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

                          E U R O P E

          Monday, March 30, 2026, Vol. 27, No. 63

                           Headlines



F R A N C E

TEREOS SCA: Fitch Affirms 'BB' Long-Term IDR, to Alters Outlook Neg


I R E L A N D

AURIUM CLO IIII: S&P Raises Class F Notes Rating to 'B+ (sf)'
AVIA SOLUTIONS: Fitch Affirms 'BB' LT IDR, Alters Outlook to Neg.
HARVEST CLO XXXIX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
NGC EURO 6: S&P Assigns B- (sf) Rating to Class F Notes
OCP EURO 2026-15: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes

PROVIDUS CLO XIV: S&P Assigns B- (sf) Rating to Class F Notes
RRE 28 LOAN: S&P Assigns BB- (sf) Rating to Class D Notes


I T A L Y

FULVIA SPV 2026-1: Fitch Assigns BB+sf Final Rating to Cl. E Notes
SUNRISE SPV 98: Fitch Assigns 'BB+sf' Final Rating to Class X Notes


L U X E M B O U R G

LUNE HOLDINGS: Fitch Affirms 'CCC-' Long-Term IDR


N E T H E R L A N D S

UNIT4 GROUP: S&P Affirms 'B' ICR on Improved Business Risk Profile


T U R K E Y

TURKIYE WEALTH: Fitch Affirms 'BB-' Long-Term IDR, Outlook Positive


U N I T E D   K I N G D O M

BRACCAN MORTGAGE 2026-1: Moody's Assigns B1 Rating to Cl. X Notes
KIT & KABOODAL: DFW Associates Appointed as Administrator
LIBERTY PIPES: BTG Begbies Appointed as Administrators
MARS BRIDGING: BTG Begbies Appointed as Joint Administrators
OFFSHORE STAINLESS: Interpath Appointed as Joint Administrators

PENDULUM IT LTD: Creditors' Virtual Meeting Set
REGALPOINT BYFLEET: Richardson Replaces Brierley as Administrator

                           - - - - -


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F R A N C E
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TEREOS SCA: Fitch Affirms 'BB' Long-Term IDR, to Alters Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Tereos SCA's Long-Term
Issuer Default Rating (IDR) to Negative from Stable and affirmed
the IDR at 'BB'. Fitch has also affirmed Tereos's senior unsecured
debt issued by Tereos Finance Groupe I SA (FinCo) at 'BB' with a
Recovery Rating of 'RR4'.

The Outlook revision reflects its expectation of delayed
deleveraging and a longer period of low sugar prices leading to
Fitch-adjusted EBITDA of about EUR400 million in FY27 (financial
year-end March). Fitch estimates its Fitch-adjusted readily
marketable inventories (RMI)-adjusted EBITDA leverage will exceed
6.0x in FY26 before normalising towards 4x.

The affirmation reflects its view that cost-savings initiatives,
cash preservation measures (including divestitures) planned for
FY27, solid liquidity, proactive financial management and
commitment to deleveraging will restore rating headroom by FY28.
Tereos's rating is supported by its position as the world's
second-largest sugar producer, balanced by its moderate product
diversification and mid-sized scale versus global commodity
traders.

Key Rating Drivers

Limited Profit Recovery in FY27: Fitch estimates Tereos's EBITDA
will fall to EUR339 million in FY26 and its margin declines below
7%, the lowest over the past five years. Fitch assumes only
moderate profit recovery towards EUR400 million in FY27, as Fitch
expects sugar prices to remail low, given the material sugar
surplus and high uncertainty about the impact of the Middle East
conflict on global and regional sugar and ethanol prices. Fitch
expects Tereos's profitability in FY27-FY28 to benefit from ongoing
efficiency initiatives, which together with moderate sugar price
recovery, should lead to EBITDA margins returning to a
through-the-cycle average of 10%-12% from FY28.

Moderate Global Price Correction: Fitch assumes only moderate
recovery in global sugar prices for FY27, with global supply and
demand balance gradually normalising in FY28-FY29. The price
recovery could be accelerated by potentially lower sugar output due
to increasing the switch to ethanol production, led by oil price
hikes and lower yield, driven by disruptions in fertiliser supply
due to a prolonged conflict in the Middle East.

Sugar and ethanol prices are exposed to volatility due to their
linkage to oil dynamics, as ethanol can be used as a competitively
priced input to be blended with gasoline, and sugar cane is used to
produce sugar and ethanol. Ethanol prices in Brazil benefit from
favourable legislation for customers using ethanol as vehicle
fuel.

Extended Stretched Leverage Period: Fitch anticipates
Fitch-calculated RMI-adjusted net leverage will increase to 6.6x in
FY26 and only reduce to 5.5x in FY27 before normalising towards 4x
from FY28 - its negative rating sensitivity. Fitch assumes
profitability recovery will be supported by gains from an optimised
industrial set-up and savings from operating efficiency and
decarbonisation initiatives, in addition to normalising sugar
market and recovering sales volumes in Brazil. Fitch-calculated
EBITDA remaining above EUR600 million on a through-the-cycle basis
is a key factor for the 'BB' rating.

Consistent Financial Policy: Tereos's commitment to its financial
policy is key to supporting the rating, given its exhausted
headroom. Tereos aims to keep its net leverage below 3.0x over the
medium term (excluding EUR244 million in factoring in FY25, added
back to its debt calculation), which should translate into
RMI-adjusted net leverage sustainably below 3.0x, based on its
forecast of through-the-cycle EBITDA of EUR600 million-700 million.
The group also plans to activate cash preservation measures to
reduce the free cash flow (FCF) decline and ensure resilient
liquidity during the challenging period of a sugar market cycle.

Negative FCF: Fitch expects FCF margins to remain negative in FY27,
modestly improving towards low-single digit outflow based on
revenue from the mid-single digits outflow estimated for FY26,
driven mainly by EBITDA reduction. FCF will be partly supported by
capex normalising from high levels in FY25 and working-capital
release based on its sugar price assumptions. Fitch also expects
FCF in FY27-FY28 to be supported by moderate dividends and
price-complement payments to farmers, which Fitch treats as
shareholder distributions, linked to group profits and sugar
prices. Fitch projects neutral FCF margins from FY28.

Higher-Margin International Operations: Fitch forecasts Tereos's
international operations' EBITDA margin will stay above 21% in
FY26-FY27, despite lower profits, as these operations are the main
contributor to group earnings. Fitch projects lower crushing
volumes in Brazil for FY26 and most of FY27 due to poor weather
affecting cane crops and yields. Over the medium term, Fitch
expects sales volumes growth in Brazil to be supported by Tereos's
investments in cane planting area in the country.

Cost Structure Flexibility: Tereos supplies sugar beet from members
in France at prices based on a formula linked to prices in the
region with flexibility to adjust input beetroot price, which helps
soften the EBITDA impact in times of low market prices. The
expected impact of FY26-FY27 price decline underlines Tereos's
exposure to EBITDA margin swings, but to a lower extent than some
of its peers. The resilience of Tereos's profitability in Brazil is
supported by vertical integration, with about 50% of sugar cane
farmed in-house, and the ability to switch between sugar and
ethanol production, according to the products' varying
profitability.

Strong Market Position: Tereos's business profile reflects its
large operational scope, strong position in commodities and
moderate long-term growth prospects. Diversified production in the
EU and Brazil, presence in starches and sweeteners and expansion in
protein products reduce its reliance on sugar and ethanol
operations. This is balanced by the inherent volatility of its
business profile, which together with its moderate scale, continues
to constrain the rating to the 'BB' category.

Peer Analysis

Tereos's rating is three notches than those of larger and
significantly more diversified commodity traders and processors,
Viterra Limited (NR) and Bunge Global SA (BBB+/Stable). Tereos has
high profitability due to its large presence in processing, while
its two peers are more exposed to trading and have EBITDA margins
of about 2% and 4%, respectively, compared with a Fitch-projected
through-the-cycle margin of about 11% for Tereos.

Fitch rates Tereos at the same level as Andre Maggi Participacoes
S.A. (Amaggi; BB/Stable), an integrated agribusiness company based
in Brazil. Both companies have an asset-heavy business model.
Tereos has higher EBITDA and better geographic diversification in
commodity sourcing, whereas Amaggi is heavily reliant on one
region, but has slightly lower RMI-adjusted net leverage and
marginally stronger liquidity ratio. Tereos's rating further
benefits from its conservative financial policy.

Tereos is rated two notches above Aragvi Holding International
Limited (B+/Stable), as it has greater scale, wider sourcing
markets and lower operating environment risks, as well as a
stronger asset base and a longer operating record, although both
companies have comparable product concentration. Raizen S.A. (C),
the leading sugar and ethanol producer in Brazil, benefits from
implicit support from shareholders, much bigger scale and lower
leverage, which explains the three-notch differential.

Fitch’s Key Rating-Case Assumptions

- An average of USD/EUR 0.9 and USD/BRL 5.2 over FY25-FY28

- Revenue to decline 13% in FY26 before growing by 4% in FY27,
followed by low single-digit annual growth in FY28-FY29

- International No.11 sugar price averaging at USD0.18/pound (lb)
in FY26, gradually improving to USD0.19/lb over FY27-FY29

- Fitch-adjusted EBITDA margin of 7.3% in FY26, before recovering
towards 12% to FY29

- Annual average capex of about EUR380 million in FY26-FY29

- Dividends per share (including price complements to cooperative
members) paid to cooperative members of EUR45 million in FY26,
EUR38 million in FY27, EUR60 million in FY28 and FY29

- No material asset divestments or M&As over FY26-FY29

- Credit lines used to finance operations are renewed

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
FY25 (ending March 2025), 10% for the forecast year FY26, 10% for
the forecast year FY27, 30% for the forecast year FY28 and 30% for
the forecast year FY29.

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

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

- The SCP is 'bb'.

