260401.mbx

260401.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, April 1, 2026, Vol. 27, No. 65 Headlines I R E L A N D BLACKROCK EUROPEAN X: Moody's Cuts Rating on Cl. F-R Notes to Caa1 OCP EURO 2026-15: S&P Assigns B- (sf) Rating to Class F Notes ROCKFORD TOWER 2021-1: Moody's Ups Rating on EUR20MM E Notes to Ba2 L U X E M B O U R G OXEA LUX: Moody's Lowers CFR to Caa1, Outlook Remains Stable PETRICCA & CO: Creditors Have Until August 23 to File Claims ROOT BIDCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable R U S S I A APEX INSURANCE: S&P Affirms 'BB' LT Financial Strength Rating S P A I N SANTANDER CONSUMO 10: Moody's Assigns B3 Rating to EUR28MM F Notes S W E D E N OPTIGROUP BIDCO: S&P Alters Outlook to Negative, Affirms 'B' ICR U N I T E D K I N G D O M 360GLOBALNET LTD: FRP Advisory Appointed as Joint Administrators ETHOS GROUP: FRP Advisory Appointed as Joint Administrators HAMSINI ENTERTAINMENT: Moore Recovery Tapped as Joint Administrator INNIS & GUNN BREWING: FTI Consulting Appointed as Joint Administrat INNIS & GUNN GROUP: FTI Consulting Named as Joint Administrators INNIS & GUNN: FTI Consulting Appointed as Joint Administrators MONTGOMERY SQUARE 1: Moody's Assigns B2 Rating to Class F Notes QUICKS ARCHERY: Philmore & Co Appointed as Administrator REMEC ENGINEERING: Opus Restructuring Named as Administrators TILIA BRIDGING: BTG Begbies, Coots & Boots Tapped as Administrators TOGETHER ASSET 2026-1ST1: S&P Assigns CCC (sf) Rating to X2 Notes - - - - - ============= I R E L A N D ============= BLACKROCK EUROPEAN X: Moody's Cuts Rating on Cl. F-R Notes to Caa1 ------------------------------------------------------------------ Moody's Ratings has taken a variety of rating actions on the following notes issued by of BlackRock European CLO X Designated Activity Company: EUR25,250,000 Class B-1-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Nov 16, 2021 Definitive Rating Assigned Aa2 (sf) EUR15,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Nov 16, 2021 Definitive Rating Assigned Aa2 (sf) EUR22,500,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Nov 16, 2021 Definitive Rating Assigned A2 (sf) EUR11,750,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2034, Downgraded to Caa1 (sf); previously on Nov 16, 2021 Definitive Rating Assigned B3 (sf) Moody's have also affirmed the ratings on the following notes: EUR229,700,000 Class A-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Nov 16, 2021 Definitive Rating Assigned Aaa (sf) EUR26,250,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Nov 16, 2021 Definitive Rating Assigned Baa3 (sf) EUR18,750,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Nov 16, 2021 Definitive Rating Assigned Ba3 (sf) BlackRock European CLO X Designated Activity Company, originally issued in November 2020 and reset in November 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Blackrock Investment Management (UK) Limited. The transaction's reinvestment period will end in April 2026. RATINGS RATIONALE The rating upgrades on the Class B-1-R, B-2-R and Class C-R notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in April 2026. The downgrade on the rating on the Class F-R notes is primarily a result of the deterioration in over-collateralization ratios since the payment date in January 2025. The affirmations on the ratings on the Class A-R, Class D-R and Class E-R are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The over-collateralisation ratios of notes have deteriorated in the past 12 months. According to the trustee report dated February 2026[1], the Class A/B, C, D and E OC ratios are reported at 134.26%, 123.93%, 113.72%, 107.40% compared to January 2025[2] levels of 136.15%, 125.67%, 115.32%, 108.91% respectively. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR361.8m Defaulted Securities: EUR1.9m Diversity Score: 55 Weighted Average Rating Factor (WARF): 2864 Weighted Average Life (WAL): 4.4 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.59% Weighted Average Coupon (WAC): 2.75% Weighted Average Recovery Rate (WARR): 43.18% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. OCP EURO 2026-15: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to OCP Euro CLO 2026-15 DAC's class A, B-1, B-2, C, D, E, and F notes Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.6 years after closing, while the noncall period will end 1.5 years after closing. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows and excess spread. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which S&P is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,620.78 Default rate dispersion 566.63 Weighted-average life (years) 4.96 Obligor diversity measure 172.77 Industry diversity measure 26.49 Regional diversity measure 1.30 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 36.03 Target weighted-average coupon (%) 3.63 Target weighted-average spread (net of floors; %) 3.38 S&P said, "The portfolio is well diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR450 million target par amount, the actual weighted-average spread (3.38%), and the actual weighted-average coupon (3.63%) as indicated by the collateral manager. We assumed the targeted weighted-average recovery rates (WARRs) for all rated notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios, for each liability rating category. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1 to E notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO will be in its reinvestment period from closing until Oct. 18, 2030, during which the transaction's credit risk profile could deteriorate, we have capped the assigned ratings. "Under our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A to F notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A to E notes based on four hypothetical scenarios." "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." OCP Euro CLO 2026-15 DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Onex Credit Partners, LLC manages the transaction and Onex Credit Partners Europe LLP. acts as the sub-manager. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 279.00 38.00 Three/six-month EURIBOR plus 1.20% B-1 AA (sf) 42.75 27.00 Three/six-month EURIBOR plus 1.60% B-2 AA (sf) 6.75 27.00 4.47% C A (sf) 27.00 21.00 Three/six-month EURIBOR plus 2.05% D BBB- (sf) 32.625 13.75 Three/six-month EURIBOR plus 3.00% E BB- (sf) 19.125 9.50 Three/six-month EURIBOR plus 4.55% F B- (sf) 13.50 6.50 Three/six-month EURIBOR plus 7.87% Sub. NR 38.45 N/A N/A *S&P's ratings on the class A, B-1, and B-2 notes address timely interest and ultimate principal payments. Its ratings on the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. Sub.--Subordinated notes. ROCKFORD TOWER 2021-1: Moody's Ups Rating on EUR20MM E Notes to Ba2 ------------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Rockford Tower Europe CLO 2021-1 DAC: EUR30,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Aug 28, 2025 Upgraded to A1 (sf) EUR28,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to Baa2 (sf); previously on Aug 28, 2025 Affirmed Baa3 (sf) EUR20,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to Ba2 (sf); previously on Aug 28, 2025 Affirmed Ba3 (sf) Moody's have also affirmed the ratings on the following notes: EUR248,000,000 (Current outstanding amount EUR195,000,000) Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Aug 28, 2025 Affirmed Aaa (sf) EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Aug 28, 2025 Upgraded to Aaa (sf) EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Affirmed Aaa (sf); previously on Aug 28, 2025 Upgraded to Aaa (sf) EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Aug 28, 2025 Affirmed B3 (sf) Rockford Tower Europe CLO 2021-1 DAC, issued in April 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Rockford Tower Capital Management, L.L.C. The transaction's reinvestment period ended in July 2025. RATINGS RATIONALE The upgrades on the ratings on the Class C, D and E notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in August 2025. The affirmations on the ratings on the Class A, B-1, B-2 and F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A notes have paid down by approximately EUR53 million 21.4% since the end of the reinvestment period in July 2025. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated February 2026[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 150.85%, 133.45%, 120.47% and 112.65% and compared to July 2025[2] levels of 142.56%, 128.89%, 118.31% and 111.75%, respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR346.5m Defaulted Securities: EUR2.5m Diversity Score: 57 Weighted Average Rating Factor (WARF): 2963 Weighted Average Life (WAL): 4.03 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.67% Weighted Average Coupon (WAC): 2.80% Weighted Average Recovery Rate (WARR): 43.35% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. =================== L U X E M B O U R G =================== OXEA LUX: Moody's Lowers CFR to Caa1, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings downgraded the corporate family rating of Oxea Lux 3 S.a.r.l. (Oxea) to Caa1 from B3 and the probability of default rating to Caa1-PD from B3-PD. At the same time, Moody's downgraded the ratings on the company's backed senior secured term loan B1 (TL-B1) and backed senior secured term loan B2 (TL-B2) issued by its subsidiary Oxea Holding Drei GmbH to Caa1 from B3. The outlooks on both entities remains stable. RATINGS RATIONALE The downgrade of Oxea's ratings reflects its weak performance following its restructuring in April 2025 and Moody's expectations for continued weakness, which will further strain its liquidity position due to negative free cash flow. As of the twelve months ended September 30, 2025 Moody's estimates the company's Moody's adjusted debt/EBITDA to be around 7.5x, materially worse than Moody's expectations when Moody's assigned the ratings in May 2025. Moody's expects that Q4 2025 will remain weak with continued headwinds into 2026. Following a fire at Oxea's Bay City plant in Texas on March 04, the company has declared force majeure and sales controls for certain products. Although the extent of the damage is unclear, Moody's expects this event to further hurt the already weak EBITDA and cash generation. The company is navigating this highly uncertain environment without the revolving credit facility Moody's expected it to establish following its 2025 restructuring, and is therefore limited to internal cash generation and cash on hand. Oxea's leading position in the European market for oxo chemicals and its strong footprint in the US, its diversified customer base and broad end-market exposure, and long dated maturity profile all support its credit quality. However, expectations for cyclical performance to continue, the operational concentration at its Bay City and Oberhausen plants, exposure to some cyclical end-markets (automotive) and raw materials price variability, and lack of a track record under new ownership, all constrain the rating. LIQUIDTY Oxea's liquidity is adequate but subject to negative pressure, given the recent fire at Bay City and the ongoing middle east conflict. As of September 30, 2025, the company had around EUR110 million of cash on hand. The company does not have a revolving credit facility. The company has historically had material swings in working capital and given the recent sharp increases in propylene, working capital investments may be necessary, which would reduce liquidity. Additionally, the fire at its Bay City plant could further constrain liquidity in the near term. Moody's expects the company has property damage and business interruption coverage which Moody's expects to act as a partial mitigant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Oxea's ratings include: (i) Moody's-adjusted gross debt/EBITDA consistently below 6.5x with a lower level of unusual charges; (ii) Moody's-adjusted EBITDA/Interest coverage above 1.5x; (iii) positive FCF; and (iv) maintenance of adequate or better liquidity and evidence of limited financial and operational impact from the recent fire at its Bay City production site. Factors that could lead to a downgrade of Oxea's ratings include: (i) declining EBITDA; (ii) a deterioration of liquidity; (iii) a prolonged outage at its Bay City production site which has material financial and/or operational impacts. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals 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. PETRICCA & CO: Creditors Have Until August 23 to File Claims ------------------------------------------------------------ By judgment rendered on February 23, 2026, the District Court of Luxembourg, sixth chamber, sitting in commercial matters, declared dissolved and ordered the liquidation of the public limited liability company (societe anonyme) PETRICCA & CO CAPITAL SA, having its registered office at L-2449 Luxembourg, 25B Boulevard Royal. The same judgement appoints Julie Correia as supervisory judge and designates Maitre Philippe Thiebaud as liquidator. It orders creditors to file their claims with the registry of the District Court of and in Luxembourg no later than August 23, 2026, under penalty of forfeiture. The first verification of claims for the company is scheduled for May 15, 2026 at 9:30 a.m., room CO 1.02 (Cite Judiciaire, 7 rue du St. Esprit, 1st floor). ROOT BIDCO: S&P Affirms 'B-' Long-Term ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on Root Bidco S.a.r.l. (Rovensa) and its issue rating on its senior secured term loan, the stable outlook is unchanged. S&P said, "The stable outlook reflects our expectation of a market recovery in the second half of fiscal 2026, which we anticipate will drive revenue growth of 2%-3% and an S&P Global Ratings-adjusted EBITDA of 19%-20% in fiscal 2026. Looking ahead to 2027, we forecast that continued market recovery and profitability improvements will result in adjusted debt to EBITDA deleveraging to below 8.0x and positive FOCF. We also expect the company to maintain a comfortable liquidity buffer." Rovensa faced challenges in the first half of fiscal 2026 (ended Dec. 31, 2025), particularly in Mexico and Brazil, following previous periods of destocking and adverse foreign exchange impacts on profitability and cash flow. S&P said, "We expect a recovery in the second half of fiscal 2026 (ending June 30), supported by targeting marketing campaigns and rising fertilizer prices that may incentivize farmers to adopt Rovensa's crop protection and biosolutions products as substitutes. Nevertheless, we expect significant volatility to persist, exacerbated by inflationary pressures related to the war in the Middle East, which continues to pressure farmer affordability." S&P said, "We forecast stable profitability of about 19%-20% in fiscal 2026, in line with 2025, driven by lower restructuring costs, and cost-saving initiatives, and a recovery in the second half of fiscal 2026 somewhat offsetting constrained volumes in the first half of the fiscal year. However, limited EBITDA improvement and an increased reliance on revolving credit facility (RCF) drawings are hindering deleveraging. We expect S&P Global Ratings-adjusted debt to EBITDA to remain in the 8.5x-9.5x range in 2026, compared with 8.6x in 2025. Free operating cash flow (FOCF) will likely remain pressured by volatility and high interest expenses in 2026, before recovering in 2027 on better EBITDA. "Ongoing market volatility and tight farmer affordability weighed on Rovensa's operating performance in the first six months of fiscal 2026, however we forecast market recovery from the second half of fiscal 2026. Rovensa's operating performance has faced several headwinds in recent years, including prolonged market destocking and adverse foreign exchange movements. These factors have consistently resulted in EBITDA underperformance relative to our forecasts and contributed to negative FOCF in 2025 of EUR21.5 million, materially reducing rating headroom and financial flexibility. During the first half of fiscal 2026, sales declined by 5% year over year, driven by challenging market conditions in key regions--particularly Mexico and Brazil--which together account for approximately 35% of fiscal 2025 sales. Farmers in both markets have experienced compressed crop prices. In Brazil, prolonged low prices for grains and cereals, coupled with reduced agricultural credit availability, have constrained farmer affordability. In Mexico, growers of key crops--including tomatoes, avocados, berries, and other fruits and vegetables--have reduced planted acreage and agro-input consumption due to price declines linked to U.S. tariff volatility and tighter credit conditions. The sales decline was most pronounced in the biosolutions and bionutrients division (Rovensa Next), which experienced an 8% year-over-year decrease, partially offset by a 4% increase in Crop Protection sales. We anticipate a recovery in the second half of fiscal 2026, supported by region-specific recovery plans and marketing campaigns aimed at restoring sales growth. Furthermore, rising fertilizer prices may incentivize farmers to substitute traditional fertilizers with Rovensa's crop protection and biosolutions products, potentially boosting volumes. As a result, we project limited but positive revenue growth of 2%-3% in 2026, followed by a more substantial recovery to 4%-6% in 2027. We forecast volume recovery in second-half of fiscal 2026, lower restructuring costs, and cost savings--which will partially offset the lower sales in the first six months--to support stable profitability in 2026 of approximately 19%-20%. However, the recent war in the Middle East and the resulting inflationary environment pose risks to demand and could increase volatility, adding to existing uncertainties such as weather conditions. "Our forecast indicates that Rovensa is unlikely to achieve meaningful deleveraging in 2026, and that FOCF will remain under pressure. Continued reliance on local credit facilities as well as RCF borrowings--EUR133 million as of Dec. 31, 2025, expected to remain stable--and limited EBITDA growth will keep S&P Global Ratings-adjusted EBITDA high at 8.5x-9.0x, compared to 8.6x in 2025. Following EUR21 million of negative FOCF in fiscal 2025, primarily due to adverse foreign exchange movements, we anticipate FOCF will remain negative in 2026, at approximately EUR5 million, or at best, neutral. This reflects the impact of roughly EUR15 million-EUR20 million in one-off costs, approximately EUR90 million in cash interest payments, EUR20 million-EUR25 million in capital expenditure (capex), and limited working capital cash outflow of EUR5 million-EUR10 million. In our view, achieving neutral FOCF will require effective working capital management, successful cost optimization, and a market recovery, particularly in Brazil and Mexico. We anticipate improvements in cash flow and leverage beginning in 2027, with EBITDA increasing to EUR160 million-EUR170 million--driven by lower restructuring costs, higher volumes, and a favorable product mix--potentially reducing leverage to 7.5x-8.5x and generating positive FOCF of EUR5 million-EUR15 million. We positively note that the company does not plan any debt-funded acquisitions or dividend payments in the short term in order to prioritize deleveraging and cash flow generation. "While Rovensa's cash buffer has decreased in recent months, we forecast sufficient liquidity to navigate challenging and volatile market conditions through fiscal 2026. The first six months of fiscal 2026 saw negative FOCF due to difficult market conditions compounded by typical seasonal effects, leading to a decline in cash and an increased reliance on RCF borrowings. As of Dec. 31, 2025, Rovensa held approximately EUR63 million in cash and had EUR51 million undrawn under its EUR185 million RCF, which is currently 72% drawn. Despite this, we think that available liquidity sources comfortably cover the next 12 months' needs, supported by the October 2025 refinancing which extended the maturities of both the term loan B (TLB) and most of it RCF (96%) to 2030. We conservatively incorporate approximately EUR80 million of local overdraft credit lines into our liquidity calculations, but we recognize Rovensa's history of regularly renewing these facilities. Although covenant headroom has narrowed with increased RCF utilization, we assess it as adequate, given a senior secured net leverage ratio of 6.05x as of Dec. 31, 2025, against a maximum of 9.22x, and we do not anticipate further deterioration in the near term." Rovensa's direct exposure to the Middle East war is limited, although the situation introduces heightened volatility and uncertainty with a potential for escalation. Sales to the region account for less than 2% of total revenue, and shipping routes are unaffected as they do not rely on passage through the Strait of Hormuz to serve the Asia-Pacific region (approximately 3% of sales). Energy costs represent a contained risk, accounting for about 1% of the total cost base, with transportation costs adding an additional 5%. Indirect impacts on demand are a key consideration. Farmer affordability was already challenged at year-end 2025, due to elevated fertilizer prices and falling crop values for key commodities like corn, wheat, and soybeans. The current inflationary environment, exacerbated by potential supply constraints, could lead to demand volatility. However, higher fertilizer prices may also drive substitution toward alternative solutions, such as biostimulants and specialty nutrition products. Additionally, S&P anticipates potential early restocking by customers in response to expectations of higher prices or concerns about future product availability. The conflict's duration will be critical in determining the ultimate impact, and the situation remains volatile and difficult to predict. S&P said, "Rovensa's operating performance is currently exposed to near-term market volatility, but we expect the company to resume solid organic growth and improved profitability once market conditions stabilize. Historically, Rovensa's performance has been affected by the inherent volatility of its key agricultural markets, which are susceptible to seasonality leading to working capital swings, weather events, evolving regulations, and limited demand visibility. Furthermore, we anticipate that Rovensa's EBITDA and cash flow could exhibit greater volatility than those of larger, more diversified crop protection companies, due to its relatively smaller scope and size. Nevertheless, we