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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

          Tuesday, March 31, 2026, Vol. 27, No. 64

                           Headlines



F R A N C E

EOS FINCO: Moody's Puts 'Ca' CFR Under Review for Upgrade


G E O R G I A

CREDO BANK: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable
TERABANK JSC: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable


I R E L A N D

EURO-GALAXY VIII: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
MADISON PARK XXIII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes


L U X E M B O U R G

INCEPTION HOLDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable


N E T H E R L A N D S

E-MAC NL 2005-III: Fitch Affirms 'B-sf' Rating on Three Tranches


S P A I N

GRIFOLS SA: Fitch Hikes Long-Term IDR to 'BB-', Outlook Stable
SANTANDER CONSUMO 10: Fitch Assigns 'BB-sf' Final Rating to E Notes


T U R K E Y

TURKIYE PETROL: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.


U K R A I N E

OSCHADBANK JSC: Moody's Affirms Caa3 Deposit Rating, Outlook Stable
PRIVATBANK: Moody's Affirms 'Caa3' Deposit Ratings, Outlook Stable
RAIFFEISEN BANK: Moody's Affirms 'Caa3' Deposit Ratings
UKREXIMBANK: Moody's Affirms Caa3 Deposit Ratings, Outlook Stable
VST BANK: Moody's Affirms 'Caa3' Deposit Ratings, Outlook Stable



U N I T E D   K I N G D O M

A TO Z PACKAGING: Turpin Barker Appointed as Administrators
ALBION JONES: Interpath Appointed as Joint Administrators
BRIDGMAN IBC: BTG Begbies Appointed as Administrators
DEMEX LIMITED: Interpath Appointed as Joint Administrators
ETHOS COMMUNICATION: FRP Advisory Appointed as Joint Administrators

HELIARA FINANCE: Interpath Appointed as Joint Administrators
HELIOS TOWERS: Moody's Rates New Senior Unsecured Notes 'Ba3'
M & J BUILDERS & SONS: Cowgills Appointed as Joint Administrators

                           - - - - -


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F R A N C E
===========

EOS FINCO: Moody's Puts 'Ca' CFR Under Review for Upgrade
---------------------------------------------------------
Moody's Ratings has downgraded Eos Finco S.a.r.l (Netceed or the
company)'s probability of default rating to D-PD, from Ca-PD.
Moody's also withdrew the Ca instrument ratings on the previous
backed senior secured facilities, including the EUR1,886 million
equivalent backed senior secured first lien term loans due in 2029
and the EUR230 million backed senior secured multi-currency
revolving credit facility due in 2028 (together, the previous
facilities). Concurrently, Moody's placed Netceed's ratings,
including its Ca corporate family rating and D-PD PDR, on review
for upgrade. Previously, the outlook on Eos Finco S.a.r.l. was
stable.

RATINGS RATIONALE

The downgrade of the PDR to D-PD reflects the execution of the new
credit agreement on January 29, 2026 that Moody's considers a
distressed exchanged and a default under Moody's definitions.
Moody's will reassess the PDR thereafter.

The new credit agreement includes the reinstatement of part of the
previous facilities into EUR355 million equivalent reinstated term
loans, due in 2032, and EUR205 million reinstated subordinated
instrument, due in 2033 - the latter facility being issued at a
holding company which sits above the restricted group, the top
entity of which is Eos Finco S.a.r.l. The remaining part of the
previous facilities was written off. The new credit agreement also
puts in place a new EUR70 million super senior delayed draw down
term loan (DDTL) maturing in 2032. The company has been taken over
by its previous facilities lenders from Cinven, Carlyle and Cedric
Varasteh, the founder of the business.

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

The review for upgrade reflects the fact that, following the
execution of the credit agreement, Netceed's outstanding debt has
significantly decreased by around 82% compared its level as of
December 2025.

The review will focus on the assessment of Netceed's credit quality
under the new capital structure, the company's business
perspectives and its liquidity profile.

Prior to the review process, Moody's indicated that Netceed's
rating could be upgraded if the company is able to record
sustainable improvement in operating performance such that its
capital structure becomes more sustainable, with improving
liquidity.

Prior to the review process, Moody's also indicated that Netceed's
rating could be downgraded if operating performance deteriorates
further, resulting in further weakening in credit metrics and
liquidity, which could increase the risk of a default, with
potentially lower recoveries than those assumed in the current Ca
rating.  

LIQUIDITY

The liquidity profile of the company has improved from a weak
positioning, supported among others by the extended debt maturities
in the new credit agreement. The review process will entail the
assessment of the future cash flow generation of the company and
its capacity to maintain a sufficient liquidity cushion, including
through availabilities under the DDTL.

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in November 2025.

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

COMPANY PROFILE

Headquartered in France, Netceed is a global distributor of telecom
equipment. Its product offering spans around 90,000 stock-keeping
units across fixed and mobile technologies, and active and passive
equipment. The company generated revenue of around EUR1 billion in
2024. The company is currently owned by its lenders.



=============
G E O R G I A
=============

CREDO BANK: Fitch Hikes Long-Term IDR to 'B+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded JSC Credo Bank's (Credo) Long-Term
Issuer Default Rating (IDR) to 'B+' from 'B', and the bank's
Viability Rating (VR) to 'b+' from 'b'. The Outlook is Stable.

The upgrade reflects the continued strengthening of the bank's
business profile, highlighted by franchise growth and moderate
improvements in financial metrics, particularly profitability and
capitalisation, over the past four years. These positive trends
have been supported by strong economic growth in Georgia and stable
customer and investor confidence.

Key Rating Drivers

Credo's IDR is driven by its standalone profile, as captured by its
VR. The ratings reflect the bank's focus on volatile and mostly
unsecured micro lending and a high reliance on wholesale funding,
which are offset by reasonable profitability and an absence of
capital encumbrance. The VR also considers the bank's mid-sized
franchise as well as low loan concentration and dollarisation
relative to local peers.

Strong Economy Supports Banks: Strong economic conditions continue
to support banks' metrics, which have remained resilient to
political tensions. A significant inflow of migrants, the strong
information and communication technology and tourism sectors, and
Georgia's greater role in the transit trade have boosted real GDP
growth to an average 9.5% in 2022-2024. In 2025, growth was 7.5%
and Fitch expects an average of 5.2% in 2026-2027. Increased
political tensions in Georgia have not materially affected customer
and investor confidence or banks' performance.

Focus on Micro and Retail: Credo is a medium-sized Georgian bank,
with a 4.3% share of the sector's loans at end-2025. The bank
focuses on unsecured micro and retail lending. Credo obtained a
banking licence in 2017 after operating as a microfinance
organisation for 10 years. This has enabled it to develop a deposit
franchise, which, however, remained modest at 2.6% of the sector's
customer accounts at end-2025.

Low Dollarisation, Mainly Unsecured Lending: Balance-sheet
dollarisation is low compared with most Georgian peers. At
end-2025, 11% of the bank's gross loans were denominated in foreign
currencies (FC) versus the sector average of 42%. These FC loans
were mostly to SMEs, making up about 40% of the bank's gross loans.
Unsecured loans, which account for about half of the bank's gross
loans, are mainly in the micro lending and retail sub-sectors.

Large Write-Offs, Strong Reserve Coverage: Impaired loans were 0.7%
of the bank's gross loans at end-2025, below the sector average of
2.7%. The low share of impaired loans is driven by large
write-offs, amounting to 2.8% of average gross loans in 2025, in
line with 2024. Coverage of impaired loans by total loan loss
allowances remained high at 2.9x at end-2025.

Good Profitability: Credo's high-yield lending translates into a
wide net interest margin (2025: 13.3%). However, operating
performance is weighed down by high operational costs with a
labour-intensive business model and high cost of risk (3% of
average gross loans). Operating profitability was a healthy 3.5% of
risk-weighted assets in 2025 (2024: 3.2%) and Fitch expects it to
remain stable in 2026.

Moderate Capital Buffer: The bank's common equity Tier 1 (CET1) and
Tier 1 capital ratios were moderate at 13.3% and 14.1%,
respectively, at end-2025. The ratios are below those of peers and
should be viewed in light of the bank's inherently high-risk micro
lending. Headroom above the Tier 1 regulatory minimum requirement
was a limited 35bp. However, Credo's capitalisation is supported by
good internal capital generation, with no dividend distribution or
capital encumbrance.

Wholesale Funding, Sharp Deposit Growth: Borrowings from
international financial institutions were a large 46% of
liabilities at end-2025. Liquid assets (13.3% of total assets) were
modest and covered only 29% of customer deposits at end-2025. As
per the National Bank of Georgia's Pillar 3 report, the bank's
gross loan/deposit ratio (end-2025: 178%, end-2024: 203%) is one of
the highest in the sector, but Fitch expects it to continue to
decline given the bank's fast-growing deposit base (2025: 41%
growth).

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative


Rating Action/Downgrade

Credo's ratings could be downgraded if the bank's CET1 materially
weakens from considerable asset-quality deterioration. It could
also result from rapid lending growth or high dividend payments, if
not promptly offset by new capital injections from shareholders on
a timely basis. A depletion of the liquidity buffer from a sharp
deterioration of customer and investor confidence could also be
negative for the ratings.

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

An upgrade of Credo's IDR and VR would require an upgrade of the
Georgia sovereign rating and upward revision of the operating
environment score. An upgrade may also require a stronger, more
diversified business profile and a CET1 ratio closer to 15%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's 'B' Short-Term IDR is the only possible option mapping
to a Long-Term IDR in the 'B' rating category.

Credo's Government Support Rating (GSR) of 'no support' (ns)
reflects its view that resolution legislation in Georgia, combined
with the authorities' constrained ability to provide support
(especially in FC), means that support, while possible, cannot be
relied on.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDRs are sensitive to changes in the Long-Term IDR.

Fitch sees limited upside for the GSR unless the sovereign's
financial flexibility improves substantially, coupled with an
extended record of timely and sufficient capital support for local
banks.

VR ADJUSTMENTS

The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason(s): impaired loan
formation (negative).

The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason(s):
risk profile and business model (negative).

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          Prior
   -----------                         ------          -----
JSC Credo Bank       LT IDR             B+ Upgrade     B
                     ST IDR             B  Affirmed    B
                     Viability          b+ Upgrade     b
                     Government Support ns Affirmed    ns

TERABANK JSC: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Rating has affirmed JSC Terabank's (Tera) Long-Term Issuer
Default Rating (IDR) at 'B+' and its Viability Rating (VR) at 'b+'.
The Outlook is Stable.

Key Rating Drivers

Tera's IDR is driven by its standalone profile, as captured by its
VR. The VR reflects the bank's narrow franchise and highly
dollarised balance sheet, which are mitigated by reasonable asset
quality and profitability.

Strong Economy Supports Banks: Strong economic conditions continue
to support Georgian banks' metrics, which have remained resilient
to political tensions. A significant inflow of migrants, the strong
information and communication technology and tourism sectors, and
Georgia's greater role in transit trade have boosted real GDP
growth to an average 9.5% in 2022-2024. In 2025, growth was 7.5%
and Fitch expects an average of 5.2% in 2026-2027. Increased
political tensions in Georgia have not materially affected customer
and investor confidence or banks' performance.