RATING SENSITIVITIES

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

- Reduced financial flexibility, as reflected in EBITDA interest
coverage (RMI-adjusted) falling permanently below 3.0x, or an
inability to maintain adequate availability under committed
medium-term credit lines

- Liquidity ratio (cash and marketable securities plus RMI plus
account receivables/total short-term liability) below 0.7x on a
sustained basis

- EBITDA falling below EUR600 million on a sustained basis

- Consolidated (RMI-adjusted) EBITDA net leverage above 4.0x on a
sustained basis

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

- Greater diversification of operations by sourcing and processing
region or by commodity

- Maintenance of an EBITDA margin of at least 12%, reflecting
benefits of vertical integration

- Strict financial discipline and maintenance of positive FCF on a
sustained basis

- Consolidated (RMI-adjusted) EBITDA net leverage, consistently
below 3x and (RMI-adjusted) EBITDA/net interest coverage of at
least 4.5x

- Liquidity ratio improving towards 1x on a sustained basis

Liquidity and Debt Structure

Tereos's internal liquidity score was unchanged at 0.7x at FYE25
(defined as unrestricted cash plus RMI and accounts receivables
divided by total current liabilities). It has sufficient resources
of EUR836 million of undrawn committed revolving credit facilities
at FYE25 and EUR478 million of cash balance, which, despite its
projection of negative FCF of EUR287 million, should be sufficient
to cover the debt due in FY26 and other liquidity needs.

In December 2025, Tereos successfully established a new financing
line; in January 2026, it issued a bond and secured waivers, which
shows continued support from its banking partners, as well as its
ability to maintain high liquidity at a low point in the cycle.

Issuer Profile

Tereos is the world's second-largest sugar, alcohol and ethanol
producer, and the third-largest starch producer in Europe. The
company is a cooperative, with about 10,700 cooperative farmer
shareholders that are based in France and supply sugar beet to the
group.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Tereos SCA or Tereos Finance Groupe I SA.

ESG Considerations

Tereos SCA has an ESG Relevance Score of '4' for Waste & Hazardous
Materials Management; Ecological Impacts as the volumes of its
sugar production in France are affected by regulation that
restrains the use of nicotinoid-based insecticides in beetroot
farming, which has a negative impact on the credit profile, and is
relevant to the rating[s] in conjunction with other factors.

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

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Tereos Finance
Groupe I SA

   senior unsecured     LT     BB  Affirmed     RR4       BB

Tereos SCA              LT IDR BB  Affirmed               BB



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I R E L A N D
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AURIUM CLO IIII: S&P Raises Class F Notes Rating to 'B+ (sf)'
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Aurium CLO III
DAC's class B-1-R and B-2-R notes to 'AAA (sf)' from 'AA (sf)',
class C notes to 'AAA (sf)' from 'A (sf)', class D notes to 'AA+
(sf)' from 'BBB (sf)', class E notes to 'BBB+ (sf)' from 'BB-
(sf)', and class F notes to 'B+ (sf)' from 'B- (sf)'.

The rating actions follow the application of our global corporate
CLO criteria, and its credit and cash flow analysis of the
transaction based on the February 2026 trustee report.

Since the transaction's refinance date in October 2019:

-- The weighted-average rating of the portfolio remains unchanged
at 'B'.

-- The portfolio has become more concentrated, and the number of
performing obligors has decreased to 46 from 145.

-- The portfolio's weighted-average life has decreased to 2.57
years from 5.14 years.

-- The percentage of 'CCC'-rated assets has increased to 6.91%
from 1.26%.

-- The percentage of defaulted assets remained steady at 0%.

-- The liabilities decreased by EUR230.10 million, while the
assets declined by EUR237.59 million, resulting in a EUR7.49
million loss, equivalent to 2.00% of the aggregate collateral
balance since closing.

-- Following the full repayment of the class A-R notes, the class
B-1-R to F notes benefit from higher levels of credit enhancement
compared to the levels in S&P's closing analysis.

  Table 1

  Credit enhancement
                                                 Credit
         Current amount Credit enhancement       enhancement
  Class    (mil. EUR) as of February 2026 (%)* at closing (%)

  B-1-R      33.36          69.87                 27.60
  B-2-R       8.03          69.87                 27.60
  C          25.50          51.31                 20.80
  D          18.00          38.21                 10.00
  F          10.50          14.19                  7.20

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)] / [Performing balance +
cash balance + recovery on defaulted obligations (if any)]. *Based
on the portfolio composition as reported by the trustee in February
2026.

The scenario default rates (SDRs) have decreased for all rating
scenarios primarily due to a reduction in the weighted-average life
since the closing date (2.57 years from 5.14 years).

  Portfolio benchmarks

  SPWARF                            2,746.26
  Default rate dispersion             762.81
  Weighted-average life (years)         2.57
  Obligor diversity measure            30.87
  Industry diversity measure           10.69
  Regional diversity measure            1.29

SPWARF--S&P Global Ratings' weighted-average rating factor.

On the cash flow side:

-- The reinvestment period for the transaction ended in April
2021.

-- The class A-R notes have been fully paid down since closing;
B-1-R and B-2-R notes are currently getting repaid with an
equivalent to an outstanding note factor of 80.40%.

-- No class of notes is currently deferring interest.

-- All coverage tests are passing as of the February 2026 trustee
report.

  Transaction key metrics

  Total collateral amount (mil. EUR)*      137.40
  Defaulted assets (mil. EUR)                0.00
  Number of performing obligors                46
  Portfolio weighted-average rating             B
  'AAA' SDR (%)                             59.26
  'AAA' WARR (%)                            37.44

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--Scenario default rate.
WARR--Weighted-average recovery rate.

S&P said, "In our view, the portfolio is concentrated across
obligors, industries, and asset characteristics.

"In our credit and cash flow analysis, we considered the
transaction's current cash balance of approximately EUR18.55
million, as reported in the February 2026 trustee report. Our base
case, modeled on the January 2026 payment date report, used the
debt paydown of EUR44.62 million for the class A-R notes, EUR8.13
million for the class B-1-R notes, and EUR1.96 million for the
class B-2-R notes.

"We also analysed scenarios that incorporated the full amount of
principal cash to be reinvested. Additionally, we considered
scenarios in which the full principal cash is reinvested, with
outstanding classes categorised as non-deferrable.

"Our base case credit and cash flow analysis indicates that the
available credit enhancement for the class B-1-R, B-2-R, and C
notes is sufficient to withstand the credit and cash flow stresses
that we apply at the 'AAA' rating level. We therefore raised our
ratings on the class B-1-R and B-2-R notes to 'AAA (sf)' from 'AA
(sf)', and our rating on the class C notes to 'AAA (sf)' from 'A
(sf)'.

"Our base-case cash flow analysis indicates that the available
credit enhancements for the class D, E, and F notes are
commensurate with higher ratings than those currently assigned. In
our analysis, we considered the cushion between the break-even
default rates and scenario default rates for these notes at their
passing rating levels, the current macroeconomic conditions, and
the tranches' relative seniority.

"In addition, our ratings on the class E and F notes are capped by
our supplemental tests, which assess whether a CDO tranche has
sufficient credit enhancement to withstand specified combinations
of underlying asset defaults. Consequently, we therefore raised our
rating on the class D notes to 'AA+ (sf)' from 'BBB (sf)'.
Considering our supplemental test results on the class E and F
notes, we have raised our rating on the class E notes to 'BBB+
(sf)' from 'BB- (sf)', and our rating on the class F notes to 'B+
(sf)' from 'B- (sf)'.

"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 structured
finance sovereign risk criteria.

"Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria."

Aurium CLO III is a European cash flow CLO transaction that
securitizes loans granted to primarily speculative-grade corporate
firms. The transaction is managed by Spire Management LLP.


AVIA SOLUTIONS: Fitch Affirms 'BB' LT IDR, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised AVIA SOLUTIONS GROUP (ASG) PUBLIC LIMITED
COMPANY's (Avia) Outlook to Negative from Stable, while affirming
its Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also
affirmed ASG Finance Designated Activity Company's senior unsecured
rating at 'BB', with a Recovery Rating of 'RR4'.

The Outlook revision reflects the execution risk around Avia's
expected recovery in profitability after a challenging 2025, and a
fairly weak EBITDAR fixed-charge coverage of 1.2x-1.3x, which Fitch
has introduced as a rating sensitivity. The Outlook revision also
incorporates governance considerations stemming from the group's
complex structure, and uncertainty around the potential impact of
the Middle East conflict, which could weigh on profitability and
liquidity in 2026.

The ratings are supported by Avia's diversified operations across
the commercial aviation value chain, geographic diversification
with a focus on Europe, and stronger revenue visibility than that
of airlines. Earnings volatility and majority ownership by a single
individual are rating constraints, notwithstanding historically
limited dividend distributions.

Key Rating Drivers

Divestment of Smartlynx: In October 2025, Avia sold its Smartlynx
subsidiary to Smartlynx Management and Dutch fund Stichting Break
Point Distressed Assets Management. The business was sold at zero
equity value, with lease debt of about EUR250 million remaining in
the business.

The decision to sell was driven by weakening operational and
financial performance due to post-Covid-19 narrow-body cargo
deterioration, maintenance, repair, and overhaul (MRO) capacity
constraints causing operational disruptions and weaker commercial
momentum into summer 2025. In 2024-2025, Avia extended substantial
loans to support Smartlynx, becoming its largest creditor with an
exposure of about EUR141 million.

Increased Governance Risks: The sale has reduced exposure to an
underperforming platform, but Smartlynx's subsequent bankruptcy has
increased litigation and reputational risks and could affect
stakeholder confidence. It also reflects risks related to a complex
group structure with several intercompany loans. Avia has not
reported any material adverse impact so far on its relationships
with key suppliers or lessors, but legal or commercial consequences
related to the transaction could still arise.

Low EBITDA Margins: Avia's EBITDAR margins are solid in the
mid-teens, but EBITDA generation is constrained by substantial
lease expenses. This results in an average EBITDA margin of 4.9% in
2025-2027 (pro-forma for Smartlynx in 2025), close to its negative
rating sensitivity of 5%. The EBITDAR fixed-charge coverage at
1.2x-1.3x is also weak for the 'BB' category, versus a negative
sensitivity at 1.2x, contributing to the Negative Outlook.

