260311.mbx

260311.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, March 11, 2026, Vol. 27, No. 50 Headlines D E N M A R K TDC NET: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable F R A N C E OPAL HOLDCO 4: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable I R E L A N D CAPITAL FOUR IV: Fitch Affirms 'B-sf' Rating on Class F-R Notes S P A I N AUTONORIA SPAIN 2022: Fitch Affirms 'BB-sf' Rating on Class F Notes U N I T E D K I N G D O M NIDHOGGR MEAD: ELS Advisory Appointed as Administrators PPL REALISATIONS (WORTHWING): Kroll Advisory Named as Administrator PROTECT INSURANCE: A.M. Best Assigns 'B(Fair)' Issuer Credit Rating TEWITFIELD LEISURE: Leonard Curtis Appointed as Administrators VERY GROUP: Fitch Affirms 'B-' IDR & Alters Outlook to Stable W J BENNETT: KRE Corporate Appointed as Administrators ZIRCON BRIDGING: AlixPartners UK Appointed as Administrators X X X X X X X X [] Fitch Affirms Ratings on 12 EMEA Homebuilders [] Fitch Affirms Ratings on Five EMEA Transport/Logistics Cos. [] Fitch Affirms Ratings on Four EMEA Medtech Companies - - - - - ============= D E N M A R K ============= TDC NET: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed TDC NET A/S's Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch has also affirmed TDC NET's senior secured notes' rating at 'BBB-' with a Recovery Rating of 'RR1' up from 'RR2'. TDC NET's IDR reflects the company's stable and visible cash flow derived from its domestic wireless and fixed national infrastructure. The company's robust market position in Copenhagen and surrounding municipalities (capital region) anchors its rating and cash flow. A strict focus on operational efficiency, alongside diminishing impact from the loss of legacy products and competition in certain regions of Denmark, should support improving free cash flow (FCF) generation. Its base case projections envisage FCF turning positive from 2027 as capex requirements gradually ease. The Stable Outlook reflects the company's sufficient scope to manage its credit profile within the thresholds of the rating, albeit with limited leverage headroom. Key Rating Drivers Unique Network Assets: TDC NET owns the incumbent fixed and wireless infrastructure in Denmark. This includes the country's cable infrastructure and a leading fiber network in the highest density area of the capital region. This offers TDC NET the flexibility to actively manage the transition from low to high-speed broadband and the decommissioning of its copper network, using cable as part of its high-speed delivery mix for an optimal result. This is particularly true as a large part of its high-speed broadband regional footprint is deregulated, offering greater price flexibility. Infrastructure Business Supports Predictable Returns: TDC NET's commercial and structural features support stable and visible cash flow. Denmark's fixed-line infrastructure market is moving towards a more rational structure, with regional utility companies and TDC NET as the main fibre competitors. It should limit the intensity of network overbuild and support more predictable infrastructure returns over time. Fitch expects TDC NET to retain a strong position in Copenhagen even as competitive dynamics shift, underpinning long-term demand visibility in the economically significant capital region. A large part of TDC NET's mobile revenue is contracted, reducing cash flow volatility. Most of its mobile revenue relies on flat-fee, long-term agreements based on network capacity usage. Its dependence on Nuuday as an anchor tenant is currently contained by limited alternative network providers and finite spectrum availability. Incumbent Market Positions: TDC NET has seen erosion in its broadband market share from legacy fixed-line transition to fibre overbuild by utility providers, particularly outside Copenhagen where TDC NET's coax footprint is more exposed and fibre presence is limited. However, TDC NET retains leading positions in Denmark's mobile and broadband markets (40% estimated subscriber share each) supported by its overall network-quality leadership and anchor customer Nuuday's number one position in both segments. Legacy Transition Challenges to Moderate: Revenue pressure stemming from a change in product mix and competitive intensity should ease by 2028 as TDC NET accelerates migration to higher-speed, higher-average revenue per user technologies (coax and fibre) and as market share stabilises, supported by increasing fibre adoption in the under-penetrated capital region. A strict focus on operational efficiencies supports reported EBITDA margin, and Fitch expects the share of special items to gradually reduce, leading to an improvement in Fitch-defined EBITDA margin to 67% by 2028 from 65% in 2024. Investment Peaking; Positive FCF: TDC NET has undergone a transformation since 2021 and its network separation, leading to high restructuring expenses and large network investment, which have affected its margin and capex intensity. Fitch expects capex to have peaked with fiber, technology and IT investment declining from 2025 and FCF pressure to moderate and turning positive by 2027. Sustainable Leverage, Limited Headroom: Fitch expects Fitch-defined EBITDA net leverage to remain stable at about 6.0x in 2025-2028, at the higher end of its sensitivities for the 'BB' IDR. Lower capex intensity should allow cash flow leverage (defined as cash flow from operations (CFO) less capex/total debt) to turn positive in 2027. It will remain at a low level (0.8% in 2028), affected by increasing funding costs, as low-rate swap instruments mature over 2026-2029. Parent-Subsidiary Linkage: Fitch rates TDC NET on a standalone basis under its Parent and Subsidiary Linkage (PSL) Rating Criteria, where Fitch has taken the 'stronger subsidiary and weaker parent' approach. Fitch assesses legal ringfencing as 'insulated' as the long-dated, established financing platform is explicitly designed to support the subsidiary's profile. Fitch assesses the likelihood of a change-of-control in TDC NET's term-debt documentation (not present in the common terms) by acceleration of share pledges in DK Tele as low. Access and control are 'porous', as the company has high autonomy over funding and liquidity, while the parent ultimately controls the board. Superior Credit Protective Features: Fitch rates the senior secured debt two notches above TDC NET's IDR at 'BBB-'/'RR1'. The deviation reflects its expectation of strong recovery prospects for the senior secured debt, due to high-value collateral, strong underlying infrastructure business characteristics and embedded credit protection mechanisms, including the insulation of TDC NET from the rest of the group, trigger events locking up distributions, a balanced debt maturity profile, a comprehensive security package and dedicated facilities preventing liquidity and refinancing risks. Peer Analysis TDC NET's main peers are telecom infrastructure operators such as CETIN Group N.V. (BBB/Stable) and FiberCop S.p.A. (BB/Stable). CETIN and TDC NET share similarities in the mobile segment, but the latter has a stronger competitive position in fixed line, benefiting from a mature market with lower infrastructure overlap reducing investment risk for its fibre rollout. TDC NET's robust broadband segment contributes significantly to EBITDA, providing it with a stronger operating profile than CETIN's, even though CETIN has a stricter financial policy with stronger FCF and lower leverage. TDC NET's exposure to more competitive mobile network operations leads to a lower leverage tolerance than FiberCop for the same rating. Fitch also compares TDC NET with Australia's fixed line wholesale company NBN Co Limited (AA+/Stable, Standalone Credit Profile (SCP) of 'bb'), which benefits from a dominant market position and growing revenue base, allowing higher leverage tolerance. However, TDC NET and CETIN are more diversified than NBN and FiberCop due to mobile network infrastructure and spectrum ownership. European tower companies, such as Cellnex Telecom S.A. (BBB-/Stable) and Infrastrutture Wireless Italiane S.p.A. (INWIT; BBB-/Stable), have stronger operating profiles, benefiting from stable rental income, indexation-linked contracts and greater visibility over capex returns. TDC NET's customer take-up rates dependence on broadband and ownership of active infrastructure and spectrum aligns its risk profile more closely with integrated telecoms, resulting in tighter leverage thresholds than tower companies. Nevertheless, TDC NET has higher debt capacity than integrated telecoms, benefiting from strong earnings visibility from long-term mobile contracts. Fitch’s Key Rating-Case Assumptions - Revenue to fall on average 1% over 2025-2028, before turning flat or slightly positive from 2029. Revenue growth mainly driven by low single-digit growth in mobile services and double-digit growth in fibre, offset by declining legacy service revenue (TV and voice) and copper/coax revenue - Fitch-defined EBITDA margin (including recurring restructuring costs) rise from 2026 and reach 67.3% in 2028, supported by operational efficiencies, after decreasing to 64.7% in 2025 - Capex to decline towards 37% of revenue in 2028, from 51.1% in 2024 - Working-capital outflows of about 5% of revenue in 2025-2026 and 1%-2% in 2027-2028 - All maturing debt during the forecast horizon to be refinanced at the same amount with a 5% fixed rate. Revolving credit facility (RCF) to remain undrawn Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (a, Moderate), Profitability (a, Moderate), Financial Structure (ccc+, 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's PSL Rating Criteria results in a standalone approach. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage above 6.2x on a sustained basis - Lower-than-expected take-up rates for broadband and deterioration in Nuuday's market position, resulting in pressure on the fixed-line segment - Intensified competition with utility companies or alternative providers in high-speed broadband, particularly in the capital region - Expectations of sustained negative CFO less capex/total debt or negative FCF beyond the fibre-rollout programme, or reliance on additional debt incurrence to fund negative FCF - EBITDA interest coverage structurally below 2.5x - Any significant weakening in recovery prospects, in relation to core assets that affect the business' ability to generate long-term revenue and cash flow, or in embedded credit protections measures, could lead to a reduction in the senior secured uplift to one notch from two currently Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA net leverage below 5.2x on a sustained basis - Sustainable competitive positions in both the mobile and fixed-line segments - Sustained low-to-mid single-digit CFO less capex/total debt - EBITDA interest coverage sustained at above 3.5x Liquidity and Debt Structure Fitch estimates TDC NET's cash position at about DKK900 million in 2025. Its undrawn EUR350 million (DKK2.6 billion) RCF remains available to cover intra-year working capital swings. In addition, it has undrawn dedicated liquidity facilities, including a EUR175 million debt service reserve (DSR) liquidity facility covering at least 12 months of scheduled debt service and a EUR65 million operating and capex reserve (OCR) facility covering at least 10% of the coming 12 months of scheduled opex and capex. Its capital structure consists of EUR3 billion of senior secured Eurobonds (maturing in 2028-2033) and about EUR400 million equivalent of bilateral facilities (excluding the RCF and the DSR and OCR facilities). The DSR and OCR facilities rank super senior to the senior secured notes, term loans and bilateral facilities. All of the company's senior secured debt is governed under common terms, including triggering events locking up distributions and financial maintenance covenants. Fitch expects a balanced maturity profile and at least 80% hedged interest-rate exposure, in line with the secured debt documentation. Issuer Profile TDC NET is a Danish telecommunications infrastructure company that provides nationwide connectivity solutions, including fiber-optic, copper and cable networks, as well as mobile services. Criteria Variation Fitch rates the senior secured debt two notches above TDC NET's IDR of 'BB' at 'BBB-'/'RR1'. This treatment constitutes a criteria variation from Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria, under which the potential notching up for the senior secured debt of 'BB' rated corporates in Europe is constrained to only one notch, alongside a Recovery Rating capped at 'RR2' (except for asset-backed loan facilities and super-senior RCFs). See the key rating driver section for additional rationale regarding its expectations of strong recovery prospects. 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 TDC NET. 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 ----------- ------ -------- ----- TDC NET A/S LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- =========== F R A N C E =========== OPAL HOLDCO 4: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed Opal Holdco 4 SAS's (Opella) Long-Term Issuer Default Rating (IDR) at 'B+' with Stable Outlook. The rating reflects high initial financial leverage after its carve-out from Sanofi, with Fitch-estimated EBITDA gross leverage at about 7x at end-2025, which is only partly balanced by the company's very strong business profile. Opella has a broad portfolio of global and local brands, diversified across product categories, regions and distribution channels, as a leading global supplier in the consumer healthcare sector. The Stable Outlook reflects its expectations that the company will deleverage towards 6.5x in 2026 and below 6.0x in 2027 with limited execution risk to its carve-out. This will be supported by healthy organic revenue growth, improved profitability, and considerable and growing free cash flow (FCF). Key Rating Drivers Strong Consumer Health Positioning: Opella is the third-largest global provider in the highly fragmented market of over-the-counter (OTC) drugs and vitamins, minerals, and supplements (VMS), with sizeable Fitch-estimated EBITDA of EUR1.1 billion in 2025. It focuses on diverse categories including digestive wellness (29% of 2025E revenue), pain care (21%), allergy (14%), and cough and cold (9%). Opella's revenue is diversified globally, with 49% from Europe and Latin America, 27% from North America and 24% from Asia, Middle East and Africa. Opella's broad exposure to emerging markets offers higher growth potential than industry averages. Fitch expects the company to recover its organic revenue growth towards CAGR of 2% during 2026-2029 after an estimated decline of 1.6% in 2025 on lower volume, supported by resilient secular growth in the consumer healthcare sector. Opella's sales CAGR was 4% during 2019-2024, reflecting low cyclicality in economic downturns, and was mostly driven by OTC products (2025E: 76%). High Leverage Constrains Rating: Opella's rating is constrained by its high initial financial leverage with Fitch-estimated gross EBITDA leverage at 7.2x at end-2025, following its carve-out. Fitch expects leverage to fall to 6.5x in 2026 and to 6.0x in 2027, supported by gains from operating efficiencies initiatives and restructuring costs reduction. Fitch assumes Opella will focus on organic growth through further category penetration, innovation, geographic expansion and e-commerce development, alongside self-funded bolt-on acquisitions. Failure to deleverage to 6.5x by end-2026 would signal operational challenges or higher-than-expected execution risks and would considerably tighten rating headroom. Competitive Brand Portfolio: Opella's large, diversified and well-established brand portfolio of science-backed products contributes to a strong business risk profile that substantially underpins its overall credit profile. This supports a higher debt capacity consistent with the high end of the 'B' rating category, despite its high initial leverage. About 70% of Opella's revenue is generated by six leading global brands and nine local brands that rank among the top three in their respective categories or regions. Critical Innovation Capability; Omni-Channel: Fitch estimates that Opella spends 3.5% of its net revenue on research and development (R&D) annually with a focus on improving formulations, product efficacy or adding new indications within the existing portfolio, with limited execution risks. Its business profile is also supported by a broad commercial footprint and well-diversified distribution channels across pharmacies, retailers and e-commerce, combining its own capabilities with third-party distributors in smaller countries. Its portfolio is not at risk of patent expiration and faces minimal tariff impact as 94% of its US output is produced or packaged within the country. Active Portfolio Management: Fitch expects Opella to optimise its nearly 100-brand portfolio to ensure sustained low-to-mid single-digit revenue growth and improve profitability. In the US market, revenue growth in the next one to three years will also be supported by Qunol VMS products, a US-based brand acquired in 2023. During 2020-2024, the company disposed of more than 150 brands that no longer fit into its strategy and added new high-growth brands, reducing the revenue concentration risk on a few mega-brands. Cash-Generative Operations: Fitch expects Opella to sustain positive mid-single digit FCF margins in 2025-2028 as profitability gradually improves due to premium product positioning, moderate working capital needs, and contained capex. From 2028 Fitch expects Opella's FCF margin to improve sustainably above 5% due to Fitch-adjusted EBITDA margin expansion to above 24% (2025E: 21.5%) and waning separation costs. Fitch views the consumer healthcare market as inherently resilient and predictable, with minimal price elasticity contributing to healthy cash flows. Limited Execution Risk on Separation: Opella's carve-out from Sanofi was completed in 2Q25. Fitch views limited residual execution risk, based on the progress achieved so far. Opella is now operating independently from Sanofi, which will remain a shareholder. The company's estimate for remaining separation costs, mainly related to IT, remains at EUR500 million over 2025-2028, with most backloaded towards the end of the period, while no cost overrun has been observed so far. Resilient Market Fundamentals: Opella's rating is supported by attractive underlying long-term growth fundamentals of the global consumer healthcare market. These include rising health and wellbeing awareness, an aging population, a focus on prevention, increasing interest in self-medication, and growing disposable income across developed and developing economies. An increasing online offering provides further potential for market penetration. Opella's business model is well-placed to capitalise on these supportive macro-economic sector trends. Peer Analysis Opella has a comparable business profile with Galderma Group AG (BBB/Stable), a medical, aesthetic and consumer skin care producer. Both companies enjoy strong market positions in their respective segments, leading brand portfolios, wide sales geographical diversification, a resilient product category and healthy growth opportunities. However, Galderma has much lower leverage and more stringent financial policies than Opella. Opella has a stronger business profile than THG PLC (B+/Stable), a provider of wellness and beauty products with a mix of third-party and own brands. Opella has bigger scale with a larger portfolio of strong brands, wider geographical reach and stronger operating margins. This is offset by Opella's much higher leverage and less conservative financial policy. Opella is rated higher than Neopharmed Gentili S.p.A. (B/Stable), a specialist pharmaceutical company with higher profitability and slightly lower leverage, while Opella benefits from larger scale, stronger brands and broader diversification. Opella is also rated one notch higher than Cooper Consumer Health (B/Stable), which is also focused on OTC consumer healthcare products, but its higher operating margin is balanced by limited scale and weaker geographic diversification. Within the packaged food sector, Opella's brand portfolio is as similarly strong as Sigma Holdco BV's (Flora Food Group, B/Stable), with both credit profiles benefitting from a global presence and strong profitability. Both companies have high leverage, but Fitch views secular market trends for Opella as more resilient and providing higher growth opportunities than plant-based spreads, including margarine, where Flora Foods operates. Fitch’s Key Rating-Case Assumptions - Revenue CAGR close to 2% in 2026-2028, supported by organic growth and bolt-on acquisitions - EBITDA margin to gradually improve above 24% by 2028, mainly driven by improved operating efficiencies and reducing restructuring costs - Capex at 2.7% of revenue a year during 2026-2028 - Acquisitions at EUR100 million in 2026 and EUR250 million a year in 2027-2028, funded by FCF - No dividends paid during 2026-2028 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 (b+, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bbb, Higher), 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 custom CRT financial period parameters: 55% weight for the forecast year 2025, 25% 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 'a-' results in no adjustment. - The SCP is 'b+'. Recovery Analysis The recovery analysis assumes that Opella would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Fitch estimates a post-restructuring GC EBITDA atEUR900 million, on which Fitch bases the enterprise value (EV) to reflect operational difficulties including a hypothetical sharp drop in market share and deterioration of profitability, which would lead to an unsustainable capital structure. Fitch assumes a distressed EV/EBITDA multiple of 6.5x, above 5.0x-6.0x applicable to most of Fitch-rated EMEA non-investment grade consumer sector peers. This multiple reflects Opella's strong global market position across a diversified branded product portfolio with attractive underlying cash-generative properties. The allocation of value in the liability waterfall results in a Recovery Rating of 'RR3' for Opella's total senior secured debt of EUR7.3 billion, indicating a 'BB-' instrument rating based on current assumptions, one notch above the IDR. The senior secured debt ranks pari passu with the EUR1.2 billion committed revolving credit facility (RCF), which Fitch assumes to be fully drawn prior to distress, in line with its criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Aggressive financial policy or operating underperformance leading to a lack of deleveraging with EBITDA leverage above 7x - Inability to generate positive FCF margins in the mid-single digits, due to weakening performance or higher-than-expected restructuring charges - EBITDA interest coverage below 2x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage trending permanently below 6x, alongside more clarity on the financial policy - Steady profitability, with FCF in the mid-single digits, on a sustained basis - EBITDA interest coverage above 3.5x Liquidity and Debt Structure Fitch estimates Opella's freely available cash on hand of EUR375 million at end-2025, after excluding EUR300 million that Fitch treats as restricted to meet its global daily operations or being locked in certain countries, and hence not available for debt service. The liquidity position is supported by Fitch's expectations of strong FCF, sufficient to fund a limited amount of scheduled amortised senior secured debt a year and potential bolt-on acquisitions. Opella's financial flexibility is bolstered by its access to a EUR1,200 million RCF, which Fitch expects to remain undrawn over the rating horizon. The debt structure is concentrated but features long-dated maturities, with the RCF maturing in 2031, and the senior secured debt maturing in 2032. Issuer Profile Opella is one of the leading players in the consumer health market across more than 100 countries and has a diverse portfolio of about 100 global and local brands. 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 Opella. 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 ----------- ------ -------- ----- Opal Bidco SAS senior secured LT BB- Affirmed RR3 BB- Opal Holdco 4 SAS LT IDR B+ Affirmed B+ ============= I R E L A N D ============= CAPITAL FOUR IV: Fitch Affirms 'B-sf' Rating on Class F-R Notes --------------------------------------------------------------- Fitch Ratings has assigned Capital Four CLO IV DAC class A-R-R, B-R-R, D-R-R and E-R-R final ratings and affirmed existing class C-R and F-R notes. Entity/Debt Rating Prior ----------- ------ ----- Capital Four CLO IV DAC A-R XS2856817585 LT PIFsf Paid In Full AAAsf A-RR XS3298802573 LT AAAsf New Rating B-1-R XS2856817668 LT PIFsf Paid In Full AAsf B-2-R XS2856818047 LT PIFsf Paid In Full AAsf B-RR XS3298802730 LT AAsf New Rating C-R XS2856818393 LT Asf Affirmed Asf D-R XS2856818476 LT PIFsf Paid In Full BBB-sf D-RR XS3298803118 LT BBB-sf New Rating E-R XS2856818716 LT PIFsf Paid In Full BB-sf E-RR XS3298803381 LT BB-sf New Rating F-R XS2856818989 LT B-sf Affirmed B-sf Transaction Summary Capital Four CLO IV DAC is a securitisation of mainly senior secured loans (at least 90%) with a component of senior unsecured, mezzanine, and second-lien loans. The portfolio has a target par of EUR350 million. The refinancing notes proceeds have been used to redeem the outstanding notes except the class C-R and F-R and subordinated notes. The portfolio is actively managed by Capital Four Management Fondsmaeglerselskab A/S. The CLO will exit its reinvestment period in January 2029 and has a six-year weighted average life (WAL). KEY RATING DRIVERS 'B'/'B-' Portfolio Credit Quality: Fitch places the average credit quality of obligors at 'B'/'B-'. The weighted average rating factor, as calculated by Fitch, is 24.6. About 15.9% of the portfolio is currently on Negative Outlook High Recovery Expectations: 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-calculated weighted average recovery rate of the current portfolio is 61.4%. Diversified Portfolio: The transaction includes two updated Fitch matrices, effective at closing, corresponding to a seven-year WAL test, fixed-rate asset limits at 10% and 5% and a top 10 obligor concentration limit at 20%. The transaction includes 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. The current portfolio top 10 obligor concentration, as calculated by Fitch is 10.6%, and no obligor represents more than 2% 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%. Transaction Inside Reinvestment Period: The transaction is within its reinvestment period, which expires in January 2029, and the manager can reinvest principal proceeds and sale proceeds subject to compliance with the reinvestment criteria. Given the manager's ability to reinvest, Fitch's analysis is based on a stressed portfolio, which it tested the notes' achievable ratings across the matrices, since the portfolio can still migrate to different collateral quality tests. 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 A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no impact on the class A-R-R notes and would lead to downgrades of two notches for the class B-R-R, one notch each on the class C-R to E-R-R notes and to below 'B-sf' for the class F-R notes. Downgrades, which are based on the current portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-R-R, D-R-R, E-R-R and F-R notes each have a rating cushion of two notches and the class C-R notes have a cushion of one notch, due to the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. The class A-R-R notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the current 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 three notches each for the class B-R-R and E-R-R notes, two notches each for the class A-R-R, C-R and D-R-R notes, and below 'B-sf' for the class F-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to four notches for the class F-R notes, up to three notches each for the class C-R to E-R-R notes, and up to two notches for the class B-R-R notes 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 remaining life of the transaction. Upgrades after the end of the reinvestment period, upgrades, except for the 'AAAsf' notes, 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 Capital Four CLO IV 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. ========= S P A I N ========= AUTONORIA SPAIN 2022: Fitch Affirms 'BB-sf' Rating on Class F Notes ------------------------------------------------------------------- Fitch Ratings has affirmed AutoNoria Spain 2022, FT's notes. The Outlooks on class D to F notes remain Negative. Entity/Debt Rating Prior ----------- ------ ----- AutoNoria Spain 2022, FT Class A ES0305652002 LT AAAsf Affirmed AAAsf Class B ES0305652010 LT AA+sf Affirmed AA+sf Class C ES0305652028 LT A+sf Affirmed A+sf Class D ES0305652036 LT Asf Affirmed Asf Class E ES0305652044 LT BB+sf Affirmed BB+sf Class F ES0305652051 LT BB-sf Affirmed BB-sf Transaction Summary AutoNoria Spain 2022, FT is a securitisation of fully amortising auto loans originated in Spain by Banco Cetelem S.A.U. (Cetelem, also the seller). Cetelem is a specialist lender fully owned by BNP Paribas SA (A+/Stable/F1). This auto ABS in Spain closed in September 2022 and continues to amortise pro-rata. KEY RATING DRIVERS Partial Asset Assumptions Recalibration: Fitch has updated the remaining life base case default rate (blended) on the portfolio to 3.1% from 3.4%, reflecting the observed and projected performance. As of the latest reporting date in January 2026, the balance of gross cumulative defaults was contained at 2.1% of the initial portfolio balance plus revolving period purchases, and loans in arrears over 90 days (excluding defaults) at 0.2% of the current portfolio balance. The transaction's pool factor (current portfolio balance) is 35% relative to its initial balance. Defaults are defined as loans in arrears over 150 days. All other asset assumptions remain unchanged, including the base case recovery rate of 17.5% that is broadly in line with the actual rate to date of 15%, which is marginally higher than a year ago (13%). The Negative Outlooks on the class D to F notes reflects a possible downgrade if actual recoveries are lower than its expectations, noting that the recovery strategy can be influenced by non-performing loan sales. The base case prepayment rate remains at 11%. Pro-Rata Amortisation Continues: The pro-rata amortisation of the securitisation notes continues, and Fitch does not expect a breach of the switch to sequential amortisation trigger in the short-to-medium term, based on the observed and projected transaction performance. Therefore, Fitch expects credit enhancement protection to the rated notes to remain broadly constant. Fitch views the tail risk posed by the pro rata paydown as mitigated by the mandatory switch to sequential amortisation when the note balance falls below 10% of its initial balance. Mezzanine and Junior Notes' Ratings Capped: The maximum achievable ratings on the class B notes remain at 'AA+sf' and on the class C to F notes at 'A+sf' under Fitch's counterparty criteria. This is due to the minimum eligibility rating thresholds defined for the hedge provider and guarantor of 'A-' or 'F1' and 'BBB' or 'F2', respectively, which are insufficient to support 'AAAsf' and 'AAsf' ratings. These rating caps do not apply to senior class A notes as their minimum counterparty ratings of 'A' or 'F1' are consistent with the highest rating category. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-term asset performance deterioration, such as increased delinquencies or reduced portfolio yield, which could be driven by changes in portfolio characteristics, macroeconomic conditions, business practices or the legislative landscape, may be negative for the ratings. For instance, a 10% decrease of recoveries may lead to downgrades of up to four notches, especially for the mezzanine class D to F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The class A notes are rated at the highest level on Fitch's scale and cannot be upgraded. Smaller losses on the portfolio than levels that are consistent with ratings may be positive for the other notes' ratings. For instance, a 25% decrease of defaults and a 25% increase of recoveries may lead to upgrades of up to two notches. 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 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 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. =========================== U N I T E D K I N G D O M =========================== NIDHOGGR MEAD: ELS Advisory Appointed as Administrators ------------------------------------------------------- Nidhoggr Mead Co. Limited was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number CR-2026-000186. Kevin Brown of ELS Advisory Limited was appointed administrator on Feb. 20, 2026. The company engaged in the manufacture of cider and other fruit wines. The company's registered office is at Unit 4, Windsor Court, Pocklington Industrial Estate, Hampden Road, Pocklington, YO42 1NR. The Joint Administrators can be reached at: Kevin Brown ELS Advisory Limited 31 Harrogate Road Chapel Allerton Leeds, LS7 3PD For further details, contact The Administrator Email: :info@elsadvisory.co.uk Telephone: 0113 262 3952 PPL REALISATIONS (WORTHWING): Kroll Advisory Named as Administrator ------------------------------------------------------------------- PPL Realisations (Worthing) 2026 Limited, previously Piglet's Pantry Limited, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-001315. Benjamin John Wiles and Robert Armstrong of Kroll Advisory Ltd were appointed as administrators on on February 20, 2026. The company engaged in the production of meat and poultry meat products. The company's registered office is at The Mill Building, 31 Chatsworth Road, Worthing, BN11 1LY. Its principal trading address is at Unit E-F Decoy Road, Worthing, BN14 8ND. The Joint Administrators can be reached at: Benjamin John Wiles Robert Armstrong Kroll Advisory Ltd The News Building Level 6, 3 London Bridge Street London, SE1 9SG For further details, contact: Joint Administrators Tel: +44 (0) 20 7089 4700 Alternative contact: Felix Bidwell Email: Felix.Bidwell@Kroll.com PROTECT INSURANCE: A.M. Best Assigns 'B(Fair)' Issuer Credit Rating ------------------------------------------------------------------- AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of "bb+" (Fair) to Protect Insurance PCC Limited (Protect) (Gibraltar). The outlook assigned to these Credit Ratings (ratings) is stable. Protect is an unincorporated cell company (UCC), with Cell Universal as its only operational cell. Both Protect and Cell Universal are owned by Universal Holdings (Guernsey) Limited. The ratings reflect Protect's consolidated balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, very limited business profile and marginal enterprise risk management (ERM). Protect's strong balance sheet strength assessment considers its initial financing capital of GBP 5.75 million, and AM Best's expectation that organic capital generation will support the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), over the current business plan’s duration. The assessment also factors in the company's conservative asset allocation. A partially offsetting rating factor is Protect's small absolute capital base, which increases the potential for volatility of its solvency position. Protect operates through its first single Cell Universal, leveraging the relationships of its affiliated insurance broker, All Broker Services Limited, to build a profitable portfolio of ancillary insurance products. Protect is expected to report a loss in 2025 (its first year of operation), reflecting its start-up nature. Operating performance is expected to improve rapidly as the UCC scales up, with prospective profits expected to be driven by solid underwriting profitability and modest, albeit stable, investment results. Protect's underwriting book of business is expected to be highly concentrated, with the UCC writing primarily ancillary business in the highly competitive U.K. market. This makes its business model vulnerable to potential regulatory changes in the United Kingdom, a key limiting factor in the business profile assessment, and a driver of its elevated risk profile. The ERM assessment also captures the significant execution risk in Protect's initial years of operation. TEWITFIELD LEISURE: Leonard Curtis Appointed as Administrators -------------------------------------------------------------- Tewitfield Leisure Ltd, trading as "Greenlands Farm Village", was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-MAN-000319. Megan Singleton and Mark Colman of Leonard Curtis were appointed as administrators on Feb. 18, 2026. The company engaged in amusement and recreation activities. The company's registered and principal trading address is at Greenlands Farm Village, Tewitfield, Carnforth, LA6 1JH. The Joint Administrators can be reached at: Megan Singleton Mark Colman Leonard Curtis 20 Roundhouse Court South Rings Business Park Bamber Bridge, Preston, PR5 6DA For further details, contact: The Joint Administrators Tel: 01772 646180 Email: recovery@leonardcurtis.co.uk Alternative contact: Yasin Hussain VERY GROUP: Fitch Affirms 'B-' IDR & Alters Outlook to Stable ------------------------------------------------------------- Fitch Ratings has revised The Very Group Limited's (TVG) Outlook to Stable from Negative and affirmed its Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed The Very Funding Group plc's senior secured notes (SSN) rating at 'B-' with a Recovery Rating of 'RR4'. The Outlook revision reflects the implementation of a medium-to-long term capital structure, driven by the extension of its GBP577 million SSN and revolving credit facility (RCF) maturities following deleveraging. The deleveraging event comprises new GBP44 million subordinated shareholder funding to partly redeem the SSN and the subordination of a GBP106 million existing shareholder loan. This supports a reduction in financial leverage, consistent with the 'B-' rating. The IDR continues to reflect TVG's high leverage and low fixed charge cover despite limited lease charges. Rating strengths are a sustainable business model as a multi-category retailer offering low price points and flexible payment options, and its demonstrated resilience amid weak consumer spending in the UK. Key Rating Drivers More Permanent Capital Structure: TVG's GBP150 million deleveraging event has automatically extended the maturity of SSN to August 2030 at a pre-agreed pricing under the existing documentation. This, together with the extension of the GBP150 million RCF maturity to February 2030, places TVG's capital structure on a more stable footing. Shareholder Loan Equity Treatment: Under Fitch's Holdco PIK and Shareholder Loan Criteria, Fitch treats the combined GBP150 million subordinated shareholder funding as equity due to its structural and contractual subordination, maturity beyond TVG's senior debt, non-cash interest and the absence of events of default or security. Change of Control Completed: Carlyle became TVG's sole shareholder in November 2025, removing uncertainty linked to the previous owners and their financial difficulties. Carlyle is a financial investor and Fitch would assess any future ownership change and the resulting capital structure at the time. High Leverage, Aligned with Rating: Fitch projects EBITDAR leverage at below 7.5x in FY26-FY29 (financial year ending in June) following the deleveraging event. This is lower than previously anticipated (about 8.0x) due to reduced debt and within its sensitivities for 'B-' rating, supporting the Outlook revision to Stable. Seasonal but Improving Liquidity: Fitch expects liquidity buffers to build gradually over FY26-FY29. Liquidity is weakest in 3Q (end-March) due to working-capital seasonality, with supplier payments peaking after Christmas, and interest costs. Stable Trading: Fitch forecasts only a slight increase in EBITDA from about GBP300 million in FY26 through to FY29. This incorporates pressure on retail margins, particularly in fashion goods (fashion and sports are about 30% of retail sales), and from the shrinking Littlewoods facia. This is offset by strengthening margins in the financing arm and a well-managed operating cost base, following structural improvement in logistics cost. FY25 performance was stronger than Fitch had expected. Fitch forecasts marginally positive free cash flow (FCF) after incorporating a slight increase in debtor book. The prospect of sustained mildly positive FCF also supports the Stable Outlook. Sustainable Business Model: TVG benefits from a multi-category retail offering featuring low price points and flexible payment solutions, with about 90% of sales on credit. Fitch expects its lean cost structure and online-based model, supported by its automated fulfilment centre, Skygate, to sustain distribution cost efficiencies. However, it may face increased competition from other omni-channel retailers, price-focussed online retailers and competitors offering flexible payment solutions. Adequate Financial Services Capitalisation: Fitch expects TVG to maintain adequate capitalisation for the financial services segment, which is contingent on the company maintaining asset quality and controlling credit provisioning. Capitalisation at TVG's lending unit, Shop Direct Finance Company Limited (SDFCL), measured by gross debt/tangible equity, improved to 5.0x in FY25, from 6.5x in FY24, on the accumulation of retained earnings, which is adequate for the rating. Simplified Group Structure: The recent change of control has removed the uncertainties relating to its previous owners and their financial difficulties, eliminating contagion risk outside the rated group. The remaining governance factors including TVG's concentrated ownership and integrated reporting with less detail between the retail and financial services segments than peers remain but do not affect the rating at this level. Peer Analysis Fitch assesses TVG using its Ratings Navigator for Non-Food Retailers. At the same time, Fitch consolidates its financial services business and assess it in line with the relevant parameters in its Non-Bank Financial Institutions Criteria, such as asset quality and capitalisation. TVG is rated at the same level as Causeway Consortium plc (Applegreen; B-/Stable). Applegreen has a stronger business profile, with lower exposure to discretionary spending and stronger geographic diversification, despite TVG's larger size as the second-largest UK pure online retailer. However, TVG's financial profile is slightly stronger, due to its more profitable business and now lower leverage than Applegreen's and not being reliant on continued dividends from its subsidiaries. TVG is larger than Germany-based home shopping TV network and online shopping platform retailer HSE Investment S.a.r.l. (B-/Sable), whose weaker business profile is offset by lower leverage than at TVG and results in a similar IDR. Fitch’s Key Rating-Case Assumptions - Sales to decline 2.3% in FY26 and 0.7% in FY27 led by fashion and electricals, before rebounding to average growth of about 1% in FY28-FY29 as retail trading performance recovers and consumer lending normalises - Group EBITDA margin to improve to 14.7% in FY26, from 14.3% in FY25, before trending to 15% by FY28-FY29. This should be supported by operating-efficiency initiatives and a better business mix - Group working capital outflow of about 2.1% of sales in FY26, and averaging 1.5% during FY27-FY29 - Annual capex of GBP45 million for FY26, rising to around GBP55 million on average a year in FY27-FY29 - Debtor book to increase 1.3% in FY26 and 1.5% a year over FY27-FY28 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 (b+, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Lower), Profitability (b+, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. Recovery Analysis The recovery analysis assumes that TVG would be reorganised rather than liquidated. Fitch estimates a post-restructuring EBITDA available to creditors of GBP100 million (unchanged from the last review). Fitch expects the financial services segment to be restructured in a default in tandem with the retail operations, given its strategic integration with TVG. Fitch expects cash flow from financial services, after the restructuring, to first repay interest payments on the GBP1.5 billion non-recourse securitisation financing, which sits outside the restricted group. Consequently, Fitch deducts the interest expense related to the financial services segment from consolidated EBITDA to calculate going-concern EBITDA. The financial services segment is part of the restricted group, but its cash is fungible with TVG's. Fitch therefore expects creditors of the restricted group to have claims on the remaining profit after securitisation interest payments. Fitch applies a distressed enterprise value/EBITDA multiple of 4.5x. This reflects TVG's leading position in the UK and high brand awareness, offset by exposure to online non-food retail sales and a consumer lending business that is subject to regulatory risk and below-average asset quality. The GBP150 million RCF is super senior and ranks ahead of TVG's SSN and some other (Primevere) debt in its debt waterfall analysis. The deleveraging event has reduced the SSN balance to GBP577 million. Its principal waterfall analysis indicates a ranked recovery for noteholders in the 'RR4' Recovery Rating band after deducting 10% for administrative claims, aligning the senior secured instrument rating with the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Group consolidated EBITDAR leverage above 8.0x - Negative group consolidated FCF - excluding working capital outflows due to securitised debtor book growth - leading to a permanently drawn RCF and diminishing liquidity headroom - Deterioration in SDFCL's capital position affecting the group's retail activities - EBITDAR fixed charge coverage tightening towards 1.4x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Visibility that group consolidated EBITDAR leverage may remain below 7.0x (6.5x net of cash) on a sustained basis - EBITDAR fixed charge coverage remaining above 2.0x - Sufficient liquidity to allow TVG to operate through its seasonal working capital peaks - Positive group consolidated FCF margins in the low-to-mid single digits - Maintenance of adequate SDFCL's capitalisation supporting the group's retail activities Liquidity and Debt Structure TVG had on-balance-sheet cash of about GBP20 million at FYE25, after Fitch restricted GBP20 million for operational requirements, and had GBP50 million of undrawn capacity under its RCF. Fitch expects improved FCF generation over the next four years, supported by an accretive EBITDA margin, to drive cash accumulation. Liquidity headroom will remain tight during periods of peak working-capital seasonality, particularly in 3QFY26. Liquidity is supported by the RCF, with possible additional support from its sole shareholder Carlyle, which has injected fresh funding as part of the deleveraging event. TVG has extended the maturity of its SSN to August 2030 and reduced the outstanding amount to GBP577 million from GBP621 million. The company remains reliant on its GBP150 million RCF, extended to 2030 for the same amount. This, together with the extension of the SSN, supports a more medium-to-long term capital structure. Issuer Profile TVG is the UK's leading pure digital retailer and one of the largest unsecured lenders in the UK with a complementary consumer finance offering. 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 TVG. ESG Considerations TVG has an ESG Relevance Score of '4' for Financial Transparency due to its integrated reporting providing less detail between the retail and financial services segments than peers, which has a negative impact on the credit profile, and is relevant to the rating[s] 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. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- The Very Group Funding plc senior secured LT B- Affirmed RR4 B- The Very Group Limited LT IDR B- Affirmed B- W J BENNETT: KRE Corporate Appointed as Administrators ------------------------------------------------------ W J Bennett & Son Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-000693. David Taylor amd Paul Ellison of KRE Corporate Recovery Limited were appointed as Joint Administrators on Feb. 12, 2026. W J Bennett engaged in freight transport by road. The company's registered office and principal trading address is at W J Bennett & Son Highfield Site, Lasham Road, Lasham, GU34 5SQ. The Joint Administrators can be reached at: David Taylor Paul Ellison KRE Corporate Recovery Limited Unit 8, The Aquarium 1-7 King Street Reading, RG1 2AN For further details, contact Alison Young KRE Corporate Recovery Limited Email: alison.young@krecr.co.uk Tel: 01189 479090 ZIRCON BRIDGING: AlixPartners UK Appointed as Administrators ------------------------------------------------------------ Zircon Bridging Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-001347. Benjamin Browne, Alastair Beveridge and Simon Appell of AlixPartners UK LLP were appointed as Joint Administrators on Feb. 20, 2026. Zircon Bridging engaged in financial intermediation. The company's registered office is 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX (in the process of being changed to c/o AlixPartners, 6 New Street Square, London, EC4A 3BF). Its principal trading address is at 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX The Joint Administrators can be reached at: Benjamin Browne Alastair Beveridge Simon Appell AlixPartners UK LLP 6 New Street Square London, EC4A 3BF For further details, contact: The Administrators Email: zirconbridging@alixpartners.com =============== X X X X X X X X =============== [] Fitch Affirms Ratings on 12 EMEA Homebuilders ------------------------------------------------ Fitch Ratings has affirmed 12 EMEA homebuilders' ratings, following the update of Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria on January 9, 2026. 1. Arada Developments LLC 2. Binghatti Holding Ltd 3. Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. 4. Kaufman & Broad S.A 5. Maison Bidco Limited 6. Miller Homes Group (Finco) PLC 7. Neinor Homes, S.A. 8. Omniyat Holdings Limited 9. Private Company BI Development Ltd. 10. SEE Holding Ltd 11. The Berkeley Group Holdings plc 12. Via Celere Desarrollos Inmobiliarios, S.A.U. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Arada Developments LLC - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb-, Lower), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (bb, Moderate), Profitability (b+, 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 latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a bottom-up +1 approach. Binghatti Holding Ltd - Business and financial profile factors (assessment, relative importance): Management (bb, Higher), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Higher), Profitability (b+, Moderate), Financial Structure (bbb-, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bb-'. Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (b+, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (b-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Country Ceiling considerations apply and result in an adjustment of zero notches. Kaufman & Broad S.A - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. Maison Bidco Limited - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb, Higher), Profitability (b+, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY24 (financial year end 31 October 2024), 40% for the forecast year FY25 and 40% for the forecast year FY26. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. Miller Homes Group (Finco) PLC - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bb, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Neinor Homes, S.A - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (b+, Higher), Profitability (b+, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - 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 'a-' results in no adjustment. - The SCP is 'b+'. Omniyat Holdings Limited - Business and financial profile factors (assessment, relative importance): Management (bb+, Higher), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (b+, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bb-'. Private Company BI Development Ltd - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b+, Higher), Profitability (b+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 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 'bb' results in no adjustment. - The SCP is 'bb'. SEE Holding Ltd - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b, Higher), Company Operational Characteristics (b+, Moderate), Profitability (b+, Moderate), Financial Structure (bb, Lower), and Financial Flexibility (bb+, Lower). - Assessments of the quantitative financial subfactors include bespoke calculations. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'b+'. The Berkeley Group Holdings plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY25 (financial year end 30 April 2025), 40% for the forecast year FY26 and 40% for the forecast year FY27. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. Via Celere Desarrollos Inmobiliarios, S.A.U. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (b+, Higher), Profitability (b+, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'b+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- The Berkeley Group plc senior unsecured LT BBB- Affirmed BBB- Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- Maison FinCo plc senior secured LT BB+ Affirmed RR2 BB+ Omniyat Sukuk 1 Limited senior unsecured LT BB- Affirmed RR4 BB- Miller Homes Group (Finco) PLC LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Neinor Homes, S.A. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Kaufman & Broad S.A. LT IDR BBB- Affirmed BBB- Binghatti Sukuk SPC Limited senior unsecured LT BB- Affirmed RR4 BB- The Berkeley Group Holdings plc LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Arada Sukuk 2 Limited senior unsecured LT BB- Affirmed RR3 BB- Via Celere Desarrollos Inmobiliarios, S.A.U. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Private Company BI Development Ltd. LT IDR BB Affirmed BB Binghatti Sukuk 2 SPV Limited senior unsecured LT BB- Affirmed RR4 BB- Omniyat Holdings Ltd LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Arada Sukuk Limited senior unsecured LT BB- Affirmed RR3 BB- Maison Bidco Limited LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ SEE Holding Ltd LT IDR B+ Affirmed B+ senior unsecured LT BB-(EXP)Affirmed RR3 BB-(EXP) Arada Developments LLC LT IDR B+ Affirmed B+ senior unsecured LT BB- Affirmed RR3 BB- Binghatti Holding Ltd. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- SEE Holding Sukuk Limited senior unsecured LT BB-(EXP)Affirmed RR3 BB-(EXP) [] Fitch Affirms Ratings on Five EMEA Transport/Logistics Cos. -------------------------------------------------------------- Fitch Ratings has affirmed five EMEA transport and logistics companies' ratings: 1. Deutsche Post AG 2. FirstGroup plc 3. Mobico Group Plc 4. Radar Topco SARL 5. SGL Group ApS These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on January 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Deutsche Post AG - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the historical year 2024, 40% for the forecast year 2025, 20% for the forecast year 2026 and 10% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The calibration adjustment applies and results in an adjustment of 1 notch(es). - The SCP is 'a-'. FirstGroup plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. Mobico Group Plc - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 25% for the forecast year 2026 and 25% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb'. Radar Topco SARL - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb-, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb-'. SGL Group ApS - 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 (bbb, Lower), Company Operational Characteristics (bb, Moderate), Profitability (b-, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Radar Topco SARL LT IDR BB- Affirmed BB- Deutsche Post AG LT IDR A- Affirmed A- ST IDR F2 Affirmed F2 senior unsecured LT A- Affirmed A- SGL Group ApS LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Radar Bidco SARL senior secured LT BB+ Affirmed RR2 BB+ Mobico Group PLC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB subordinated LT B+ Affirmed B+ FirstGroup plc LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 [] Fitch Affirms Ratings on Four EMEA Medtech Companies ------------------------------------------------------- Fitch Ratings has affirmed four EMEA medtech companies' ratings: 1. Convatec Group Plc 2. Curium BidCo S.a r.l. 3. LGC Science Group Holdings Limited 4. Royal Philips 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 Convatec Group Plc Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (a-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. Curium BidCo S.a r.l. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. LGC Science Group Holdings Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb, Lower), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Higher), Financial Structure (ccc, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 35% weight for the forecast year 2025, 35% for the forecast year 2026 and 30% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b'. Royal Philips Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (a-, Moderate), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (b+, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 35% weight for the forecast year 2025, 35% for the forecast year 2026 and 30% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Royal Philips LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Loire US Holdco 1, Inc. senior secured LT B Affirmed RR4 B LGC Science Group Holdings Limited LT IDR B Affirmed B senior secured LT B Affirmed RR4 B Loire Finco Luxembourg S.a r.l. senior secured LT B Affirmed RR4 B Loire US Holdco 2, Inc. senior secured LT B Affirmed RR4 B 180 Medical, Inc. senior unsecured LT BBB Affirmed BBB Convatec Group Plc LT IDR BBB Affirmed BBB Curium BidCo S.a r.l. 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 re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *