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

                          E U R O P E

          Monday, March 9, 2026, Vol. 27, No. 48

                           Headlines



F R A N C E

AUTONORIA DE 2023: DBRS Confirms B Rating on Class F Notes
COOPER CONSUMER: Moody's Ups CFR & Sr. Secured Debt Rating to B2
EUTELSAT COMMUNICATIONS: Moody's Rates New EUR1.5BB Unsec Notes Ba3
HELIA BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable


G E R M A N Y

HAPAG-LLOYD AG: ZIM Transaction Credit Negative, Moody's Says
TK ELEVATOR: Fitch Alters Outlook on 'B' LongTerm IDR to Positive


I R E L A N D

AESIR (EUROPEAN LOAN 41): DBRS Gives BB(high) Rating on Cl. E Notes
ARBOUR CLO X: Fitch Affirms 'B-sf' Rating on Class F Notes
BECKETT MORTGAGES 2026-1: DBRS Finalizes BB(high) Rating on F Notes
BILBAO CLO II: Fitch Assigns 'B-sf' Final Rating on Cl. E-R-R Notes
CAIRN CLO XVI: Fitch Assigns 'B-sf' Rating on Class F-R Notes

JUBILEE CLO 2024-XXVIII: S&P Assigns B-(sf) Rating on F-R Notes
MONUMENT CLO 4: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes
NEUBERGER BERMAN 1: Moody's Ups Rating on EUR8.3MM F Notes to B2
PALMER SQUARE 2024-1: Fitch Affirms 'BB+sf' Rating on Cl. E-R Notes
SEAPOINT PARK: Fitch Hikes Rating on Class D Notes to 'BB+sf'

TAURUS 2025-1: DBRS Confirms 'BB' Rating on Class E Notes


I T A L Y

BFF BANK: DBRS Cuts LongTerm Issuer Rating to 'BB'


K A Z A K H S T A N

FREEDOM HOLDING: S&P Affirms 'B+/B' ICRs, Outlook Stable


N E T H E R L A N D S

MILA 2024-1: Fitch Affirms 'B+sf' Rating on Class F Notes


R U S S I A

ADM JIZZAKH: S&P Assigns 'B' LongTerm ICR, Outlook Stable


S P A I N

FT RMBS SANTANDER 7: DBRS Puts BB(high) Rating on B Notes on Review
KRONOSNET TOPCO: S&P Affirms 'B' ICR & Alters Outlook to Negative


U K R A I N E

MHP SE: Fitch Hikes Long-Term IDR to CCC, Off Watch Positive


U N I T E D   K I N G D O M

CASTELL 2023-1: DBRS Confirms BB(high) Rating on Class F Notes
DCC CONCEPTS: Opus Restructuring Appointed as Joint Administrators
DIONE TOPCO: S&P Assigns Preliminary 'B' Rating, Outlook Stable
DODONA ANALYTICS : Small Business Appointed as Administrator
ELSTREE 2026-1 MIX: DBRS Gives Prov. BB(high) Rating on Cl. X Notes

ELSTREE FUNDING 4: DBRS Confirms BB(high) Rating on Class F Notes
HOME COUNTIES: RSM UK Restructuring Named as Joint Administrators
ITHACA ENERGY: S&P Withdraws 'BB-' Issuer Credit Rating
KOKO NETWORKS: PwC Appointed as Joint Administrators
SPON GLOBAL: Alvarez & Marsal Appointed as Joint Administrators

UPP (HULL): Moody's Cuts Rating on GBP127.6MM Secured Bonds to Ba1
VERY GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable
[] Fitch Affirms Ratings on Five EMEA Wireless Tower Companies


X X X X X X X X

[] Fitch Affirms Ratings on Seven EMEA Tech/Software/IT Companies

                           - - - - -


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F R A N C E
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AUTONORIA DE 2023: DBRS Confirms B Rating on Class F Notes
----------------------------------------------------------
DBRS Ratings GmbH took the following credit rating actions on the
bonds issued by Autonoria DE 2023 (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes confirmed at A (high) (sf)
-- Class D Notes confirmed at A (low) (sf)
-- Class E Notes confirmed at BB (sf)
-- Class F Notes confirmed at B (sf)

Morningstar DBRS did not assign a rating to the Class G Notes
(collectively with the Rated Notes, the Notes) also issued in this
transaction.

The credit ratings on the Class A Notes and Class B Notes address
the timely payment of scheduled interest and the ultimate repayment
of principal by the final maturity date in January 2043. The credit
ratings on the Class C Notes, Class D Notes, Class E Notes, and
Class F Notes address the ultimate payment (then timely as
most-senior class) of interest and the ultimate repayment of
principal by the final maturity date.

CREDIT RATING RATIONALE

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the January 2026 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement to the Rated Notes to
cover the expected losses at their respective credit rating
levels.

The transaction represents the securitization of receivables
relating to a pool of retail auto loan receivables originated by
BNP Paribas S.A., Niederlassung Deutschland (BNPP DE; the Seller
and Servicer) through its Consors Finanz brand to German borrowers.
The transaction closed in March 2023 with a portfolio balance of
EUR 525 million and included a six-month revolving period, which
ended on the September 2023 payment date. Prior to a sequential
redemption event, principal is allocated to the Notes on a pro rata
basis. Following a sequential redemption event, principal is
allocated on a sequential basis. Once the amortization becomes
sequential, it cannot switch to pro rata.

PORTFOLIO PERFORMANCE

As of the January 2026 payment date, loans that were one to two
months and two to three months delinquent represented 0.5% and 0.2%
of the principal outstanding balance of the portfolio,
respectively, while loans that were more than three months
delinquent represented 1.2%. Gross cumulative defaults amounted to
0.7% of the original portfolio balance, with cumulative recoveries
of 45.6% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS received updated historical vintage data from the
originator and updated its base case PD and LGD assumptions to 1.8%
and 52.0%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior notes provides credit
enhancement to the Rated Notes. As of the January 2026 payment
date, credit enhancements to the Class A, Class B, Class C, Class
D, Class E, and Class F Notes were 12.8%, 9.8%, 7.0%, 6.0%, 3.9%,
and 3.0%, respectively. The credit enhancement has remained stable
since Morningstar DBRS' initial credit rating because of the pro
rata amortization of the Notes. If a sequential redemption event is
triggered, the principal repayment of the Notes will become
sequential and non-reversible.

The transaction benefits from an amortizing liquidity reserve
funded at closing by the seller in an amount equal to 1.55% of the
Rated Notes' initial balance and floored at 0.50% of the Rated
Notes' initial balance as at the closing date, which is available
to cover senior expenses, swap expenses, Class A Notes' interest
and, if not deferred in the waterfalls, interest on the remaining
Notes. The liquidity reserve is currently at its target of EUR 2.8
million.

BNP Paribas SA (BNP Paribas) acts as the account bank for the
transaction. Based on Morningstar DBRS' reference rating of AA on
BNP Paribas (which is one notch below its Long-Term Critical
Obligations Rating of AA (high)), the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the credit ratings assigned to the Rated Notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

BNP Paribas acts as the interest rate swap counterparty for the
transaction. Morningstar DBRS' reference rating on BNP Paribas is
consistent with the first rating threshold as described in
Morningstar DBRS' " Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Notes: All figures are in euros unless otherwise noted.


COOPER CONSUMER: Moody's Ups CFR & Sr. Secured Debt Rating to B2
----------------------------------------------------------------
Moody's Ratings has upgraded to B2 from B3 the long-term corporate
family rating and to B2-PD from B3-PD the probability of default
rating of Cooper Consumer Health S.A.S. (Cooper or the company), a
leading European over-the-counter (OTC) consumer health products
manufacturer and distributor. Concurrently, Moody's upgraded to B2
from B3 the senior secured debt rating on the company's total
EUR2,375 million senior secured first-lien term loan B (TLB)
maturing in 2028, and on the total EUR295 million senior secured
revolving credit facilities (RCF) also maturing in 2028. The
outlook remains stable.

"The rating upgrade reflects Cooper's solid business profile,
supportive industry fundamentals and Moody's expectations of
sustained free cash flow generation that will be directed toward
deleveraging or potential small bolt-on EBITDA accretive M&A
activity," said Paolo Leschiutta, a Moody's Ratings Senior Vice
President and lead analyst for Cooper.

"Although leverage remains slightly high at around 7.3x, Moody's
expects it to trend toward levels consistent with a B2 rating over
the next 6 to 12 months, supported by earnings growth, declining
one-off costs and disciplined financial policy", continued Mr.
Leschiutta.

RATINGS RATIONALE

The rating upgrade recognises the progress made by Cooper in
integrating Viatris Inc. (Viatris) OTC portfolio, while reducing
its financial leverage, and reflects Moody's expectations that the
company's credit profile will continue to strengthen over the next
6 to 12 months, supported by the company's solid business profile,
favourable industry fundamentals and expectations for positive free
cash flow.

Cooper benefits from structurally supportive demand for over the
counter and self care products, driven by demographic trends,
increasing penetration of self medication and ongoing prescription
to OTC switches across its core European markets. In addition, the
company's asset light business model, strong EBITDA margins and
limited capital expenditure requirements underpin expectations of
sustained and meaningful free cash flow generation.

Moody's also positively note that the integration of the Viatris
OTC portfolio acquired in late 2024 is largely complete, with
declining execution risk and a progressive phasing out of
integration related costs. Operational execution has been solid,
transitional service agreements have largely rolled off, and
integration-related costs are declining. As a result, execution
risk has materially reduced compared with the period immediately
following the acquisition.

Although leverage remains slightly high at around 7.3x on a Moody's
adjusted basis estimated at the end of 2025, the upgrade reflects
Moody's expectations that continued earnings growth, combined with
management's focus on directing excess cash flow toward debt
reduction or potential small bolt-on EBITDA accretive M&A activity,
will lead to a steady decline in leverage toward levels more
consistent with a B2 rating. Good interest coverage and positive
FCF compensate the still high leverage and are supportive of a B2
rating.

The rating continues to be supported by Cooper's strong competitive
position in the fragmented European self care market, its
diversified portfolio of established OTC brands across multiple
therapeutic categories, and its broad geographic footprint, which
reduces reliance on any single market. Cooper's profitability
remains strong, while Moody's expects management's near term
financial priorities to focus on deleveraging or small bolt-on
EBITDA accretive acquisitions, rather than shareholder
distributions.

STRUCTURAL CONSIDERATIONS

Cooper's B2-PD probability of default rating is in line with the
CFR and reflects the use of a 50% family recovery rate, consistent
with an all-loan debt structure with a springing covenant.

The B2 instrument ratings on the TLB and the RCF, in line with the
company's CFR, reflect the fact that, following the repayment of
the second-lien facility in mid-2025, the first-lien facility now
represents the majority of the company's capital structure with no
junior debt providing any uplift any longer. The debt facilities
are secured by pledges over shares, key bank accounts and
intercompany receivables and guarantees by certain subsidiaries
representing at least 80% of the group's EBITDA.

Moody's do not include in Moody's adjusted debt calculations the
approximately EUR760 million (including accrued interest)
shareholder loan, maturing in 2030, borrowed by Cooper and
indirectly lent by its majority shareholders because this
instrument is eligible to receive equity credit under Moody's
criteria.

LIQUIDITY

Cooper's liquidity remains good, supported by cash on balance sheet
of EUR181 million as of the end of September 2025, Moody's
expectations for ongoing positive free cash flow generation and
access to committed revolving credit facilities for EUR295 million,
fully available as of September 2025 and maturing in 2028.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Cooper credit
profile will continue to strengthen over the next 6 to 12 months,
supported by the company's solid business profile, favourable
industry fundamentals and improving financial performance. Moody's
also expects the company to maintain sound liquidity.

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

An upgrade could be considered if:

-- Moody's-adjusted debt/EBITDA declines below 6.0x on a
sustainable basis;

-- The company maintains solid operating performance;

-- There is evidence of conservative and predictable financial
policy, with excess cash generation applied toward debt reduction;
and

-- Liquidity remains good.

Conversely, downward pressure could emerge if:

-- Leverage remains sustainably above 7.0x;

-- Interest coverage deteriorates below 1.5x;

-- The company pursues large, debt-funded acquisitions;

-- Liquidity deteriorates

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in February 2026.

Cooper's rating of B2 is two notches below the scorecard-indicated
outcome of Ba3, based on pro-forma ratios as of December 2024. The
difference reflects the presence of a sizeable shareholders loan
that eventually will need to be repaid, representing an overhang
risk for the company.

COMPANY PROFILE

Cooper Consumer Health S.A.S. (Cooper) is a leading European
self-care company that provides a range of over-the-counter (OTC)
pharma products, food supplements, medical devices and active
pharmaceutical ingredients, with a pan-European presence. In March
2021, CVC Capital Partners Fund VII (CVC) acquired the majority
stake in Cooper's capital. Meanwhile, Charterhouse, the founders of
Vemedia, and the company's management retained minority shares. As
of September 2025, on a LTM and pro-forma basis, Cooper generated
revenue of EUR1,117 million and a company-adjusted pro-forma EBITDA
of EUR362 million.


EUTELSAT COMMUNICATIONS: Moody's Rates New EUR1.5BB Unsec Notes Ba3
-------------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to the proposed EUR1.5
billion backed senior unsecured notes split in two tranches due
2031 and 2033 to be issued by Eutelsat Communications SA
(Eutelsat).

At the same time, Moody's have affirmed the Ba3 long term corporate
family rating (CFR), the Ba3-PD probability of default rating
(PDR), and the b1 Baseline Credit Assessment (BCA) of Eutelsat
Communications SA. Moody's also have affirmed the Ba3 ratings on
the senior unsecured instruments issued by its main operating
subsidiary Eutelsat SA, including the EUR600 million senior
unsecured notes maturing in July 2027, the EUR600 million senior
unsecured notes due in October 2028, and the EUR600 million senior
unsecured notes due in April 2029. The outlook on both entities
remains stable.

Proceeds from the debt issuance will be mainly used to repay the
EUR600 million senior unsecured notes maturing in July 2027 and the
EUR600 million senior unsecured notes due in April 2029 and to add
cash on the balance sheet.  

As part of the transaction, the company will migrate debt from
Eutelsat SA to Eutelsat Communications SA, removing ring fencing
constraints, and consolidating Eutelsat Communications SA as the
sole issuer with upstream guarantees from Eutelsat SA and OneWeb
Holdings Limited (OneWeb). The company will refinance at Eutelsat
Communications SA level its syndicated bank debt facilities through
a EUR500 million revolving credit facility and a EUR400 million
term loan (each with an initial three-year maturity and two
one-year extension options) as well as the EUR200 million EIB loan
maturing in December 2028. In parallel, Eutelsat Communications SA
has signed a new Export Credit Agency (ECA) financing of
approximately EUR975 million equivalent for the procurement of Low
Earth Orbit (LEO) satellites for its OneWeb constellation,
benefitting from a French State guarantee, obtained through its
export credit agency, Bpifrance Assurance Export.

"The transaction is in line with the company's plans and aims to
streamline the financing perimeter, enhance liquidity, and simplify
intragroup cash mobility" says Agustin Alberti, a Moody's Ratings
Vice President -- Senior Analyst and lead analyst for Eutelsat.

RATINGS RATIONALE

The Ba3 rating combines the company's Baseline Credit Assessment of
b1 with a one-notch uplift due to the expected moderate
extraordinary support from the Government of France (Aa3 negative),
following the completion of a EUR1.5 billion capital increase in
December 2025 that has resulted in a 29.65% stake by the French
Government, and a low default dependence between the two.

The b1 BCA reflects Eutelsat's diversified satellite platform
combining GEO assets with LEO capabilities following the OneWeb
integration, which enhances strategic relevance in government,
mobility, and connectivity services. The company's refinancing
transaction, the ECA financing and the EUR1.5 billion capital
increase will improve Eutelsat's financial profile, leading to
lower leverage and enhanced liquidity. The company's business
profile will improve with the continued investment in the Low Earth
Orbit (LEO) constellation.

Eutelsat's rating is constrained by the company's weak track record
of meeting guidance; persistent pressure on its free cash flow
(FCF) generation capacity, given its significant investment needs;
execution risks associated with the commercial integration of the
LEO operations in an increasingly competitive environment; and the
ongoing revenue contraction in the video segment and the risk of
overcapacity in the connectivity segment.

The company has provided a long-term guidance whereby total revenue
should increase towards EUR1.5 billion- EUR1.7 billion by fiscal
2029, at a compound annual growth rate (CAGR) of around 6.6%. The
company also expects its EBITDA margin to improve to at least 65%
by 2028-29, largely driven by the positive contribution of
increased scale.

Based on those assumptions, Moody's expects gross debt/EBITDA (as
adjusted by Moody's) to be broadly stable at 5.2x in 2026 (5.0x in
fiscal 2025) and improve to around 4.5x in fiscal 2027 and to below
4.0x by 2028, mainly driven by the revenue growth and EBITDA margin
improvement. Moody's also expects Moody's adjusted net debt to
EBITDA to improve in fiscal 2026 to 3.0x (compared to 4.2x in
fiscal 2025) and to remain around this level in the next 2 years.

Moody's nevertheless expect that the company will generate negative
free cash flow of around - EUR500 million each year on average over
2026-28, due to substantial capital expenditures needs. Thanks to
the EUR1.5 billion capital increase and to the ECA financing, the
company will have the necessary funding to cover its capex needs.
The company plans to invest EUR2 billion between 2025 and 2029 to
ensure Generation 1 continuity and achieve global coverage of the
LEO constellation, alongside an additional EUR2 billion from 2028
for the IRIS 2 program.

While the company's guidance offers improved visibility into
long-term earnings, the recovery should start materializing beyond
2026. In addition, Moody's recognizes the company's historical
challenges in consistently meeting its guidance. Furthermore,
Eutelsat continues to face risks associated with potential
overcapacity in the satellite industry, which could impact pricing
power and utilization rates. These factors could pose challenges to
achieving the projected growth and margins outlined in the
guidance.

LIQUIDITY

As of December2025 and pro-forma for the transaction, liquidity
consisted of EUR1,782 million cash and cash equivalents. After
completion of the contemplated bond issuance the company will have
access to a new undrawn EUR500 million revolving credit facility
(RCF) maturing in 2028 (plus two one-year extension options) and to
the EUR975 million equivalent in new export credit–backed ECA
financing amortizing from June 2028 to July 2036 at Eutelsat
Communications SA.

Moody's expects the company to generate negative cash flow of
around EUR500 million each year on average over 2026-28 which will
be more than offset by those liquidity sources.

Eutelsat Communications SA's access to committed bank facilities
and to the ECA financing is restricted by a net leverage covenant
set at net debt/EBITDA below 4.0x. Moody's expects sufficient
headroom over the next 12 to 18 months, particularly considering
the healthier cash position following the closing of the
transactions.

STRUCTURAL CONSIDERATIONS

The Ba3 rating on Eutelsat Communications SA's new senior unsecured
notes is aligned with the company's CFR, reflecting the migration
of the majority of the debt to this entity. Eutelsat Communications
benefits from upstream guarantees from the operating companies,
Eutelsat SA and OneWeb. There are still EUR600 million senior
unsecured notes due 2028 as well as EUR181 million of capex
facilities sitting at Eutelsat SA, which will be either repaid or
refinanced at Eutelsat Communications SA level in the next 2
years.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Eutelsat
Communications SA will be able to stabilize its earnings profile
over the next 12 to 18 months, primarily supported by the ramp-up
of its LEO operations through OneWeb as well as the stronger
contribution from the government services.

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

An upgrade would require a substantial improvement in Eutelsat
Communications SA operating performance driven by a combination of
revenue and earnings growth, enhanced free cash flow generation,
and robust liquidity. Quantitatively, a rating upgrade would
require its Moody's-adjusted gross debt/EBITDA ratio to improve
below 4.0x and EBITDA margins to increase toward 60%, both on a
sustained basis.

Rating pressure would develop if Eutelsat Communications SA
operating performance fails to improve, causing its
Moody's-adjusted gross debt/EBITDA ratio to trend to above 5.0x on
a sustained basis, or if its liquidity deteriorates.

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Communications
Infrastructure published in September 2025.

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

COMPANY PROFILE

Eutelsat Communications SA is a leading global satellite operator
headquartered in France, providing connectivity and broadcast
services worldwide through an integrated fleet of geostationary
(GEO) and Low Earth Orbit (LEO) satellites. The company's fleet of
34 geostationary satellites and 634 LEO satellites reaches more
than 150 countries in Europe, Africa, Asia and the Americas. In
fiscal year 2025, the company generated EUR1.2 billion revenues and
adjusted EBITDA of EUR676 million.


HELIA BIDCO: Moody's Assigns 'B2' CFR, Outlook Stable
-----------------------------------------------------
Moody's Ratings has assigned B2 long-term corporate family rating
and B2-PD probability of default rating to Helia Bidco (Prosol or
the company), the new parent company of Prosol's restricted group.
In addition, Moody's have assigned B2 ratings to Prosol's proposed
EUR2182 million backed senior secured term loan B1 (TLB, including
the EUR250 million fungible add-on) due 2033, as well as to its
proposed EUR510 million backed senior secured revolving credit
facility (RCF, including the EUR90 million fungible add-on) due
2032. The outlook on Prosol is stable.