Small Size, Niche Franchise: Tera is focused on lending to SMEs,
micro enterprises and retail borrowers. Its franchise and pricing
power are limited, translating into a small 2.1% share by assets in
the concentrated Georgian banking sector at end-2025.

Focus on Higher-Risk SMEs: SME loans and micro lending, which Tera
views as a strategic growth area, were 70% of gross loans at
end-2025. Loan dollarisation was high (end-2025: 44%), although
broadly in line with the sector average (41%). The bank's loan
growth of 17% in 2025 was also broadly aligned with the sector's
14%.

Stable Loan Quality: Impaired loans (Stage 3 loans) remained fairly
stable at 4.5% of gross loans at end-2025 (end-2024: 4.0%) as well
as the Stage 2 ratio (end-2025: 4.5%; end-2024: 4.8%). Impaired
loans were modestly covered by total loan loss allowances (LLA) by
46% at end-2025 (end-2024: 57%). Fitch expects asset-quality
metrics to remain broadly stable in 2026, supported by loan book
growth and a favourable operating environment.

Moderate Profitability: Operating profit slightly decreased to 2.1%
of risk-weighted assets (RWAs) in 2025 (2024: 2.3%) due to a
tighter net interest margin (2025: 4.9%, 2024: 5.1%), while loan
impairment charges remained low (2025: 0.2%, 2024: 0.4%). Fitch
expects the bank's operating profit/RWAs ratio to remain between
2.0% and 2.5% in 2026.

Healthy CET1, Manageable Capital Encumbrance: Tera's common equity
Tier 1 (CET1) capital ratio was a healthy 15.4% at end-2025,
underpinned by reasonable internal capital generation. The ratio
was well above the regulatory minimum of 13.4%. Impaired loans, net
of total LLA, were a moderate 15% of CET1, resulting in manageable
capital encumbrance. Fitch expects the bank's CET1 to remain stable
at above 15% in 2026.

Concentrated Funding, Moderate Liquidity: Tera is primarily funded
by customer deposits (end-2025: 75% of liabilities), of which a
material 41% were in foreign currencies (FC). This amplifies FC
liquidity risk, particularly given the bank's high depositor
concentration, with its 20 largest depositors accounting for about
40% of customer accounts at end-2025. The share of liquid assets
was moderate (17% of assets); however, the liquidity coverage ratio
was sufficient at 135% at end-2025.

Rating Sensitivities

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

Tera's ratings are primarily sensitive to a material deterioration
in the operating environment or a severe weakening of the economic
outlook.

The ratings could be downgraded if asset quality deteriorates
sharply, leading to weak performance, or if the bank's CET1 ratio
weakens materially with its buffer above the regulatory minimum
falling to 50bp or below.

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

An upgrade of Tera's IDR and VR would require an upgrade of
Georgia's sovereign rating and an upward revision of the operating
environment score.

An upgrade may also require a stronger, more diversified business
profile, while maintaining stable risk and financial profiles.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's Short-Term IDR of 'B' is the only possible option
mapping to a Long-Term IDR in the 'B' rating category.

Tera's Government Support Rating (GSR) of 'no support' (ns)
reflects its view that resolution legislation in Georgia, combined
with the authorities' constrained ability to provide support
(especially in FC), means that support, while possible, cannot be
relied on.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDR is sensitive to changes in the Long-Term IDR.

Fitch sees limited upside for the GSR unless the sovereign's
financial flexibility improves substantially, coupled with an
extended record of timely and sufficient capital support for local
banks.

VR ADJUSTMENTS

The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason(s): underwriting
standards and growth (negative).

The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason(s):
size of capital base (negative).

The funding and liquidity score of 'b+' is below the 'bb' category
implied score due to the following adjustment reason(s): deposit
structure (negative).

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          Prior
   -----------                       ------          -----
JSC Terabank       LT IDR             B+ Affirmed    B+
                   ST IDR             B  Affirmed    B
                   Viability          b+ Affirmed    b+
                   Government Support ns Affirmed    ns



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I R E L A N D
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EURO-GALAXY VIII: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Euro-Galaxy VIII CLO DAC's final
ratings, as detailed below.

   Entity/Debt                  Rating           
   -----------                  ------           
Euro-Galaxy VIII CLO DAC

   A XS3284961359            LT AAAsf  New Rating
   B XS3284961516            LT AAsf   New Rating
   C XS3284961946            LT Asf    New Rating
   D XS3284962167            LT BBB-sf New Rating
   E XS3284962324            LT BB-sf  New Rating
   F XS3284962670            LT B-sf   New Rating
   Sub Notes XS3284963058    LT NRsf   New Rating
   Z XS3284962837            LT NRsf   New Rating

Transaction Summary

Euro-Galaxy VIII CLO DAC is a securitisation of mainly senior
secured loans and secured senior bonds (at least 90%), with a
component of senior unsecured, mezzanine and second-lien loans.
Note proceeds have been used to fund a portfolio with a target par
of EUR350 million. The portfolio is actively managed by PineBridge
Investments Europe Limited. The CLO has a 4.5-year reinvestment
period and a 7.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.

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

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

WAL Step-Up Feature (Neutral): The issuer may extend the WAL test
by 12 months, one year after closing, provided the collateral
principal amount (defaulted obligations at the lower of their
market value and Fitch recovery rate) is at least at the target par
and the transaction is passing all its tests.

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

The transaction includes four Fitch test matrices, two effective at
closing and another two effective 18 months after closing, subject
to the aggregate collateral balance (defaults at Fitch collateral
value) being at least at the reinvestment target par. The closing
matrices correspond to a 7.5-year WAL covenant and the two forward
matrices correspond to a seven-year WAL covenant. All four matrices
are based on the same top 10 obligors limit and fixed-rate asset
limits of 5% and 10%.

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis is 12 months shorter than the WAL
covenant. This accounts for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
conditions include passing both the coverage tests and the Fitch
'CCC' maximum limit and a WAL covenant that progressively steps
down, 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 and B notes and would
lead to downgrades of one notch each for the class C to 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 to
F notes each have a rating cushion of two notches, due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio. The class A 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 two notches
each for the class A, B and D notes, three notches each for the
class C and E notes; and to below 'B-sf' for the class F notes.

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

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

MADISON PARK XXIII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Madison Park Euro Funding XXIII DAC
expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to the information already received.

   Entity/Debt                        Rating           
   -----------                        ------           
Madison Park Euro
Funding XXIII DAC

   Class A Loan                    LT AAA(EXP)sf  Expected Rating

   Class A Notes XS3299546419      LT AAA(EXP)sf  Expected Rating

   Class B Notes XS3299546682      LT AA(EXP)sf   Expected Rating

   Class C-1 Notes XS3299547490    LT A(EXP)sf    Expected Rating

   Class C-2 Notes XS3305867882    LT A(EXP)sf    Expected Rating

   Class D Notes XS3299547813      LT BBB-(EXP)sf Expected Rating

   Class E Notes XS3299548035      LT BB-(EXP)sf  Expected Rating

   Class F Notes XS3299548118      LT B-(EXP)sf   Expected Rating

   Subordinated Notes
   XS3299547144                    LT NR(EXP)sf   Expected Rating

Transaction Summary

Madison Park Euro Funding XXIII DAC is a securitisation of mainly
senior secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Note proceeds will be used to fund a portfolio
with a target par of EUR400 million. The portfolio is actively
managed by UBS Asset Management Credit Investments Group (UK) Ltd.
The CLO has an approximately five-year reinvestment period and an
8.25-year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.5%.

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

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

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by nine months on the step-up date, which is nine months after
closing. The WAL extension is subject to conditions including
satisfaction of all the collateral quality and portfolio profile
tests, most of the coverage tests, plus the aggregate collateral
balance (defaults at collateral value) being at least equal to the
reinvestment target par balance.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' maximum limit, as well as a WAL covenant that
progressively 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) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to downgrades of one notch for
the class B, C, D, and E notes, and to below 'B-sf' for the class F
notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class C notes would have a
one-notch cushion, while the class B, D, E and F notes have
two-notch cushions.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch's Stress
portfolio would lead to an upgrade of up to three notches for the
rated notes, except for the 'AAAsf' rated notes, which are at the
highest level on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the Fitch's stress
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, leading to the
ability of the notes to withstand larger than expected losses for
the remaining life of the transaction. After the end of the
reinvestment period, upgrades may occur in case of stable portfolio
credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover for losses on 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

Madison Park Euro Funding XXIII DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Madison Park Euro
Funding XXIII 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.



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

INCEPTION HOLDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed the B2 corporate family rating and
B2-PD probability of default rating of Inception HoldCo S.A.R.L
(IVIRMA or the company). Consequently, Moody's have affirmed the B2
instrument ratings of the backed senior secured bank credit
facilities due in 2030 and 2031, borrowed by Inception FinCo
S.A.R.L. The outlook on all entities remains stable.

RATINGS RATIONALE

The ratings affirmation mainly reflects Moody's expectations that
the company's good operating performance will sustain over the next
12-18 months. In particular, over the same period of time, Moody's
forecasts organic growth in the mid-single digit range in
percentage terms, with an adequate Moody's-adjusted free cash flow
(FCF) generation of about EUR35 million, continued good liquidity
and Moody's-adjusted EBITA to interest expense around 2x.

The company continues to follow a plug-and-play M&A strategy,
resulting in higher debt levels to support recent expansion in the
Middle East, ongoing growth in the US, and to pre-fund future
acquisitions. Because of this, the rating remains weakly
positioned, mainly due to the high Moody's-adjusted gross leverage,
which stood at 6.8x in 2025. Moody's expects this to decrease to
below 6x over the next 12-18 months. With around EUR90 million
already raised in 2025 to fund future acquisitions, issuing more
debt in the next 12 months is unlikely. Non-recurring items
totalled EUR40 million in 2025, significantly higher than Moody's
previous estimate of EUR10 million, and these have impacted Moody's
EBITDA adjustments.

The B2 rating is supported by the company's recognised strong
market position in the assisted reproductive technologies (ART)
sector, particularly in vitro fertilisation, along with its
extensive and diversified clinical network. The organisation's
vertical integration, robust genetic testing, and procurement
capabilities contribute positively to its profitability.
Additionally, strong brand recognition and leading market position,
combined with favourable demographic trends and significant market
growth prospects, further underpin the rating. The company also
demonstrates a solid track record of organic growth, driven by
effective execution and successful integration of previous
acquisitions.

The rating takes into account the company's elevated
Moodys-adjusted leverage, which has remained high since the initial
rating in 2024, inherent exposure to regulatory risks such as
potential changes in donor regulations impacting gamete supply and
sensitivity to macroeconomic conditions due to a considerable
proportion of out-of-pocket patient payments. Considering the
industry's fragmented structure and IVIRMA's track record as an
active consolidator, significant acquisitions financed through
additional debt could further delay leverage reduction. At the
current rating level, there is no room for leverage to increase.

Given the company's exposure to the Middle East region this rating
action is predicated upon Moody's baseline scenario [1] which
anticipates a short-lived conflict in the Middle East, likely a
matter of weeks. Nevertheless, Moody's recognizes that IVIRMA's
credit profile may be susceptible to a more adverse scenario in the
conflict, reflecting its presence in the region with four clinics,
representing about 6% of pro forma revenue in 2025. A more
prolonged conflict could lead to a more consequential impact on
creditworthiness.