Middle East Conflict Impact Uncertain: The recent Middle East
conflict has led to limited, largely temporary operational
interruptions affecting a small number of aircraft, crew,
maintenance, and insurance (ACMI) aircraft. Its base case assumes
the financial impact to be limited, reflecting winter-season
pricing, the group's predominantly European summer deployment, and
the absence of material exposure to the region. In addition, the
ACMI model structurally limits direct exposure to fuel-price
volatility. However, a prolonged conflict and sustained
restrictions on UAE airspace could pressure aircraft utilisation
and profitability. At this stage, the overall impact remains
uncertain.

Divestment Supports FCF: The disposal of Smartlynx represents a
meaningful reduction of Avia's operating scale, given its
contribution of about 30% to group EBITDAR in 2024. This is,
however, offset by Smartlynx's high lease costs that had
constrained EBITDA and free cash flow (FCF) generation, requiring
material group support. Overall, Fitch considers the sale to be
positive for Avia's creditworthiness. Avia's intercompany exposure
to Smartlynx was about EUR141 million at end-September 2025, which
the group expects to write off.

Lease Debt Reduction Credit-Positive: The divestment has reduced
cash leakage and materially lowered lease-related obligations,
supporting Avia's credit metrics. Lease liabilities declined to
EUR638 million at end-2025 from EUR1,343 million at end-2024,
reducing leverage to 3.1x pro-forma for the sale from 3.8x at
end-2024. The disposal has also removed the pressure on cash
generation through lower lease payments despite the loss of a large
EBITDAR contributor.

Fleet Optimisation: Avia's passenger aircraft fell to 125 at
end-2025 from 183 at end-2024 while cargo aircraft declined to 17
from 37, due largely to the Smartlynx divestment. The decline was
concentrated on narrow-body cargo, due to unfavourable business
fundamentals. Avia is disposing of non-operational aircraft amid
supportive market conditions, which have generated EUR28 million of
proceeds so far in 2026, with a further EUR27 million committed
under sales and purchase agreements and EUR42 million expected
under signed letters of intent. Excluding these trading assets, ASG
expects its operational fleet to grow about 7% in 2026, supporting
EBITDA.

Forecast EBITDAR Growth: Fitch expects Avia's EBITDAR to grow in
2026-2027, following its Smartlynx divestment, driven by a ramp-up
in ACMI activity - also supported by a larger fleet - and modest
growth in MRO. Fitch forecasts EBITDAR to increase to about EUR460
million in 2027 (2025: pro forma EUR350 million); however, as lease
payments will start to gradually rise again, Fitch forecasts EBITDA
to remain broadly flat at EUR110 million-120 million a year. Its
rating case expects FCF to remain mildly negative in 2026-2027.

Leverage Aligned with Sensitivities: Fitch forecasts EBITDAR
leverage to remain within its 'BB' sensitivities of 3.0x-4.0x,
supported by a meaningful reduction in lease debt after the
Smartlynx divestment and solid EBITDAR generation in 2026-2027.

Peer Analysis

Avia's business model is a combination of mostly service-oriented
businesses and, to a lesser extent, more asset-intensive business
of aircraft trading. In contrast to passenger airlines, Avia
operates in the B2B commercial aviation market. Given its
operations in MRO, ground handling and leasing businesses, Fitch
views its business profile as more stable than passenger airlines
but on a par with or marginally weaker than large pure ground
handling companies'. Avia operates on a smaller scale and with a
different portfolio mix than larger, well-established lessors such
as AerCap Holdings N.V. (BBB+/Stable) or Air Lease Corporation
(BBB/Negative).

Fitch’s Key Rating-Case Assumptions

- Aviation support services (MRO, fuelling, logistics, charter and
training) to grow gradually on industry demand to 2027

- Fitch-defined group EBITDA margin to remain in the mid-single
digits to 2027

- Continued growth in total aircraft to 164 units at end-2027 from
142 at end-2025, with most of them lease-funded

- Logistics and distribution revenue, driven by number of aircraft
and utilisation being broadly in line with average in 2024-2025

- Non-lease capex totalling EUR164 million (excluding aircraft
trading capex) in 2026-2027, in line with management forecasts for

- Acquisitions for EUR40 million in 2026

- No dividends

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 33% weight for the forecast year 2025,
33% for the forecast year 2026 and 34% for the forecast year 2027.

- The Governance assessment of 'Some Deficiencies' results in an
adjustment of -1 notch(es).

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

- The SCP is 'bb'.

RATING SENSITIVITIES

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

- EBITDAR leverage above 4.0x on a sustained basis due to a
prolonged impact from a global economic crisis or implementation of
a more ambitious-than-expected investment or dividend policy

- Decline in consolidated Fitch-defined EBITDA margin below 5%

- EBITDAR fixed charge coverage sustained below 1.2x

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

A positive rating action is unlikely, given the Negative Outlook on
Avia's IDR. However, Fitch could revise the Outlook to Stable if
the EBITDA margin is sustained well above 5% and EBITDAR
fixed-charge coverage is maintained at or above 1.3x, alongside
leverage and EBITDA performance being in line with its forecast and
reduced governance-related risks.

Liquidity and Debt Structure

At end-2025, Avia had EUR124 million of cash, sufficient to cover
short-term debt of EUR59 million and its expected negative FCF
(after acquisitions/divestitures) of about EUR56 million in 2026,
supported by proceeds from aircraft disposals. Avia's subsidiaries
also have access to revolving credit facilities (ASG Finance: USD22
million; FL Technics: EUR12 million), although these facilities
were fully drawn at end- 2025.

Avia does not face refinancing risk until its bond maturity in
2029.

Issuer Profile

Avia provides specialist services to the aviation industry in more
than 160 countries across five continents. It operates in two main
business segments: logistics and distribution and aviation support
services.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

The Climate.VS for 2035 for Avia is 51. This is in line with
commercial airlines' and reflects gradually growing costs linked to
the decarbonisation of the sector.

ESG Considerations

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

   Entity/Debt                   Rating          Recovery   Prior
   -----------                   ------          --------   -----
ASG Finance Designated
Activity Company

    senior unsecured       LT     BB  Affirmed    RR4       BB

AVIA SOLUTIONS GROUP
(ASG) PUBLIC LIMITED
COMPANY                    LT IDR BB  Affirmed              BB

HARVEST CLO XXXIX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXXIX DAC final ratings as
detailed below.

   Entity/Debt                  Rating           
   -----------                  ------           
Harvest CLO XXXIX DAC

   Class A XS3289002209      LT AAAsf  New Rating

   Class B XS3289002894      LT AAsf   New Rating

   Class C XS3289002977      LT Asf    New Rating

   Class D XS3289003199      LT BBB-sf New Rating

   Class E XS3289003272      LT BB-sf  New Rating

   Class F XS3289003439      LT B-sf   New Rating

   Subordinated Notes
   XS3289003512              LT NRsf   New Rating

Transaction Summary

Harvest CLO XXXIX DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR450
million. The portfolio is actively managed by Investcorp Credit
Management EU Limited. The CLO has a 4.6-year reinvestment period
and an 8.5-year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors of the identified portfolio at
'B'. The Fitch-weighted average rating factor (WARF) is 23.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the identified portfolio is 59.2%.

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

Portfolio Management (Neutral): The transaction has two matrix sets
that corresponds to a top 10 obligor limit of 20%, and two
fixed-rate asset limits of 5% and 10%. The closing matrix set has a
WAL test of 8.5 years while the forward matrix set corresponds to a
WAL test of 7.5 years. The forward matrix set is applicable one
year after closing, subject to the aggregate collateral balance
(with defaults carried at Fitch collateral value) being at least at
the reinvestment target par amount.

The transaction has a 4.6-year reinvestment period and includes
reinvestment criteria similar to those of other European CLO
transactions. Fitch's analysis is based on a stressed case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis and matrices analysis is 12
months less than the WAL covenant. This is to account for strict
reinvestment conditions envisaged by the transaction after its
reinvestment period, which include passing the coverage tests and
the Fitch 'CCC' bucket limitation test, and a WAL test covenant
that gradually steps down before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B,
D, E and F notes each have a rating cushion of two notches, and the
class C notes have a cushion of one notch, due to the better
metrics and shorter life of the identified portfolio than the
Fitch-stressed portfolio. The class A notes do not have any rating
cushion as they are already at the highest achievable rating.

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

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

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to two notches each for the class B, D, E and F notes and one
notch for the class C notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Harvest CLO XXXIX
DAC.

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

NGC EURO 6: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned its credit ratings to NGC Euro CLO 6
DAC's class A, B, C, D, E, and F notes. At closing, the issuer also
issued EUR30.50 million of unrated subordinated notes.

Under the transaction documents, the notes will pay quarterly
interest unless a frequency switch event occurs, upon which the
notes will pay semiannually.

This transaction has a 1.50-year non-call period, and the
portfolio's reinvestment period will end 4.56 years after closing.

The ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading assessed under S&P's
operational risk framework.

-- 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    2,734.23
  Default rate dispersion                                 482.17
  Weighted-average life (years)                             4.86
  Obligor diversity measure                               171.02
  Industry diversity measure                               26.96
  Regional diversity measure                                1.25

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              189
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                              0
  Target 'AAA' weighted-average recovery (%)               36.68
  Target weighted-average spread (%)                        3.59
  Target weighted-average coupon (%)                        5.08

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'. The portfolio is well-diversified at closing, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.

"In our cash flow analysis, we modelled the EUR400 million par
amount, the covenanted weighted-average spread of 3.45%, the
covenanted weighted-average coupon of 4.70%, and the target
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Until the end of the reinvestment period on Oct. 15, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk 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 the rating is commensurate
with the available credit enhancement for the class A notes. Our
credit and cash flow analysis indicates that the available credit
enhancement for the class B to E notes could withstand stresses
commensurate with higher ratings than those assigned. However, as
the CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we capped our
ratings on these notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class F notes could withstand stresses
commensurate with a lower rating. However, we applied our 'CCC'
rating criteria and assigned a rating of 'B- (sf)' rating to this
class of notes."

The ratings uplift for the class F notes reflects several key
factors, including:

-- Their available credit enhancement, which is in the same range
as that of other CLOs we have rated and that have recently been
issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.43% (for a portfolio with a weighted-average
life of 4.86 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.86 years, which would result
in a target default rate of 15.6%.

-- 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 that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.

"In addition to our standard analysis, to 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 to E notes based on four
hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain industries. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, we
have not made any specific adjustments in our rating analysis to
account for any ESG-related risks or opportunities."

NGC Euro CLO 6 DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured and
unsecured loans and bonds issued mainly by speculative-grade
borrowers.

  Ratings

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

  A      AAA (sf)    248.00     38.00           3mE +1.30%
  B      AA (sf)      44.00     27.00           3mE +1.80%
  C      A (sf)       24.00     21.00           3mE +2.20%
  D      BBB- (sf)    28.00     14.00           3mE +3.05%
  E      BB- (sf)     18.00      9.50           3mE +5.25%
  F      B- (sf)      12.00      6.50           3mE +8.25%
  Sub notes  NR       30.50       N/A           N/A

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

3mE--Three-month EURIBOR.
EURIBOR-- Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.

OCP EURO 2026-15: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned OCP Euro CLO 2026-15 DAC expected
ratings, as detailed below. The assignment of final ratings is
contingent on the receipt of final documents conforming to
information already received.

   Entity/Debt                  Rating           
   -----------                  ------           
OCP Euro CLO 2026-15 DAC

   A XS3290536799            LT AAA(EXP)sf  Expected Rating
   B-1 XS3290536955          LT AA(EXP)sf   Expected Rating
   B-2 XS3290537250          LT AA(EXP)sf   Expected Rating
   C XS3290537417            LT A(EXP)sf    Expected Rating
   D XS3290537680            LT BBB-(EXP)sf Expected Rating
   E XS3290537847            LT BB-(EXP)sf  Expected Rating
   F XS3290538068            LT B-(EXP)sf   Expected Rating
   Sub Notes XS3290538571    LT NR(EXP)sf   Expected Rating

Transaction Summary

OCP Euro CLO 2026-15 DAC is a securitisation of mainly (at least
90%) senior secured obligations with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund the identified portfolio with a
target par of EUR450 million.

The portfolio is actively managed by Onex Credit Partners, LLC. The
collateralised loan obligations (CLO) portfolio has an
approximately 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL) test at closing.

KEY RATING DRIVERS

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

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.1%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 10%, a top 10 obligor concentration limit at
15%, and a maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has two sets of
matrices, each corresponding to two fixed-rate asset limits of 5%
and 10% and a top 10 obligors limit of 15%. The first matrix set
with a WAL test of 8.5 years is effective at closing. The second
matrix set that corresponds to a WAL test of 7.5 years will be
applicable after 12 from closing, subject to the aggregate
collateral balance (defaults at Fitch-treated collateral value)
being at least at the reinvestment target par amount.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio is 12 months less than the WAL covenant at
closing to account for structural and reinvestment conditions after
the reinvestment period. These conditions include passing the
overcollateralisation and Fitch 'CCC' limit tests, and a WAL
covenant that gradually steps down over time, both before and after
the end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during
stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B-1,
B-2, C, D, E and F notes each have a rating cushion of two notches,
due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio. The class A notes do
not have any rating cushion as they are already at the highest
achievable rating.

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for OCP Euro CLO
2026-15 DAC.

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

PROVIDUS CLO XIV: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Providus CLO XIV
DAC's class A, B, C, D, E, and F notes. At closing, the issuer also
issued unrated subordinated notes.

The reinvestment period will be approximately 4.6 years, while the
non-call period will be 1.6 years after closing.

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 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 2,754.69
  Default rate dispersion                                 497.99
  Weighted-average life (years)                             4.92
  Obligor diversity measure                               160.40
  Industry diversity measure                               18.46
  Regional diversity measure                                1.38

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Number of performing obligors                              174
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.38
  Target 'AAA' weighted-average recovery (%)               36.57
  Target weighted-average spread (%)                        3.44
  Target weighted-average coupon (%)                        3.70

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 is well-diversified at closing, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the target weighted-average spread of 3.44%, the target
weighted-average coupon of 3.70%, and the covenanted
weighted-average recovery rates as indicated by the collateral
managerWe 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 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 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, C, D, and E notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO is still in its reinvestment phase
starting from the effective date, during which the transaction's
credit risk profile could deteriorate, we capped our ratings on
these notes.

"The class A and F notes can withstand stresses commensurate with
the assigned ratings. In our view, the portfolio is granular in
nature, and well-diversified across obligors, industries, and asset
characteristics when compared with other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning our ratings to any
classes of notes in this transaction.

"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
to F 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 to E notes, based on four
hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain industries. 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."

Providus CLO XIV 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. Permira
Credit European CLO Manager 2 LLP manages the transaction.

  Ratings

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

  A      AAA (sf)    248.00   38.00     Three/six-month EURIBOR
                                        plus 1.23%

  B      AA (sf)      44.00   27.00     Three/six-month EURIBOR
                                        plus 1.60%

  C      A (sf)       24.00   21.00     Three/six-month EURIBOR
                                        plus 2.00%

  D      BBB- (sf)    28.00   14.00     Three/six-month EURIBOR
                                        plus 2.65%

  E      BB- (sf)     18.00    9.50     Three/six-month EURIBOR
                                        plus 4.75%

  F      B- (sf)      12.00    6.50     Three/six-month EURIBOR
                                        plus 7.80%

  Sub.   NR           31.30     N/A     N/A

*S&P's ratings address timely interest and ultimate principal on
the class A and B notes and ultimate payment of interest and
principal on the class C to F notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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

RRE 28 LOAN: S&P Assigns BB- (sf) Rating to Class D Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 28 Loan
Management DAC's class A-1, A-2, B, C and D notes, and A-1A and
A-1B loans. At closing, the issuer also issued EUR47.95 million
unrated subordinated notes.

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 payment.

This transaction has a 1.5 year non-call period and the portfolio's
reinvestment period will end 4.56 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 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    2,736.88
  Default rate dispersion                                 498.05
  Weighted-average life (years)                             5.27
  Obligor diversity measure                               113.15
  Industry diversity measure                               17.75
  Regional diversity measure                                1.43

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              139
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                              0
  'AAA' target portfolio weighted-average recovery (%)     35.95
  Target weighted-average spread (%)                        3.42
  Target weighted-average coupon (%)                        3.68

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'. The portfolio is well-diversified at closing, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we conducted our credit
and cash flow analysis by applying our criteria for corporate cash
flow CDOs.

"In our cash flow analysis, we modeled the EUR400 million par
amount, the target weighted-average spread of 3.42%, the target
weighted-average coupon of 3.68%, and the target weighted-average
recovery rates at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk is
limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"Until the end of the reinvestment period on Oct. 15, 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 legal structure is bankruptcy remote, in line
with our legal criteria.

"The operational risk associated with key transaction parties (such
as the collateral manager) that provide an essential service to the
issuer is in line with our operational risk criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2 to D notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO is still in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
capped our assigned ratings on these notes. The class A-1 notes and
A-1A and A-1B loans can withstand stresses commensurate with the
assigned rating.

"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-1 to D notes and A-1A and
A-1B loans based on four hypothetical scenarios."

Environmental, social, and governance

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

RRE 28 Loan Management 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. Redding Ridge Asset Management (UK) LLP manages the
transaction.

  Ratings

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

  A-1    AAA (sf)   189.00 39.00     Three/six-month EURIBOR
                                        plus 1.19%

  A-1A
  Loan   AAA (sf)    30.00    39.00     Three/six-month EURIBOR
                                        plus 1.19%

  A-1B
  Loan   AAA (sf)    25.00    39.00     Three/six-month EURIBOR
                                        plus 1.19%

  A-2    AA (sf)     40.00    29.00     Three/six-month EURIBOR
                                        plus 1.60%

  B      A (sf)      32.00    21.00     Three/six-month EURIBOR
                                        plus 1.95%

  C      BBB- (sf)   28.00    14.00     Three/six-month EURIBOR
                                        plus 2.65%

  D      BB- (sf)    18.00     9.50     Three/six-month EURIBOR
                                        plus 4.55%

  Sub. Notes   NR    47.95      N/A     N/A

*S&P's ratings on the class A-1 and A-2 notes, and A-1A and A-1B
loans address timely interest and ultimate principal payments. Its
ratings on the class B, C and D notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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



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

FULVIA SPV 2026-1: Fitch Assigns BB+sf Final Rating to Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned Fulvia SPV S.r.l.'s - Series 2026-1
notes final ratings, as detailed below.

   Entity/Debt             Rating               Prior
   -----------             ------               -----
Fulvia SPV S.r.l. –
Series 2026-1

   A1 IT0005695934      LT AA+sf  New Rating    AA+(EXP)sf
   A2 IT0005695942      LT AA+sf  New Rating    AA+(EXP)sf
   B IT0005695959       LT AAsf   New Rating    AA(EXP)sf
   C IT0005695967       LT Asf    New Rating    A(EXP)sf
   D IT0005695975       LT BBBsf  New Rating    BBB(EXP)sf
   E IT0005695983       LT BB+sf  New Rating    BB+(EXP)sf

Transaction Summary

The transaction is a securitisation of new vehicles loans featuring
a standard amortisation (French) or balloon repayment granted to
individuals (persone fisiche) and individual entrepreneur
borrowers, by Hyundai Capital Bank Europe GmbH, Italian Branch
(HCIT), with a nine-month revolving period.

HCIT, is a branch of Hyundai Capital Bank Europe GmbH - a joint
venture between Santander Consumer Bank AG (A/Stable/F1; 51% stake)
and Seoul-based Hyundai Capital Services Inc. (A-/Stable/F1; 49%)
in 2019.

KEY RATING DRIVERS

Limited Expected Loss: Fitch has observed low historical default
rates for HCIT loans, in line with other captive auto loan lenders
operating in Italy. Fitch has assumed a base-case lifetime default
and a recovery rate of 1.1% and 40%, respectively. Fitch has
applied a stress multiple of 6.75x at 'AA+sf' to its base-case
default rate and a 50% haircut to the base-case recovery rate. The
default multiple reflects, among other features, the low level of
the base case, the short default definition and the balloon risk.

High Balloon Component: About 78% of the portfolio is composed of
balloon loans. These borrowers may face a payment shock at maturity
if they cannot refinance the balloon amount or return the car to
the dealer. Fitch has factored balloon risk into its default
multiple of 6.75x at 'AA+sf'.

Pro Rata Subject to Triggers: The class A to D notes repay pro rata
until a sequential redemption event occurs. Fitch views a switch to
sequential amortisation as unlikely at the base case due to the gap
between its portfolio loss expectations and performance triggers.
The mandatory switch to sequential paydown, when the outstanding
collateral balance falls below a certain threshold, mitigates tail
risk.

No Servicing Fees Modelled: The transaction envisages an amortising
replacement servicer fee reserve that will be funded on certain
triggers being breached. Fitch believes the reserve is adequate to
cover the stressed servicer fees at the notes' maximum achievable
rating throughout the transaction's life. Therefore, no servicing
fees are modelled in Fitch's cash flow analysis, resulting in
higher excess spread being available to the structure.

Excess Spread Notes Rating Cap: The class E excess spread notes are
not collateralised and their interest and principal are paid from
the available excess spread. The class E notes start amortising
from the issue date and during the revolving period. Fitch caps
excess spread notes' ratings at 'BB+sf', in line with its Global
Structured Finance Rating Criteria.

'AA+sf' Sovereign Cap: The class A notes are rated at their highest
achievable rating, six notches above Italy's sovereign rating
(BBB+/Stable/F1), which is the cap for Italian structured finance
and covered bonds. The Stable Outlook on the class A notes reflects
that on the sovereign.

RATING SENSITIVITIES

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

The class A notes' ratings are sensitive to changes to Italy's
Long-Term Issuer Default Rating (IDR). Negative action on Italy's
IDR, reflected in the related rating cap for Italian structured
finance transactions, currently 'AA+sf', could trigger negative
rating action on the class A notes.

Unexpected increases in the frequency of defaults or decreases in
recovery rates producing larger losses than the base case could
result in negative rating action on the notes. For example, a
simultaneous increase in the default base case by 25%, and a
decrease in the recovery base case by 25%, would lead to downgrades
of up to three notches each for the class B to D notes.

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

An upgrade of Italy's IDR and the related rating cap for Italian
structured finance transactions, currently 'AA+sf', could trigger
an upgrade of the class A notes' rating if the available credit
enhancement is sufficient to withstand stresses associated with
higher ratings.

An unexpected decrease in the frequency of defaults or an increase
in recovery rates producing smaller losses than that the base case
could result in positive rating action. For example, a simultaneous
decrease in the default base case by 25%, and an increase in the
recovery base case by 25%, would lead to upgrades of up to three
notches each for the class B to D notes.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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

SUNRISE SPV 98: Fitch Assigns 'BB+sf' Final Rating to Class X Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Sunrise SPV 98 S.r.l. - Series 2026-1's
ABS final ratings, as detailed below.

   Entity/Debt             Rating               Prior
   -----------             ------               -----
Sunrise SPV 98 S.r.l –
Series 2026-1

   A IT0005697278       LT AA+sf  New Rating    AA+(EXP)sf
   B IT0005697393       LT A+sf   New Rating    A+(EXP)sf
   C IT0005697401       LT BBB+sf New Rating    BBB+(EXP)sf
   D IT0005697419       LT BBBsf  New Rating    BBB(EXP)sf
   E IT0005697427       LT BB+sf  New Rating    BB+(EXP)sf
   M IT0005697435       LT NRsf   New Rating    NR(EXP)sf
   X IT0005697443       LT BB+sf  New Rating    BB+(EXP)sf

Transaction Summary

Sunrise SPV 98 S.r.l. - Series 2026-1 is the 29th public
securitisation of unsecured consumer loans originated for Italian
residents by Agos Ducato S.p.A. (A-/Stable/F1). The transaction has
a revolving period of five interest payment dates, which ends in
September 2026. The notes will then amortise sequentially until
March 2027 and switch to pro rata in April 2027.

KEY RATING DRIVERS

Sound Historical Performance: Fitch expects a weighted average (WA)
lifetime default rate of 4.6% and a WA recovery rate of 10.5% for
the portfolio at the end of the transaction's revolving period.
These assumptions take into account Agos's loan book, sound
historical vintages, default levels and the strong performance of
other Sunrise transactions, which have shown limited signs of
deterioration during periods of economic stress. At 'AA+sf', Fitch
has assigned a WA default rate of 20.9% and a WA recovery rate of
5.3%.

Mainly Unsecured Personal Loans: Around 75% of the portfolio
consists of personal loans (limited to 78% through the revolving
period, in accordance with the transaction documents), which have
historically experienced greater loss rates than other types of
consumer loans. The rest of the portfolio comprises auto loans,
furniture and "purpose" loans.

Initial Sequential Builds Up CE: The class A to M notes amortise
sequentially until March 2027 and start amortising pro rata from
the following payment date. The initial sequential amortisation
will allow credit enhancement (CE) to build up to support the
collateralised rated notes before pro rata amortisation begins. The
notes will switch back to sequential if certain performance
triggers are breached. Its base case views a switch to sequential
amortisation as unlikely at the base case due to the gap between
its portfolio loss expectations and performance triggers.

Excess Spread Notes' Rating Cap: The class X notes' interest and
principal are paid from the available excess spread as the notes
are not collateralised. Excess spread notes are typically sensitive
to underlying loan performance and prepayments and cannot achieve a
rating higher than 'BB+sf'. The class X notes start amortising from
the first payment date.

'AA+sf' Maximum Achievable Rating: The class A notes' rating is
limited by the sovereign cap for Italian structured finance
transactions at six notches above Italy's Long-Term Issuer Default
Rating (IDR; BBB+/Stable).

RATING SENSITIVITIES

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

The class A notes are sensitive to changes in Italy's Long-Term
IDR. A downgrade of Italy's IDR and a downward revision of the
'AA+sf' rating cap for Italian structured finance transactions
would trigger downgrades of the notes rated at this level.

An unexpected increase in the frequency of defaults or a decrease
in the recovery rates could produce loss levels higher than the
base case. For example, a simultaneous increase in the default base
case by 25%, and a decrease in the recovery base case by 25%, would
lead to downgrades of up to two notches for the class A to E
notes.

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

The class A notes are sensitive to changes in Italy's Long-Term
IDR. An upgrade of Italy's IDR and an upward revision of the
'AA+sf' rating cap for Italian structured finance transactions
could trigger upgrades of the notes rated at this level. This is
provided sufficient CE is available to withstand stresses at a
higher rating scenario.

An unexpected decrease in the frequency of defaults or an increase
in the recovery rates could produce loss levels lower than the base
case. For example, a simultaneous decrease in the default base case
by 25%, and an increase in the recovery base case by 25%, would
lead to upgrades of up to three notches for the class B to E
notes.

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

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

DATA ADEQUACY

Sunrise SPV 98 S.r.l - Series 2026-1

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

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

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

ESG Considerations

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



===================
L U X E M B O U R G
===================

LUNE HOLDINGS: Fitch Affirms 'CCC-' Long-Term IDR
-------------------------------------------------
Fitch Ratings has affirmed Lune Holdings S.a r.l.'s (Kem One)
Long-Term Issuer Default Rating (IDR) and senior secured rating at
'CCC-'. The Recovery Rating is 'RR4'.

Kem One's ratings reflect exceptionally weak profitability and cash
flow generation amid continued weak demand. The company received
EUR230million new funding in 2025 and January 2026, which allowed
it to continue operations. Fitch understands lenders are in
discussions on the potential recapitalisation plan, which is likely
to be the key factor determining the rating trajectory. The
affirmation reflects its assumption that the company should be able
to settle interest due in May 2026 from cash on hand and available
undrawn credit balance.

Key Rating Drivers

Discussions with Lenders Ongoing: Kem One has stopped disclosing
financial information as it is in discussions with its lenders
regarding a potential recapitalisation. Fitch understands that
performance in 2025 was weak. Management expects profitability to
improve in 2026, supported by the recently completed investments.
Its forecasts incorporate a gradual recovery in cash flow, but
Fitch continues to assume that financial results will remain weak
in 2026.

New Funding: Kem One secured a EUR200 million delayed draw term
loan in 2025 with 60 months maturity and a EUR25 million minimum
cash covenant and an additional EUR30 million in January 2026
ranking pari passu with the delayed draw term loan. The refinancing
is positive for the credit profile as it removes short-term
liquidity risk, but Fitch believes the company's operational
performance and cash flow generation remain problematic, which may
result in additional liquidity needs.

Key Investments Completed: Key capex projects included the Fos cell
conversion and the drilling of new brine doublets, both of which
have been completed. Kem One has finished converting the Fos cell
rooms to advanced bi-polar membrane technology, which is expected
to reduce carbon dioxide emissions, increase chlorine output, and
improve product quality supporting higher selling prices, while
also lowering fixed costs and enhancing operational efficiency. The
two new brine doublets have also been delivered, with the full
financial benefits from these investments expected to be reflected
in 2026.

Iran War Impact Uncertain: Management expects the impact of the
conflict in Iran to be neutral to positive for Kem One, as
logistics disruptions could limit competitive pressure from Asia.
Given the highly volatile situation in the Middle East and the
difficulty in forecasting implications for feedstock availability
and pricing, as well as the pass-through capacity of European
chemical producers, Fitch has not incorporated any impact in its
cash flow forecasts. Fitch continues to project a gradual
improvement in profitability, driven by better operational
performance and a recovery in market conditions from 2026.

Antidumping Duties: European chemicals continue to face supply side
pressure adversely affecting prices as well as volumes. Multiple
European PVC producers, including Kem One, are actively lobbying
the European Commission for the introduction of antidumping duties
on Asian imports among other measures. The EU may implement new
protectionist measures towards the end of 2026, which could provide
some relief to domestic industry participants facing competitive
pressure from lower-priced imports. However, the impact of these
measures on sector recovery remains uncertain and will depend on
sustainable demand growth from end markets such as construction.

Peer Analysis

Kem One's EMEA chemical peers are Petkim Petrokimya Holdings A.S.
(CCC), Root Bidco S.a.r.l. (B-/Stable), and AI Plex (Luxembourg)
S.a r.l.(Roehm, B-/Stable).

Petkim shares Kem One's asset concentration and commodity focus.
The latter has smaller production scale and weaker end-market
diversification. However, it has a stronger market position and
benefits from a more stable economic environment.

Root Bidco is a manufacturer of crop protection, bio-nutrition and
bio-control products. It generates higher margins, benefits from a
more diversified portfolio of products and raw materials and
operates in fast-growing markets serving a resilient agriculture
industry.

Roehm is a partly integrated producer of methyl methacrylates
(MMA). It is larger, more geographically diversified and more
profitable than Kem One. However, it is also exposed to cyclical
end-markets, and to volatility in raw material and MMA prices.
Fitch expects significant improvement in Roehm's financial profile
following the start-up of the new MMA plant in the US in 2025.

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

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

- The SCP is 'ccc-'.

Recovery Analysis

Its recovery analysis is based on the liquidation of Kem One in
bankruptcy, which yields a higher value than in a reorganisation as
a going concern.

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidated
during a bankruptcy or insolvency proceedings and distributed to
creditors.

- Fitch has applied a 100% discount to cash held.

- Fitch has applied a 20% discount to account receivables based on
the analysis of Kem One's receivables portfolio and peer analysis.

- Fitch has applied a 50% discount to inventory in line with
peers.

- Fitch has applied a 50% discount to net property, plant and
equipment based on the quality of the company's assets and peer
analysis.

- After a deduction of 10% for administrative claims, its waterfall
analysis generated a waterfall-generated recovery computation in
the 'RR4' band, indicating a 'CCC-' instrument rating.

RATING SENSITIVITIES

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

- A material deterioration in liquidity position due to, among
other things, unprofitable operations or production interruptions,
leading to a default of some kind appearing probable.

- The proposal by the company of debt restructuring that Fitch
would qualify as a distressed debt exchange (DDE)

- Failure to service debt obligations, the issuer entering into a
grace period, or a debt restructuring deemed a DDE by Fitch

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

- Significant improvement in liquidity

- A material improvement in financial performance

Liquidity and Debt Structure

Fitch assumes Kem One should be able to settle interest due May
2026. However, absent a sharp improvement in market conditions or
recapitalisation, continued debt servicing beyond May remains
uncertain, which is reflected in the 'CCC-' rating.

Issuer Profile

Kem One is an integrated producer of PVC, caustic soda and
chloromethanes based in France.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

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

ESG Considerations

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

   Entity/Debt                  Rating           Recovery   Prior
   -----------                  ------           --------   -----
Lune Holdings S.a r.l.    LT IDR CCC- Affirmed              CCC-

   senior secured         LT     CCC- Affirmed    RR4       CCC-



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

UNIT4 GROUP: S&P Affirms 'B' ICR on Improved Business Risk Profile
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit ratings on ERP
provider Unit4 Group Holding B.V. and its 'B' issue-level ratings
on its revolving credit facility (RCF) and senior secured term
loan. The recovery ratings remain '3'.

S&P said, "The stable outlook reflects our expectation that 6%-7%
organic topline growth and margin expansion above 30%, will enable
Unit4's S&P Global Ratings-adjusted debt to EBITDA to remain well
below 8x and free operating cash flow (FOCF) to debt to remain
above 5% over the next 12 months, with plenty of headroom for
potential M&A or distributions.

"We revised our business risk profile (BRP) assessment on Unit4
Group Holding B.V. to fair from weak to reflect its improved
operating efficiencies owing to buoyant margin performance and
enhanced predictability of earnings.

"We believe there is a risk that near term deleveraging potential
will be limited by acquisitions and shareholder remuneration, given
the company's private equity ownership.

"We have a more favorable view of Unit4's business risk. This is
the result of higher operating leverage, recurring revenue and
greater visibility and control over exceptional costs resulting in
solid FOCF generation. Unit4 has reduced its operating expenditure
(opex) to an estimated EUR170 million in 2025 from EUR203 million
in 2022, through savings across product and engineering,
administrative, and go-to market costs. Gross margins have steadily
expanded as well, with the support from better software as a
service (SaaS) margin, benefiting from optimized Azure costs on
increased economies of scale. We expect continued margin expansion,
as SaaS revenue continues to grow more than 15%, with revenue
contribution rising beyond 60%. In addition, sustained reduction of
and more clarity around exceptional costs improves predictability
of profitability.

"We see potential for further cost efficiencies in professional
services where the management intends to undergo staff rightsizing
activity in 2026. We expect R&D to sales to remain roughly stable
due to continued investments in AI tools, but improved gross
margins and cost efficiencies from automation should result in
sustained operating leverage.

"Overall, we project S&P Global Ratings-adjusted EBITDA margins to
reach 35% in 2026 and 39% in 2027, up from an estimated 32.5% in
2025. This includes a temporary increase in restructuring costs to
about EUR20 million in 2026. This combined with asset-light
business model and positive working capital, specifically from
reduced days of sales outstanding (DSO), supports our projected
FOCF exceeding EUR100 million in 2026 and about EUR130 million in
2027, compared with an expected EUR90 million in 2025.

"We anticipate resilient organic revenue growth from SaaS
migration, upselling, and new logos. We estimate organic revenue
will grow 6%-7% in 2026 and 2027, driven primarily by new logo
growth, leveraging a newly formed team. Also supporting organic
growth is our assumption of reduced churn as majority of the
customer base has now migrated to Unit4's SaaS platform, which
tends to be stickier.

"While this migration suggests SaaS growth is slowing, we expect
continued expansion through cross-selling opportunities –
notably, FP&A adoption as well as price monetization of its AI
solutions, layered on top of annual indexation. Furthermore, the
company benefits from high customer stickiness, supported by its
complex finance and project management offerings to people-centric
customer base encompassing the mid-market nonprofit, education,
public sector, and professional services segments.

"We expect these factors to support SaaS revenue growth exceeding
15% over the next few years. As SaaS contribution continues to
increase with traditional segments including license, maintenance,
and related customer success structurally declining, we expect this
strong SaaS performance to positively contribute to the company's
overall revenue growth trajectory.

"We see limited AI displacement risk over the medium term. In our
view, Unit4 is positioned well to navigate AI-related disruption
risks due to its complex solutions that are niche-focused on
specific industry verticals, embedded AI solutions, ongoing
investments and a clear roadmap to continue innovating. Unit4's
ERPx offering can provide real-time analytics and insights, and the
company is strategically investing in layered AI tools to avoid the
risk of its enterprise resource planning (ERP) software functioning
as a lower value system of record. This evolution will extend
beyond AI tools providing insights to tools that can manage
concrete action plans based on existing data within the ERP system.
We believe AI startups are unlikely to provide an equivalent
alternative to ERP systems in the medium term, and the high
switching cost and complex configuration further discourages
clients to migrate." Nevertheless, the switch to value-based
pricing aligned to customer productivity could introduce billing
complexity, tougher renewal negotiations and execution risks.

M&A and potential shareholder returns will likely limit the
benefits from organic deleveraging capacity. After a period of
elevated leverage, thanks to recovering profitability, continued
growth, and full payment-in-kind (PIK) repayment, we project
increasing leverage headroom going forward. S&P said, "We estimate
adjusted debt to EBITDA could decline to 5.2x in 2026 from
estimated 5.9x in 2025, while FOCF to debt could increase to 12%.
At the same time, we see a material risk this organic deleveraging
will likely be stalled by potential acquisitions or shareholder
remuneration as Unit4 is controlled by private equity owners that
require return on their investment and that have a track record of
sustaining higher leverage profile. We do not, however, expect
future recapitalizations will exceed our current leverage rating
threshold, as there is sufficient headroom that we expect to
further increase with organic growth in EBITDA and cash flow."

The stable outlook reflects our expectation that organic topline
growth of 6%-7% and margin expansion above 30% will enable Unit4's
S&P Global Ratings-adjusted debt to EBITDA to remain well below 8x
and free operating cash flow (FOCF) to debt to remain above 5% over
the next 12 months, with plenty of headroom for potential M&A or
distributions.

S&P said, "We could lower the ratings if Unit4's adjusted debt to
EBITDA exceeds 8x and FOCF to debt stays sustainably well below 5%.
This could happen in case of a more aggressive financial policy
including significant debt-funded M&A or dividends. Although
unlikely in our view, near-term downside could also be triggered if
Unit4 experiences significantly weaker operating performance due to
intense competition, higher customer churn, challenges in new logo
sales growth, or significantly higher-than-expected restructuring
and exceptional costs.

"We think upside is unlikely in the near term due to Unit4's
private equity ownership and M&A appetite. We could raise the
rating if Unit4's continued earnings growth leads to a reduction in
debt to EBITDA below 5.5x and an increase in FOCF to debt to about
10% on a sustainable basis. This would need to be supported by
financial policy to maintain these metrics."




===========
T U R K E Y
===========

TURKIYE WEALTH: Fitch Affirms 'BB-' Long-Term IDR, Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Wealth Fund's (TWF) Long-Term
Foreign-Currency (FC) and Local-Currency Issuer Default Ratings
(IDRs) at 'BB-' with Positive Outlooks.

Fitch views TWF as a government-related entity (GRE) of Turkiye
(BB-/Positive) and its ratings are equalised with those of the
Turkish sovereign. The Positive Outlook on TWF reflects that on the
sovereign.

TWF's ratings reflect Fitch's view that as a GRE of the Turkish
state, extraordinary support from the state is 'Virtually certain'
under Fitch's GRE Rating Criteria, leading to an equalisation of
TWF's ratings with the Turkish sovereign at 'BB-'. This is
irrespective of TWF's Standalone Credit Profile (SCP), which Fitch
has revised to 'b+' from 'b', based on its improved financial
profile.

Fitch does not expect adverse effects from the current geopolitical
tensions in the region to affect TWF's financial profile, given the
resilience of its revenue stream, which is based on domestic
investments and is not directly exposed to oil price movements.

KEY RATING DRIVERS

Support Score Assessment 'Virtually certain'

Fitch considers that extraordinary support from the Turkish
government to TWF would be 'Virtually certain' in case of need,
reflecting a support score of 55 points (out of a maximum 60) under
its GRE Rating Citeria. This reflects a combination of
responsibility-to-support and incentive-to-support factors
assessment as below.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

Fitch views TWF as a GRE of Turkiye, fulfilling a prominent public
policy role on behalf of the government. The state exercises tight
control and oversight over TWF's strategy, operations and funding
through its affiliation with the Presidency of the Republic of
Turkiye, represented through TWF's board. TWF regularly reports to
the authorities, including the Ministry of Treasury and Finance on
its external borrowing, and through a three-stage audit mechanism
requiring annual presidential and parliamentary audits, including
an independent external audit.

Precedents of Support 'Strong'

As the public policy strategic investment fund of Turkiye, TWF
received tangible government support in the form of Treasury
guarantees on its FC-denominated debt until 2025, provision of
on-lent Treasury funding for the recapitalisation of the
state-owned banks and acquisition of state-owned insurance and
pension companies and asset transfers.

Since its inception, the government has transferred key assets to
TWF through equity injections. In 2024, TWF's consolidated assets
reached TRY12,714 billion, about 30% of national GDP. Fitch expects
government transfers of further assets to continue to bolster its
dividend base, underpinning the state's strong financial support.
TWF may be liquidated by board decision pursuant to the TWF decree
and TWF by-laws and is subject to a flexible dividend policy, with
no dividends to the state so far.

Incentives to Support

Preservation of Government Policy Role 'Very Strong'

TWF has a strategic public policy mission role in the national
government's long-term economic mission and consequently is deemed
as a high-profile entity for the government. It manages key
state-owned portfolio companies across various sectors. Fitch
believes that a default by TWF on its financial obligations would
have deep political repercussions.

Contagion Risk 'Very Strong'

TWF has become a regular issuer in the international financial
markets and is recognised by market participants as a high-profile
government entity due to its role and status. It has good access to
debt capital markets, most recently through a USD1 billion
multi-tranche issuance in September 2025, with maturities of 5.5
years and 10 years. Tight spreads over the sovereign's cost of
debt, underpins its growing presence as a reference issuer in the
international debt capital markets.

In March 2025, TWF rolled over a EUR1.1 billion syndicated loan
without a Treasury guarantee, securing funding from international
banks at borrowing costs close to those of the sovereign. Fitch
believes a default by TWF would impair access to financing for the
government and other GREs, despite its modest debt.

Standalone Credit Profile

TWF's 'b+' SCP reflects a combination of a 'Weaker' risk profile
and a 'a' category financial profile. The revision of the SCP to
'b+' from 'b' reflects its expectation of improved leverage under
its scenario, with net adjusted debt/ EBITDA expected at about 5.7x
on average (2025: 5.1x), leading to a financial profile in the 'a'
category. This reflects better-than-expected operating performance
in 2025, with net adjusted debt/EBITDA improving to 5.1x (2024:
5.9x) versus its expectation of 8.3x. The outperformance was
primarily driven by higher net license income, followed by higher
dividend income from portfolio companies, including Turk Hava
Yollari Anonim Ortakligi (Turkish Airlines, BB/Stable), which
resumed dividend distributions following a strong rebound in
operating performance in 2024.

Fitch believes the impact from the current geopolitical tensions in
the region is manageable, given the relative resilience of revenue
from license operations, which have historically shown stable
growth even during periods of heightened volatility.

Risk Profile: 'Weaker'

Fitch assesses TWF's risk profile as 'Weaker', reflecting the
combination of the assessments below:

Revenue Risk: 'Weaker'

This assessment stems from a combination of 'Weaker' demand and'
Midrange' pricing characteristics assessments. Fitch expects income
from TWF's investments in license operations to constitute about
75% of EBITDA, for which Fitch anticipates steady growth, supported
by price inelastic demand and network optimisation. Dividends from
subsidiaries will contribute about 20% of TWF's expected EBITDA
over the medium term and are subject to the volatile operating
environment that is still marked by high inflation. The remaining
5% is from rental revenue and return on marketable securities.

Fitch assesses pricing characteristics as 'Midrange', mainly due to
TWF's ability to adjust prices in response to inflation and because
revenue growth is broadly in line with inflation for the portfolio
companies.

Expenditure Risk: 'Midrange'

This assessment reflects a combination of 'Midrange' operating
costs and supply risk and 'Midrange' investment planning
characteristics. Operating costs are well identified, with moderate
potential volatility. They are largely fixed, comprising a
commission fee to sub-contractors paid at a pre-determined rate as
a proportion of revenue, and the Treasury share related to the
license operations. The remainder primarily consists of marketing
costs.

Fitch expects these costs to move in tandem with operating revenue
growth. At the holdco level, there is no record of impairment
losses of assets under management, and the portfolio companies
under management are mature and well-established in their
industries. Fitch expects administrative costs to remain broadly in
line with inflation, supported by effective cost management.

Liabilities and Liquidity Risk: 'Weaker'

Its assessment reflects the combination of 'Weaker' debt and
liquidity characteristics. TWF has unhedged FX exposure as all of
its debt is denominated in FC, but it partially mitigates this risk
through a natural hedge in the form of FX reserves. TWF hedges FX
risk on a spot basis and maintains FX reserves equivalent to at
least 1x annual debt service as a natural hedge. These are partly
offset by the lack of committed bank lines, although TWF's
weighted-average maturity is moderate and close to 4 years. At
end-2025, 50% of debt was at floating rates, exposing TWF to
interest-rate risk. This is mitigated by its cash reserves, with
interest revenue covering about 65% of interest expenditure in
2025.

Financial Profile 'a'

Fitch expects TWF's adjusted debt at holdco level to increase,
mainly due to FX volatility, to TRY332.6 billion in 2030 (from
TRY236.9 billion in 2025). Fitch expects investments to focus on
strategic sectors such as mining, petrochemicals and real estate.
Net funding requirements will be partly covered through potential
divestments of minority equity stakes. Fitch expects TWF's cash to
decrease slightly to TRY42.2 billion in 2030, from TRY68.8 billion
in 2025. The expected leverage ratio (Fitch net adjusted
debt/EBITDA) averaging 5.7x over the scenario horizon, leads to a
primary metric ratio in the 'a' category.

About 75% of EBITDA is generated by the license business, with
revenue growth matching the inflation rate, while a considerable
portion of the expenditures is fixed and paid as a percentage of
sales. Dividend inflows, which contribute about 20% of EBITDA, are
mainly from the financial, telecom and, to some extent, aviation
sectors, which can pass through inflation to end customers and
match FX liabilities through FX-denominated income.

Short-Term Ratings

The 'B' Short-Term IDR is the only option for a 'BB-' IDR.

National Ratings

TWF's National Rating is the highest on its National Scale due to
TWF's greater credit strength than its national peers. Fitch
believes the government's propensity to provide extraordinary
support to one of its key policy agencies is very strong, if
needed, underpinning TWF's creditworthiness.

Debt Ratings

The long-term rating on TWF's senior unsecured debt is in line with
its Long-Term IDR.

Peer Analysis

Fitch classifies TWF as a GRE of Turkiye and equalises its ratings
with the sovereign's ratings. This reflects Fitch's view of
'Virtually certain' extraordinary support from Turkiye with a
support score of 55 points (out of a maximum of 60) under Fitch's
GRE Rating Criteria.

This is consistent with the approach Fitch applies to its peers
internationally, including Public Investment Fund, Samruk-Kazyna
JSC and State Development & Investment Corp., Ltd., all of which
are equalised with their respective sovereigns.

Issuer Profile

TWF is a strategic long-term investment arm of Turkiye, overseeing
key state-owned companies on behalf of the government and
supporting the economy in line with the national strategic agenda.
At end-2024, TWF's consolidated assets were about 30% of national
GDP.

Key Assumptions

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2021-2025 historical figures and 2026-2030
scenario assumptions:

- Operating revenue expected CAGR of 22% in 2026-2030, in line with
the expected inflation of 22%

- Dividend up-stream reflects its less diversified dividend base
and is expected to have a CAGR of 9% to TRY10.3 billion in 2030
from TRY6.7 billion in 2025

- Opex CAGR at 23% in 2026-2030, slightly above the expected
average inflation of about 22%

- Negative net capital balance of TRY26.1 billion in 2026-2030

- US dollar/Turkish lira (year-end) assumptions are based on
Fitch's sovereign team's estimate of 49.5 in 2026, 55.0 in 2027,
with 10% annual depreciation over the previous year's rate for
2028-2030

- TWF Istanbul Finance Center's USD1 billion sukuk, due January
2030 and guaranteed by TWF, is classified as Other Fitch-classified
debt, as Fitch expects TWF to support interest payments until
Istanbul Finance Center generates sufficient US dollar-based rental
payments to cover its debt service. Fitch assumes TWF Istanbul
Finance Center's refinances the existing debt with the same amount

Rating Sensitivities

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

Negative rating action on Turkiye would be reflected in TWF's
ratings.

A material dilution of the overall support factors leading to a
score below 30 points under its GRE Rating Criteria could lead to a
downgrade.

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

An upgrade of the sovereign would lead to an upgrade of TWF,
provided that overall support factors remain unchanged.

ESG Considerations

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

Public Ratings with Credit Linkage to other ratings

TWF's IDRs are credit linked to Turkiye's sovereign ratings.

   Entity/Debt                     Rating           Prior
   -----------                     ------           -----
Turkiye Wealth Fund    LT IDR       BB- Affirmed    BB-
                       ST IDR       B   Affirmed    B
                       LC LT IDR    BB- Affirmed    BB-
                       LC ST IDR    B   Affirmed    B
                       Natl LT AAA(tur) Affirmed    AAA(tur)

   senior unsecured    LT           BB- Affirmed    BB-



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

BRACCAN MORTGAGE 2026-1: Moody's Assigns B1 Rating to Cl. X Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to Notes issued by
Braccan Mortgage Funding 2026-1 plc:

GBP382.5M Class A Mortgage Backed Floating Rate Notes due April
2068, Definitive Rating Assigned Aaa (sf)

GBP21.25M Class B Mortgage Backed Floating Rate Notes due April
2068, Definitive Rating Assigned Aa1 (sf)

GBP12.75M Class C Mortgage Backed Floating Rate Notes due April
2068, Definitive Rating Assigned A1 (sf)

GBP8.5M Class D Mortgage Backed Floating Rate Notes due April
2068, Definitive Rating Assigned Baa1 (sf)

GBP10.625M Class X Floating Rate Notes due April 2068, Definitive
Rating Assigned B1 (sf)

Moody's have not assigned a rating to the GBP0.85M Class Z Notes
due April 2068.

RATINGS RATIONALE

The Notes are backed by a static portfolio of UK buy-to-let (83.7%)
and UK non-conforming (16.3%) residential mortgage loans originated
by Paratus AMC Limited ("Paratus" as originator and seller, NR).
The definitive portfolio consists of 1,892 mortgage loans with a
current balance of GBP425 million as of February 28, 2026 pool
cut-off date.

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 a non-amortising general reserve;
sized at 0.20% of the Classes A to D notes and a liquidity reserve
fund which is equal to 1.00% of the outstanding balance of Class A
and B and will amortise together with Class A and B. The general
reserve fund will be part of available revenue receipts while the
liquidity reserve fund will be available to cover senior fees and
costs, and Class A and B interest (in respect of the latter, if it
is the most senior class outstanding and otherwise subject to a PDL
condition).

Paratus is the servicer and US Bank Global Corporate Trust Limited
is the cash manager in the transaction. In order to mitigate the
operational risk, CSC Capital Markets UK Limited (Not rated) will
act as the back-up servicer facilitator. To ensure payment
continuity over the transaction's lifetime the transaction
documents incorporate estimation language whereby the cash manager
can use the three most recent servicer reports to determine the
cash allocation in case no servicer report is available.

Additionally, there is an interest rate risk mismatch between the
98.6% of loans in the pool that are fixed rate and revert to Bank
of England Base Rate (BBR) plus a margin, and the Notes which are
floating rate securities with reference to compounded daily SONIA.
To mitigate this mismatch there will be a fixed-floating scheduled
amortisation swap provided by Royal Bank of Canada (Aa1(cr) /
P-1(cr)). The swap framework is in accordance with Moody's
guidelines. The collateral trigger is set at loss of A3(cr) and the
transfer trigger at loss of Baa3(cr).

Moody's determined the portfolio lifetime expected loss of 1.2% and
MILAN Stressed Loss of 9.3% related to borrower receivables. The
expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expects the portfolio to suffer in
the event of a severe recession scenario. Expected losses and MILAN
Stressed Loss 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 RMBS.

Portfolio expected loss of 1.2%: This is in line with the UK
buy-to-let RMBS sector average and is based on Moody's assessments
of the lifetime loss expectation for the pool taking into account:
(1) the portfolio characteristics, including a weighted-average
current LTV of 71.1%; (2) the good performance of the seller's
precedent transactions as well as the historical performance of the
seller's loan book; (3) benchmarking with comparable transactions
in the UK RMBS market; and (4) the current macroeconomic
environment in the UK.

MILAN Stressed Loss of 9.3%: This is lower than the UK buy-to-let
RMBS sector average and follows Moody's assessments of the
loan-by-loan information taking into account the following key
drivers: (1) the portfolio characteristics including the
weighted-average current LTV of 71.1% for the pool; (2) 83.7% of
the portfolio has BTL loans and 16.3% of the portfolio has owner
occupied loans with 87.2% interest-only or part and part and 10.0%
HMO/MUFB loans; and (3) benchmarking with comparable transactions
in the UK RMBS market as well as with the previous transactions of
Paratus.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of the Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions; and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.

KIT & KABOODAL: DFW Associates Appointed as Administrator
---------------------------------------------------------
Kit & Kaboodal Ltd was placed into administration in the High Court
of Justice, Business and Property Courts in Leeds, Insolvency &
Companies List (ChD), Court Number CR-2026-LDS-000232, and David
Frederick Wilson (IP No. 006074) of DFW Associates was appointed as
Administrator on March 3, 2026.

Kit & Kaboodal engages in the retail sale of clothing in
specialized stores.

The company's registered office and principal trading address is at
Unit 3-10 Ousegill Business Park, Carr Side Road, Great Ouseburn,
York, England, YO26 9AE.

The Administrator can be reached at:

  David Frederick Wilson (IP No. 006074)
  DFW Associates
  29 Park Square West
  Leeds, LS1 2PQ

For further details, contact:

  The Administrator
  Tel: 0113 390 7940
  Email: info@dfwassociates.co.uk
  Alternative contact: Chris Wilson

LIBERTY PIPES: BTG Begbies Appointed as Administrators
------------------------------------------------------
Liberty Pipes (Hartlepool) Limited was placed into administration
in the High Court of Justice, The Business and Property Courts of
England & Wales, Court Number CR-2026-001348, and Kirstie Jane
Provan (IP No. 009681) and Mark Robert Fry (IP No. 008588) of BTG
Begbies Traynor (London) LLP were appointed as administrators on
March 4, 2026.

Liberty Pipes (Hartlepool) engages in the manufacture of tubes,
pipes, hollow profiles and related fittings, of steel.

The company's registered office is at C/o Specialist Mobility
Training Ltd, Unit 6, Juno Drive, Leamington Spa, CV31 3RG.

The Administrators can be reached at:

  Kirstie Jane Provan (IP No. 009681)
  Mark Robert Fry (IP No. 008588)
  BTG Begbies Traynor (London) LLP
  31st Floor, 40 Bank Street
  London, E14 5NR

For further details, contact:

  Fraser Turnbull
  Tel: 020 7516 1500
  Email: fraser.turnbull@btguk.com


MARS BRIDGING: BTG Begbies Appointed as Joint Administrators
------------------------------------------------------------
Mars Bridging Limited was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-001396, and Stephen Katz (IP No. 8681) of BTG Begbies
Traynor (London) LLP and Nimish Patel (IP No. 8679) of Coots &
Boots were appointed as Joint Administrators on March 2, 2026.

Mars Bridging 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, N3 2JX).

Its principal trading address is 2nd Floor, 314 Regents Park Road,
Finchley, London, N3 2JX.

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)
  Coots & Boots, 29 Farm Street,
  London, W1J 5RL

For further details, contact:

  Sophia Lodhi
  BTG Begbies (London) LLP
  Tel: 020 7516 1500
  Email: GM-team@btguk.com


OFFSHORE STAINLESS: Interpath Appointed as Joint Administrators
---------------------------------------------------------------
Offshore Stainless Supplies Limited was placed into administration
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency and Companies List (ChD), Court Number
CR-2026-MAN-000358, and Richard John Harrison (IP No. 23330) and
James Richard Clark (IP No. 23770) of Interpath Advisory, Interpath
Limited were appointed as Joint Administrators.

Offshore Stainless Supplies engages in cold drawing of bars.

The company's registered office is at Interpath Ltd, 10th Floor,
One Marsden Street, Manchester, M2 1HW.

The company's principal trading address is at Unit 8 Walker
Industrial Park, Guide, Blackburn, United Kingdom, BB1 2QE.

The Joint Administrators can be reached at:

  Richard John Harrison (IP No. 23330)
  James Richard Clark (IP No. 23770)
  Interpath Advisory, Interpath Limited
  10th Floor, One Marsden Street
  Manchester, M2 1HW

For further details, contact:

  James Dodsworth
  Tel No: 0113 887 7870


PENDULUM IT LTD: Creditors' Virtual Meeting Set
-----------------------------------------------
Andrew R Bailey and Martin C Armstrong of Turpin Barker Armstrong,
Joint Administrators of Pendulum IT Ltd, disclosed that a virtual
meeting of the creditors of the Company was to be held last March
25, 2026 at 10:00 a.m.

Pendulum IT Ltd (Company Number 08887372) was placed in
administration proceedings in the High Court of Justice, Court
Number: CR-2024-2092, on April 10, 2024. The company's registered
office is at Allen House, 1 Westmead Road, Sutton, SM1 4LA. Its
principal trading address is 30 Moorgate, London, EC2R 6DN.

The purpose of the March 25 meeting was to form a Creditors'
Committee, and if one is not formed, to approve an increase of the
Joint Administrators' remuneration.

In order for their votes to be counted, creditors must attend the
virtual meeting and vote either personally or by proxy, and must
also have submitted proof of their debt (if not already lodged)
at:

   Turpin Barker Armstrong
   15 Horizon Business Village
   1 Brooklands Road
   Weybridge, Surrey
   KT13 0TJ

by no later than 4 p.m. on the business day before the meeting and
their proxy in advance of the meeting. Failure to do so will lead
to their vote(s) being disregarded.

The Joint Administrators can be reached at:

   Andrew R Bailey
   Martin C Armstrong
   Turpin Barker Armstrong
   Allen House, 1 Westmead Road
   Sutton, Surrey
   SM1 4LA

For further details, contact:

   Vedeena Haulkhory
   Tel No: 01932 336149
   Email: Vedeena.Haulkhory@turpinba.co.uk


REGALPOINT BYFLEET: Richardson Replaces Brierley as Administrator
-----------------------------------------------------------------
Regalpoint (Byfleet) Limited filed anew on June 3, 2026, a notice
of appointment of administrators to disclose that Daniel Richardson
(IP No. 12650) of CG & Co has been substituted as administrator in
place of Nick Brierley (IP number 19950) of CG & Co.

As previously reported, Regalpoint was placed into administration
in the High Court of Justice, Court Number CR-2025-006512, and CG &
Co was appointed as joint administrators on September 25, 2025.

Regalpoint (Byfleet) engages in the development of building
projects.

The company's registered office is at C/o CG & Co, 27 Byrom Street,
Manchester, M3 4PF. Its principal trading address is at The Studio,
149a High Street, Sevenoaks, TN13 1XJ.

The Joint Administrators can be reached at:

  Edward Avery-Gee (IP No. 12410)
  Daniel Richardson (IP No. 12650)
  CG & Co
  27 Byrom Street
  Manchester, M3 4PF

For further details, contact:

  Lucy Duckworth
  Tel: 0161 358 0210
  Email: Lucy.Duckworth@CG-Recovery.com



                           *********


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-
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Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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