Concurrently, Moody's have withdrawn the B2 long-term CFR and B2-PD
PDR of ZF Invest, the former parent company of Prosol's restricted
group. The existing B2 ratings on the backed senior secured bank
credit facilities are unaffected by this rating action, but are
planned to be withdrawn pro forma the transaction.

This refinancing follows the announced acquisition of a majority
stake in Prosol by Apollo Funds, which is expected to close in Q2
2026.

Proceeds from the proposed transaction, together with a small
amount of rolled debt and a EUR1.9 billion equity contribution,
will fund the EUR4.0 billion (including transaction costs)
acquisition of Prosol and about EUR100 million cash on Prosol's
balance sheet.

RATINGS RATIONALE

The rating action reflects Moody's expectations that Prosol will
continue to grow its earnings in the next 12-18 months and that its
credit metrics will remain commensurate with a B2 rating under its
new capital structure. Pro forma the transaction, Moody's adjusted
debt/EBITDA (leverage) is 5.8x for the financial year ending on
September 30, 2025 (FY2025) and Moody's expects it to decline to
5.3x in FY2026. The acquisition of a majority stake in Prosol by
Apollo Funds does not materially change the company's gross debt
quantum, as the proposed EUR250 million increase in its TLB is
largely offset by the repayment and/or assimilation into the
restricted group of its existing convertible notes which amounted
to EUR219 million as of September 30, 2025 and were included in
Moody's-adjusted debt. Moody's current rating assumes that funds
entering the restricted group are all equity or equity-like. The
cash that Prosol will have on balance sheet pro forma the
acquisition will amount to around EUR100 million, a significantly
lower level than the EUR389 million of cash as of September 30,
2025, but Moody's expects liquidity to remain good in the next
12-18 months.

Governance considerations were drivers of the rating action. They
include a financial policy with a tolerance for high leverage and a
concentrated ownership but also recognize the company's track
record of strong earnings growth which has supported significant
deleveraging in recent years.

Prosol continued to perform strongly in FY2025, with revenue rising
by 20% driven by Grand Frais (+13%) and Fresh (+29%) banners,
underpinned by both new openings and like-for-like growth of
existing stores for both banners. This resulted in continued
improvement in EBITDA, with Moody's-adjusted gross debt/EBITDA
(leverage) decreasing to 5.8x in FY2025 from 7x in FY2024.

Going forward, Moody's expects Prosol's revenue to grow annually in
the low-double-digits in percentages in FY2026-27, sustained by an
acceleration in store openings at both Grand Frais and Fresh
together with continued organic growth driven by good traffic
trends. While this accelerated pace of store openings entails some
execution risks, Moody's recognizes Prosol's strong execution to
date. Moody's anticipates that Moody's-adjusted EBITDA margin will
be sustained around 11%. As a result, Moody's forecasts that
Moody's-adjusted leverage will decrease to around 5x in the next
12-18 months driven by EBITDA growth. Given the higher growth
capex, which will also include the acquisition of about 25 Gifi
stores, Moody's projects that (EBITDA-capex)/interest expense will
decline to around 1.3x in FY2026 and improve again towards 2x in
FY2027.

Prosol's B2 CFR remains supported by its track record of sales and
EBITDA growth on the back of robust like-for-like sales growth and
store openings; its exposure to the higher growth fresh food
segment; its EBITDA margin which is above the sector average,
reflecting its focus on locally sourced, high-quality fresh food
products, which differentiate the company from larger competitors
and are in high demand from consumers; and its solid cash flow
generation before growth capex.

Concurrently, the company's B2 CFR is constrained by its high
leverage; its small size compared with that of traditional grocers
and concentration in the fresh food segment; the execution risk
related to its ambitious growth programme, with significant capital
spending weighing on free cash flow (FCF); and its geographical
concentration in France.

LIQUIDITY

Moody's considers Prosol's liquidity to be good pro forma the
transaction. It will be supported by a cash balance that Moody's
expects to be about EUR100 million at closing of the acquisition
and access to a EUR510 million RCF expected to be fully undrawn at
closing. The company's liquidity is also supported by Moody's
expectations of positive FCF, which is projected to be around EUR40
million in FY2026 and increase to around EUR110 million in FY2027.
Pro forma for the transaction, there is no significant debt
maturity prior to 2033 when the TLB matures.

The RCF is subject to a net leverage covenant of 11x, which is
tested if outstanding borrowings under the RCF are equal to or
greater than 40% of the overall size of the facility. Moody's
expects Prosol to maintain good headroom under this covenant.

STRUCTURAL CONSIDERATIONS

The backed senior secured TLB and the backed senior secured RCF,
which are rated B2, in line with the CFR, rank pari passu and
benefit from the presence of upstream guarantees from material
subsidiaries of the group, representing at least 80% of
consolidated EBITDA. Prosol's existing convertible bonds (EUR219
million as of September 30, 2025) will be redeemed as part of the
acquisition by Apollo Funds.  

The final capital structure of Helia Bidco is yet to be confirmed.
A shareholder loan may enter the restricted group which terms
Moody's expects to be equity-like but Moody's assessments is still
pending review of final structure and terms.

The B2-PD PDR, in line with the CFR, reflects Moody's assumptions
of a 50% recovery rate as is customary for capital structures with
bank debt and a covenant-lite structure.

RATING OUTLOOK

The stable outlook on Prosol reflects Moody's views that the
company's revenue and earnings will continue to improve over the
next 12-18 months and its credit metrics will remain commensurate
with its B2 rating.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee

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

Upward pressure on the ratings could arise if Prosol continues to
evidence strong positive like-for-like revenue growth and high
profitability, Moody's-adjusted leverage decreases well below 5.5x
on a sustained basis, Moody's-adjusted (EBITDA-capex)/interest
expense improves above 2.0x and Moody's-adjusted FCF/debt is
sustained above 5%. An upgrade would also require evidence of a
more conservative and predictable financial policy being
maintained, minimizing the risk of re-leveraging due to, for
example, major debt-funded acquisitions or shareholder
distributions.

Downward pressure on the ratings could arise if Prosol's
like-for-like revenue growth, profitability or FCF generation
weakens materially, if Moody's-adjusted (EBITDA-capex)/interest
expense decreases below 1.5x or if Moody's-adjusted leverage
increases above 6.5x on a sustained basis. Moody's could also
consider downgrading the ratings if there is a material financial
underperformance among Grand Frais' partners that leads to a
disruption in footfall at Grand Frais stores.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in September 2025.

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

COMPANY PROFILE

Headquartered in Chaponnay, France, Prosol is the largest member of
the Grand Frais group, a store network focused on fresh quality
products. Each Grand Frais store is around 1,000 square meters
large and sells five different types of products: fruit and
vegetable, fish, and dairy, which are managed by Prosol, and meat
and grocery products, which are generally managed by third parties.
Prosol controls 50% of the Grand Frais group and the remainder is
equally split between two private companies, Euro Ethnic Foods and
Despinasse. Prosol owns also Fresh, a network of proximity stores
selling fresh products which is complementary to Grand Frais and is
managed independently from it. Prosol generated EUR4.2 billion
revenue in FY2025.

In December 2025, Apollo Funds announced its acquisition of a
majority stake in Prosol, with Prosol's existing shareholders and
management remaining minority shareholders.




=============
G E R M A N Y
=============

HAPAG-LLOYD AG: ZIM Transaction Credit Negative, Moody's Says
-------------------------------------------------------------
On February 16, 2026, Hapag-Lloyd AG (Ba1 stable) announced that it
had signed an agreement to acquire 100% of Israeli container
shipping company ZIM Integrated Shipping Services Ltd. for USD35
per share in cash, equivalent to approximately USD4.2 billion. The
transaction remains subject to multiple approvals, including the
State of Israel's consent related to its Special State Share,
antitrust clearances, and ZIM shareholder approval. While the
transaction provides strategic and fleet-related advantages,
Moody's assesses the overall credit impact on Hapag-Lloyd as
negative, reflecting the very long closing timeline and Moody's
expectations of a significant weakening of ZIM's liquidity prior to
completion amid a very weak market environment over the next
12–18 months. In addition, ZIM's business profile carries very
high operational leverage as it leases 87% of its fleet.

Should Moody's expectations of a very weak market in 2026
materialize, Moody's expects the transaction to exert negative
pressure on Hapag Lloyd's Ba1 rating at closing. As of September
30, 2025, the Moody's-adjusted debt/EBITDA and net debt/EBITDA
stood at 1.7x and 0.2x, respectively. Pro forma for the
acquisition, these ratios would have been around 1.8x and 1.0x. In
Moody's 2026 base case, which assumes a pro forma negative EBIT
margin of 2.1%, amid a soft rate environment, leverage would weaken
further to about 3.7x on a gross basis and 2.7x on a net basis.

The main risk of the transaction is the fact that the USD35
per-share consideration is fixed, but the earliest anticipated
closing is late 2026—or potentially even early 2027—meaning
Hapag-Lloyd's effective net purchase price will rise if ZIM's cash
position declines. As of September 30, 2025, ZIM held USD3.0
billion of cash bank deposits and investment instruments, implying
that if closing occurred, Hapag-Lloyd's net cash outflow would be
about USD1.2 billion. However, Moody's expectations that ZIM could
burn at least USD1 billion during 2026 would reduce ZIM's cash to
roughly USD2.0 billion, implying an economic value closer to USD27
per share one year from now. This potential erosion is credit
negative as it creates uncertainty around the liquidity impact of
the transaction. Another risk is that Hapag-Lloyd will initially be
more operationally leveraged as a result of ZIM's high fixed cost
base, with an annual lease cost of $2.5 billion (FY2024).

At the same time, the transaction includes credit positive
strategic elements. ZIM brings a large and modern leased fleet,
where Moody's assessments is that for parts of its long-term
leasing contracts the company is paying charter rates significantly
lower than current market rates. These embedded below-market leases
would enhance Hapag-Lloyd's cost competitiveness during a period of
persistently elevated charter rates. Moreover, ZIM's substantial
orderbook would allow Hapag-Lloyd to avoid placing new orders at
exceptionally high newbuilding prices and amid multi-year shipyard
bottlenecks. An approved transaction would thus reduce capex needs
medium-term for Hapag-Lloyd. Together, these factors support Hapag
Lloyd's medium term fleet efficiency and capex flexibility by
enabling the carrier to let existing high cost leases roll off
rather than re chartering vessels at currently elevated rates.

Moody's notes positively that Hapag-Lloyd has identified
USD300–500 million in potential synergies, with around 65%
expected to be realized in year one. While the realization of
synergies is inherently subject to execution risk, this risk is
partially mitigated by Hapag-Lloyd's proven track record in
integrating similar business combinations, including the mergers
with CSAV in 2014 and UASC in 2017.

As Moody's have previously stated, Moody's expects 2026 and
possibly also 2027 to see continued pressure on freight rates. The
driver of this is the historical as well as expected exceptionally
high growth of container ship capacity. The global fleet grew by 8%
in 2023, 10% in 2024 and by 7% in 2025. As of year-end 2025, total
container capacity was close to 40% higher than in December 2019,
while shipped volumes have increased by only around 13% during the
same period. Looking ahead, the fleet is poised to grow by another
35% until year-end 2029, absent scrapping of old vessels.


TK ELEVATOR: Fitch Alters Outlook on 'B' LongTerm IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised TK Elevator Holdco GmbH's (TKE) Outlook
to Positive from Stable, while affirming its Long-Term Issuer
Default Rating (IDR) at 'B'. Fitch has also upgraded TK Elevator
Midco GmbH's and TK Elevator U.S. Newco, Inc.'s senior secured debt
ratings to 'B+'/'RR3' from 'B'/RR4' on updated recovery
assumptions.

The Outlook revision reflects Fitch's revised expectations for TKE
following its recent trading update. Fitch now expects stronger
EBITDA growth on the back of operational improvements across
divisions that will drive positive free cash flow (FCF) in FY26
(year-end September), also following manageable capex,
restructuring costs and interest expense. The ratings may be
upgraded if TKE sustains key credit ratios stronger than positive
rating sensitivities.

TKE proposes to refinance partially its 2027 secured notes
maturities with new loans due in 2030 which Fitch views as neutral
to TKE credit metrics.

Key Rating Drivers

Sustainable Leverage Improvement: Fitch forecasts continuous
improvement in EBITDA gross leverage to 6.0x at FYE26 and a further
decrease to 5.6x at FYE28, below its positive rating sensitivity.
This will primarily be driven by robust EBITDA growth to above
EUR1.5 billion in FY26-FY27 on 2%-3% revenue growth, and margin
improvement due to an increasing share of modernisation and
services operations and cost optimisation. The ability to maintain
healthy margins without a material increase in debt will strengthen
TKE's rating positioning.

FCF to Turn Positive: Fitch expects the company's FCF margin to
turn positive in FY26 at 2.7%, after -0.8% in FY25, and to trend
towards 3.5% in FY27-FY28, above its positive rating sensitivity.
This will be driven by a rise in underlying earnings, as indicated
by the recently published 1QFY26 results showing 10% order intake
growth in TKE's markets (with new installations also growing),
manageable capex, the lack of dividend or other shareholder
payments and declining restructuring cash costs. The improvement in
FCF generation will also be driven by reduced interest expenses
following its refinancing in March 2025, alongside its expectations
of lower base rates until FY28.

EBITDA Margin Upside: Fitch expects TKE to maintain high EBITDA
margins with cost-cutting measures and a higher share from the more
profitable services and modernisation divisions (65% of total
revenue in FY25 versus 57% in FY22). Its rating case assumes
healthy EBITDA margins of 16.5% to FY28, supported by increasing
exposure to more profitable markets in the Americas (57% of EBITDA
in the last 12 months to December 2025). A successful turnaround of
its German manufacturing business, driven by a product-mix shift
towards the EOX elevator model, and leaner overall production with
much lower human capital should aid further deleveraging.

Good Market Position: TKE's position, scale and broad service
network provide it with an advantage over many competitors, while
its global footprint helps streamline its cost structure. TKE is
number four globally in the elevator industry, with a market share
of 13%. About two-thirds of the global market is represented by
four companies.

Limited Business Profile: TKE's business profile is constrained by
its narrow product range and end-customer exposure, relative to
many other diversified industrials companies. It makes and services
elevators and is partly dependent on property construction cycles.
This is offset by a strong maintenance business that is resilient
in economic cycles and the good geographic diversification of its
business, which limits the effects of cyclicality in the property
sector.

Peer Analysis

TKE's cash flow is lower than that of direct peers, such as OTIS
Worldwide Corporation, Schindler Holding Limited and KONE Oyj, all
of which benefit from more streamlined cost structures. Other
high-yield diversified industrials issuers, such as INNIO Holding
GmbH (B+/Stable) and Ammega Group B.V. (B-/Negative), which
specialise in a fairly narrow range of products, have also shown
better cash flow generation.

TKE's gross leverage (forecast at 6.0x at FYE26) is higher than
that of most similarly rated peers over the medium term, despite
Fitch's expectations of deleveraging. Higher-rated INNIO's leverage
is expected to decline to 4.8x at end-2026 from 5.0x at end-2025.
Fitch expects gross leverage at lower-rated Ammega to reduce to
8.2x in 2026 from 8.7x in 2025, which remains above its downgrade
sensitivity of 7.5x.

TKE has a superior business profile than these peers, with much
greater scale and global diversification, and a stronger market
position. It is also less vulnerable to economic cycles and shocks,
as seen in recent downturns.

Fitch’s Key Rating-Case Assumptions

- Revenue to increase by 2.1% in FY26, 2.6% in FY27, 3% in FY28 and
2.9% in FY29

- EBITDA margin at 16.2% in FY26 and 16.4% in FY27 before edging
slightly higher to 16.5% in FY28-FY29 on cost-cutting and price
increases

- Capex at 2.3% of revenue in FY26, due to EOX portfolio
implementation, before slightly decreasing to 2.2% to FY29

- Restructuring-related cash costs at EUR100 million in FY26,
before moderating to EUR50 million in FY27-FY28

- No dividend or other shareholder payments until 2029

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the historical year
2025, 40% for the forecast year 2026 and 40% for the forecast year
2027.

- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch.

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

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

- The SCP is 'b'.

Recovery Analysis

Fitch's recovery analysis follows its bespoke approach for issuers
rated 'B+' and below and found that a going-concern (GC) valuation
would yield higher realisable values in distress than liquidation.
This reflects the globally concentrated market of elevator
manufacturers, where the top four companies have an almost 70%
total market share. TKE holds the number four position, with a
robust business profile, sustainable cash flow generation capacity,
a defensible market position and products that are strongly
positioned in the global market.

Fitch increased the GC EBITDA to EUR1 billion from the prior EUR950
million on structural step-up in EBITDA as a result of the
restructuring measures implemented so far. The GC EBITDA would
continue to result in persistently negative FCF, effectively
representing a post-distress cash flow proxy for the business to
remain a GC. TKE would deplete internal cash reserves, due to less
favourable contractual terms with customers, to help rebuild its
order book after restructuring.

Fitch applies a 6.0x distressed multiple to EBITDA to estimate
total enterprise valuation (EV) of EUR6 billion. This reflects
TKE's leading market position, high recurring revenue base and
international manufacturing and distribution diversification.

Fitch treats its factoring line as priority debt, which is deducted
from the EV. The EV is further reduced by 10% for administrative
claims, after which the remaining value is distributed to holders
of first-lien secured debt totalling EUR9.3 billion (including a
fully drawn EUR1 billion RCF).

Fitch excludes local facility of EUR335 million from the waterfall
analysis as it is cash collateralized, but Fitch includes TKE's
EUR245 million unsecured (working-capital) loans in China as
priority debt.

Under the capital structure after the proposed refinancing, its
waterfall analysis generated a ranked recovery in the 'RR3' band,
indicating a 'B+' instrument rating (a notch higher than the 'B'
IDR) for the senior secured debt including term loans B and senior
secured notes issued by TK Elevator Midco GmbH and TK Elevator U.S.
Inc.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDA leverage above 7.5x

- EBITDA margin below 12%

- FCF margin consistently neutral to negative

- EBITDA interest coverage below 2.0x

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage below 6.0x

- FCF margin above 3%

- EBITDA interest coverage above 3.0x

Liquidity and Debt Structure

TKE had EUR515 million of reported cash and short-term financial
investments FYE25, 1% of which Fitch treats as restricted for
intra-year operating needs. Its EUR1 billion RCF maturing in 2030
was undrawn.

Fitch assesses TKE's liquidity as comfortable over FY26-FY29, based
on its undrawn RCF and projected positive FCF margins of about 3%
in FY26-FY28, supported by lower cash interest cost, capex and
restructuring costs, plus a lack of dividend payments until 2028.
TKE's debt maturity profile will further extend after the proposed
refinancing with 90% its debt expected to come due in April 2030.

Issuer Profile

TKE's product portfolio includes passenger and freight elevators,
escalators and moving walkways, passenger boarding bridges, chair
and platform lifts, which is complemented by a recurring, largely
resilient, service and modernisation business.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for TKE.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
TK Elevator
Holdco GmbH          

                      LT IDR B  Affirmed                B

TK Elevator
U.S. Newco, Inc.

   senior secured     LT     B+ Upgrade       RR3       B

TK Elevator
Midco GmbH

   senior secured     LT     B+ Upgrade       RR3       B




=============
I R E L A N D
=============

AESIR (EUROPEAN LOAN 41): DBRS Gives BB(high) Rating on Cl. E Notes
-------------------------------------------------------------------
DBRS Ratings Limited finalized provisional credit ratings to the
following notes issued by Aesir (European Loan Conduit No. 41) DAC
(the Issuer):

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (high) (sf)

The trend on all credit ratings is Stable.

CREDIT RATING RATIONALE

The transaction is a 94.4% securitization of a floating-rate
commercial real estate loan originated by Morgan Stanley Bank, N.A.
(MSBNA) in the aggregate amount of Facility A (GBP 183.6 million),
Facility B1 (GBP 98.2 million), and Facility B2 (EUR 19 million;
equivalent to GBP 16.6 million based on a euro-British pound
sterling foreign exchange (FX) rate of 0.87104). The loan is backed
by a portfolio of 20 logistics properties, of which 19 are in the
UK and one is in Ireland.

The securitized portion of the loan, GBP 281.8 million, comprising
Facility A and Facility B1 in their entirety, was advanced by the
lender to each borrower, other than the Irish borrower. Facility B2
was advanced to the Irish borrower and is denominated in euros.
Each of the pound sterling-denominated loans and the
euro-denominated loan is cross-guaranteed by the obligors and
shares in the loan security. Furthermore, under the facilities
agreement, interest and principal are required to be applied to the
securitized loan (i.e., the pound sterling-denominated loan) and
the euro-denominated loan on a pro-rata and pari passu basis.

The borrowers are nine obligors (collectively, the Borrower)
ultimately controlled by funds managed by EQT AB Plc (EQT; the
Sponsor). The loan has a term of three years, with two one-year
extension options available subject to no event of default (EOD)
continuing, hedging being in place, and the loan-to-value (LTV)
ratio being less than 82.5% and the debt yield (DY) ratio greater
than 7.25%. Each borrower shall apply all amounts under the
facilities towards the financing or refinancing of its existing
indebtedness and the payment of any fees, costs, and other expenses
such as stamp duty registration, taxes, and transaction costs.

As of 9 September 2025 (the cut-off date), the collateral securing
the loan comprises 20 logistics properties let to 18 tenants with
average occupancy of 98.4%, with four million square feet (sf) of
gross lettable area (GLA). The portfolio is diversified in terms of
regions with 27.1% in East Midlands by market value (MV), 25.1% in
West Midlands, 19.7% in Yorkshire, and 5.5% in Ireland.

On 13 October 2025, Savills Advisory Services Limited's (Savills)
conducted the valuation of the 20 properties, and the aggregate MV
of the properties in the UK stood at GBP 417.5 million. At the same
time, Savills appraised the portion of the property portfolio
located in Ireland at EUR 28.2 million, equivalent to GBP 24.6
million based on an FX rate of 0.87104. The combined MV of the is
GBP 442.0 million. This translates to a day-one LTV of 67.5%.
Savills also appraised the portfolio MV under the special
assumption of a corporate sale at GBP 463.7 million, implying a
premium of 4.9% and resulting in a day-one LTV of 64.3%.

At the cut-off date, based on an FX rate of 0.87104, the property
portfolio generated GBP 27.1 million in gross rental income (GRI)
and GBP 26.9 million in net operating income (NOI) on a
weighted-average lease term to break (WALTB) and to expiry (WALTE)
of 6.6 years and 8.2 years, respectively. This translates into a
day-one DY of 9.0%.

Morningstar DBRS' long-term sustainable net cash flow (NCF)
assumption for the property portfolio is GBP 22.7 million per annum
(p.a.). Based on Morningstar DBRS' long-term capitalization rate
(cap rate) assumption of 6.3%, the resulting Morningstar DBRS Value
is GBP 358.2 million, which reflects a haircut of 19.0% to the
Savills valuation of the portfolio without premium and a haircut of
22.8% to the MV under special assumptions of a corporate sale.

The cash trap trigger levels are set at 8.1% projected DY and at
72.5% LTV throughout the term of the loan. There are no financial
default covenants in place during the term of the loan.

The loan is interest only and carries a floating rate of
three-month Sterling Overnight Index Average (Sonia) on the
securitized portion (Facilities A and B1) and a floating rate of
three-month Euribor on the Facility B2 portion, in each case,
subject to a zero floor, plus 2.25% margin. To protect against
fluctuations in Sonia and Euribor, the Borrower entered into a cap
agreement for 100% of the loan amount with a strike rate of 3.75%.
The Borrower undertakes to enter into a replacement hedging
document at least 10 business days prior to its expiry for the
fourth and fifth year of the term of the loan. The hedging
agreements need to be in the form of interest rate cap with a
maximum strike rate of 3.75%. Failure to comply with any of the
required hedging conditions outlined above will constitute a loan
EOD. The initial cap counterparty is Morgan Stanley & Co
International Plc.

Prior to the closing date, the loan in the amount of Facilities A
and B1, were transferred by way of novation from MSBNA to Morgan
Stanley Principal Funding Inc. that transferred by way of novation
the loan to the Issuer on the closing date.

The Sponsor can dispose of any assets securing the loan by repaying
the applicable release price. For any property being sold together
as a single or connected transaction to the same buyer, other than
the Chatham I and Chatham II properties, the release price is: (1)
105.0% of the allocated loan amount (ALA) if less than or equal to
GBP 55 million of the initial total commitment (the threshold) has
been prepaid via disposal proceeds and the release price of such
property does not exceed such threshold; or (2) 115.0% of the ALA
if and when such threshold has been met or will be met as a result
of the disposal of such property. If the Chatham I and II
properties are sold individually as wholly separate transactions,
the release price shall be, for the first property sold, an amount
which is equal to 125% of the ALA and provided that, immediately
following the sale of that property, the agent promptly engages a
valuation for the remaining property. If Chatham I and Chatham II
properties are sold together as a combined sale, the release price
will fall under the same logic of any other asset as described
above.

On the closing date, 20 February 2026, for the purpose of
satisfying the applicable risk retention requirements, MSBNA as the
retention holder and a majority-owned affiliate of the retaining
Sponsor advanced a GBP 15.0 million loan (the Issuer loan) which
represents no less than 5.0% of the total securitized loan
balance.

On the closing date, the Issuer used the proceeds of the issuance
of the notes, together with the amount borrowed by the Issuer under
the Issuer loan, to acquire the securitized loan for an amount of
GBP 281.8 million and to fund the Class X account in an amount of
GBP 200,000. GBP 17.2 million of the proceeds from the issuance of
the Class A notes and GBP 0.9 million of the Issuer loan were used
to fund the Issuer liquidity reserve. The Issuer liquidity reserve
is an aggregate amount of GBP 18.1 million and covers the Class A,
Class B, Class C, and Class D notes as well as the relevant portion
of the Issuer loan. Morningstar DBRS estimates that the commitment
amount at closing is equivalent to approximately 15 months of
coverage based on the hedging term of strike rate of 3.75%, or
approximately 12 months of coverage based on the Sonia cap of 5.0%.
The liquidity reserve will be reduced based on note amortization,
if any.

The Class E notes are subject to an available funds cap where the
shortfall is attributable to an increase on the WA margin payable
on the notes (however arising) or to a final recovery determination
of the loan.

The transaction includes a Class X interest diversion trigger
event, meaning that if (1) the LTV rises above 72.5% on the most
recent IPD, or (2) the projected DY falls below 8.1% on the most
recent interest payment date (IPD). Upon trigger event, any
interest due to the Class X1 and Class X2 noteholders will instead
be paid directly into the Issuer transaction account and credited
to the Class X diversion ledger. However, such funds can
potentially be used to amortize the notes only following the
delivery of a note acceleration notice or a sequential payment
trigger event such as the occurrence of a material loan EOD, the
failure of repaying the loan on the termination date, or the issuer
security becoming enforceable.

If there is a change of control on or after the closing date, the
outstanding loan, accrued interest, and other amounts will become
immediately due and payable unless the agent, acting on the
instruction of the majority of the lenders, has given its prior
written consent or the original manager (or another EQT affiliate)
is the sole asset manager at the time of that change (pre-approved
change of control).

The three-year loan matures on 19 January 2029. There are two
one-year extension options. The first loan interest payment after
the closing date falls on 20 April 2026. The first note payment
date is on the 23 April 2026, provided that payment of interest on
the securitized loan are deferred and are not due and payable until
the second loan IPD on 23 July 2026, if Her Majesty's Revenue and
Customs (HMRC) has not issued a HMRC Relief Direction in respect of
the loan. The expected maturity of the notes is 23 January 2031.
The final legal maturity of the notes is in January 2036, five
years after the loan termination date. Morningstar DBRS believes
that this provides sufficient time to enforce the loan collateral
and repay the bondholders, given the security structure and
jurisdiction of the underlying loan.

Notes: All figures are in British pound sterling and Euro, unless
otherwise noted.


ARBOUR CLO X: Fitch Affirms 'B-sf' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has upgraded Arbour CLO X DAC's class B-1 to C notes
and affirmed the rest.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Arbour CLO X DAC

   A XS2417697807       LT AAAsf  Affirmed    AAAsf
   B-1 XS2417698011     LT AA+sf  Upgrade     AAsf
   B-2 XS2417698284     LT AA+sf  Upgrade     AAsf
   C XS2417698441       LT A+sf   Upgrade     Asf
   D XS2417698797       LT BBB-sf Affirmed    BBB-sf
   E XS2417698953       LT BB-sf  Affirmed    BB-sf
   F XS2417699175       LT B-sf   Affirmed    B-sf

Transaction Summary

Arbour CLO X DAC is a securitisation of mainly senior secured
obligations. The portfolio is actively managed by Oaktree Capital
Management (Europe) LLP and will exit its reinvestment period in
July 2026.

KEY RATING DRIVERS

Stable Performance, Shorter Risk Horizon: The portfolio's credit
quality has remained stable over the past 12 months. Exposure to
assets with a Fitch-Derived Rating of 'CCC+' and below was 5.1%
versus a limit of 7.5%, according to the latest trustee report
dated January 2026, down from 6.1% since its last review in March
2025, and there are no defaulted assets in the portfolio.

The transaction is 0.3% below par (calculated as the current par
difference over the original target par). However, losses are
within its rating case assumptions. The transaction is also passing
all its collateral-quality, portfolio-profile and coverage tests.
The stable performance of the transaction, alongside a shorter
weighted average life (WAL) test covenant since the last review in
March 2025, resulted in the upgrades and affirmations.

Large Cushion; Low Refinancing Risk: The transaction has low near-
and medium-term refinancing risk, with no assets maturing in 2026
and only 1.7% in 2027. All notes have comfortable default-rate
buffers to support their ratings and should be capable of absorbing
further defaults in the portfolio.

'B' Portfolio: Fitch assesses the average credit quality of the
underlying obligors at 'B'. The weighted average rating factor of
the current portfolio is 24.4 as calculated by Fitch, down from
24.7 at the last review in March 2025. About 14.7% of the portfolio
is currently on a Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
95.3% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 59.2%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 12.5%, and no obligor
represents more than 1.75% of the portfolio balance. Exposure to
the three-largest Fitch-defined industries is 29.7% as per its
calculations. Fixed-rate assets as reported by the trustee are at
9.4%, complying with the limit of 15%.

Transaction Inside Reinvestment Period: Given the manager's ability
to reinvest, Fitch's analysis is based on a stressed portfolio and
tested the notes' achievable ratings across all Fitch test
matrices, as the portfolio can still migrate to different
collateral quality tests and the level of fixed-rate assets could
change.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrades may occur on stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Arbour CLO X DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


BECKETT MORTGAGES 2026-1: DBRS Finalizes BB(high) Rating on F Notes
-------------------------------------------------------------------
DBRS Ratings GmbH finalized provisional credit ratings on the
following classes of notes issued by Beckett Mortgages 2026-1 DAC
(the Issuer):

-- Class A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class D at A (sf)
-- Class E at BBB (high) (sf)
-- Class F at BB (high) (sf)

CREDIT RATING RATIONALE

The credit rating assigned to the Class A notes addresses the
timely payment of interest and the ultimate repayment of principal
by the legal final maturity date. The credit ratings assigned to
the Class B, Class C, Class D, Class E, and Class F notes address
the timely payment of interest once the relevant class of notes is
the senior-most and the ultimate repayment of principal by the
legal final maturity date. Morningstar DBRS does not rate the Class
R, Class S, or Class Y notes also expected to be issued in this
transaction.

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Republic of Ireland. The collateralized notes
are backed by first-lien, owner-occupied residential mortgage loans
originated by Nua Money Limited (Nua).

The transaction features a Liquidity Reserve Fund (LRF), which
provides liquidity support to the Class A notes, to the Class S
notes, and to the Class B notes once it becomes the most senior
class of notes. The initial balance of the LRF is 0.5% of the Class
A and Class B notes' outstanding balance at closing; on each
Interest Payment Date, the target level of the LRF will be 0.5% of
the outstanding balance of the Class A and Class B notes as at the
end of the collection period until the Class B notes are redeemed.

The transaction also features a general reserve fund (GRF), which
provides liquidity and credit support to the rated notes. The
target balance of the GRF is equal to 0.8% of the Class A to Class
F notes' outstanding balance minus the LRF target balance. In other
words, the GRF was initially funded to its initial balance of EUR
1.6 million and its target balance will then increase as the LRF
amortizes.

Morningstar DBRS calculated the credit enhancement for the Class A
Notes at 12.3%, which is provided by the subordination of the Class
B to Class F Notes and the initial balance of the GRF. Credit
enhancement for the Class B Notes is 8.1%, provided by the
subordination of the Class C to Class F Notes and the initial
balance of the GRF. Credit enhancement for the Class C Notes is
4.3%, provided by the subordination of the Class D to Class F Notes
and the initial balance of the GRF. Credit enhancement for the
Class D Notes is 2.3%, provided by the subordination of the Class E
to Class F Notes and the initial balance of the GRF. Credit
enhancement for the Class E Notes is 1.3%, provided by the
subordination of the Class F Notes and the initial balance of the
GRF. Credit enhancement for the Class F Notes is 0.3%, provided by
the initial balance of the GRF.

As of 4 February 2026, the mortgage portfolio consisted of 1,053
loans with an aggregate principal balance of EUR 299.7 million. All
the loans in the portfolio have been originated since October 2024,
making the weighted-average seasoning of the portfolio only three
months. Most mortgage loans in the asset portfolio were granted to
employed borrowers (87.4%) and self-employed borrowers (12.6%) and
are all secured by a first-ranking mortgage right. The transaction
envisages a pre-funding mechanism to purchase additional loans
after closing until 15 July 2026 to reach a portfolio balance equal
to the collateralized notes balance.

All the mortgage loans in the portfolio are in their initial
fixed-rate period when they pay a fixed-rate coupon. These loans
are scheduled to switch to a Standard Variable Rate based on the
three-month Euribor index rate plus a margin in three or five years
after their origination dates. As of the cut-off date, all the
mortgage loans were reported as performing.

Nua originated and services the mortgages. Pepper Finance
Corporation (Ireland) DAC is the appointed back-up servicer at
closing.

Morningstar DBRS' credit rating on the securities addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Notes are the related
Interest Payment Amounts and the related Class Balances.

Notes: All figures are in euros unless otherwise noted.


BILBAO CLO II: Fitch Assigns 'B-sf' Final Rating on Cl. E-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Bilbao CLO II DAC reset notes final
ratings.

   Entity/Debt                 Rating                 Prior
   -----------                 ------                 -----
Bilbao CLO II DAC

   A-1-R XS2364001581       LT PIFsf  Paid In Full    AAAsf
   A-1-R-R XS3289150818     LT AAAsf  New Rating
   A-2A-R XS2364001821      LT PIFsf  Paid In Full    AA+sf
   A-2A-R-R XS3289151030    LT AAsf   New Rating
   A-2B-R XS2364002399      LT PIFsf  Paid In Full    AA+sf
   A-2B-R-R XS3289151386    LT AAsf   New Rating
   B-R XS2364002555         LT PIFsf  Paid In Full    A+sf
   B-R-R XS3289151626       LT Asf    New Rating
   C-R XS2364002803         LT PIFsf  Paid In Full    BBB+sf
   C-R-R XS3289151972       LT BBB-sf New Rating
   D-R XS2364003280         LT PIFsf  Paid In Full    BB+sf
   D-R-R XS3289152277       LT BB-sf  New Rating
   E-R XS2364003520         LT PIFsf  Paid In Full    B+sf
   E-R-R XS3289152434       LT B-sf   New Rating
   X-R-R XS3289150651       LT AAAsf  New Rating

Transaction Summary

Bilbao CLO II DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
are being used to redeem the existing notes, except the
subordinated notes, and to fund the portfolio with a target par of
EUR400 million.

The portfolio is actively managed by Guggenheim Partners Europe
Ltd. The collateralised loan obligation (CLO) has an approximately
4.5-year reinvestment period and an eight-year weighted average
life (WAL) test covenant at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/ 'B-'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 25.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 61.3%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits, including a top 10 obligor
concentration limit of 20%, a fixed-rate obligation limit of 10%
and a maximum exposure to the three largest Fitch-defined
industries of 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

WAL Test Step-Up Feature (Neutral): The transaction can extend the
WAL by six months on or after the step-up date, which is six months
after closing. The WAL extension is subject to conditions,
including the satisfaction of collateral quality tests and the
adjusted collateral principal balance being at least at the
reinvestment target par, unless the 8.5-year WAL matrix set is
applicable at such time, in which case no further conditions would
apply.

Portfolio Management (Neutral): The transaction has an
approximately 4.5-year reinvestment period, which is governed by
reinvestment criteria that are similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

The transaction includes three sets of Fitch test matrices. Two are
effective at closing, one with a WAL of 8.5 years and one with a
WAL of eight years. The third has a WAL of seven years and will
become effective 18 months after closing. The switch to the matrix
set applicable at closing with the shorter WAL and to the forward
matrix set are conditional on the collateral principal amount (with
defaults accounted for at Fitch-calculated collateral value) being
at least at the reinvestment target par balance.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include passing both the coverage tests and the Fitch 'CCC'
limit as well as a WAL covenant that progressively steps down over
time. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to downgrades of two notches each on the class
A-2A-R-R, A-2B-R-R and B-R-R notes, one notch each on the class
C-R-R and D-R-R notes and to below 'B-sf' for the class E-R-R
notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class
A-2A-R-R, A-2B-R-R, C-R-R, D-R-R and E-R-R notes each have a rating
cushion of two notches, due to the better metrics and shorter life
of the identified portfolio than the Fitch-stressed portfolio. The
class B-R-R notes have a cushion of one notch.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches each for the class A-2A-R-R, A-2B-R-R and B-R-R notes, up
to three notches each for the class A-1-R-R and C-R-R notes, and to
below 'B-sf' for the class D-R-R- and E-R-R notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to two notches each for the class A-2A-R-R,
A-2B-R-R, B-R-R and C-R-R notes, up to three notches for the class
D-R-R notes, and up to four notches for the class E-R-R notes. The
class X-R-R and A-1-R-R notes are rated 'AAAsf' and cannot be
upgraded.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Bilbao CLO II DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


CAIRN CLO XVI: Fitch Assigns 'B-sf' Rating on Class F-R Notes
-------------------------------------------------------------
Fitch Ratings has converted the expected ratings of Cairn CLO XVI
DAC Reset notes to final ratings.

   Entity/Debt             Rating                  Prior
   -----------             ------                  -----
Cairn CLO XVI DAC

   Class A Notes
   XS2725233048         LT PIFsf  Paid In Full     AAAsf

   Class A-R Notes  
   XS3273281660         LT AAAsf  New Rating       AAA(EXP)sf

   Class B-1 Notes
   XS2725233394         LT PIFsf  Paid In Full     AAsf

   Class B-2 Notes
   XS2725233550         LT PIFsf  Paid In Full     AAsf

   Class B-R Notes
   XS3273281827         LT AAsf   New Rating       AA(EXP)sf

   Class C Notes
   XS2725233717         LT PIFsf  Paid In Full     Asf

   Class C-R Notes
   XS3273282395         LT Asf    New Rating       A(EXP)sf

   Class D Notes
   XS2725233980         LT PIFsf  Paid In Full     BBB-sf

   Class D-R Notes
   XS3273282551         LT BBB-sf New Rating       BBB-(EXP)sf
  
   Class E Notes
   XS2725234103         LT PIFsf  Paid In Full     BB-sf

   Class E-R Notes
   XS3273282718         LT BB-sf  New Rating       BB-(EXP)sf

   Class F Notes
   XS2725234368         LT PIFsf  Paid In Full     B-sf

   Class F-R Notes
   XS3273282981         LT B-sf   New Rating       B-(EXP)sf

   Class X Notes
   XS3273281405         LT AAAsf  New Rating       AAA(EXP)sf

Transaction Summary

Cairn CLO XVI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to refinance the existing note and purchase a
portfolio with a target par of EUR400 million.

The portfolio is actively managed by Cairn Loan Investments II LLP.
The CLO will have a reinvestment period of about five years and an
eight-year weighted average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 23.7.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 60.5%.

Diversified Portfolio (Positive): The transaction includes four
matrices covenanted by a top 10 obligor concentration limit at 20%
and fixed-rate asset limits of 5% and 12.5%. Two are effective at
closing and the two forward matrices will be available 12 or 24
months after the issue date based on the WAL Step-up. They have
various concentration limits, including maximum exposure to the
three-largest Fitch-defined industries in the portfolio of 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year on the step-up date, which is one year after closing.
The WAL extension is subject to conditions, including passing the
collateral-quality tests, portfolio profile tests, coverage tests
and the reinvestment target par, with defaulted assets at their
collateral value.

Portfolio Management (Neutral): The transaction has a five-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio and matrices analysis is 12 months less than the
WAL covenant. This is to account for structural and reinvestment
conditions after the reinvestment period, including the
overcollateralisation tests and the Fitch 'CCC' limitation test
passing after reinvestment. Fitch believes these conditions will
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to downgrades of one notch for the class B to
E notes, to below 'B-sf' for the class F notes and have no impact
on the class X and A notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class C
notes have a one-notch rating cushion, and the class B, D and E
notes each have a two-notch cushion, due to the better metrics and
shorter life of the identified portfolio than the Fitch-stressed
portfolio. The class X and A notes have no rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
for the class A and C notes, four notches for the class B notes,
two notches for the class D notes and to below 'B-sf' for the class
E and F notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to three notches, except for the 'AAAsf' rated
notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than -expected losses for the
transaction's remaining life. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Cairn CLO XVI DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


JUBILEE CLO 2024-XXVIII: S&P Assigns B-(sf) Rating on F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Jubilee CLO
2024-XXVIII DAC's class A-R to F-R notes. At closing, the issuer
has EUR29.74 million of unrated subordinated notes outstanding from
the existing transaction and has issued an additional EUR8.95
million of subordinated notes.

This is a European cash flow CLO transaction, securitizing a
portfolio of primarily senior secured leveraged loans and bonds.
BSP CLO Management LLC manages the transaction.

The transaction is a reset of the already existing transaction,
which closed in June 2024. The issuance proceeds of the replacement
notes were used to redeem the refinanced notes (the original
transaction's class A, B-1, B-2, C, D, E, and F notes). S&P has
withdrawn its ratings on the original notes.

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

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated 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.

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

-- The portfolio's reinvestment period will end approximately 4.4
years after closing.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,667.18
  Default rate dispersion                                  696.92
  Weighted-average life (years)                              4.44
  Obligor diversity measure                                151.15
  Industry diversity measure                                25.19
  Regional diversity measure                                 1.23

  Transaction key metrics

  Total par amount (mil. EUR)                                 450
  Defaulted assets (mil. EUR)                                0.00
  Number of performing obligors                               209
  Portfolio weighted-average rating   
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            1.80
  Target 'AAA' weighted-average recovery (%)                 35.81
  Actual 'AAA' weighted-average recovery (%)                 35.31
  Actual portfolio weighted-average spread (%)                3.71
  Actual portfolio weighted-average coupon (%)                3.63

S&P said, "The portfolio is well diversified at closing, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs. As such, we have not applied any
additional scenario and sensitivity analysis when assigning ratings
to any class of notes in this transaction.

"In our cash flow analysis, we used the EUR450 million target par
amount, the actual weighted-average spread (3.71%), and the actual
weighted-average coupon (3.63%) calculated in line with our CLO
criteria for all classes of notes. We assumed identified
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R to E-R notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO will be in its reinvestment phase starting from
closing, during which the transaction's credit risk profile could
deteriorate, we have capped the assigned ratings. The class A-R and
F-R notes can withstand stresses commensurate with the assigned
ratings.

"Until the end of the reinvestment period on Aug. 5, 2030, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating and compares that with the
current portfolio's default potential plus par losses to date. As a
result, until the end of the reinvestment period, the collateral
manager may through trading deteriorate the transaction's current
risk profile, if the initial ratings are maintained.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our assigned
preliminary ratings are commensurate with the available credit
enhancement for the class A-R, B-R, C-R, D-R, E-R, and F-R notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-R to E-R notes to four
hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would not assign a
'B-' rating if the criteria for assigning a 'CCC' category rating
are not met, we have not included the above scenario analysis
results for the class F-R notes."

Environmental, social, and governance factors

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain industries. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

Jubilee CLO 2024-XXVIII is a European cash flow CLO transaction,
securitizing a portfolio of primarily senior secured leveraged
loans and bonds. BSP CLO Management LLC will manage the
transaction.

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

  A-R     AAA (sf)    279.00    38.00    Three/six-month EURIBOR
                                         plus 1.24%

  B-R     AA (sf)      49.50    27.00    Three/six-month EURIBOR
                                         plus 1.70%

  C-R     A (sf)       27.00    21.00    Three/six-month EURIBOR
                                         plus 2.00%

  D-R     BBB- (sf)    31.50    14.00    Three/six-month EURIBOR
                                         plus 3.05%

  E-R     BB- (sf)     20.25     9.50    Three/six-month EURIBOR
                                         plus 5.25 %

  F-R     B- (sf)      13.50     6.50    Three/six-month EURIBOR
                                         plus 8.70 %

  Additional
  sub. Notes   NR       8.95      N/A    N/A

  Sub. Notes   NR      29.74      N/A    N/A

*The ratings assigned to the class A-R and B-R notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C-R, D-R, E-R, and F-R notes address ultimate interest
and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

Sub. notes--Subordinated notes.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


MONUMENT CLO 4: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Monument CLO 4 DAC expected ratings. The
assignment of final ratings is contingent on the receipt of final
documents conforming to information already received.

   Entity/Debt              Rating           
   -----------              ------           
Monument CLO 4 DAC

   A-1                   LT AAA(EXP)sf  Expected Rating
   A-1 Loan              LT AAA(EXP)sf  Expected Rating
   A-2                   LT AAA(EXP)sf  Expected Rating
   B                     LT AA(EXP)sf   Expected Rating
   C                     LT A(EXP)sf    Expected Rating
   D                     LT BBB-(EXP)sf Expected Rating
   E                     LT BB-(EXP)sf  Expected Rating
   F                     LT B-(EXP)sf   Expected Rating
   Subordinated Notes    LT NR(EXP)sf   Expected Rating

Transaction Summary

Monument CLO 4 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. The proceeds
from the notes, which priced last week, will be used to fund a
portfolio with a target par of EUR400 million. The portfolio is
actively managed by Serone Capital Loan Management Limited. The CLO
will have a 4.5-year reinvestment period and a 7.5-year weighted
average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor of the identified portfolio is 23.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 59.9%.

Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a top 10
obligor concentration limit at 20% and a maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
test by 12 months, on or after one year from closing. The WAL
extension is subject to conditions, including passing the
collateral quality tests, coverage tests, portfolio profile tests
and the aggregate collateral balance with defaulted assets at their
collateral value being equal to, or greater than, the reinvestment
target par.

Portfolio Management (Neutral): The transaction will have a
4.5-year reinvestment period, which is governed by reinvestment
criteria that are similar to those of other European transactions.
Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis is 12 months less than the WAL covenant. This is
to account for the strict reinvestment conditions envisaged by the
transaction after the reinvestment period. These include the
satisfaction of the coverage tests and Fitch 'CCC' limit, together
with a consistently decreasing WAL covenant. Fitch believes these
conditions would reduce the effective risk horizon of the portfolio
during stress periods.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to downgrades of one notch each for the class
C, D and E notes, to below 'B-sf' for the class F notes and have no
impact on the class A-1, A-2 and B notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B to
F notes each have a rating cushion of two notches, due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio. The class A-1 and A-2 notes have no
rating cushion.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to three
notches each for the class A-1 to D notes and to below 'B-sf' for
the class E and F notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to two notches each, except for the 'AAAsf' rated
notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
transaction's remaining life. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Monument CLO 4
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


NEUBERGER BERMAN 1: Moody's Ups Rating on EUR8.3MM F Notes to B2
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Neuberger Berman Loan Advisers Euro CLO 1 DAC:

EUR17,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Aa1 (sf); previously on May 8, 2025
Upgraded to Aa3 (sf)

EUR18,900,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A3 (sf); previously on May 8, 2025
Upgraded to Baa2 (sf)

EUR8,300,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Upgraded to B2 (sf); previously on May 8, 2025 Affirmed
B3 (sf)

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

EUR186,000,000 (Current outstanding amount EUR118,305,827) Class A
Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on May 8, 2025 Affirmed Aaa (sf)

EUR21,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on May 8, 2025 Upgraded to Aaa
(sf)

EUR9,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Affirmed Aaa (sf); previously on May 8, 2025 Upgraded to Aaa (sf)

EUR16,900,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba2 (sf); previously on May 8, 2025
Upgraded to Ba2 (sf)

Neuberger Berman Loan Advisers Euro CLO 1 DAC, issued in March
2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Neuberger Berman Europe Limited. The
transaction's reinvestment period ended in April 2025.

RATINGS RATIONALE

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

The affirmations on the ratings on the Class A, Class B-1, Class
B-2 and Class E notes notes are primarily a result of the expected
losses on the notes remaining consistent with their current rating
levels, after taking into account the CLO's latest portfolio, its
relevant structural features and its actual over-collateralisation
ratios.

The Class A notes have paid down by approximately EUR67.7 million
(36.4% of its original balance) since the last rating action in May
2025. As a result of the deleveraging, over-collateralisation (OC)
has increased for all rated notes. According to the trustee report
dated January 2026[1], the Class A/B, Class C, Class D, Class E and
Class F OC ratios are reported at 147.83%, 133.94%, 121.86, 112.77%
and 108.78%, compared to April 2025[2] levels of 138.46%, 127.88%,
118.33%, 110.92% and 107.62%, respectively. Moody's notes that the
January 2026 principal payments are not reflected in the reported
OC ratios.

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

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR231.2m

Defaulted Securities: EUR0.47m

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3095

Weighted Average Life (WAL): 4.14 years

Weighted Average Spread (WAS): 3.57%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 44.13%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation:  The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


PALMER SQUARE 2024-1: Fitch Affirms 'BB+sf' Rating on Cl. E-R Notes
-------------------------------------------------------------------
Fitch Ratings has upgraded Palmer Square European Loan Funding
2024-1 DAC class B-R and C-R notes.

   Entity/Debt                  Rating             Prior
   -----------                  ------             -----
Palmer Square European
Loan Funding 2024-1 DAC

   Class A-R XS3040415013    LT  AAAsf   Affirmed    AAAsf
   Class B-R XS3040415286    LT  AAAsf   Upgrade     AAsf
   Class C-R XS3040415443    LT  A+sf    Upgrade     Asf
   Class D-R XS3040415799    LT  BBB+sf  Affirmed    BBB+sf
   Class E-R XS3040415955    LT  BB+sf   Affirmed    BB+sf

Transaction Summary

Palmer Square European Loan Funding 2024-1 DAC is an arbitrage cash
flow collateralised loan obligation (CLO) that is being serviced by
Palmer Square Europe Capital Management LLC (Palmer Square). The
transaction has a static pool with a remaining weighted average
life of 3.6 years as of the latest trustee report dated January
2026 report.

KEY RATING DRIVERS

Deleveraging Transaction: The transaction is static, leading to
rapid deleveraging, with about EUR110.2 million of the notes having
been repaid since the issuance of the refinancing notes in July
2025. This deleveraging has resulted in an increase in credit
enhancement (CE) across the capital structure, which drives the
upgrades and affirmations. As of the latest trustee report, there
was EUR23.4 million cash in the principal account, which Fitch
expects will be used to further pay down the class A-R notes.

Stable Performance, Static Deal: The transaction does not have a
reinvestment period, and discretionary sales are not permitted. The
transaction's performance has been stable, with the latest trustee
report showing 3.8% of assets with a Fitch-Derived Rating of 'CCC+'
and below. The transaction is exposed to 13.5% of assets that have
an Issuer Default Rating with a Negative Outlook, according to
Fitch's calculations. The transaction is only slightly below par,
with losses well below the rating case assumption.

Deviation from MIR: The two-notch deviation from the model-implied
ratings (MIR) for the class C-R notes reflects limited default-rate
cushion in the Fitch portfolio at their MIR. However, the class C-R
notes benefit from strong default-rate cushion at their current
rating and they are expected to continue building CE and cushions
as the deal deleverages. This may result in further upgrades of the
class C-R notes, supporting the Positive Outlook.

Low Refinancing Risks: The transaction has manageable near- and
medium-term refinancing risk, with 0.5% maturing in 2026 and 4% in
2027.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor of the current portfolio is 24.7.

High Recovery Expectations: Senior secured obligations comprise
98.7% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 60.8%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. As of 14 February 2026, the
Fitch-calculated top 10 obligor concentration was 16%, with the
largest obligor representing 1.9% of the portfolio. Exposure to the
largest Fitch-defined industry was 12.1%, as calculated by the
trustee. Fixed-rate assets reported by the trustee were 3.5% of the
portfolio balance as of 12 January 2026.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrades may occur on stable portfolio credit quality and
deleveraging, leading to higher CE and excess spread available to
cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Palmer Square
European Loan Funding 2024-1 DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


SEAPOINT PARK: Fitch Hikes Rating on Class D Notes to 'BB+sf'
-------------------------------------------------------------
Fitch Ratings has upgraded Seapoint Park CLO DAC class A-2, B, Cand
D notes and affirmed the rest.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
Seapoint Park CLO DAC

   A1 XS2066776431       LT AAAsf  Affirmed    AAAsf
   A2A XS2066777082      LT AAAsf  Upgrade     AA+sf
   A2B XS2066777751      LT AAAsf  Upgrade     AA+sf
   B XS2066778486        LT A+sf   Upgrade     Asf
   C XS2066779294        LT BBB+sf Upgrade     BBBsf
   D XS2066779880        LT BB+sf  Upgrade     BBsf
   E XS2066780201        LT B-sf   Affirmed    B-sf

Transaction Summary

Seapoint Park CLO DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction exited its reinvestment period
in May 2024 and the portfolio is actively managed by Blackstone
Ireland Limited.

KEY RATING DRIVERS

Losses Below Rating Case Assumptions: The transaction was about
0.4% below par (calculated as the current par difference over the
original target par), due to EUR2.5 million reported defaults in
the portfolio. Exposure to assets with a Fitch-Derived Rating of
'CCC+' and below is slightly above 7.5%, according to the latest
trustee report dated 20/01/2026, compared with a limit of 7.5%.
However, losses are well below its rating case assumptions.

Transaction Deleveraging: The class A-1 notes have paid down EUR83
million (33.5%), which has resulted in an increase in credit
enhancement across the rated notes and supports the upgrades and
Stable Outlook.

Transaction Outside Reinvestment Period: The manager can reinvest
unscheduled principal proceeds and sale proceeds from
credit-improved or -impaired obligations after the reinvestment
period, subject to compliance with the reinvestment criteria. The
transaction is failing the Fitch weighted average rating factor and
the weighted average recovery rate tests but the manager can
reinvest proceeds on a maintain-or-improve basis. It is also
failing the Fitch 'CCC' test, but the manager may still be able to
reinvest if it is cured.

Low Refinancing Risk: The transaction has manageable short term
refinancing risk, with less than 9% portfolio assets maturing up to
2027. Comfortable default rate cushions for each class notes
support the Stable Outlook.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor of the current portfolio is 25.9 as calculated by Fitch
under its latest criteria. About 17.3% of the portfolio is
currently on Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
95.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 58.6%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 24.1%, and no obligor
represents more than 3% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 33.6% as calculated by
Fitch. Fixed-rate assets as reported by the trustee are at 8.1%,
currently complying with the limit of 10%.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to simulate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par-value and interest-coverage
tests.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Upgrades may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Seapoint Park CLO
DAC. In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


TAURUS 2025-1: DBRS Confirms 'BB' Rating on Class E Notes
---------------------------------------------------------
DBRS Ratings GmbH confirmed its credit ratings on the bonds issued
by Taurus 2025-1 EU DAC (the Issuer) as follows:

-- Class A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)

All trends are Stable.

CREDIT RATING RATIONALE

The credit rating confirmations on Classes A, B, C, D, and E
reflect the transaction's stable performance over the past 12
months. The senior loan securing the transaction is performing in
line with the provisions of the facility agreements, and no breach
of any of the cash trap covenant thresholds has been reported to
date.

The transaction is the securitization of a EUR 259.8 million senior
floating-rate commercial real estate loan backed by a portfolio of
37 freehold urban logistics properties in Germany and France. The
loan was advanced by Bank of America Europe DAC (the original
lender and/or the loan seller and/or the Issuer lender) to the
borrowers, which are ultimately owned and controlled by The Carlyle
Group (Carlyle or the Sponsor). The securitized loan has an initial
term of three years with two one-year extension options, with the
final repayment date set on 15 February 2030. The final legal
maturity of the notes is on 17 February 2035, seven years after the
senior loan repayment date.

On 31 October 2024, the valuer, Cushman & Wakefield (C&W),
conducted the valuations of the 37 properties and appraised their
aggregate market value (MV) at EUR 384.9 million. This translates
into a loan-to-value ratio (LTV) of 67.5% as of the November 2025
interest payment date (IPD).

As at the November 2025 IPD, the property portfolio offered a total
of 275,551 square meters of gross lettable area to 18 tenants at an
occupancy level of 98.4% (same level as at origination). As of the
November 2025 IPD, Kuehne+Nagel International AG remains the
largest tenant in the portfolio with 25 leases across Germany and
France. It accounts for 56.0% of the total portfolio's gross rental
income (GRI) with weighted-average lease term to break (WALTB) and
to expiry (WALTE) of 5.00 and 5.01 years, respectively.

The portfolio performed in line with expectations over the past 12
months, with GRI increasing to EUR 23.3 million in November 2025
from EUR 22.3 million at origination. Net operating income (NOI)
stands at EUR 22.7 million as of November 2025 IPD, which
translates into the debt yield (DY) of the portfolio of 8.7%, a
slight increase from the 8.5% DY at issuance. When comparing the
total in-place GRI with the EUR 24.4 million estimated rental value
under full occupancy assumption as per the C&W valuation report,
the portfolio is 4.3% under-rented. As at the November 2025 IPD,
the portfolio's WALTB and WALTE were 4.7 years (up from 4.3 years
at Cut-Off) and 4.2 years (down from 5.5 years at origination),
respectively.

Morningstar DBRS maintained its net cash flow (NCF) assumption for
the property portfolio at EUR 19.2 million and its capitalization
rate assumption at 6.5%. This translates into Morningstar DBRS
value of EUR 295.5 million, which reflects a haircut of 23.2% to
the C&W valuation.

The senior loan is interest only and bears interest at a floating
rate equal to three-month Euribor plus a 2.8% p.a. margin. It is
initially expected to mature on 15 February 2028 (the initial
repayment date), with two one-year extension options available to
the borrowers, which are conditional to satisfactory hedging being
in place and no event of default (EOD) continuing. The final
repayment date of the senior loan is 15 February 2030. The interest
rate risk is fully hedged by a prepaid cap provided by Bank of
America in January 2025 with a strike rate of 3.0% p.a. The hedging
agreements are in the form of a three-year pre-paid interest rate
cap expiring on the initial repayment date, namely on the 15
February 2028. The notional amount is 100% of the senior loan's
principal amount. After the initial three-year term, the borrowers
must ensure hedging transactions, by way of a cap or a swap, are in
place up until the final maturity date at a strike rate, which is
not greater than the higher of (1) 3.0% p.a. and (2) the rate that
ensures a hedged interest cover ratio (ICR) of 1.4 times (x), and
in both cases for swaps, if lower, the market prevailing rate.
Failure to comply with any of the required hedging conditions
outlined above will constitute a loan EOD.

The senior loan features cash trap covenants based on DY and LTV.
In particular, a cash trap event will occur if the senior loan's
LTV is greater than 75.0% and/or the senior loan's DY is less than
7.4%. The senior loan also features financial default covenants. In
particular, at each IPD, the borrowers must ensure that the senior
loan's LTV does not exceed 80.0%. The DY, conversely, must not fall
below 6.3% until the initial repayment date, and below 7.0%
thereafter.

As at the November 2025 IPD, the transaction benefits from a
liquidity facility with a total commitment of EUR 14.0 million
provided by Bank of America, N.A., London Branch. The liquidity
facility can be used to cover interest shortfalls on the Class A,
Class B, and Class C notes (the covered notes) and certain
proportionate payments under the Issuer Loan. Morningstar DBRS
estimated that the Issuer liquidity reserve will cover
approximately 21 months of interest payments on the covered notes,
based on a maximum cap strike rate of 3.0%, and approximately 15
months based on the Euribor cap of 5.0% after the notes expected
maturity date.

The Class E notes are subject to an available funds cap where the
shortfall is attributable to an increase in the weighted-average
margin of the notes arising from the allocation of sequential note
principal (i.e. principal proceeds originated from loan-level cash
trap amounts) or as a result of a final recovery determination of
the senior loan.

The transaction includes a Class X interest diversion trigger
event, meaning that if the Class X interest diversion triggers, set
at 7.4% for DY and 75% for LTV, respectively, are breached, any
interest due to the Class X noteholders will instead be paid
directly to the Issuer transaction account and credited to the
Class X diversion ledger. However, such funds can potentially be
used to amortize the notes only following a sequential payment
trigger event or the delivery of a note acceleration notice.

The final legal maturity of the notes is 17 February 2035, seven
years after the senior loan initial repayment date. The final legal
maturity of the notes must be automatically extended where the
final loan repayment date is extended so that the final note
maturity date always falls seven years after the latest senior loan
repayment date. Morningstar DBRS is of the opinion that, if
necessary, this would provide sufficient time to enforce on the
senior loan collateral and ultimately repay the noteholders, given
the security structure and the relevant jurisdictions involved in
this transaction.

Morningstar DBRS' credit ratings on Class A, Class B, Class C,
Class D, and Class E notes address the credit risk associated with
the identified financial obligations in accordance with the
relevant transaction documents. The associated financial
obligations are the initial principal amounts and the interest
amounts.

Notes: All figures are in euros unless otherwise noted.




=========
I T A L Y
=========

BFF BANK: DBRS Cuts LongTerm Issuer Rating to 'BB'
--------------------------------------------------
DBRS Ratings GmbH downgraded its credit ratings on BFF Bank S.p.A.
(BFF or the Bank), including the Long-Term Issuer Rating to BB from
BB (high) and the Short-Term Issuer Rating to R-4 from R-3. In
addition, Morningstar DBRS downgraded the Bank's Long-Term Deposits
to BB (high) from BBB (low), one notch above the Bank's Intrinsic
Assessment (IA), reflecting the legal framework in place in Italy,
which has full depositor preference in bank insolvency and
resolution proceedings. Morningstar DBRS also changed the trend on
BFF's long-term credit ratings to Negative from Stable. Finally,
Morningstar DBRS lowered the Bank's IA to BB from BB (high) while
it confirmed its Support Assessment at SA3, meaning that timely
systemic support is not expected.

KEY CREDIT RATING CONSIDERATIONS

The downgrade of BFF's credit ratings reflects heightened risks to
its financial profile and reputation stemming from prolonged
turbulence following lowered profitability targets, leadership
changes and an ongoing preliminary investigation which appears to
be related to alleged false accounting according to media reports
on 16 February 2026. The Bank communicated that, as far as they
were aware, the preliminary investigation was initiated by Italian
prosecutors at the end of 2023 and remains at the investigative
stage.

BFF has experienced a significant level of volatility over the past
2 years. BFF previously made changes to its governance framework,
remuneration policy, and classification of its factoring portfolio
in response to regulatory findings by the Bank of Italy (BOI). And
in November 2025, the BOI lifted the temporary supervisory bans
previously imposed and confirmed the Bank's Pillar 2 capital
requirement. But despite these steps which pointed towards greater
stability, on 2 February 2026, the Bank announced a series of
substantial derisking actions on its factoring portfolio ahead of a
potential securitization and indicated that a new strategic plan
would be unveiled in H2 2026. These developments sharply affected
F2025 earnings and prompted a downward revision of its F2026
profitability targets. In addition, BFF restated its F2024 accounts
because of previously identified errors and underwent a significant
leadership change with the departure of long-standing Chief
Executive Officer (CEO) Massimiliano Belingheri, a development that
has weighed on investor sentiment.

The Negative trend considers Morningstar DBRS' view that risks are
skewed to the downside as the combination of profit warnings and
ongoing investigation could undermine BFF's reputation. This, in
turn, may add pressure to its franchise, funding and liquidity
profile, and capital-generation capacity, even though the Bank has
suspended dividends from 2025 net profit to preserve capital.
Strategic execution risks, particularly around accelerating
past-due collections and completing the planned securitization, are
likely to intensify in this environment where investor and customer
confidence is being challenged by management transitions and
heightened uncertainty regarding the Bank's business ethics. Should
the ongoing preliminary investigation lead to an unfavorable
outcome, the repercussions could potentially imply substantial
regulatory fines and penalties that would further damage the Bank's
reputation and weigh on its performance over the longer term.

BFF's credit ratings continue to incorporate its leading position
in the niche sector of management and nonrecourse factoring of
trade receivables due from European public administrations (PA) and
national healthcare systems (NHS), as well as its geographic and
business diversification, business focus on the typically low-risk
public sector, and adequate liquidity and capital buffers at this
stage. These considerations partially mitigate the mostly
wholesale, albeit operational, nature of BFF's funding structure
and the high, albeit reduced, concentration risk arising from its
sizeable exposure to Italian sovereign bonds.

The Bank's BB IA is positioned at the midpoint of the IA range to
reflect that BFF's credit fundamentals are commensurate with those
of similarly rated peers. However, Morningstar DBRS changed the
trend on BFF's long-term credit ratings to Negative from Stable to
reflect that risks are skewed to the downside.

CREDIT RATING DRIVERS

An upgrade of BFF's long-term credit ratings is unlikely given the
Negative trend. Nevertheless, Morningstar DBRS could change the
trend to Stable if the preliminary investigation is resolved
positively and BFF restores investor and customer confidence while
delivering stable financial performance.

A downgrade of the credit ratings would occur if the preliminary
investigation escalated to confirmed material accounting
misstatements or in the event of a significant deterioration in
BFF's franchise strength, earnings or funding and liquidity,
particularly if uncertainty from the investigation persists.
Failure to execute on strategic initiatives, including the planned
securitization or material reduction in past-due exposures, or any
further adverse risk management developments, ultimately leading to
capital buffer erosion, would also heighten downward pressure on
the credit ratings.

CREDIT RATING RATIONALE

Franchise Combined Building Block Assessment: Weak/Very Weak
With approximately EUR 12 billion in total assets at YE2025, BFF is
a small Italian bank specialized in the management and nonrecourse
factoring of trade receivables due from PAs and NHS in Europe and,
to a lesser extent, operating in the securities services and
banking and corporate payment businesses in Italy. While
Massimiliano Belingheri stepped down as CEO after more than 12
years in the role, Giuseppe Sica, Chief Financial Officer since
February 2025, has been appointed General Manager with full
executive powers. Morningstar DBRS notes that Belingheri remains a
nonexecutive board member, still holding 6% of the Bank's share
capital at YE2025.

Earnings Combined Building Block Assessment: Good/Moderate
Approximately EUR 95 million of combined negative impact from
nonrecurring loan loss provisions (LLPs) and slower late payment
interest collection have dampened BFF's earnings in 2025 amid
persistently sluggish loan growth. LLPs mainly concerned provisions
reflecting expected lower profitability from around EUR 400 million
of Italian public-sector receivables receiving a negative court
ruling, although the ruling is still under appeal. As a result,
BFF's reported net income was around EUR 70 million in F2025, down
68% year over year (YOY); however, adjusted net income was up 6%
YOY excluding one-off items in both periods. Morningstar DBRS
expects BFF's underlying profitability to remain more moderate than
historical average levels, reflecting more conservative assumptions
for loan growth and collections and still-high capital required
following the prudential credit reclassification requested by the
BOI.

Risk Combined Building Block Assessment: Weak/Very Weak

BFF's net nonperforming exposures, almost entirely related to the
public sector, represented around 33% of net customer loans at
YE2025, down from 35% at YE2024 when the prudential credit
reclassification led to a substantial increase in past-due
exposures. Excluding exposures to municipalities in
conservatorship, the net bad loan (or sofferenze) ratio remained at
a low 0.2% at YE2025.

Funding and Liquidity Combined Building Block Assessment:

Moderate/Weak

The diversification of BFF's funding profile remains moderate and
its reliance on wholesale sources remains significant, exposing the
Bank to market trends and funding concentration risk. At YE2025,
total deposits, including customer and bank deposits, were down 8%
YOY as deposit inflows from transaction services have only partly
offset a reduction in digital deposits. Total deposits accounted
for 73% of total funding at YE2025, of which 84% came from
transaction services. Short-term repurchase agreements represented
around 22% of BFF's total funding. At YE2025, BFF's liquidity
coverage ratio was 195.2% and its net stable funding ratio was
132.8%.

Capitalization Combined Building Block Assessment: Weak/Very Weak
Notwithstanding weaker earnings accretion and still-elevated
risk-weighted asset density, BFF reported a CET1 ratio of 14.1% and
a total capital ratio (TCR) of 17.3% at YE2025, both including net
profit, up from 12.2% and 15.1%, respectively, reported one year
earlier. At YE2025, BFF held adequate buffers of approximately 440
basis points (bps) and 410 bps over its minimum requirements of
9.7% for the CET1 ratio and 13.2% for the TCR, respectively,
corresponding to free capital of around EUR 210 million and EUR 195
million, respectively. Despite the recent lifting of the dividend
ban imposed by the BOI in 2024, BFF's board decided not to propose
a dividend distribution from 2025 net profit.

Notes: All figures are in euros unless otherwise noted.




===================
K A Z A K H S T A N
===================

FREEDOM HOLDING: S&P Affirms 'B+/B' ICRs, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'B+/B' long- and short-term issuer
credit ratings on Freedom Finance JSC, Freedom Finance Europe Ltd.,
Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC and
maintained the positive outlooks.

S&P said, "We affirmed our 'B-' long-term issuer credit rating on
nonoperating holding company Freedom Holding Corp. (FRHC) and
maintained the stable outlook.

"We affirmed our 'kzBBB+' long-term Kazakh national scale ratings
on Freedom Finance JSC and Freedom Bank Kazakhstan JSC. Our
national scale ratings do not carry outlooks.

"The group's consolidated financial results for the nine months
ending Dec. 31, 2025, were largely in line with our expectations.
Group assets increased by 25%, reflecting the expansion of its
banking and brokerage activities. Lending growth remained high at
24%, but broadly commensurate with Kazakhstan banking sector
average. Group profitability started to recover with annualized
core earnings-to-risk weighted assets increasing to 1.8%, from 1.0%
for financial year ending March 31, 2025. The group continues to
strengthen its consolidated risk management and compliance across
its financial subsidiaries. We estimate that the risk-adjusted
capital (RAC) ratio remained above 12% as of Dec. 31, 2025, which
remains supportive."

Losses at the Freedom group's nonfinancial businesses increased.
Pre-tax losses of the group's nonfinancial businesses, which
include its lifestyle businesses and telecoms, increased to $272
million for the nine months ending Dec. 31, 2025, from $129 million
for the same period in 2024. Material growth in operating expenses
and an increase in interest expenses underpinned losses.

Debt at the holding company increased to $1.1 billion as of Dec.
31, 2025. To finance the expansion in its nonfinancial businesses,
primarily its telecom business, FRHC issued an additional $600
million bonds in 2025 through a special purpose vehicle. As a
result, its double leverage increased to 308% as of Dec. 31, 2025,
from 167% as of March 31, 2025, a very high level in the
international context. S&P said, "FRHC's financial commitments
appear to be currently sustainable, however, we understand that
creditors' claims on FRHC--a nonoperating holding company--are
structurally subordinated to those on the operating subsidiaries,
and that high and increasing double leverage has accentuated this
risk. Therefore, we would not raise the rating on FRHC if we raise
the group stand-alone credit profile (SACP) to 'bb-' from 'b+'."

S&P said, "We expect that FRHC will proactively refinance its
upcoming debt maturities and its related interest payments. Over
2026-2027, the group faces bond maturities of about $600 million,
previously issued by Freedom SPC to fund FRHC's activities, of
which $265 million fall due in September-October 2026. While we
view FRHC as having underdeveloped contingent liquidity sources,
for example no committed bank facilities, we expect that it can
marshal resources to address these maturities. These options
include bond issuance and a potential substantial upstreaming of
excess capital from its brokerage subsidiaries. Some of these
actions could also trim FRHC's double leverage."

The positive outlook on the group's core bank and brokerage
subsidiaries reflects Freedom group's substantial progress in
establishing consolidated risk management and compliance and
strengthening these functions at operating subsidiaries. It also
reflects moderation of growth rates, which supports its
capitalization, recovering profitability, and continuing growth in
its franchise in Kazakhstan and abroad.

S&P said, "The stable outlook on FRHC reflects our view that even
if we revise our assessment of the group SACP to 'bb-' from 'b+' we
are unlikely to change the rating on the holding company.

"We could revise the outlook on the operating subsidiaries to
stable over the next 12 months if we see a diminished prospect of
an upgrade, linked to the points in the upside scenario.

"We could downgrade FRHC if we see an increased likelihood that the
holding will not be able to refinance its maturing debt ahead of
schedule."

S&P could raise its ratings on the operating subsidiaries over the
next 12 months if it concludes that all the following points are
met:

-- Strengthened consolidated risk management and compliance leads
to effective risk oversight and control,

-- The group maintains a moderate risk appetite regarding its
securities portfolio and growth of customer operations,

-- The RAC ratio remains above 10%,

-- The group recovers its profitability and continues its targeted
growth strategy, and

-- S&P views FRHC as being well-positioned to refinance its bond
maturities, with a lower risk strategy to finance its nonfinancial
businesses.

An upgrade of FRHC is a remote prospect.




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

MILA 2024-1: Fitch Affirms 'B+sf' Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has upgraded Mila 2024-1 B.V's class D notes and
affirmed the rest. All Outlooks are Stable.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Mila 2024-1 B.V.

   A XS2822523416       LT AAAsf  Affirmed    AAAsf
   B XS2822524067       LT AA+sf  Affirmed    AA+sf
   C XS2822524737       LT A+sf   Affirmed    A+sf
   D XS2822525114       LT A-sf   Upgrade     BBB+sf
   E XS2822525387       LT BBB-sf Affirmed    BBB-sf
   F XS2822525460       LT B+sf   Affirmed    B+sf

Transaction Summary

Mila 2024-1 B.V. is the inaugural true-sale securitisation of a
pool of unsecured consumer loans originated by Lender & Spender
(L&S), a Dutch consumer lending company that began operations in
2016 as a marketplace lender. The securitised consumer loan
receivables are derived from loan agreements with individuals
located in the Netherlands, originated mainly through a broker
network, sales cooperation partners, as well as L&S's direct online
platform. The revolving period ended in June 2025, and the
transaction is amortising pro rata.

KEY RATING DRIVERS

Historical Performance Data Accumulating: Fitch has received L&S's
book performance data since it started lending in 2016, but
substantial volumes have only been originated since 2020.
Accordingly, its default base case of 2% reflects a combination of
credit performance in the L&S book and proxy data for Dutch
unsecured consumer loans. The transaction is performing in line
with its base case expectations to date.

The default multiple has been reduced to 6.0x from 7.0x, due to the
availability of a longer performance history, including first
transaction performance data. Also, the multiple initially included
an additional uplift to reflect the transaction's one-year
revolving period, which has now been removed after that period
ended. In line with the successor transaction and following the
receipt of more information, Fitch has reduced the base case
recovery rate to 40% from 45%.

Transaction Structure Adds Risk: The structure is amortising on
pro-rata basis, following the end of the 12-month revolving period.
Pro rata amortisation can lengthen the life of the senior notes and
expose them to adverse developments towards the end of the
transaction. Fitch has accounted for this in its cash flow
modelling.

Hedging Structure Exposed to Mismatches: Interest rate risk is
hedged using an interest rate swap with a fixed schedule. The
actual outstanding amount of the portfolio and the hedged notes can
differ substantially from the fixed schedule, depending on default
rates and prepayments. The structure is currently over-hedged,
which reduces excess spread in a decreasing rate environment. This
effect may increase in case of high prepayments and/or more
defaults than expected. Fitch has considered this risk in its
ratings.

Servicing Set-Up Reduces Seller-Dependency: Primary servicing is
performed by L&S, with special servicing outsourced to Vesting
Finance. Acting as back-up servicer, Vesting would also take over
primary servicing in f a L&S default. Payment interruption risk is
reduced by a liquidity reserve, which covers more than three months
of senior expenses, swap and interest on the class A to F notes.

The KRDs listed in the applicable sector criteria, but not
mentioned above, are not material to this rating action.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Expected impact on the notes' ratings of increased default rates by
10%/25%/50%

Class A: 'AAAsf'/'AAAsf'/'AA+sf'

Class B: 'AA+sf'/'AAsf'/'AA-sf'

Class C: 'A+sf'/'Asf'/'A-sf'

Class D: 'BBB+sf'/'BBBsf'/'BBB-sf'

Class E: 'BBB-sf'/'BB+sf'/'BBsf'

Class F: 'Bsf'/'B-sf'/'CCCsf'

Expected impact on the notes' ratings of reduced recovery rates by
10%/25%/50%

Class A: 'AAAsf'/'AAAsf'/'AAAsf'

Class B: 'AA+sf'/'AA+sf'/'AA+sf'

Class C: 'A+sf'/'Asf'/'Asf'

Class D: 'BBB+sf'/'BBB+sf'/'BBBsf'

Class E: 'BBB-sf'/'BB+sf'/'BB+sf'

Class F: 'Bsf'/'Bsf'/'B-sf'

Expected impact on the notes' ratings of increased default rates
and decreased recovery rates each by 10%/25%/50%

Class A: 'AAAsf'/'AAAsf'/'AAsf'

Class B: 'AA+sf'/'AA-sf'/'Asf'

Class C: 'Asf'/'A-sf'/'BBBsf'

Class D: 'BBB+sf'/'BBBsf'/'BB+sf'

Class E: 'BB+sf'/'BBsf'/'BB-sf'

Class F: 'Bsf'/'CCCsf'/'NR'

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

The class A notes are at the highest possible rating.

Expected impact on the notes' ratings of decreased default rates by
10%/25%/50%

Class B: 'AAAsf'/'AAAsf'/'AAAsf'

Class C: 'AA-sf'/'AAsf'/'AAAsf'

Class D: 'A-sf'/'Asf'/'AAsf'

Class E: 'BBBsf'/'BBB+sf'/'A-sf'

Class F: 'B+sf'/'BB-sf'/'BB+sf'

Expected impact on the notes' ratings of increased recovery rates
by 10%/25%/50%

Class B: 'AA+sf'/'AA+sf'/'AAAsf'

Class C: 'AA-sf'/'AA-sf'/'AAsf'

Class D: 'A-sf'/'A-sf'/'Asf'

Class E: 'BBBsf'/'BBBsf'/'BBB+sf'

Class F: 'B+sf'/'B+sf'/'BB-sf'

Expected impact on the notes' ratings of decreased default rates
and increased recovery rates each by 10%/25%/50%

Class B: 'AAAsf'/'AAAsf'/'AAAsf'

Class C: 'AA-sf'/'AAsf'/'AAAsf'

Class D: 'Asf'/'A+sf'/'AA+sf'

Class E: 'BBBsf'/'BBB+sf'/'A+sf'

Class F: 'B+sf'/'BB-sf'/'BB+sf'

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small, targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the rating agency about the
asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Mila 2024-1 B.V. has an ESG Relevance Score of '4' for Data
Transparency & Privacy due to limited historical data, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.




===========
R U S S I A
===========

ADM JIZZAKH: S&P Assigns 'B' LongTerm ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Uzbekistan-based auto manufacturer ADM Jizzakh LLC.

The stable outlook reflects S&P's expectation that ADM Jizzakh's
S&P Global Ratings-adjusted FFO to debt will remain above 20% and
its EBITDA margin will stay above 13%, while the company will
generate materially negative FOCF during the heavy investment
phase.

ADM Jizzakh LLC is a multi-brand automotive manufacturer based in
Uzbekistan, with production capacity of up to 125,000 vehicles and
domestic market share of 10.5%.

The company plans to expand its model range and increase capacity
to 150,000 vehicles with debt-funded investments, and S&P forecasts
heavily negative free operating cash flow (FOCF) in 2026 and funds
from operations (FFO) to debt of about 20%-25%

ADM Jizzakh is a fast-growing automotive manufacturer based in
Uzbekistan, specializing in multibrand production. With modern
facilities capable of producing up to 125,000 vehicles annually,
the company specializes in passenger and commercial vehicles. It
positions itself strategically in the rapidly growing market of
Uzbekistan with population of over 38 million, benefiting from a
low car ownership rate of just over 100 vehicles per 1,000 people.
ADM Jizzakh is the sole provider of brands such as Kia, Chery,
Haval, and Hyundai trucks and buses, allowing it to compete in a
market dominated by UzAuto, which controls more than 80% of
domestic sales. ADM Jizzakh's operating model is unique as a
multibrand platform that assembles several unrelated original
equipment manufacturer (OEM) brands in one plant, using a mix of
semiknocked down (SKD) and completely knocked down (CKD). It uses
common body shops, paint shops, and assembly lines configured for
different models and brands. In most markets, OEMs either own their
plants or use contract manufacturers that specialize in one OEM at
a time (or separate plants or lines per OEM). ADM Jizzakh's brand
relationships are structured via licensing and assembly agreements,
where OEMs provide technology and kits and assure standards, while
the company invests in manufacturing facilities, workforce, and
distribution.

With plans to increase localization and expand its production
capacity, the company aims to strengthen its market position while
capitalizing on the robust growth prospects driven by rising
population dynamics, increasing vehicle demand in Uzbekistan, and
the government's supportive measures for the population to increase
the number of cars per capita.

S&P said, "Our weak business risk assessment reflects ADM Jizzakh's
exposure to high country risk, relatively small production scale,
and dependence on a single emerging market. This is tempered by its
solid competitive positioning, solid profitability, and favorable
market dynamics in Uzbekistan. Given its relatively low operational
capacity of 125,000 units, the company may be vulnerable to
external shocks and, with higher fixed costs per unit compared with
larger global competitors, it depends on robust economic growth.
Localization at only 35% exposes the company to foreign exchange
risks, as imported components are denominated in hard currencies
while domestic sales are in local currency. Additionally, managing
a multi-brand production environment introduces complexity and
carries risks associated with maintaining relatively high stock
levels, although current reporting indicates effective management.

At the same time, ADM Jizzakh benefits from a fast-growing market
and differentiates itself by focusing on more premium vehicle
models, like flagship model Kia Sonet, compared with Chevrolet
Cobalt of UzAuto, that enhances its market positioning. S&P said,
"Additionally, direct agreements with multiple automotive brands
enhance flexibility and provide negotiation power on pricing to
help maintain solid margins exceeding 13% in our base case.
Moreover, we recognize that the company's exposure to a growing
market with low car ownership provides significant growth
opportunities, which may mitigate some risks associated with its
concentrated market presence."

The company's growth ambitions will translate into higher capital
expenditure (capex) intensity and substantial negative FOCF in
2026-2027. S&P said, "We anticipate capex of about Uzbekistani sum
(UZS) 1.8 trillion in 2026 and about UZS1.2 trillion in 2027 to
support growth plans, compared with the expectation of UZS370
billion in 2025. We understand the company plans to issue debut
bonds in hard currencies, starting with $140 million-$150 million
in 2026, and potentially upsizing in upcoming years according to
the funding needs. Considering this significant increase in capex,
coupled with ongoing working capital investment requirements, we
project that FOCF will remain sustainably negative over 2026-2027.
However, management's plan indicates an optimistic outlook, with
projected margins reaching 15%-16%. If the company achieves the
revenue growth and profitability targets outlined by management, we
assess that FOCF could break even in 2027, positioning the company
for improved financial stability and operational efficiency in the
longer term."

S&P said, "We anticipate that a peak in investments in 2026 will
lead to a corresponding peak in leverage; however, we expect FFO to
debt to exceed 20%, with debt to EBITDA remaining below 3x. As the
company scales its operations and increases EBITDA, we project that
leverage will naturally decline from 2027, absent any additional
strategic plans. Our forecast includes annual capex of UZS1.2
trillion ($100 million) from 2027 onward, alongside moderate
dividend distributions and no anticipated acquisitions. This
financial approach should help gradually strengthen the company's
leverage profile, allowing for enhanced financial stability as
operational efficiencies take effect and profitability strengthens.
The company operates in the free economic zone of Jizzakh and
benefits from 0% corporate and property tax until 2031 (and reduced
rates will apply afterward), which supports ADM Jizzakh's metrics.

"We view ADM Jizzakh as a core subsidiary of a wider ADM Global
Group and base our analysis on the group's financial statements.
Apart from manufacturing, the group's operations include sales via
a dealer network, warranty and post-sale service of passenger and
commercial vehicles, logistics, leasing, and genuine spare parts
and accessories sales. The dealer network includes over 85 official
centers across Uzbekistan. ADM Jizzakh contributes about 90% of the
group's revenue and is key to the group's business model and
long-term strategy.

"The stable outlook reflects our expectation that ADM Jizzakh will
continue to increase production volumes and revenue in 2026 and
execute capex to expand manufacturing capacity. We forecast that
the company should maintain FFO to debt above 20% and solid
profitability, with EBITDA margins exceeding 13%, despite some
potential extra fixed costs associated with the launch of new
assembly lines.

"We could downgrade ADM Jizzakh if its leverage increases
materially above our base case with no prospects of recovery, due
to market competition or disruptions leading to lower sales or
extra operating expenses, and profitability below 13%. A
deteriorating liquidity position could also lead us to downgrade
ADM Jizzakh."

Though unlikely in the next 12 months, S&P could upgrade ADM
Jizzakh if it completes its investments in additional capacity and
expands in line with expectations while maintaining healthy
profitability and gradually reducing leverage.




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

FT RMBS SANTANDER 7: DBRS Puts BB(high) Rating on B Notes on Review
-------------------------------------------------------------------
DBRS Ratings GmbH and DBRS Ratings Limited placed their credit
ratings on the following four European RMBS transactions Under
Review with Positive Implications (UR-Pos.) following publication
of the updated "European RMBS Insight Methodology" and European
RMBS Insight Model v 10.2.0.0 and the updated "Common RMBS Rating
Methodology".

FT RMBS Santander 7:

  -- Class A Notes rated AA (high) (sf)
  -- Class B Notes rated BB (high) (sf)

  The credit ratings on the Class A Notes address the timely
  payment of interest and the ultimate repayment of principal by
  the legal final maturity date. The credit ratings on the Class B

  Notes address the ultimate payment of interest and principal by
  the legal final maturity date.

Dilosk RMBS No. 7 DAC:

  -- Class B Notes rated AA (low) (sf)
  -- Class C Notes rated A (sf)
  -- Class D Notes rated BBB (sf)
  -- Class E Notes rated BB (sf)
  -- Class F Notes rated B (sf)

  The Class A Notes credit rating, currently at AAA (sf), has not
  been placed UR-Pos.

  The credit rating on the Class A Notes addresses the timely
  payment of interest and ultimate payment of principal on or
  before the legal final maturity date. The credit rating on the
  Class B Notes addresses the ultimate payment of interest and
  principal while junior and the timely payment of interest while
  the senior-most class outstanding. The credit ratings on the
  Class C, Class D, Class E, and Class F Notes address the
  ultimate payment of interest and principal.

Towd Point Mortgage Funding 2023 - Vantage 3 plc:

  -- Class B Notes rated AA (sf)
  -- Class C Notes rated A (high) (sf)
  -- Class D Notes rated A (sf)
  -- Class E Notes rated BBB (sf)
  -- Class F Notes rated BBB (low) (sf)

  The Class A1 and Class A2 Notes credit ratings, both currently
  at AAA (sf), have not been placed UR-Pos.

  The credit ratings on the Class A1 and Class A2 Notes address
  the timely payment of interest and the ultimate repayment of
  principal by the legal final maturity date. The credit rating on

  the Class B Notes addresses the timely payment of interest once
  they are the most senior class of notes outstanding and the
  ultimate repayment of principal by the legal final maturity  
  date. The credit ratings on the Class C, Class D, Class E, and
  Class F  Notes address the ultimate payment of interest and
  principal by  the legal final maturity date.

Jeronimo Funding DAC:

  -- Class B Notes rated AA (low) (sf)
  -- Class C Notes rated A (low) (sf)
  -- Class D Notes rated BBB (high) (sf)
  -- Class E Notes rated BBB (high) (sf)
  -- Class F Notes rated BBB (sf)

  The Class A Notes credit rating, currently at AAA (sf), has not
  been placed UR-Pos.

  The credit rating on the Class A Notes addresses the timely
  payment of interest and the ultimate repayment of principal on  
  or before the legal final maturity date. The credit ratings on
  the Class B to Class F Notes address the ultimate payment of
  interest and the ultimate repayment of principal on or before
  the legal final maturity date.

KEY CREDIT RATING DRIVERS AND CONSIDERATIONS

On January 29, 2026, an updated Common RMBS Rating Methodology,
European RMBS Insight Methodology (including an updated Appendix 8
- Italian Addendum), and European RMBS Insight Model v 10.2.0.0
were published.

The material changes made to the methodologies include:

Revised Home Price Approach -- Morningstar DBRS updated the home
price approach to generate market value decline (MVD) assumptions
for each country covered in these methodologies. The approach
considers regional home price movements in each country along with
changes to country-level debt-to-income ratios to derive MVDs. The
new approach allows MVDs to be dynamically determined considering
the latest available information on home prices, debt-to-income
ratios, and consumer price inflation as of the pool cut-off date.

Revised Loss Given Default Floor Levels -- Instead of fixed loss
given default (LGD) floors, Morningstar DBRS now applies a
calculated LGD floor that considers each loan's loan-to-value ratio
(LTV), a specified distribution of home price declines, and
distressed sale discounts (DSDs) and foreclosure costs.


KRONOSNET TOPCO: S&P Affirms 'B' ICR & Alters Outlook to Negative
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Spain-based customer
relationship management (CRM) services provider KronosNet Topco
S.L. (Konecta) and its subsidiary, KronosNet CX Bidco 2022 S.L., to
negative from stable, and affirmed its 'B' ratings on both entities
and the group's senior secured EUR945 million term loan B (TLB).
The recovery rating on the debt remains at '3', indicating S&P's
expectation of about 50% recovery in the event of default.

The negative outlook indicates that S&P could downgrade Konecta if
it does not see sufficient EBITDA growth in 2026, leading to
positive sustainable cash flow.

EBITDA and cash flow generation in 2025 of Konecta were affected by
expenses related to cost-cutting measures and investments to adapt
its business offering to generative AI (gen AI) technologies. In
2025, it has resulted in negative EUR7 million free operating cash
flow (FOCF) and tight funds from operations (FFO) cash interest
coverage of 1.7x.

Although S&P forecasts a strong improvement in performance in 2026
as cost savings and investments made in 2025 start to yield
results, underperformance could lead to negative FOCF and FFO cash
interest coverage below 2x for the fifth year in a row, tightening
liquidity, and increasing refinancing risk for its capital
structure maturing in 2029.

EBITDA and cash flow generation in 2025 were affected by
significant expenses related to cost-cutting measures and
investments to adapt Konecta's business offering to gen AI
technologies, which weighed down credit metrics. Exceptional costs
increased to EUR56 million in 2025, from EUR35 million in 2024.
This led to a decline in S&P Global Ratings-adjusted EBITDA margins
to 11.4% in 2025, from 11.8% one year earlier, although the EBITDA
margin, excluding exceptional costs, increased by 50 basis points
to 14.2%. Exceptional costs were implemented to downsize the
workforce in light of productivity gains provided by gen AI
technologies, as well as in geographies with less favorable labor
regulation. Low efficiency sites were also closed, a new
English-speaking hub was opened in Egypt, and one was expanded in
India. Konecta also invested heavily in gen AI technologies in
2025, with capital expenditure (capex) rising to EUR84.5 million
from EUR76 million in 2024 (on management's like-for-like basis).
Capex supported the launch of an autopilot handling hundreds of
thousands of calls, of an agentic solution (autonomous artificial
intelligence system that is capable of complex processes without
human intervention), and of numerous other gen AI powered solutions
assisting agents in the realization of tasks and yielding greater
productivity and client satisfaction. Nevertheless, this heavy
spending led to FOCF of negative EUR7 million and tight FFO cash
interest coverage of 1.7x. Since the incorporation of Konecta in
2022, FOCF has been negative and FFO cash interest coverage below
2x each year.

S&P said, "In 2026, we forecast a significant improvement in
performance and credit metrics. We expect 3% revenue growth,
notably driven by strong growth of Konecta's digital services
offering, which helps its clients get ready to adopt gen AI
solutions for their CRM through advisory services and also provide
digital marketing services. S&P Global Ratings-adjusted EBITDA
margins should improve materially to 13.3%, from 11.4%, driven by
productivity gains thanks to gen AI tools, cost savings, and a
strong reduction in exceptional costs to EUR35 million from EUR56
million. Higher EBITDA, combined with lower capex of EUR66 million,
will lead to comfortably positive FOCF of EUR31 million; whereas we
forecast FFO cash interest coverage of 2.1x."

Given Konecta's numerous years of underperformance, headroom for
underperformance is minimal. Weaker-than-expected results in 2026
due to a tougher macroeconomic environment, greater competition
from new gen AI players, or difficulties in execution could lead to
performance below S&P's base case and put pressure on cash flow
generation, therefore tightening liquidity. In addition, the EUR200
million revolving credit facility (RCF) and EUR945 million TLB
mature respectively in April and October 2029 and an inability to
improve cash flow generation could increase refinancing risk.

The negative outlook indicates that S&P could downgrade Konecta if
S&P does not see sufficient EBITDA growth in 2026, leading to
positive sustainable cash flow.

S&P could lower its rating on Konecta if:

-- Continued market softness and higher-than-expected
restructuring expenses result in performance below our expectations
with EBITDA not growing sufficiently, translating into persistently
negative FOCF, FFO cash interest coverage remaining subdued at less
than 2.0x, or leverage climbing above 7x;

-- The company's liquidity tightens; or

-- S&P sees increased refinancing risk as the RCF and TLB
maturities approach.

S&P said, "We could revise the outlook to stable if Konecta
successfully implements gen AI technologies into its offering,
leading to sufficient revenue and EBITDA growth, resulting in
adjusted debt to EBITDA sustainably remaining below 7x, FFO
interest coverage reverting toward 2.0x, and FOCF turning
sustainably positive. We would also expect liquidity to continue to
be adequate."




=============
U K R A I N E
=============

MHP SE: Fitch Hikes Long-Term IDR to CCC, Off Watch Positive
------------------------------------------------------------
Fitch Ratings has upgraded MHP SE's Long-Term Issuer Default Rating
(IDR) to 'CCC' from 'CC' and removed the rating from Rating Watch
Positive (RWP). Fitch has also assigned MHP's new senior unsecured
notes issued under MHP Lux S.A. a long-term rating of 'CCC-' with a
Recovery Rating of 'RR5'. Fitch has also upgraded MHP's subsidiary
Private Joint-Stock Company MHP's (PJSC MHP) National Rating to
'BBB(ukr)' with a Stable Outlook.

The rating upgrade and RWP removal reflect reduced refinancing
risks following the redemption of MHP's USD550 million senior
unsecured bond maturing in April 2026 with the issuance of new
USD550 million senior unsecured bond due in July 2029. MHP's
ratings reflect a still challenging operating environment in
Ukraine, the company's core production and sourcing base, and
persistent refinancing and liquidity risks, which, together, imply
a heightened probability of default.

Fitch has withdrawn the USD550 million senior unsecured bond
maturing in April 2026 following its redemption.

Key Rating Drivers

Timely Redemption, Eased Refinancing Pressures: MHP has confirmed
the full and timely redemption of its USD550 million bond maturing
in April 2026. As a result, Fitch has resolved the RWP by upgrading
the IDR to 'CCC'. Fitch expects MHP will maintain some access to
external funding (including international and supranational
lenders), with adequate liquidity management after the recent
National Bank of Ukraine partial cross-border relaxation.

Short-Term Financing Availability Key: MHP's operations remain
highly reliant on the continued availability of working-capital
facilities to fund sowing campaigns, and to ensure operational
continuity and the ability to export. Fitch assumes MHP will
maintain access to facilities from international development
institutions/banks to ensure medium-term operational continuity.
Liquidity is also supported by a strong Fitch-adjusted cash balance
of USD438 million at end-September 2025 (about 40% kept outside
Ukraine), but it may deteriorate rapidly, given limited access to
capital markets for Ukrainian corporates.

Profit Normalisation: Fitch projects improving EBITDA to USD482
million in 2025 (2024: USD433 million), supported by price
increases and continued premiumisation of the product mix, in
addition to the contribution from the UVESA acquisition from August
2025. The establishment of a permanent trade framework, EU-Ukraine
Deep and Comprehensive Free Trade Area, which came into force in
October 2025, supports MHP's operations.

Acquisition Neutral to Rating: Fitch estimates MHP's recent
acquisition of UVESA, a Spanish poultry and pork operation,
resulted in a 15% increase in revenue for 2025 and will lift
revenue by another 10% in 2026. It will slightly dilute the group's
EBITDA margin towards 13% in 2026, before rebounding towards 13.5%
by 2028. The acquisition enhances MHP's presence in the European
processed poultry market; Fitch forecasts it will increase the
share of international operations in the group's EBITDA to 18% in
2026, from 13% in 2024. The deal is neutral to MHP's rating as it
is largely driven by the operating environment in Ukraine and the
group's still weak financial flexibility.

Resilient Exports: MHP maintained stable exports of grains, oils,
poultry meat and poultry products to more than 70 countries in
9M25, with export sales constituting 57% of total revenue (9M24:
60%). The sea route originating from Odesa has been mostly stable
and continues to support MHP's export operations. MHP's exports
remain highly reliant on the Black Sea route, despite the
availability of alternative options. Any further military
escalation affecting MHP's logistic environment may lead to
additional logistic and transportation costs.

Unchanged Moratorium on Debt Service: The National Bank of
Ukraine's moratorium on cross-border foreign-currency payments
potentially limits companies' ability to service foreign-currency
obligations. Exceptions are possible, but it is unclear how these
will be applied in practice, given disruption caused by the ongoing
conflict and martial law in the country. Offshore cash generated
from exports must be repatriated within 120 days for exports of
grains and vegetable oils, and 180 days for exports of chicken
meat. These risks are partly offset by MHP's large cash balance
outside Ukraine and only 50% of its export revenue being subject to
the regulation.

Strong Parent-Subsidiary Links: The Long-Term IDRs of PJSC MHP, a
95.4%-owned subsidiary, are equalised with those of MHP, reflecting
its assessment of 'Medium' operational and 'High' strategic
incentives for supporting the subsidiary. This is based on both
companies operating under common management and PJSC MHP's
strategic importance for the marketing and sales of goods produced
by MHP in Ukraine. Fitch assesses legal incentives as 'High' due to
the presence of cross-default/cross-acceleration provisions in
MHP's major loan agreements and suretyships from operating
companies generating a substantial portion of MHP's EBITDA

Peer Analysis

Ratings in the 'CCC' category and below for most corporate issuers
in Ukraine reflect heightened operational and financial risks.

In comparison with Fitch-rated Ukrainian corporates Interpipe
Holdings plc (CCC-) and Metinvest B.V. (CCC-), both facing imminent
refinancing pressures, MHP's rating benefits from a stronger debt
maturity headroom following the refinancing, while Ferrexpo plc's
'CCC-' rating reflects severe operational challenges leading to
negative free cash flow. Kernel Holding S.A.'s 'CCC-' also carries
higher refinancing risks compared with MHP.

Fitch’s Key Rating-Case Assumptions

- Revenue to have increased 15% in 2025 with UVESA's partial
integration into MHP. Annual revenue growth to normalise in the
low-single digits after full integration of UVESA in 2026

- EBITDA margin of 13.7% in 2025 and declining to 13% in 2026, due
mainly to the dilutive effect of the UVESA acquisition

- Capex of USD220 million-250 million a year to 2028

- Working capital returning to positive at about USD7 million in
2025, before turning negative in 2026 at about USD35 million

- No dividends

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2023, 10% for the historical year 2024, 40% for the forecast year
2025 and 40% for the forecast year 2026.

- The Financial Structure factor is considered the weakest link in
its analysis. This leads to an adjustment of -1 notch(es).

- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch(es).

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

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

- The SCP is 'ccc'.

To derive the IDR: 'CCC'

Recovery Analysis

The recovery analysis assumes that MHP would be considered a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated. However, this assumption may be revisited,
depending on how the conflict evolves.

Fitch has assumed a 10% administrative claim. Its assumption of
MHP's USD245 million GC EBITDA reflects the potential disruptions
to exports and local operations resulting from Russia's invasion,
and vulnerability to FX risks and to the volatility of poultry,
grain, sunflower seeds prices and some other raw-material costs.
Fitch also takes into account the complexity of senior noteholders
accessing cash proceeds amid high transfer and convertibility
risks. The GC EBITDA estimate reflects its view of the strategic
importance of MHP in providing food to the Ukrainian population and
its ability to continue to operate, rather than focusing on the
sustainability of its capital structure.

Fitch used an enterprise value (EV)/EBITDA of 3.5x to calculate a
post-reorganisation valuation and to reflect the heightened
operating risks in the region and a mid-cycle multiple.

Fitch does not assume MHP's pre-export financing (PXF) facility is
fully drawn in its analysis. Unlike a revolving credit facility, a
PXF facility has several drawdown restrictions, and the
availability window is limited to part of the year. In its
waterfall analysis, PXF facilities are treated as senior-ranking
debt, and Fitch applies a 20% haircut to reflect seasonal
fluctuations in utilisation over the year.

The principal waterfall analysis generates a ranked recovery for
the senior unsecured debt in the 'RR5' category, leading to a
'CCC-' rating for senior unsecured bonds, one notch below the IDR.
In the debt hierarchy, Fitch has considered its bilateral financing
of USD604.6 million, including PXF as senior secured, which ranks
ahead of MHP's senior unsecured notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Significant operational disruptions or liquidity constraints as a
result of the war

- Non-payment of financial obligations

- Tightening of restrictions on cross-border FX payments

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- An upgrade is unlikely unless the Russia-Ukraine conflict/war
de-escalates, facilitating a removal of any constraints on exports
and reducing operating risks along with relaxation of the
restrictions on cross-border FX payments

Liquidity and Debt Structure

As of end-September 2025, MHP had about USD438 million of cash,
including Fitch's adjustment for USD25 million for trade working
capital. About 80% of its cash was in hard currencies, of which 40%
was held outside Ukraine, which the company can use for its
agricultural operations and to service its debt. Fitch expects MHP
to generate positive free cash flow over 2025-2028, assuming no
business disruption from external factors.

Fitch continues to assess refinancing risks as high given MHP's
weak access to external financing, which is captured by the IDR.

Issuer Profile

MHP is the largest poultry producer and exporter in Ukraine, with
2024 revenue of USD3 billion.

RATING ACTIONS

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
MHP SE     

                      LT IDR     CCC   Upgrade             CC
                      LC LT IDR  CCC   Upgrade             CC

MHP Lux S.A.

   senior unsecured   LT         CCC-  New Rating   RR5
   senior unsecured   LT         WD    Withdrawn            C
   senior unsecured   LT         CCC-  Upgrade      RR5     C

Private
Joint-Stock
Company MHP     

                      LT IDR    CCC      Upgrade             CC
                      LC LT IDR CCC      Upgrade             CC
                      Natl LT   BBB(ukr) Upgrade            
CC(ukr)




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

CASTELL 2023-1: DBRS Confirms BB(high) Rating on Class F Notes
--------------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Castell 2023-1 PLC (the Issuer):

-- Class A confirmed at AAA (sf)
-- Class B confirmed at AA (high) (sf)
-- Class C confirmed at AA (low) (sf)
-- Class D upgraded to A (sf) from A (low) (sf)
-- Class E upgraded to BBB (low) (sf) from BB (high) (sf)
-- Class F confirmed at BB (high) (sf)

The rating on the Class A notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date in May 2055. The ratings on the Class B, Class C,
Class D, Class E and Class F notes address the timely payment of
interest when they are the most senior class of notes outstanding,
and the ultimate repayment of principal by the legal final maturity
date.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of 31 December 2025 (corresponding to the January 2026
payment date);

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables; and

-- Current available credit enhancement (CE) to the notes to cover
the expected losses at their respective credit rating levels as of
the January 2026 payment date.

The transaction is securitization of second-lien mortgage loans
backed by owner-occupied properties and originated by UK Mortgage
Lending Limited (UKML, formerly Optimum Credit Limited). UKML is a
specialist UK second charge mortgage lender based in Cardiff, which
has offered finance to homeowners in England, Wales and Scotland
since its launch in November 2013. Pepper UK Limited is the primary
and special servicer of the portfolio. CSC Capital Markets UK
Limited serves as the back-up servicer facilitator.

PORTFOLIO PERFORMANCE

As of 31 December 2025, loans two to three months in arrears and
loans more than three months in arrears represented 1.4% and 6.2%
of the outstanding portfolio balance, respectively, up from 0.9%
and 4.8%, respectively, a year ago. Cumulative defaults amounted to
1.8% of the original portfolio balance, up from 1.1%, a year ago.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base-case PD and LGD
assumptions at the B (sf) credit rating level to 10.0% and 37.4%,
respectively, compared to 7.3% and 44.0%, respectively, a year
ago.

The increase in PD reflects the performance deterioration since a
year ago, while the decrease in LGD follows the update of the
"European RMBS Insight Methodology" and European RMBS Insight Model
on 29 January 2026. Changes to the methodology/model include a
revised home price approach and revised loss given default floor
levels. Please see https://dbrs.morningstar.com/research/473069 for
further details.

CREDIT ENHANCEMENT

CE to the notes is provided by the subordination of the respective
junior notes. CE levels to the rated notes increased since a year
ago as follows:

-- CE to Class A at 60.5%, up from 42.4%;
-- CE to Class B at 45.9%, up from 32.2%;
-- CE to Class C at 33.1%, up from 23.2%;
-- CE to Class D at 21.8%, up from 15.3%;
-- CE to Class E at 16.8%, up from 11.8%; and
-- CE to Class F at 13.4%, up from 9.4%.

The transaction benefits from a liquidity reserve fund (LRF), which
covers senior fees, swap payments, and interest on the Class A
notes. The LRF is currently at its target level of approximately
GBP 0.7 million, equal to 1.0% of the outstanding Class A note
balance before payments.

Citibank N.A., London Branch (Citibank London) acts as the account
bank for the transaction. Based on the Morningstar DBRS private
credit rating on Citibank London, the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the credit rating assigned to the Class A notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

Banco Santander SA (Banco Santander) acts as the swap counterparty.
Morningstar DBRS' Long Term Critical Obligations Rating on the
Banco Santander, currently AA, is above the first credit rating
threshold as described in Morningstar DBRS' "Legal and Derivative
Criteria for European and Asia-Pacific Structured Finance
Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.


DCC CONCEPTS: Opus Restructuring Appointed as Joint Administrators
------------------------------------------------------------------
DCC Concepts Limited, was placed into administration in the High
Court of Justice, Business and Property Courts in Leeds, Insolvency
& Companies List (ChD), Court Number CR-2026-LDS-000119.  Emma
Mifsud (IP No. 21070) and Mark Nicholas Ranson (IP No. 9299) of
Opus Restructuring LLP were appointed as Joint Administrators on
February 18, 2026.

DCC Concepts engaged in the manufacture of other games and toys.
The company's registered office and principal trading address is at
Unit E the Sidings, Settle, North Yorkshire, BD24 9RP.

The Joint Administrators can be reached at:

     Emma Mifsud (IP No. 21070)
     Mark Nicholas Ranson (IP No. 9299)
     Opus Restructuring LLP
     Fourth Floor, One Park Row
     Leeds, LS1 5HN

For further details, contact:

     Michael Tsang
     Tel: 0113 512 5020
     Email: michael.tsang@opusllp.com


DIONE TOPCO: S&P Assigns Preliminary 'B' Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' rating on Dione
Topco Ltd. (LRQA) and its financing subsidiary Dione Bidco Ltd. S&P
said, "Additionally, we assigned our preliminary 'B' issue rating
and '3' recovery rating on the company's proposed EUR500 million
senior secured TLB and GBP75 million senior secured RCF. The '3'
recovery rating on the debt reflects our expectation of meaningful
recovery (50%-70%; rounded estimate: 55%) in the event of a payment
default.

"The stable outlook indicates that we expect LRQA to maintain
healthy revenue and EBITDA growth in the next 12-24 months. Despite
opening leverage of about 7.0x, we expect solid demand from the
mandated audit and certification cycle and supportive regulatory
requirements, as well as incremental contributions from bolt-on
acquisitions will underpin gradual deleveraging to about 6.0x, with
sustained positive free operating cash flow (FOCF) generation in
2026-2027."

Dione Topco Ltd. (LRQA), a U.K.-based risk management service
provider, is refinancing its existing debt of GBP364 million by
issuing a new EUR500 million senior secured term loan B (TLB),
alongside a new senior secured revolving credit facility (RCF) of
GBP75 million. As part of this transaction, LRQA intends to use
GBP70 million of the net proceeds to prefund future acquisitions or
potential shareholder remuneration.

LRQA plans to refinance its existing capital structure by issuing a
new EUR500 million senior secured TLB. This accompanies the
issuance of a new senior secured RCF of GBP75 million, which
remains undrawn at the close of transaction. As part of this
transaction, LRQA intends to use GBP70 million of the net proceeds
to prefund future acquisitions or potential shareholder
remuneration. S&P said, "We note that preference shares owned by
Goldman Sachs Asset Management and management are also present in
the capital structure. We treat these as equity and exclude them
from our leverage and coverage calculations because the
instrument's terms indicate it will act as a cushion to conserve
cash and absorb any losses ahead of the group's debt."

LRQA's established operations in a defensive industry,
characterized by high barriers of entry and regulatory tailwinds,
support our business risk profile assessment. The group is a global
assessment, inspection, and certification specialist, with a long
heritage and multi-accreditations that serve a deep base of
blue-chip multinational customers. As part of the underlying
services, the company is required to maintain a comprehensive
portfolio of accreditations, which takes time to obtain and to
build technical expertise. The group operates in a sizable and
stable sector that is principally underpinned by the mandated audit
and certification cycle. Long-term structural trends like evolving
regulatory requirements and operational complexities will
inherently raise the switching costs for repeat customers, which,
alongside the extensive accreditation ownership, will help create
entry barriers for new entrants and benefit existing service
providers like LRQA. S&P expects recurring and nondiscretionary
spending will support revenue predictability and reinforce its
business position, which benefits LRQA's credit quality.

LRQA benefits from a diversified geographical, service, end market
and customer mix. LRQA operates in about 150 countries, with 34% of
revenue coming from Europe, the Middle East and Africa; 20% from
the U.K. and Ireland; 20% from the Americas; 14% from Asia-Pacific;
and 12% from Greater China. Through a broad service offering in
assessment and certification (52% of revenue), inspection (28%),
cybersecurity (8%), and data analytics and advisory (12%), it
serves multiple end markets including manufacturing and
construction (33% of revenue), professional services (16%), energy
and utilities (16%), food and beverage (11%), transport (6%),
consumer and retail (6%), and technology and telecom (5%), among
others. The company works with more than 33,000 clients globally,
with the top 10 customers accounting for less than 15% of revenue.
S&P said, "In our view, the geographical, service, end market, and
customer concentration remain modest, and we expect the
diversification will help improve the business resilience and
enable the company to ride through peaks and troughs of the
economic cycle."

Relatively limited scale and concentration to assessment services
constrain our business risk profile. In 2025, LRQA had a pro forma
annual revenue of GBP483 million and employed over 3,500 employees.
Although the company grew significantly through organic and
inorganic strategies, it currently lacks scale and market share
relative to other rated peers and has room to seize further market
share in a sizable, fast-growing and resilient addressable market.
As part of LRQA's broad service offerings, assessment revenue
primarily relating to sales derived from independent certification
and responsible sourcing assessment accounted for over 50% of total
revenue in 2025. That said, the group has grown its inspection
business and recently diversified into complementary, adjacent
service lines including cybersecurity, and data analytics and
advisory, which are rapidly growing niches and present further
opportunities for LRQA. Although improving to a certain extent, S&P
views LRQA's scale and concentration to assessment services as
somewhat weaker compared with other sizable and more diversified
global rated peers, to which it assigns a stronger business risk
profile.

Market fragmentation and service nature inherently present some
risks to industry participants. The assurance, inspection, and
certification market is highly fragmented, which naturally results
in higher competition and lower pricing power for industry
participants. That said, LRQA has a deep client base and long
tenure with low churn rate. S&P said, "Along with its established
brand and rich heritage, we expect these would help protect its
market position in a fragmented and competitive market. LRQA also
operates in a labor-intensive industry that requires highly skilled
employees. This requirement could make the company inherently
vulnerable to issues like labor market tension and wage inflation.
However, we understand LRQA has a high subcontractor capacity and
utilization, thereby enabling the business to flex the cost base
and demonstrate agility over the cost structure in the event of
demand fluctuations and seasonality trends. We also note the
assurance, inspection, and certification services can typically
expose service providers to reputational and litigation risk if
work is conducted inconsistently with regulatory standards. Having
said that, we are currently unaware of such issues and understand
LRQA has a strong reputation in the market."

Supported by ongoing strategic initiatives, LRQA is well-positioned
to deleverage and improve credit metrics in the next 12-24 months.
Following the carve-out of LRQA from Lloyd's Register, we note the
separation phase is largely complete. The company's near-term
growth priority is to progress with its key strategic agendas,
primarily through digital transformation, organizational
rationalization, and cost reduction initiatives. S&P anticipates
continued investments into client-facing digital platforms to
enhance customer experience and automated workflows to support
operational functions. For example, unified client interfacing
portal MyLRQA, proprietary data-driven platform EiQ, and a single
integrated customer relationship management tool are some recent
technological upgrades to the client engagement journey and the
company's support for operations. Together with some headcount
optimization, S&P expects these will provide scope for savings and
efficiency gains in indirect costs and overheads. If these
strategic initiatives are executed according to plan, S&P expects
LRQA to be on track to deleverage and improve its credit metrics in
2026-2027.

S&P said, "Our assessment of LRQA's financial risk profile
considers the group's financial sponsor ownership and its tolerance
for high leverage. Since Goldman Sachs Asset Management's ownership
in 2021, LRQA has completed 12 bolt-on acquisitions, primarily
focusing on the group's separation from Lloyd's Register. In the
next 12-24 months, we think that LRQA will gradually ramp up its
buy-and-build strategy in a fragmented industry. In our view, any
future acquisitions are likely to be relatively modest bolt-ons,
and we anticipate LRQA will actively pursue value-adding
opportunities in more sizable geographies like the Americas and
Asia-Pacific and in higher-growth niches in cyber and
sustainability to improve scale and diversification. If the company
identifies suitable strategic opportunities to enhance
capabilities, deepen positioning, and expand geography, we think
that these are likely to be backed by pre-funded cash on balance
sheet and facility drawings and they will be executed in a
disciplined manner. If LRQA is not able to execute on its pipeline
of merger and acquisition (M&A) opportunities, we note that GBP70
million of the net proceeds could be used instead to fund a
dividend to shareholders. Should the group's financial policy
become more aggressive, with material ongoing debt-funded
acquisitions or shareholder returns, we anticipate this would
postpone its deleveraging timeline and put downward pressure on
credit metrics and the ratings.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. The preliminary
ratings should not be construed as evidence of final ratings. If
S&P Global Ratings does not receive final documentation within a
reasonable time frame, or if final documentation departs from
materials reviewed, we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to, use of
loan proceeds, maturity, size and conditions of the loans,
financial and other covenants, security, and ranking.

"The stable outlook indicates that we expect LRQA to maintain
healthy revenue and EBITDA growth in the next 12-24 months. Despite
opening leverage of about 7.0x, we expect solid demand from the
mandated audit and certification cycle and supportive regulatory
requirements, as well as incremental contributions from bolt-on
acquisitions will underpin gradual deleveraging to about 6.0x and
positive FOCF generation in 2026-2027."

S&P could consider lowering the rating in the next 12 months if:

-- LRQA generates negative FOCF on a sustained basis,

-- Funds from operations (FFO) cash interest coverage persists
below 2.0x, or

-- LRQA adopts a more aggressive financial policy through
shareholder returns or significant debt-funded acquisitions that
result in leveraging not reducing to below 7.0x.

Although S&P considers an upgrade unlikely in the near term, it
could raise the rating if LRQA reduced leverage below 5.0x and
increased FFO to debt above 12%, for a sustained period. An upgrade
would also depend on the company's financial sponsors committing to
maintaining a more conservative financial policy.


DODONA ANALYTICS : Small Business Appointed as Administrator
------------------------------------------------------------
Dodona Analytics Ltd was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Insolvency and Companies List (ChD), Court Number
CR-2026-001008.  Kevin Weir (IP No. 9332) of Small Business Rescue
Ltd was appointed as Administrator on February 19, 2026.

Dodona Analytics operates in business and domestic software
development and information technology consultancy activities.  The
company's registered office and principal trading address is at 128
City Road, London, England, EC1V 2NX.

The Administrator is:

   Kevin Weir (IP No. 9332)
   Small Business Rescue Ltd
   56 Leman Street
   London E1 8EU

For further details, contact:

   Shannon Ray
   Tel: 020 4509 0650
   Email: s.ray@smallbusinessrescue.co.uk



ELSTREE 2026-1 MIX: DBRS Gives Prov. BB(high) Rating on Cl. X Notes
-------------------------------------------------------------------
DBRS Ratings Limited assigned provisional credit ratings to the
residential mortgage-backed notes to be issued by Elstree 2026-1
Mix PLC (the Issuer) as follows:

-- Class A notes at (P) AAA (sf)
-- Class B notes at (P) AA (high) (sf)
-- Class C notes at (P) A (high) (sf)
-- Class D notes at (P) BBB (high) (sf)
-- Class E notes at (P) BBB (low) (sf)
-- Class F notes at (P) BB (high) (sf)
-- Class X notes at (P) BB (high) (sf)

The provisional credit rating on the Class A notes addresses the
timely payment of interest and the ultimate repayment of principal
on or before the legal final maturity date in September 2066. The
provisional credit ratings on Class B, Class C, Class D, Class E,
and Class F notes address the timely payment of interest when most
senior and the ultimate repayment of principal on or before the
legal final maturity date in September 2066. The provisional credit
rating on the Class X notes addresses the ultimate payment of
interest and ultimate repayment of principal on or before the legal
final maturity date in September 2066.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote, special-purpose vehicle
incorporated in England and Wales. The notes to be issued shall
fund the purchase of residential assets originated by West One
Secured Loans Limited (WOSL), part of Enra Specialist Finance
(Enra) in the UK. WOSL acts as the servicer of the respective loans
in the portfolio. Enra is a UK specialist provider of property
finance. CSC Capital Markets UK Limited will act as the back-up
servicer facilitator.

The initial mortgage portfolio consists of GBP 251 million
second-lien owner-occupied and first- and second-lien buy-to-let
(BTL) mortgages secured by properties in the UK.

The transaction is expected to include a prefunding mechanism where
the seller has the option to sell recently originated mortgage
loans to the Issuer subject to certain conditions to prevent a
material deterioration in credit quality (the Conditions for
Acquisition of Additional Mortgage Loans). The acquisition of these
assets shall occur before the first interest payment date (IPD)
using the proceeds standing to the credit of the prefunding
reserve. Any funds that are not applied to purchase additional
loans will flow through the pre-enforcement principal priority of
payments and pay down the rated notes on a pro rata basis.

The Issuer is expected to issue six tranches of collateralized
mortgage-backed securities (the Class A, Class B, Class C, Class D,
Class E, and Class F notes) to finance the purchase of the initial
portfolio and fund the prefunding reserve at closing. Additionally,
the Issuer is expected to issue one class of noncollateralized
notes, the Class X notes.

The LRF will be funded on the first IPD through principal receipts
and shall be available to cover shortfalls of senior fees and
interest on the Class A and Class B notes after the application of
revenue and before the use of principal. The LRF will be
non-amortizing and will be sized at closing at 1.00% of the initial
Class A and Class B notes. On each IPD, the target level will be
1.00% of the amount outstanding of the Class A and Class B notes at
closing until the Class B notes have redeemed. The reserve target
amount will become zero once the Class B notes are redeemed in
full. It shall be released and part of available principal receipts
when either (1) the optional redemption has been exercised, (2) on
any IPD where the Class B has been redeemed, or (3) on the final
redemption date.

The transaction is structured to initially provide 17.50% of credit
enhancement to the Class A notes comprising subordination of the
Class B to Class F notes.

The transaction features a fixed-to-floating interest rate swap,
given the presence of a portion of fixed-rate loans (with a
compulsory reversion to floating in the future) while the
liabilities shall pay a coupon linked to the daily compounded
Sterling Overnight Index Average. The swap counterparty to be
appointed at closing will be Lloyds Bank Corporate Markets PLC
(Lloyds). Based on Morningstar DBRS' credit rating on Lloyds, the
downgrade provisions outlined in the documents, and the transaction
structural mitigants, Morningstar DBRS considers the risk arising
from the exposure to Lloyds to be consistent with the provisional
credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology (the
Legal Criteria).

Furthermore, Citibank N.A., London Branch shall act as the Issuer
Account Bank and National Westminster Bank Plc shall be appointed
as the Collection Account Bank. Both entities are privately rated
by Morningstar DBRS, meet the eligible credit ratings in structured
finance transactions, and are consistent with the provisional
credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

Product switches will be allowed for the loans in the portfolio up
to a limit of 20% of the portfolio at closing, prior to the step-up
date and subject to satisfaction of specific permitted product
switch criteria. If any of these product switches result in breach
of the criteria, such loans will be repurchased by the seller.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement.

-- The credit quality of the mortgage loan portfolio and the
ability of the parties to perform servicing and collection
activities.

-- Morningstar DBRS calculated the portfolio default rate (PD),
loss given default (LGD), and expected loss assumptions on the
portfolio by using the European RMBS Insight Model.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the noteholders according to the terms and
conditions of the notes.

-- The consistency of the transaction's legal structure with
Morningstar DBRS' Legal Criteria and the presence of legal opinions
addressing the assignment of the assets to the Issuer.

-- The relevant counterparties, as rated by Morningstar DBRS, are
appropriately in line with Morningstar DBRS' Legal Criteria to
mitigate the risk of counterparty default or insolvency.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.

-- The sovereign credit rating of the United Kingdom of Great
Britain and Northern Ireland, currently rated AA with a Stable
trend as of the date of this press release.

Morningstar DBRS' credit rating on Rated Notes addresses the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are the related Interest Amounts and the
related Class Balances.

Notes: All figures are in British pound sterling unless otherwise
noted.


ELSTREE FUNDING 4: DBRS Confirms BB(high) Rating on Class F Notes
-----------------------------------------------------------------
DBRS Ratings Limited took the following credit rating actions on
the notes issued by Elstree Funding No. 4 PLC (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes upgraded to AA (low) (sf) from A (high) (sf)
-- Class D Notes upgraded to A (low) (sf) from BBB (high) (sf)
-- Class E Notes upgraded to BBB (sf) from BBB (low) (sf)
-- Class F Notes confirmed at BB (high) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and ultimate repayment of principal by the legal final
maturity date. The credit ratings on the Class B, Class C, Class D,
Class E, and Class F Notes address the ultimate payment of interest
and principal on or before the legal final maturity date while
junior, and the timely payment of interest while the senior-most
class outstanding.

CREDIT RATING RATIONALE

The upgrades and confirmations follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults and
losses, as of the December 2025 payment date.

-- Portfolio default rate (PD), loss given default (LGD) and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective credit rating levels.

The transaction is a securitization of first lien buy-to-let and
first and second lien owner-occupied residential mortgages
originated in the UK by West One Secured Loans Limited and West One
Loan Limited, part of ENRA Specialist Finance. West One Secured
Loans Limited acts as servicer of the portfolio and CSC Capital
Markets UK Limited is the back-up servicer facilitator.

PORTFOLIO PERFORMANCE

As of November 30, 2025, loans two to three months in arrears
represented 0.1% of the outstanding portfolio balance, stable since
one year prior. Loans more than three months in arrears represented
0.3%, down from 0.4% one year prior. The cumulative default ratio
was 0.4%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions at the B (sf) credit rating level to 5.7% and 16.1%
respectively.

CREDIT ENHANCEMENT

As of the December 2025 payment date, credit enhancement to the
notes had increased from the Morningstar DBRS initial rating as
follows:

-- Class A Notes: 25.5%, up from 14.3%;
-- Class B Notes: 17.6%, up from 9.5%;
-- Class C Notes: 12.2%, up from 6.3%;
-- Class D Notes: 8.1%, up from 3.8%;
-- Class E Notes: 4.7%, up from 1.8%; and
-- Class F Notes: 2.7%, up from 0.5%.

The transaction benefits from a liquidity reserve fund (LRF) that
is funded to 1.25% of the outstanding balance of the Class A and
Class B Notes, which is available to cover shortfalls in senior
fees and interest payments on the Class A and Class B Notes. The
LRF is at its target level of GBP 2.2 million.

The transaction also benefits from a general reserve fund (GRF)
funded to 1.25% of the initial Class A to Class Z notes balance
minus the LRF target amount. The GRF is available to cover
shortfalls in senior fees and interest payments on the Class A to
Class F Notes, as well as principal losses on the Class A to Class
Z notes via the principal deficiency ledgers. The GRF is at its
target level of GBP 2.1 million.

Citibank N.A., London Branch (Citibank) acts as the account bank
for the transaction. Based on the Morningstar DBRS private credit
rating on Citibank, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to the account bank to be consistent with the
credit rating assigned to the Class A Notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

Barclays Bank PLC acts as the swap counterparty for the
transaction. Morningstar DBRS' public credit rating on Barclays
Bank PLC at A is above the First Rating Threshold as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

Notes: All figures are in British pound sterling unless otherwise
noted.


HOME COUNTIES: RSM UK Restructuring Named as Joint Administrators
-----------------------------------------------------------------
Home Counties Pools Holdings Ltd, was placed into administration in
the High Court of Justice, Business and Property Courts in Leeds,
Insolvency & Companies List (ChD), Court Number CR-2026-000170.
Damian Webb (IP No. 14970) and Stephanie Sutton (IP No. 29710) of
RSM UK Restructuring Advisory LLP were appointed as Joint
Administrators on February 18, 2026.

Home Counties operates as a holding company.  The company's
registered office and principal trading address is at Ashcombe
House, 5 The Crescent, Leatherhead, KT22 8DY.

The Joint Administrators can be reached at:

   Damian Webb (IP No. 14970)
   Stephanie Sutton (IP No. 29710)
   RSM UK Restructuring Advisory LLP
   25 Farringdon Street
   London EC4A 4AB

For further details, contact:

   Ricky Bilg
   Tel: 0121 214 3100
   RSM UK Restructuring Advisory LLP
   103 Colmore Row
   Birmingham B3 3AG


ITHACA ENERGY: S&P Withdraws 'BB-' Issuer Credit Rating
-------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' issuer credit ratings on U.K.
oil and gas exploration and production company Ithaca Energy PLC,
at the issuer's request. At the time of the withdrawal, the outlook
was stable.


KOKO NETWORKS: PwC Appointed as Joint Administrators
----------------------------------------------------
KOKO Networks (UK) Limited, trading as KOKO Networks (UK) Limited,
was placed into administration in the High Court of Justice,
Business and Property Courts of England & Wales, Insolvency &
Companies List (ChD), Court Number CR-2026-001284.  Adam Seres (IP
No. 28230), Rachael Maria Wilkinson (IP No. 16234), and Mark James
Tobias Banfield (IP No. 23350) of PricewaterhouseCoopers LLP were
appointed as Joint Administrators on February 19, 2026.

The company engaged in management consultancy activities other than
financial management; leasing of intellectual property and similar
products (except copyright works); and other business support
service activities not elsewhere classified.

The company's registered office and principal trading address is at
Harrow Business Centre, 429-433 Pinner Road, Harrow, England, HA1
4HN.

The Joint Administrators are:

   Adam Seres (IP No. 28230)
   Mark James Tobias Banfield (IP No. 23350)
   PricewaterhouseCoopers LLP
   7 More London Place
   London SE1 2RT

   Rachael Maria Wilkinson (IP No. 16234)
   PricewaterhouseCoopers LLP
   3 Forbury Place
   23 Forbury Road
   Reading RG1 3JH

Fr further details, contact:

   PricewaterhouseCoopers LLP
   Tel: 0113 289 4000
   Email: uk_koko_queries@pwc.com


SPON GLOBAL: Alvarez & Marsal Appointed as Joint Administrators
---------------------------------------------------------------
SPON Global Midco Limited, was placed into administration in the
High Court of Justice, Business & Property Courts in Birmingham,
Insolvency and Companies List (ChD), No CR-2026-BHM-000074.  
Michael Denny (IP No. 19310) and Robert Croxen (IP No. 9700) of
Alvarez & Marsal Europe LLP were appointed as Joint Administrators
on February 13, 2026.

The company engaged in activities of other holding companies. The
The company’s registered office and principal trading address is
at Discovery Point, Evans Road, Liverpool, L24 9PB.

The Joint Administrators are:

   Michael Denny (IP No. 19310)
   Robert Croxen (IP No. 9700)
   Alvarez & Marsal Europe LLP
   Suite 3, Avery House
   69 North Street
   Brighton BN41 1DH

For further details, contact:

   Sarah Elt
   Tel: +44 (0) 20 7715 5223
   Email: SPOGML@alvarezandmarsal.com


UPP (HULL): Moody's Cuts Rating on GBP127.6MM Secured Bonds to Ba1
------------------------------------------------------------------
Moody's Ratings has downgraded the rating on UPP (Hull) Limited's
(UPP or the Issuer) GBP127.6 million fully amortising senior
secured bonds due 2058 (the Bonds) to Ba1 from Baa3. Concurrently,
Moody's have changed the outlook to negative from stable.      

In May 2017 UPP issued GBP127.6 million fully amortising senior
secured index-linked bonds due 2058 to finance the development of
purpose built student accommodation (PBSA) and associated works at
the University of Hull (the University or UoH). The PBSA consists
of 1,462 new rooms and 288 existing rooms, all located on UoH's
campus. UPP also provides certain facilities management services
throughout a 52-year concession period. The company receives rental
payments made by students occupying the accommodation.

RATINGS RATIONALE

The downgrade to Ba1 reflects the significant and unexpected drop
in UPP's occupancy rate down to 83.6% in the current academic year
(AY), from near-full occupancy over the four previous years. While
UPP's revenue is supported by the University nominating 85% and 84%
of rooms for the current and next academic years, respectively,
this is only partially mitigating challenges facing UPP. The
project remains exposed to long-term demand risk and while
occupancy could recover, it could fall further.

Lower occupancy primarily reflects recruitment challenges at UoH,
including a decline in UK undergraduate student numbers and
continued uncertainty around international student demand across
the UK higher education sector. While the recruitment of UK
students weakened after the pandemic, UoH had offset this trend by
doubling international student intake between AY 2018/19 and AY
2022/23. As a low tariff provider, the University has a weaker than
average brand, which has contributed to recent declines in student
enrolment.

The weaker occupancy evidences demographic and societal trends, as
signaled in Moody's assessments of UPP's Social Issuer Profile
Score of S-3. While the UK Universities and College Admission
Service (UCAS) reported an increase in both international and
domestic undergraduate student applicants by 5% and 3% respectively
for AY 2026-27 [1], higher tariff providers fared better as
outlined in Moody's January 2026 Sector Comment, 'Rise in
undergraduate applicants is credit positive for UK universities'
[2] and uncertainty remains higher than historically.

More broadly, structural pressures continue to impact the UK higher
education sector. Undergraduate tuition fees had, until last year,
not been increased since 2017 which led many institutions to
increase their international and postgraduate student base, as
these fees are not fixed and can subsidise domestic teaching and
research. Tighter UK immigration policies reduced international
student demand in AY 2024/25 and increased uncertainty over the
short-to-medium-term but also reliance on domestic recruitment.
Competition for domestic students has intensified, with higher
tariff universities better positioned to expand intake and
compensate for more uncertain international students fees revenue,
while medium and lower tariff institutions have faced more
pronounced recruitment challenges.

These trends increase the risk that UPP's occupancy remains below
historical levels for a prolonged period. In addition, cost of
living pressures support demand for cheaper accommodation
alternatives in Hull, including privately-rented Houses in Multiple
Occupation (HMO), notwithstanding the recent enactment of the
Renters' Rights Act [3]. Competitive pressures will also intensify
following an announcement by MCR Property Group of the
redevelopment of two former student accommodation sites [4], which
are expected to re-enter the market from the next academic year.
UPP is working closely with UoH to implement mitigation measures,
including working with international agents in wealthy markets to
boost occupancy.

Under Moody's revised base case, which assumes 85% occupancy for
the current and next academic years, a return to 90% occupancy from
AY 2028/29 and rent increases in line with RPI inflation, the
minimum and average DSCRs (excluding the final period) are 1.20x
(August 2028) and 1.41x, respectively.

The Ba1 rating benefits from (1) a 52-year concession agreement
with UoH to provide and operate 1,750 on-campus student
accommodation rooms and (2) the solid track record of the project
sponsor, UPP Group, in the UK higher education accommodation
sector.

However, the rating is constrained by (1) reliance on the
performance of a single university, which has experienced volatile
student numbers and applications in recent academic years, (2) the
significant drop in accommodation occupancy rate from close to 100%
in the last four academic years to 83.6% in the current academic
year, (3) exposure to price and demand risk, albeit this is
mitigated to an extent by contractual arrangements, (4) exposure to
international student numbers in the context of evolving
immigration policies, and (5) broader uncertainty around student
demand trends over the period to final debt maturity in 2058.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the potential for a further decline
in occupancy beyond the current academic year, and a reduction in
nominations by the University, on the back of declining
undergraduate students enrollment at UoH, which is, as a
lower-tariff university, among the most exposed universities to
sustained headwinds affecting the UK Higher Education.

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

Given the negative outlook an upgrade is not anticipated at this
stage. The outlook could be changed to stable if (1) occupancy
recovers to levels in line with Moody's base case scenario and (2)
uncertainty around short-term demand subsides.

Moody's could downgrade the rating if: (1) the Issuer fails to
achieve target occupancy or rent increases as set out under Moody's
base case scenario, (2) the operating environment for student
accommodation providers becomes more challenging, including as a
result of changes in immigration policies, (3) operational
performance deteriorates, or (4) operating costs incurred by UPP
are consistently higher than forecast.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Housing
Projects published in August 2024.

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.


VERY GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Ratings has affirmed the B3 Corporate Family Rating of The
Very Group Limited (TVG) and the B2-PD Probability of Default
Rating. Moody's have also affirmed the B3 backed senior secured
instrument rating assigned to The Very Group Funding plc, a wholly
owned subsidiary of the company. The outlook on all entities
remains stable.

The rating action follows the comprehensive refinancing of TVG's
capital structure announced on February 16, 2026[1]. The
transaction is credit positive given the debt reduction, extended
maturities, and lower borrowing costs.

Key elements of the refinancing include:

-- GBP150 million debt reduction, supported by an equity
contribution from Carlyle Group Inc. (The) (Carlyle), fulfilling
the deleveraging condition linked to the senior secured notes. This
enabled a three-year maturity extension to August 2030 and a coupon
reduction to 9.75% from 13.25%

-- Three-year extension of the GBP150 million super senior
revolving credit facility to February 2030

-- Extension of all note classes within the UK securitisation
facility to February 2029

RATINGS RATIONALE

The rating affirmation reflects Moody's views that TVG's improved
capital structure will support a gradual strengthening in its
credit metrics. Despite the substantial benefits of the
refinancing, Moody's projects Moody's-adjusted leverage to remain
consistent with the B3 rating category over the next 12–18
months, trending towards 7.5x by June 2027, supported by modest
EBITDA growth and lower adjusted debt levels.

Moody's expects positive free cash flow this year, driven by
reduced investment requirements, improved working capital
management, and lower interest costs following the refinancing.
These factors will also support a slight improvement in
Moody's-adjusted interest coverage to around 1.0x–1.2x, although
this remains weak for the rating category.

TVG's credit profile continues to benefit from: its pure-play
online model, a broad product assortment and strong supplier
relationships, the scale and customer relevance of its Very Pay
platform, and solid recent operating momentum, contributing to the
expected improvement in metrics.

These strengths are balanced by a still highly leveraged capital
structure, tight interest coverage, and the company's reliance on
securitisation facilities, which remain essential to the
functioning of its credit business. TVG's long history of timely
facility renewals mitigates refinancing risk and supports the
company's operating model. Finally, TVG's rating also consider the
company's single-country operational concentration and thus
dependence on prevailing macroeconomic conditions in the UK.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance factors were a driver of action. Carlyle's capital
support is credit positive, but governance risks remain elevated,
reflecting the company's tolerance for high leverage. However,
these concerns are partly mitigated by improvements following the
change of control event of late 2025, including a board that is now
largely independent despite ongoing influence from management and
Carlyle. These dynamics constrain financial flexibility and
heighten event risk under private ownership.

Moderate social risks relate to customer-facing issues and data
security, given TVG's digital operating model and reliance on
managing sensitive customer information. Some offset to these risks
arises from the regulated nature of TVG's financial services
business, where the company has an established a good operational
track record.  Environmental risks, primarily exposure to carbon
transition pressures in global sourcing and logistics, remain
broadly aligned with sector norms.

LIQUIDITY

TVG's liquidity is adequate. Moody's assessments incorporates:

-- expected positive free cash flow,`

-- maintenance of cash balances appropriate for business needs,

-- around GBP100 million of undrawn availability under the GBP150
million super senior RCF as of December 27, 2025, and

-- sufficient covenant headroom under its existing facilities.

STRUCTURAL CONSIDERATIONS

Securitisation facilities fund a significant portion of TVG's
credit receivables. The structure, in place since 2013, has a long
record of annual revolving-period extensions. TVG recently renewed
the facilities to January 2029 with improved terms.

Performance against termination-event triggers continues to show a
widening buffer, although deterioration due to economic conditions
or underwriting changes could weaken operating performance and
pressure ratings. Moody's treats the securitisation facilities as
self-liquidating in default, supporting a one-notch uplift of the
PDR above the CFR. The senior secured notes remain rated in line
with the CFR at B3 and are contractually subordinated to the GBP150
million super senior RCF.

RATING OUTLOOK

The stable outlook reflects Moody's expectations of an improvement
in TVG's credit metrics due to sustained good trading momentum and
debt reduction. Moody's projects TVG will slowly reduce its
Moody's-adjusted gross leverage towards 7.5x and generate mildly
positive free cash flow (inclusive of rising securitisation
borrowings driven by growth in revenues).

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

Moody's could upgrade the ratings if TVG's operating performance
sustainedly improves, so that

-- Moody's-adjusted gross leverage falls well below 7.5x and

-- free cash flow (excluding increased securitisation borrowings
driven by growth in revenues) turns materially positive

-- An upgrade would also require a strong liquidity position.

Moody's would downgrade the rating if TVG's operating performance
deteriorates, so that

-- Moody's-adjusted gross debt/EBITDA exceeds 9.0x,

-- Moody's-adjusted (EBITDA-CAPEX) / Interest Expense fails to
improve well above 1.0x or

-- free cash flow remains negligible

-- A material deterioration of the liquidity would also pressure
the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel 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

TVG is one of the UK's largest pure-play digital retailers and
flexible payment providers, with a heritage of over 120 years. Now
fully online, TVG operates through its core brands, Very and
Littlewoods, offering nearly 2,000 brands across categories such as
fashion, home, electricals, and toys. Its FCA-regulated Very Pay
platform provides customers with flexible payment options,
including buy now, pay later.

In the twelve months through December 2025 (LTM Q2 2026), TVG
generated GBP2.1bn in revenue and GBP275 million of
Moody's-adjusted EBITDA. Investment firm Carlyle owns 100% of TVG's
capital since November 2025.


[] Fitch Affirms Ratings on Five EMEA Wireless Tower Companies
--------------------------------------------------------------
Fitch Ratings has affirmed five EMEA wireless tower companies and
their associated entities' ratings:

   1. Cellnex Telecom S.A.
   2. EuroTeleSites AG
   3. Helios Towers Plc
   4. Infrastrutture Wireless Italiane S.p.A. (Inwit)
   5. Tivana France Holdings SAS (TDF)

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

Cellnex Telecom 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 (bbb, Moderate),
Diversification and Asset Quality (a-, Moderate), Company
Operational Characteristics (bbb+, Higher), Profitability (bbb-,
Moderate), Financial Structure (bb, Higher), and Financial
Flexibility (a-, Lower).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

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

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

- The SCP is 'bbb-'.

EuroTeleSites AG

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

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

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

- The SCP is 'bb+'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in a bottom up +1 approach.

Helios Towers Plc

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

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

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

- The Operating Environment assessment of 'b' results in an
adjustment of -1 notch.

- The SCP is 'bb-'.

To derive the IDR: Country Ceiling considerations apply and result
in an adjustment of 0 notches.

Infrastrutture Wireless Italiane S.p.A.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

- Assessments of the quantitative financial subfactors include
bespoke calculations.

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

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

- The SCP is 'bbb-'.

Tivana France Holdings SAS

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

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

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

- The SCP is 'bbb-'.

RATING ACTIONS

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Helios Towers Plc   

                        LT IDR BB-  Affirmed              BB-
    senior unsecured    LT     BB-  Affirmed    RR4       BB-

Tivana France
Holdings SAS        

                        LT IDR BBB- Affirmed              BBB-
   senior unsecured     LT     BBB- Affirmed              BBB-

Infrastrutture
Wireless Italiane S.p.A.  

                        LT IDR BBB- Affirmed              BBB-
   senior unsecured     LT     BBB- Affirmed              BBB-

EuroTeleSites AG   

                        LT IDR BBB- Affirmed              BBB-

A1 Towers Holding GmbH

   senior unsecured     LT     BBB- Affirmed              BBB-

TDF Infrastructure S.A.S.

   senior unsecured     LT     BBB- Affirmed              BBB-

HTA Group, Ltd

   senior unsecured     LT     BB-  Affirmed    RR4       BB-

Cellnex Finance
Company, S.A.U.

   senior unsecured     LT     BBB- Affirmed              BBB-

Cellnex Telecom S.A.

                        LT IDR BBB- Affirmed              BBB-
    senior unsecured    LT     BBB- Affirmed              BBB-




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

[] Fitch Affirms Ratings on Seven EMEA Tech/Software/IT Companies
-----------------------------------------------------------------
Fitch Ratings has affirmed seven EMEA technology, software and IT
services companies and their associated entities' ratings:

   1. Almaviva S.p.A
   2. Atos SE
   3. Cedacri S.p.A.
   4. Clara.net Finance Holdings Limited
   5. Engineering Ingegneria Informatica S.p.A.
   6. Etna French BidCo SAS
   7. Ainavda Parentco AB

These actions follow the update of Fitch's 'Corporate Rating
Criteria' and the 'Sector Navigators Addendum to the Corporate
Rating Criteria' on 9 January 2026. The companies' ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

Almaviva 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 (bbb-, Lower), Sector Characteristics (bb,
Lower), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bb, Higher), Company Operational
Characteristics (bb, Moderate), Profitability (bbb-, Moderate),
Financial Structure (b+, Higher), and Financial Flexibility (bb+,
Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the forecast year 2025,
40% for the forecast year 2026 and 20% for the forecast year 2027.

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

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

- The SCP is 'bb-'.

Atos SE

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the forecast year 2025,
40% for the forecast year 2026 and 50% for the forecast year 2027.

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

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

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

- The SCP is 'b-'.

Cedacri S.p.A.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

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

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

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

- The SCP is 'b'.

Clara.net Holdings Limited

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 30% for the forecast year 2026, 40% 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 'Good' results in no adjustment.

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

- The SCP is 'b-'.

Engineering Ingegneria Informatica S.p.A.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

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

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

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

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

- The SCP is 'b'.

Etna French BidCo SAS, Exclusive Networks SA, and Everest SubBidCo
SAS

Fitch scored the issuers as follows, using its CRT to produce the
SCP:

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

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

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

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

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

- The SCP is 'b'.

Ainavda Parentco AB

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 30% for the forecast year 2025, 40% for the forecast year
2026 and 20% for the forecast year 2027.

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

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

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

- The SCP is 'b'.

RATING ACTIONS

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
Exclusive Networks SA    

                       LT IDR    B    Affirmed              B

AlmavivA S.p.A.

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

Cedacri S.p.A.    

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

Engineering Ingegneria
Informatica S.p.A.  

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

Atos SE    

                       LT IDR    B-   Affirmed              B-
   senior secured      LT        BB-  Affirmed    RR1       BB-
   Sr Secured 2nd Lien LT        CCC+ Affirmed    RR5       CCC+
   Sr Secured 3rd Lien LT        CCC  Affirmed    RR6       CCC

Clara.net Holdings Limited

                        LT IDR   B-   Affirmed              B-

Claranet Group Limited

   senior secured       LT       B    Affirmed    RR3       B

Everest SubBidco SAS  

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

Ainavda Bidco AB

   senior secured       LT       B+   Affirmed    RR3       B+

Ainavda Parentco AB   

                        LT IDR   B    Affirmed              B

Etna French Bidco SAS   

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *