260318.mbx

260318.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, March 18, 2026, Vol. 27, No. 55 Headlines A U S T R I A AMS-OSRAM AG: Moody's Affirms 'B3' CFR, Alters Outlook to Positive F R A N C E VERALLIA: S&P Downgrades ICR to 'BB+' On Weak Credit Metrics G E O R G I A BANK OF GEORGIA: Moody's Affirms Ba2 LT Deposit Rating, Outlook Neg LIBERTY BANK: Moody's Affirms Ba3 LT Deposit Rating, Outlook Neg. TBC BANK: Moody's Affirms 'Ba2' LT Deposit Rating, Outlook Neg. I R E L A N D BBAM EUROPEAN I: S&P Assigns B- (sf) Rating to Class F-R-R Notes BLACKROCK EUROPEAN III: Moody's Cuts Rating on F-R Notes to Caa1 HARVEST CLO XXIV: Moody's Affirms B3 Rating on EUR11.4MM F Notes HENLEY CLO IV: S&P Assigns B- (sf) Rating to Class F-R Notes PALMER SQUARE 2022-1: S&P Assigns B- (sf) Rating to Cl. F-R Notes L U X E M B O U R G ARVOS HOLDCO: S&P Raises ICR to 'CCC', Outlook Negative M A C E D O N I A SKOPJE: S&P Suspends 'B+' LT Issuer Credit Rating N E T H E R L A N D S MEDIAN BV: Moody's Affirms 'B3' CFR, Outlook Remains Stable STELLANTIS NV: Moody's Rates New Subordinated Perpetual Notes 'Ba2' U N I T E D K I N G D O M EARTH (EHL): BTG Begbies Appointed as Administrators HAY HILL: Quantuma Appointed as Administrators HEDLEY STUDIOS: Interpath Appointed as Joint Administrators JUPITER BRIDGING II: BTG Begbies Appointed as Administrators JUPITER BRIDGING III: BTG Begbies Appointed as Administrators MARKET FINANCIAL CAPITAL: BTG Begbies Appointed as Administrators MONTGOMERY SQUARE 1: Moody's Assigns (P)B2 Rating to Class F Notes SMARTBOX.AI: KRE Corporate Appointed as Administrators SWIFT AND WHITMORE: KR8 Advisory Appointed as Administrators WCM EUROPE: Interpath Advisory Appointed as Joint Administrators WILSHIRE OPCO: FRP Advisory Appointed as Joint Administrators WISE EMPLOYMENT: Insolvency Company Appointed as Administrators - - - - - ============= A U S T R I A ============= AMS-OSRAM AG: Moody's Affirms 'B3' CFR, Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings affirmed ams-OSRAM AG's (ams-OSRAM or the company) B3 long-term corporate family rating and B3-PD probability of default rating. Concurrently, Moody's affirmed the B3 instrument ratings of the backed senior unsecured bonds issued by ams-OSRAM. The outlook changed to positive from stable. RATINGS RATIONALE The outlook change reflects the potential for strengthening credit quality over the next 18–24 months, supported by disposal proceeds and available excess cash which Moody's expects will be applied to near-term debt maturities, and the benefits of ongoing restructuring measures aimed at improving the cost base and operating efficiency. ams-OSRAM announced disposals totaling at least EUR670 million in 2026, alongside a EUR400 million liquidity release from changes to pension arrangements. These actions materially strengthen liquidity and provide capacity to address sizeable upcoming maturities. The company announced the sale of its non-optical analog and mixed-signal sensor business to Infineon Technologies AG for EUR570 million, expected to close in Q2 2026, subject to regulatory approvals. This business generates around EUR220 million of revenue and EUR60 million of adjusted EBITDA (margin of around 27%), implying a valuation of around 10x EV/EBITDA, supportive of deleveraging upon completion. ams-OSRAM maintains sizable revenue scale and business diversification post disposal. The EUR114 million disposal of the Entertainment and Industry Lamps business to Ushio Inc., completed on March 02, 2026, further streamlines the portfolio. The positive outlook incorporates Moody's expectations that approximately EUR75 million EBITDA loss due to disposals will be broadly offset by improving operating performance by 2027 as cost-savings measures begin to take effect. Moody's expects cost-saving measures totaling EUR200 million, although with related implementation costs in 2026 and in 2027, will deliver meaningful benefits from 2027, supporting margin recovery. A full repayment of the 2027 convertible bonds using cash on hand (EUR1.5 billion) and disposal proceeds (EUR670 million), together with the potential exercise of the put option (EUR505 million), would reduce Moody's-adjusted gross debt to around EUR3.0 billion by year-end 2027 (from EUR4.2 billion 2025 year-end). This includes EUR1.9 billion of financial debt (primarily the 2029 backed senior unsecured notes and other bank debt of EUR167 million), EUR513 million of pension adjustments, EUR440 million in Malaysia sale-and-leaseback obligations, and EUR180 million of other leases. As a result, Moody's expects Moody's-adjusted gross leverage to decline to around 6.0x in 2027. Moody's do not factor the potential transfer of the Malaysia sale-and-leaseback assets to a new lessee; such a transaction could reduce Moody's-adjusted gross leverage by around 0.9x and generate approximately EUR30 million in annual free cash flow savings. The affirmation of B3 ratings reflects high leverage (9.0x at year end 2025 based on preliminary unaudited results, or 5.8x on a net debt basis) and still weak free cash flow generation with forecast negative FCF in 2026 (Moody's adjusted FCF/Debt of 1% in 2025) and the company's exposure to cyclical end markets, including automotive, industrial and consumer electronics. Moody's expects earnings will be under pressure and FCF will be negative in 2026, given reduced EBITDA from disposal, sensitivity to gold prices and high interest burden. Management highlighted that the sharp rise in gold prices is expected to weigh on profitability in 2026, with an anticipated EUR60 million year-on-year EBITDA/COGS impact at an assumed gold price of around USD5,000 per ounce. Around 50% of the company's gold exposure for 2026 is hedged, and the company is implementing mitigation measures such as product redesign initiatives intended to reduce precious-metal content over time. Governance considerations are a key driver of the positive rating action. Announced disposal transactions have the potential to support deleveraging, subject to timely execution and application of proceeds. POSITIVE OUTLOOK The positive outlook reflects the company's improved liquidity and Moody's expectations that planned disposals will support deleveraging and an improvement in operating performance over the next 18–24 months, while potential refinancing at a lower cost of debt could further strengthen its credit quality over time. LIQUIDITY ams-OSRAM's liquidity is good, with about EUR1.5 billion of cash as of year-end 2025. The announced disposal proceeds of EUR670 million if executed as planned in Q2-26 increase available resources that the company will allocate primarily to debt reduction and upcoming obligations, which include EUR505 million to settle the OSRAM minority put option and roughly EUR760 million for the convertible bond due in November 2027, of which it already repurchased around EUR200 million at the beginning of 2026. The combination of cash on hand and identified sources provides a substantial buffer to meet near-term debt maturities and expected negative free cash flow of around EUR200 million 2026. Furthermore, ams-OSRAM has access to EUR800 million RCF maturing in September 2027 (reducing to EUR600 million upon disposal), which Moody's expects the company will extend in a timely manner. Moody's expects sufficient headroom under covenants over next 12-18 months. ams-OSRAM covenant net leverage ratio stood at 2.5x as of year-end 2025, compared to test level of 4.0x. Pro forma disposals, net leverage ratio improves to 1.6x in 2025. In the event of full put option exercise in (adding approximately 0.9x to leverage), Moody's expects the company to maintain sufficient headroom. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the rating may develop over time if ams-OSRAM demonstrates sustained improvement in underlying revenue and growing EBITDA, while refinancing at lower cost of debt, leading to improvement in credit metrics, such as: (1) Moody's adjusted (EBITDA -capex)/ interest sustainably above 1.5x, (2) Moody's adjusted Debt/EBITDA below 6.0x on a sustained basis, (3) sustainably positive Moody's adjusted FCF, and (4) adequate liquidity. A significant downward adjustment to Moody's macroeconomic forecast could result in the outlook reverting to stable. Downward pressure on the ratings could develop if FCF turns negative on sustained basis, Moody's adjusted (EBITDA-capex)/ Interest is below 1.0x or if liquidity weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Semiconductors published in October 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 ams-OSRAM AG is an Austria-based producer of high-performance emitters and optical solutions serving the automotive and industrial end markets, sensor solutions serving consumer electronics, as well as automotive-focused lighting solutions. In 2025, the company generated around EUR3.4 billion of revenue and approximately EUR600 million of company-adjusted EBITDA. ams-OSRAM is listed on the SIX Swiss Exchange and had a market capitalization of roughly EUR840 million as of March 09, 2026. =========== F R A N C E =========== VERALLIA: S&P Downgrades ICR to 'BB+' On Weak Credit Metrics ------------------------------------------------------------ S&P Global Ratings lowered its long-term issuer credit rating on glass packaging maker Verallia to 'BB+' from 'BBB-'. S&P also lowered its issue rating on the unsecured notes to 'BB+' from 'BBB-' and assigned these notes a recovery rating of '3'. The '3' recovery rating indicates its expectation of meaningful recovery prospects (50%-70%; rounded estimate: 65%) in the event of default. S&P said, "The stable outlook reflects our view of comfortable rating headroom, despite ongoing market softness, supported by the company's cost-saving initiatives and supportive financial policy. We anticipate EBITDA margin at around 20%, funds from operations (FFO) to debt of 20%-30%, and adjusted debt to EBITDA of 3.0x-4.0x. "We believe that glass packaging maker Verallia will continue to be affected by subdued demand in 2026, despite footprint rationalization initiatives. "Cash flow generation should remain solid on the back of a material reduction in dividend payments, but we now anticipate S&P Global Ratings-adjusted EBITDA of EUR650 million-EUR700 million in 2026. "We forecast S&P Global Ratings-adjusted leverage of 3.5x in 2026, down from 4.0x in 2025, which we no longer view as commensurate with an investment-grade rating, given it exceeds 3.0x." The downgrade reflects a more prolonged market downturn than previously anticipated. In 2025, Verallia posted an S&P Global Ratings-adjusted EBITDA of EUR658 million, down 20% from 2024. The decline in profitability reflects lower utilization rates in Europe, where demand remains subdued. The picture is more nuanced in Latin America, which saw volume growth but negative currency movements in Brazil and Argentina. The company's results were also adversely affected by a higher share of lower-margin products. S&P said, "The decline in volumes in 2025 was much stronger than anticipated, resulting in credit metrics well below our rating thresholds. S&P Global Ratings-adjusted leverage was 4.0x (versus our downside trigger of 3.0x) and FFO to debt 20% (versus a rating threshold of 30%). We now forecast leverage of 3.0x-4.0x and FFO to debt of 20%-30% for 2026-2027. We revised our financial risk profile assessment to significant from intermediate." S&P said, "We believe that headwinds will continue to weigh on the company's near-term performance. In 2026 we anticipate adjusted EBITDA will remain around EUR700 million, as the European glass packaging industry is likely to remain oversupplied, despite ongoing capacity reductions. The cyclical downturn in demand is compounded by a waning preference for wine and beer from younger, more health-conscious generations. The decline is less pronounced in the food and soft drink segments, which only account for about 30% of overall revenue. "Our rating also reflects the credit supportive measures adopted by the company and its shareholders. In 2026 BWGI (Verallia's main shareholder with around 77% of shares), and Bpifrance (3% shares) opted to receive their dividends in shares, instead of cash, to support the balance sheet. Dividend payments will therefore effectively be capped at EUR20 million in 2026, depending on whether minority shareholders choose to receive their dividends in shares or cash. The group is also implementing various cost-reduction and footprint-rationalization initiatives. In 2026 Verallia will close a site in Essen, Germany, and shut down end-of-life furnaces in Châteaubernard, France and Knottingley, U.K. Although credit metrics continue to be largely undermined by the weak market conditions, we view these shareholder-led and management-led measures as credit supportive. "The stable outlook reflects our view of comfortable rating headroom, despite ongoing market softness, supported by the company's cost-saving initiatives, and supportive financial policy. We anticipate EBITDA margins of about 20%, FFO to debt of 20%-30%, and debt to EBITDA of 3.0x-4.0x in 2026. "We could see rating pressure in the coming 12 months if we anticipate FFO to debt could fall below 20%, or debt to EBITDA exceed 4.0x over the cycle. This could be driven by sustained weaker profitability or challenging market conditions, or by a substantial change in financial policies resulting in much higher-than-anticipated shareholder payouts, capital expenditure (capex), or debt-financed acquisitions. "We would see rating upside if Verallia's performance improved and S&P Global Ratings-adjusted debt to EBITDA improved to below 3.0x and FFO to debt exceeded 30%, on a sustained basis. This would likely entail more supportive financial policies alongside improved demand conditions." ============= G E O R G I A ============= BANK OF GEORGIA: Moody's Affirms Ba2 LT Deposit Rating, Outlook Neg ------------------------------------------------------------------- Moody's Ratings has affirmed JSC Bank of Georgia's (BoG) Ba2/NP long- and short-term bank deposit ratings and Ba2 local-currency senior unsecured rating. The outlook on the bank's long-term deposit and senior unsecured ratings remains negative. At the same time, Moody's also affirmed BoG's ba2 Baseline Credit Assessment (BCA) and Adjusted BCA, its B2(hyb) foreign-currency preferred stock non-cumulative rating, its long- and short-term Ba1/NP Counterparty Risk Ratings and the long- and short-term Ba1(cr)/NP(cr) Counterparty Risk Assessments. RATINGS RATIONALE RATINGS AFFIRMATION The affirmation of BoG's Ba2 long-term deposit ratings and ba2 standalone BCA reflects the bank's sustained financial performance and particularly its strong profitability with a 4.1% return on average assets (RoA) in 2025, driven by its entrenched domestic market position, and solid capitalisation with a Common Equity Tier 1 (CET1) ratio of 17.6% as of end-2025. These strengths are counterbalanced by elevated asset risks from the bank's considerable foreign currency lending along with high credit growth, at the same time, high deposit dollarisation and some reliance on non-resident deposits further constrain the bank's funding profile, although mitigated by good liquidity. The Liquidity Coverage Ratio (LCR) calculated according to the Basel approach averaged 254% in Q4 2025, while the bank's LCR calculated in accordance with the National Bank of Georgia approach averaged 135% during the same period. Moody's continues to assume a high likelihood of government support for BoG, in case of need, given its significant systemic importance as the largest bank in the country by assets, but this does not result in rating uplift because the ba2 Adjusted BCA is in line with the Ba2 sovereign rating. NEGATIVE OUTLOOK The negative outlook on the bank's long-term deposit and senior unsecured ratings is driven by the negative outlook on the sovereign rating. In case of a downgrade of the Government of Georgia's rating, BoG's BCA would likely be downgraded driving a downgrade of its long-term deposit rating because the bank operates predominantly in Georgia and its standalone creditworthiness is interlinked with that of the sovereign. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the BoG's ratings is unlikely given the negative outlook on the long-term deposit and senior unsecured ratings. However, the outlook may change back to stable if the outlook on the sovereign rating changes to stable. The bank's ratings could be downgraded in case the Government of Georgia's rating is downgraded. Ratings could also be downgraded if operating conditions weaken, as reflected in the country's Macro Profile, or if the bank's solvency and liquidity deteriorate materially. This could result from a sharp rise in problem loans, significant capital outflows and a material increase in deposit dollarisation, and/or a large depreciation of the Georgian lari. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 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. LIBERTY BANK: Moody's Affirms Ba3 LT Deposit Rating, Outlook Neg. ----------------------------------------------------------------- Moody's Ratings has affirmed Liberty Bank JSC's (Liberty Bank) Ba3/NP long- and short-term bank deposit ratings. The outlook on the bank's long-term deposit ratings remains negative. At the same time, Moody's also affirmed Liberty Bank's b1 Baseline Credit Assessment (BCA) and Adjusted BCA, its long- and short-term Ba2/NP Counterparty Risk Ratings and the long- and short-term Ba2(cr)/NP(cr) Counterparty Risk Assessments. RATINGS RATIONALE RATINGS AFFIRMATION The affirmation of Liberty Bank's Ba3 long-term deposit ratings and b1 standalone BCA reflects the bank's stable financial performance driven by good profitability, with a return on average assets of 2.3% for 2025 although constrained by a still-high operating cost base, a more diversified business profile over time, a relatively stable funding structure mostly from retail deposits and substantial liquidity. The Liquidity Coverage Ratio (LCR) calculated according to the Basel approach was 357% in Q4 2025; the bank is regulated against the National Bank of Georgia LCR which was 142% for the same period. Capital is increasing in line with higher requirements, and the bank reported a Common Equity Tier 1 (CET1) ratio of 14.2% as of end-2025. These strengths are counterbalanced by high asset risks from a large consumer and micro lending portfolio, rapid credit growth that drives unseasoned risk particularly given Georgia's developing economy, and some exposure to currency-induced credit risk. Moody's also sees funding risks from a moderate level of deposits denominated in foreign currency, although this is below the system average and the bank's more limited market access compared to larger peers. The Ba3 long-term deposit ratings continue to incorporate a one notch of rating uplift from Moody's assumptions of a moderate likelihood of government support in case of need given Liberty Bank's role in distributing state pensions and welfare payments in the country and its market position as the third-largest bank in Georgia. NEGATIVE OUTLOOK The negative outlook on the bank's long-term deposit ratings is driven by the negative outlook on the sovereign rating. A downgrade of the Government of Georgia's rating would indicate a deterioration in its capacity to provide support in case of need and may reduce the government support uplift incorporated in Liberty Bank's ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the Liberty Bank's ratings is unlikely given the negative outlook on the long-term deposit ratings. However, the outlook may change back to stable if the outlook on the sovereign rating changes to stable. The bank's ratings could be downgraded in case the Government of Georgia's rating is downgraded. Liberty Bank's ratings could also be downgraded if operating conditions weaken, as reflected in the country's Macro Profile, or if the bank's solvency and liquidity deteriorate materially. This could result from an erosion in profitability, or a sharp rise in problem loans, significant capital outflows and a material increase in deposit dollarisation, and/or a large depreciation of the Georgian lari. There could also be pressure on the bank's ratings if capital adequacy does not increase in line with higher capital requirements. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Liberty Bank's "Assigned BCA" of b1 is set two notches below the "Financial Profile" initial score of ba2 to reflect the bank's elevated asset from risk sector concentrations, unseasoned risk and moderate exposure to currency-induced credit risk. TBC BANK: Moody's Affirms 'Ba2' LT Deposit Rating, Outlook Neg. --------------------------------------------------------------- Moody's Ratings has affirmed JSC TBC Bank's (TBC Bank) Ba2/NP long- and short-term bank deposit ratings. The outlook on the bank's long-term deposit ratings remains negative. At the same time, Moody's also affirmed TBC Bank's ba2 Baseline Credit Assessment (BCA) and Adjusted BCA, its B2(hyb) foreign-currency preferred stock non-cumulative rating, its long- and short-term Ba1/NP Counterparty Risk Ratings and the long- and short-term Ba1(cr)/NP(cr) Counterparty Risk Assessments. Concurrently Moody's affirmed TBC Bank Group PLC's (TBC PLC), TBC Bank's UK holding company's, long- and short-term Ba3/NP issuer ratings. The outlook on the long-term issuer ratings is negative. RATINGS RATIONALE RATINGS AFFIRMATION The affirmation of TBC Bank's Ba2 long-term deposit ratings and ba2 standalone BCA reflects the bank's sustained financial performance and specifically its strong profitability with a 3.4% return on average assets (RoA), underpinned by its dominant market position, and strong capitalisation with a Common Equity Tier 1 (CET1) ratio of 16.6% as of end-2025. These strengths are counterbalanced by elevated asset risks from lending in foreign currency coupled with rapid credit growth, while a high level of deposit dollarisation and moderate reliance on non-resident deposits constrain the bank's funding structure, although mitigated by good liquidity. The Liquidity Coverage Ratio (LCR) calculated according to the Basel approach was 242% in Q4 2025; the bank is regulated against the National Bank of Georgia LCR which was 125% for the same period. Moody's continues to assume a high likelihood of government support for TBC Bank, in case of need, given its significant systemic importance as one of the two largest banks in the country, but this does not result in rating uplift because the ba2 Adjusted BCA is in line with the Ba2 sovereign rating. The affirmation of TBC PLC's Ba3 long-term issuer ratings is driven by the affirmation of TBC Bank's BCA given that the bank makes up the bulk of TBC PLC's assets and revenues and their financial metrics are broadly similar. Moody's positions TBC PLC's issuer rating one notch lower than TBC Bank ba2 Adjusted BCA because of the structural subordination of TBC PLC's senior unsecured creditors to those of TBC Bank and limited double leverage. NEGATIVE OUTLOOK The negative outlook on the TBC Bank's Ba2 long-term deposit ratings and TBC PLC's Ba3 long-term issuer ratings is driven by the negative outlook on the sovereign rating. In case of a downgrade of the Government of Georgia's rating, TBC Bank's BCA would likely be downgraded driving a downgrade of the long-term ratings because the bank operates predominantly in Georgia and its standalone creditworthiness is interlinked with that of the sovereign. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of TBC Bank's and TBC PLC's ratings is unlikely given the negative outlook on the respective long-term deposit and issuer ratings. However, the outlook may change back to stable if the outlook on the sovereign rating changes to stable. The bank's and the group's ratings could be downgraded in case the Government of Georgia's rating is downgraded. Ratings could also be downgraded if operating conditions weaken, as reflected in the country's Macro Profile, or if the bank's solvency and liquidity deteriorate materially. This could result from a sharp rise in problem loans, significant capital outflows and a material increase in deposit dollarisation, and/or a large depreciation of the Georgian lari. TBC PLC's ratings could additionally be downgraded if its double leverage increases beyond 115% leading us to consider a further downward notch to holding company obligations, or in case operations outside of Georgia become a more significant part of the group's assets and revenues, increase risk and lead to a deterioration in the consolidated creditworthiness of the holding company, particularly if not compensated by enhanced buffers. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 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. ============= I R E L A N D ============= BBAM EUROPEAN I: S&P Assigns B- (sf) Rating to Class F-R-R Notes ---------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to BBAM European CLO I DAC's class A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes. At closing, the issuer had EUR31.50 million subordinated notes outstanding from the existing transaction and also issued EUR16.80 million of additional subordinated notes. This transaction is a reset of the already existing transaction. The issuance proceeds of the refinancing debt will be used to redeem the refinanced debt, and to pay fees and expenses incurred in connection with the reset. S&P withdrew its ratings on the original notes. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which is in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,711.06 Default rate dispersion 585.51 Weighted-average life (years) 4.24 Weighted-average life extended to cover the length of the reinvestment period (years) 4.51 Obligor diversity measure 142.73 Industry diversity measure 23.26 Regional diversity measure 1.28 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.58 Target 'AAA' weighted-average recovery (%) 35.41 Target weighted-average spread (%) 3.55 Target weighted-average coupon (%) 3.43 Rating rationale Under the transaction documents, the rated notes pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semi-annual payments. The portfolio's reinvestment period will end approximately 4.51 years after closing. S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio primarily comprises broadly syndicated speculative-grade senior secured term loans and 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 used the EUR400 million target par amount, the covenanted weighted-average spread of 3.48%, the target weighted-average coupon of 3.43%, and the target weighted-average recovery rates calculated in line with our CLO criteria for 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 Sept. 13, 2030, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes. This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating-- and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R-R to E-R-R notes could withstand stresses commensurate with higher rating levels than those assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings." The class A-R-R notes can withstand stresses commensurate with the assigned ratings. S&P said, "For the class F-R-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F-R-R notes reflects several key factors, including: -- Their available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate (BDR) at the 'B-' rating level of 23.40% (for a portfolio with a weighted-average life of 4.51 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.51 years, which would result in a target default rate of 14.4%." -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider the available credit enhancement for the class F-R-R notes to be commensurate with the assigned 'B- (sf)' rating. "Considering the above factors and following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R-R to E-R-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." The transaction securitizes a portfolio of primarily senior-secured leveraged loans and bonds and is managed by RBC Global Asset Management (UK) Limited. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-R-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.24% B-R-R AA (sf) 45.00 26.75 Three/six-month EURIBOR plus 1.80% C-R-R A (sf) 23.00 21.00 Three/six-month EURIBOR plus 2.30% D-R-R BBB- (sf) 28.00 14.00 Three/six-month EURIBOR plus 3.10% E-R-R BB- (sf) 17.00 9.75 Three/six-month EURIBOR plus 5.40% F-R-R B- (sf) 13.00 6.50 Three/six-month EURIBOR plus 8.64% Sub. Notes NR 31.50 N/A N/A Additional sub. Notes NR 16.80 N/A N/A *The ratings assigned to the class A-R-R, and B-R-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R-R, D-R-R, E-R-R, and F-R-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. Sub. Notes--Subordinated notes. NR--Not rated. N/A--Not applicable. BLACKROCK EUROPEAN III: Moody's Cuts Rating on F-R Notes to Caa1 ---------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by BlackRock European CLO III Designated Activity Company: EUR36,000,000 Class B-R Senior Secured Floating Rate Notes due 2035, Upgraded to Aa1 (sf); previously on Jun 15, 2021 Definitive Rating Assigned Aa2 (sf) EUR25,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2035, Upgraded to A1 (sf); previously on Jun 15, 2021 Definitive Rating Assigned A2 (sf) EUR12,000,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2035, Downgraded to Caa1 (sf); previously on Jun 15, 2021 Definitive Rating Assigned B3 (sf) Moody's have also affirmed the ratings on the following notes: EUR248,000,000 Class A-R Senior Secured Floating Rate Notes due 2035, Affirmed Aaa (sf); previously on Jun 15, 2021 Definitive Rating Assigned Aaa (sf) EUR29,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Baa3 (sf); previously on Jun 15, 2021 Definitive Rating Assigned Baa3 (sf) EUR22,500,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Ba3 (sf); previously on Jun 15, 2021 Definitive Rating Assigned Ba3 (sf) BlackRock European CLO III Designated Activity Company, originally issued in June 2017 and reset in June 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Blackrock Investment Management (UK) Limited. The transaction's reinvestment period ended in January 2026. RATINGS RATIONALE The rating upgrades on the Class B-R and Class C-R notes are primarily a result of the transaction having reached the end of the reinvestment period in January 2026. The downgrade on the rating on the Class F-R notes is primarily a result of the deterioration in over-collateralization ratios since the payment date in January 2025. The affirmations on the ratings on the Class A-R, Class D-R and Class E-R 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 over-collateralisation ratios of the Class F notes have deteriorated in the past 12 months. According to the trustee report dated February 2026[1], the Class F OC ratio is reported at 104.16% compared to February 2025[2] levels of 105.16%. 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: EUR386.8m Defaulted Securities: EUR3.0m Diversity Score: 57 Weighted Average Rating Factor (WARF): 2922 Weighted Average Life (WAL): 4.0 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.59% Weighted Average Coupon (WAC): 3.11% Weighted Average Recovery Rate (WARR): 43.17% 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. -- 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. HARVEST CLO XXIV: Moody's Affirms B3 Rating on EUR11.4MM F Notes ---------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Harvest CLO XXIV Designated Activity Company: EUR23,000,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Aug 20, 2021 Definitive Rating Assigned Aa2 (sf) EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Aug 20, 2021 Definitive Rating Assigned Aa2 (sf) EUR25,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Aug 20, 2021 Definitive Rating Assigned A2 (sf) Moody's have also affirmed the ratings on the following notes: EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Aug 20, 2021 Definitive Rating Assigned Aaa (sf) EUR26,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Aug 20, 2021 Definitive Rating Assigned Baa3 (sf) EUR23,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Aug 20, 2021 Definitive Rating Assigned Ba3 (sf) EUR11,400,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Aug 20, 2021 Definitive Rating Assigned B3 (sf) Harvest CLO XXIV Designated Activity Company, originally issued in July 2020 and later refinanced in August 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Investcorp Credit Management EU Limited. The transaction's reinvestment period will end in April 2026. RATINGS RATIONALE The rating upgrades on the Class B-1, B-2 and C notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in April 2026. 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 affirmations on the ratings on the Class A, D, E and F 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 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: EUR391.2m Defaulted Securities: EUR1.0m Diversity Score: 55 Weighted Average Rating Factor (WARF): 3085 Weighted Average Life (WAL): 4.34 years Weighted Average Spread (WAS): 3.74% Weighted Average Coupon (WAC): 4.60% Weighted Average Recovery Rate (WARR): 43.83% 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 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 April 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. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. 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. HENLEY CLO IV: S&P Assigns B- (sf) Rating to Class F-R Notes ------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Henley CLO IV DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction and also issued additional subordinated notes equalling EUR13 million. This transaction is a reset of the already existing transaction that closed in March 2021. The issuance proceeds of the refinancing notes were used to redeem the refinanced debt (the original transaction's class A, B-1, B-2, C, D, E, and F notes, for which S&P withdrew its ratings at the same time), and pay fees and expenses incurred in connection with the reset. The ratings assigned to the reset notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated debt through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,937.91 Default rate dispersion 401.82 Weighted-average life (years) 4.52 Weighted-average life (years) including reinvestment 4.52 Obligor diversity measure 140.74 Industry diversity measure 18.94 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.05 Actual fixed rate assets (%) 5.21 Portfolio target par amount (mil. EUR) 400 Actual 'AAA' weighted-average recovery (%) 35.51 Actual weighted-average spread 3.73 Actual weighted-average coupon 4.62 Rating rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end on Sept. 13, 2030. The portfolio is well-diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P has conducted our credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the actual weighted-average spread (3.73%), actual weighted-average coupon (4.62%), and the target weighted-average recovery rate at each rating level. The portfolio is approximately 75% ramped at closing, which is lower than the ramp‑up levels typically observed in peer transactions. Hence, we have applied a ramp‑up stress scenario and modeled the issuer's interest rate swap in our analysis. "We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R and C-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, until Sept. 13, 2030, during which the transaction's credit risk profile could deteriorate, we have capped our assigned ratings on these notes. "For the class A-R, D-R, and E-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with the assigned rating. "For the class F-R notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F-R notes reflects several key factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 24.78% (for a portfolio with a weighted-average life of 4.52 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.52 years, which would result in a target default rate of 14.5%." -- 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-R 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-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Henley CLO VII DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Napier Park Global Capital LTD is the collateral manager. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.23% B-R AA (sf) 42.20 27.45 Three/six-month EURIBOR plus 1.80% C-R A (sf) 24.80 21.25 Three/six-month EURIBOR plus 2.25% D-R BBB- (sf) 30.00 13.75 Three/six-month EURIBOR plus 3.00% E-R BB- (sf) 18.00 9.25 Three/six-month EURIBOR plus 5.50% F-R B- (sf) 12.00 6.25 Three/six-month EURIBOR plus 8.83% Sub. Notes NR 48.075 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. Sub. notes--Subordinated notes. NR--Not rated. N/A--Not applicable. PALMER SQUARE 2022-1: S&P Assigns B- (sf) Rating to Cl. F-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Palmer Square European CLO 2022-1 DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer also has unrated subordinated notes outstanding from the original transaction. This transaction is a reset of the already existing transaction, which closed in November 2021. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The transaction has a 1.50 years noncall period and the portfolio's reinvestment period will end 4.51 years after closing. The 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. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,594.50 Default rate dispersion 647.11 Weighted-average life (years) 4.47 Obligor diversity measure 172.32 Industry diversity measure 25.05 Regional diversity measure 1.37 Transaction key metrics Total par amount (mil. EUR) 400.00 Number of performing obligors 202 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.62 'AAA' weighted-average recovery (%) 35.82 Targeted weighted-average spread (%) 3.41 Targeted weighted-average coupon (%) 2.86 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. We consider that the portfolio primarily comprises 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 used the EUR400 million par amount, the covenanted weighted-average spread of 3.30%, the covenanted weighted-average coupon of 4.00%, and the targeted 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. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for the class A-R to F-R notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to E-R notes could withstand stresses commensurate with higher rating levels than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that the ratings assigned are commensurate with the available credit enhancement for all classes of notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Palmer Square European CLO 2024-1 is a European cash flow CLO securitization of a revolving pool, comprising primarily euro-denominated senior secured loans and bonds. Palmer Square Europe Capital Management LLC manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A-R AAA (sf) 248.00 38.00 3-month EURIBOR plus 1.22% B-R AA (sf) 44.00 27.00 3-month EURIBOR plus 1.75% C-R A (sf) 24.00 21.00 3-month EURIBOR plus 2.10% D-R BBB- (sf) 28.00 14.00 3-month EURIBOR plus 3.00% E-R BB- (sf) 18.00 9.50 3-month EURIBOR plus 4.80% F-R B- (sf) 12.00 6.50 3-month EURIBOR plus 8.58% Sub notes NR 65.60 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. =================== L U X E M B O U R G =================== ARVOS HOLDCO: S&P Raises ICR to 'CCC', Outlook Negative ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Arvos HoldCo S.a.r.l. to 'CCC' from 'SD' (selective default), and to 'CCC' from 'D' its issue rating on the senior secured debt issued by Arvos BidCo S.a.r.l. The recovery rating is unchanged at '3', indicating S&P's expectation of rounded recovery prospects of 60%. S&P changed to 'CC' from 'CCC-' its issue rating on the EUR30 million loan issued at the holding company level, reflecting its structural subordination and our expectation of negligible recovery prospects. The negative outlook reflects S&P's expectation of subdued profitability and continued cash flow deficits, and tight liquidity, which could lead to another distressed exchange or default. S&P said, "Arvos HoldCo S.a.r.l. reached an agreement with all its term loan B (TLB) lenders to amend its credit agreement, allowing payment in kind (PIK) of the cash interest margin from February to July 2026. The amendment also includes a bilateral EUR5 million liquidity line. "We have revised our assessment of the company's capital structure on the completion of the amendment and the distressed exchange transaction, following our rating action earlier this week. "Despite the temporary liquidity support provided by the ability to pay interest in kind, and the EUR5 million liquidity line, we view the company's capital structure as unsustainable given the subdued end-market environment, continued challenges to improve operating performance, and still very narrow liquidity headroom. "Despite the temporary liquidity relief provided by the recent amendment to Arvos' term loan agreement, we view the company's capital structure as unsustainable relative to its current capacity to generate cash flow. Arvos reached an agreement with its TLB lenders to allow PIK of the cash interest margin from February through July 2026, instead of paying it in cash as originally scheduled. The company has also secured an additional bilateral EUR5 million liquidity line backed by its majority shareholder, Triton, providing incremental near-term liquidity support. The PIK feature temporarily reduces cash interest outflows by approximately EUR6.7 million and the additional facility modestly increases available liquidity. However, liquidity headroom remains very limited, and we expect Arvos to continue operating with minimal cushion under its EUR10 million minimum liquidity covenant. "In our view, the capital structure remains difficult to sustain given Arvos' weak operating performance following significant cash outflows related to a major offshore wind project, continued subdued end-market demand, and our expectation of ongoing negative free operating cash flow (FOCF) generation and elevated debt to EBITDA of above 7x over the next 12 months. "We expect Arvos' EBITDA generation to remain relatively modest over the next 12-18 months, which we anticipate will keep leverage elevated and FOCF negative. While the company has demonstrated improving operating execution and margin discipline across its core divisions, revenue is likely to remain constrained by subdued order intake and cautious customer investment decisions across several of its key end markets, including petrochemicals, refining, and conventional power. At the same time, Arvos is undertaking a commercial transformation in its Ljungström division aimed at strengthening its market positioning, including a greater focus on short-cycle opportunities in energy transition and advanced manufacturing as well as higher-margin aftermarket services. "Although these initiatives could support order intake over time, we believe it will take time before they translate into a meaningful uplift in earnings. In our base case, we assume the company's order backlog will be about EUR174 million at year-end, which remains below historical levels. In addition, working capital dynamics, including lower customer prepayments on new orders and still- elevated receivables on certain projects, are likely to weigh on near-term cash generation. "We believe refinancing risk for Arvos remains elevated. Upcoming debt maturities--including the EUR28 million revolving credit facility maturing in May 2027 and the EUR175 million TLB maturing in August 2027--will require refinancing in an environment of still-weak earnings outlook, which, in our view, heightens refinancing risk over the medium term. "The negative outlook reflects our expectation that Arvos will post subdued profitability and continued cash flow deficits. This could strain the company's liquidity position and complicate the refinancing of looming debt maturities and increase the risk of a distressed exchange or default. "We could lower our ratings on Arvos if we anticipate a heightened risk of further distressed debt restructuring or payment default over the next six months. "We could revise the outlook to stable or raise the ratings if Arvos refinances upcoming maturities and improves its operating performance such that the likelihood of a distressed restructuring