OUTLOOK

The stable outlook reflects Moody's expectations that IVIRMA's
operating performance will be strong over the next 12-18 months,
with earnings growth supported by an efficient integration of
recent acquisitions and the realisation of planned synergies.
Moody's expects the company's Moody's-adjusted gross leverage to
improve below 6x over the next 12-18 months, with increasing cash
generation. The outlook takes into consideration Moody's
assumptions that the company will not undertake any major
debt-funded acquisitions or shareholder distributions.

LIQUIDITY

IVIRMA's liquidity is good, supported by EUR137 million of cash as
of year-end 2025, with access to its EUR234 million backed senior
secured revolving credit facility (RCF), which is undrawn as of the
same date. Moody's expects the company's Moody's-adjusted FCF to be
around EUR35 million over the next 12-18 months. Moody's assumes
limited working capital requirements, total capital spending of
around 4.5% of revenue, and dividends to minorities of about EUR20
million- EUR25 million over the next 12-18 months. The company also
has some relevant contingent earn-outs from past acquisitions of
about EUR50 million to be paid during 2026.

The RCF includes a springing senior secured leverage covenant set
at 10.5x, tested only when the RCF is drawn above 40%. Moody's
estimates sufficient capacity in the covenant in case the RCF is
used.

STRUCTURAL CONSIDERATIONS

The B2 rating of the backed senior secured bank credit facilities,
in line with the CFR, reflects their pari passu ranking in the
capital structure and the upstream guarantees from material
subsidiaries of the company. The B2-PD PDR, in line with the CFR,
reflects Moody's assumptions of a 50% family recovery rate, typical
for bank debt structures with a limited or loose set of financial
covenants. The debt security package includes shares of material
subsidiaries, certain material bank accounts, and certain material
receivables and guarantor packages that represent material
subsidiaries (contributing 5% or more of consolidated EBITDA) and
an 80% guarantor coverage test (obligors representing at least 80%
of consolidated EBITDA).

There is a EUR150 million payment-in-kind (PIK) note borrowed by
Inception HoldCo S.A.R.L.'s parent company. The PIK note enters the
restricted group as a shareholder loan, which Moody's considers
equity for adjusted metrics.

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

Upward pressure on the ratings could build over time if the company
continues to demonstrate, on a sustained basis, solid organic
growth, higher Moody's-adjusted EBITDA margins and successful
integration of acquisitions. Numerically, an upgrade could occur if
its Moody's-adjusted debt/EBITDA falls below 5.0x, its
Moody's-adjusted EBITA/interest improves above 2.5x and its
Moody's-adjusted FCF/debt improves towards high-single-digit
percentages. Predictability of the company's financial policies and
leverage tolerance would also be prerequisites for an upgrade.

Negative pressure could arise if the company has weak growth in
revenue or earnings, or does not deliver on expected synergies from
acquisitions leading to a Moody's-adjusted debt/EBITDA remaining
above 6.5x, or if its Moody's-adjusted EBITA/interest is below
1.5x, or if its Moody's-adjusted FCF decreases around the
break-even levels, or if its liquidity materially weakens. Major
debt-funded acquisitions or shareholder distributions could also
lead to a downgrade of the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

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

COMPANY PROFILE

IVIRMA was formed in 2017 through the combination of IVI and RMA.
According to the company, IVIRMA is the world's largest fertility
platform, with more than 190 clinics across 18 countries in Europe,
the Americas and Middle East. The company generated revenue of
EUR1,028 million and company-adjusted pro forma EBITDA of EUR244
million in 2025 and has been majority owned by funds managed by KKR
& CO INC since 2022.



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

E-MAC NL 2005-III: Fitch Affirms 'B-sf' Rating on Three Tranches
----------------------------------------------------------------
Fitch Ratings has affirmed all tranches of E-MAC NL 2004-I,
2004-II, 2005-I and 2005-III B.V. transactions, as detailed below.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
E-MAC NL 2005-I B.V.

   Class A XS0216513118    LT A+sf  Affirmed   A+sf
   Class B XS0216513548    LT A+sf  Affirmed   A+sf
   Class C XS0216513977    LT A+sf  Affirmed   A+sf
   Class D XS0216514199    LT A+sf  Affirmed   A+sf

E-MAC NL 2004-1 B.V.

   Class A XS0188806870    LT B-sf  Affirmed   B-sf
   Class B XS0188807506    LT B-sf  Affirmed   B-sf
   Class C XS0188807928    LT B-sf  Affirmed   B-sf
   Class D XS0188808819    LT CCCsf Affirmed   CCCsf

E-MAC NL 2004-II B.V.

   Class A XS0207208165    LT A+sf  Affirmed   A+sf
   Class B XS0207209569    LT A+sf  Affirmed   A+sf
   Class C XS0207210906    LT A+sf  Affirmed   A+sf
   Class D XS0207211037    LT A+sf  Affirmed   A+sf
   Class E XS0207264077    LT CCCsf Affirmed   CCCsf

E-MAC NL 2005-III B.V.

   Class A XS0236785431    LT B-sf  Affirmed   B-sf
   Class B XS0236785860    LT B-sf  Affirmed   B-sf
   Class C XS0236786082    LT B-sf  Affirmed   B-sf
   Class D XS0236786595    LT CCCsf Affirmed   CCCsf
   Class E XS0236787056    LT CCCsf Affirmed   CCCsf

Transaction Summary

E-MAC is a special-purpose company incorporated under the laws of
the Netherlands with limited liability and is registered on the
Commercial Register of the Chamber of Commerce of Amsterdam. Its
shares are owned by Stichting E-MAC NL Holding, established under
the laws of the Netherlands as a foundation.

At closing, the issuer acquired portfolios of residential mortgages
from the seller that form the collateral for the notes. The
portfolios consist of first-ranking or first- and sequentially
lower-ranking fixed- and variable-rate mortgages secured over
residential properties located in the Netherlands.

Following a January 2025 English Commercial Court judgment against
CMIS Nederland B.V. and CMIS Investments B.V. (both of CMIS group,
collectively CMIS) regarding unpaid swap-subordinated amounts,
Fitch understands that E-MAC NL 2004-I, 2005-I and 2005-III
previously had such amounts outstanding. However, these are
currently shown as zero in the January 2026 investor reports,
indicating they have likely been settled. For E-MAC NL 2004-II,
Fitch understands there were never any unpaid swap-subordinated
amounts. As a result, Fitch did not factor potential
counter-indemnity claims into its rating analysis for any of the
four transactions. CMIS Nederland B.V. is the primary servicer of
all Dutch E-MAC transactions. Fitch is not aware of any material
update on the private statutory pre-insolvency proceedings
initiated by CMIS in February 2025.

KEY RATING DRIVERS

Servicer-Related Risks Limited: Fitch believes the risk of
servicing discontinuity following the English Commercial Court
judgment is limited, despite CMIS Nederland B.V.'s initiation of
private statutory pre-insolvency proceedings. Fitch relies on a
public statement that heads of terms have been signed between the
Dutch E-MAC transactions, CMIS Nederland B.V. and Adaxio B.V.,
setting out preliminary agreements to transfer servicing to CMIS
group's subsidiary Adaxio B.V. Discussions on servicing continuity
are ongoing. In Fitch's view, the amounts owed by CMIS under the
court judgment are unlikely to be imposed on CMIS group or any
related subsidiary.

Servicing continuity risk is further mitigated by the availability
of sufficient liquidity coverage provided by the liquidity
facilities in each transaction, and by the well-developed servicing
industry in the Netherlands, which should also allow for a transfer
to an entity outside the CMIS group. Primary servicing activities
of the transactions have been subserviced to either Stater and
Quion (2005-I and 2005-III) or Stater (2004-I and 2004-II). For
more details see 'Limited Servicer Disruption Risk from CMIS
Litigation' dated 21 April 2023.

Asset Maturity; Interest-Only Risks: Fitch has identified assets in
2004-I and 2005-III with maturity dates exceeding those of the
notes. These amounts can reach up to 0.4% of the current pool
balance. Note amortisation in 2004-I and 2005-III is pro-rata,
given the satisfactory performance. In a benign environment, it is
possible for the transactions to amortise pro-rata until note
maturity. This implies a loss in all collateralised tranches equal
to the balance of the loans that mature after the notes.

In 2005-I, the breach of the 60+ delinquency trigger as of January
2026 reverted the amortisation to sequential, but it could revert
to pro-rata if performance improves again. This happened for 2004-I
and 2004-II over the last three reporting periods. Once reverted to
pro rata, the credit enhancement (CE) build-up through
overcollateralisation for the senior notes reduced in line with the
amortisation mechanism in the documentation. Fitch has factored
this feature into the rating analysis to the extent that the
relevant pro-rata triggers are captured by its modelling. Note
amortisation in 2004-II is also pro-rata, but no loans mature
beyond the legal final maturity date.

Interest-Only Concentration: The reported interest-only (IO)
concentrations in the transactions are 76% (2004-I), 87% (2004-II),
71% (2005-I) and 86% (2005-III) of the outstanding portfolios,
which are high compared with other Fitch-rated Dutch RMBS. In line
with its European RMBS Rating Criteria, Fitch assumes a back-loaded
default distribution, driven by the concentration of IO maturities.
Fitch also tested a worst-case scenario by allocating all defaults
to the tail end where IO maturities are concentrated and reducing
recoveries by 30% to reflect lack of refinancing opportunities. The
resulting ratings were stable due to CE build-up and excess
spread.

Constraints for Excess Spread Notes: Fitch has affirmed the excess
spread notes in 2004-II and 2005-III at 'CCCsf'. Principal
redemption of these notes ranks subordinate to the payment of
extension margins on the collateralised notes in the revenue
waterfall. As the extension margin amounts have been accruing and
remain unpaid, the principal repayment of these notes via excess
spread is unlikely. The class E notes could fully amortise through
the release of the reserve fund if it builds up after significant
performance deterioration (ie 90+ day arrears increase above 2% and
subsequently fall below 2%).

No Replacement Language Caps Rating: Fitch has capped the ratings
of the 2004-II and 2005-I notes due to the lack of replacement
language for the collection account bank. Fitch has capped the
notes' rating at the deposit rating of ABN Amro Bank N.V., as
commingling losses, in combination with pro-rata payments, could
lead to losses for all notes. Fitch deems counterparty risks
mitigated for the other two transactions as per Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.

Ongoing Monitoring: Fitch will continue to monitor developments
related to CMIS, including any progress in CMIS's pursuit of
counter-indemnity claims against other E-MAC issuers and their
impact on the CMIS group. Fitch is not aware of any material public
update on the pursuit of such counter-indemnity claims.

RATING SENSITIVITIES

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

- The notes could be downgraded by several notches if CMIS
successfully pursues counterclaims against the E-MAC issuers, which
leads to a reduction in available funds to meet the payment of the
notes

- Asset performance deterioration far beyond its current
expectations due to a rise again in cost of living and higher
interest rates

- Servicing discontinuity stretching into a period where the
issuers' payment obligations are no longer covered by the reserves

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

All 2004-II and 2005-I notes are already at the highest achievable
capped ratings of 'A+'.

2004-I and 2005-III's notes could be upgraded if:

- Stable or improved asset performance, driven by stable
delinquencies and defaults, leads to increasing CE levels and,
potentially, upgrades

- Due to the lack of a hard switch-back to sequential amortisation,
an increase in delinquencies and worsening losses might also be
beneficial for the senior notes, as this may trigger a switch to
sequential amortisation and accelerate CE build-up for the 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 has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's initial
closing. The subsequent performance of the transactions over the
years is consistent with the rating agency's expectations given the
operating environment and Fitch is, therefore, satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's 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.



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

GRIFOLS SA: Fitch Hikes Long-Term IDR to 'BB-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Grifols, S.A.'s Long-Term Issuer Default
Rating (IDR) to 'BB-' from 'B+'. The Outlook is Stable. Fitch has
also upgraded the senior secured rating of Grifols, S.A., Grifols
Worldwide Operations Limited and Grifols Worldwide Operations USA,
Inc to 'BB+' from 'BB', with a Recovery Rating of 'RR2' and
Grifols, S.A.'s senior unsecured ratings to 'B+'/RR5 from
'B-'/RR6.

The upgrades reflect strong underlying performance, driven by
robust product demand, while the company uses its global footprint
to achieve economies of scale. This will lead to margin expansion,
increasing free cash flow (FCF) generation, and leverage improving
towards 5.0x by 2026.

The Stable Outlook reflects its expectation of profitable organic
growth supporting solid FCF generation and leverage maintained
below 5.0x. This is supported by improving corporate governance and
a transparent financial policy focussed on deleveraging. The
proposed term loan B (TLB) refinancing and revolving credit
facility (RCF) upsize improve liquidity headroom.

Key Rating Drivers

Resilient Organic Growth: The upgrade reflects its expectation that
Grifols' operating performance will continue delivering robust
organic mid-single digit growth in constant currency that offsets
short-term FX volatility. This will be driven by strong demand and
increased penetration of margin-accretive products leading to
EBITDA margins trending to 25% by 2029, driving leverage reduction.
In its view, the company's profitable growth is underpinned by its
solid market position and improved operating footprint, as the new
facilities in Canada and Egypt ramp up into meaningful
contribution, improving operating leverage.

The rating case does not include any proceeds, or assumptions
around the dividend policy, from a possible IPO of the Biopharma
business in the US, which the company announced that it is
evaluating. The certainty and timeline of the transaction and
resultant group structure, as well as the impact on credit metrics
are currently unknown.

Deleveraging Trajectory to Continue: Fitch forecasts that Grifols'
EBITDA leverage will trend toward its 5.0x positive rating
sensitivity at end-2026, driven by EBITDA growth, from 5.6x at
end-2025. Fitch expects the company will acquire Haema and BPC
within the next two years, but assume Grifols will prioritise
deleveraging rather than increasing debt to perform these
acquisitions.

Expanding FCF: Profitability improvement should drive the steady
expansion of FCF margins. Furthermore, Fitch believes that capex
intensity will marginally decline as the company finalises its
current investment cycle. This should balance slightly higher
interest payments and increasing dividend distribution in line with
earnings expansion. Its assumption is based on its expectation that
the company will prioritise deleveraging over more aggressive
shareholder distributions or material inorganic growth
initiatives.

Active Refinancing Management: The proposed refinancing of Grifols'
TLB euro and US dollar tranches due in November 2027 reduces
refinancing risk, although the slightly higher cost of debt will
mildly affect FCF. Fitch estimates that the EUR740 million
outstanding senior secured notes due November 2027 will be
addressed this year. At the same time, the RCF upsizing offers a
better fit to the company's trade working capital (TWC) funding and
may provide better economics compared with alternative TWC
financing options.

Leading Company in Attractive Niche: Grifols is a major provider in
the plasma-derivatives market, which Fitch expects to expand in the
high single digits. This industry is more exposed to cost and price
pressure than innovative pharmaceuticals, with manufacturing being
a competitive differentiator as plasma-derived proteins cannot be
patented. Grifols balances product concentration with a competitive
market position supported by its vertical integration and
continuously improving diversification of plasma-sourcing
footprint. This provides economies of scale and increases operating
leverage, while reducing exposure to geopolitical risks, pricing
pressures and macroeconomic volatility.

Moderated Governance and Group Risks: Grifols has taken steps to
strengthen corporate governance, as the family has stepped down
from managerial roles, while also increasing transparency in its
reporting. The concentrated ownership and complex structure remain,
but the risks associated with these governance aspects have
moderated and are currently not a constraint on the rating. The
expected acquisition of the Haema/BPC stakes in the short term
should further increase transparency and result in a leaner group
structure.

Peer Analysis

Fitch rates Grifols using the framework of its generic Ratings
Navigator. The company stands out among non-investment-grade
issuers with the strong global market position of its core
products, as well as its large size and sound underlying FCF
generation. This is counterbalanced by heavy reliance on the
performance of four main plasma-derived medicinal products that
account for well over half of its sales. Financial risk has been
one of the rating constraints, with EBITDA leverage projected to
improve towards 5.0x by end-2026, and be maintained below 5:0x
thereafter.

Fitch compares Grifols with pharmaceutical peers, such as
Grunenthal Pharma GmbH & Co. Kommanditgesellschaft (BB/Stable) and
Teva Pharmaceutical Industries Limited (BB+/Stable). When measured
against Teva, Grifols has lower scale and weaker operating and
financial metrics, explaining the two-notch difference in their
credit profiles, despite Teva's exposure to litigation and ongoing
business repositioning risks. Grunenthal's credit profile strongly
benefits from considerably stronger leverage anchored in its
defensive financial policy, combined with smaller scale but robust
and cash-generative operations.

Other life science peers, such as Avantor, Inc. (BB+/Stable), are
similar in scale to Grifols but with much lower leverage and higher
cash flows, which is reflected in its higher rating.

Fitch’s Key Rating-Case Assumptions

- Mid-single-digit organic revenue growth in constant currency over
2026-2029, supported by stable demand and new product launches

- Fitch-defined EBITDA margin gradually improving towards 25% by
2028 from 22% in 2025

- Annual working capital outflow averaging EUR140 million over
2026-2029

- Capex of around EUR530 million in 2026, including the delayed
payment for Immunotek's plasma collection centres; capex should
remain close to 6% during 2027-2029

- Acquisition of Haema and BPC stakes for EUR550 million within the
next two years

- Annual acquisitions of EUR100 million in 2027-2029

- Dividend payment of EUR200 million in 2026, gradually increasing
towards EUR370 million by 2029

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

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

- The SCP is 'bb-'.

Recovery Analysis

In its recovery analysis, Fitch follows the generic approach
applicable to 'BB' category issuers. Fitch rates Grifols' senior
secured debt at 'BB+', two notches above the IDR, reflecting its
category 2 first-lien debt class under Fitch's Corporates Recovery
Ratings and Instrument Ratings Criteria. This translates into a
Recovery Rating of 'RR2'.

Fitch rates the senior unsecured debt issued by Grifols and its
subsidiaries at 'B+', one notch below the IDR, with a Recovery
Rating of 'RR5'. Fitch considers the high amount of senior secured
debt reduces recovery prospects for the senior unsecured debt in
line with a subordinated debt class.

RATING SENSITIVITIES

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

- EBITDA leverage above 5.0x on a consistent basis

- Weakened cost management or loss of key contracts, leading to
profitability erosion and FCF margins trending to low-single
digits

- Cash from operations less capex / total debt with equity credit
consistently below 5%

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

- Supportive financial policy leading to EBITDA leverage towards
4.0x on a sustained basis

- Cash from operations less capex/total debt with equity credit
consistently above 7.5%

- Profitable growth with EBITDA expansion and margin growth,
supporting FCF margins consistently in mid-single digits

Liquidity and Debt Structure

At December 2025, Grifols had EUR725 million of cash Fitch deems as
available for debt repayment (EUR100 million is restricted). The
proposed transaction would improve the company's refinancing risk
by setting the maturities of the TLB to 2033. Furthermore, the
proposed increase of the RCF to USD2 billion would strengthen
short-term liquidity.

Grifols still has an outstanding maturity of EUR740 million senior
secured notes in November 2027, and EUR2 billion in October 2028
from its senior unsecured issuance. Fitch expects it will refinance
this issuance well ahead of maturity.

Issuer Profile

Grifols is a vertically integrated global manufacturer of plasma
derivatives, which treat diseases using components or proteins
derived from human plasma. The company sources most human plasma
from its own collection centres.

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 Grifols.

ESG Considerations

Grifols, S.A. has an ESG Relevance Score of '4' for Group Structure
due to its concentrated ownership and continued significant family
involvement in the strategic decision making through the board of
directors, alongside legacy complex business transactions with
entities related to the family. This has a negative impact on the
credit profile and is relevant to the rating[s] in conjunction with
other factors.

Grifols, S.A. has an ESG Relevance Score of '4' for Governance
Structure due to the complex group structure with some
related-party transactions with entities where the family is a
participant, and which has resulted in cash outflows. This 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
   -----------              ------           --------   -----
Grifols, S.A.         LT IDR BB- Upgrade                B+

   senior unsecured   LT     B+  Upgrade      RR5       B-

   senior secured     LT     BB+ Upgrade      RR2       BB

Grifols Worldwide
Operations USA, Inc

   senior secured     LT     BB+ Upgrade      RR2       BB

Grifols Worldwide
Operations Limited

   senior secured     LT     BB+ Upgrade      RR2       BB

SANTANDER CONSUMO 10: Fitch Assigns 'BB-sf' Final Rating to E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Santander Consumo 10, FT final ratings,
as detailed below. The final ratings on the notes are the same as
their expected ratings.

   Entity/Debt             Rating              Prior
   -----------             ------              -----
Santander Consumo 10,
FT

   A1 ES0306018005      LT AAAsf  New Rating   AAA(EXP)sf
   A2 ES0306018013      LT AAAsf  New Rating   AAA(EXP)sf
   B ES0306018021       LT AA-sf  New Rating   AA-(EXP)sf
   C ES0306018039       LT A-sf   New Rating   A-(EXP)sf
   D ES0306018047       LT BBB-sf New Rating   BBB-(EXP)sf
   E ES0306018054       LT BB-sf  New Rating   BB-(EXP)sf
   F ES0306018062       LT BB+sf  New Rating   BB+(EXP)sf

Transaction Summary

Santander Consumo 10, FT is a securitisation of a EUR1,400 million
revolving portfolio of fully amortising general-purpose consumer
loans originated by Banco Santander, S.A. (Santander, A/Stable/F1)
for Spanish residents.

KEY RATING DRIVERS

Asset Assumptions Reflect Pool Profile: Fitch has set base-case
assumptions of a lifetime default rate of 4.25% and a recovery rate
of 25% for the portfolio, reflecting the historical data provided
by Santander, Spain's economic outlook, the underlying pool's
features and the originator's underwriting and servicing
strategies. Fitch estimates the lifetime loss rate at 18.6% at
'AAAsf'.

Short Revolving Period: The transaction has an 11-month revolving
period during which new receivables can be purchased by the special
purpose vehicle (SPV). Fitch considers any credit risk stemming
from the revolving period to be sufficiently captured by the
default multiples. Fitch expects about 25% of the pool balance to
be replenished during the revolving period, assuming an annualised
prepayment rate of 10%.

Pro-Rata Amortisation: The class A to E notes after the revolving
period will be repaid pro rata until a sequential amortisation
event occurs, causing a switch to strictly sequential amortisation.
One such event is defined in relation to the gross cumulative
default (GCD) balance being greater than the defined triggers.
Fitch views such triggers as sufficiently robust to prevent the pro
rata amortisation from continuing in the event of a deterioration
in performance.

Solid Excess Spread: The structure benefits from an initial net
excess spread of about 3.6% a year after deducting senior fees,
swap costs and the weighted average (WA) cost of liabilities,
providing a relevant source of credit enhancement.

Payment Interruption Risk Mitigated: Fitch views payment
interruption risk (PIR) as sufficiently mitigated. A reserve fund
is available to cover an estimated period of at least three months
of senior costs, net of swap payments (if any) and interest on the
class A to E notes in a servicer disruption. Fitch views the
three-month period as sufficient to implement alternative
arrangements and maintain payment continuity on the notes.

RATING SENSITIVITIES

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

Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, business practices or the
legislative landscape would be negative for ratings. For instance,
an increase in the default rate by 25% and a decrease in the
recoveries by 25% could imply category downgrades for all the
notes.

Expected impact on the notes' ratings of increased defaults and
lower recoveries (class A/B/C/D/E/F)

Increase default by 10%: 'AA+sf'/'A+sf'/'BBB+sf' /'BBB-sf'
/'BB-sf'/'BBsf'

Increase default by 25%:
'AAsf'/'A+sf'/'BBBsf'/'BB+sf'/'B+sf'/'BBsf'

Increase default by 50%:
'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'B-sf'/'Bsf'

Reduce recoveries by 10%:
'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'BB+sf'

Reduce recoveries by 25%:
'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'BB+sf'

Reduce recoveries by 50%:
'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'/'B+sf'/'BBsf'

Increase defaults and reduce recoveries by 10% each:
'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'BB-sf'/'BBsf'

Increase defaults and reduce recoveries by 25% each:
'AA-sf'/'Asf'/'BBB-sf'/'BBsf'/'Bsf'/'BB-sf'

Increase defaults and reduce recoveries by 50% each:
'Asf'/'BBBsf'/'BB+sf'/'Bsf'/NR/'B-sf'

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

The class A notes are rated at the highest level on Fitch's scale
and cannot be upgraded.

Increasing credit enhancement ratios to compensate for the credit
losses and cash flow stresses commensurate with higher ratings will
result in upgrades.

Expected impact on the notes' ratings of lower defaults and
increased recoveries (class A/B/C/D/E/F)

Reduce defaults and increase recoveries by 10% each:
'AAAsf/'AA+sf'/'Asf'/'BBBsf'/'BB+sf'/'BB+sf'

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

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

DATA ADEQUACY

Fitch 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.

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.



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

TURKIYE PETROL: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Pos.
------------------------------------------------------------------
Fitch Ratings has revised Turkiye Petrol Rafinerileri A.S.'s
(Tupras) Outlook to Positive from Stable while affirming its
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB-'.

The Outlook revision reflects improving domestic economic
fundamentals, Tupras's record of a conservative financial profile,
net cash position, projected low leverage and strong pre-dividend
free cash flow (FCF) despite a reduction in refining margins and
growth capex.

Tupras's business profile benefits from its leadership in the
Turkish refined product market, supported by its operation of one
of the most complex refineries in EMEA and by feedstock flexibility
that allows for broader diversification of supplies.

The ratings incorporate Tupras's focus on refining operations and
the inherent volatility of refining margins, limited vertical
integration and high exposure to the domestic market and a still
challenging operating environment in Turkiye (BB-/Positive).

Key Rating Drivers

Low Leverage: Tupras has maintained low leverage despite weakening
earnings from their post-Covid peaks. Its 2025 Fitch-defined EBITDA
was broadly stable at about USD1.4 billion equivalent and EBITDA
gross leverage did not exceed 1.0x. It has maintained ample
liquidity, with a cash balance of about USD2.1 billion equivalent
versus total debt of about USD1.3 billion at end-2025. Fitch
expects Tupras to remain conservatively leveraged, despite growth
capex and recurring dividends, with gross EBITDA leverage under
1.2x and net leverage close to zero during 2026-2029. It has a net
debt target below 2.0x EBITDA and has remained well below this
level over the past four years.

Improving Operating Environment: Fitch expects lower inflation and
a fall in policy rates in Turkiye to 23% at end-2027 from 38% in
2025. Fitch also expects stable GDP growth in 2026, with further
gains in 2027. In its view, Tupras will benefit from greater
consumer and business confidence, while healthy fuel demand growth
should reinforce its leading domestic market position. Improving
conditions were also captured by Fitch's revision of Outlook to
Positive from Stable on Turkiye's Long-Term IDR of 'BB-' on 23
January 2026 while maintaining the Country Ceiling at 'BB-'.
However, high oil prices pose inflationary risks as Turkiye relies
heavily on oil imports.

Supply Risk Limited: Tupras imports 85%-90% of its crude oil needs
but maintains diversified supply sources from 12 foreign countries.
The company has access to Russian and Kazakh crude delivered via
the Caspian Pipeline Consortium pipeline to the Black Sea port of
Novorossiysk for seaborne shipment. It has also pipeline
connections with Azerbaijan and Iraq. The diversification limits,
in its view, supply risks associated with the ongoing conflict in
the Middle East. Notwithstanding, increased oil market volatility
and prolonged oil supply interruptions may offset factors
supporting the Positive Outlook.

Predominantly Domestic Sales: Tupras is the leading refiner in
Turkiye and in 2025 sold about 80% of its oil products
domestically. Prices in the domestic market closely follow
international benchmarks and are therefore effectively linked to
the US dollar, though customers are billed in the local currency.
Proceeds in Turkish lira, however, can almost immediately be
exchanged into hard currencies, which Tupras uses to purchase crude
oil.

Tupras supplies over one-third of Turkiye's diesel, for which the
country has a structural shortage, about two-thirds of jet fuel
needs and close to 100% of gasoline. It has modest international
diversification through a trading division in the UK and a solar
power project of 214 MW in Romania, acquired through its subsidiary
Entek in February 2025.

Focus on Refining: Tupras has four refineries in Turkiye, with a
total capacity of about 650,000 barrels of oil per day (bbl/d),
which is higher than that of its similarly rated peers in North
America. Its largest refinery in Izmit has a Nelson complexity
index of 14.5, making it one of the most complex assets in EMEA.
Tupras has access to various crude types and can process cheaper
crudes, which supports its margins. However, it lacks meaningful
vertical integration and is more exposed to volatile refining
margins than its integrated, higher-rated EMEA peers.

Growth Capex: The updated strategy for 2025-2035 assumes an
increase in capex to about USD700 million-800 million a year from
an average USD450 million in 2023-2025. About 80% of capex will
target energy efficiency and decarbonisation, plus zero-carbon
electricity. The rest will focus on biofuels and green hydrogen.
Fitch believes higher sustainability investment will help offset
tighter regulation and gradual progress in the energy transition in
transportation. Fitch believes Tupras can absorb higher investment
while maintaining a conservative financial profile. It also has
some spending flexibility due to fairly low maintenance capex needs
of less than USD200 million annually.

High Dividends: Tupras paid high dividends in 2022-2024 while
maintaining low leverage. Fitch expects dividend payouts to be at
or above 80% of net profit from 2026, in line with the company's
policy, and to continue to balance payouts with conservative debt
levels. Substantial distributions beyond Fitch's assumptions could
be negative for the rating.

Refining Margins Temporarily Higher: European refining margins
improved in 2H25 due to stronger crack spreads for diesel and jet
fuel, as well as favourable gasoline spreads driven by supply
disruptions, capacity closures and maintenance schedules. Diesel
and jet fuel spreads continued to perform strongly at the start of
2026. Slowing pace in refining capacity additions and the Middle
East conflict may provide temporary support for margins and partly
offset higher feedstock cost. Fitch calculates that a gradual
moderation in margins to mid-cycle levels of about USD5 per barrel
from 2027 due to normalisation in supply chains and increasing
adoption of electric vehicles and biofuels.

Peer Analysis

Tupras's closest peers in EMEA are Moeve, S.A. (BBB-/Stable) and
MOL Hungarian Oil and Gas Company Plc (BBB- /Stable). These two
peers have stronger business profiles, benefiting from vertical
integration into upstream, fuel marketing, and petrochemicals,
which make their cash flows more stable through the cycle. Moeve
and MOL also have a better operating environment than Tupras and
are more geographically diversified.

Tupras's global peers include CVR Energy, Inc. (B+/Stable) and Par
Pacific Holdings, Inc. (B+/Stable) operating in North America. Both
have lower downstream capacity than Tupras and lower projected
through-the-cycle EBITDA but operate in a better operating
environment.

Tupras's projected net leverage is much lower than any of its
peers'. However, Tupras's rating also reflects its weaker financial
flexibility due to its traditional reliance on the domestic banking
system and tightening coverage ratios due to high interest rates in
Turkiye. Fitch expects interest rates to gradually moderate due to
improving stability of the Turkish economy and some access to
international lending, as underlined by its loan facility arranged
in 2025.

Fitch’s Key Rating-Case Assumptions

- Brent oil prices in line with Fitch's price deck

- Refining margins trending lower towards mid-cycle levels from
2026

- Total capex on average USD700 million in 2026-2029

- Dividends at a minimum of 80% of net profit for 2026-2029, in
line with financial policy

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 30% for the forecast year
2027, 30% for the forecast year 2028 and 20% for the forecast year
2029.

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

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

- The SCP is 'bb-'.

To derive the IDR:

- No adjustments were made to the SCP, resulting in an IDR of
'BB-'.

RATING SENSITIVITIES

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

The Positive Outlook means Fitch does not expect a negative rating
action at least in the short term. However, the following factors
would be commensurate with a lower rating:

- EBITDA net leverage and EBITDA gross leverage consistently above
2.0x and 2.5x, respectively

- Evidence of a less-conservative financial policy

- EBITDA interest coverage below 3.0x

- Worsening liquidity

- Consistently negative free cash flow

- A downgrade of Turkiye's Country Ceiling or a weakening of
Tupras's hard-currency debt service coverage below 1.5x on a
sustained basis could be negative for the Long-Term
Foreign-Currency IDR

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

- Improvement in operating environment, including oil market supply
and volatility returning to more normal levels, plus an improved
outlook for macro-economic indicators and further institutional
strength that are captured in Turkiye's sovereign rating   

- EBITDA net leverage and EBITDA gross leverage consistently below
1x and 1.5x, respectively, supported by continued adherence to a
conservative financial policy

- EBITDA interest coverage above 4x on a sustained basis

Liquidity and Debt Structure

Tupras's liquidity remains strong. At end-2025, Tupras had a cash
balance of USD2.1 billion versus reported short-term debt of about
USD0.7 billion and total debt of USD1.3 billion. In May 2025 the
company signed a sustainability-linked club loan of USD0.5 billion
with a maturity of five years. At end-2025 about one third of cash
was held in foreign currencies, including about USD0.6 billion.

Its assessment of Tupras's financial flexibility also considers its
exposure to the local economy, given its traditional reliance on
short-term funding provided by domestic banks.

Issuer Profile

Tupras is the largest refiner in Turkiye with a leading position in
diesel, jet fuel and gasoline and 80% of sales generated
domestically.

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 Tupras is 51 and is in line with the
average for EMEA refinery peers.

The refinery sector is susceptible to increasingly stringent ESG
regulations such as emissions regulations, waste management
standards and air quality controls as the business involves complex
processes that emit pollutants and greenhouse gases. In addition,
potential reductions in demand driven by policies designed to
reduce the use of oil-based fuels in the global economy can also
affect the business in the long term.

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           Prior
   -----------                  ------           -----
Turkiye Petrol
Rafinerileri A.S.
(Tupras)             LT IDR      BB-  Affirmed   BB-
                     LC LT IDR   BB-  Affirmed   BB-
                     Natl LT AAA(tur) Affirmed   AAA(tur)



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

OSCHADBANK JSC: Moody's Affirms Caa3 Deposit Rating, Outlook Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed JSC Oschadbank's (Oschadbank)
long-term and short-term bank deposit ratings of Caa3 and NP
respectively. Moody's also affirmed the long-term Counterparty Risk
Ratings (CRRs) and Counterparty Risk (CR) Assessment of the bank of
Caa3 and Caa3(cr) respectively, as well as the short-term CRRs and
CR Assessment of NP and NP(cr) respectively. At the same time,
Moody's affirmed the bank's Baseline Credit Assessment (BCA) of ca
and Adjusted BCA of ca. The bank's long-term National Scale bank
deposit rating and long-term National Scale CRR have also been
affirmed at Caa2.ua. The outlook on the bank's long-term bank
deposit ratings remains stable.

RATINGS RATIONALE

Oschadbank's ca BCA remains constrained by the Government of
Ukraine's (Ca stable) sovereign rating, reflecting strong
interlinkages and a high correlation between the sovereign's
creditworthiness and that of bank. As a wholly state-owned
institution, Oschadbank is highly exposed to the domestic operating
environment and dependent on macroeconomic conditions in Ukraine.
While the BCA captures the bank's elevated solvency risks, risks to
depositors remain partly mitigated by Oschadbank's strong liquidity
profile. As a result, the bank's Caa3 long-term bank deposit
ratings continue to reflect an expected loss level consistent with
the Caa3 rating level (between 65-80%), one notch above its BCA.

Asset risks remain elevated, reflected in a non-performing loan
(NPL) ratio of 22.2% (including IFRS Stage 3 loans and Purchased or
Originated Credit-Impaired (POCI)) as of June 2025 and sizeable
exposure to domestic sovereign debt securities, which accounted for
around five times of tangible common equity (TCE) at the same date.
Over the outlook period, Moody's expects asset quality to remain
broadly stable, supported by continued loan growth. However,
borrower repayment capacity will remain pressured by the
challenging operating environment. These risks are partially
mitigated by sound specific NPL coverage of 64% as of June 2025 and
sound capital buffers, which Moody's expects to remain stable and
comfortably above minimum regulatory requirements. However internal
capital generation is likely to be moderated by dividend payments
to the state and the provisional re-imposition of a 50% windfall
tax on 2025 profitability as opposed to the standard 25%. As of
year-end 2025, Oschadbank reported a Common Equity Tier 1 ratio and
total capital adequacy ratio of 13.8%.

Profitability is expected to remain sound, underpinned by solid net
interest margins (reported 9.6% during the first six months of
2025) supported by loan growth and still-elevated yields on
government securities. Net income growth is likely to be tempered
by elevated operating expenses due to the war weighing on
efficiency. Oschadbank's net income accounted for 4.5% of tangible
assets in the first half of 2025.

Oschadbank's balance sheet remains predominantly deposit funded.
However, confidence-sensitive corporate deposits accounted for
around 40% of total deposits as of June 2025, reflected in
less-stable funds representing 19.8% of tangible banking assets.
This increases sensitivity to potential deposit outflows, although
risks are mitigated by ample liquidity buffers, with a core banking
liquidity ratio of 35.7% as of June 2025, as well as reported
liquidity coverage ratio and net stable funding ratio of 251% and
160% as of December 2025 respectively.

OUTLOOK

The stable outlook on Oschadbank's long-term bank deposit ratings
reflects Moody's expectations that the bank will maintain a broadly
stable solvency and liquidity profile over the next 12–18 months.
This expectation is underpinned by Oschadbank's sound
profitability, as well as capital and liquidity buffers, which
balance elevated asset risks and deposit outflow risks.

The stable outlook is also aligned with the stable outlook on the
Government of Ukraine.

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

Upward pressure on Oschadbank's BCA is limited by the sovereign
rating constraint at Ca. As such, an upgrade of the bank's BCA
would likely follow an upgrade of Ukraine's sovereign rating.

Conversely, Oschadbank's ratings could be downgraded if the
operating environment deteriorates further, indicated by a
downgrade in Ukraine's sovereign rating. Downward pressure on the
long-term bank deposit ratings could also arise if the expected
loss for depositors and senior creditors increases to a consistent
with the Ca rating level.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2025.

PRIVATBANK: Moody's Affirms 'Caa3' Deposit Ratings, Outlook Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Privatbank's long-term and short-term
bank deposit ratings of Caa3 and NP respectively. Moody's also
affirmed the long-term Counterparty Risk Ratings (CRRs) and
Counterparty Risk (CR) Assessment of the bank of Caa3 and Caa3(cr)
respectively, as well as the short-term CRRs and CR Assessment of
NP and NP(cr) respectively. At the same time, Moody's affirmed the
bank's Baseline Credit Assessment (BCA) of ca and Adjusted BCA of
ca. The outlook on the bank's long-term bank deposit ratings
remains stable.

RATINGS RATIONALE

Privatbank's ca BCA remains constrained by the Government of
Ukraine's (Ca stable) sovereign rating, reflecting strong
interlinkages and a high correlation between the sovereign's
creditworthiness and that of bank. As a wholly government
state-owned institution, Privatbank is highly exposed to the
domestic operating environment and dependent on macroeconomic
conditions in Ukraine. While the BCA captures the bank's elevated
solvency risks, risks to depositors remain partly mitigated by
Privatbank's strong liquidity profile. As a result, the bank's Caa3
long-term bank deposit ratings continue to reflect an expected loss
level consistent with the Caa3 rating level (between 65-80%), one
notch above its BCA.

Asset risks remain elevated, reflected in a reported non-performing
loan (NPL) ratio of 8.5% as of year-end 2025 and sizeable exposure
to domestic sovereign debt securities, which accounted for around
four times tangible common equity (TCE) as of June 2025. Over the
outlook period, Moody's expects NPL ratios to remain broadly
stable, supported by continued loan growth. However, underlying
repayment capacity and credit quality, particularly among unsecured
retail borrowers will remain pressured amid heightened
competition.

These risks are partially offset by strong capital buffers, which
Moody's expects to remain stable and comfortably above minimum
regulatory requirements. Loss absorption capacity will continue to
benefit from internal capital generation, although this will be
moderated by dividend payments to the state and the re-imposition
of a 50% windfall tax. As of year-end 2025, Privatbank reported a
Common Equity Tier 1 ratio and total capital adequacy ratio of
12.8%.

Privatbank's profitability is expected to remain sound and
supportive of capital, underpinned by loan growth and
still-elevated yields on government securities. While moderate loan
growth should partly offset the impact of any further interest rate
cuts, earnings growth is likely to remain constrained by elevated
operating expenses related to the war and the re-imposition of the
50% windfall tax on 2026 profits which is double the standard
profit tax rate of 25%. Consequently, Privatbank's net income
accounted for 8.9% of tangible assets during the first six months
of 2025.

Privatbank's balance sheet is predominantly funded by stable,
wholly government guaranteed (under martial law) retail deposits,
which accounted for 75% of total deposits as of June 2025,
reflected in a less-stable funds ratio of 16% over the same period.
In addition, the bank maintains ample liquidity buffers, as core
banking liquidity accounted for 44% of tangible banking assets as
of June 2025. While reported liquidity coverage and net stable
funding ratios stood at 300% and 129%, respectively, as of year-end
2025. Moody's expects Privatbank's funding and liquidity profile to
remain broadly stable, although headline liquidity metrics may
decline modestly as loan growth continues.

OUTLOOK

The stable outlook on Privatbank's long-term bank deposit ratings
reflects Moody's expectations that the bank will maintain a broadly
stable solvency and liquidity profile over the next 12–18 months.
This expectation is underpinned by Privatbank's strong capital
buffers, which Moody's expects to remain comfortably above
regulatory minimum requirements, supported by resilient
profitability and continued internal capital generation. Moody's
also expects the bank to preserve its ample liquidity buffers,
supported by a large and stable retail deposit base, which
mitigates refinancing risks and supports depositor protection.

The stable outlook is also aligned with the stable outlook on the
Government of Ukraine.

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

Upward pressure on Privatbank's BCA is limited by the sovereign
rating constraint at Ca. As such, an upgrade of the bank's BCA
would likely follow an upgrade of Ukraine's sovereign rating.

Conversely, Privatbank's ratings could be downgraded if the
operating environment deteriorates further, indicated by a
downgrade in Ukraine's sovereign rating. Downward pressure on the
long-term bank deposit ratings could also arise if the expected
loss for depositors and senior creditors increases to be consistent
with the Ca rating level.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2025.

Privatbank's "Assigned BCA" score of ca is set three notches below
the "Financial Profile" initial score of caa1 to reflect the
sovereign rating constraint.

RAIFFEISEN BANK: Moody's Affirms 'Caa3' Deposit Ratings
-------------------------------------------------------
Moody's Ratings has affirmed Raiffeisen Bank Joint Stock Company
(Raiffeisen Bank)'s long-term and short-term bank deposit ratings
of Caa3 and NP respectively. Moody's also affirmed the long-term
Counterparty Risk Ratings (CRRs) and Counterparty Risk (CR)
Assessment of the bank of Caa3 and Caa3(cr) respectively, as well
as the short-term CRRs and CR Assessment of NP and NP(cr)
respectively. At the same time, Moody's affirmed the bank's
Baseline Credit Assessment (BCA) of ca and Adjusted BCA of caa3,
which incorporates one notch of uplift from its parent Raiffeisen
Bank International AG (A1 Senior Unsecured stable/ baa3 BCA). The
bank's long-term National Scale bank deposit rating and long-term
National Scale CRR have also been affirmed at Caa1.ua. The outlook
on the bank's long-term bank deposit ratings remains stable.

RATINGS RATIONALE

Raiffeisen Bank's ca BCA remains constrained by the Government of
Ukraine's (Ca stable) sovereign rating, reflecting strong
interlinkages and a high correlation between the sovereign's
creditworthiness and that of bank, which captures the bank's
elevated solvency risks. Raiffeisen Bank is highly exposed to the
domestic operating environment and dependent on macroeconomic
conditions in Ukraine.

Asset risk at Raiffeisen Bank remains elevated, as reflected in a
non-performing loan (NPL) ratio of 10.7% as of June 2025, driven
primarily by legacy corporate exposures that defaulted at the
outset of the war, alongside a material concentration in domestic
government securities. Moody's expects asset quality to remain
broadly stable, supported by ongoing loan growth, although borrower
repayment capacity will continue to be constrained by the
still-challenging operating environment. These risks are mitigated
by strong specific NPL coverage of 83% as of June 2025 and robust
capital buffers, which Moody's expects to remain stable and
comfortably above minimum regulatory requirements. As of year-end
2025, the bank reported a Common Equity Tier 1 ratio and total
capital adequacy ratio of 15.8%, while their TCE ratio stood at
21.4% as of June 2025.

Profitability is expected to remain resilient, underpinned by solid
net interest margins (7.9% in the first six months of 2025),
supported by loan growth and sustained income from government
securities and central bank certificates of deposit. However,
bottom-line performance will continue to be weighed down by
elevated operating expenses linked to the wartime operating
environment, as well as the reimposition of the 50% windfall tax in
2026, which is double the standard corporate income tax rate of
25%. As a result, while earnings generation should remain strong,
net income growth is likely to be subdued. Raiffeisen Bank's net
income represented 4.1% of tangible assets in the first half of
2025.

Raiffeisen Bank's funding and liquidity profile remains a key
strength, with the balance sheet predominantly funded by customer
deposits. Around half of deposits are sourced from stable retail
customers; however, the sizeable share of corporate deposits
introduces higher sensitivity to confidence-driven outflows, as
reflected in less stable funds amounting to 17.5% of tangible
banking assets. These risks are mitigated by ample liquidity
buffers, with over half of core banking liquidity held in cash and
cash equivalents and a core banking liquidity ratio of 40.7% as of
June 2025. In addition, the bank reported a liquidity coverage
ratio and net stable funding ratio of 267% and 163%, respectively,
as of December 2025.

Raiffeisen Bank's caa3 Adjusted BCA reflects the affirmation of the
ca BCA and the continued one-notch uplift based on Moody's
assumptions of a moderate probability of affiliate support from the
parent bank Austria based Raiffeisen Bank International AG, which
reflects their 68% ownership stake.

OUTLOOK

The stable outlook on Raiffeisen Bank's long-term bank deposit
ratings reflects Moody's expectations that the bank will maintain a
broadly stable solvency and liquidity profile over the next 12–18
months. This expectation is underpinned by Raiffeisen Bank's sound
profitability, as well as capital and liquidity buffers which
balance their non-lending credit risk, sectoral concentrations and
deposit outflow risks.

The stable outlook is also aligned with the stable outlook on the
Government of Ukraine.

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

Upward pressure on Raiffeisen Bank's BCA is limited by the
sovereign rating constraint at Ca. As such, an upgrade of the
bank's BCA would likely follow an upgrade of Ukraine's sovereign
rating.

Conversely, Raiffeisen Bank's ratings could be downgraded if the
operating environment deteriorates further, indicated by a
downgrade in Ukraine's sovereign rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2025.

Raiffeisen Bank Joint Stock Company's "Assigned BCA" score of ca is
set two notches below the "Financial Profile" initial score of caa2
to reflect the sovereign rating constraint.

UKREXIMBANK: Moody's Affirms Caa3 Deposit Ratings, Outlook Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed Ukreximbank's long-term and short-term
bank deposit ratings of Caa3 and NP respectively. Moody's also
affirmed the long-term Counterparty Risk Ratings (CRRs) and
Counterparty Risk (CR) Assessment of the bank of Caa3 and Caa3(cr)
respectively, as well as the short-term CRRs and CR Assessment of
NP and NP(cr) respectively. At the same time, Moody's affirmed the
bank's Baseline Credit Assessment (BCA) of ca and Adjusted BCA of
ca. The outlook on the bank's long-term bank deposit ratings
remains stable.

RATINGS RATIONALE

Ukreximbank's ca BCA remains constrained by the Government of
Ukraine's (Ca stable) sovereign rating, reflecting strong
interlinkages and a high correlation between the sovereign's
creditworthiness and that of bank. As a wholly state-owned
institution, Ukreximbank is highly exposed to the domestic
operating environment and dependent on macroeconomic conditions in
Ukraine. While the BCA captures the bank's elevated solvency risks,
risks to depositors remain partly mitigated by Ukreximbank's strong
liquidity profile. As a result, the bank's Caa3 long-term bank
deposit ratings continue to reflect an expected loss level
consistent with the Caa3 rating level (between 65-80%), one notch
above its BCA.

Ukreximbank's asset risk profile remains shaped by legacy corporate
loan vulnerabilities, with a non-performing loan (NPL) ratio of
29.7% as of June 2025, elevated borrower concentrations, and a
sizeable exposure to domestic sovereign debt securities, which
accounted for around 7 times its tangible common equity (TCE) at
the same date. While Moody's expects the NPL ratio to remain
broadly stable, supported by continued loan growth, underlying
borrower repayment capacity will remain under pressure given the
challenging operating environment. These risks are moderated by
specific provisioning, with NPL coverage of 54.6% as of June 2025,
alongside sound regulatory capital buffers. The bank's
capitalisation has recovered and now stands above minimum
regulatory requirements, supported by internal capital generation.
Moody's expects regulatory capital metrics to remain broadly stable
over the outlook period. As of year-end 2025, Ukreximbank reported
Common Equity Tier 1 and total capital adequacy ratios of 14.3% and
16.8%, respectively.

Profitability is expected to remain resilient, although higher
funding costs are likely to moderate net interest margins relative
to peers. Bottom-line performance will continue to be constrained
by elevated operating expenses linked to the wartime operating
environment, the reimposition of the 50% windfall tax on 2026
profits; double the standard corporate income tax rate of 25%, and
ongoing dividend payments to the state. Ukreximbank's net income
accounted for 2.8% of tangible assets in the first half of 2025.

Ukreximbank's funding profile remains predominantly reliant on
confidence-sensitive corporate deposits, which represented 68% of
total deposits as of June 2025, alongside a material concentration
among its largest depositors. This is reflected in less-stable
funds representing 28% of tangible banking assets, increasing the
bank's sensitivity to potential deposit outflows. These risks are
mitigated by ample liquidity buffers, with a core banking liquidity
ratio of 37% as of June 2025, as well as reported liquidity
coverage ratio and net stable funding ratio of 200% and 187% as of
December 2025 respectively.

OUTLOOK

The stable outlook on Ukreximbank's long-term bank deposit ratings
reflects Moody's expectations that the bank will maintain a broadly
stable solvency and liquidity profile over the next 12–18 months.
This expectation is underpinned by Ukreximbank's sound
profitability, as well as solid capital and liquidity buffers,
which balance concentrations on both sides of the balance sheet,
elevated assets risks and confidence sensitive corporate deposit
funding.

The stable outlook is also aligned with the stable outlook on the
Government of Ukraine.

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

Upward pressure on Ukreximbank's BCA is limited by the sovereign
rating constraint at Ca. As such, an upgrade of the bank's BCA
would likely follow an upgrade of Ukraine's sovereign rating.

Conversely, Ukreximbank's ratings could be downgraded if the
operating environment deteriorates further, indicated by a
downgrade in Ukraine's sovereign rating. Downward pressure on the
long-term bank deposit ratings could also arise if the expected
loss for depositors and senior creditors increases to be consistent
with the Ca rating level.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2025.

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

VST BANK: Moody's Affirms 'Caa3' Deposit Ratings, Outlook Stable
----------------------------------------------------------------
Moody's Ratings has affirmed VST Bank JSC (VST Bank)'s long-term
and short-term bank deposit ratings of Caa3 and NP respectively.
Moody's also affirmed the long-term Counterparty Risk Ratings
(CRRs) and Counterparty Risk (CR) Assessment of the bank of Caa3
and Caa3(cr) respectively, as well as the short-term CRRs and CR
Assessment of NP and NP(cr) respectively. The bank's long-term
National Scale bank deposit rating and long-term National Scale CRR
have also been affirmed at Caa2.ua. At the same time, Moody's
affirmed the bank's Baseline Credit Assessment (BCA) of ca and
Adjusted BCA of ca. The outlook on the bank's long-term bank
deposit ratings remains stable.

RATINGS RATIONALE

VST Bank's ca BCA remains constrained by the Government of
Ukraine's (Ca stable) sovereign rating, reflecting strong
interlinkages and a high correlation between the sovereign's
creditworthiness and that of the bank. VST Bank is highly exposed
to the domestic operating environment and dependent on
macroeconomic conditions in Ukraine. While the BCA captures the
bank's elevated solvency risks, risks to depositors remain partly
mitigated by VST Bank's strong liquidity profile. As a result, the
bank's Caa3 long-term bank deposit ratings continue to reflect an
expected loss level consistent with the Caa3 rating level (between
65-80%), one notch above its BCA.

VST Bank's asset risk profile continues to reflect elevated
single-name concentrations in its predominantly corporate loan
portfolio, alongside legacy problem loans. The bank reported a
non-performing loan (NPL) ratio of 8% as of June 2025. In addition,
VST Bank maintains a sizeable exposure to domestic sovereign debt
securities, equivalent to around two times its tangible common
equity (TCE), which further links its credit profile to sovereign
risk. While Moody's expects asset quality metrics to remain broadly
stable over the outlook period, borrower repayment capacity will
continue to be constrained by the challenging operating
environment. These risks are partly mitigated by problem-loan
provisioning, with NPL coverage of 61% as of June 2025, and by
capital buffers which Moody's expects to remain above minimum
regulatory requirements. At year-end 2025, the bank reported Common
Equity Tier 1 and total capital adequacy ratios of 12.9% and 14.6%,
respectively, while its TCE ratio stood at 12.9% as of June 2025.

VST Bank's profitability remains adequate, supported by net
interest income generated from customer lending, placements with
the National Bank of Ukraine, and investments in government
securities. This resulted in a net interest margin of 5.8% during
the first six months of 2025. However, earnings growth is expected
to remain constrained by structurally elevated operating costs,
exacerbated by the wartime environment, as well as by the
reintroduction of the 50% windfall tax on 2026 profits, which
exceeds the standard corporate income tax rate of 25%. VST Bank's
net income amounted to 1.8% of tangible assets during the first six
months of 2025.

Although VST Bank is predominantly funded by customer deposits,
confidence-sensitive corporate deposits accounted for 75% of total
deposits as of June 2025, with notable concentration among the ten
largest depositors. As such, less stable funding represented 29% of
tangible banking assets, increasing the bank's sensitivity to
potential deposit outflows. However, liquidity risks remain
mitigated by sound buffers, including a core banking liquidity
ratio of 47% as of June 2025.

OUTLOOK

The stable outlook on VST Bank's long-term bank deposit ratings
reflects Moody's expectations that the bank will maintain a broadly
stable solvency and liquidity profile over the next 12–18 months.
This expectation is underpinned by VST Bank's sound profitability
as well as capital and liquidity buffers balancing elevated asset
risks as well as concentrations on both sides of the balance
sheet.

The stable outlook is also aligned with the stable outlook on the
Government of Ukraine.

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

Upward pressure on VST Bank's BCA is limited by the sovereign
rating constraint at Ca. As such, an upgrade of the bank's BCA
would likely follow an upgrade of Ukraine's sovereign rating.

Conversely, VST Bank's ratings could be downgraded if the operating
environment deteriorates further, indicated by a downgrade in
Ukraine's sovereign rating. Downward pressure on the long-term bank
deposit ratings could also arise if the expected loss for
depositors and senior creditors increases to be consistent with the
Ca rating level.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2025.



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

A TO Z PACKAGING: Turpin Barker Appointed as Administrators
-----------------------------------------------------------
A to Z Packaging Ltd was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Court Number CR-2026-001567, and Martin C Armstrong (IP No.
006212) and Andrew R Bailey (IP No. 18810) of Turpin Barker
Armstrong were appointed as administrators on March 5, 2026.

A to Z Packaging engages in non-specified wholesale trade.

The company's registered office and principal trading address is at
Unit G1, Cambridge Road, Harlow, CM20 2EX.

The Administrators can be reached at:

  Martin C Armstrong (IP No. 006212)
  Andrew R Bailey (IP No. 18810)
  Turpin Barker Armstrong
  Allen House
  1 Westmead Road
  Sutton, Surrey, SM1 4LA

For further details, contact:

  Lindsey Moore  
  Email: lindsey.moore@turpinba.co.uk


ALBION JONES: Interpath Appointed as Joint Administrators
---------------------------------------------------------
Albion Jones Limited was placed into administration in the Business
and Property Courts in Manchester, No. CR-2026-MAN-000420. James
Ronald Alexander Lumb (IP No. 21510) and Howard Smith (IP No. 9341)
of Interpath Advisory, Interpath Limited were appointed as Joint
Administrators on March 10, 2026.

The company, formerly known as Albion Jones Dismantling Limited,
and Broomco (390) Limited, operates in the demolition sector.

The company's registered office is at Clarence Metal Works, Armer
Street, Rotherham, S60 1AF. Its principal trading address is
Bernera Works, Psalters Lane, Holmes, Rotherham, S61 1DQ.

The Joint Administrators can be reached at:

  James Ronald Alexander Lumb (IP No. 21510)  
  Howard Smith (IP No. 9341)  
  Interpath Advisory  
  Interpath Ltd  
  4th Floor, Tailors Corner  
  Thirsk Row, Leeds, LS1 4DP  

For further details, contact:

  Becca Sargeant  
  Email: Demex@interpath.com


BRIDGMAN IBC: BTG Begbies Appointed as Administrators
-----------------------------------------------------
Bridgman IBC Limited was placed into administration in the High
Court of Justice, Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number CR-2026-MAN-404,
and Robert Alexander Henry Maxwell (IP No. 9185) and Ian James
Royle (IP No. 18934) of BTG Begbies Traynor (Central) LLP were
appointed as Administrators on March 6, 2026.

Bridgman IBC engages in construction, specifically building
construction.

The company's registered office is at 3 Greatham Street, Longhill
Industrial Estate, Hartlepool, TS25 1PU.

The Administrators can be reached at:

  Robert Alexander Henry Maxwell (IP No. 9185)
  BTG Begbies Traynor (Central) LLP
  Floor 2, 10 Wellington Place
  Leeds, LS1 4AP

  Ian James Royle (IP No. 18934)
  BTG Begbies Traynor (Central) LLP
  LevelQ, Sheraton House, Surtees Way,
  Surtees Business Park,
  Stockton on Tees, TS18 3HR

For further details, contact:

  Emma Grime  
  Tel: 01642 796 640  
  Email: Emma.Grime@btguk.com


DEMEX LIMITED: Interpath Appointed as Joint Administrators
----------------------------------------------------------
Demex Limited was placed into administration in the Business and
Property Courts in Manchester, No. CR-2026-MAN-000421. James Ronald
Alexander Lumb (IP No. 21510) and Howard Smith (IP No. 9341) of
Interpath Advisory, Interpath Limited were appointed as Joint
Administrators on March 10, 2026.

The company, previously known as Demex (Northern) Limited, and
Thorpe Demolition & Excavations Limited, operates in the demolition
sector.

The registered office is at Clarence Metal Works, Armer Street,
Rotherham, S60 1AF. Its principal trading address is Bernera Works,
Psalters Lane, Holmes, Rotherham, S61 1DQ.

The Joint Administrators can be reached at:

  James Ronald Alexander Lumb (IP No. 21510)  
  Howard Smith (IP No. 9341)  
  Interpath Advisory  
  Interpath Ltd  
  4th Floor, Tailors Corner  
  Thirsk Row, Leeds, LS1 4DP  

For further details, contact:

  Becca Sargeant  
  Email: Demex@interpath.com


ETHOS COMMUNICATION: FRP Advisory Appointed as Joint Administrators
-------------------------------------------------------------------
Ethos Communication Solutions Limited was placed into
administration in the High Court of Justice, Business and Property
Courts in Birmingham, Insolvency & Companies List (ChD), Court
Number CR-2026-000108 and Philip James Watkins (IP No. 009626) and
Philip Lewis Armstrong (IP No. 9397) of FRP Advisory Trading
Limited were appointed as Joint Administrators on March 3, 2026.

The company engages in other information technology service
activities.

Its registered office is at Building A Turnford Place, Great
Cambridge Road, Cheshunt, Hertfordshire, EN10 6NH (in the process
of being changed to c/o FRP Advisory Trading Limited, 2nd Floor,
110 Cannon Street, London, EC4N 6EU).

Its principal trading address is Building A Turnford Place, Great
Cambridge Road, Cheshunt, Hertfordshire, EN10 6NH.

The Joint Administrators can be reached at:

  Philip James Watkins (IP No. 009626)  
  Philip Lewis Armstrong (IP No. 9397)  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London, EC4N 6EU  

For further details, contact:

  The Joint Administrators  
  Tel: 020 3005 4000  
  Alternative contact: Jake Gruenewald
  Email: gruenewald@frpadvisory.com


HELIARA FINANCE: Interpath Appointed as Joint Administrators
------------------------------------------------------------
Heliara Finance Limited was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, No CR-2026-001736 and Joshua James Dwyer (IP No. 26450) and
Kristina Kicks (IP No. 21810) of Interpath Ltd were appointed as
Joint Administrators on March 9, 2026.

The company operates in financial intermediation not elsewhere
classified.

The company's registered office is at Interpath Ltd, 10 Fleet
Place, London, EC4M 7RB.

Its principal trading address is Level 5, 20 Fenchurch Street,
London, EC3M 3BY.

The Joint Administrators can be reached at:

  Joshua James Dwyer (IP No. 26450)  
  Kristina Kicks (IP No. 21810)  
  Interpath Ltd  
  10 Fleet Place  
  London, EC4M 7RB  

For further details, contact:

  Alessia Solazzo
  Tel. No: 0121 817 8633


HELIOS TOWERS: Moody's Rates New Senior Unsecured Notes 'Ba3'
-------------------------------------------------------------
Moody's Ratings has assigned a Ba3 backed senior unsecured rating
to Helios Towers plc's (Helios Towers) proposed benchmark-size
senior unsecured notes to be issued by HTA Group, Ltd., a fully
owned subsidiary of Helios Towers. Helios Towers' existing ratings,
including its Ba3 corporate family rating, Ba3-PD probability of
default rating and HTA Group, Ltd.'s existing Ba3 backed senior
unsecured rating on its $850 million notes due in 2029, remain
unaffected. The outlook on both entities is unaffected at stable.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's have reviewed.

RATINGS RATIONALE

The Ba3 rating assigned to the proposed backed senior unsecured
notes is at the same level as Helios Towers' CFR and at the same
level as the existing senior unsecured notes issued by HTA Group,
Ltd. The notes will have substantially the same terms and
conditions as the existing senior unsecured notes and therefore
rank pari passu. The company intends to use proceeds of the note
issuance to repay existing debt and Moody's therefore expect the
transaction to be leverage neutral.

Helios Towers' ratings remain supported by (1) its leading position
in seven high-growth African telecom tower markets and presence in
two additional countries; (2) its track record of strong growth,
improving profitability and annuity-like contracted cash flows
underpinned by long-term contracts with leading mobile network
operators (average remaining contract life of 6.6 years,
representing $5.3 billion of future revenue), which benefit from
automatic price escalators for power costs, inflation and foreign
currency depreciation; (3) its history of prudent financial
management and moderate leverage for the telecom tower industry
(4.5x as of June 2025 LTM), which Moody's expects to decline to
below 4.0x by the end of 2026; and (4) growing positive free cash
flow generation, which Moody's expects to increase further as the
company reduces expansionary capex and refocuses on organic growth
through colocations.

The rating is constrained by the high risk sovereign environments
where the company operates, notably Tanzania (B1 stable) and the
Democratic Republic of the Congo (DRC, B3 stable), which account
for around 38% and 32% of EBITDA, respectively.

STABLE OUTLOOK

The stable outlook reflects Helios Towers' strong track record of
adhering to its financial policies and Moody's expectations that
the company will continue to generate free cash flow and maintain
its solid credit metrics and adequate liquidity.

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

Helios Towers' ratings are constrained by the sovereign ratings of
its main countries of operation, in particular Tanzania and DRC.
Unless the sovereign ratings of these countries improve, an upgrade
of Helios Towers' ratings is unlikely. In order to consider an
upgrade, Moody's would also expect Moody's adjusted debt/ EBITDA to
sustainably improve to below 3.5x and its (EBITDA – capex) /
interest expense to comfortably exceed 2.0x.

Moody's would consider a negative rating action if the sovereign
credit profile of the company's key markets materially deteriorated
or if the company's ability to regularly upstream cash to its
holding company became restricted. There could also be downward
pressure on the ratings if Moody's adjusted debt / EBITDA fails to
improve to below 4.0x and (EBITDA – capex)/ interest expense
fails to continue trending towards 2.0x, both over time and on a
sustainable basis. Sustained negative free cash flow and weakening
liquidity could also lead to a downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Communications
Infrastructure published in September 2025.

M & J BUILDERS & SONS: Cowgills Appointed as Joint Administrators
-----------------------------------------------------------------
M & J Builders & Sons Limited was placed into administration in the
High Court of Justice in Manchester, Insolvency and Companies List
(ChD), No 000320 of 2026, and Craig Johns (IP No. 013152) and Jason
Mark Elliott (IP No. 9496) of Cowgills Limited were appointed as
Joint Administrators on March 3, 2026.

The company operates in the construction sector.

Its registered office and principal trading address is Chapel Lane,
Royton, Oldham, OL2 5QG.

The Joint Administrators can be reached at:

  Craig Johns (IP No. 013152)  
  Jason Mark Elliott (IP No. 9496)  
  Cowgills Limited  
  Fourth Floor, Unit 5B  
  The Parklands, Lostock  
  Bolton, BL6 4SD  

For further details, contact:

  Sharon Gregory  
  Tel: 0161 827 1200  
  Email: Sharon.Gregory@cowgills.co.uk



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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