Abbey House
     32 Booth Street
     Manchester M2 4AB

For further details, contact:

     The Joint Administrators
     Tel: 0161 833 3344
     Email: cp.manchester@frpadvisory.com

Alternative contact: Megan Hayne


MARASU'S PETITS : Xeinadin Corporate Named as Joint Administrators
------------------------------------------------------------------
Marasu's Petits Fours Limited, was placed into administration in
the High Court of Justice, Court Number CR2026-MAN-. Alessandro
Sidoli (IP No. 14270) and Jessica Barker (IP No. 32050), both of
Xeinadin Corporate Recovery Limited, were appointed as Joint
Administrators on February 6, 2026.

The company engaged in the manufacture of cocoa and chocolate
confectionery.

The company's registered office and principal trading address is
Unit 8 Powergate Business Park, Volt Avenue, Park Royal, London,
NW10 6PW.

The Joint Administrators are:

     Alessandro Sidoli (IP No. 14270)
     Jessica Barker (IP No. 32050)
     Xeinadin Corporate Recovery Limited
     100 Barbirolli Square
     Manchester M2 3BD

For further details, contact:

     The Joint Administrators
     Tel: 0161 832 6221
     Email: alex.fallows@xeinadin.com
     Alternative contact: Alex Fallows


O&H VEHICLE: BDO LLP Appointed as Joint Administrators
------------------------------------------------------
O&H Vehicle Conversions 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-LDS-000110.  Mark Thornton (IP No. 25650), Andrew Waudby
(IP No. 14390) and Kerry Bailey (IP No. 8780), all of BDO LLP, were
appointed as Joint Administrators on February 13, 2026.

The company engaged in the manufacture of bodies (coachwork) for
motor vehicles (except caravans) and other manufacturing not
elsewhere classified.

The company's registered office is 5 Larsen Road, Goole, East
Yorkshire, DN14 6XG (to be changed to c/o BDO LLP, 5 Temple Square,
Temple Street, Liverpool, L2 5RH).

Its principal trading address is 5 Larsen Road, Goole, East
Yorkshire, DN14 6XG.

The Joint Administrators are:

     Mark Thornton
     Andrew Waudby
     Kerry Bailey
     BDO LLP
     Central Square
     29 Wellington Street
     Leeds LS1 4DL

     Kerry Bailey
     BDO LLP
     Eden Building
     Irwell Street
     Salford M3 5EN

For further details, contact:

     Alex Convery
     Tel: +44 (0)744 2798412
     Email: BRCMTNorthandScotland@bdo.co.uk


PRESTAT GROUP: Xeinadin Corporate Appointed as Joint Administrators
-------------------------------------------------------------------
Prestat Group Ltd was placed into administration in the High Court
of Justice, Court Number CR2026-MAN-. Alessandro Sidoli (IP No.
14270) and Jessica Barker (IP No. 32050), both of Xeinadin
Corporate Recovery Limited, were appointed as Joint Administrators
on February 6, 2026.

The company operates in the manufacture of cocoa and chocolate
confectionery.

The company's registered office and principal trading address is
Unit 8 Powergate Business Park, Volt Avenue, Park Royal, London,
NW10 6PW.

The Joint Administrators are:

     Alessandro Sidoli
     Jessica Barker
     Xeinadin Corporate Recovery Limited
     100 Barbirolli Square
     Manchester M2 3BD

For further details, contact:

     The Joint Administrators
     Tel: 0161 832 6221
     Email: alex.fallows@xeinadin.com

Alternative contact: Alex Fallows


PRESTAT LIMITED: Xeinadin Corporate Named as Joint Administrators
-----------------------------------------------------------------
Prestat Limited was placed into administration in the High Court of
Justice, Court Number CR2026-MAN-.  Alessandro Sidoli (IP No.
14270) and Jessica Barker (IP No. 32050), both of Xeinadin
Corporate Recovery Limited, were appointed as Joint Administrators
on February 6, 2026.

The company operates in the wholesale of sugar, chocolate, and
sugar confectionery.

The company's registered office and principal trading address is
Unit 8 Powergate Business Park, Volt Avenue, Park Royal, London,
NW10 6PW.