or payment default begins to recede materially. For this to occur, we would expect a return to sustainable revenue growth, supporting structural improvement in EBITDA margins and FOCF." ================= M A C E D O N I A ================= SKOPJE: S&P Suspends 'B+' LT Issuer Credit Rating ------------------------------------------------- S&P Global Ratings suspended its 'B+' long-term issuer credit ratings on the North Macedonian Municipality of Skopje due to lack of sufficient and timely information to maintain the ratings. The outlook was stable at the time of the suspension. S&P said, "We currently lack access to information on the city's latest liquidity position as well as medium-term financial planning and strategy. "We will resume our surveillance and reinstate the ratings if the missing information becomes available and we conclude that it meets our standards for quantity, timeliness, and reliability. If, after a reasonable period of time, our information requirements for surveillance are not met, we will withdraw the ratings." ===================== N E T H E R L A N D S ===================== MEDIAN BV: Moody's Affirms 'B3' CFR, Outlook Remains Stable ----------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and the B3-PD probability of default rating of Median B.V. (Median). Moody's have also affirmed the B3 rating on the EUR605 million senior secured term loan B1 maturing in October 2027, GBP250 million senior secured term loan B2 maturing in October 2027, and EUR120 million senior secured revolving credit facility (RCF) maturing in April 2027. The outlook remains stable. On March 10, the company announced an amend-and-extend transaction aimed at extending the maturities of its existing debt facilities and revolving credit facility by three years. Successful execution would be credit positive, as it would address Median's near-term debt maturities. RATINGS RATIONALE The rating affirmation reflects Median's resilient operating performance with adjusted credit metrics remaining broadly commensurate with a B3 rating. Based on preliminary unaudited estimates, Moody's expects revenue growth of 4.7% in 2025, reflecting higher occupancy levels across medical facilities and fee increases. The reported EBITDA margin improved to 9.3% from 8.1%, supported by effective cost control, particularly in personnel expenses, which represent the largest cost component, as well as disciplined management of general cost inflation. However, the adjusted free cash flow to debt ratio was negative at -1.3%, mainly due to higher capital expenditure including expansion capex, as well as photovoltaic investments which are non-recurring capex. Overall, in 2025, Moody's estimates that adjusted credit metrics were broadly aligned with the B3 rating guidance, with adjusted gross debt to EBITDA of around 7.4x and adjusted EBITA to interest expense of about 1.2x. In 2026, Moody's forecasts adjusted gross debt to EBITDA of 7.2x and adjusted EBITA to interest expense of 1.2x. Moody's forecasts positive free cash flow of about EUR20 million in 2026, primarily resulting from lower capital expenditure and improved working capital. More generally, Median B.V.'s ratings are supported by (1) its strong market presence, providing specialised care in rehabilitation and mental health across Germany (Government of Germany, Aaa stable), the United Kingdom (Government of United Kingdom, UK, Aa3 stable), and Spain (Government of Spain, A3 stable); (2) favorable secular trends, driven by an ageing population with a higher life expectancy resulting in an increased demand for medical and rehabilitation care; (3) long-lasting customer relationships with public payers; and (4) good quality care ratings supporting its brand recognition and reputation. Conversely, the ratings are constrained by (1) the highly leveraged financial profile, as evidenced by negative adjusted free cash flow generation and high adjusted gross debt to EBITDA ratio, estimated at 7.4x as of December 31, 2025, inclusive of adjustments for long-term operating lease commitments; (2) large fixed-cost base and exposure to staff shortages which could exert pressure on profitability; (3) exposure to adverse regulatory changes, budgetary pressures on public payers, which could limit Median Group's pricing power; and (4) potential debt-funded acquisitions which could impede credit metrics improvement. LIQUIDITY Median's liquidity is adequate. It is supported by cash of EUR67 million as of December 31, 2025, and an undrawn portion of the revolving credit facility (RCF) of EUR60 million. In addition, the company is expected to receive approximately EUR23 million from a sale-and-leaseback transaction scheduled to close in the first quarter of 2026. Moody's estimates the company to maintain headroom against the springing net leverage covenant set at 7.1x, tested when the RCF is drawn by more than 40%. The net leverage ratio based on the Standard Form Agreement (SFA) definition was estimated at 3.8x as of December 31, 2025. RATING OUTLOOK The stable outlook reflects the steady revenue and EBITDA growth leading to credit metrics improvement. It also incorporates Moody's expectations that free cash flow will become positive in the next 12-18 months, and that working capital movements, while still subject to some intra-year related swings, will not exhibit large negative volatility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could arise if Moody's-adjusted gross debt to EBITDA ratio falls below 7.0x; Moody's-adjusted EBITA to interest expense ratio trends towards 2.0x; and Moody's-adjusted free cash flow to gross debt ratio remains positive - all on a sustained basis. Downgrade rating pressure could develop if the company generates negative free cash flow that results in weakening liquidity; Moody's-adjusted gross debt to EBITDA ratio remains above 8.0x; Moody's-adjusted EBITA to interest expense ratio falls below 1.0x; Moody's-adjusted free cash flow (FCF) to gross debt ratio remains negative - all on a sustained basis. Negative rating pressure could also occur if profitability deteriorates because of competitive, regulatory and pricing pressure; or if the company's credit profile deteriorates resulting from debt-funded acquisitions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Median's B3 rating is two notches below the scorecard-indicated outcome of B1, reflecting Moody's greater emphasis on the weak credit metrics illustrated by the highly leveraged financial profile and low or negative free cash flow generation. Those dominate over the positive impact of the business profile and sizable revenue base. COMPANY PROFILE Median Group is a specialist in rehabilitation and mental health care in Germany, the UK and Spain. In Germany, Median Group is renowned as quality provider of rehabilitation services, focusing on somatic care, which includes the recovery of physical mobility or organic function post-surgery or neurological incidents, and care for mental health and addiction. Within the UK, Median Group is an established behavioural healthcare provider, specialising in mental health and addiction care. In 2023, Median Group acquired Hestia in Spain, specialised in social care and mental health. Since 2014, Waterland Private Equity has held a majority stake in Median Group. STELLANTIS NV: Moody's Rates New Subordinated Perpetual Notes 'Ba2' ------------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Stellantis N.V.'s (Stellantis or the company) proposed junior subordinated perpetual notes (the hybrids). Stellantis long-term issuer rating, senior unsecured instruments ratings and backed senior unsecured ratings as well as its other short term rating remain unchanged at Baa3 and (P)P-3 respectively. The outlook is stable. RATINGS RATIONALE The Ba2 rating of the hybrids is two notches lower than Stellantis' Baa3 issuer rating. The hybrids' rating reflects their subordinated nature, ranking junior to all senior debt obligations of the company. The company intends to issue up to three benchmark-size tranches of hybrid notes. The hybrid instruments features allow them to receive basket M treatment (see Moody's Hybrid Equity Credit methodology, published February 2024), meaning 50% equity credit and 50% debt for financial leverage purposes. The features include (i) an unrestricted optional coupon skip as long as no common equity dividends are paid, (ii) a perpetual maturity with a first call date of at least five years, and (iii) no interest-rate step-ups before year 10.25, with cumulative step-ups not exceeding 100 bps thereafter. Because the hybrids rating is positioned relative to Stellantis' long-term issuer rating, a change in Moody's relative notching practice or in Stellantis' Baa3 issuer rating could affect the hybrids rating. OUTLOOK The stable outlook reflects Moody's views that the company will be able to improve its profitability and return to positive Moody's adjusted FCF generation in the next 12-18 months. Furthermore, the stable outlook reflects Moody's views that the company will demonstrate further growth in unit sales as result of their recently launched products. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade Stellantis rating if its profitability remains in the low single digit range for a prolonged period, its Moody's adjusted gross leverage remains meaningfully above 3x. A failure to return to meaningfully positive FCF would also be negative for the rating. Evidence that the company's unit sales and market share development will not support a recovery in profitability could result in negative rating pressure. Moody's could upgrade Stellantis rating if its EBIT margin remains consistently above 5% and the company returns to consistent positive FCF supporting at least an neutral net cash / net debt position. Furthermore, an upgrade will require the company to regain a track record of expanding and maintaining a higher market share while achieving the margin level commensurate with a higher rating. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Automobile Manufacturers published in October 2025. The Baa3 rating is currently three notches above the Ba3 outcome indicated by Moody's forward-looking scorecard for 2026. This difference primarily reflects Stellantis' strong liquidity position, low net debt and net leverage, which are not captured by the scorecard, and Moody's expectations that credit metrics will recover beyond the current 2026 forecast horizon. PROFILE Based in Amsterdam, the Netherlands, Stellantis ranks among the world's largest automotive manufacturers by volume. Stellantis' portfolio of automotive brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxhall. In 2025, Stellantis had combined shipments (includes consolidated subsidiaries and unconsolidated JVs) of 5.5 million units, generated net revenue of around EUR150 billion. =========================== U N I T E D K I N G D O M =========================== EARTH (EHL): BTG Begbies Appointed as Administrators ---------------------------------------------------- Earth (EHL) Holdings 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-2026-001391, and Stephen Katz (IP No. 8681) and Nimish Patel (IP No. 8679) of BTG Begbies Traynor (London) LLP were appointed as administrators on February 24, 2026. Earth (EHL) Holdings engages in financial intermediation. The company's registered office is at c/o BTG Begbies Traynor, 31st Floor, 40 Bank Street, London, E14 5NR (Formerly: 2nd Floor, 314 Regents Park Road, Finchley, London, England, N3 2JX). The company's principal trading address is at 46 Hertford Street, Mayfair, London, W1J 7DP. The Administrators can be reached at: Stephen Katz (IP No. 8681) BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street, London, E14 5NR Nimish Patel (IP No. 8679) BTG Begbies Traynor (London) LLP Coots & Boots, 29 Farm Street, London, W1J 5RL For further details, contact: Sophia Lodhi Tel: 020 7516 1500 Email: GM-team@btguk.com HAY HILL: Quantuma Appointed as Administrators ---------------------------------------------- Hay Hill Investments Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-001049, and Paul Zalkin (IP No. 1947) and Samantha Gaunt (IP No. 32192) of Quantuma Advisory Limited were appointed as administrators on February 24, 2026. Hay Hill Investments Ltd engages in the development of building projects. The company's registered office and principal trading address is at 1 Kings Avenue, London, N21 3NA. The administrators can be reached at: Paul Zalkin (IP No. 1947) Samantha Gaunt (IP No. 32192) Quantuma Advisory Limited 7th Floor, 20 St Andrew Street London, EC4A 3AG For further details, contact: Tom Miller Tel: 020 3856 6720 Email: tom.miller@quantuma.com HEDLEY STUDIOS: Interpath Appointed as Joint Administrators ----------------------------------------------------------- Hedley Studios Limited fka HS ACQUISITIONCO LIMITED, was placed into administration in the High Court of Justice, the Business and Property Courts of England & Wales, Court Number CR-2026-001615, and Christopher Robert Pole (IP No. 12690) and William James Wright (IP No. 9720) of Interpath Advisory Interpath Ltd were appointed as Joint Administrators on March 4, 2026. Hedley Studios engages in the manufacture of motor vehicles. The company's registered office is at Interpath Ltd, 2nd Floor, 45 Church Street, Birmingham, B3 2RT. The company's principal trading address is at 142 The Command Works, Bicester Heritage, Bicester, OX27 8FY. The Joint Administrators can be reached at: Christopher Robert Pole (IP No. 12690) Interpath Advisory Interpath Ltd 2nd Floor, 45 Church Street Birmingham, B3 2RT William James Wright (IP No. 9720) Interpath Advisory Interpath Ltd 10 Fleet Place, London, EC4M 7RB For further details, contact: Samir Mohammed Email: hedleystudios@interpath.com JUPITER BRIDGING II: BTG Begbies Appointed as Administrators ------------------------------------------------------------ Jupiter Bridging II 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-2026-001400, and Stephen Katz (IP No. 8681) and Nimish Patel (IP No. 8679) of BTG Begbies Traynor (London) LLP were appointed as administrators on February 24, 2026. Jupiter Bridging II engages in financial intermediation. The company's registered office is at c/o BTG Begbies Traynor, 31st Floor, 40 Bank Street, London, E14 5NR (Formerly: 2nd Floor, 314 Regents Park Road, Finchley, London, England, N3 2JX). The company's principal trading address is at 46 Hertford Street, Mayfair, London, W1J 7DP. The Administrators can be reached at: Stephen Katz (IP No. 8681) BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street, London, E14 5NR Nimish Patel (IP No. 8679) BTG Begbies Traynor (London) LLP Coots & Boots, 29 Farm Street, London, W1J 5RL For further details, contact: Sophia Lodhi Tel: 020 7516 1500 Email: GM-team@btguk.com JUPITER BRIDGING III: BTG Begbies Appointed as Administrators ------------------------------------------------------------- Jupiter Bridging III 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-2026-001401, and Stephen Katz (IP No. 8681) and Nimish Patel (IP No. 8679) of BTG Begbies Traynor (London) LLP were appointed as administrators on February 24, 2026. Jupiter Bridging III Limited engages in financial intermediation. The company's registered office is at c/o BTG Begbies Traynor, 31st Floor, 40 Bank Street, London, E14 5NR (Formerly: 2nd Floor, 314 Regents Park Road, Finchley, London, England, N3 2JX). The company's principal trading address is at 46 Hertford Street, Mayfair, London, W1J 7DP. The Administrators can be reached at: Stephen Katz (IP No. 8681) BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street, London, E14 5NR Nimish Patel (IP No. 8679) BTG Begbies Traynor (London) LLP Coots & Boots, 29 Farm Street, London, W1J 5RL For further details, contact: Sophia Lodhi Tel: 020 7516 1500 Email: GM-team@btguk.com MARKET FINANCIAL CAPITAL: BTG Begbies Appointed as Administrators ----------------------------------------------------------------- Market Financial Solutions (Capital) 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-2026-001394, and Stephen Katz (IP No. 8681) and Nimish Patel (IP No. 8679) of BTG Begbies Traynor (London) LLP were appointed as administrators on February 24, 2026. Market Financial Solutions (Capital) engages in financial intermediation. The company's registered office is at c/o BTG Begbies Traynor, 31st Floor, 40 Bank Street, London, E14 5NR (Formerly: 2nd Floor, 314 Regents Park Road, Finchley, London, England, N3 2JX). The company's principal trading address is at 46 Hertford Street, Mayfair, London, W1J 7DP. The Administrators can be reached at: Stephen Katz (IP No. 8681) BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street, London, E14 5NR Nimish Patel (IP No. 8679) BTG Begbies Traynor (London) LLP Coots & Boots, 29 Farm Street, London, W1J 5RL For further details, contact: Sophia Lodhi Tel: 020 7516 1500 Email: GM-team@btguk.com MONTGOMERY SQUARE 1: Moody's Assigns (P)B2 Rating to Class F Notes ------------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to Notes to be issued by Montgomery Square Consumer Funding 1 plc: GBP [ ]M Class A Floating Rate Asset Backed Notes due March 2036, Assigned (P)Aaa (sf) GBP [ ]M Class B Floating Rate Asset Backed Notes due March 2036, Assigned (P)Aa3 (sf) GBP [ ]M Class C Floating Rate Asset Backed Notes due March 2036, Assigned (P)A3 (sf) GBP [ ]M Class D Floating Rate Asset Backed Notes due March 2036, Assigned (P)Baa3 (sf) GBP [ ]M Class E Floating Rate Asset Backed Notes due March 2036, Assigned (P)Ba2 (sf) GBP [ ]M Class F Floating Rate Asset Backed Notes due March 2036, Assigned (P)B2 (sf) GBP [ ]M Class G Floating Rate Asset Backed Notes due March 2036, Assigned (P)B3 (sf) GBP [ ]M Class X Floating Rate Asset Backed Notes due March 2036, Assigned (P)Caa1 (sf) Moody's have not assigned ratings to the subordinated Class S Certificate due March 2036, Class Y Certificate due March 2036 and the GBP [ ]M VRR Loan Note. RATINGS RATIONALE The Notes are backed by a static pool of UK unsecured consumer loans originated by Fintern Ltd (NR) (trading as Abound). Fintern Ltd also acts as servicer of the transaction. This represents the first issuance from this originator. The provisional portfolio consists of approximately GBP194.4 million of unsecured consumer loans as of January 31, 2026 pool cut-off date extended to private individuals in the UK.The weighted average remaining maturity of the provisional portfolio is 4.5 years and the weighted average seasoning is 0.5 years. 58% of the loans in this pool were used for Debt Consolidation, 18% for home improvements, and 11% for the purchase of vehicles. All the loans are fixed-rate loans. The Reserve Fund will be funded to 1.0% of the Class A & Class B notes balance at closing via an external source. This will increase to 1.25% of Class A & Class B notes outstanding balance at each IPD and will be funded via principal receipts. The total credit enhancement for the Class A Notes will be 20.85% at closing. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. The transaction benefits from several credit strengths such as the granularity of the portfolio, the static structure, the simple product mix, and the credit enhancement provided via subordination of the Notes. However, Moody's notes that the transaction features some credit weaknesses, such as an unrated servicer Fintern Ltd. Various mitigants have been included in the transaction structure such as liquidity reserve, a back-up servicer (Lenvi Servicing Limited, previously known as Equiniti Gateway Limited), as well as estimation language and an independent cash manager (Citibank, N.A., London Branch). All the loans are fixed-rate loans, whereas the Notes are floating-rate liabilities. As a result, the issuer is subjected to a fixed-floating interest-rate mismatch. To mitigate the fixed-floating rate mismatch, the issuer has entered into a swap agreement with Citibank Europe plc (Aa3(cr)/P-1(cr)), acting on behalf of the UK branch. Under the swap agreement, the issuer will pay a fixed swap rate of 3.7% and will receive SONIA on a notional linked to a fixed swap schedule. Moody's analysis focused, amongst other factors, on (i) an evaluation of the underlying portfolio of loans at closing; (ii) the historical performance information of the total book; (iii) the credit enhancement provided by the subordination, the excess spread and the reserve fund; (iv) the liquidity support available in the transaction, by way of principal to pay interest, and the reserve fund and (v) the overall legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined a portfolio lifetime expected mean default rate of 6.0%, expected recoveries of 10.0% and portfolio credit enhancement ("PCE") of 20.0%. The expected mean default rate and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate Consumer ABS. Portfolio expected defaults of 6.0% is in line with UK consumer ABS average and is based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historic performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. Portfolio expected recoveries of 10.0% are lower than the UK consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. The PCE of 20.0% is in line with the UK consumer ABS averageand is based on Moody's assessments of the pool which is mainly driven by: (i) evaluation of the underlying portfolio, complemented by the historical performance information as provided by the originator, (ii) the relative ranking to originator peers in the UK consumer ABS market. The PCE of 20.0% results in an implied coefficient of variation ("CoV") of 33.0%. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that would lead to an upgrade of the ratings include significantly better than expected performance of the pool together with an increase in credit enhancement of Notes. Factors or circumstances that could lead to a downgrade of the ratings would be (1) worse than expected performance of the underlying collateral; (2) deterioration in the credit quality of the transaction counterparties; or (3) an increase in sovereign risk. SMARTBOX.AI: KRE Corporate Appointed as Administrators ------------------------------------------------------ Smartbox.AI Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001188, and Paul Ellison (IP No. 7254) and Christopher Errington (IP No. 30370)of KRE Corporate Recovery Limited were appointed as administrators on February 27, 2026. Smartbox.AI engages in business and domestic software development. The company's registered office is at 166 College Road, Harrow, HA1 1RA. The Administrators can be reached at: Paul Ellison (IP No. 7254) Christopher Errington (IP No. 30370) KRE Corporate Recovery Limited Unit 8, The Aquarium 1-7 King Street Reading, RG1 2AN For further details, contact: Chloe Brown Tel: 01189 479090 Email: chloe.brown@krecr.co.uk SWIFT AND WHITMORE: KR8 Advisory Appointed as Administrators ------------------------------------------------------------ Swift and Whitmore Limited was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-000294, and Michael Lennon (IP No. 24650) and Mark Blackman (IP No. 29630) of KR8 Advisory Limited were appointed as administrators on February 26, 2026. Swift and Whitmore engages in the production of abrasive products. The company's registered office is at C/O KR8 Advisory Limited, The Lexicon, 10-12 Mount Street, Manchester, M2 5NT. The company's principal trading address is at 270 Coombs Road, Halesowen, West Midlands, B62 8AA. The Administrators can be reached at: Michael Lennon (IP No. 24650) Mark Blackman (IP No. 29630) KR8 Advisory Limited The Lexicon, 10-12 Mount Street Manchester, M2 5NT E-mail: CaseEnquiries@kr8.co.uk Alternative contact: Arvin Ashtab WCM EUROPE: Interpath Advisory Appointed as Joint Administrators ---------------------------------------------------------------- WCM Europe Ltd was placed into administration in the High Court of Justice, the Business and Property Courts in Birmingham, Court Number CR-2026-BHM-000110, and Timothy Bateson (IP No. 24072) and Ryan Grant (IP No. 9637) of Interpath Advisory, Interpath Ltd were appointed as Joint Administrators on March 3, 2026. WCM Europe engages in the manufacture of other plastic products; cold forming or folding. The company's registered office is at Interpath Ltd, Suites 203 + 207 Cumberland House, 35 Park Row, Nottingham, NG1 6EE. The company's principal trading address is at Innovation House One Juniper West, Fenton Way, Basildon, SS15 6TD. The Joint Administrators can be reached at: Timothy Bateson (IP No. 24072) Interpath Ltd Suites 203 + 207 Cumberland House 35 Park Row Nottingham, NG1 6EE Ryan Grant (IP No. 9637) Interpath Advisory 2nd Floor, 45 Church Street, Birmingham, B3 2RT For further details, contact: Benjamin Simmons Email: wcm@interpath.com WILSHIRE OPCO: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------- Wilshire Opco UK Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001550, and Chad Griffin (IP No. 9528) and Daniel Conway (IP No. 29112) of FRP Advisory Trading Limited were appointed as Joint Administrators on March 2, 2026. Wilshire Opco UK Limited engages in other information service activities. The company's registered office is at 13th Floor, One Angel Court, C/O Tmf Group, London, EC2R 7HJ to be changed to c/o FRP Advisory Trading Limited, 110 Cannon Street, London EC4N 6EU. The company's principal trading address is at 13th Floor, One Angel Court, C/O Tmf Group, London, EC2R 7HJ. The Joint Administrators can be reached at: Chad Griffin (IP No. 9528) Daniel Conway (IP No. 29112) FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU For further details, contact: The Joint Administrators Tel: 020 3005 4000 Email: cp.london@frpadvisory.com WISE EMPLOYMENT: Insolvency Company Appointed as Administrators --------------------------------------------------------------- Wise Employment (Swindon) Limited was placed into administration in the High Court of Justice, Business and Property Courts in Bristol, Court Number CR-2026-BRS-000025, and Steve Elliott (IP No. 11110) and Gareth Buckley (IP No. 18032) of The Insolvency Company were appointed as administrators on February 18, 2026. Wise Employment (Swindon) Limited engages in temporary employment agency activities. The company's registered office and principal trading address is at Unit 5, Kingsdown Orchard, Hyde Road, Swindon, SN2 7RR. The Administrators can be reached at: Steve Elliott (IP No. 11110) Gareth Buckley (IP No. 18032) The Insolvency Company Hermes House, Fire Fly Avenue Swindon, SN2 2GA For further details, contact: Paul Beecham Tel: 01823 216156 Email: info@theinsolvencycompany.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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