view medium-term market fundamentals as strong, and we think that Rovensa is well-positioned to benefit from its niche presence in the rapidly growing--though still relatively small--bionutrition, biostimulant, and biocontrol segments. We expect these segments to maintain above-GDP growth rates, supported by favorable industry dynamics and resilient long-term demand for sustainable agricultural solutions. Rovensa's focus on specialty crops--fruits, vineyards, and vegetables, which account for 64% of revenue--provides a degree of earnings stability not typically found in larger fertilizer companies. "The stable outlook reflects our expectation of a market recovery in the second half of fiscal 2026, which we anticipate will drive revenue growth of 2%-3% and an S&P Global Ratings-adjusted EBITDA margin of 19%-20% in fiscal 2026. Looking ahead to 2027, we forecast that continued market recovery and profitability improvements will result in adjusted debt to EBITDA deleveraging to below 8.0x and positive FOCF. We also expect the company to maintain a comfortable liquidity buffer." S&P could lower the rating on Rovensa if: -- Continuously negative FOCF materially erodes liquidity, or -- EBITDA interest coverage falls below 1.5x without the prospect of a swift recovery. S&P could raise its rating on Rovensa if: -- The S&P Global Ratings-adjusted debt-to-EBITDA ratio improves to below 7.0x on a sustained basis, supported by shareholder's strong commitment to maintaining the leverage at such a level; -- FOCF turns and stays positive; and -- EBITDA interest coverage improves to clearly above 2.0x. S&P said, "We think that agricultural chemicals, including crop-protection chemicals, have among the highest environmental and social exposure within the broader chemical industry. This is mainly because there has been greater focus on and growing public scrutiny of the environmental impacts on biodiversity and health, which could lead to a future shifting of consumer preferences toward food products grown without the use of crop protection chemicals or fertilizers, notably in developed economies. That said, rising global food needs underpin the widespread use of and long-term growth prospects for agrichemicals. We view Rovensa's exposure to environmental and social risks as in line with that of the agrichemicals sector. The ban on chlorpyrifos-methyl in Spain affected its financial results for fiscal 2020. We note that the company has contracted insurance policies and security plans to ensure the coverage of possible contingencies due to environmental risks. One longer-term risk is climate change. Altered weather patterns and more frequent extreme weather events such as droughts or flooding could materially weaken crop output and lead to the reduced use of crop protection chemicals. These risks have so far not materially affected financial results but could hurt Rovensa and other agricultural chemical companies over time." =========== R U S S I A =========== APEX INSURANCE: S&P Affirms 'BB' LT Financial Strength Rating ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term financial strength rating on Apex Insurance JSC (Apex Insurance) and Apex Life Insurance JSC (Apex Life). The outlooks on both ratings are stable. S&P said, "The stable outlook on Apex Insurance reflects our expectation that, over the coming 12 months, Apex Insurance will maintain its competitive standing, profitability, capital adequacy, and asset allocation, while its debt leverage will not increase excessively. The stable outlook on Apex Life mirrors the outlook on Apex Insurance as we consider Apex Life to be a core group subsidiary." Apex Insurance JSC's (including the property/casualty and life business) financial leverage has increased following intragroup funding from a sister banking entity. S&P said, "We expect funding structure metrics to remain neutral to the financial risk profile, and Apex Insurance to continue to manage its debt portfolio responsibly. "We anticipate continued strong operating performance and profitability to support deleveraging efforts in 2026-2027. "We affirmed our ratings on Apex Insurance because we consider the higher leverage to be manageable at the current rating level. Its leading market position in Uzbekistan's insurance sector, solid capitalization, and strong operating performance support the action. We expect liquidity to remain adequate." Financial leverage has increased due to intragroup funding, exceeding previous expectations, but it remains within the acceptable thresholds for the current rating. Apex Insurance's consolidated debt leverage increased to 21% in 2025 from 8% in 2024. S&P said, "We understand that additional funding was provided by a related banking entity on terms that do not impact our calculation of fixed-charge coverage. We include this credit facility in the financial leverage in our analysis; however, we do not treat associated repayments under this arrangement as interest expenses. Thus, we forecast leverage will not exceed 40% in 2026-2027 and fixed-charge coverage will remain well above 4.0x in 2026-2027, contingent on the group's deleveraging plans and Apex Insurance maintaining a stable, declining debt portfolio. We forecast continued strong earnings generation through 2026-2027, supporting internal capital formation and deleveraging. We anticipate top-line growth of approximately 25% annually over the next two years, in line with sector averages. We also expect a combined ratio below 80% in 2025-2027 under International Financial Reporting Standards (IFRS) 17." S&P said, "We expect Apex Insurance's capital and earnings to remain satisfactory. While capital adequacy exceeds our 99.8% confidence level, we apply a one-notch negative adjustment due to the relatively small absolute capital base (Uzbekistani sum [UZS] 1.1 trillion, or $88 million as of Jan. 1, 2026) and limited track record of capital planning and IFRS 17 Contractual Service Margin management." Apex Insurance has continued to strengthen its position as the largest insurer in Uzbekistan, with its market share increasing to 32% in 2025 from 17% in 2022. However, a track record of Apex Insurance maintaining its leading position on the market amid the recent rapid growth is beneficial. S&P said, "The group's recent portfolio reshuffling has improved the combined ratio to 80% under local Generally Accepted Accounting Principles, compared with the market average of 100%-105%, and we anticipate underwriting profitability with a similar combined ratio in 2026-2027. We expect Apex Insurance to effectively manage cost and underwriting profitability despite rapid business growth." S&P said, "We continue to view Apex Life as a core subsidiary of Apex Insurance. Apex Life is closely integrated with Apex Insurance, operationally, strategically, and financially. Apex Life shares the same underwriting and claims controls as the parent and receives board oversight from Apex on investment policy and risk management practices. Apex Insurance uses it as a platform to sell policies to retail clients. Apex Life also uses the group's name and is therefore closely linked to the reputation of Apex Insurance. We think the parent would likely provide financial support if needed. "We cap our ratings on Apex Insurance and Apex Life at the level of the sovereign credit rating on Uzbekistan (BB/Stable/B) because of the group's almost-entirely domestic business base and asset structure. Therefore, even if Apex Insurance continues to strengthen its competitive position and maintains its financial risk profile, a further upgrade would only be possible if we were to raise the sovereign rating on Uzbekistan. "The stable outlook on Apex Insurance reflects our expectation that, over the next 12 months, Apex Insurance will maintain its solid competitive standing, which will allow it to generate robust profitability, while retaining strong capital buffers well above our 99.8% confidence level and sustaining effective risk management. and the group's debt leverage will not increase excessively. "The stable outlook on Apex Life reflects that on Apex Insurance. The ratings on Apex Life are likely to move in tandem with those on Apex Insurance unless we revise our view of Apex Life's core group status." S&P could consider a negative rating action on Apex Insurance over the next 12 months if, contrary to our expectations: -- The group's capital base and capital adequacy deteriorate below 99.8% according to our capital model, due, for instance, to weaker-than-expected operating performance, higher-than-anticipated growth, substantial dividend payments, or investment losses, and if this is not offset by shareholder capital injections; -- Its risk management practices weaken, or its investment or underwriting policy becomes more aggressive; -- The insurer adopts a less conservative funding structure with leverage increasing above 40% or the fixed-charge coverage ratio decreases materially below 4.0x for a prolonged period; or -- S&P takes a negative rating action on Uzbekistan. S&P said, "A positive rating action is unlikely in the next 12 months. We could take a positive rating action only if we raised our ratings on Uzbekistan and, at the same time, observed a substantial improvement in the group's business risk or financial risk profile. ========= S P A I N ========= SANTANDER CONSUMO 10: Moody's Assigns B3 Rating to EUR28MM F Notes ------------------------------------------------------------------ Moody's Ratings has assigned definitve ratings to Notes issued by SANTANDER CONSUMO 10, FONDO DE TITULIZACION: EUR470.1M Class A1 Floating Rate Asset Backed Notes due May 2041, Definitive Rating Assigned Aaa (sf) EUR649.9M Class A2 Floating Rate Asset Backed Notes due May 2041, Definitive Rating Assigned Aaa (sf) EUR91M Class B Floating Rate Asset Backed Notes due May 2041, Definitive Rating Assigned Aa1 (sf) EUR80.5M Class C Floating Rate Asset Backed Notes due May 2041, Definitive Rating Assigned A2 (sf) EUR63M Class D Floating Rate Asset Backed Notes due May 2041, Definitive Rating Assigned Baa3 (sf) EUR45.5M Class E Floating Rate Asset Backed Notes due May 2041, Definitive Rating Assigned Ba3 (sf) EUR28M Class F Floating Rate Asset Backed Notes due May 2041, Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The transaction is a 11-month revolving cash securitisation of Spanish unsecured consumer loans originated by Banco Santander, S.A. (Spain) ("Santander") (A1/P-1; A2(cr)/P-1(cr)) to private obligors residing in Spain. Santander also acts as servicer, swap counterparty, collection account bank and issuer account bank provider of the transaction. The final portfolio consists of approximately EUR1,400.0 million of loans as of March 09, 2026 pool cut-off date. The weighted average remaining maturity of the final portfolio is 5.4 years and the weighted average seasoning is 1.0 years. 68.1% of the loans in this pool were used to finance living expenses, 6.2% for home improvements and 7.1% for the purchase of vehicles. All the loans are fixed-rate loans. Around 85.8% of the portfolio is composed of pre-approved loans where the borrower was offered an unsecured consumer loan up to a maximum amount without initiating an application process. Pre-approved loans require the borrower to be an active customer of Santander and meet a minimum behavioural scoring. The Reserve Fund is funded to 2.0% of the collateralised notes balance at closing with the issuance of Class F Notes, and the total credit enhancement for the Class A Notes (Class A1 notes and Class A2 notes) is 22.0%. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. The transaction benefits from credit strengths such as the granularity of the portfolio, securitisation experience of Santander, a reserve fund sized at 2.0% of the total collateralized notes balance at closing, and credit enhancement provided via subordination of the Notes. However, Moody's notes that the transaction features a number of credit weaknesses, such as (i) a complex structure including interest deferral triggers for junior notes, (ii) pro-rata payments on Classes A-E Notes from the first payment date, (iii) eleven-months revolving period which could increase performance volatility of the underlying portfolio, and (iv) the relatively high linkage to Santander, which is acting as an originator, servicer, swap counterparty, account bank and paying agent. Various mitigants have been put in place in the transaction structure, such as early amortisation and sequential redemption triggers and strict eligibility criteria on both individual loan and portfolio level. Hedging: all the loans are fixed-rate loans, whereas the Notes are floating-rate liabilities. As a result, the issuer is subjected to a fixed-floating interest-rate mismatch. To mitigate the fixed-floating rate mismatch, the issuer has entered into a swap agreement with Santander. Under the swap agreement, (i) the issuer pays a fixed rate of 2.185%, (ii) the swap counterparty pays 3M Euribor, (iii) the notional tracks the outstanding balance of the non-defaulted loans in the portfolio. Moody's analysis focused, amongst other factors, on (i) an evaluation of the underlying portfolio of loans at closing and incremental risk due to loans being added during the revolving period; (ii) the historical performance information of the total book and past ABS transactions; (iii) the credit enhancement provided by the subordination, the excess spread and the reserve fund; (iv) the liquidity support available in the transaction, by way of principal to pay interest, and the reserve fund and (v) the overall legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined a portfolio lifetime expected mean default rate of 5.0%, expected recoveries of 15.0% and portfolio credit enhancement ("PCE") of 17.5%. The expected mean default rate and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate Consumer ABS. Portfolio expected mean default rate of 5.0% is in line with recent Spanish consumer loan transaction average, and is based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historic performance of the loan book of the originator, (ii) performance track record on most recent Santander Consumer deals, (iii) benchmark transactions, and (iv) other qualitative considerations. Portfolio expected recoveries of 15.0% are in line with recent Spanish consumer loan average and are based on Moody's assessment of the lifetime expectation for the pool taking into account (i) historic performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. The PCE of 17.5% is in line with other Spanish consumer loan peers and is based on Moody's assessment of the pool taking into account the relative ranking to originator peers in the Spanish consumer loan market. The PCE of 17.5% results in an implied coefficient of variation ("CoV") of 39.7%. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that would lead to an upgrade of the ratings include significantly better than expected performance of the pool together with an increase in credit enhancement of Notes. Factors or circumstances that could lead to a downgrade of the ratings would be (1) worse than expected performance of the underlying collateral; (2) deterioration in the credit quality of Santander; or (3) an increase in Spain's sovereign risk. =========== S W E D E N =========== OPTIGROUP BIDCO: S&P Alters Outlook to Negative, Affirms 'B' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed all ratings on Sweden-based business-to-business (B2B) distribution services provider OptiGroup Bidco AB, including its 'B' issuer credit rating and 'B+' issue rating on the first-lien term loan B. The negative outlook indicates that S&P could downgrade OptiGroup if it does not see sufficient EBITDA growth in 2026, leading to adjusted leverage staying above 7.5x. OptiGroup Bidco AB's operating performance has weakened more than expected in the past two years due to a turbulent economic environment, commodity deflation, and cost inflation, causing leverage to deteriorate to about 8.1x as of Dec. 31, 2025, and funds from operations (FFO) cash interest coverage to below 1.5x. S&P said, "Although we forecast an improvement in performance in 2026 thanks to cost-saving initiatives, underperformance could lead to prolonged leverage above 7.5x. "We revised the outlook to negative because we expect that OptiGroup's leverage will remain at about 7.5x in 2026. S&P Global Ratings-adjusted leverage landed at 8.1x in 2025 and we forecast 7.5x by year-end 2026. This is weaker than our prior expectation of about 7.3x for 2025 and 6.9x for 2026 and reflects a slower-than-expected deleveraging." It was primarily due to weaker trading momentum stemming from weak economic growth, which resulted in reduced activity levels and suppressed demand. Contributing factors include cost inflation and a structural decline in the paper market. OptiGroup's packaging and paper business segment experienced continued pressure in 2025, contributing to overall underperformance. The low-demand environment particularly affected the packaging business, given its exposure to e-commerce clients, and weaker performance at certain entities. These headwinds were partially offset by stronger performance within the medical cluster, benefiting from favorable demographic trends, specifically, a growing and aging population driving demand for medical supplies and equipment, which mitigated prior customer losses in the facility and safety segment. Despite cost-saving measures implemented in 2024, the company was unable to fully offset weaker volume growth and soft pricing, impacting margins. S&P Global Ratings-adjusted EBITDA margin landed at 7.6% for 2025, below our prior expectation of 8.1%, due to muted top-line growth of 0.2% and approximately EUR10 million in nonrecurring costs related to the execution of cost-saving initiatives. Free operating cash flow (FOCF) turned positive at EUR12 million in 2025, recovering from a negative EUR31 million in 2024, supported by normalized working capital outflows of EUR1 million. However, S&P views the cash flow volatility in recent years as a weakness caused by inventory buildups and high nonrecurring costs and coupled with a substantial interest burden of approximately EUR63 million, it constrains cash flow generation. S&P said, "We observe early signs of improvement in the group's performance in 2026, supported by ongoing cost-control measures, but execution risk remains. While 2026 is expected to remain challenging due to weak market growth, we believe the company's focus on strict cost management and operational improvements, including warehouse optimization, will help protect margins. Recent cost-control efforts include the restructuring of its packaging operations in the Netherlands and Finland, alongside other groupwide initiatives in pricing and procurement. These efforts are expected to continue into 2026. "The structural decline in the PBS (Paper, Business & Supplies) segment is expected to continue to weigh on overall revenue performance and our view of the business position. We note the segment's lower-margin profile and its noncore status, representing approximately 28% of total sales in 2025. Over time, we expect this share to decrease as OptiGroup shifts its business mix toward higher-margin segments, particularly medical and facilities, to offset the decline in paper and support long-term growth, ultimately improving the margin trajectory. As a result, we forecast total revenue to increase by 2.9% in 2026. Management has indicated a pause in nonorganic growth until earnings visibility improves. Consequently, we do not currently factor any mergers and acquisitions (M&A) into our 2026 forecast, but we anticipate a resumption of acquisitions in 2027, with an estimated annual spend of EUR15 million, adding approximately EUR17 million to revenue with mid-year contribution. We anticipate S&P Global Ratings-adjusted margins will improve by 30 basis points to 7.9% in 2026, driven by additional cost savings. This should lead to S&P Global Ratings-adjusted leverage of 7.5x by the end of 2026, from 8.1x at the end of 2025. We anticipate an EBITDA interest coverage ratio of 1.7x in 2026 but expect cash flow generation to remain weak due to low earnings growth. Capital expenditure (capex) is expected to remain around EUR10 million annually throughout the forecast period. However, execution risk could affect the deleveraging prospects, which poses a risk to our base-case forecast. "We expect OptiGroup to maintain adequate liquidity over the next 12 months. The group's strong liquidity position is supported by EUR71 million cash on the balance sheet, an undrawn revolving credit facility (RCF) of EUR60 million, and working capital inflows of EUR16 million. The cash holdings, no debt maturities before 2029, limited capex needs, and the absence of significant M&A plans together support adequate liquidity. "The negative outlook indicates that we could downgrade OptiGroup if we do not see sufficient EBITDA growth in 2026, leading to adjusted leverage staying above 7.5x." S&P could lower the ratings if: -- OptiGroup records persistently negative FOCF; or -- Continued market pressures and higher-than-expected exceptionals leading to performance below our expectations with EBITDA not growing sufficiently, translating into EBITDA interest coverage failing to improve toward 2.0x, or leverage not improving below 7.5x. S&P could revise the outlook to stable if OptiGroup's operating performance recovers such that S&P Global Ratings-adjusted leverage improves below 7.5x and sustains improved FOCF generation. =========================== U N I T E D K I N G D O M =========================== 360GLOBALNET LTD: FRP Advisory Appointed as Joint Administrators ---------------------------------------------------------------- 360Globalnet Ltd was placed into administration in the High Court of Justice, Court Number CR-2026-001612, and Julie Humphrey (IP No. 23930) and Daniel Conway (IP No. 29112) of FRP Advisory Trading Limited were appointed as Joint Administrators on March 4, 2026. 360Globalnet provides no-code digital claims management solutions, automating the claims lifecycle for global insurers. The company's registered office is at Bourne House, 475 Godstone Road, Whyteleafe, Surrey, CR3 0BL and 15/16 Queen Street, Edinburgh, EH2 1JE. To be changed to: Jupiter House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE. The Joint Administrators can be reached at: Julie Humphrey (IP No. 23930) Daniel Conway (IP No. 29112) FRP Advisory Trading Limited Jupiter House Warley Hill Business Park The Drive, Brentwood Essex, CM13 3BE For further details, contact: The Joint Administrators Tel: 01277 50 33 33 Email: cp.brentwood@frpadvisory.com Alternative contact: Alia Howland ETHOS GROUP: FRP Advisory Appointed as Joint Administrators ----------------------------------------------------------- Ethos Group Holdings 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-BHM-000107. 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, engaged in activities of head office, has its registered office at Building A, Turnford Place, Great Cambridge Road, Cheshunt, EN10 6NH (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address remains at Building A, Turnford Place, Great Cambridge Road, Cheshunt, 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 4100 Alternative contact: Jake Gruenewald Email: Jake.gruenewald@frpadvisory.com HAMSINI ENTERTAINMENT: Moore Recovery Tapped as Joint Administrator ------------------------------------------------------------------- Hamsini Entertainment Limited was placed into administration in the High Court Business & Property Court, Court Number CR-2026-001805, and Mustafa Abdulali (IP No. 7837) and Neil Dingley (IP No. 9210) of Moore Recovery Limited were appointed as Joint Administrators on March 10, 2026. The company, engaged in video distribution activities, has its registered and principal trading address at The Colchester Centre, Hawkins Road, Colchester, England, CO2 8JX. The Joint Administrators can be reached at: Mustafa Abdulali (IP No. 7837) Neil Dingley (IP No. 9210) Moore Recovery Limited First Floor, Suite 4, Alexander House Waters Edge Business Park Campbell Road Stoke-on-Trent, ST4 4DB For further details, contact: Joanne Howard Tel: 01782 201120 Email: joanne.howard@moorestoke.co.uk INNIS & GUNN BREWING: FTI Consulting Appointed as Joint Administrat ------------------------------------------------------------------- The Innis & Gunn Brewing Company Limited, trading as INNIS & GUNN, was placed into administration in the Court of Session, No. P256/26. Christopher Jon Bennett (IP No. 28050), Oliver Stuart Wright (IP No. 26012), and Samuel Alexander Ballinger (IP No. 28052) of FTI Consulting LLP were appointed as Joint Administrators on March 6, 2026. The company, which manufactures beer, has its registered office at Orchard Brae House, 30 Queensferry Road, Edinburgh, Scotland, EH4 2HS. Its principal trading address is The Innis & Gunn Brewery, 22 Inveralmond Rd, Perthshire, Perth, PH1 3TS. The Joint Administrators can be reached at: Christopher Jon Bennett (IP No. 28050) Oliver Stuart Wright (IP No. 26012) Samuel Alexander Ballinger (IP No. 28052) FTI Consulting LLP 200 Aldersgate Aldersgate Street London, EC1A 4HD For further details, contact: Jack Barnes Tel: 020 3077 0132 Email: Innisandgunncreditors@fticonsulting.com INNIS & GUNN GROUP: FTI Consulting Named as Joint Administrators ---------------------------------------------------------------- The Innis and Gunn Hospitality Group (SCO, NI and IRL) Limited, trading as INNIS & GUNN, was placed into administration in the Court of Session, No. P254/26. Christopher Jon Bennett (IP No. 28050), Oliver Stuart Wright (IP No. 26012), and Samuel Alexander Ballinger (IP No. 28052) of FTI Consulting LLP were appointed as Joint Administrators on March 6, 2026. The company, operating public houses and bars, has its registered office at Orchard Brae House, 30 Queensferry Road, Edinburgh, Scotland, EH4 2HS. Its principal trading addresses are: Innis & Gunn, 81-83 Lothian Rd, Edinburgh, EH3 9AW; Innis & Gunn, 22-24 W Nile St, Glasgow, G1 2PW; and Innis & Gunn, 44-46 Ashton Ln, Glasgow, G12 8SJ. The Joint Administrators can be reached at: Christopher Jon Bennett (IP No. 28050) Oliver Stuart Wright (IP No. 26012) Samuel Alexander Ballinger (IP No. 28052) FTI Consulting LLP 200 Aldersgate Aldersgate Street London, EC1A 4HD For further details, contact: Jack Barnes Tel: 020 3077 0132 Email: Innisandgunncreditors@fticonsulting.com INNIS & GUNN: FTI Consulting Appointed as Joint Administrators -------------------------------------------------------------- Innis & Gunn Holdings Limited, trading as INNIS & GUNN, was placed into administration in the Court of Session, No. P255/26. Christopher Jon Bennett (IP No. 28050), Oliver Stuart Wright (IP No. 26012), and Samuel Alexander Ballinger (IP No. 28052) of FTI Consulting LLP were appointed as Joint Administrators on March 6, 2026. The company, a non-trading holding company, has its registered office and principal trading address at Orchard Brae House, 30 Queensferry Road, Edinburgh, Scotland, EH4 2HS. The Joint Administrators can be reached at: Christopher Jon Bennett (IP No. 28050) Oliver Stuart Wright (IP No. 26012) Samuel Alexander Ballinger (IP No. 28052) FTI Consulting LLP 200 Aldersgate Aldersgate Street London, EC1A 4HD For further details, contact: Jack Barnes Tel: 020 3077 0132 Email: Innisandgunncreditors@fticonsulting.com MONTGOMERY SQUARE 1: Moody's Assigns B2 Rating to Class F Notes --------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to Notes issued by Montgomery Square Consumer Funding 1 plc: GBP152.611M Class A Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned Aaa (sf) GBP10.015M Class B Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned Aa3 (sf) GBP8.584M Class C Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned A3 (sf) GBP7.154M Class D Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned Baa3 (sf) GBP6.676M Class E Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned Ba2 (sf) GBP2.862M Class F Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned B2 (sf) GBP2.861M Class G Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned B3 (sf) GBP8.107M Class X Floating Rate Asset Backed Notes due March 2036, Definitive Rating Assigned Caa1 (sf) Moody's have not assigned ratings to the subordinated Class S Certificate due March 2036 and Class Y Certificate due March 2036 and the GBP10.5M VRR Loan Note. RATINGS RATIONALE The Notes are backed by a static pool of UK unsecured consumer loans originated by Fintern Ltd (NR) (trading as Abound). Fintern Ltd also acts as servicer of the transaction. This represents the first issuance from this originator. The portfolio consists of approximately GBP200.8 million of unsecured consumer loans as of February 28, 2026 pool cut-off date extended to private individuals in the UK. The weighted average remaining maturity of the provisional portfolio is 4.5 years and the weighted average seasoning is 0.5 years. 58% of the loans in this pool were used for Debt Consolidation, 18% for home improvements, and 10% for the purchase of vehicles. All the loans are fixed-rate loans. The Reserve Fund will be funded to 1.0% of the Class A & Class B Notes balance at closing via an external source. This will increase to 1.25% of Class A & Class B Notes outstanding balance at each IPD and will be funded via principal receipts. The total credit enhancement for the Class A Notes will be 20.00% at closing. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. The transaction benefits from several credit strengths such as the granularity of the portfolio, the static structure, the simple product mix, and the credit enhancement provided via subordination of the Notes. However, Moody's notes that the transaction features some credit weaknesses, such an unrated servicer Fintern Ltd. Various mitigants have been included in the transaction structure such as liquidity reserves, a back-up servicer (Lenvi Servicing Limited, previously known as Equiniti Gateway Limited), as well as estimation language and an independent cash manager (Citibank, N.A., London Branch). All the loans are fixed-rate loans, whereas the Notes are floating-rate liabilities. As a result, the issuer is subjected to a fixed-floating interest-rate mismatch. To mitigate the fixed-floating rate mismatch, the issuer has entered into a swap agreement with Citibank Europe plc (Aa3(cr)/P-1(cr)), acting on behalf of the UK branch. Under the swap agreement the issuer will pay a fixed swap rate of 3.7% and will receive SONIA on a notional linked to a fixed swap schedule. Moody's analysis focused, amongst other factors, on (i) an evaluation of the underlying portfolio of loans at closing; (ii) the historical performance information of the total book (iii) the credit enhancement provided by the subordination, the excess spread and the reserve fund; (iv) the liquidity support available in the transaction, by way of principal to pay interest, and the reserve fund and (v) the overall legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined a portfolio lifetime expected mean default rate of 6.0%, expected recoveries of 10.0% and portfolio credit enhancement ("PCE") of 20.0%. The expected mean default rate and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate its lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate Consumer ABS. Portfolio expected defaults of 6.0% is lower than EMEA Consumer Loan ABS average and is based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historic performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. Portfolio expected recoveries of 10.0% are lower than EMEA Consumer Loan ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. The PCE of 20.0% is in line with EMEA Consumer Loan ABS average and is based on Moody's assessments of the pool which is mainly driven by: (i) evaluation of the underlying portfolio, complemented by the historical performance information as provided by the originator, (ii) the relative ranking to originator peers in the EMEA Consumer loan market. The PCE of 20.0% results in an implied coefficient of variation ("CoV") of 33.0%. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that would lead to an upgrade of the ratings include significantly better than expected performance of the pool together with an increase in credit enhancement of Notes. Factors or circumstances that could lead to a downgrade of the ratings would be (1) worse than expected performance of the underlying collateral; (2) deterioration in the credit quality of the transaction counterparties; or (3) an increase in sovereign risk. QUICKS ARCHERY: Philmore & Co Appointed as Administrator -------------------------------------------------------- Quicks Archery Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number CR-2026-000233, and Jonathan Paul Philmore (IP No. 9098) of Philmore & Co Ltd was appointed as Administrator on March 3, 2026. Quicks Archery engages in the retail sale of sports goods, fishing gear, camping goods, boats and bicycles. The company's registered office is at Yorkshire House, 7 South Lane, Holmfirth, HD9 1HN. Its principal trading address is 18-22 Stakes Hill Road, Waterlooville, PO7 7JF. The Administrator can be reached at: Jonathan Paul Philmore (IP No. 9098) Philmore & Co Ltd Yorkshire House 7 South Lane Holmfirth, HD9 1HN Contact: Liam Cockfield Tel: 01484 461959 Email: enquiries@philmoreandco.com REMEC ENGINEERING: Opus Restructuring Named as Administrators ------------------------------------------------------------- Remec Engineering Services (Burnley) 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-000355. Ian McCulloch (IP No. 18532) and Gary Norton Lee (IP No. 9204) of Opus Restructuring LLP were appointed as administrators on March 9, 2026. The company, which manufactures other fabricated metal products, has its registered office and principal trading address at Summit Works, Manchester Road, Burnley, Lancashire, BB11 5HG. The Administrators can be reached at: Ian McCulloch (IP No. 18532) Gary Norton Lee (IP No. 9204) Opus Restructuring LLP Mount Suite, Rational House 32 Winckley Square Preston, Lancashire, PR1 3JJ For further details, contact: Maria Price Tel: 01772 669862 Email: maria.price@opusllp.com TILIA BRIDGING: BTG Begbies, Coots & Boots Tapped as Administrators ------------------------------------------------------------------- Tilia Bridging Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-001397. Stephen Katz (IP No. 8681) of BTG Begbies Traynor (London) LLP and Nimish Patel (IP No. 8679) of Coots & Boots were appointed as administrators on March 6, 2026. The company, engaged in financial intermediation, has its registered office at c/o BTG Begbies Traynor, 1st Floor, 40 Bank Street, London, E14 5NR (formerly 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX). Its principal trading address is 46 Hertford Street, Mayfair, London, W1J 7DP. The Administrators can be contacted at: Stephen Katz (IP No. 8681) BTG Begbies Traynor (London) LLP Pearl Assurance House 319 Ballards Lane London, N12 8LY Nimish Patel (IP No. 8679) Coots & Boots 29 Farm Street London, W1J 5RL For further details, contact: Sophia Lodhi BTG Begbies (London) LLP Email: GM-team@btguk.com Tel: 020 7516 1500 TOGETHER ASSET 2026-1ST1: S&P Assigns CCC (sf) Rating to X2 Notes ----------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Together Asset Backed Securitisation 15 2026-1ST1 PLC's class A notes and interest-deferrable class B-Dfrd to X2-Dfrd notes. At closing, the issuer also issued unrated residual certificates. The transaction securitizes a portfolio of GBP528million first-lien owner-occupied and BTL mortgage loans secured on properties in the U.K. originated by Together Personal Finance Ltd. and Together Commercial Finance Ltd. These two entities are wholly owned subsidiaries of Together Financial Services Ltd. They originated the loans in the pool between 2024 and 2025. S&P considers the collateral to be nonconforming based on the prevalence of loans to borrowers with adverse credit history, such as prior county court judgments, bankruptcy, and mortgage arrears. Of the loans in the pool. 0.52% are in arrears, all within the 30-60-days bucket. The weighted-average original loan-to-value ratio is 59.88%--significantly lower than the average for a typical U.K. RMBS transaction. Given the significant positive equity in the properties, the likelihood of default is relatively low, and S&P would expect lower loss severities if the borrower defaults. An amortizing liquidity reserve fund and liquidity facility provide liquidity support for the class A and B-Dfrd. Principal can also be used to cure interest shortfalls if the relevant class of notes is the most senior outstanding. Product switches and loan substitutions are permitted under the transaction documents before the first optional redemption date. The application of our counterparty, operational risk, and sovereign risk criteria does not constrain its ratings in this transaction. S&P considers the issuer to be bankruptcy remote. Ratings Class Rating Amount (mil. GBP) A AAA (sf) 475.015 B-Dfrd* AA (sf) 30.085 C-Dfrd* A (sf) 12.667 D-Dfrd* BBB (sf) 6.861 E-Dfrd* BB+ (sf) 3.166 X1-Dfrd* B- (sf) 19.404 X2-Dfrd* CCC (sf) 14.553 Residual certs NR N/A *S&P's ratings on these classes reflect the potential deferral of interest payments. NR--Not rated. N/A--Not applicable. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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