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260227.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 Friday, February 27, 2026, Vol. 27, No. 42 Headlines A R M E N I A DEVELOPMENT AND INVESTMENT: Moody's Affirms Ba3 CFR, Outlook Stable B E L G I U M AZELIS GROUP: S&P Rates New EUR400MM Senior Unsecured Notes 'BB+' G E R M A N Y TK ELEVATOR: S&P Affirms 'B' ICR on Refinancing, Outlook Stable TUI AG: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive I R E L A N D CAPITAL FOUR VII: S&P Assigns B-(sf) Rating on Class F-R Notes L U X E M B O U R G ALTISOURCE PORTFOLIO: Audit Chair Won't Stand for Reelection ALTISOURCE PORTFOLIO: Hubzu Inventory Surges 137% to 13,500 Assets ALTISOURCE PORTFOLIO: Records $7.5M Liability for Fair Housing Suit COBHAM ULTRA: S&P Affirms 'B-' ICR & Alters Outlook to Stable N E T H E R L A N D S ACCELL GROUP: Debt Restructuring No Impact on Moody's 'Caa3' CFR AURORUS 2023: S&P Raises Class G-Dfrd Notes Rating to 'B-(sf)' SPINNAKER DEBTCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable U K R A I N E METINVEST BV: S&P Cuts ICR to 'CCC-' on Elevated Refinancing Risk U N I T E D K I N G D O M BARRY M. COSMETICS : Begbies Traynor Named as Joint Administrator BRAND INTERIORS: Leonard Curtis Appointed as Joint Administrators DAILY MAIL: Fitch Maintains BB+ Rating on Senior Unsecured Debt GILKS (NANTWICH): FRP Advisory Appointed as Joint Administrators INEOS GROUP: S&P Downgrades ICR to 'B+', Outlook Negative MAISON BIDCO: S&P Affirms 'B' ICR on Refinancing Plan TECSEW LIMITED: Carter Clark Appointed as Joint Administrators X X X X X X X X [] BOOK REVIEW: A History of the New York Stock Market [] Fitch Affirms Rating 13 Western Europe Altnets & Cable Cos. [] Fitch Affirms Ratings on 10 EMEA Oil & Gas Companies [] Fitch Affirms Ratings on 11 North American Services Companies - - - - - ============= A R M E N I A ============= DEVELOPMENT AND INVESTMENT: Moody's Affirms Ba3 CFR, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 long-term Corporate Family Rating and Ba3 long-term issuer ratings of the Development and Investment Corporation of Armenia (DICA). The outlook remains stable. RATINGS RATIONALE DICA's Ba3 CFR reflects its standalone assessment of b1 and one notch of rating uplift that incorporates Moody's expectations of a very high probability of support from the Government of Armenia (Ba3 stable). This assumption is based on the current full ownership of DICA by the Government of Armenia and its public policy role of supporting the development of Armenia's SME sector. DICA's Ba3 long-term issuer ratings are aligned with its Ba3 CFR and reflect the absence of structural subordination of senior unsecured obligations. DICA's standalone assessment of b1 primarily reflects its strong capital metrics, with the tangible common equity to tangible managed assets (TCE/TMA) ratio at around 69%, and good earnings-generating capacity with net income/average managed assets increasing to around 5% in 2025 from 2.7% in 2024. Bottom-line profits benefited from lower impairment charges and stronger trading gains on securities, while problem loans (defined as Stage 3 loans and finance lease receivables) declined to around 2.7% of total loans and leases at the end 2025. Access to government funding sources, combined with good liquidity buffers, is also instrumental in ensuring that the company can finance new projects and meet maturing liabilities. At the same time, the standalone assessment reflects Armenia's potentially volatile operating environment and high industry and asset risks given DICA's focus on the risky SME sector, in line with its development mandate. The company's small size, and limited franchise positioning and business diversification also constrain its standalone assessment at the current level. STABLE OUTLOOK The stable outlook is in line with the stable outlook on Armenia's Ba3 sovereign rating, which informs Moody's government support assumptions. The stable outlook further recognises that DICA's strong capital buffers help cushion asset risks and pressures from a potentially fragile operating environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS As DICA's ratings are already on par with the government rating, its CFR and long-term issuer ratings could be upgraded following a strengthening of the operating environment that is also accompanied by an upgrade of Armenia's sovereign rating. Conversely, downward pressure on the ratings would arise in case of a deterioration in the sovereign's credit profile, as would be indicated by a downgrade of the sovereign rating; and/or a significant deterioration in DICA's standalone assessment, as evident by a significant increase in problem loans, a deterioration in capital buffers or a significant squeeze in liquidity. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Finance Companies published in July 2024. DICA's "Assigned standalone Assessment" score of b1 is set nine notches below the "Financial Profile" initial score of A1 to reflect the operating environment that is characterized by high industry risks, high earnings volatility, and Moody's assessments of higher asset and cash flow and liquidity risks. ============= B E L G I U M ============= AZELIS GROUP: S&P Rates New EUR400MM Senior Unsecured Notes 'BB+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue rating and '3' recovery rating to Azelis Finance N.V.'s EUR400 million proposed five-year senior unsecured notes. Azelis Finance N.V., a subsidiary of specialty chemicals distributor Azelis Group N.V. (BB+/Stable/--), plans to issue EUR400 million of new senior unsecured notes. S&P understands Azelis intends to use the proceeds to redeem the group's existing EUR400 million senior unsecured notes maturing in 2028. The like-for-like refinancing will therefore not affect leverage metrics. The proposed issuance will extend the group's debt maturity profile, with the new bond maturing in 2031, and is expected to reduce interest expense. The proposed notes will rank pari passu with all the group's existing and future senior unsecured debt. S&P said, "Our 'BB+' issuer credit rating on Azelis Group N.V. and 'BB+' issue ratings and '3' recovery rating on the EUR600 million bond due September 2029, issued by Azelis Finance N.V., are unchanged. This reflects our expectations of meaningful recovery of 50%-70% (rounded estimate: 65%) in the event of a payment default." S&P said, "At year-end 2025, Azelis' credit metrics landed broadly in line with, albeit marginally weaker than, our latest expectations following the softer third quarter. "We consider Azelis maintains limited rating headroom following weaker credit metrics in 2025, in line with the soft operating environment observed throughout the year." As expected, 2025 performance was affected by persistent foreign exchange headwinds, subdued industrial demand, and ongoing competitive pressure, particularly in Asia-Pacific and the Americas. Revenue decreased to EUR4.1 billion in 2025 from EUR4.2 billion in 2024 (up 1.3% on constant currency), while S&P Global Ratings-adjusted EBITDA declined to EUR440 million from EUR501 million, with the margin narrowing to 10.7% from 11.9%, reflecting the above-mentioned demand weakness, foreign exchange headwinds, and pricing pressure. Despite lower earnings, adjusted free operating cash flow remained fairly resilient at about EUR220 million, supported by a counter-cyclical working capital unwind in the weaker demand environment, which led to inventory and receivables normalization, alongside low capital expenditure (capex) requirements. S&P said, "Although cash generation remained solid, earnings pressure led to S&P Global Ratings-adjusted leverage slightly exceeding our downside threshold at year-end 2025 at 4.1x (in line with our latest expectations from October), while company-defined net leverage stood at 3.3x, resulting in reduced rating headroom under the 'BB+' rating. "Looking ahead, we continue to expect a gradual recovery in credit metrics from 2026 onward, albeit at a slower pace than previously anticipated. Management reiterated it will scale back acquisition spending in the near term to preserve balance sheet flexibility, consistent with its leverage target of 2.5x–3.0x. "Our base case incorporates fewer bolt-on acquisitions from 2026 compared with previous expectations. We do not anticipate a meaningful recovery in demand and market conditions before 2028 and assume broadly flat organic performance in 2026. We now forecast revenue to return to modest growth of about 1%-2% in 2026 and close to 4% in 2027, supported by stabilization in end markets and incremental contributions from mergers and acquisitions (M&A). "Adjusted EBITDA should improve to about EUR456 million in 2026 and EUR490 million in 2027 in our base case, with margins gradually recovering toward 11.0%-11.5%, driven primarily by internal cost efficiencies and M&A contribution, rather than a cyclical rebound. We expect adjusted leverage to decline to about 3.9x in 2026 and further toward 3.4x in 2027 as earnings gradually improve and cash generation remains solid at around EUR210 million-EUR260 million annually. "Overall, while we continue to view rating headroom as limited in the near term, we expect management actions, including self-help measures and disciplined capital allocation, to support a gradual deleveraging from 2026 onward. We view the refinancing as a pro-active, opportunistic capital structure management with positive impact on the group's maturity profile." Issue Ratings--Recovery Analysis Key analytical factors -- Azelis Finance N.V.'s new EUR400 million senior unsecured notes due 2031 and EUR600 million senior unsecured notes due September 2029 are rated 'BB+' with a '3' recovery rating. This reflects our expectations of meaningful recovery of 50%-70% (rounded estimate: 65%) in the event of a payment default. -- The recovery rating is supported by our valuation of the business as a going concern, based on the company's deeply entrenched relationship with its customers, its strong technological excellence through research and development, low minimum capex requirements, strong product and customer diversity, and a track record of integrating acquisitions and deleveraging. -- The recovery rating is constrained by the presence of various pari passu debt facilities but benefits from a lack of significant prior-ranking debt, consisting of the revolving credit facility (RCF) and factoring facilities. -- The EUR600 million term loan maturing in September 2029 ranks pari passu with other debt facilities. It is included in the waterfall but is unrated at the issuer's request. -- S&P's hypothetical default scenario assumes an inability to service debt payments, due to loss of distribution agreements amid increased competition in adverse economic conditions. Simulated default assumptions -- Year of default: 2031 -- Jurisdiction: Belgium Simplified waterfall -- Emergence EBITDA: about EUR261 million --S&P assumes minimum capex to be 0.5% of revenue --Cyclical adjustment of 5%, standard for the sector --EBITDA multiple: 5.5x, standard for the sector -- Gross recovery value: about EUR1.355 billion -- Net recovery value for waterfall after administrative expenses (5%): about EUR1.286 billion -- Estimated priority claims (RCF and factoring): about EUR139 million -- Remaining value for creditors: about EUR1.147 billion -- Total senior unsecured debt: Approximately EUR1.719 billion* --Recovery range: 50%-70% (rounded estimate: 65%) --Recovery rating: 3 *All debt amounts include six months of prepetition interest. The RCF is assumed to be 85% drawn at default. ============= G E R M A N Y ============= TK ELEVATOR: S&P Affirms 'B' ICR on Refinancing, Outlook Stable --------------------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Germany-based TK Elevator Topco GmbH, TK Elevator Group (TK Elevator). S&P also affirmed its 'B' issue rating on the existing senior secured debt (recovery rating: '3'). S&P assigned its 'B' issue rating to the new EUR1.5 billion term loans. S&P said, "The stable outlook reflects our expectation that TK Elevator will improve operating performance over the next 12-18 months through efficiency measures and revenue expansion, with adjusted EBITDA above 15% and leverage below 7x (excluding PIK notes) in fiscal 2026. We also anticipate FOCF of EUR175 million-EUR195 million and FFO cash interest coverage of about 2x." The proposed transaction is broadly leverage-neutral and will improve TK Elevator's maturity profile. Its holding company, TK Elevator Topco GmbH, plans to partially refinance its existing 2027 maturities by refinancing EUR1.5 billion equivalent senior secured notes: Issuing a new euro TLB tranche with similar terms to the current euro-denominated TLB tranche maturing in April 2030 (issued by TK Elevator Midco GmbH). Issuing a new U.S. dollar TLB with similar terms to the current dollar-denominated TLB tranche maturing in April 2030 (issued by TK Elevator Midco GmbH and TK Elevator U.S. Newco Inc.). The proposed transaction will have an overall neutral effect on TK Elevator's leverage. The remaining EUR900 million tranche will be refinanced by July 2026. S&P forecasts S&P Global Ratings-adjusted debt to EBITDA--excluding payment-in-kind notes (PIKs)--of about 6.7x-6.9x in fiscal 2026 (ending Sept. 30), and about 6.4x-6.6x in fiscal 2027, down from about 7.7x in fiscal 2025. Importantly, the company's debt structure broadly mirrors its currency earnings mix, providing a natural hedge and limiting any material impact on leverage from currency movements. Funds from operations (FFO) cash interest will stand at approximately 1.9x-2.1x in fiscal 2026, showing limited improvement. Order intake indicates broad-based market growth, driven by strong demand in the modernization and service segments, despite ongoing weakness in the new installations segment in China. In the first quarter of 2026, order intake increased 10% year-over-year, with a book-to-bill ratio above 1.0x in the new installations and modernization segments, providing solid near-term revenue visibility. The market's outlook remained mixed and differentiated by business lines. Service and modernization, which together represent approximately two-thirds of revenue and more than 90% of EBIT, continue to benefit from structural growth drivers, including an aging installed base, increasing regulatory requirements, and urban infrastructure upgrades. S&P said, "Weakness in the new installation market is primarily due to the ongoing decline in China, which we expect to reach about 10% in 2026, amid continued pressures in real estate contraction and pricing. We note that exposure to Chinese market has reduced to less than 7% of group revenues, mitigating overall risk, and is being replaced by fast growing markets. Elsewhere, new installation markets remain resilient, with selective strength in the U.S. (notably healthcare, premium office, and data centers), strong momentum in India, and particularly robust growth in the Middle East, where Saudi Arabia is benefiting from large-scale infrastructure and urban development programs." Europe remains mixed, with stabilizing German residential market and strong growth in Spain. A key factor that will sustain volumes is the doubling order intake for EOX units in the first quarter of 2025. The EOX platform remains important for future growth, with order intake units up approximately 30% over the past 12 months, and a strong presence in Europe and North America. EOX supports profitability through product standardization, reduced complexity, and lower installation hours, and later linked service growth. Steady revenues in 2026 were complemented by further profitability appreciation, with some persistent foreign exchange headwinds in the first half. S&P said, "We moderate top-line growth in fiscal 2026 to about 0.5%-1.5%, exceeding EUR9.2 billion. This is supported by strong backlog development and continued momentum in the modernization and service segments but partially offset by ongoing weakness in the new installations segment, particularly in China. Foreign exchange had a negative impact in the quarter, with a headwind of approximately EUR130 million on revenue (about 6%), primarily driven by euro strength against the U.S. dollar and Chinese renminbi. We expect a similar or slightly higher headwind in the second quarter of 2026 based on current rates but anticipate a significantly reduced foreign exchange impact in the second half of the year. We anticipate the EBITDA margin will improve further in fiscal 2026, with an S&P Global Ratings-adjusted EBITDA margin of about 15.5%-16.0%, an increase from 14.8% in 2025. This improvement reflects a continued shift in the product mix toward higher-margin service and modernization activities, sustained pricing discipline, ongoing efficiencies in operating expenses, benefits from manufacturing optimization (including the EOX platform), and productivity gains from the rollout of the AI-enabled service delivery model. We expect margin expansion to be gradual and performance-driven rather than volume-led." S&P said, "We anticipate stable earnings and consistent margin growth, combined with low capital expenditure (capex) and working capital intensity, as well as declining cash outflows related to transformation. We forecast positive free operating cash flow (FOCF) of EUR175 million-EUR195 million in fiscal 2026. We expect working capital to be negative by approximately EUR40 million-EUR60 million in fiscal 2026 before normalizing to a EUR20 million outflow in fiscal 2027. The company's operating model does not typically require material working capital, supporting more predictable cash conversion. We expect regular capex to reduce after EUR256 million was spent in 2025, reflecting the completion of major transformation and product platform investments. Importantly, capex related to the Alat joint venture (manufacturing site) will flow through cash flow but has been pre-funded by the investment of the joint venture partner in the last year's investment. We also expect lower cash special items as major transformation programs near completion, with annual related charges decreasing towards EUR50 million over the next three years compared to EUR197 million cash special items recorded in fiscal 2025. "The stable outlook reflects our expectation that TK Elevator will improve operating performance over the next 12-18 months through efficiency measures and revenue expansion, with adjusted EBITDA above 15% and leverage below 7x (excluding PIK notes) in fiscal 2026. We also anticipate FOCF of EUR175 million-EUR195 million and FFO cash interest coverage of about 2x. "We could lower the ratings if the group does not increase its revenue or absolute EBITDA as we expect, resulting in debt to EBITDA (excluding PIK notes) exceeding 8x or an FFO cash interest ratio below 2x by fiscal year 2025. These scenarios could materialize if EBITDA declines due to tough industry conditions and a weakening economy." S&P could also lower the rating if: -- The EBITDA margin does not improve toward 14%; -- The company cannot generate sustainable FOCF of more than EUR100 million; -- Liquidity deteriorates; or -- The group undertakes significant debt-financed acquisitions. S&P said, "We are unlikely to raise the ratings over the next 24 months, owing to the group's high leverage and financial sponsor ownership. Beyond then, we could raise the rating if debt to EBITDA falls significantly below 7x, supported by further EBITDA margin expansion to above 15% and an FFO cash interest coverage ratio of about 2.5x, as well as a more conservative financial policy." TUI AG: Moody's Affirms 'Ba3' CFR & Alters Outlook to Positive -------------------------------------------------------------- Moody's Ratings affirmed TUI AG's (TUI or the company) Ba3 corporate family rating and the Ba3-PD probability of default rating. Concomitantly Moody's affirmed the Ba3 instrument rating to the EUR500 million backed senior unsecured notes due 2029 issued by TUI. The outlook was changed to positive from stable. RATINGS RATIONALE The change in outlook to positive from stable reflects TUI's new capital allocation framework, including a prudent net leverage target below 0.5x (compared to strongly below 1.0x previously) over the medium term and a dividend policy of 10%–20% of underlying EPS (following a EUR0.10 starter dividend for fiscal year 2025). The positive outlook also reflects the group's improved liquidity at end-December 2025, the seasonal low point, driven by enhanced operating cash flow and lower Revolving Credit Facility (RCF) utilization resulting in Moody's-adjusted debt/EBITDA of around 2.5x, down from 2.8x in December 2024. The successful refinancing of the group's RCF in March 2025 with a new maturity date in March 2030 also supports TUI's liquidity profile. Moody's expects profitability to slightly improve over the next 12 to 18 months because of cost savings in the Markets + Airline segment and trading momentum in Holiday Experiences (HEX) with a Moody's EBITA margin of around 6.7% expected in the coming 12-18 months compared to 6.5% in the fiscal year ending September 2025. The rating affirmation reflects TUI's solid operating performance in fiscal year 2025, and Moody's expectations of further earnings growth, which should help maintain Moody's adjusted leverage broadly stable at around 2.1x over the next 12-18 months and a Moody's adjusted free cash flow (FCF) of around EUR300 million per annum. The rating action further reflects TUI's strengthened balance sheet and commitment to its leverage target. In fiscal year ending September 2025, demand trends remained resilient despite a challenging macroeconomic environment. TUI recorded 9% underlying EBIT growth, primarily driven by the strong performance of the Hotels & Resorts and Cruises segments, which benefited from robust demand, improved pricing and capacity growth. This more than offset weaker results in the Markets + Airline segment, where performance remained constrained by cost pressures. Improved earnings supported positive free cash flow generation and a gradual strengthening of credit metrics, with Moody's adjusted leverage improving to 2.2x in fiscal year ending September 2025 from 2.4x one year earlier. Over the next 12–18 months, Moody's expects continued earnings growth, supported by low single digit revenue growth from targeted hotel investments and further progress in TUI's asset light and digitalization strategy. Following significant cost pressure in the Markets + Airline segment in fiscal year ending September 2025, the company initiated a cost reduction program with targets savings of EUR250 million by fiscal year ending September 2028, which should support a gradual improvement in profitability of the segment. While gross debt is expected to increase modestly due to aircraft investments, Moody's anticipates that Moody's adjusted Debt/EBITDA will remain broadly stable at around 2.0x. Downside risks to the forecast remain, reflecting execution risk related to the group's transformation initiatives, as well as ongoing macroeconomic and geopolitical uncertainty amid still fragile consumer sentiment. In addition, the increasing frequency of extreme weather events represents a growing operational risk, as illustrated by marginally weaker winter bookings following weather related disruption in Jamaica. Early summer bookings show mixed trends across core source markets and remain at an early stage of the season. OUTLOOK The positive outlook reflects Moody's expectations that TUI's leverage will consistently remain at or below 2.0x by the end of each fiscal year, with lower seasonal swings due to reduced dependence on its RCF, thereby enhancing interest coverage metrics. The outlook also reflects that Moody's expects on-going positive FCF in the mid-to-high single digits in relation to Moody's adjusted debt, and that TUI will maintain solid liquidity throughout the year, ensuring available liquidity at least equals EUR1.5 billion at all times. ESG CONSIDERATIONS Moody's expects TUI to meet its leverage target (net leverage below 0.5x in the medium term). Furthermore, Moody's expects TUI to adhere to its recently defined dividend policy. LIQUIDITY Moody's views TUI's liquidity as adequate. As of fiscal Q1 2026 (December 31 2025), TUI had a total liquidity of around EUR2.1 billion consisting in EUR0.8 billion in unrestricted cash and circa EUR1.2 billion in undrawn RCFs out of EUR1.8 billion total cash commitments. Due to the high seasonality of its operations, TUI experiences significant working capital swings during the low season, historically around EUR2 billion. Consequently, TUI has traditionally relied on its RCF. However, with improved cash-flow generation, TUI is relying less on its RCF. The group successfully refinanced its RCF in March 2025 where the maturity date was extended to March 2030 from July 2026. The RCF was further upsized by EUR76 million to EUR1,776 million, another positive for TUI's liquidity profile. The company complies with its financial covenants and Moody's expects it will continue to do so over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if, -- The company demonstrates its ability to improve Markets + Airline profitability year-over-year, supporting a positive trend in Moody's adjusted EBITA margin moving towards high-single digits. -- Moody's adjusted gross leverage ratio at or below 2x with more limited intra-year swings resulting from a stronger cash position. -- EBITA/interest expense improves towards 4x -- Continued improvement in liquidity, bolstered by non-aggressive distribution and financial leverage targets supporting ample liquidity buffers at all times. -- Consistent positive FCF Negative pressure could arise if, -- Moody's adjusted EBITA/interest expense remains sustainably below 3x -- Available liquidity drops below EUR1.5 billion, and liquidity deteriorates, with weakening FCF -- Moody's adjusted gross debt/EBITDA exceeds 2.5x on a sustained basis 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 TUI AG, based in Hannover, Germany, is a leading global tourism group with divisions in Holiday Experiences and Markets + Airline, serving aproximately 34.7 million customers in around 180 destinations. With listings on the Frankfurt and Hannover stock exchanges, TUI reported revenue of EUR24.2 billion and underlying EBIT of EUR1,414 million for the fiscal year ending September 30, 2025. ============= I R E L A N D ============= CAPITAL FOUR VII: S&P Assigns B-(sf) Rating on Class F-R Notes -------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Capital Four CLO VII DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer also issued unrated subordinated notes. This transaction is a reset of the already existing transaction that closed in March 2024. The existing loan and notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date and the ratings on the original notes have been withdrawn. This is a European cash flow CLO transaction, securitizing a pool of primarily syndicated senior secured loans and bonds. The portfolio's reinvestment period will end approximately 4.68 years after closing. Under the transaction documents, the rated notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The ratings assigned to Capital Four CLO VII DAC's reset notes reflect our assessment of: -- The diversified collateral pool, which primarily comprises syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. -- The portfolio is well-diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term senior secured bonds. Therefore, S&P has conducted our credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,761.49 Default rate dispersion 533.65 Weighted-average life (years) 4.77 Obligor diversity measure 152.78 Industry diversity measure 24.27 Regional diversity measure 1.18 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 184 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.53 Actual 'AAA' weighted-average recovery (%) 35.80 Actual weighted-average spread net of floors (%) 3.47 Actual weighted-average coupon (%) 3.19 S&P said, "In our cash flow analysis, we modeled the target weighted-average spread of 3.47%, the covenanted weighted-average coupon of 3.00%, and the target weighted-average recovery rates for the rated notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Following the application of our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for the class X-R to F-R notes. "Our credit and cash flow analysis indicates the available credit enhancement for the class B-R to E-R notes is commensurate with higher ratings than those assigned. However, as the CLO will have a reinvestment period, during which the transaction's credit risk profile could deteriorate, we capped our ratings on these notes. "For the class F-R notes, our credit and cash flow analysis indicates the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F-R notes reflects several key factors, including: -- Their available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 25.37% (for a portfolio with a weighted-average life of 4.77 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.77 years, which would result in a target default rate of 15.26%." -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis and the application of our 'CCC' rating criteria, we consider the available credit enhancement for the class F-R notes to be commensurate with the assigned 'B- (sf)' rating. In addition to our standard analysis, we have also included the sensitivity of the ratings on the class X-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Capital Four CLO VII 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. Capital Four CLO Management II K/S is the lead collateral manager and Capital Four Management Fondsmæglerselskab A/S is the co-collateral manager. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) X-R AAA (sf) 3.00 Three/six-month EURIBOR N/A plus 0.95% A-R AAA (sf) 248.00 Three/six-month EURIBOR 38.00 plus 1.24% B-R AA (sf) 41.50 Three/six-month EURIBOR 27.63 plus 1.65% C-R A (sf) 24.00 Three/six-month EURIBOR 21.63 plus 2.10% D-R BBB- (sf) 30.00 Three/six-month EURIBOR 14.13 plus 2.65% E-R BB- (sf) 18.00 Three/six-month EURIBOR 9.63 plus 4.80% F-R B- (sf) 12.50 Three/six-month EURIBOR 6.50 plus 8.25% Sub NR 34.85 N/A N/A *The ratings assigned to the class X-R, A-R, and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. Sub--Subordinated notes. NR--Not rated. N/A--Not applicable. =================== L U X E M B O U R G =================== ALTISOURCE PORTFOLIO: Audit Chair Won't Stand for Reelection ------------------------------------------------------------ Altisource Portfolio Solutions S.A. disclosed in a regulatory filing that Roland Mueller-Ineichen, a member of the Board of Directors and Chair of the Audit Committee, notified the Company that he will not stand for re-election at the Company's 2026 Annual General Meeting of Shareholders. Mr. Mueller-Ineichen will continue to serve as a director and fulfill his responsibilities as Chair of the Audit Committee through the expiration of his current term at that meeting. Mr. Mueller-Ineichen's decision not to stand for re-election is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. About Altisource Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. -- https://www.Altisource.com/ -- is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. As of September 30, 2025, the Company had $139.91 million in total assets, $243.38 million in total liabilities, and $103.47 million in total deficit. * * * In March 2025. S&P Global Ratings raised its Company credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'. S&P said, "We also assigned our 'B' issue-level rating and '1' recovery rating to the new $12.5 million senior secured debt (super senior facility), 'CCC-' issue-level rating and '6' recovery rating to the new $160 million senior subordinated debt (new first lien loan), and withdrew our ratings on the company's exchanged senior secured term loan, which was rated 'D'. "The stable outlook reflects our expectation that over the next 12 months, while we expect Altisource to generate positive cash flow from operations, we believe its liquidity will remain constrained and the company will remain dependent on favorable financial and economic conditions to meet its financial commitments. ALTISOURCE PORTFOLIO: Hubzu Inventory Surges 137% to 13,500 Assets ------------------------------------------------------------------ Altisource Portfolio Solutions S.A. disclosed in a regulatory filing that during the fourth quarter of 2025, it entered into two notable agreements with customers within its higher margin Marketplace business unit ("Hubzu"), part of the Servicer and Real Estate segment. * The first agreement relates to the provision of REO asset management and foreclosure auction services to a new residential loan servicer customer. * The second agreement relates to the provision of CWCOT first-chance foreclosure auction services to an existing customer. These two wins were significant contributors to Hubzu's recent inventory growth. As of February 15, 2026, Hubzu's inventory has grown to approximately 13,500 assets compared to 5,700 assets as of September 30, 2025, representing an increase of approximately 137%. The Company anticipates revenue from these customer wins to grow during the year as REO and foreclosure referrals proceed to sale. The timing and amount of revenue will depend on various factors, including referral volumes, conversion rates and market conditions. About Altisource Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. -- https://www.Altisource.com/ -- is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. As of September 30, 2025, the Company had $139.91 million in total assets, $243.38 million in total liabilities, and $103.47 million in total deficit. * * * In March 2025. S&P Global Ratings raised its Company credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'. S&P said, "We also assigned our 'B' issue-level rating and '1' recovery rating to the new $12.5 million senior secured debt (super senior facility), 'CCC-' issue-level rating and '6' recovery rating to the new $160 million senior subordinated debt (new first lien loan), and withdrew our ratings on the company's exchanged senior secured term loan, which was rated 'D'. "The stable outlook reflects our expectation that over the next 12 months, while we expect Altisource to generate positive cash flow from operations, we believe its liquidity will remain constrained and the company will remain dependent on favorable financial and economic conditions to meet its financial commitments. ALTISOURCE PORTFOLIO: Records $7.5M Liability for Fair Housing Suit ------------------------------------------------------------------- Altisource Portfolio Solutions S.A. disclosed in a regulatory filing that its wholly owned subsidiary, Altisource Solutions, Inc., entered into a settlement agreement to resolve the litigation captioned National Fair Housing Alliance, et al. v. Deutsche Bank National Trust Company, et al., pending in the United States District Court for the Northern District of Illinois. The Company recorded a $7.5 million liability in the fourth quarter of 2025 with respect to amounts owed under the Settlement Agreement and associated defense costs. The Settlement Agreement provides for a full release of claims against the defendants and dismissal of the Litigation with prejudice, contains customary terms and conditions, and does not include any admission of liability, fault or unlawful conduct by the defendants. The Company expects to fund the Settlement Costs from available cash. The Company expects that a significant portion of the Settlement Costs may be eligible for reimbursement under applicable insurance, subject to the terms and conditions of the applicable insurance policies. However, one insurer is disputing the extent of its available insurance coverage. There can be no assurance as to the timing or amount of any such reimbursement, if any. The Company believes that the settlement is in the best interests of the Company and its stockholders and will allow the Company to avoid the cost, uncertainty, and distraction of continued litigation. About Altisource Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. -- https://www.Altisource.com/ -- is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. As of September 30, 2025, the Company had $139.91 million in total assets, $243.38 million in total liabilities, and $103.47 million in total deficit. * * * In March 2025. S&P Global Ratings raised its Company credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'. S&P said, "We also assigned our 'B' issue-level rating and '1' recovery rating to the new $12.5 million senior secured debt (super senior facility), 'CCC-' issue-level rating and '6' recovery rating to the new $160 million senior subordinated debt (new first lien loan), and withdrew our ratings on the company's exchanged senior secured term loan, which was rated 'D'. "The stable outlook reflects our expectation that over the next 12 months, while we expect Altisource to generate positive cash flow from operations, we believe its liquidity will remain constrained and the company will remain dependent on favorable financial and economic conditions to meet its financial commitments. COBHAM ULTRA: S&P Affirms 'B-' ICR & Alters Outlook to Stable ------------------------------------------------------------- S&P Global Ratings revised its outlook on defense electronics solutions provider Cobham Ultra SunCo S.a.r.l. (Ultra) to stable from negative. At the same time, S&P affirmed the 'B-' long-term issuer credit rating on Ultra and the 'B-' issue ratings on the group's senior secured term loan B (TLB) and its multicurrency revolving credit facility (RCF). The recovery rating is '4' (rounded estimate: 45%). The stable outlook indicates that Ultra's operating performance should continue to improve because of the company's solid exposure to the defense sector, and that its key credit metrics should gradually improve through 2026. Ultra has used proceeds from the disposal of its Precision Control Systems (PCS) business to reduce debt and pay a shareholder distribution. S&P Global Ratings expects Ultra's credit metrics to improve in 2026. S&P anticipates leverage to trend to about 7.6x, with cash interest cover of about 1.5x, and free operating cash flow (FOCF) of about breakeven at the same time (this is heavily dependent on an expected material reduction in one off restructuring costs in 2026). The company has also strengthened its liquidity position. Ultra primarily used the proceeds from the PCS sale for debt repayment and to fund a dividend distribution. The net proceeds totaled $1.462 million. Ultra has used these proceeds to repay the remaining $175 million of its outstanding senior unsecured notes (now fully repaid), $204 million of its U.S. dollar-denominated TLB (leaving $607 million outstanding), $529 million of payment-in-kind (PIK) debt (leaving $93 million outstanding), and to make a dividend payment of $450 million to its financial sponsor, Advent. Ultra also repaid $99 million of RCF drawings, leaving the facility fully undrawn. These debt repayments support the rating as they improve leverage in 2026. S&P said, "We forecast Ultra's S&P Global Ratings-adjusted leverage to trend to about 7.6x in 2026 (from more than 12.0x expected previously). Funds from operations (FFO) cash interest cover should be about 1.5x and we expect FOCF of about breakeven. Ultra has good cash balances (of $107 million immediately following this transaction) and full availability under its $242 million RCF, with no covenant concerns, all of which underpin the rating and stable outlook." S&P said, "Following the sale of PCS and the reduction of Ultra's operating perimeter, we have reassessed Ultra's business risk profile. PCS contributed about $250 million of revenue and about $75 million of EBITDA in 2025 and offered safety-critical electronic and pneumatic systems, such as position sensors and ice protection, for military and commercial aerospace. Following this disposal, we estimate that Ultra's revenue base will contract by about 14% in 2026, to about $970 million (including the offsetting effect of good organic growth in the remaining Maritime and Intelligence and Communications businesses). The company's absolute EBITDA base should exhibit good like-for-like growth through 2026 compared with 2025 (because Ultra's numbers still had a full year's contribution from PCS in 2025, now disposed of), and we expect profitability to be bolstered by an assumption that restructuring and one-off costs will fall to about $20 million-$25 million for 2026 (compared with about $70 million in 2025). We therefore forecast S&P Global ratings-adjusted EBITDA of about $170 million for 2026, noting that management's calculation (also incorporating one offs) will likely be closer to $200 million for the year. We note that Ultra's profitability is quite volatile compared to similarly rated peers, due to ongoing disposals or changes in Ultra's operating perimeter but also fluctuations in one-off costs. The company's operating perimeter is smaller than when we first assigned ratings on Ultra, and, considering all these factors together, we are reassessing Ultra's business risk profile as weak (previously fair). "Our base case and Ultra's Credit metrics are sensitive to any potential underperformance, unexpected one-off costs weighing on EBITDA improvement, and how or if the proceeds from future disposals will be applied. Ultra has been undergoing significant restructuring since being acquired by Advent, and our base case incorporates an assumption that, with most of the restructuring nearly complete, one-off costs will reduce materially in 2026, to about $20 million-$25 million for the year. Higher-than-expected one off costs in 2026 could weigh on profitability, our credit metrics, and, in turn, the ratings. Given the still very high leverage and declining scope of the group, the way Ultra decides to apply the proceeds of any future disposals will be key to our assessment of the overall ratings. "Despite continuously high leverage, repeat shareholder distributions reflect an aggressive financial policy. We continue to expect that future disposal proceeds will be used for a mix of debt repayments and shareholder distributions. Cash retained in the business will support the group to meet its financial commitments, including its high cash interest costs, and its intrayear cash requirements, including working capital outflows and capital expenditure (capex). "The stable outlook indicates that operating performance should continue to improve because of Ultra's exposure to the defense sector, and that its key credit metrics should gradually improve through 2026. "We could lower the ratings if adjusted debt to EBITDA does not improve in line with our base case or if funds from operations (FFO) cash interest coverage dips below 1.5x. This could come from higher one-off costs than anticipated, underperformance across key business lines, or aggressive financial policies. We could also lower our rating if liquidity comes under significant strain. "We could raise the ratings if debt to EBITDA was sustainably below 6.0x. An upgrade would also require the company to generate sustainably positive FOCF and to exhibit FFO cash interest cover of more than 2.0x, with solid liquidity at the same time." ===================== N E T H E R L A N D S ===================== ACCELL GROUP: Debt Restructuring No Impact on Moody's 'Caa3' CFR ---------------------------------------------------------------- Moody's Ratings says Accell Group Holding B.V.'s (Accell or the company) new proposed debt restructuring will be considered a distressed exchange upon completion. The transaction has no immediate effect on Accell's ratings – which include the Caa3 Corporate Family Rating, Caa3-PD Probability of Default Rating, Caa1 rating on the EUR167 million backed super senior secured term loan, and Ca ratings on the EUR376 million backed 1.5 lien senior secured term loan and EUR80 million backed second lien senior secured term loan - or stable outlook, because completion of the exchange offer is not assured yet and the current rating level already factors in Moody's expectations of high losses for creditors. Although the terms and conditions of the proposed agreement with lenders have not been disclosed, the company has announced on February 18 [1] that the transaction will involve new additional funding to strengthen Accell's balance sheet, as well as a significant reduction in Accell's outstanding financial debt. In addition, the ownership of the company will be transferred to the existing super senior lenders. Accell expects the proposed recapitalization agreement to be executed in the coming weeks. Moody's will consider the proposed restructuring transaction as a distressed exchange, which is an event of default under Moody's definitions, because it involves debt write-downs and allows the company to avoid a default. Moody's expects to append a limited default (/LD) designation to Accell's Caa3-PD PDR upon transaction closing. AURORUS 2023: S&P Raises Class G-Dfrd Notes Rating to 'B-(sf)' -------------------------------------------------------------- S&P Global Ratings raised its credit ratings on Aurorus 2023 B.V.'s class B notes to 'AAA (sf)' from 'AA (sf)', class C-Dfrd notes to 'AA (sf)' from 'A+ (sf)', class D-Dfrd notes to 'A+ (sf) ' from 'BBB+ (sf)', class E-Dfrd notes to 'BBB+ (sf)' from 'BB (sf)', class F-Dfrd notes to 'BB (sf)' from 'B- (sf)', and class G-Dfrd notes to 'B- (sf)' from 'CCC- (sf)'. At the same time, S&P affirmed its 'AAA (sf)' rating on the class A notes. The transaction closed in October 2023 and, as of the December 2025 servicer report, the pool factor had declined to 60%. S&P said, "Cumulative gross losses were 2.47%, which are below our initial expectations. We have therefore lowered our gross loss base-case assumption for the remaining pool, while maintaining our closing default stress multiples, recovery rate, and recovery haircut assumptions." Since the end of the revolving period in October 2024, the principal waterfall has been paying pro rata. The principal waterfall will revert to full sequential repayment upon specified trigger breaches or following the first optional redemption date in October 2026. Credit risk stress assumptions Stressed Cumulative cumulative Recovery Rating gross loss Stress gross rate Level base-case (%) multiple losses (%) base-case (%) AAA 3.00 4.75 14.25 24.4 AA 3.00 3.75 11.25 24.4 A 3.00 2.75 8.25 24.4 BBB 3.00 1.75 5.25 24.4 BB 3.00 1.56 4.68 24.4 B 3.00 1.38 4.14 24.4 Stressed Stressed Rating Recovery rate recovery cumulative Level haircut (%) rate (%) net losses (%) AAA 55 10.98 12.69 AA 50 12.20 9.88 A 45 13.42 7.14 BBB 40 14.64 4.48 BB 35 15.86 3.94 B 30 17.08 3.43 S&P said, "We rate the class A and B notes based on the payment of timely interest (i.e., the ratings address the likelihood of interest being paid on each monthly payment date). Our ratings on the class C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes address the ultimate repayment of interest. Our ratings on the class C-Dfrd and D-Dfrd notes consider the timely payment of interest, including any previously deferred amounts, once the class becomes the most senior. Interest will accrue on any deferred interest amounts for the class C-Dfrd to G-Dfrd notes. "We performed our cash flow analysis to test the effect of the portfolio's deleveraging and the resulting increase in credit enhancement. Our cash flow analysis indicates the available credit enhancement for the class B, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes is sufficient to withstand the credit and cash flow stresses that we apply at higher rating levels than those previously assigned. As the transaction continues to pay pro rata, we assumed defaults will occur later in the transaction's life, which allows collections to initially be used to pay down the notes. Our cash flow results at the higher rating levels remain robust in these scenarios. We therefore raised our ratings on these classes of notes. "We also updated our analysis to reflect the actual weighted‑average interest rates and margins in the pool, rather than the assumptions used at closing. At closing, a covenant for the revolving period required a minimum weighted‑average margin of 4.00% on the floating‑rate loans. We modelled at this minimum level when assigning ratings at closing. The current weighted‑average margin has increased to 6.64%, materially above that threshold. We now model this at 6.64%. This uplift generates additional excess spread within the structure, which enhances credit protection and supports the ratings on the notes. We have affirmed our rating on the class A notes, which continue to show stability at 'AAA (sf)' in our cash flow analysis." Sovereign, counterparty, and operational risks do not constrain the ratings. Legal risks continue to be adequately mitigated, in S&P's view. Aurorus 2023 B.V. is an ABS transaction that securitizes a portfolio of unsecured consumer loans originated and serviced by Qander Consumer Finance B.V. in the Netherlands. Qander officially changed its name to Buy Way Personal Finance in early 2026. SPINNAKER DEBTCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Spinnaker Debtco Limited (Norgine). Concurrently, Moody's also affirmed the B3 instrument ratings of the senior secured bank credit facilities due in 2030 and 2031. The outlook remains stable. RATINGS RATIONALE The rating affirmation reflects Moody's expectations that key credit metrics will improve over the next 12-18 months, but the company will remain weakly positioned in its rating until leverage comes below 7x. In particular, over that period of time, Moody's estimates that Norgine's Moody's-adjusted gross leverage will improve towards 7x from an estimated 8.3x as of end-2025. Furthermore, Moody's anticipates its Moody's-adjusted free cash flow (FCF), before milestone payments, to increase to around EUR10-15 million and its Moody's-adjusted EBITA to interest expense to about 2.0x. Over the next 12-18 months, Moody's expects Norgine's revenue to grow in the high-single digit range in percentage terms, mainly driven by continued market growth on its current portfolio, and contributions from the Theravia acquisition that closed in August 2025. Over the same period, Moody's expects its Moody's-adjusted EBITDA to grow to around EUR160 million driven by revenue growth, higher profit margins from product mix, and synergies from the operational excellence programme will end in 2026. This forecast does not take into account any potential new acquisitions. Norgine's B3 rating reflects its strong market position in Europe for Movicol, Xifaxan, and Plenvu/Moviprep, supported by brand recognition and broad geographic reach across 16 European countries plus Australia and New Zealand. This geographic presence aids the growth of its consumer healthcare platform, while Moody's expects that extended patent protection on key brands and recent acquisitions and licensing deals to drive earnings growth through the decade. The rating reflects the company's still material dependence on three key product franchises, which generated about 76% of 2025 net sales, exposing to potential disruptions due to its small size. The company's external growth strategy to improve its product portfolio offering may delay Moody's leverage reduction expectations, if funded with new debt, as it was the case in 2025. Non-recurring items related to its operational excellence programme weighted in Moody's adjusted metrics in 2024 and 2025, but should decrease materially from 2026. OUTLOOK The stable outlook reflects Moody's expectations that Norgine's operating performance will continue to benefit from organic top-line growth in the mid-to-high single-digit percentages. Moody's forecasts the company's Moody's-adjusted gross leverage will improve towards 7x during the next 12-18 months, with continued adequate liquidity. The outlook incorporates Moody's assumptions that the company will not undertake any major debt-funded acquisitions or shareholder distributions. LIQUIDITY Norgine's liquidity is adequate, supported by its expected cash balance of EUR35 million as of end 2025 and access to a EUR160 million senior secured revolving credit facility (RCF), of which EUR55 million was drawn as of the same date. Over the next 12-18 months, Moody's-adjusted free cash flow (FCF) before milestone payments to increase to around EUR10-15 million. However, the company has relevant potential clinical and regulatory milestones payments that will add pressure to the company's cash generation, especially in 2027 and 2028. The company introduced a non-recourse factoring facility in place over the course of 2025 for which Moody's adjust as financing cash flow. The RCF includes a springing senior secured net leverage covenant set at 9.0x, tested only when, subject to certain exclusions, the RCF is drawn above 40%. Moody's estimates sufficient capacity against the covenant in case the RCF is used. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could develop if Norgine successfully rolls out its pipeline of new products and broadens its product concentration, increasing its scale. Numerically, this would also translate into Moody's-adjusted gross leverage declining below 5.5x, Moody's-adjusted FCF/debt, before acquisitions or licensing deals, increasing above 5%, and Moody's-adjusted EBITA/interest expense improving above 2x, all on a sustained basis. Downward rating pressure could develop if Norgine's operating performance weakens with a significant decline in its EBITDA margin. Numerically, this would translate into Moody's-adjusted gross leverage remaining above 7x, or Moody's-adjusted FCF, before acquisitions or licensing deals, remaining negative, or Moody's-adjusted EBITA/interest expense declining towards 1x; all on a sustained basis, or a weakening in liquidity. Significant debt-funded acquisitions that increase leverage or disrupt the operations could also lead to a rating downgrade. STRUCTURAL CONSIDERATIONS The B3 rating of the senior secured bank credit facilities, in line with the CFR, reflects their pari passu ranking in the capital structure and the upstream guarantees from material subsidiaries of the company. The B3-PD probability of default rating, in line with the CFR, reflects Moody's assumptions of a 50% family recovery rate, typical for bank debt structures with a limited or loose set of financial covenants. Guarantor coverage is at least 80% of consolidated EBITDA, determined in accordance with the agreement. Each material subsidiary is required to provide security over key shares, bank accounts and receivables. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Pharmaceuticals published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PROFILE Norgine is a speciality pharmaceutical company based in the Netherlands. The company is an integrated pan-European platform specialising in gastroenterology, hepatology, critical care, and other therapeutic areas with direct market presence across 18 European countries, and Australia and New Zealand. It operates two manufacturing facilities in Europe. Norgine generated net sales of EUR619 million and company-adjusted EBITDA of EUR154 million in 2025, and has been majority owned by the funds managed by Goldman Sachs Asset Management since 2022. ============= U K R A I N E ============= METINVEST BV: S&P Cuts ICR to 'CCC-' on Elevated Refinancing Risk ----------------------------------------------------------------- S&P Global Ratings lowered its ratings on Ukraine-based steelmaker Metinvest B.V. and its debt to 'CCC-' from 'CCC+'. The negative outlook reflects the current vulnerability to nonpayment in the coming months. Metinvest B.V. faces significant near-term maturities, with outstanding Eurobonds of $427.6 million due in April 2026 and $322.4 million due in October 2027. The company recently negotiated with its noteholders. However, the negotiations were ultimately terminated. S&P understands the company is now considering several alternatives to address its April 2026 maturity. There is a material cash shortage on the horizon. As of Dec. 31, 2025, Metinvest had a cash balance of about $375 million, of which we estimate $300 million was located outside Ukraine. In April 2026, the company will need to address the outstanding $427.6 million Eurobond. On Feb 3. 2026, Metinvest announced that they had terminated discussions with an ad hoc group of noteholders over a push of the outstanding instruments ($427.6 million Eurobond due in April 2026, $322.4 million due in October 2027, and $500 million due in October 2029) by a few years. S&P understands the gaps between the new interest rates, fees, and more restrictive covenants underpin the company's decision to seek other alternatives. S&P said, "We understand the company is considering several alternatives to avoid a default. As part of our analysis, we explored the different scenarios and associated a probability of executing it on time, while avoiding a default as defined by S&P Global Ratings." Alternative 1: Raising a new bond issuance--$200 million and above After several years of no access to capital markets for Ukraine-based companies, in late January the Ukraine-based poultry producer MHP SE was able to secure $450 million of new notes, which was further upsized by $100 million due to strong investor demand, bearing an interest rate of 10.5%. For the 12 months ending Sept. 30, 2025, MHP generated adjusted EBITDA of $547 million and reported adjusted debt leverage of about 4.5x. This compares with our estimate for Metinvest of adjusted EBITDA of $725 million-$775 million and adjusted debt leverage of 2.5x-3.0x over the same period. S&P said, "As the company needs to finalize its annual accounts and draft a prospectus, we understand that it would be able to tap the market no sooner than the second half of March. While the current market conditions are favorable, there is no certainty that they would remain favorable. As a result, we give limited probability to this scenario." Alternative 2: Negotiating a one-year maturity extension on its April 2026 notes Given the proposals of the ad hoc group, and taking into account the difficulty to seize and liquidate assets in Ukraine in the case of default, S&P thinks that the company would be able to agree on a temporary extension of the note due April 2026 to a period of several quarters (the next maturity is due on Oct. 1, 2027) and use the time to address its maturity profile (for example combination of new debt issuance and free cash flows). S&P said, "While we give such a scenario medium-to-high probability, it remains uncertain whether an agreement would be reached within the limited time frame ahead of the April 23, 2026 maturity. According to S&P Global Ratings' criteria, any delay (even if agreed) would be considered as a default. In such a scenario, we would use MHP's interest rates as a benchmark for compensation adequacy." Alternative 3: Using all available internal resources S&P said, "As mentioned above, the company had a cash balance of about $375 million as of end of 2025 (of which we estimate $300 million was located outside Ukraine) and would be able to generate a few dozen million by April. We assume that further management of working capital, delaying investments, and using short-term factoring facilities, would allow the company to meet the repayment and avoid default. In addition, Metinvest will need to meet interest payments of about $49 million between March and May 2026 on its outstanding 2026, 2027, and 2029 notes. A further $32 million in interest payments will fall due between September and November 2026 on its 2027 and 2029 notes. "We view this scenario as an extreme case if the other scenarios fail. While such a scenario will save the company from a default in the short term, the company would be in a weakened position, relying on daily cash management, until it was able to secure long-term funds." Metinvest's first nine months preliminary results point to a weaker full year 2025 performance. The company's first nine-month preliminary reported EBITDA fell 33% year on year to $565 million, driven by the suspension of operations at Pokrovske Coal in January 2025 ($349 million reported EBITDA negative impact year on year) as a result of power shortages and its proximity to the fighting in Eastern Ukraine, together with softening selling prices across its product range ($343 million). This was partially offset by higher sales volumes ($161 million reported EBITDA uplift year on year), lower transportation costs ($137 million), improved results from joint ventures ($74 million), and decreased raw material expenses ($42 million). Excluding the operational contribution of Pokrovske Coal, the first nine-month EBITDA grew from about $507 million in 2024 to $565 million over the same period in 2025. S&P Global Ratings notes a high degree of uncertainty about the extent, outcome, and consequences of the Russia-Ukraine war. Given the fluid situation with the ongoing Russia-Ukraine war, past performance may not be indicative of future operations, with key operating assets' capacity utilization levels fluctuating, depending on the developments of the war in Ukraine and external factors impacting Metinvest (such as electricity availability, market conditions, etc.). The negative outlook reflects the current vulnerability to nonpayment in the coming months, as its $427.6 million bond maturity is due in April 2026. S&P could lower its rating to 'D' (default) or 'SD' (selective default) if the company: -- Is unable to fully repay its senior notes due in April 2026, or -- Pursues a debt restructuring or maturity extension in a way S&P could view as a distressed exchange. S&P could raise its rating if Metinvest managed to refinance its upcoming bond maturity, dismissing any liquidity concerns over the coming months. =========================== U N I T E D K I N G D O M =========================== BARRY M. COSMETICS : Begbies Traynor Named as Joint Administrator ----------------------------------------------------------------- Barry M. Cosmetics Ltd., was placed into administration in the Business and Property Courts in Leeds, Court Number CR-2026-LDS-000099. Stephen Katz and David Rubin, both of Begbies Traynor (London) LLP, were appointed as Joint Administrators on February 9, 2026. The company engaged in manufacturing. The company's registered office is Pearl Assurance House, 319 Ballards Lane, Finchley, London, N12 8LY. The Joint Administrators are: Stephen Katz (IP No. 8681) David Rubin (IP No. 2591) Begbies Traynor (London) LLP Pearl Assurance House 319 Ballards Lane London N12 8LY For further details, contact: The Joint Administrators Tel: 020 8343 5900 Email: MG-Team@btguk.com Alternative contact: Mohamed Islam BRAND INTERIORS: Leonard Curtis Appointed as Joint Administrators ----------------------------------------------------------------- Brand Interiors Limited (Company Number 06637986) was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-MAN-000148. Megan Singleton (IP No. 22090) and M J Colman (IP No. 9721) of Leonard Curtis were appointed as Joint Administrators on February 11, 2026. The company's nature of business is in the retail of furniture, lighting and similar (not musical instruments or scores) in specialised store. The company's registered office and principal trading address is at Vine Mill, Brookside Street, Oswaldtwistle, Accrington, BB5 3PX. The Joint Administrators are: Megan Singleton (IP No. 22090) M J Colman (IP No. 9721) Leonard Curtis 20 Roundhouse Court South Rings Business Park Bamber Bridge Preston PR5 6DA For further details, contact: Joint Administrators Tel: 01772 646180 Email: recovery@leonardcurtis.co.uk Alternative contact: Tom Young DAILY MAIL: Fitch Maintains BB+ Rating on Senior Unsecured Debt --------------------------------------------------------------- Fitch Ratings has affirmed four European data, analytics services companies and publishers, and maintained Rothermere Continuation Holdings Limited on Rating Watch Negative (RWN). Given the required approvals, resolution of the RWN could take more than six months. 1. Springer Nature AG & Co. KGaA 2. RELX PLC 3. Ipsos SA 4. Rothermere Continuation Holdings Limited (Daily Mail and General Trust plc or DMGT) 5. Informa PLC. These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on January 9, 2026. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Springer Nature AG & Co. KGaA - 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 (bbb, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (a, Lower), Financial Structure (a+, Moderate), and Financial Flexibility (bbb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 50% for the forecast year 2025, 20% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. RELX PLC - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (a, Lower), Financial Structure (a-, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 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 'a-'. Ipsos SA - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb+, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 35% for the forecast year 2026, 35% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. Rothermere Continuation Holdings Limited (Daily Mail and General Trust plc) - 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+, Moderate), Profitability (b+, Moderate), Financial Structure (a, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. Informa PLC - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (a-, Lower), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 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'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Ipsos SA LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB RELX (Investments) plc senior unsecured ST F1 Affirmed F1 RELX Inc. senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Informa PLC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB RELX Capital Inc. senior unsecured LT A- Affirmed A- Rothermere Continuation Holdings Limited LT IDR BB+ Rating Watch Maintained BB+ RELX PLC LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 RELX Finance B.V. senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Springer Nature AG & Co. KGaA LT IDR BBB- Affirmed BBB- Daily Mail and General Trust plc senior unsecured LT BB+ Rating Watch Maintained RR4 BB+ GILKS (NANTWICH): FRP Advisory Appointed as Joint Administrators ---------------------------------------------------------------- Gilks (Nantwich) Limited was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-MAN-000234. Martyn Rickels (IP No. 28830) and Simon Farr (IP No. 27496) of FRP Advisory Trading Limited were appointed as Joint Administrators on February 10, 2026. The company engaged in electrical installation. The company's registered office is 10b Beam Street, Nantwich, Cheshire, CW5 5LP (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 10b Beam Street, Nantwich, Cheshire, CW5 5LP. The Joint Administrators are: Martyn Rickels Simon Farr FRP Advisory Trading Limited 4th 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: Beth Megram INEOS GROUP: S&P Downgrades ICR to 'B+', Outlook Negative --------------------------------------------------------- S&P Global Ratings took the following rating actions: Ineos Group Holdings S.A. (IGH)—S&P lowered the long-term issuer credit rating to 'B+' from 'BB-', The outlook is negative. The stand-alone credit profile (SACP) remains 'b+'. S&P also lowered its issue ratings on the subsidiary's instruments to 'B+' from 'BB-', with unchanged recovery ratings. S&P's rounded recovery estimate now stands at 60% (unchanged from its previous analysis). Ineos Quattro Holdings Ltd. (Quattro)—S&P lowered the long-term issuer credit rating to 'B' from 'BB-'. The outlook is negative. At the same time, S&P revised down the SACP to 'b' from 'b+', reflecting its estimate that EBITDA declined to EUR640 million-EUR670 million in 2025 from EUR774 million in 2024, leading to S&P Global Ratings-adjusted leverage of about 10x-11x, contrasting with its previous expectations for stable profitability and leverage. S&P also lowered its issue ratings on the subsidiary's instruments to 'B' from 'BB-', with unchanged recovery ratings. S&P's rounded recovery estimate now stands at 60% (from 65% in its previous analysis), reflecting the higher amount of priority debt in the capital structure, represented by new inventory financing. Ineos Ltd. Group Credit Profile (GCP) S&P said, "In our view, weaker-than-previously anticipated earnings for Ineos Quattro in 2025 and lower recovery prospects for the petrochemicals industry, including for IGH, will translate into higher financial leverage for Ineos Ltd. compared with our previous expectations." The petrochemical industry is currently grappling with significant overcapacity, primarily driven by aggressive capacity expansions in China outpacing weak global demand. This imbalance has suppressed utilization rates and profitability, particularly in Asia and Europe, challenging the viability of older, non-integrated, less efficient facilities. Consequently, S&P has seen accelerated announcements of permanent capacity closures and strategic asset reviews throughout 2025, with further actions expected in 2026 to rebalance supply and demand. A sustained recovery in operating rates and margins, however, is unlikely before 2028, and overcapacity could persist beyond that date while announced capacity closures are phased between now and late 2027. Global ethylene capacity is projected to grow faster than demand until 2027, fueled by China's push for self-sufficiency and feedstock advantages in North America and the Middle East. S&P said, "While over 8 million metric tons of capacity closures have already been announced, mainly in Northeast Asia and Europe, we anticipate capacity additions to peak in 2027. We expect operating rates to gradually improve toward the end of the decade as demand begins to outpace additions, but slower-than-expected demand growth or delays in closures could prolong the current challenging environment." Facing significant overcapacity and challenging market conditions, European chemical companies are urgently calling on the EU to intervene and protect the sector. Industry leaders are advocating for immediate measures, including accelerated anti-dumping duties, a temporary suspension of the carbon tax, and more competitive energy pricing for industry. These proposals aim to safeguard European production, jobs, and ultimately, the continent's ability to lead in innovation and the energy transition, rather than relying on imports. The call to action underscores the vital role of a robust chemical industry in supporting key sectors like healthcare, defense, and energy security. However, the outcome and timeline of potential government interventions remain uncertain, and while S&P currently does not factor any meaningful uplift from such actions into its base-case projections, these measures could translate into positive earnings impact for European petrochemical producers, including Ineos Group Holdings and Ineos Quatro. S&P said, "Considering the prolonged challenges and remaining uncertainty on the industry prospects, we revised down our forecasts for subsidiaries IGH and Ineos Quattro--the larger petrochemical entities in the group, accounting for about 60%-65% of its EBITDA. For Ineos Quattro, we estimate adjusted EBITDA to remain subdued in 2026 at EUR770 million-EUR820 million, following an all-time low of EUR640 million-EUR670 million in 2025, before improving to EUR900 million-EUR950 million in 2027. We anticipate that most of the EBITDA improvements in 2026 will be driven by cost saving initiatives and lower restructuring costs. That said, we note that specific protective measures from European regulators or higher shipping costs for PVC could quickly result in higher earnings for Inovyn, which accounts for over one-third of Ineos Quattro's projected EBITDA in 2025. "For IGH we forecast adjusted EBITDA of about EUR1.5 billion in 2026, marginally up from EUR1.4 billion in 2025. The improvement is largely explained by the negative impact of the scheduled turnaround in Lavera in 2025. Our base case factors in costs associated with the start-up of Project One, which we expect to increase modestly in 2026. Our assumptions for the other non-rated entities of the group, including Ineos Energy, remain broadly unchanged. "For parent Ineos Ltd. we estimate that EBITDA will stand at EUR3.9 billion-EUR4.0 billion in 2026, from about EUR3.4 billion in 2025 and about EUR3.8 billion in 2024, thanks to higher EBITDA across entities and the full-year impact of the acquisition of the U.S. Gulf oil and gas assets. Despite projected improvements in 2026, we believe that leverage will remain high, which we now view as commensurate with the current rating. Specifically, higher projected debt at Quattro led us to forecast that adjusted debt to EBITDA for the parent Ineos Ltd. will stand at 6.0x-6.5x in 2026 from 6.5x-7.0x in 2025 (including Project One-related debt and adjustments for net pension liabilities, leases, and asset retirement obligations). "We use our group rating methodology to assess our ratings on IGH, Ineos Quattro, and their related entities, which means that our ratings on IGH and Ineos Quattro continue to reflect the creditworthiness of the parent Ineos Ltd. and therefore, the potential for extraordinary support (or extraordinary negative intervention). We now view IGH and Ineos Quattro as highly strategic subsidiaries of Ineos Ltd. The assessment continues to reflect our view that the willingness to support the entities remains intact. However, the assessment reflects our view that the creditworthiness of the parent has decreased which implies a lower ability to provide support to its rated subsidiaries under all foreseeable circumstances. We also incorporate in our assessment the subsidiaries' weaker-than-expected performance, mirroring prolonged bottom-of-the-cycle conditions in petrochemicals, as well as the resulting widening leverage deviation between the group and the rated entities." Ineos Group Holdings (IGH) S&P said, "We expect that the combination of persisting weak market conditions and ongoing capital spending on the development of its new ethane cracker in Antwerp (Project One) will result in peak leverage in 2025-2026. We forecast IGH's EBITDA will decline to about EUR1.4 billion in 2025, from about EUR2 billion in 2024, and recover only modestly to about EUR1.5 billion in 2026 as the olefins and polymers market remains at a cyclical trough, with oversupply conditions extending at least until 2027, in our view. "Much needed capacity closures in Europe are accelerating (with about 20% of the total European ethylene capacity slated to close. Although this will gradually improve the industry's operating rates and margins from the 2025 lows, we expect the impact to be gradual and operating rates to remain well-below their pre-pandemic levels until the end of the decade. Against this backdrop, IGH continues to benefit from its cost-advantaged operations in the U.S., as well as its competitive ethane cracker in Rafnes, Norway, which benefits from imported ethane's economic advantage relative to naphtha, on which European petrochemical producers (including Ineos' operations in Koln and Lavera) remain largely reliant. Importantly, the mechanical completion of Project One--expected in late 2026--and the ramp-up of its operations in 2027 will provide uplift to IGH's earnings, including from the vertical integration into feedstock sourcing from Project One serving both IGH (and Quattro), reducing merchant market feedstock purchases. Under our base case, we assume positive earnings contribution from Project One only in the second half of 2027, which accounts for most of the forecast improvement in EBITDA to over EUR2 billion in 2027. We also assume lower earnings from shipping and trading at that point, because these assets will be increasingly used to supply IGH's own needs, including Project One (alongside Ineos' crackers in Rafnes and Grangemouth, U.K.--with the latter sitting outside IGH's perimeter)." Outlook S&P said, "The negative outlook indicates potential for further downgrades if parent Ineos Ltd.'s credit ratios worsen beyond our current expectations, for example due to lower volume recovery, lower cost savings in 2026, or a slower-than-anticipated Project One ramp-up in 2027, which could lead to higher leverage and worsening negative free cash flow for longer than anticipated. "In our base case, we expect that the challenging macroeconomic environment will continue to depress demand for cyclical commodity chemicals, and that oversupply conditions will persist in 2026 and 2027, due to new industry capacity and subdued demand. Accordingly, we forecast IGH's S&P Global Ratings-adjusted EBITDA will decline to about EUR1.4 billion in 2025 from EUR2.06 billion in 2024, leading to adjusted leverage of over 9.0x (including 2-3x relating to project financing for Project One). We expect self-help measures and progressive contribution from project one to progressively drive improvement in leverage toward 6.5x once Project One ramps up its operations." Downside scenario S&P could lower its rating on IGH if the creditworthiness of the wider parent Ineos Ltd. deteriorates beyond the current base-case over the next 12 months, so that adjusted debt to EBITDA for the parent Ineos Ltd. does not improve and remains above 6.5x in 2026 without prospects of quick recovery. A deterioration in IGH's standalone credit quality, such that polyoefins markets further deteriorates or Project one experiences delays in contribution, associated with impaired likelihood of leverage recovery toward 6.5x over the medium term, would also pressurize the rating. Upside scenario S&P said, "We could revise our outlook to stable if our view of the credit quality of the wider parent Ineos Ltd. improves. This would be the case if cost reduction measures, along with a recovery across the market segments of the wider parent Ineos Ltd., leads to adjusted debt to EBITDA standing comfortably below 6.5x in 2026." Liquidity S&P said, "We view IGH's liquidity as comfortably adequate because we forecast liquidity sources will exceed uses by about 2.0x in the 12 months from October 1, 2025. In our view, management is committed to maintaining ample liquidity, and we note the absence of maintenance covenants and an undemanding maturity profile. While it quantitatively qualifies for a stronger assessment, we cap our liquidity at adequate as we could foresee a scenario under which liquidity pressure could build up gradually when the company approaches the maturity of its 2028 term loans and senior secured notes, coupled with a prolonged cyclical downturn extending into 2028, impacting its ability to maintain a higher-than-adequate liquidity." Principal liquidity sources -- About EUR2.6 billion of unrestricted cash on balance sheet; -- EUR0.3 billion-EUR0.5 billion of expected cash funds from operations in the next 12 months. Principal liquidity uses -- About EUR0.6 million of debt amortization and debt maturities in next 12 months; -- EUR0.8 billion-EUR0.9 billion of capex in the next 12 months (excluding the debt-funded capex for Project One); -- No dividends; -- Potential seasonal working capital outflows of up to EUR0.1 billion. Recovery ratings Key analytical factors -- S&P rates the senior secured term notes due 2031, senior secured term loans due 2028-2031, and senior secured notes due 2028-2030 'B+' with a recovery rating of '3' (60%). -- The recovery rating reflects S&P's view of the company's substantial asset base and its fairly comprehensive security and guarantee package. However, this is balanced by the absence of maintenance financial covenants and a substantial proportion of the company's working capital assets being pledged in favor of a receivables securitization facility. -- The security package for the senior secured facilities comprises pledges over all assets, shares, and guarantors that represent at least 85% of EBITDA and assets. -- S&P values IGH as a going concern, given the company's solid market position, large-scale integrated petrochemicals sites across the U.S. and Europe, and diversified end markets. S&P said, "Our recovery analysis excludes the value of the Rain facility, which is an obligation of Ineos China Holdings Ltd. that is designated as an unrestricted subsidiary under the company's senior secured term loans and senior secured notes. Senior secured lenders of IGH do not have a claim over this asset. We exclude the EBITDA contribution from this entity for our recovery analysis purposes. "We assume that the financing of Project One will be ring fenced and will not have a claim on other assets of IGH, while senior secured lenders of IGH will not have a claim over Project One." Simulated default assumptions -- Year of default: 2030 -- Jurisdiction ranking: Group A, U.K. Simplified waterfall -- Emergence EBITDA: EUR1.43 billion -- Capital expenditure: 3% of three-year annual average sales (2022-2024) -- Cyclicality adjustment: 10%, in line with the specific industry subsegment -- Multiple: 5.5x -- Operational adjustment: +5% to reflect the company's large scale, integrated, and cost-competitive asset base and expanded perimeter following recent acquisitions. -- Gross recovery value: EUR7.85 billion -- Net recovery value for waterfall after administrative expenses (5%): EUR7.46 billion -- Estimated priority claims (mainly securitization program outstanding): EUR620 million* -- Remaining recovery value: EUR6.83 billion -- Estimated first-lien debt claim: EUR10.75 billion* -- Recovery range: 50%-70% (rounded estimate: 60%) -- Recovery rating: 3 *All debt amounts include six months of prepetition interest. Securitization facility assumed 100% drawn at default. Ineos Group Holdings--Rating component scores Issuer Credit Rating B+/Negative/-- Business risk: Satisfactory Country risk Very Low Industry risk Moderately High Competitive position Satisfactory Financial risk: Highly Leveraged Cash flow/leverage Highly Leveraged Anchor b+ Modifiers: Diversification/Portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Moderately negative (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile: b+ Group credit profile b+ Entity status within group Highly strategic Ineos Quattro Holdings (Ineos Quattro) S&P said, "Ineos Quattro's posted weak results for fourth-quarter 2025, prompting us to revise downward our base-case scenario. Exceptionally challenging trading conditions across all regions weighed on profitability, including in ABS and specialties reflecting low volume demand and destocking, styrene and polystyrene, PVC capturing depressed spreads, and aromatics reporting negative earnings. In Europe, persistent weakness in demand, elevated energy and feedstock costs, and increased competitive pressure from imports continued to erode margins across the product portfolio. Similarly, the Americas were characterized by subdued demand and downward price pressure, while oversupply in the Chinese market maintained considerable margin compression in Asia. The company also experienced seasonal weakness in demand during the fourth quarter, compounded by elevated year-end inventory management by downstream customer markets. In 2025, significant cost improvements and lower exceptionals compared with 2024 were mostly offset by low demand, resulting in reduced volumes and unit margins across most product lines, alongside sustained competition from Asian producers. Additionally, results were weakened by costs associated with scheduled major turnarounds at the Antwerp facility within the Styrolution business and at the Rafnes facility in the Inovyn (PVC) business, as well as one-off restructuring costs related to severance and restructuring initiatives at Sarnia, Canada. This has led us to revise downward our projection for 2025 EBITDA, which we now estimate will be EUR640 million-EUR670 million, a decrease of 13%-17% from EUR774 million in 2024, resulting in an EBITDA margin of 5.0%-6.0%. This is relatively stable compared with 2024, but significantly lower than the historical average of about 15%. "Our assessment of Ineos Quattro continues to reflect its solid market position across various geographies and diverse product portfolio across four chemical value chains. However, recent earnings weakness underscores the cyclical and commoditized nature of its products, making them highly susceptible to fluctuations in supply and demand and intense pricing competition. The company's performance is significantly influenced by cyclical end-user markets--including automotive, construction, packaging, and paints and coatings--where volatile manufacturing activity limits the potential for pricing improvements, as excess supply continues to outpace demand. Furthermore, Ineos Quattro faces heightened exposure to feedstock and energy costs, particularly in Europe, where approximately 40%-45% of its revenue was generated in 2024-2025. The energy-intensive Inovyn (PVC) operations, with their exclusively European footprint, further pressure margins. We project margins will remain below the 2019-2022 average of double-digit EBITDA margins (15%-16%), only moderately improving from 5.5%-6.5% for 2023-2025, progressively improving toward 8%-9% in 2028. "We now project modest 1%-2% growth of sales from 2026 (compared with a decline of 10%-15% in 2025), driven primarily by higher volumes as customers restock products after prolonged destocking periods, rather than a genuine resurgence in underlying demand. We expect adjusted EBITDA will remain subdued in 2026 at EUR770 million-EUR820 million, following an all-time low of EUR640 million-EUR670 million in 2025, before improving to EUR900 million-EUR950 million in 2027. We anticipate that most of the EBITDA improvements in 2026 will be driven by cost saving initiatives and lower restructuring costs. We now believe the deleveraging path will be longer than previously anticipated. We project S&P Global Ratings-adjusted debt to EBITDA will stand at 8.0x-9.0x in 2026, moderately improving from a spike of 10x-11x in 2025, driven by margin improvements and lower one-off costs. Concurrently, we forecast that EBITDA interest coverage will remain constrained in 2026, hovering around 1.0x. In our view, cash preservation measures will help offset negative free operating cash flow (FOCF) in 2026, targeting in overall cash neutrality through the year. Such measures include cost-control, reduced capital expenditure (capex), rationalized assets, dividend suspensions, equity support from shareholders, and efforts to divest noncore assets to stabilize the balance sheet. However, we anticipate that organic cash flow generation will remain under pressure in the absence of visible market recovery." In January 2026, Ineos Quattro extended its trade receivables securitization programs for a further three years to January 2029 for a total amount of EUR790 million on substantially the same terms as previously. These facilities remain undrawn. In addition, the company has entered into two new inventory monetization agreements, which together are expected to provide approximately EUR300 million of new funding for an initial period of two years to January 2028. The company has also received a commitment from its shareholders of EUR200 million of incremental equity funding. S&P said, "While decisions about the final mix of the refinancing have not been made yet, we note that the cash buffer remains healthy, with about EUR1.6 billion cash and cash equivalents as of year-end 2025, which underpins our assessment of adequate liquidity over the next 12 months. While we view positively that the company is advancing on refinancing of its 2027 maturities (about EUR980 million as of Sept. 30, 2025, or about 14% of total outstanding financial debt) we believe that the more sizable debt maturities due in 2029 (about EUR3.9 billion; 54% of outstanding financial debt) could be another medium-term exercise to address if the company fails to timely improve its EBITDA and cash flow generation." Outlook The negative outlook indicates potential for further downgrades if parent Ineos Ltd.'s credit ratios worsen beyond our current expectations, for example due to lower volume recovery, lower cost savings in 2026, or a slower-than-anticipated Project One ramp-up in 2027, which could lead to higher leverage and worsening negative free cash flow for longer than anticipated. S&P said, "In our base case, we expect that the challenging macroeconomic environment will continue to depress demand for cyclical commodity chemicals, and that oversupply conditions will persist in 2026, due to new industry capacity and subdued demand. Accordingly, we estimate Ineos Quattro's S&P Global Ratings-adjusted EBITDA declined to about EUR640 million-EUR670 million in 2025, down from EUR774 million in 2024, and will recover only moderately to around EUR770 million-EUR820 million in 2026, leading to adjusted leverage of about 8x." Downside scenario S&P said, "We could lower our rating on Ineos Quattro if the creditworthiness of the wider Ineos group, parent Ineos Ltd., deteriorates beyond the current base-case over the next 12 months, so that adjusted debt to EBITDA for Ineos Ltd. does not improve and remains above 6.5x in 2026 without prospects of timely recovery. Further downside on Ineos Quattro's standalone credit worthiness would not impair its credit rating immediately, given its highly strategic group status to Ineos Ltd., provided the associated deterioration in metrics does not affect parent Ineos Ltd.'s creditworthiness, and that we do not take a different approach to the subsidiary's strategic importance to the group." Upside scenario S&P said, "We could revise our outlook to stable if our view of the credit quality of the parent Ineos Ltd. improves such that Ineos Ltd.'s outlook would be revised to stable. This would be the case if cost reduction measures, along with a recovery across the market segments of the wider Ineos group, leads to adjusted debt to EBITDA standing comfortably below 6.5x in 2026. A standalone improvement in Quattro's adjusted debt to EBITDA below 6x together with FOCF neutrality, could prompt potential rating upside." Recovery ratings Key analytical factors: -- The issue rating for senior secured debt facilities is 'B', the same level as the long-term issuer credit rating. The recovery rating is '3', with recovery prospects in the 50%-70% range (rounded estimate: 60%). -- The recovery rating is supported by still limited prior-ranking liabilities following the new EUR300 million inventory financing. -- S&P values Ineos Quattro Holdings as a going concern, given the group's solid market position, large scale, and well-invested sites across Europe, North America, and Asia, and diversified end markets. -- The debt facilities are issued by subsidiaries of Ineos Quattro Holdings, the rated parent and owner of the group composed of Inovyn, Styrolution, and Aromatics and Acetyls. Simulated default assumptions -- Year of default: 2029 -- Jurisdiction ranking: Group A, U.K. Simplified waterfall -- EBITDA at emergence after recovery adjustment: EUR1,041.7 million. -- Minimum capex at 2.0% of pro forma annual average revenue, based on the group's average minimum capex requirement in future years. -- Standard cyclicality adjustment of 10% for the commodity chemicals industry; and -- Operational adjustment of 20% to reflect the group's large scale, integrated, and cost-competitive asset base, along with its geographical and product diversity. -- Multiple: 5.0x -- Gross enterprise value at default: EUR5.2 billion -- Net enterprise value after administrative costs (5%): EUR4.9 billion -- Estimated priority claims (outstanding securitization program): EUR734 million* -- Remaining recovery value: EUR4.2 billion -- Estimated senior secured debt claims: EUR6.8 billion* -- Recovery rating on the senior secured debt: 3 (50%-70%; rounded estimate: 60%) *All debt amounts include six months of prepetition interest. Ineos Quattro Holdings--Rating component scores Issuer Credit Rating B/Negative/-- Business risk Satisfactory Country risk Very Low Industry risk Moderately High Competitive position Satisfactory Financial risk Highly Leveraged Cash flow/leverage Highly Leveraged Anchor b+ Modifiers: Diversification/Portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Moderately negative (no impact) Comparable rating analysis Negative (-1 notch) Stand-alone credit profile b Group credit profile b+ Entity status within group Highly strategic Ratings List Downgraded To From Ineos Group Holdings S.A. Ineos Holdings Ltd. Issuer Credit Rating B+/Negative/-- BB-/Negative/-- INEOS Quattro Holdings Ltd. Issuer Credit Rating B/Negative/-- BB-/Negative/-- Downgraded; Recovery Ratings Unchanged To From INEOS Finance PLC INEOS US Finance LLC Senior Secured B+ BB- Recovery Rating 3(60%) 3(60%) Downgraded; Revised To From INEOS Quattro Holdings UK Ltd. INEOS US Petrochem LLC INEOS Styrolution Group GmbH INEOS Quattro Finance 2 Plc Senior Secured B BB- Recovery Rating 3(60%) 3(65%) MAISON BIDCO: S&P Affirms 'B' ICR on Refinancing Plan ----------------------------------------------------- S&P Global Ratings affirmed its 'B' rating on U.K.-based homebuilder Maison Bidco Ltd. (Maison) and assigned its 'B' issue rating and '3' recovery rating on the proposed senior secured notes due 2032. The stable outlook reflects S&P's view that Maison's S&P Global Ratings-adjusted debt to EBITDA will remain at about 4.1x-4.3x over the next 12 months while its EBITDA interest coverage will remain approximately 3.0x-3.5x over the same period. S&P said, "The proposed refinancing transaction for Maison is neutral to our current 'B' rating. The company plans to issue GBP280 million of new six-year senior secured notes to refinance its existing GBP275 million of senior secured notes maturing in October 2027. Concurrently, Maison plans to increase its RCF to GBP100 million from the current GBP70 million, with a term of five and a half years. We understand that the transaction aims to proactively extend debt maturities and improve liquidity through the enhanced RCF and increased weighted average debt maturity profile (expected around six years). We do not anticipate any material impact on credit metrics or the overall rating given the proposed transaction is cash neutral. We continue to assess Maison's liquidity position as adequate, supported by its cash balance and available credit facilities, which we think would be sufficient to cover ongoing working capital requirements and for other liquidity needs. "We anticipate operating performance to improve over the next 12-24 months, despite ongoing challenges in the U.K. homebuilder market. Maison's full-year 2025 completions fell by approximately 11% year on year to 3,124 units, modestly below our previous expectation of 3,300 units. However, the average selling price increased by 8.3% annually to GBP235,000, mainly due to the product and geographic mix. Total revenues decreased by 4.1% year on year to GBP732.8 million, and the reported EBITDA margin fell to 8.7% from 9.0% in the same period the previous year. We have updated our base case and forecast a gradual recovery over the next 24 months, with 2026 still facing some challenges due to reliance on mortgages and political uncertainties. We expect volumes to increase by 7% to approximately 3,350 units for the year ending October 2026, up from 3,124 units at year-end 2025, and to reach around 4,600 units in 2027, when we expect the market to pick up with growing demand. We forecast the average selling price to improve to between GBP245,000-GBP249,000 in 2026 from GBP235,000 in 2025, mainly reflecting the product and geographic mix adjustments, otherwise we forecast a flat sales price for dwellings in 2027. Consequently, we forecast total revenue to increase to GBP810 million-GBP820 million (an 11%-12% increase from GBP732.8 million in 2025), and we expect EBITDA to improve to approximately GBP72 million-GBP74 million compared with GBP64.1 million in 2025. We anticipate the EBITDA margin to remain relatively constrained at 8.5%-9.5% in 2026 and 2027 due to ongoing cost pressures and consistent with our prior expectations. Therefore, we forecast debt to EBITDA to remain at about 4.1x-4.3x (4.5x as of Oct. 31, 2025) and EBITDA interest coverage of about 3.0x-3.5x (3.3x as of Oct. 31, 2025) over the next 12 months. We expect these credit metrics to remain comfortably within our required thresholds range for the current 'B' rating. "We expect the free operating cash flow (FOCF) to remain negative over the next 12-18 months. In fiscal 2025, Maison reported a negative FOCF of about GBP16 million, in line with S&P Global Ratings-adjusted calculations. We understand the company plans to increase land acquisitions to support future deliveries and start construction on newly acquired land plots to support the growth and completion for 2026 and 2027, which would translate into slightly higher working capital needs. Therefore, we anticipate that Maison's working capital outflow will increase to GBP80 million-GBP100 million annually over 2026-2027, the company will continue to generate negative adjusted FOCF of about GBP60 million-GBP70 million in 2026. "The stable outlook reflects our view that Maison's S&P Global Ratings-adjusted debt to EBITDA will remain at about 4.1x-4.3x over the next 12 months and its EBITDA interest coverage will be about 3.0x-3.5x over the same period." S&P could lower the rating on Maison if: -- S&P Global Ratings-adjusted debt to EBITDA increases to well above 5.0x, or -- EBITDA interest coverage deteriorates to well below 2.0x on a sustained basis with no short-term recovery potential. S&P said, "This could occur if Maison's operating performance weakens more than we currently anticipate because of a slowdown of the sales rate, a decrease in average selling prices, or a strong decline in demand for its homes. If Maison's FOCF deteriorates beyond our current forecast--which will lead to a debt increase or the liquidity cushion to shrink, e.g., due to a failed refinancing of upcoming debt maturities, this could also result in a negative rating action." S&P could upgrade the rating on Maison if: -- S&P Global Ratings-adjusted debt to EBITDA reduces to comfortably below 4.0x, and -- EBITDA interest coverage remains above 3.0x. This could happen if Maison benefits from improved market conditions supporting sales and completion rates, combined with margin improvement due to an efficient cost management. A positive rating action would also hinge on the company generating positive FOCF. Maison should also be able to demonstrate adequate liquidity, including sufficient headroom under its covenants, and access to its RCF to fund its working capital needs and support its growth. TECSEW LIMITED: Carter Clark Appointed as Joint Administrators -------------------------------------------------------------- Tecsew Limited, was placed into administration in the High Court of Justice, Court Number CR-2026-000790. Jenny Poleykett (IP No. 30470) and Alan Clark (IP No. 8760) of Carter Clark were appointed as Joint Administrators on February 16, 2026. The company engaged in the manufacture of other transport equipment. The company's registered office and principal trading address is at Unit E3 Eagle Building, Daedalus Trade Park, Daedalus Drive, Lee-On-The-Solent, Hampshire, PO13 9FX. The Joint Administrators are: Jenny Poleykett (IP No. 30470) Alan Clark (IP No. 8760) Carter Clark Recovery House 15-17 Roebuck Road Hainault Business Park Ilford, Essex IG6 3TU For further details, contact: The Joint Administrators Email: jenny.poleykett@carterclark.co.uk =============== X X X X X X X X =============== [] BOOK REVIEW: A History of the New York Stock Market ------------------------------------------------------ Author: Robert Sobel Publisher: Beard Books Soft cover: 395 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/the_big_board.html First published in 1965, The Big Board was the first history of the New York stock market. It's a story of people: their foibles and strengths, earnestness and avarice, triumphs and crash-and-burns. It's full of entertaining anecdotes, cocktail-party trivia, and tales of love and hate between companies and investors. Early investments in North America consisted almost exclusively of land. The few securities holders lived in cities, where informal markets grew, with most trading carried out in the street and in coffeehouses. Banking, insurance, and manufacturing activity increased only after the Revolution. In 1792, 24 prominent New York businessmen, for whom stock- and bond-trading was only a side business, met under a buttonwood tree on Wall Street and agreed to trade securities on a common commission basis. Five securities were traded: three government bonds and two bank stocks. Trading was carried out at the Tontine Coffee-House in a call market, with the president reading out a list of stocks as brokers traded each in turn. The first half of the 19th century was heady for security trading in New York. In 1817, the Tontine gave way to the New York Stock and Exchange Board, with a more organized and regulated system. Canal mania, which peaked in the late 1820s, attracted European funds to New York and volume soared to 100 shares a day. Soon, the railroads competed with canals for funding. In the frenzy, reckless investors bought shares in "sheer fabrications of imaginative and dishonest men," leading an economist of the day to lament that "every monied corporation is prima facia injurious to the national wealth, and ought to be looked upon by those who have no money with jealousy and suspicion." Colorful figures of Wall Street included Jay Gould and Jim Fisk, who in 1869 precipitated one of the worst panics in American financial history by trying to corner the gold market. Almost lynched, the two were hauled into court, where Fisk whined, "A fellow can't have a little innocent fun without everybody raising a halloo and going wild." Then there was Jay Cooke, who invented the national bond drive and, practically unaided, financed the Union effort in the Civil War. In 1873, however, faulty judgement on railroad investments led to the failure of Cooke & Co. and a panic on Wall Street. The NYSE closed for ten days. A journalist wrote: "An hour before its doors were closed, the Bank of England was not more trusted." Despite J. P. Morgan's virtual single-handed role in stemming the Knickerbocker Trust panic of 1907, on his death in 1913, someone wrote "We verily believe that J. Pierpont Morgan has done more harm in the world than any man who ever lived in it." In the 1950s, Charles Merrill was instrumental in changing this attitude toward Wall Streeters. His firm, Merrill Lynch, derisively known in some quarters as "We, the People" and "The Thundering Herd," brought Wall Street to small investors, traditionally not worth the effort for brokers. The Big Board closes with this story. Asked by a much younger man what he thought stocks would do next, J.P. Morgan "never hesitated for a moment. He transfixed the neophyte with his sharp glance and replied 'They will fluctuate, young man, they will fluctuate.' And so they will." Robert Sobel died in 1999 at the age of 68. A professor at Hofstra University for 43 years, he was a prolific historian of American business, writing or editing more than 50 books. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. [] Fitch Affirms Rating 13 Western Europe Altnets & Cable Cos. -------------------------------------------------------------- Fitch Ratings has affirmed 13 Western European alternative networks (altnets) and cable operators and their associated entities' ratings: 1. Digi Communications N.V. 2. EOLO S.p.A. 3. Iliad Holding S.A.S. 4. Masorange Holdco Limited 5. NJJ Continental Holding S.A. 6. NOS, S.G.P.S, S.A. 7. TalkTalk Telecom Group Limited 8. Telefonica Deutschland Holding AG 9. The Sunrise Holding Group 10. Virgin Media Ireland Limited 11. VMED O2 OK Limited 12. VodafoneZiggo Group B.V. 13. Zegona Holdco 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 Digi Communications N.V. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Higher), Financial Structure (bb-, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'bb'. EOLO S.p.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Moderate), Financial Structure (ccc+ Higher), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb+' results in no adjustment. - The SCP is 'b-'. Iliad Holding S.A.S. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Lower), Financial Structure (b+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. Masorange Holdco Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2025 and 50% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. NJJ Continental Holding S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (a-, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 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 other risk elements adjustment applies and results in an adjustment of -1 notch. - The SCP is 'bb-'. NOS, S.G.P.S, S.A. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bbb'. TalkTalk Telecom Group Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Moderate), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b, Moderate), Profitability (ccc, Moderate), Financial Structure (ccc-, Higher), and Financial Flexibility (ccc, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'ccc-'. Telefonica Deutschland Holding AG Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. The Sunrise Holding Group Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026, 20% for the forecast year 2027 and 10% for the forecast year 2028. - Weakest link considerations adjustment is applied based on Financial Structure factor and results 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 'bb-'. Virgin Media Ireland Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 25% for the forecast year 2025, 25% 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 'a-' results in no adjustment. - The SCP is 'b+'. VMED O2 OK Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Moderate), Fina ncial 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. VodafoneZiggo Group B.V. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (a-, 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: 10% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 10% for the forecast year 2029. - 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+'. Zegona Holdco Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Virgin Media Secured Finance Plc senior secured LT BB+ Affirmed RR2 BB+ ZEGONA FINANCE PLC senior secured LT BBB- Affirmed RR2 BBB- Zegona Holdco Limited LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- Zegona Finance LLC senior secured LT BBB- Affirmed RR2 BBB- Lorca Telecom Bondco S.A.U. senior secured LT BBB Rating Watch Maintained BBB The Sunrise Holding Group LT IDR BB- Affirmed BB- senior unsecured LT B Affirmed RR6 B Virgin Media O2 Vendor Financing Notes VIII DAC structured LT B+ Affirmed RR5 B+ VMED O2 UK Financing I plc senior secured LT BB+ Affirmed RR2 BB+ Matterhorn Telecom S.A. senior secured LT BB+ Affirmed RR2 BB+ Sunrise Holdco III B.V. senior secured LT BB+ Affirmed RR2 BB+ Virgin Media O2 Vendor Financing Notes VII DAC structured LT B+ Affirmed RR5 B+ Digi Communications N.V. LT IDR BB Affirmed BB Virgin Media Finance PLC senior unsecured LT B Affirmed RR6 B Virgin Media Bristol LLC senior secured LT BB+ Affirmed RR2 BB+ Masorange Holdco Limited LT IDR BBB- Rating Watch Maintained BBB- ST IDR F3 Rating Watch Maintained F3 VZ Secured Financing B.V. senior secured LT BB Affirmed RR2 BB VMED O2 UK Holdco 4 Limited senior secured LT BB+ Affirmed RR2 BB+ Ziggo B.V. senior secured LT BB Affirmed RR2 BB Kaixo Bondco Telecom S.A.U. senior unsecured LT BB+ Rating Watch Maintained BB+ Virgin Media Vendor Financing Notes III DAC structured LT B+ Affirmed RR5 B+ Virgin Media O2 Vendor Financing Notes V DAC structured LT B+ Affirmed RR5 B+ EOLO S.p.A. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B VZ Vendor Financing II B.V. structured LT B- Affirmed RR6 B- Ziggo Bond Company B.V. senior unsecured LT B- Affirmed RR6 B- NJJ Continental Holding S.A. LT IDR BB- Affirmed BB- Digi Romania S.A. senior secured LT BB+ Affirmed RR3 BB+ Virgin Media O2 Vendor Financing Notes VI Designated Activity Company structured LT B+ Affirmed RR5 B+ Ziggo Financing Partnership senior secured LT BB Affirmed RR2 BB Sunrise Financing Partnership senior secured LT BB+ Affirmed RR2 BB+ VodafoneZiggo Group B.V. LT IDR B+ Affirmed B+ UPCB Finance VII Limited senior secured LT BB+ Affirmed RR2 BB+ Iliad Holding S.A.S. LT IDR BB Affirmed BB senior secured LT BB- Affirmed RR5 BB- TalkTalk Telecom Group Limited LT IDR CCC- Affirmed CCC- sr secured 2nd Lien LT C Affirmed RR6 C senior secured LT CC Affirmed RR5 CC Telefonica Germany GmbH & Co. OHG senior unsecured LT BBB Affirmed BBB Sunrise Finco I B.V. senior secured LT BB+ Affirmed RR2 BB+ Masorange Finco Plc senior secured LT BBB Rating Watch Maintained BBB Iliad SA LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB VMED O2 UK Limited LT IDR BB- Affirmed BB- NOS, S.G.P.S., S.A. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Telefonica Deutschland Holding AG LT IDR BBB Affirmed BBB Virgin Media Ireland Limited LT IDR B+ Affirmed B+ senior secured LT BB Affirmed RR2 BB [] Fitch Affirms Ratings on 10 EMEA Oil & Gas Companies ------------------------------------------------------- Fitch Ratings has affirmed the ratings of 10 EMEA oil and gas companies and their related subsidiaries: 1. Repsol E&P S.a.r.l. 2. Aker BP ASA 3. Harbour Energy PLC 4. Energean plc 5. Ithaca Energy plc 6. Azule Energy Holdings Limited 7. Seplat Energy Plc 8. Trident Energy plc 9. DTEK OIL & GAS PRODUCTION B.V. 10. National Joint Stock Company Naftogaz of Ukraine These actions follow the Fitch's update of its "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 Repsol E&P 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 ('bbb', Lower), Sector Characteristics ('a-', Moderate), Market and Competitive Positioning ('bbb', Higher), Diversification and Asset Quality ('bbb', Moderate), Company Operational Characteristics ('bbb', Moderate), Profitability ('bbb-', Moderate), Financial Structure ('bbb', Higher), and Financial Flexibility ('a-', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in an equalized approach. Aker BP Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management ('bbb', Lower), Sector Characteristics ('bbb', Moderate), Market and Competitive Positioning ('bbb', Higher), Diversification and Asset Quality '(bb+', Moderate), Company Operational Characteristics ('bb', Moderate), Profitability ('a-', Moderate), Financial Structure ('a+', Moderate), and Financial Flexibility ('a', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. Harbour Energy Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management ('bbb', Lower), Sector Characteristics ('bb+', Moderate), Market and Competitive Positioning ('bbb', Higher), Diversification and Asset Quality ('bb+', Moderate), Company Operational Characteristics ('bb', Higher), Profitability ('bbb', Moderate), Financial Structure ('bbb+', Moderate), and Financial Flexibility ('a', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-' Energean plc Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management ('bb+', Moderate), Sector Characteristics ('bb+', Moderate), Market and Competitive Positioning ('bb', Lower), Diversification and Asset Quality ('b', Higher), Company Operational Characteristics ('bb', Moderate), Profitability ('bb', Higher), Financial Structure ('bb+', Moderate), and Financial Flexibility ('bbb-', 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, 20% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a-' results in no adjustment. - The SCP is 'bb-'. Ithaca Energy plc Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management ('bbb', Moderate), Sector Characteristics ('bb+', Moderate), Market and Competitive Positioning ('bb', Higher), Diversification and Asset Quality ('b', Higher), Company Operational Characteristics ('b', Moderate), Profitability ('bb', Moderate), Financial Structure ('aa', Lower), and Financial Flexibility ('bb+', 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, 20% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach Azule Energy 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 ('bb+', Moderate), Market and Competitive Positioning ('bbb-', Moderate), Diversification and Asset Quality ('bb-', Moderate), Company Operational Characteristics ('bb-', Higher), Profitability ('bb+', Moderate), Financial Structure ('aa-', Lower), and Financial Flexibility ('b+', Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Country ceiling considerations apply and result in an adjustment of -1 notch. Seplat Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management ('bb', Moderate), Sector Characteristics ('bb-', Moderate), Market and Competitive Positioning ('bb-', Moderate), Diversification and Asset Quality ('b+', Higher), Company Operational Characteristics ('bb-', Moderate), Profitability ('b+', Moderate), Financial Structure ('aa', Lower), and Financial Flexibility ('bb-', 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, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'b' results in an adjustment of -1 notch. - The SCP is 'b+'. To derive the IDR: - Country ceiling considerations apply and result in an adjustment of -1 notch. Trident Energy Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management ('bb+', Moderate), Sector Characteristics ('bb', Lower), Market and Competitive Positioning ('b', Higher), Diversification and Asset Quality ('b+', Moderate), Company Operational Characteristics ('b', Moderate), Profitability ('b', Higher), Financial Structure ('a+', Moderate), and Financial Flexibility ('bb', Lower). - 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, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb+' results in no adjustment. - The SCP is 'b+'. DTEK OIL & GAS PRODUCTION B.V. 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 ('b+', Lower), Market and Competitive Positioning ('b-', Moderate), Diversification and Asset Quality ('ccc+', Moderate), Company Operational Characteristics ('b-', Moderate), Profitability ('ccc', Moderate), Financial Structure ('bbb', Lower), and Financial Flexibility ('ccc-', Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 80% weight for the forecast year 2025 and 20% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -2 notches. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'ccc' results in no adjustment. - The SCP is 'cc'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. National Joint Stock Company Naftogaz of Ukraine 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 (ccc+, Moderate), Market and Competitive Positioning (ccc, Moderate), Diversification and Asset Quality (ccc, Moderate), Company Operational Characteristics (ccc+, Moderate), Profitability (ccc-, Moderate), Financial Structure (a+, Lower), and Financial Flexibility (ccc, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in an adjustment of -2 notches. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'ccc' results in no adjustment. - The SCP is 'cc'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a standalone approach. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Aker BP ASA LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Energean plc LT IDR BB- Affirmed BB- senior secured LT BB Affirmed RR3 BB Ithaca Energy (North Sea) Plc senior unsecured LT BB- Affirmed RR4 BB- Repsol E&P S.a.r.l. LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ National Joint Stock Company Naftogaz of Ukraine LT IDR CC Affirmed CC LC LT IDR CC Affirmed CC DTEK OIL & GAS PRODUCTION B.V. LT IDR CC Affirmed CC Ithaca Energy plc LT IDR BB- Affirmed BB- Seplat Energy Plc LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B Wintershall Dea Finance 2 B.V. subordinated LT BB Affirmed BB NGD Holdings B.V. senior unsecured LT CC Affirmed RR4 CC Kondor Finance plc senior unsecured LT C Affirmed RR6 C Trident Energy, L.P. LT IDR B+ Affirmed B+ Wintershall Dea Finance B.V. senior unsecured LT BBB- Affirmed BBB- Azule Energy Holdings Limited LT IDR B+ Affirmed B+ Trident Energy Finance PLC senior unsecured LT B+ Affirmed RR4 B+ Azule Energy Finance Plc senior unsecured LT B+ Affirmed RR4 B+ Repsol E&P Capital Markets US LLC senior unsecured LT BBB+ Affirmed BBB+ Harbour Energy PLC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- [] Fitch Affirms Ratings on 11 North American Services Companies ---------------------------------------------------------------- Fitch Ratings has affirmed the ratings of 11 North American services companies and their related subsidiaries and affiliates: 1. Clarivate Plc 2. CoStar Group, Inc. 3. DXC Technology Company 4. Gartner, Inc. 5. Moody's Corporation 6. MSCI Inc. 7. Newmark Group, Inc. 8. NIQ Global Intelligence plc 9. Rollins, Inc. 10. S&P Global Inc. 11. Thomson Reuters Corporation These actions follow the update of Fitch's "Corporate Rating Criteria" and the "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Clarivate Plc Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Lower), Profitability (bbb, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Weakest link considerations adjustment is applied based on Financial Structure factor and results in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. - No adjustments were made to the SCP, resulting in an IDR of 'BB-'. CoStar Group, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (b+, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (aa-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The calibration adjustment applies and results in an adjustment of 1 notch(es). - The SCP is 'bbb'. - No adjustments were made to the SCP, resulting in an IDR of 'BBB'. DXC Technology Company 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-, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. - No adjustments are made to the SCP, resulting in an IDR of 'BBB-'. Gartner, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. - No adjustments were made to the SCP, resulting in an IDR of 'BBB'. Moody's Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. - No adjustments were made to the SCP, resulting in an IDR of 'BBB+'. MSCI Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. - No adjustments were made to the SCP, resulting in an IDR of 'BBB-'. Newmark Group, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. - No adjustments were made to the SCP, resulting in an IDR of 'BBB-'. NIQ Global Intelligence plc Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (bb-, Higher), Financial Structure (bb-, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb-'. - No adjustments were made to the SCP, resulting in an IDR of 'BB-'. Rollins, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (a, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Weakest link considerations adjustment is applied based on Market & Competitive Positioning factor and results in an adjustment of -1 notch(es). - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. - No adjustments were made to the SCP, resulting in an IDR of 'BBB+'. S&P Global Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Lower), Financial Structure (a+, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'a-'. No adjustments were made to the SCP, resulting in an IDR of 'A-'. Thomson Reuters Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (a+, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'a-'. - No adjustments were made to the SCP, resulting in an IDR of 'A-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NIQ Global Intelligence plc LT IDR BB- Affirmed BB- DXC Capital Funding DAC LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 Indy Dutch Bidco B.V. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ MSCI Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Nielsen Consumer Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ Gartner, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Clarivate Plc LT IDR BB- Affirmed BB- TR Finance LLC senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 IHS Markit Ltd. senior unsecured LT A- Affirmed A- S&P Global Inc. LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Moody's Corporation LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 Clarivate Science Holdings Corporation LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- senior secured LT BB+ Affirmed RR1 BB+ Rollins, Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 Camelot U.S. Acquisition LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Indy US Holdco, LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ DXC Technology Company LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- Newmark Group, Inc. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Thomson Reuters Corporation LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A- Affirmed A- senior unsecured ST F1 Affirmed F1 Camelot Finance S.A. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ CoStar Group, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. 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