The Joint Administrators are:

     Alessandro Sidoli (IP No. 14270)
     Jessica Barker (IP No. 32050)
     Xeinadin Corporate Recovery Limited
     100 Barbirolli Square
     Manchester M2 3BD

For further details contact:

     The Joint Administrators
     Tel: 0161 832 6221
     Email: alex.fallows@xeinadin.com

Alternative contact: Alex Fallows


ROCOCO CHOCOLATIER : Xeinadin Corporate Named as Administrators
---------------------------------------------------------------
Rococo Chocolatier Ltd, trading as Rococo Chocolates, was placed
into administration in the High Court of Justice, Court Number
CR2026-MAN-.  Alessandro Sidoli (IP No. 14270) and Jessica Barker
(IP No. 32050), both of Xeinadin Corporate Recovery Limited, were
appointed as Joint Administrators on February 6, 2026.

The company engaged in the creation and retail of chocolate
products and confectionery.

The company's registered office is Unit 8 Powergate Business Park,
Volt Avenue, Park Royal, London, NW10 6PW.

Its principal trading addresses are 3 Moxon Street, London, W1U 4EP
and 321 King's Road, London, SW3 5EP.

The Joint Administrators are:

     Alessandro Sidoli (IP No. 14270)
     Jessica Barker (IP No. 32050)
     Xeinadin Corporate Recovery Limited
     100 Barbirolli Square
     Manchester M2 3BD

For further details, contact:

     The Joint Administrators
     Tel: 0161 832 6221
     Email: alex.fallows@xeinadin.com


Alternative contact: Alex Fallows.




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

[] Fitch Affirms Six 'B/B-' Rated EMEA Diversified Industrials Cos
------------------------------------------------------------------
Fitch Ratings has affirmed six 'B'/'B-' rated EMEA diversified
industrials companies' ratings:

   1. EVOCA S.p.A.
   2. Flender International GmbH
   3. Artel Electronics LLC (AE)
   4. XSYS Germany Holding GmbH
   5. Vestel Elektronik Sanayi Ve Ticaret A.S.
   6. Ammega Group 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

Fitch scored the issuers as follows, using its Corporate Rating
Tool (CRT) to produce the Standalone Credit Profile (SCP):

EVOCA

- 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, Higher), Company Operational
Characteristics (bb, Moderate), Profitability (bbb, 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 '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.

Flender

- 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 (bb+,
Higher), 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 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 consideration applied.

AE

- 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 (b, Higher), Company Operational
Characteristics (bb-, Moderate), Profitability (b-, Moderate),
Financial Structure (bb, Moderate), and Financial Flexibility (b,
Higher).

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

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

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

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

- The SCP is 'b'.

To derive the IDR: no other consideration applied.

XSYS

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (bbb-, Higher), Company
Operational Characteristics (bb+, Moderate), Profitability (bbb,
Moderate), Financial Structure (ccc-, 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.

Vestel

- Business and financial profile factors (assessment, relative
importance): Management (bb, Moderate), Sector Characteristics
(bb+, Moderate), Market and Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (bb-, Lower), Company Operational
Characteristics (bb, Moderate), Profitability (ccc-, Moderate),
Financial Structure (ccc-, Higher), and Financial Flexibility (b-,
Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the 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(es).

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

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

- The SCP is 'ccc+'.

To derive the IDR:

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

Ammega

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bb-, Lower), Profitability (bbb-,
Higher), Financial Structure (ccc-, 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.

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

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

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

- The SCP is 'b-'.

To derive the IDR no other considerations were applied.

RATING ACTIONS

   Entity/Debt                   Rating           Recovery   Prior
   -----------                   ------           --------   -----
XSYS Germany Holding GmbH    

                          LT IDR    B-   Affirmed             B-
   senior secured         LT        B-   Affirmed    RR4      B-

Ammega Group B.V.     

                          LT IDR    B-   Affirmed             B-
   senior secured         LT        B-   Affirmed    RR4      B-

Artel Electronics LLC

                          LT IDR    B    Affirmed             B

Vestel Elektronik
Sanayi Ve Ticaret A.S.

                          LT IDR    CCC+ Affirmed            CCC+
                          LC LT IDR CCC+ Affirmed            CCC+
   senior unsecured       LT        CCC  Affirmed    RR5     CCC

EVOCA S.p.A.           

                          LT IDR    B    Affirmed            B
   senior secured         LT        B    Affirmed    RR4     B

Flender International GmbH     

                          LT IDR    B+   Affirmed            B+
   senior secured         LT        BB-  Affirmed    RR3     BB-



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2026.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *