260316.mbx

260316.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 Monday, March 16, 2026, Vol. 27, No. 53 Headlines F I N L A N D CITYCON OYJ: S&P Downgrades ICR to 'B', Outlook Stable F R A N C E ADONIS SAS: Moody's Cuts CFR, Sr. Sec. Term Loan B Rating to 'B3' H U N G A R Y BUDAPEST: Moody's Cuts LT Issuer Rating to Ba2, Outlook Negative I R E L A N D ARES EUROPEAN VIII: Moody's Affirms B3 Rating on Class F-R Notes CVC CORDATUS IX: Moody's Affirms B3 Rating on EUR11.5MM F-R Notes MADISON PARK XVII: Moody's Affirms B3 Rating on EUR12.9MM F Notes NGC EURO 6: S&P Assigns Prelim B- (sf) Rating to Class F Notes PERRIGO COMPANY: Moody's Affirms 'Ba3' CFR, Alters Outlook to Neg. SCULPTOR EUROPEAN VI: Moody's Affirms B3 Rating on Class F-R Notes L U X E M B O U R G ARVOS BIDCO: Moody's Appends 'LD' Designation to PDR N E T H E R L A N D S CME MEDIA: Moody's Withdraws 'Ba3' Corporate Family Rating S P A I N FLUIDRA SA: Moody's Affirms 'Ba2' CFR, Alters Outlook to Positive S W E D E N OMEGA II: Apollo Debt Marks SKR658K 1L Loan at 89% Off U N I T E D K I N G D O M C&L TRANSPORT: FRP Advisory Appointed as Joint Administrators CRS GROUP: May 8 Claims Filing Deadline Set DENZEL POWER: Leonard Curtis Appointed as Joint Administrators ELEVATED ENGINEERING: JT Maxwell Appointed as Joint Administrators GB LABS: Leonard Curtis Appointed as Joint Administrators HOULDER INSURANCE: May 8 Claims Fling Deadline Set ICEBERG ACQUISITIONS: S&P Assigns 'B' ICR, Outlook Stable JAGUAR LAND: Moody's Assigns Ba1 Rating to USD Sr. Unsecured Notes JLC LASER: PKF SC Advisory Appointed as Joint Administrators KIT HOUSE: RSM UK Appointed as Joint Administrators MTE HEAT: RSM UK Appointed as Joint Administrators ORBITAL EXPRESS: FRP Advisory Appointed as Joint Administrators SOPHOS INTERMEDIATE II: Moody's Lowers CFR to B3, Outlook Stable STANDBY HEALTHCARE: AMS Business Appointed as Joint Administrators VMED O2 UK: Moody's Cuts CFR to 'B1', Outlook Negative X X X X X X X X [] Fitch Affirms Ratings on Eight Emerging Markets Networks - - - - - ============= F I N L A N D ============= CITYCON OYJ: S&P Downgrades ICR to 'B', Outlook Stable ------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit rating on Nordic shopping center owner Citycon Oyj to 'B' from 'B+' and its issue rating on its senior unsecured notes to 'B+' from 'BB-', while its issue rating on the hybrid notes remains 'B-'. S&P removed the ratings from CreditWatch where it placed them with negative implications on Nov. 7, 2025 and kept its standalone credit profile on Citycon at 'bb-', in line with sound operating performance and adequate liquidity but higher leverage. The stable outlook reflects that on G City, which S&P expects will maintain its business positioning and adequate liquidity over the next 12 months. On March 9, 2026, Israel-based global real estate company G City Ltd. announced it had acquired an additional 27.2% stake in Nordic shopping center owner Citycon Oyj, bringing its total ownership to about 86.4%. In parallel, Citycon's financial policy has become more aggressive in recent weeks, with increased shareholder distribution both from debt and disposals proceeds, negatively affecting S&P's forecast leverage and interest coverage for the company. As a result, S&P now views Citycon's degree of insulation from the rest of the group as warranting one notch rather than two notches of uplift on its group credit profile on its parent, Norstar. Following the completion of the mandatory public tender offer, G City now owns 86.4% of Citycon. On March 11, 2026, the final results of the mandatory public cash tender offer by G City to Citycon's other shareholders were released, placing G City's stake at 86.4%. S&P therefore views Citycon as significantly more tightly linked to G City and Norstar, with few minority shareholders to counterbalance decision-making. This increase in ownership has resulted in a more aggressive financial policy, with increased shareholder distributions, mostly via disposals proceeds and debt. Following G City's takeover offer, Citycon announced on Jan. 13, 2026, a one-time equity repayment of EUR36.7 million while adjusting the tender price accordingly. On March 1, 2026, it announced its plan to pay an additional EUR165.2 million dividend in April 2026. This total of just over EUR200 million in shareholder distribution for 2026 year to date is considerably higher than the zero dividend paid in 2025 and EUR55 million in 2024. Given the company's accessible cash reserves of EUR85.5 million as of Dec. 31, 2025, this will be partly funded by the EUR520 million secured line signed in January 2026. The board of directors has also updated its distribution policy, under which excess cash will be used for distribution to shareholders on a case-by-case basis, taking into consideration Citycon's performance, proceeds from disposals, and refinancing needs and in compliance with covenants in place and applicable regulations. EUR510 million worth of assets were classified as held for sale on its balance sheet, but we understand that the company is seeking up to EUR1.0 billion in divestments over the next 24 months. S&P said, "We still consider Citycon a strategically important subsidiary of Norstar, but now with less insulation from the rest of the group. Citycon forms a sizable portion of Norstar's asset base (about 40% on a fully consolidated basis) and is likely to remain an important part of the group's long-term strategy, but we do not consider it very likely that Norstar will provide support to Citycon, as we think opportunistic arbitrages cannot be ruled out, as recent events have shown. However, we treat Citycon as an insulated subsidiary of the Norstar group, warranting a one-notch uplift on our view of the group credit profile. This reflects the insulation of G City, Citycon's direct shareholder, from Norstar, as well as its funding and operating performance that remain independent from the group. Citycon maintains its own reporting; it does not commingle funds, assets, or cash flows, apart from planned distribution; and the group can rely on other operations to service its debt, with no expected cross-default with other group entities. "Despite the increased use of secured debt, we still see the prospect of meaningful recovery for bondholders. On Jan. 23, 2026, Citycon announced it had completed a new EUR520 million secured term loan facility, of which EUR270 million was released immediately to fund the planned distribution and the repayment of the September 2026 EUR123.5 million bond, while the remaining EUR250 million is an accordion option. It is neutral for a recovery assessment for now, as the priority line was used to repay some unsecured debt and that the company has cancelled its previous EUR250 million revolving credit facility (RCF), which has priority and which we had assumed to be 80% drawn at default. Should the level of secured debt increase, it might have a negative impact on our recovery assessment, which might in turn impact the senior unsecured instrument rating. "Although the company has cancelled its undrawn RCF, we don't anticipate a liquidity shortage over the next 12 months, though additional liquidity sources will need to be secured beyond that horizon. On March 1, 2026, Citycon announced it had cancelled its EUR250 million undrawn committed RCF maturing in 2029, which carried a change-of-control clause limiting G City's ownership to a maximum of 60%. The EUR520 million secured facility maturing 2029 (with a two one-year extension option) signed concurrently, including a EUR250 million accordion option, should support liquidity for the next 12 months. However, we note that the EUR344.5 million Eurobond due in March 2028 will not be fully covered by existing liquidity sources, and will come within the scope of our liquidity assessment in April 2027. We will monitor Citycon's plan to ensure that its liquidity needs are addressed in a timely manner. "We expect Citycon will continue posting sound operating performance. The company performed broadly in line with our base-case scenario for 2025, with sound like-for-like net rental growth of 5.4%, stable economic retail occupancy of 95.5%, positive footfall and tenant sales, and a slightly positive valuation change (+1.6% based on external valuations). We have conservatively factored in EUR150 million of disposals both in 2026 and 2027 and an additional EUR100 million in 2028 at an average of 5% below book value. In line with the company's announcements, we now project EUR202 million of dividends in 2026, and we assume about EUR100 million per year from 2027. We now expect a debt-to-debt-plus-equity ratio of 58%-60% in 2026 and about 60% in 2027, compared with 55.6% as of Dec. 31, 2025, while debt to EBITDA should be sustainably about 11.5x, versus 11.2x at year-end 2025. Our interest coverage ratio will likely weaken gradually, toward 1.5x in 2027 from 1.7x in 2025 as the EBITDA base decreases and disposals and low-coupon bonds are replaced with more expensive instruments. As a result, we view Citycon's financial risk profile as consistent with our aggressive category, while our standalone credit profile would remain consistent with the current 'bb-' level. "The stable rating outlook reflects that on G City, which we expect will maintain adequate liquidity and its business positioning over the next 12 months. During this period, we estimate that G City's adjusted debt to debt plus equity should be approximately 72%-73% and adjusted EBITDA to interest coverage should stand at about 1.3x. "We may downgrade Citycon if G City were downgraded. This could happen if we assess that G City's liquidity has deteriorated and if its adjusted leverage ratio rises significantly above 75% and the adjusted coverage ratio falls below 1x. These could occur as a result of slower-than-expected implementation of the asset sale plan, or due to a decline in operational performance. A weakening of the parent company's credit quality or a negative event that we believe would affect the relationship between G City and the parent company could also exert negative pressure on the rating. "We would consider a positive rating action on Citycon, mirroring that on G City, if G City's adjusted leverage decreases below 70% with sufficient headroom and the adjusted coverage ratio is about 1.3x over time, as part of its financial policy, while maintaining adequate liquidity. A positive rating action would also be contingent on our assessment of the credit quality of the group." =========== F R A N C E =========== ADONIS SAS: Moody's Cuts CFR, Sr. Sec. Term Loan B Rating to 'B3' ----------------------------------------------------------------- Moody's Ratings has downgraded to B3 from B2 the long-term corporate family rating and to B3-PD from B2-PD the probability of default rating of Adonis SAS (AD Education or the company), a European private higher education provider. Concurrently, Moody's downgraded to B3 from B2 the ratings on the EUR700 million backed senior secured term loan B (TLB) due November 2031 and on the EUR100 million backed senior secured revolving credit facility (RCF) due May 2031, both borrowed by Adonis SAS. The outlook remains stable. "The downgrade reflects Moody's expectations that the company's operating performance and credit metrics will be weaker than Moody's initially expected, driven by a weak enrolment campaign for fiscal 2026," says Víctor García Capdevila, a Moody's Ratings Vice President-Senior Analyst and lead analyst for AD Education. "Intensifying competition, adverse regulatory changes, and AI related risks are the main drivers of weak new student enrolment in 2026. These factors appear structural rather than temporary and will require strong strategic execution to address," says Mr. García Capdevila. RATINGS RATIONALE Operating performance in fiscal 2025 was broadly in line with Moody's expectations. Revenue amounted to EUR386 million, broadly stable compared with Moody's forecasts of EUR391 million, while Moody's adjusted EBITDA reached EUR131 million versus Moody's expectations of EUR144 million. Despite this broadly in line performance, Moody's expects a weak operating trajectory over at least the next two years, reflecting material pressure on enrolments, revenues and profitability. New student enrolment in fiscal 2026 (year ended August 2026) is expected to decline by around 7%. Negative enrolment trends are anticipated across the entire portfolio, with particularly sharp deterioration in Arts and Creation programmes (-17%), and more moderate declines in Business and Engineering (-3%) and international programmes (-2%). This is driven by a combination of factors, including an intensifying competitive landscape, the knock-on effect of lower new-enrolment volumes in previous student cohorts (2024: –3%; 2025: –4%), reduced interest from new students in Arts and Creation programs due to concerns over weaker employment prospects amid AI-related disruption, weak execution of the September 2025 enrolment campaign, and adverse changes to the funding of apprenticeship programs. As a result, Moody's forecasts revenue to decline by approximately 6% in fiscal 2026 to EUR365 million, followed by a further 3% decrease in fiscal 2027 to EUR354 million. Despite the cost saving initiatives planned for 2026, Moody's expects Moody's adjusted EBITDA to fall by around 11% in fiscal 2026 to EUR116 million, with an additional decline of approximately 3% in fiscal 2027 to EUR113 million. The expected deterioration in operating performance will lead to a material weakening of the company's financial profile and key credit metrics. Moody's adjusted gross leverage is projected to increase to around 7.5x in fiscal 2026 and 7.7x in fiscal 2027, from 6.6x in fiscal 2025. Interest coverage, measured as EBITA to interest expense, is expected to decline to approximately 1.1x in fiscal 2026 and to remain at that level in fiscal 2027, compared with 1.4x in fiscal 2025. The company's weakening operating performance is driven by a combination of structural headwinds, including intensifying competition and changes in the regulatory environment, weak execution and increasing disruption from artificial intelligence. These factors are expected to weigh on performance for at least the next two years. In Moody's views, they are largely structural rather than temporary in nature, and Moody's do not expect a quick remedy. Addressing these challenges will take time. In the interim, materially lower new enrolments are expected to have negative knock on effects on future student cohorts, further constraining revenue generation. This dynamic is particularly challenging given the highly fixed cost nature of the company's cost base, which limits short-term flexibility to adjust expenses in line with declining activity levels and increases downside risk to profitability and cash flow generation. AD Education's B3 long-term CFR reflects its well-established position in Europe's fragmented private higher education market; strong revenue and earnings visibility; high barriers to entry driven by regulatory and accreditation requirements; and high profit margins. However, the rating remains constrained by the company's high Moody's adjusted gross leverage and weak interest coverage metrics; its relatively small scale of operations; significant geographic concentration in France; the intensifying competitive environment; AI related risks that are negatively affecting new enrolments in Arts & Creation programs; adverse regulatory changes in France impacting apprenticeship funding; and its vulnerability to further political or regulatory shifts. The rating also reflects execution risks associated with the cost savings program and the strategic actions required to address headwinds in the French market. LIQUIDITY Moody's considers AD Education's liquidity profile as adequate. As of the end of August 2025, the company held a cash balance of EUR63 million and had full availability under its RCF. The RCF includes a springing net debt/EBITDA covenant of 10x, tested only when drawings exceed 40% of the total facility. AD Education's free cash flow is forecast to turn negative in fiscal 2026 at around – EUR6 million and – EUR10 million in fiscal 2027, from a positive EUR5 million in fiscal 2025. The company faces no debt maturities until May 2031 and November 2031, when the RCF and TLB mature, respectively. STRUCTURAL CONSDIDERATIONS The B3-PD probability of default rating is aligned with the B3 CFR, reflecting the standard 50% family recovery rate applied to first lien, covenant lite bank debt. The backed senior secured EUR700 million TLB and EUR100 million RCF are also rated B3, in line with the company's CFR. All facilities are guaranteed by the company's subsidiaries and benefit from guarantor coverage representing at least 80% of the group's consolidated EBITDA. The security package includes share pledges, bank accounts, and intercompany loans of material subsidiaries. The shareholder loan, due in March 2033 and provided by Myrrha SAS, receives equity credit under Moody's Hybrid Equity Credit methodology. The CFR is assigned to Adonis SAS, as it is the top entity within the restricted group. While Myrrha SAS is the only entity in the group producing consolidated financial statements, the B3 rating at Adonis SAS reflects, among other factors, Moody's expectations that there will be no material differences between the financial statements of Myrrha SAS and those of Adonis SAS. In the absence of an ongoing commitment to provide a reconciliation between the two entities, the rating is based on the expectation that Moody's will receive audited standalone financial statements for the various group entities. RATIONALE FOR STABLE OUTLOOK The stable outlook assumes a stabilization of operating performance over the next 12–18 months, supported by a positive trend in new student enrolment growth and the maintenance of an adequate liquidity profile at all times. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward momentum on the rating is unlikely in the short term. However, it could arise if the company develops a track record of solid operating and financial performance that results in Moody's adjusted gross leverage remaining below 5.5x on a sustained basis and the generation of consistent, recurring free cash flow. An increasing scale of operations and greater geographic diversification could also support upward pressure on the rating. The rating could come under pressure if the company's operating performance deviates materially from Moody's expectations, resulting in sustained negative free cash flow, EBITA/interest expense falling below 1.0x, or Moody's-adjusted gross leverage failing to trend towards 6.5x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. 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 Adonis SAS is the top holding company within the restricted group of AD Education, a private higher education provider in Europe. The group has a student base of more than 40,000 students across nine countries and 69 different campuses. The group is predominantly present in France (67% of revenue), followed by Italy (8%), Spain (6%), the UK (5%), and Germany, Switzerland, Austria and the Netherlands (GSAN, 14%). In 2024, the group's pro forma revenue was EUR378 million, with Moody's-adjusted EBITDA of EUR123 million. AD Education is owned by funds advised by Ardian (67%), which bought its stake in 2021; GF Investments SAS, a holding company of the founder and CEO (31%); and the management team (2%). ============= H U N G A R Y ============= BUDAPEST: Moody's Cuts LT Issuer Rating to Ba2, Outlook Negative ---------------------------------------------------------------- Moody's Ratings has downgraded the City of Budapest's Baseline Credit Assessment (BCA) to ba2 from ba1 and long-term issuer ratings (foreign and domestic) to Ba2 from Ba1, with a negative outlook. Previously the ratings were on review for downgrade following the review initiated on December 29, 2025. The downgrade of Budapest's ratings is driven by the further deterioration of the already strained relationship between the capital city and the central government, which adds to already significant liquidity stress and undermines the city's fiscal planning ability. The central government withdrew funds from the city's accounts in January after the city missed payment of the first instalment of the 2026 solidarity contribution. This action, taken despite the city's efforts to obtain legal protection against enforcement, has further deteriorated the city's weak liquidity position. This deterioration is placing significant strain on the city's treasury management as Budapest prepares to repay the outstanding HUF 50 billion overdraft facility with OTP Bank Nyrt by 19 March. Despite the very tight liquidity position, the city has indicated it expects to repay the overdraft on time, supported by the timing of local business tax inflows, strict prioritisation of mandatory spending (including the deferral of supplier payments), and where available liquidity support from city-owned companies. While Moody's expects Budapest to meet the forthcoming debt payment obligations, its liquidity position will remain significantly weaker than Moody's previously assessed. The negative outlook reflects heightened downside risks and potential further rating pressure if liquidity management does not improve amid uncertainty over government funding. The risks include failure to repay the overdraft in full at the due dates later this year, possible immediate payment obligations from an adverse court ruling on the solidarity contribution backlog, and political uncertainty ahead of the national elections. RATINGS RATIONALE DOWNGRADE OF BUDAPEST'S RATINGS The downgrade of the long-term issuer ratings to Ba2 from Ba1 and the BCA to ba2 from ba1 are driven primarily by the further reduction of Budapest's liquidity, as a result of mounting political tensions with the central government. Budapest's liquidity was further strained in January after the central government withdrew cash from the city's accounts to compensate for the city's non-payment of the first solidarity contribution instalment. This action reduced the reliability of expected cash inflows, forced more reactive, last minute treasury management, and increased the risk that additional regular transfers could be similarly offset. Liquidity pressures are being amplified by the tightening of the overdraft facility terms, which has increased refinancing risk. Under the revised structure, the city must complete two full clean-downs (in March and September) rather than a single year-end repayment, while cash inflows remain highly seasonal and concentrated in local business tax receipts. To bridge the near term gap ahead of the March business tax inflow, the city has requested and obtained a HUF 10 billion increase in the overdraft limit to HUF 50 billion (around 12% of operating revenue), although the clean-down requirements remain unchanged. Failure to meet a clean-down would constitute an event of default under the facility and could trigger acceleration via cross default clauses on other obligations; however, this is not Moody's baseline expectation, as Moody's expects Budapest will meet both the March and September clean-down requirements. The solidarity contribution, which has risen sharply since its introduction in 2019, remains a key structural pressure on Budapest's finances. Ongoing litigation between the city and the central government over the validity of this contribution has escalated to the Constitutional Court and the European Commission. The Metropolitan Court initially ruled in favour of the city, but the central government subsequently curtailed remedies through an emergency decree, while the Constitutional Court has addressed the constitutionality of the contribution separately. If the Constitutional Court ultimately supports the state's approach, Budapest could be required to pay previously unpaid amounts, which would add further pressure to the city's liquidity. These uncertainties complicate the city's financial and liquidity management. To manage cash flows, the city has increasingly relied on short term measures such as deferring supplier payments, drawing liquidity from city owned companies, and using overdraft facilities. Moreover, the absence of central government approval for long term borrowing since 2021 has entrenched structurally low cash buffers and constrained the city's ability to rebuild resilience through more durable financing solutions. The ratings also take into account the moderate and declining debt levels. The city's debt burden has steadily improved, reaching 35% of operating revenue in 2024 from a higher 71% in 2021, due to the absence of new loans and regular amortization. Direct debt consists of long-term facilities provided by European Investment Bank and OTP Bank Plc. Moody's expects the debt burden to decrease further near 30% by 2027. Moody's revised the BCA to ba2 from ba1 and, concurrently, lowered Moody's assessments of extraordinary support from the Government of Hungary to moderate from strong, reflecting its reduced propensity to support the city's funding. Reduced predictability and reliability of intergovernmental flows indicate a lower willingness to provide extraordinary support in a stress scenario than Moody's previously assumed. RATIONALE FOR THE NEGATIVE OUTLOOK The negative outlook reflects elevated downside risks that could translate into further rating pressure if liquidity management does not improve, amid increasing uncertainty of governmental funding. The risks reside in the potential failure to pay in full the overdraft facility at due dates amid uncertain revenue sources given the ongoing disputes with the central government. Furthermore, the city is exposed to a potential unfavorable court ruling requiring immediate payment of the existing backlog of the solidarity contribution. Finally, Moody's incorporates the risk stemming from the uncertainty of the political results from the national elections. ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS Budapest's CIS-3 score indicates that ESG considerations have a material impact on the ratings. Budapest's exposure to environmental risks (E-3 issuer profile score or IPS) stems from exposure to the risks that physical climate risks (heatwaves, extreme temperatures and Danube flooding) pose to the city's infrastructure and public health, which could have negative implications for its budget. The S-2 social IPS reflects that social risks are not material to Budapest's credit profile. The G-3 governance IPS reflects moderately negative risks emerging from the institutional framework and lowered governance effectiveness. Long-lasting political tensions with the central government have resulted in policy uncertainty, affecting the city's administration and operations. In addition, the city's financial situation is strained, with a mismatch between cash inflows and outflows, leading to budgetary constraints. These pressures collectively pose some challenges for the city's governance and financial stability. The specific economic indicators, as required by EU regulation, are not available for this entity. The following national economic indicators are relevant to the sovereign rating, which was used as an input to this credit rating action. Sovereign Issuer: Hungary, Government of GDP per capita (PPP basis, US$): 46,613 (2024) (also known as Per Capita Income) Real GDP growth (% change): 0.6% (2024) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 4.8% (2024) Gen. Gov. Financial Balance/GDP: -5% (2024) (also known as Fiscal Balance) Current Account Balance/GDP: 1.5% (2024) (also known as External Balance) External debt/GDP: 81.7% (2024) Economic resiliency: baa1 Default history: No default events (on bonds or loans) have been recorded since 1983. SUMMARY OF MINUTES FROM RATING COMMITTEE On March 04, 2026, a rating committee was called to discuss the rating of the City of Budapest. The main points raised during the discussion were: The issuer's economic fundamentals, including its economic strength, have not materially changed. The issuer's institutions and governance strength have materially changed. The issuer's fiscal or financial strength, including its debt profile, has materially changed. The systemic risk in which the issuers operate has materially changed. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the current negative outlook, an upgrade of Budapest's ratings is unlikely in the near term. Moody's could consider stabilizing the outlook if the city establishes a credible track record of treasury management that stabilizes liquidity and rebuilds financial buffers. Further escalation of the already strained relationship with the central government, leading to additional deterioration in the city's weak liquidity position and reduced fiscal predictability, would increase downward pressure on the ratings. A sovereign downgrade would likewise exert negative pressure on Budapest's ratings. The principal methodology used in these ratings was Regional and Local Governments published in May 2024. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. The Ba2 rating deviates from the scorecard-indicated Ba1, reflecting ongoing tensions between the city and the central government, which weaken the predictability of transfers and exacerbate near-term liquidity pressures beyond what is captured in the scorecard metrics. ============= I R E L A N D ============= ARES EUROPEAN VIII: Moody's Affirms B3 Rating on Class F-R Notes ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Ares European CLO VIII DAC: EUR27,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to Aaa (sf); previously on Jun 6, 2025 Upgraded to Aa2 (sf) EUR30,800,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to A2 (sf); previously on Jun 6, 2025 Upgraded to Baa1 (sf) EUR24,750,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to Ba2 (sf); previously on Jun 6, 2025 Affirmed Ba3 (sf) Moody's have also affirmed the ratings on the following notes: EUR279,000,000 (Current outstanding amount EUR126,900,213) Class A-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Jun 6, 2025 Affirmed Aaa (sf) EUR45,700,000 Class B-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Jun 6, 2025 Upgraded to Aaa (sf) EUR13,500,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed B3 (sf); previously on Jun 6, 2025 Affirmed B3 (sf) Ares European CLO VIII DAC, issued in December 2016 and refinanced in October 2019, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Ares European Loan Management LLP. The transaction's reinvestment period ended in April 2024. RATINGS RATIONALE The rating upgrades on the Class C-R, Class D-R and Class E-R notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the payment date in October 2025. The affirmations on the ratings on the Class A-R, Class B-R and Class F-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A-R notes have paid down by approximately EUR95.3 million (34.2%) since the last rating action in June 2025 and EUR152.1 million (54.5%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated February 2026[1] the Class A-R/B-R, Class C-R, Class D-R and Class E-R OC ratios are reported at 168.8%, 146.0%, 126.4% and 114.2% compared to May 2025[2] levels of 146.0%, 132.6%, 120.1% and 111.6%, respectively. 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: EUR291,319,028 Defaulted Securities: EUR0 Diversity Score: 46 Weighted Average Rating Factor (WARF): 3176 Weighted Average Life (WAL): 3.0 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.79% Weighted Average Coupon (WAC): 5.70% Weighted Average Recovery Rate (WARR): 44.6% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, 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. 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. CVC CORDATUS IX: Moody's Affirms B3 Rating on EUR11.5MM F-R Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by CVC Cordatus Loan Fund IX Designated Activity Company: EUR33,750,000 Class B-1-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 16, 2021 Definitive Rating Assigned Aa2 (sf) EUR5,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 16, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR263,500,000 Class A-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Sep 16, 2021 Definitive Rating Assigned Aaa (sf) EUR26,500,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed A2 (sf); previously on Sep 16, 2021 Definitive Rating Assigned A2 (sf) EUR32,400,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Sep 16, 2021 Definitive Rating Assigned Baa3 (sf) EUR21,250,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Sep 16, 2021 Definitive Rating Assigned Ba3 (sf) EUR11,500,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Sep 16, 2021 Definitive Rating Assigned B3 (sf) CVC Cordatus Loan Fund IX Designated Activity Company, issued in August 2017 and refinanced in September 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by CVC Credit Partners European CLO Management LLP. The transaction's reinvestment period ended in February 2026. RATINGS RATIONALE The upgrades on the ratings on the Class B-1-R and Class B-2-R notes are primarily a result of the benefit of the transaction having reached the end of the reinvestment period in February 2026. The affirmations on the ratings on the Classes A-R, C-R, D-R, E-R and F-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on v 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: EUR420.1m Defaulted Securities: EUR3.9m Diversity Score: 58 Weighted Average Rating Factor (WARF): 2982 Weighted Average Life (WAL): 4.21 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.51% Weighted Average Coupon (WAC): 4.59% Weighted Average Recovery Rate (WARR): 43.11% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, 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. -- Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. MADISON PARK XVII: Moody's Affirms B3 Rating on EUR12.9MM F Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Madison Park Euro Funding XVII DAC: EUR42,300,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Aug 26, 2021 Definitive Rating Assigned Aa2 (sf) EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Aug 26, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following debt: EUR208,300,000 Class A-1 Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Aug 26, 2021 Definitive Rating Assigned Aaa (sf) EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2034, Affirmed Aaa (sf); previously on Aug 26, 2021 Definitive Rating Assigned Aaa (sf) EUR60,000,000 Class A Senior Secured Floating Rate Loan due 2034, Affirmed Aaa (sf); previously on Aug 26, 2021 Definitive Rating Assigned Aaa (sf) EUR26,400,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed A2 (sf); previously on Aug 26, 2021 Definitive Rating Assigned A2 (sf) EUR33,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Aug 26, 2021 Definitive Rating Assigned Baa3 (sf) EUR23,900,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Aug 26, 2021 Definitive Rating Assigned Ba3 (sf) EUR12,900,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Aug 26, 2021 Definitive Rating Assigned B3 (sf) Madison Park Euro Funding XVII DAC, issued in August 2021 is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured/mezzanine European loans. The portfolio is managed by UBS Asset Management Credit Investments Group (UK) Ltd. The transaction's reinvestment period ended in February 2026. RATINGS RATIONALE The rating upgrades on the Class B-1 and B-2 notes are primarily a result of the transaction having reached the end of the reinvestment period in February 2026. The affirmations on the ratings on the Class A Loan, A-1, A-2, C, D, E and F debt are primarily a result of the expected losses on the debts 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. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR452,998,783 Defaulted Securities: EUR6,981,424 Diversity Score: 66 Weighted Average Rating Factor (WARF): 3085 Weighted Average Life (WAL): 4.23 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.71% Weighted Average Coupon (WAC): 4.72% Weighted Average Recovery Rate (WARR): 42.68% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the debts' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the debt are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debt's performance is subject to uncertainty. The debt's 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 debt's 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 debts' 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 debts beginning with the debts having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the debts' 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. NGC EURO 6: S&P Assigns Prelim B- (sf) Rating to Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to NGC Euro CLO 6 DAC's class A, B, C, D, E, and F notes. At closing, the issuer will also issue subordinated notes. Under the transaction documents, the notes will pay quarterly interest unless a frequency switch event occurs, upon which the notes will pay semiannually. This transaction has a 1.50-year non-call period, and the portfolio's reinvestment period will end 4.56 years after closing. The preliminary ratings 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 assessed under our operational risk framework. -- The transaction's legal structure, which S&P expects to be bankruptcy remote. -- The transaction's counterparty risks, which S&P expects to be in line with its counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,707.80 Default rate dispersion 527.78 Weighted-average life (years) 4.75 Obligor diversity measure 174.57 Industry diversity measure 28.09 Regional diversity measure 1.34 Transaction key metrics Total par amount (mil. EUR) 400.00 Defaulted assets (mil. EUR) 0 Number of performing obligors 193 Portfolio weighted-average rating derived from our CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 36.57 Rating rationale S&P said, "Our preliminary ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. We consider that the portfolio will be well-diversified as of the closing date, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we modeled the EUR400 million par amount, the covenanted weighted-average spread of 3.50%, the covenanted weighted-average coupon of 4.70%, and the target weighted-average recovery rates at all rating levels. 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." Until the end of the reinvestment period on Oct. 15, 2030, the collateral manager may substitute assets in the portfolio as 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. S&P said, "At closing, we expect the transaction's documented counterparty replacement and remedy mechanisms to adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned preliminary ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "At closing, we expect the transaction's legal structure to be bankruptcy remote, in line with our legal criteria. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the preliminary rating is commensurate with the available credit enhancement for the class A notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we have capped our ratings on these notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class F notes could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria and assigned a preliminary rating of 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 24.66% (for a portfolio with a weighted-average life of 4.75 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.75 years, which would result in a target default rate of 15.2%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain 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, we have not made any specific adjustments in our rating analysis to account for any ESG-related risks or opportunities." NGC Euro CLO 6 DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured and unsecured loans and bonds issued mainly by speculative-grade borrowers. Ratings Prelim. Prelim. Amount Credit Class rating* (mil. EUR) enhancement (%) Interest rate§ A AA (sf) 44.00 27.00 3mE +1.80% C A (sf) 24.00 21.00 3mE +2.20% D BBB- (sf) 28.00 14.00 3mE +3.05% E BB- (sf) 18.00 9.50 3mE +5.25% F B- (sf) 12.00 6.50 3mE +8.25% Sub notes NR 30.50 N/A N/A *The preliminary ratings assigned to the class A and B notes address timely interest and ultimate principal payments. The preliminary ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month Euro Interbank Offered Rate (EURIBOR) when a frequency switch event occurs. NR--Not rated. N/A--Not applicable. 3mE--Three-month Euro Interbank Offered Rate. PERRIGO COMPANY: Moody's Affirms 'Ba3' CFR, Alters Outlook to Neg. ------------------------------------------------------------------ Moody's Ratings affirmed all existing ratings of Perrigo Company PLC ("Perrigo") including the company's Ba3 Corporate Family Rating Ba3-PD Probability of Default Rating and B1 senior unsecured notes rating. Moody's also affirmed the B1 ratings on the senior unsecured notes issued by Perrigo Finance Unlimited Company ("PUFC"), a financing subsidiary of Perrigo Company plc, and affirmed the Ba1 ratings of the senior secured revolving credit facility and term loans issued by Perrigo Investments LLC ("PIL"), another subsidiary of Perrigo Company plc. Perrigo's SGL-2 speculative grade liquidity rating is unchanged. Moody's also changed the rating outlooks for Perrigo, PUFC and PIL to negative from stable. The outlook change to negative reflects weaker-than-expected operating performance and a deterioration in free cash flow expectations for the next 12-18 months that results in a slower and more uncertain path to deleveraging. Continued softness in OTC consumption and ongoing pressure in the Infant Formula business, manufacturing under-absorption, and restructuring cash costs are contributing to lower earnings and free cash flow in 2026. Moody's expects Perrigo's debt-to-EBITDA leverage will remain elevated in the next year amid ongoing earnings pressure, particularly in the infant nutrition segment. Recent results highlight margin and volume headwinds, including weaker-than-expected performance and downward revisions to fiscal 2025 guidance. Competitive dynamics in infant nutrition remain challenging and the ongoing strategic review of the business introduces additional uncertainty around the future contribution of a historically meaningful segment. While a strategic outcome could be credit-positive if it supports debt repayment and accelerates deleveraging, near-term uncertainty weighs on earnings durability and business mix. Moody's expect Moody's-adjusted debt-to-EBITDA to remain around 6x over the nexts 12–18 months even if adding restructuring and litigation costs to EBITDA. Cautious consumer spending and competitive pressures are expected to delay progress toward longer-term leverage targets. Moody's affirmed the ratings because the company will have good liquidity that provides flexibility to execute the earnings turnaround strategies. Moody's expects Perrigo to retain its strong US store-brand OTC market position, supported by manufacturing scale and customer relationships, and to benefit from its branded international portfolio over time. Diversification and the market position continue to support the current ratings, even following potential asset sales. Perrigo has indicated it is gaining market share through new business wins and this should help stabilize revenue by the end of 2026. Moody's expects proceeds from portfolio actions, including the Dermacosmetics divestiture and strategic reviews, to be used for debt reduction and reinvestment. RATINGS RATIONALE Perrigo's Ba3 CFR reflects the company's strong market position in the over-the-counter (OTC) healthcare market in the US and Europe. The OTC market is relatively resilient as consumers buy OTC pharmaceuticals as needed to address medical needs even in periods of weakening economic conditions and declining consumer sentiment. The wide breadth of the product portfolio and the company's market position as a key manufacturer of store brands to a diverse customer base, and its own branded products, help mitigate weakening demand in any specific product category or distribution channel. Perrigo's considerable scale was meaningfully enhanced by the HRA and Gateway acquisitions in 2022. Perrigo's ratings are constrained by high leverage. The pace of deleveraging since the HRA and Gateway acquisitions is slower than expected due to the continued operating challenges and high integration and restructuring costs. The decline in volumes and market share in its US store brand business and the disruption in the infant formula facility in 2024 put pressure on the EBITDA margin. The company has also faced elevated litigation headwinds. Perrigo will need to execute well on its turnaround plans to stabilize its US store brands and unlock value from the announced strategic review of the infant nutrition operations as well as realize cost savings from the Operational Enhancement Program to address volume pressure and restore positive free cash flow generation. Moody's expects the company will use proceeds from the sale of its Dermacosmetics unit to KKR, expected to close in Q2 2026, to repay debt. Moody's expects debt-to-EBITDA leverage will remain in a 6-7x range over the next 12-18 months but decline over time as debt decreases and the EBITDA margin improves. Moody's expects EBITDA to decline by 15-20% in 2026 due to the Dermacosmetics sale, lower volumes and a drop in the infant formula business but anticipate profitability will improve thereafter as Perrigo benefits from realized cost savings from restructuring initiatives and expansion of the higher margin branded products portfolio. Perrigo continues to target net leverage (based on the company's calculation) of approximately 3.0x over, with achievement now expected over a longer, multi-year timeframe. Perrigo's good liquidity as reflected by its SGL-2 speculative grade liquidity rating reflects the $531.6 million cash balance and a sizable $1 billion undrawn revolving credit facility as of December 2025. The cash balance and anticipated proceeds from the Dermacosmetics sale provides ample flexibility to address operating capital requirements, working capital, and expected cash flow volatility, the approximately $35 million of required annual term loan amortization, and the $422 million April 2027 term loan A maturity. The company also has good liquidity to support reinvestment needs. Perrigo's focus on investment into supply chain reorientation, manufacturing and product innovation and expansion require considerable capital expenditure and significant use of working capital exceeding $80 million. Liquidity will weaken if the company's does not proactively address the April 2027 revolving credit facility expiration and April 2027 term loan A maturity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Perrigo demonstrates consistent organic revenue growth with a higher EBITDA margin, and reduces and sustains debt-to-EBITDA leverage below 4.5x. An upgrade would also require the company to maintain good liquidity and generate retained cash flow-to-net debt in the mid-teens. Ratings could be downgraded if operating profits decline due to factors such as volume reductions, market share losses, pricing pressure or rising costs. Debt -to-EBITDA sustained above 5.25x, retained cash flow-to-net debt below a low teen level, or a deterioration in liquidity could also lead to a downgrade. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. 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. Perrigo Company plc, with registered offices in Dublin, Ireland and principal executive offices in Grand Rapids, Michigan, develops, manufactures, and distributes over-the-counter drugs, infant formulas, and nutritional products. The publicly-traded company reported revenue of approximately $4.3 billion for the 12 months ending December 31, 2025. SCULPTOR EUROPEAN VI: Moody's Affirms B3 Rating on Class F-R Notes ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Sculptor European CLO VI DAC: EUR30,000,000 Class B-1-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 9, 2021 Definitive Rating Assigned Aa2 (sf) EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 9, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Sep 9, 2021 Definitive Rating Assigned Aaa (sf) EUR28,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed A2 (sf); previously on Sep 9, 2021 Definitive Rating Assigned A2 (sf) EUR27,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Sep 9, 2021 Definitive Rating Assigned Baa3 (sf) EUR19,000,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Sep 9, 2021 Definitive Rating Assigned Ba3 (sf) EUR13,000,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Sep 9, 2021 Definitive Rating Assigned B3 (sf) Sculptor European CLO VI DAC, originally issued in June 2019 and refinanced in September 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Sculptor Europe Loan Management Limited. The transaction's reinvestment period will end in March 2026. RATINGS RATIONALE The rating upgrades on the Class B-1-R and B-2-R notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in March 2026. The affirmations on the ratings on the Class A-R, C-R, D-R, E-R and F-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR394.7m Defaulted Securities: EUR2.2m Diversity Score: 57 Weighted Average Rating Factor (WARF): 2996 Weighted Average Life (WAL): 4.37 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.68% Weighted Average Coupon (WAC): 3.57% Weighted Average Recovery Rate (WARR): 43.89% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability Moody's are 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 the 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: Once reaching the end of the reinvestment period in March 2026, 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. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. -- 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. =================== L U X E M B O U R G =================== ARVOS BIDCO: Moody's Appends 'LD' Designation to PDR ---------------------------------------------------- Moody's Ratings appended a Limited Default (/LD) designation to Arvos BidCo S.a.r.l.'s (Arvos) Probability of Default Rating, changing it to Caa1-PD/LD from Caa1-PD, following the execution of a distressed exchange. The /LD designation indicates a limited default event and will be removed in approximately three business days. Arvos agreed with its lenders to capitalize EUR6.7 million of interest payable under its EUR175 million equivalent backed senior secured term loan Bs for the period between February 28, 2026 and July 31, 2026. The backed senior secured term loan Bs, issued by Arvos BidCo S.a.r.l., mature in August 2027. The amendment to the credit agreement was executed on February 11, 2026 and became effective after all conditions precedent were satisfied by the end of February 2026, including 100% lender consent and a six-month extension, to October 2026, of Triton's guarantee for a EUR5 million overdraft facility. These actions support Arvos' near-term liquidity. However, Moody's considers the transaction a distressed exchange, a default under Moody's definition, given Arvos' weak liquidity, weak credit metrics, and limited access to debt capital markets. Arvos provides new equipment and aftermarket services for auxiliary power equipment and industrial heat exchangers through two divisions: Ljungstrom (LJU), primarily serving thermal power generation facilities, and Schmidt'sche Schack (SCS), primarily serving the petrochemical industry. Arvos is owned by Triton Funds (55%) and a consortium of creditors (45%), following a debt restructuring in April 2024. ===================== N E T H E R L A N D S ===================== CME MEDIA: Moody's Withdraws 'Ba3' Corporate Family Rating ---------------------------------------------------------- Moody's Ratings withdraws all of CME Media Enterprises B.V.'s (CME) ratings at the issuer's request, including the Ba3 corporate family rating and B1-PD probability of default rating. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). CME is a leading free-to-air broadcaster operating in six CEE countries. The company operates 48 TV channels, serving a population of around 49 million. In 2025, the group generated revenue and company OIBDA of EUR1,080 million and EUR280 million, respectively. ========= S P A I N ========= FLUIDRA SA: Moody's Affirms 'Ba2' CFR, Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings has affirmed Fluidra S.A.'s (Fluidra or the company) Ba2 long-term corporate family rating and its Ba2-PD probability of default rating. Concurrently, Moody's have affirmed the Ba2 ratings on the company's EUR450 million guaranteed senior secured revolving credit facility (RCF) due January 2027, as well as the Ba2 ratings on the $750 million backed senior secured term loan (TL) and the EUR450 million backed senior secured TL, both due January 2029 and issued, respectively, by Fluidra North America LLC (former Zodiac Pool Solutions LLC) and Fluidra Finco, S.L.U, which are wholly owned subsidiaries of Fluidra. The outlook on all entities was changed to positive from stable. "Despite prolonged weakness in new pool construction and an uncertain consumer spending environment in North America and Europe, Moody's expects market conditions to continue to improve through 2026, supporting Fluidra's earnings growth and market leadership positions. Moody's expects this will lead to an improvement in key credit metrics, supporting positive pressure on the rating", said Giuliana Cirrincione, Moody's Ratings AVP-Analyst and lead analyst for Fluidra. "The company's moderate leverage, long track record of solid profitability despite underlying market volatility and good free cash flow (FCF) generation, together with prudent liquidity management, are key factors that underpin Fluidra's strong positioning in its rating category", added Mrs. Cirrincione. RATINGS RATIONALE The outlook change to positive reflects Fluidra's resilient operating performance despite the slowdown in the global pool equipment market following the post COVID normalization, as well as Moody's expectations that credit metrics will continue to improve, with Fluidra's Moody's-adjusted leverage declining towards 2.8x, consistently good FCF and progressively growing profit margins — driven by volume growth and continued cost discipline. Aftermarket sales, and particularly repair and maintenance activity, drove business growth in 2025, while performance in new pool construction and remodeling — which are the most cyclical segments — remained muted or negative amid fragile consumer demand in the real estate sector. Company-adjusted EBITDA — that is, before stock-based compensation, operating restructuring costs and expenses related to M&A — increased to EUR501 million, from EUR477 million a year earlier, as a result of the recovery in sales volumes, a more favourable regional mix, as well as the cost savings associated with the optimisation programme that Fluidra initiated in late 2022 and successfully completed in 2025. Fluidra also managed to mitigate the impact of new US import tariffs through exceptional price increases, in line with other competitors. Importantly, these actions did not lead to market share losses in the US, reflecting Fluidra's strong pricing power, brand recognition and relatively flexible cost base, which helped limit the impact of higher tariff costs on gross margins. As widespread macroeconomic uncertainty persists and consumer confidence may remain volatile, Moody's expects new-build and remodelling activity to remain subdued in 2026 as well, with maintenance and equipment replacement sales growing by mid-single-digit percentages annually. Consequently, Moody's forecasts Fluidra's revenue will continue to grow by 2%-3% annually over the next 12-18 months, supported primarily by gradually improving volumes across all regions and, to a lesser extent, inflation-driven pricing actions. According to Moody's forecasts, EBITDA growth in absolute value will be moderate in 2026, reaching EUR470 million, from around EUR440 million (on a Moody's-adjusted basis), and Moody's expects Fluidra's EBITDA to rise well above its 2021 all-time high once new pool construction and remodeling activity regain momentum. As a result, Moody's forecasts that Moody's-adjusted gross leverage will decline towards 2.8x over the next 12-18 months, from 3.0x estimated as of year-end 2025, in the context of broadly stable debt levels. Moody's also expects Fluidra to maintain consistently positive Moody's-adjusted FCF of around EUR100 million- EUR110 million, equivalent to around 7% of gross debt, in 2026 and 2027. This expectation assumes only slightly higher capital spending than that in the past few years and tight control on working capital management. Fluidra is strongly committed to a net leverage target of 2x, as defined by the company, which underpins its prudent financial policy because Moody's expects the company to prioritise this target over dividends, share buybacks and acquisition spending. Positively, company-defined net leverage has returned close to this level (at 2.2x as of year-end 2025), and Moody's expects this to further reduce towards 2.0x in 2026, following a period of higher leverage in 2023-24, when the pool equipment market experienced a downturn. The current rating and the positive outlook assumes that Fluidra will continue to pursue a selective and prudent approach to acquisitions, focusing on companies that can be relatively easily integrated, while maintaining a conservative financial policy. LIQUIDITY Fluidra's liquidity is good, supported by a cash balance of around EUR120 million as of the end of December 2025 and access to a fully available EUR450 million guaranteed senior secured revolving credit facility, which Moody's expects to remain largely undrawn. Moody's understands Fluidra is in the process of renewing its RCF, which Moody's expects will be done by the end of the month. The expiration date will be January 2029, from January 2027 under the current RCF. Business seasonality creates significant intra-year working capital volatility, with swings of up to 10% of sales. Working capital absorption typically starts towards the end of the year and then peaks in the first quarter of the year because of inventory and accounts receivable buildup during the pre-sale and current sale season. However, Moody's expects Fluidra's internal cash generation, together with its cash balance and availability under its RCF, to abundantly cover all annual cash needs. These include capex of around EUR120 million (including operating lease adjustment); assumed acquisition spending of up to EUR35 million; and estimated dividend payments averaging about EUR110 million- EUR140 million per year. Moody's also expects moderate working capital requirements, but with large swings between quarters. Fluidra does not have any significant debt maturities until 2029. STRUCTURAL CONSIDERATIONS The Ba2 ratings assigned to the term loans due January 2029, and the RCF are in line with the CFR, reflecting the fact that these facilities rank pari passu among themselves and constitute most of Fluidra's debt. The TLs and the RCF benefit from a first-priority pledge over substantially all of the group's tangible and intangible assets. The TLs and the RCF are guaranteed by Fluidra and each of its significant restricted subsidiaries. The RCF is subject to a springing financial covenant based on the first-lien net leverage ratio, tested only if the RCF is drawn more than 40%, against which Moody's expects the company to retain ample capacity. Moody's assumed a 50% recovery rate in the absence of any financial maintenance covenant in the TLs, which implies a probability of default rating of Ba2-PD. RATING OUTLOOK The positive outlook incorporates Moody's assumptions that Fluidra's operating performance will continue to improve, thanks to better trading conditions across the global pool equipment market and continued focus on cost discipline. Consequently, Moody's expects Moody's-adjusted leverage to decline towards 2.8x over the next 12-18 months, and consistently good FCF generation. The positive outlook also incorporates Moody's assumptions that the company will maintain a balanced financial policy, prioritising the company-defined net leverage target of 2.0x over dividends, share buybacks and acquisition spending. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Fluidra's ratings if earnings growth and operating efficiency improve, also as a result of increased scale and business diversification, and lead to Moody's-adjusted gross debt/EBITDA below 2.75x on a sustained basis. A rating upgrade would also require the company to maintain good liquidity and consistently positive FCF. Moody's could downgrade Fluidra's ratings if operating performance weakens as a result of deteriorating trading conditions, such that its Moody's-adjusted gross debt/EBITDA is above 3.5x on a sustained basis. A rating downgrade could also occur if the company fails to maintain good FCF and liquidity, or pursues an aggressive M&A strategy or makes significantly higher-than-expected shareholder distributions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Durables published in December 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 Fluidra, domiciled in Spain, is a leading producer of pool equipment and wellness solutions globally, with an estimated 15% share of the global pool equipment market. In 2025, Fluidra reported sales of EUR2.2 billion and company-adjusted EBITDA of EUR501 million. The company's largest shareholders are Fluidra's founding families (a 28.3% stake) and Rhone Capital (11.7%), with the remaining shares in free float. =========== S W E D E N =========== OMEGA II: Apollo Debt Marks SKR658K 1L Loan at 89% Off ------------------------------------------------------ Apollo Debt Solutions BDC has marked its SKR658,610,000 loan extended to Omega II AB to market at SKR71,180,000 or 11% of the outstanding amount, according to Apollo Debt's 10-K for the fiscal year ended Dec. 31, 2025, filed with the U.S. Securities and Exchange Commission. Apollo Debt Solutions BDC is a participant in a First Lien Secured Debt - Term Loan extended to Omega II AB. The 1L Loan accrues interest at a rate of STIBOR + 475, 0.00% Floor per annum. The 1L Loan matures on June 18, 2032. Apollo Debt Solutions BDC is a business development company that provides debt financing solutions, primarily to middle-market and corporate borrowers. The Fund is led by Earl Hunt as Chairperson, Chief Executive Officer and Trustee (Principal Executive Officer) and Eric Rosenberg as Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer). The Fund can be reached at: Earl Hunt Apollo Debt Solutions BDC 9 West 57th Street New York, NY 10019 Telephone: (212) 515-3200 About Omega II AB Omega II AB, associated with the Fortnox brand, is a Sweden-based software company that focuses on cloud-based accounting and business administration solutions for small and medium-sized enterprises. =========================== U N I T E D K I N G D O M =========================== C&L TRANSPORT: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------- C&L Transport Services Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency and Companies Court (ChD), Court Number CR-2026-LDS-000192. Kelly Burton (IP No. 11750) of FRP Advisory Trading Limited and Phil Clark (IP No. 23530) of Clark Business Recovery Limited were appointed as Joint Administrators on February 23, 2026. C&L Transport Services Ltd engaged in haulage company activities. The company's registered office is at FRP Advisory Trading Limited, The Manor House, 260 Ecclesall Road South, Sheffield, S11 9PS. The company's principal trading address is at 50-54 Oswald Road, Scunthorpe, DN15 7PQ. The Joint Administrators can be reached at: Kelly Burton (IP No. 11750) FRP Advisory Trading Limited The Manor House 260 Ecclesall Road South Sheffield, S11 9PS Phil Clark (IP No. 23530) Clark Business Recovery Limited 8 Fusion Court, Aberford Road Garforth, Leeds, LS25 2GH For further details, contact: The Joint Administrators Tel: 01142 356780 Alternative contact: Alice Crowden Email: cp.sheffield@frpadvisory.com CRS GROUP: May 8 Claims Filing Deadline Set ------------------------------------------- CRS GROUP LIMITED (IN LIQUIDATION) Formerly known as: Fortyfare Limited, Cameron, Richard and Smith Insurance Services Limited, Cameron Richard and Smith insurance Services Limited and CRS Group (London) plc Notice under section 27 of the Trustee Act 1925 CRS Group (London) Limited ("the Company") is a company incorporated in England and Wales on August 22, 1980, with company number 01513692. The Company operated as an insurance and reinsurance intermediary/broker in the Lloyd's and London companies insurance and reinsurance markets between about 1980 and 2007. On April 21, 2023, the Company entered Creditors' Voluntary Liquidation and Derek Neil Hyslop, Richard Peter Barker, and Simon Jamie Edel were appointed as Joint Liquidators ("the Liquidators"). In addition, the Liquidators understand that in 2002, the Company acquired certain assets of: (i) Well Marine Reinsurance Brokers Limited; and (ii) Well Marine General Advisers Limited. The Liquidators have identified that the Company is holding monies on trust, approximately GBP3.7 million, which is understood to represent client money received and held in connection with insurance and reinsurance transactions and the settlement of claims between policyholders (or their producing brokers) and underwriters or reinsurers (the "Client Money"). The Liquidators intend to: (1) apply to the High Court for directions in respect of the distribution of the Client Money; and (ii) distribute the Client Money after making provision for proper costs and expenses in accordance with their analysis of the proper Client Money claimants and any directions made by the High Court. Any person who considers that they may have a claim against any part of the Client Money or that they may have a claim to be beneficially interested in the Client Money (a "Client Money Claim") must provide particulars of their claim by May 8, 2026 (save insofar as they have not already done so). Any requests for further information, and the particulars of any Client Money Claim (with any supporting documentation) should be addressed to the Liquidators by post to Ernst & Young LLP, Atria One, 144 Morrison Street, Edinburgh, EH3 8EX, United Kingdom, or by email to CRSGroupLondonLimited @Parthenon.ey.com After May 8, 2026, the Liquidators may proceed to cause the Company to distribute the Client Money without regard to the claim of any person of which they have not had notice at the time of the distribution. DENZEL POWER: Leonard Curtis Appointed as Joint Administrators -------------------------------------------------------------- Denzel Power - Cabling & Energy Services 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-LDS-000195. Anthony Milnes (IP No. 23150) and Richard Pinder (IP No. 19470) of Leonard Curtis were appointed as Joint Administrators on February 23, 2026. Denzel Power engaged in the construction of utility projects for electricity and telecommunications. The company's registered office is at 9th Floor, 7 Park Row, Leeds LS1 5HD. The company's principal trading address is at Unit 18 Glenfield Park One, Philips Road, Blackburn BB1 5PF. The Joint Administrators can be reached at: Anthony Milnes (IP No. 23150) Richard Pinder (IP No. 19470) Leonard Curtis 21 Gander Lane Barlborough, Chesterfield, S43 4PZ For further details, contact: Amelia Blythe Tel: 0113 323 8890 Email: recovery@leonardcurtis.co.uk ELEVATED ENGINEERING: JT Maxwell Appointed as Joint Administrators ------------------------------------------------------------------ Elevated Engineering Services NW Ltd was placed into administration in the High Court of Justice, Business & Property Court, Court Number 000269 of 2026. Andrew Ryder (IP No. 17552) of JT Maxwell Limited was appointed as Administrator on February 25, 2026. Elevated Engineering Services NW Ltd engaged in other engineering activities. The company's registered office and principal trading address is at Unit 1 Townley Park, Hanson Street, Middleton, M24 2UF. The Administrator can be reached at: Andrew Ryder (IP No. 17552) JT Maxwell Limited Unit 1 Lagan House 1 Sackville Street Lisburn, Co Antrim, BT27 4AB For further details, contact: Tel: 02892 448 110 Email: corporate@jtmaxwell.co.uk GB LABS: Leonard Curtis Appointed as Joint Administrators --------------------------------------------------------- GB Labs Limited, previously known as GB Labs (Global) 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-2026-000921. Stewart Goldsmith (IP No. 020970) and Nicola Elaine Layland (IP No. 017652), both of Leonard Curtis were appointed as Joint Administrators on February 18, 2026. GB Labs engaged in the provision of media based storage solutions. The company's registered office is at 1580 Parkway, Solent Business Park, Whiteley, Fareham, Hampshire, PO15 7AG. Its principal trading address is Unit 1-2, Orpheus House, Calleva Park, Aldermaston, Reading, Berkshire, RG7 8TA. The Joint Administrators can be reached at: Stewart Goldsmith (IP No. 020970) Nicola Elaine Layland (IP No. 017652) Leonard Curtis 1580 Parkway Solent Business Park Whiteley, Fareham Hampshire, PO15 7AG For further details, contact: The Joint Administrators Email: creditors.south@leonardcurtis.co.uk Alternative contact: Amelia Smith HOULDER INSURANCE: May 8 Claims Fling Deadline Set -------------------------------------------------- HOULDER INSURANCE SERVICES LIMITED (IN LIQUIDATION) Formerly known as: Harvey Bowring Agencies Limited and HBA Limited Notice under section 27 of the Trustee Act 1925 Houlder Insurance Services Limited ("the Company") is a company incorporated in England and Wales on December 15, 1995, with company number 03140176. The Company operated as an insurance and reinsurance intermediary/broker in the Lloyd's and London companies insurance and reinsurance markets between about 1996 and 2014. On April 21, 2023, the Company entered Creditors' Voluntary Liquidation and Derek Neil Hyslop, Richard Peter Barker, and Simon Jamie Edal were appointed as Joint Liquidators ("the Liquidators"). In addition, the Liquidators understand that in 2006 the Company acquired certain assets of MHASLH Limited (with company number 00132862) and formerly known as: (1) Furness-Houlder (Reinsurance Services) Limited; (ii) Furness-Houlder Limited and (iii) Houlder Insurance Services Limited. The Liquidators have identified that the Company is holding monies on trust, approximately GBP1.7 million, which is understood to represent client money received and in connection with insurance and reinsurance transactions and the settlement of claims between policyholders (or their producing brokers) and underwriters or reinsurers (the "Client Money"). The Liquidators intend to: (i) apply to the High Court for directions in respect of the distribution of the Client Money; and (ii) distribute the Client Money after making provision for proper costs and expenses in accordance with their analysis of the proper Client Money claimants and any directions made by the High Court. Any person who considers that they may have a claim against any part of the Client Money or that they may have a claim to be beneficially interested in the Client Money (a "Client Money Claim") must provide particulars of their claim by May 8, 2026 (save insofar as they have not already done so). Any requests for further information, and the particulars of any Client Money Claim (with any supporting documentation), should be addressed to the Liquidators by post to Derek Neil Hyslop, Ernst & Young LLP, Atria One, 144 Morrison Street, Edinburgh, EH3 8EX, United Kingdom, or by email to HoulderInsuranceServicesLimited@parthenon.ey.com After May 8, 2026, the Liquidators may proceed to cause the Company to distribute the Client Money without regard to the claim of any person of which they have not had notice at the time of the distribution. ICEBERG ACQUISITIONS: S&P Assigns 'B' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings assigned its 'B' ratings to Iceberg Acquisitions UK Ltd. and its pari passu-ranking term loan B (TLB) and revolving credit facility (RCF); the recovery rating of '3' on the debt reflects its expectations of meaningful recovery (50%-70%; rounded estimate: 65%) in a hypothetical default scenario. The stable outlook reflects S&P's forecast of a resilient operating performance over the next 12-18 months, with S&P Global Ratings-adjusted EBITDA of EUR80 million-EUR90 million, adjusted debt to EBITDA of 5.0x-5.5x, and robust cash flow generation, together with sufficient liquidity to cover the ambitious growth investment plans. Glacier has a strong position in the European non-branded ice-cream market, but S&P views the business as relatively small in scale and exposed to some seasonality and concentration risks. Glacier was formed in January 2025 from the combination of Gelato d'Italia and YSCO and generated pro forma S&P Global Ratings-adjusted EBITDA of EUR72 million in 2025. The group is considerably smaller in size than other rated manufacturers of non-branded packaged food, such as Froneri International Ltd. (BB-/Stable/--) or Sammontana Italia SpA (B/Stable/--). Glacier operates in the inherently seasonal ice-cream market, and its revenue is concentrated in Europe, with 35% generated from two pan-European customers in 2025, although the independent client contracts in each country partly mitigate this concentration. The European private-label and co-manufacturing ice cream market is fragmented and characterized by mostly national players. Glacier holds the second-largest market share in Europe, close behind Froneri. Glacier's market share is double the size of the third-largest company's, and its revenue base is relatively diverse, with France and the Netherlands--its largest markets--each accounting for 12% of sales in the 12 months to Sept. 30, 2025. Moreover, ice-cream manufacturing has relatively high barriers to entry due to high initial capital outlays and a dependence on economies of scale to operate profitably. This allows Glacier to leverage its market position and strong retailer relationships to capture market share from competitors. The private-label segment should enjoy favorable demand trends in the medium term, and the group's manufacturing capabilities and track record on product quality and innovation position it well vis-à-vis competition. About 85% of Glacier's sales come from private-label contracts, with the remaining 15% generated from co-manufacturing contracts. While having inherently lower margins than the branded segment, the private-label segment is set to enjoy favorable demand trends in medium term, following resilient performance over the past five years. S&P anticipates that trends toward discounters, private-label-driven differentiation among retailers, and premiumization will drive greater penetration of private-label ice cream within retailers' product portfolios. Glacier's consistently high product quality, extensive product development and innovation capabilities, efficient manufacturing facilities, and specialized equipment position it favorably with retailers looking to diversify from branded products. The group benefits from strong, well-established relationships with key retailers across Europe, some spanning more than 25 years and across multiple markets. It also has a solid contract renewal record and hasn't lost any major contracts in the past three years, in a market where standard practice is for suppliers to tender annually. Moreover, Glacier, with historical 12%-13% adjusted EBITDA margins, compares favorably with other rated non-branded food manufacturers and falls in the 10%-20% range we consider average for the packaged food sector. Glacier effectively navigates the ice-cream industry's input price volatility and seasonal production demands by passing on cost increases, advancing centralized procurement of the key ingredients, and adapting its workforce. Ice-cream manufacturers depend on four key ingredients: cocoa, milk, sugar, and flavorings. Cocoa and milk have historically shown significant price volatility, with price spikes that have affected manufacturers' margins in the short term. However, due to the annual nature of private-label contracts and resilient demand for ice cream, Glacier has been able to pass through those cost increases. Dairy prices surged in 2022, but Glacier was able to recover from a temporary margin decline the following year, with its adjusted EBITDA margin rising to 15% from the historical 12%-13%. Glacier enters into long-term agreements with cocoa suppliers and sources cocoa in advance at a fixed price to cover its needs for at least the following two quarters, which mitigates the risk of mispricing the contract bids. Additionally, Glacier addresses demand seasonality, with consumption peaking during summer and the resulting production concentration in the first half of the year, by balancing full-time employees with a seasonal workforce, of which 80% are recurring temporary employees. This model ensures adequate capacity and skill sets during peak production (March through July), while allowing it to adapt to lower demand in the subsequent months. S&P said, "We expect Glacier to continue expanding on the back of European ice-cream market growth and increase its market share with new and existing customers. We forecast revenue of EUR582 million in 2025, EUR623 million in 2026, and EUR657 million in 2027. We base this forecast on our expectations of continued growth in the value of the European ice-cream market, driven primarily by price increases above the consumer price index (CPI). This will support the growth of the private-label segment, which we expect will maintain a stable share of the market relative to branded products. We expect Glacier to benefit from this trend and gain further market share by expanding its product mix and volumes with existing customers and by gaining new customers in existing markets, as it has in the past. For 2026, specifically, Glacier has already contracted 96% of the group's budgeted revenue. The projected topline expansion, along with an anticipated normalization in the global supply and price of cocoa beans and efficiency measures in Glacier's plants, should translate into an adjusted EBITDA margin expansion to about 13.3% in 2026 and 13.9% in 2027, from an estimated 12.8% in 2025. "We expect Glacier to produce positive free operating cash flow (FOCF), but growth investments will weigh on cash generation. We anticipate growth capital expenditure (capex) of about EUR17 million in 2026 and EUR35 million in 2027 to support new production lines to cater for existing demand and new contracts and enhance operating efficiency, in addition to about EUR11 million in annual maintenance capex. The EBITDA expansion and improved working capital management from renegotiated terms with buyers and suppliers will contribute to healthy cash flow from operations. However, significant growth investments will moderate FOCF to about EUR3 million in 2026 and EUR6 million in 2027. Nevertheless, we acknowledge the company's prudent intention to pre-fund this planned expansionary spending by retaining part of the proceeds from the proposed refinancing transaction as cash on balance sheet. Pro forma, excluding growth capex, Glacier's FOCF is more aligned with that of other similarly rated peers. "Glacier's capital structure is highly leveraged and, as is the case with other financial sponsor-owned companies, we consider material deleveraging as unlikely. Under our base-case scenario, we forecast adjusted debt to EBITDA of about 5.5x in 2026, declining toward 5.0x in 2027, reflecting the new capital structure that includes EUR455 million debt (of which EUR400 million is the term loan). As is the case with other financial sponsor-owned companies, we do not anticipate Glacier will engage in further dividend distributions over the forecast period. However, our rating takes into consideration the risk of a possible deviation from our base-case credit metrics due to higher-than-anticipated discretionary spending on shareholder remuneration or debt-funded acquisitions. In our leverage calculation, we do not deduct cash and cash equivalents from adjusted debt, because of Glacier's ownership and control by the financial sponsors Davidson Kempner (96% stake) and Afendis (4%). Our main debt adjustments for 2026 and 2027 include lease liabilities of about EUR23 million; EUR30 million in receivables factoring that we assume is used broadly in line with 2025 (total program availability is about EUR60 million); and pension liabilities of EUR2 million. "Glacier has some headroom under its credit metrics to fund future bolt-on acquisitions. We understand that the group has ambitions to become the leading private-label ice-cream manufacturer in Europe and to act as a consolidator in its markets. This could result in some bolt-on acquisitions to acquire additional manufacturing capabilities, leveraging expected ongoing private-label penetration and the existing market fragmentation. We think the group will pursue this strategy through bolt-on acquisitions, but our current base case is based on organic growth with no contribution from acquisitions. Therefore, material debt-funded acquisitions could result in increased leverage in the medium term. The company's inorganic growth strategy entails execution risks, but we acknowledge the track record of the executive management team and the owners in consolidating platforms in the fast-moving consumer goods (FMCG) sector. "The stable outlook reflects on our view that Glacier's operating performance should remain resilient over the next 12-18 months, with adjusted debt to EBITDA below 6.0x and FOCF turning positive by 2026. "We could lower our ratings in the next 12 months if, contrary to our base-case scenario, Glacier fails to organically expand its EBITDA base, such that adjusted debt to EBITDA deteriorated to more than 7.0x, or if its FOCF failed to turn positive and became structurally negative. We could also take a negative rating action if the group pursues a more aggressive financial policy than we previously expected, with a large debt-financed acquisition or shareholder payout. "For a positive rating action, we would assess Glacier's ability to generate positive and recurring FOCF on a sustainable basis, the resilience of its earnings and profitability, and its track record of maintaining adjusted debt to EBITDA comfortably below 5.0x with a clear financial policy commitment to maintain this level over time. We would also expect a prudent approach to the funding of discretionary spending on organic projects or acquisitions and to shareholder distributions." JAGUAR LAND: Moody's Assigns Ba1 Rating to USD Sr. Unsecured Notes ------------------------------------------------------------------ Moody's Ratings has assigned Ba1 instruments ratings to Jaguar Land Rover Automotive Plc's (JLR) contemplated benchmark USD senior unsecured notes with maturity in 2029 and 2031. All other ratings, including JLR's Ba1 corporate family rating, and the negative outlook are unaffected. JLR intends to use the net proceeds from the new issuance for general corporate purposes, including to reimburse amounts used for the redemption of its EUR500 million notes which matured in January and to prefund the EUR298 million outstanding under its notes due in November 2026. RATINGS RATIONALE The Ba1 instrument rating assigned to JLR's new senior unsecured notes due 2029 and 2031 is in line with other senior unsecured notes that Moody's currently rate. Moody's expects that the proposed transaction will be broadly leverage neutral. Moody's understands that the company will use net proceeds from the issuance to increase cash on balance sheet following the bond redemption in January, to prefund an additional bond maturity in November and to repay GBP500 million outstanding under its GBP2 billion bridge facility due September 2026. At the end of December 2025, JLR had GBP1.9 billion of cash on balance sheet and access to its GBP1.66 billion revolving credit facility maturing in 2028/29 and a GBP1.5 billion UK Export Finance facility due 2030, both fully undrawn. Moody's expects that JLR will return to sustainably positive free cash flow generation from the fourth quarter of financial year 2027 (ending in March 2027) and no longer requires the additional liquidity facilities secured in response to the cyber incident last autumn. JLR's Ba1 ratings are underpinned by Moody's expectations that the company will improve its credit metrics again, following two quarters hampered by severe operational disruption. During the first nine months of financial year 2026, JLR's volumes have declined by 27% and revenues were down by 23% to just GBP16 billion. Although Moody's forecasts the company's credit metrics to be well below the expected range for the Ba1 rating in the current financial year, including negative free cash flow that will likely exceed GBP2 billion, Moody's anticipates those to recover rapidly over the coming quarters as operations have returned back to normal in last November. RATING OUTLOOK The negative outlook reflects Moody's expectations that JLR's credit metrics will remain below Moody's expectations for the Ba1 rating for an extended period, in the aftermath of last year's cyber incident, but will recover again over the next 12-18 months. The outlook also assumes that JLR will maintain an adequate liquidity at all times. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook indicates that a ratings upgrade is unlikely over the next 12-18 months. However, an upgrade would require JLR to resolve the current cyber incident without longer-term negative impact on its financial profile. In addition, JLR would need to maintain a balanced financial policy, including a positive net cash position; sustain a Moody's-adjusted EBIT margin in the mid- to high-single-digits in percentage terms; generate consistently positive Moody's-adjusted free cash flow; and demonstrate a very good liquidity position. In addition, a growing share of profitable battery electric vehicles (BEVs) in its sales mix would support upward rating momentum. The ratings could be downgraded if the cyber incident leads to a longer-term disruption of JLR's operations than currently anticipated. The ratings could be also be downgraded if JLR's profitability deteriorates and the Moody's-adjusted EBIT margin sustainably decreases below 5%; Debt/EBITDA sustainably increases above 3.5x; or there is a deterioration in JLR's liquidity, for example as a result of prolonged production standstill. The principal methodology used in these ratings was Automobile Manufacturers published in October 2025. CORPORATE PROFILE JLR is a UK manufacturer of premium passenger cars under the Jaguar and Land Rover trustmark brands including Range Rover, Defender, Discovery and Jaguar which are recognised as leading global luxury brands. JLR operates six sites in the UK, one in Slovakia and has a joint venture in China. Of its 213k wholesale units in the first nine months of financial year 2026, the company sold 39% in Europe (of which 22% were in the UK), 28% in North America, 13% in China, 7% in Middle East & North Africa and 13% in other overseas markets, resulting in total revenue of GBP29 billion. JLR is 100% owned by Tata Motors Passenger Vehicles Limited (TMPVL), which is India's largest automobile company. TMPVL acquired JLR in 2008 from Ford Motor Company. JLC LASER: PKF SC Advisory Appointed as Joint Administrators ------------------------------------------------------------ JLC Laser and Form Ltd was placed into administration in the High Court of Justice, Business and Property Courts in England and Wales, Insolvency and Companies List, Court Number 000924 of 2026. Dean Anthony Nelson (IP No. 9443) and Emily Louise Oliver (IP No. 30912) of PKF SC Advisory Limited were appointed as Joint Administrators on February 17, 2026. JLC Laser and Form Ltd engaged in laser fabrication. The company's registered office and principal trading address is at Unit 8, Planetary Industrial Estate, Planetary Road, Willenhall, West Midlands, WV13 3XA. The Joint Administrators can be reached at: Dean Anthony Nelson (IP No. 9443) Emily Louise Oliver (IP No. 30912) PKF SC Advisory Limited Prospect House 1 Prospect Place Derby, Derbyshire DE24 8HG For further details, contact: Kieran Marshall Tel: 01332 332021 Email: kieran.marshall@pkfsmithcooper.com KIT HOUSE: RSM UK Appointed as Joint Administrators --------------------------------------------------- Kit House Properties Limited was placed into administration in the High Court of Justice, Business and Property Courts In Manchester, Court Number CR-2026-MAN-0282. Gordon Thomson (IP No. 24974) and Christopher Ratten (IP No. 9338) of RSM UK Restructuring Advisory LLP were appointed as Joint Administrators on February 20, 2026. Kit House Properties Limited engaged in property development. The company's registered office and principal trading address is at 63 Hope Road, Sale, M33 3DU. The Joint Administrators can be reached at: Gordon Thomson (IP No. 24974) Christopher Ratten (IP No. 9338) RSM UK Restructuring Advisory LLP Landmark, St Peter’s Square 1 Oxford Street Manchester, M1 4PB Tel: 0161 830 4000 For further details, contact: Gordon Thomson Tel: 020 3201 8173 Christopher Ratten Tel: 0161 830 4000 MTE HEAT: RSM UK Appointed as Joint Administrators -------------------------------------------------- MTE Heat Treatment Limited was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number CR-2026-000141. Lee Van Lockwood (IP No. 13050) and Gareth Harris (IP No. 14412) of RSM UK Restructuring Advisory LLP were appointed as Joint Administrators on February 24, 2026. MTE Heat Treatment Limited engaged in the treatment and coating of metals. The company's registered office is at c/o RSM UK Restructuring Advisory LLP, Fifth Floor Central Square, 29 Wellington Street, Leeds, LS1 4DL. The company's principal trading address is at Spa Fields Industrial Estate, New Street, Slaithwaite, Huddersfield, HD7 5BB. The Joint Administrators can be reached at: Lee Van Lockwood (IP No. 13050) Gareth Harris (IP No. 14412) RSM UK Restructuring Advisory LLP Central Square, 5th Floor 29 Wellington Street Leeds, LS1 4DL For further details, contact: Sam Thompson Tel: 0113 285 5000 ORBITAL EXPRESS: FRP Advisory Appointed as Joint Administrators --------------------------------------------------------------- Orbital Express Launch Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001037. Chad Griffin (IP No. 9528), Geoffrey Paul Rowley (IP No. 8919) and Graham David Smith (IP No. 27710) of FRP Advisory Trading Limited were appointed as Joint Administrators on February 18, 2026. Orbital Express Launch Limited engaged in the manufacture of air and spacecraft and related machinery. The company's registered office is at 2nd Floor, 110 Cannon Street, London, EC4N 6EU. The company's principal trading address is at Orbex Forres, 6 Innovation Way, Forres Enterprise Park, Forres, IV36 2AB. The Joint Administrators can be reached at: Chad Griffin (IP No. 9528) Geoffrey Paul Rowley (IP No. 8919) Graham David Smith (IP No. 27710) FRP Advisory Trading Limited Apex 3, 95 Haymarket Terrace Edinburgh, EH12 5HD For further details, contact: Louis Childs Tel: +44 (0)330 055 5455 Email: cp.edinburgh@frpadvisory.com SOPHOS INTERMEDIATE II: Moody's Lowers CFR to B3, Outlook Stable ---------------------------------------------------------------- Moody's Ratings has downgraded the long-term corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD of Sophos Intermediate II Limited (Sophos or the company). Concurrently, Moody's downgraded to B3 from B2 the backed senior secured first-lien term loans and the backed senior secured first-lien revolving credit facility (RCF), all issued by Sophos Holdings, LLC. The outlook on both entities was revised to stable from negative. The downgrade of Sophos' CFR to B3 from B2 reflects the weaker-than-expected operating performance of the company over the past few quarters and heightened refinancing risks in light of the upcoming maturity of the group's $92.5 million backed senior secured first-lien revolving credit facility and $2.5 billion equivalent backed senior secured first-lien term loans due in December 2026 and March 2027, respectively. RATINGS RATIONALE In the first nine months of fiscal 2026, ending March 2026, Sophos reported a weaker-than-expected performance, mainly due to billings duration compression and timing delays caused by the company's switch to an annual recurring revenues (ARR)-driven model for the current fiscal year, with ARR up year-over-year despite the billings decline. In addition, lower-than-expected customer renewal rates have led to a reduction in Secureworks' ARR. As a result, even though the integration of Secureworks is on track and the planned synergies have been mostly realised, Moody's anticipates the group's Moody's-adjusted debt/cash EBITDA, after unrealised FX losses and other items the company deems exceptional, to increase towards 9x (7.3x on an accounting basis) in fiscal 2026 from 6.3x (7.8x on an accounting basis) in fiscal 2025. On the positive side, the group has recently initiated a cost optimisation strategy aimed at enhancing business efficiencies through increased use of AI. As a result, Moody's expects the company's EBITDA margin to improve by approximately 100 basis points over the next 12 months. Additionally, despite the subdued trading performance in recent quarters, Sophos has consistently maintained positive free cash flow (FCF) generation. Moody's anticipates that Moody's-adjusted free cash flow to debt will remain in the low-to-mid single-digit percentages over the next 12-18 months. Moody's forecasts assume that, despite the recent capital markets volatility, the company will be able to refinance its credit facilities with a moderate increase in its cost of debt. The B3 CFR continues to reflect Sophos' established position in the cybersecurity sector, which is supported by favourable industry fundamentals; its increased exposure to the fast growing managed detection and response (MDR) market; and the company's good revenue visibility, supported by subscription-based contracts. Conversely, the rating is constrained by: the group's aggressive financial policy, as illustrated by the tolerance for high Moody's-adjusted leverage and delay in refinancing the current bank credit facilities; the exposure to the competitive and fast changing cybersecurity market, which requires constant investments in R&D and marketing to enhance the product offering and the brand awareness across end-customers; and the weak liquidity in light of the upcoming debt maturities within the next 12 months. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS The rating action reflects corporate governance considerations associated with the company's financial strategy and risk management. Sophos' delay in refinancing its existing bank credit facilities within 12 months of these becoming due reflects the aggressive financial strategy and risk management policies of private equity owner, Thoma Bravo. LIQUIDITY Despite the company's high cash balance of nearly $300 million at the end of December 2025 and Moody's expectations of meaningful cash flow generation in the next 12-18 months, Sophos' liquidity is weak in light of its upcoming debt maturities, including the $92.5 million fully undrawn RCF due in December 2026 and the $2.5 billion equivalent term loans due in March 2027. The RCF has a springing first lien net leverage covenant set at 7.75x, which is tested when 35% or more of the facility is utilised. Should it be tested, Moody's estimates the capacity under the covenant to remain ample (December 2025: 4.4x). The first-lien term loan includes an amortisation mechanism of 1% per year. The current rating and outlook assume that the group's credit facilities will be refinanced by the end of June 2026. STRUCTURAL CONSIDERATIONS The B3-PD probability of default rating reflects Moody's assumptions of a 50% family recovery rate given the covenant-lite structure of the term loans. The B3 instrument ratings assigned to the backed senior secured first-lien term loans and the RCF are in line with the corporate family rating, reflecting the pari passu capital structure of the company. Moody's considers the security package as reasonably weak because security primarily consists of material assets of the company's US operations, as well as guarantees from material subsidiaries accounting for at least 80% of consolidated EBITDA. RATING OUTLOOK The stable outlook reflects Moody's views that Sophos will deliver EBITDA growth and positive free cash flow generation over the next 12-18 months. The stable outlook also incorporates Moody's expectations that the company will be able to refinance the upcoming debt maturities over the next few months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could develop should Sophos: -- demonstrate a consistent and sustainable improvement in the underlying operating performance; and -- improve Moody's-adjusted FCF/debt sustainably above 5%; and -- reduce Moody's-adjusted debt/EBITDA (on a cash EBITDA basis) well below 6.5x. Conversely, Sophos' ratings could be downgraded if: -- the company fails to refinance its debt maturities in the coming months; or -- the operating performance weakens significantly; or -- Moody's-adjusted FCF turns negative; or -- cash based Moody's-adjusted leverage fails to reduce from the current high levels or liquidity weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Software published in December 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 Abingdon-on-Thames, United Kingdom, Sophos is a global provider of endpoint, network, email and cloud security technologies as well as managed detection and response and incident response services. Primarily focused on the SME market, Sophos sells its products and services to approximately 590,000 organizations worldwide through its channel of more than 25,000 partners. The company is owned by private equity investor Thoma Bravo after the completion of a leveraged buy-out in March 2020. STANDBY HEALTHCARE: AMS Business Appointed as Joint Administrators ------------------------------------------------------------------ Standby Healthcare (North) Ltd was placed into administration in the High Court of Justice, Business and Property Court in Manchester, Company and Insolvency List, Court Number CR-2026-MAN-000309 of 2026. Gareth Howarth (IP No. 18816) and Philip Lawrence (IP No. 31970) of AMS Business Recovery were appointed as Joint Administrators on February 20, 2026. Standby Healthcare (North) Ltd engaged in healthcare services. The company's registered office and principal trading address is at 1 Maling Court, Union Street, Newcastle upon Tyne, Tyne and Wear, NE2 1BP. The Joint Administrators can be reached at: Gareth Howarth (IP No. 18816) Philip Lawrence (IP No. 31970) AMS Business Recovery 1 Hardman Street Manchester, M3 3HF For further details, contact: Daniel McNamee Tel: 0161 413 0999 Email: daniel.mcnamee@groupams.co.uk VMED O2 UK: Moody's Cuts CFR to 'B1', Outlook Negative ------------------------------------------------------ Moody's Ratings has downgraded VMED O2 UK Holdings Limited's (VMED O2 or the company) corporate family rating to B1 from Ba3 and probability of default rating to B1-PD from Ba3-PD. Concurrently, Moody's have downgraded the group's senior secured financing notes and senior unsecured notes to B3 from B2. Moody's have also affirmed the Ba3 instrument ratings on its senior secured bank credit facilities and senior secured notes. The outlook remains negative. "The downgrade with a negative outlook reflects Moody's expectations that VMED O2's EBITDA will deteriorate in 2026, with an uncertain recovery path thereafter, leading to Moody's-adjusted leverage no longer compatible with a Ba3 rating" says Luigi Bucci, a Moody's Ratings Vice President - Senior Analyst and lead analyst for VMED O2. "The announced transaction between nexfibre and the Substantial Group will increase structural complexity and Moody's do not expect the deal to lead to material deleveraging for VMED O2. However, the transaction could support consolidation in the altnets sector and, over time, contribute to market repair" adds Mr. Bucci. RATINGS RATIONALE The rating action is prompted by the company's ongoing deterioration in operating performance. While Moody's previously forecast company-adjusted EBITDA to be broadly stable in 2026, Moody's now expects VMED O2 to report a decline of around 3%-5% over the year. This decline will be driven by three factors: (1) sustained competitive pressures in the UK broadband market; (2) the rationalisation of the Daisy portfolio and continued weakness in the B2B market in spite of its improved position post M&A; and (3) higher wholesale fees to nexfibre. While Moody's forecasts EBITDA declines to ease in 2027, the overall trajectory remains uncertain. Moody's forecasts Moody's-adjusted leverage to rise further from already high levels, reaching around 5.8x-5.9x over 2026-2027, driven by EBITDA deterioration. Moody's-adjusted leverage was 5.6x in 2025 based on preliminary financial information, up from 5.5x in 2024, largely reflecting additional debt incurred for the Daisy acquisition, while EBITDA remained broadly unchanged over the year. Moody's are excluding the effects of the proposed nexfibre transaction from Moody's current forecasts because of the uncertain impact on VMED O2's credit metrics and the deal's dependence on regulatory approval. While VMED O2 expects to repay approximately GBP1 billion of debt as part of the deal, Moody's do not expect material deleveraging, as the transaction will likely be margin-dilutive owing to higher wholesale fees to nexfibre. Potential long-term benefits indicated by management are also excluded from Moody's forecasts. These include capex avoidance, cost savings associated to the switch-off of the copper network in the 4.6 million households involved and the master service agreement (MSA) with nexfibre. The transaction also adds structural complexity for VMED O2, given the interlinkages between the two entities, and is subject to execution risk. More positively, successful completion of the deal could contribute to market repair and consolidation in the UK altnets sector and support, over time, a gradual improvement in the pricing environment. VMED O2's B1 CFR positively reflects the company's: (1) large scale and its leading position in the UK telecom market; (2) potential revenue growth opportunities arising from the wholesale market and expansion of its footprint; and (3) good liquidity, supported by a large undrawn revolving credit facility (RCF), a long-dated maturity profile and positive cash flow before dividends. These credit strengths are offset by the company's: (1) high leverage, with a Moody's-adjusted debt/EBITDA ratio above 5.5x in 2025; (2) exposure to intense competition in the UK broadband and mobile markets; and (3) a continued commitment to dividend payments to shareholders Liberty Global Limited and Telefonica S.A. (Baa3 stable). ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Corporate governance considerations associated with the company's financial strategy and risk management were key drivers of the ratings action. VMED O2's CIS-4 indicates that ESG considerations are material for the rating. This mainly reflects high governance risks stemming from the company's concentrated shareholding structure through the 50-50 joint venture between Liberty Global and Telefónica, as well as the company's structural complexity and tolerance for leverage. Social risks mainly reflect the company's industry-wide exposure to data privacy and security risks. LIQUIDITY The group has good liquidity, supported by a large GBP1.4 billion-equivalent RCF (currently undrawn), GBP547 million of cash and cash equivalents as of December 2025 and Moody's expectations of broadly flat free cash flow post dividends. VMED O2's maturity profile is long dated with no significant maturity before 2029. Debt maturities are typically managed proactively and refinanced well ahead of their tenor expiry. STRUCTURAL CONSIDERATIONS VMED O2's PDR of B1-PD is at the same level as the company's CFR, reflecting the expected recovery rate of 50%, which Moody's typically assume for a capital structure that consists of a mix of bank credit facilities and bond debt. The Ba3 rating of the group's senior secured notes and credit facilities, which rank pari passu, is one notch higher than the VMED O2's B1 CFR. The senior secured debt benefits from the substantial buffer provided by the vendor financing notes and senior unsecured notes, both rated B3, which rank behind this debt. The B3 rating on the vendor financing notes reflects their junior position in the capital structure relative to the large amount of senior secured debt and the buffer provided by the senior unsecured notes, rated B3, which are junior, reflecting their deep structural subordination. RATIONALE FOR NEGATIVE OUTLOOK The negative outlook reflects the weak rating positioning and Moody's expectations that revenue and EBITDA will remain under pressure through 2027, keeping Moody's-adjusted leverage at slightly below 6x. The negative outlook assumes no material deterioration in credit metrics arising from the proposed nexfibre/Substantial Group transaction. The outlook could be revised to stable following a meaningful easing in the competitive environment that would lead us to expect a sustained improvement in operating performance and leverage. Similarly, Moody's could also revise the outlook to stable if the benefits of the proposed transaction prove more positive than currently expected. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook indicates that a ratings upgrade is unlikely over the next 12-18 months. However, VMED O2's ratings could be upgraded if the company: (1) delivers good operating performance and sustained revenue growth; (2) reduces Moody's-adjusted debt/EBITDA towards 5x on a sustained basis; and (3) maintains a conservative financial policy. The ratings could be downgraded if Moody's were to expect: (1) a steeper and/or longer than expected weakening in operating performance because of intense market competition; (2) Moody's-adjusted leverage to rise above 6x on a sustained basis; (3) a deterioration in liquidity; or (4) structural complexity increases further. Moody's leverage threshold guidance for an upgrade to Ba3 is 5x, which is 0.25x more demanding than the previous downgrade threshold to B1 and reflects Moody's assessments of the company's higher business risk and increasing structural complexity. LIST OF AFFECTED RATINGS Issuer: VMED O2 UK Holdings Limited Downgrades: Probability of Default Rating, Downgraded to B1-PD from Ba3-PD LT Corporate Family Ratings (Foreign Currency), Downgraded to B1 from Ba3 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media Bristol LLC Affirmations: Senior Secured Bank Credit Facility (Local Currency), Affirmed Ba3 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media Finance PLC Downgrades: Senior Unsecured (Foreign Currency), Downgraded to B3 from B2 Backed Senior Unsecured (Foreign Currency), Downgraded to B3 from B2 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media Investment Holdings Ltd Affirmations: Backed Senior Secured Bank Credit Facility (Local Currency), Affirmed Ba3 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media O2 Vendor Financing Notes V DAC Downgrades: Backed Senior Secured (Foreign Currency), Downgraded to B3 from B2 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media O2 Vendor Financing Notes VI DAC Downgrades: Backed Senior Secured (Foreign Currency), Downgraded to B3 from B2 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media O2 VFN VII DAC Downgrades: Backed Senior Secured (Local Currency), Downgraded to B3 from B2 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media O2 VFN VIII DAC Downgrades: Backed Senior Secured (Foreign Currency), Downgraded to B3 from B2 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media Secured Finance PLC Affirmations: Backed Senior Secured (Local Currency), Affirmed Ba3 Backed Senior Secured (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Remains Negative Issuer: Virgin Media SFA Finance Limited Affirmations: Senior Secured Bank Credit Facility (Local Currency), Affirmed Ba3 Outlook Actions: Outlook, Remains Negative Issuer: VMED O2 UK Holdco 4 Limited Affirmations: Senior Secured Bank Credit Facility (Local Currency), Affirmed Ba3 Senior Secured Bank Credit Facility (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Remains Negative Issuer: VMED O2 UK Financing I plc Affirmations: Senior Secured (Foreign Currency), Affirmed Ba3 Backed Senior Secured (Local Currency), Affirmed Ba3 Backed Senior Secured (Foreign Currency), Affirmed Ba3 Outlook Actions: Outlook, Remains Negative PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Telecommunications Service Providers published in December 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 VMED O2 UK Holdings Limited is a leading telecom operator in the UK that provides fixed broadband, fixed telephony, mobile and pay-TV services. The company is a 50:50 joint venture owned by Liberty Global and Telefónica, which merged their UK fixed (Virgin Media) and mobile (O2) networks to create a fully converged operator. Over 2025, VMED O2 generated revenue and company-adjusted EBITDA of GBP10.1 billion and GBP3.9 billion, respectively. =============== X X X X X X X X =============== [] Fitch Affirms Ratings on Eight Emerging Markets Networks ----------------------------------------------------------- Fitch Ratings has affirmed eight EMEA emerging markets networks' ratings: 1. Southern Gas Corridor Closed Joint-Stock Company 2. Kazakhstan Electricity Grid Operating Company (KEGOC) 3. Namibia Water Corporation Limited 4. GDZ Elektrik Dagitim Anonim Sirketi 5. Nama Electricity Distribution Company SAOC 6. Oman Electricity Transmission Company SAOC 7. Regional Electrical Power Networks JSC 8. Private Joint Stock Company National Power Company Ukrenergo 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): Southern Gas Corridor Closed Joint-Stock Company - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (bbb, Lower), Financial Structure (a+, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in an adjustment of -1 notch(es). - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a(n) equalised - single factor approach. Kazakhstan Electricity Grid Operating Company (KEGOC) - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (a, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb+, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (bbb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a(n) bottom-up +1 approach. Namibia Water Corporation Limited - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Higher), Market and Competitive Positioning (a-, Lower), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (b+, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% for the forecast year 2025, 30% for the forecast year 2026, 30% 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 'b' results in an adjustment of -1 notch(es). - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a(n) equalised approach. GDZ Elektrik Dagitim Anonim Sirketi - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bbb, Lower), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (bb-, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (bb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb-' results in no adjustment. - The calibration adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. Nama Electricity Distribution Company SAOC - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (a, Lower), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb, Moderate), 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a(n) bottom-up +1 approach. Oman Electricity Transmission Company SAOC - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (a, Lower), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the 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+'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a(n) standalone approach. Regional Electrical Power Networks JSC - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (ccc+, Higher), Market and Competitive Positioning (bbb, Lower), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (b, Moderate), Financial Structure (ccc-, Moderate), and Financial Flexibility (ccc, 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'b' results in no adjustment. - The SCP is 'ccc'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a(n) equalised - single factor approach. Private Joint Stock Company National Power Company Ukrenergo - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (b, Moderate), Market and Competitive Positioning (bbb, Lower), Diversification and Asset Quality (b-, Moderate), Company Operational Characteristics (ccc+, Moderate), Profitability (ccc, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (ccc-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 33% weight for the forecast year 2025, 33% for the forecast year 2026 and 34% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in an adjustment of -2 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'ccc' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -2 notch(es). - The SCP is 'rd'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a(n) standalone approach. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Oryx Funding Limited senior unsecured LT BB+ Affirmed RR4 BB+ Nama Electricity Distribution Company SAOC LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- GDZ Elektrik Dagitim Anonim Sirketi LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Oman Electricity Transmission Company SAOC LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Southern Gas Corridor Closed JSC LT IDR BBB- Affirmed BBB- Namibia Water Corporation Limited LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Natl LT AA+(zaf) Affirmed AA+(zaf) Natl ST F1+(zaf) Affirmed F1+(zaf) Kazakhstan Electricity Grid Operating Company (KEGOC) LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 LC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Mazoon Assets Company SAOC senior unsecured LT BBB- Affirmed BBB- Regional Electrical Power Networks JSC LT IDR BB Affirmed BB Al Jawaher Assets Company SPC senior unsecured LT BB+ Affirmed RR4 BB+ OmGrid Funding Limited senior unsecured LT BB+ Affirmed RR4 BB+ PJS Company National Power Company Ukrenergo LT IDR RD Affirmed RD senior unsecured LT C Affirmed RR5 C ********* 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. 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