---

       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

          Thursday, April 2, 2026, Vol. 27, No. 66

                           Headlines



I R E L A N D

AVOCA CLO XXXV: S&P Assigns B- (sf) Rating to Class F Notes
FIDELITY GRAND 8: S&P Assigns B- (sf) Rating to Class F Notes
GROSVENOR PLACE 10: S&P Assigns B- (sf) Rating to Class F Notes
NEWBRIDGE PARK: S&P Assigns B- (sf) Rating to Class F Notes


L A T V I A

AIR BALTIC: S&P Lowers ICR to 'B-' on Weakened Liquidity Profile


L U X E M B O U R G

OXEA LUX 3: Moody's Cuts CFR & Senior Secured Term Loan to Caa1


N E T H E R L A N D S

CME MEDIA: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating


R U S S I A

KYRGYZSTAN: S&P Affirms 'B+/B' SCRs, Outlook Stable


S P A I N

HYPESOL SOLAR: S&P Raises Debt Rating to 'B+', Outlook Positive


U N I T E D   K I N G D O M

CARE COMM: bk plus Appointed as Joint Administrators
HALIFAX RLFC: Ideal Corporate Appointed as Administrator
HMS (883): RSM Restructuring Appointed as Administrators
PEAK JERSEY: S&P Keeps 'CCC' LT ICR on Watch Developing
SEROTONIN DIGITAL: Robb Advisory Appointed as Administrator

WE ARE FULFILMENT: Leonard Curtis, KRE Appointed as Administrators

                           - - - - -


=============
I R E L A N D
=============

AVOCA CLO XXXV: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned ratings to Avoca CLO XXXV DAC's class
A-1, A-2, B, C, D, E, and F notes. The issuer has also issued
unrated class Z notes and subordinated notes.

The ratings assigned to the Avoca CLO XXXV DAC's notes reflect
S&P's assessment of:

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

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

-- The experience of the collateral manager's team, which can
affect the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2748.62
  Default rate dispersion                                 517.58
  Weighted-average life (years)                              4.86
  Obligor diversity measure                                181.86
  Industry diversity measure                                24.56
  Regional diversity measure                                 1.19

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            0.75
  'AAA' weighted-average recovery (%)                       36.52
  Target weighted-average spread (%)                         3.50
  Country concentration in sovereigns rated below 'AA-' (%) 21.06

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.56 years after
closing.

The portfolio is well diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, S&P has conducted its credit and cash
flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we modeled a target par of
EUR400 million. We also modeled the covenanted weighted-average
spread (3.50%), the covenanted weighted-average coupon (4.00%), and
the target weighted-average recovery rates calculated in line with
our CLO criteria for all classes of 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.

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

"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk to be sufficiently
mitigated at the assigned ratings.

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

"We consider the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings are
commensurate with the available credit enhancement for the class
A-1 to F notes. Our credit and cash flow analysis indicates that
the available credit enhancement for the class B to E notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing--during which the transaction's credit risk
profile could deteriorate--we have capped our ratings on the
notes."

The CLO is managed by KKR Credit Advisors (Ireland) Unlimited Co.

S&P said, "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-1 to E notes based on
four hypothetical scenarios.

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

Environmental, social, and governance

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

Avoca CLO XXXV DAC is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction is a broadly syndicated CLO that will be
managed by KKR Credit Advisors (Ireland) Unlimited Co.

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

  A-1    AAA (sf)   236.00    41.00     Three/six-month EURIBOR
                                        plus 1.20%

  A-2    AAA (sf)    13.00    37.75     Three/six-month EURIBOR
                                        plus 1.45%

  B      AA (sf)     41.00    27.50     Three/six-month EURIBOR
                                        plus 1.60%

  C      A (sf)      23.00    21.75     Three/six-month EURIBOR
                                        plus 1.85%

  D      BBB- (sf)   30.00    14.25     Three/six-month EURIBOR
                                        plus 2.60%

  E      BB- (sf)    20.00     9.25     Three/six-month EURIBOR
                                        plus 4.45%

  F      B- (sf)     11.00     6.50     Three/six-month EURIBOR
                                        plus 7.60%

  Z      NR           0.10      N/A     N/A

  Sub notes  NR      30.20      N/A     N/A

*The ratings assigned to the class A-1, A-2, and B notes address
timely interest and ultimate principal payments. The ratings
assigned to the class C, D, E, and F notes address ultimate
interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.

FIDELITY GRAND 8: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fidelity Grand
Harbour CLO 8 DAC's class A-1 loan, A-2 loan, and class A to F
European cash flow CLO notes. At closing, the issuer also issued
unrated subordinated notes.

Under the transaction documents, the rated notes and loans will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loans will permanently switch to
semiannual payments.

The portfolio's reinvestment period ends approximately 4.6 years
after closing, and its noncall period ends 1.5 years after
closing.

The ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated notes and loans through collateral
selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,678.46
  Default rate dispersion                                 480.42
  Weighted-average life (years)                             5.21
  Obligor diversity measure                               137.18
  Industry diversity measure                               20.69
  Regional diversity measure                                1.24

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.45
  Target 'AAA' weighted-average recovery (%)               36.74
  Target weighted-average spread (net of floors; %)         3.49
  Target weighted-average coupon (%)                        2.96

Rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, 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.

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

Following the end of the reinvestment period, certain assets can be
substituted as long as they meet the reinvestment criteria. S&P
said, "In our cash flow analysis, we used the EUR500 million target
par amount, the actual weighted-average spread (3.49%), the actual
weighted-average coupon (2.96%), and the identified
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category."

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class B to E notes benefits
from break-even default rate and scenario default rate cushions
that we would typically consider commensurate with higher ratings
than those assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes and loans.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is 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. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

"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, and A-1 loan and A-2 loan.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes, and A-1 loan
and A-2 loan 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 included the above scenario analysis results for
the class F notes."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds. The transaction is managed by Fidelity
CLO Advisers LP.

Environmental, social, and governance

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

  Ratings

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

  A         AAA (sf)    126.90      38.00           3mE +1.24%
  A-1 loan  AAA (sf)    158.10      38.00           3mE +1.24%
  A-2 loan  AAA (sf)     25.00      38.00           3mE +1.24%
  B         AA (sf)      55.00      27.00           3mE +1.65%
  C         A (sf)       30.00      21.00           3mE +2.00%
  D         BBB- (sf)    36.25      13.75           3mE +2.65%
  E         BB- (sf)     22.50       9.25           3mE +4.65%
  F         B- (sf)      13.75       6.50           3mE +7.90%
  Sub       NR           39.50        N/A           N/A

*The ratings assigned to the class A, A-1 loan, A-2 loan, and B
notes address timely interest and ultimate principal payments. The
ratings assigned to the class C to F notes address ultimate
interest and principal payments.
§The payment frequency switches to semi-annual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month EURIBOR.

GROSVENOR PLACE 10: S&P Assigns B- (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Grosvenor Place
CLO 10 DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.

The portfolio's reinvestment period will end approximately five
years after closing, while the noncall period will end two years
after closing.

The ratings reflect S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading assessed under our
operational risk framework (see "Related Criteria").

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
our counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,571.17
  Default rate dispersion                                 627.14
  Weighted-average life (years)                             4.94
  Weighted-average life including reinvestment(years)       5.00
  Obligor diversity measure                               148.52
  Industry diversity measure                               23.83
  Regional diversity measure                                1.22

  Transaction key metrics

  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              170
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.00
  Target 'AAA' weighted-average recovery (%)               36.71
  Target weighted-average spread (%)                        3.51

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.

Rating rationale

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

S&P said, "In our cash flow analysis, we modeled the EUR400 million
par amount, the covenanted weighted-average spread of 3.50%, and
the covenanted weighted-average coupon of 4.50%, and the target
weighted-average recovery rates at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Until the end of the reinvestment period on March 27, 2031, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

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

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"We consider the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the ratings are
commensurate with the available credit enhancement for the class A
to F notes.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
based on four hypothetical scenarios.

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

Environmental, social, and governance

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

"Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, we have not made any specific
adjustments in our rating analysis to account for any ESG-related
risks or opportunities."

Grosvenor Place CLO 10 DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured and unsecured loans and bonds issued mainly by
speculative-grade borrowers.

  Ratings

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

  A      AAA (sf)   248.00    38.00            3mE +1.27%
  B      AA (sf)     44.00    27.00            3mE +1.80%
  C      A (sf)      24.00    21.00            3mE +2.45%
  D      BBB- (sf)   28.00    14.00            3mE +3.30%
  E      BB- (sf)    18.00     9.50            3mE +5.95%
  F      B- (sf)     12.00     6.50            3mE +8.58%
  Sub    NR          31.60      N/A            N/A

*The ratings assigned to the class A and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and F notes address ultimate interest and
principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month Euro Interbank Offered Rate (EURIBOR) when a
frequency switch event occurs.
NR--Not rated.
N/A--Not applicable.
3mE--Three-month EURIBOR.

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

The ratings assigned to Newbridge Park CLO DAC's notes reflect
S&P's assessment of:

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

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

-- The collateral manager's experienced team, which can affect the
performance of the rated notes and loans through collateral
selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,860.84
  Default rate dispersion                                 405.86
  Weighted-average life (years)                             4.72
  Obligor diversity measure                               171.90
  Industry diversity measure                               20.51
  Regional diversity measure                                1.39

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.75
  Target 'AAA' weighted-average recovery (%)               35.92
  Target weighted-average spread (net of floors, %)         3.63
  Target weighted-average coupon (%)                        6.63

Rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes and loans will switch to semiannual payments. The
portfolio's reinvestment period will end approximately 5.05 years
after closing.

The portfolio is well diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and bonds.
Therefore, S&P has conducted its credit and cash flow analysis by
applying its criteria for corporate cash flow CDOs.

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount unrelated to the principal payments
on the notes and loans. This may allow for the principal proceeds
to be characterized as interest proceeds when the collateral par
exceeds this amount, subject to a limit, and affect the
reinvestment criteria, among others. This feature allows some
excess par to be released to equity during benign times, which may
lead to a reduction in the amount of losses that the transaction
can sustain during an economic downturn. Hence, in S&P's cash flow
analysis, it assumed a starting collateral size of less than target
par (i.e., the EUR400.0 million target par minus the EUR5.0 million
maximum reinvestment target par adjustment amount).

S&P said, "In our cash flow analysis, we also modeled the
covenanted weighted-average spread (3.53%), the covenanted
weighted-average coupon (4.00%), and the target weighted-average
recovery rates calculated in line with our CLO criteria for all
classes of 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.

"Until the end of the reinvestment period on April 15, 2031, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

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

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"The CLO is managed by Blackstone Ireland Ltd., and the maximum
potential rating on the liabilities is 'AAA' under our operational
risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the assigned ratings are
commensurate with the available credit enhancement for the class A,
D and E notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B and C notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing--during which the transaction's credit risk
profile could deteriorate--we have capped our ratings on the
notes.

"For the class F notes, our credit and cash flow analysis indicate
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

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

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.84% (for a portfolio with a weighted-average
life of 5.05 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for five years, which would result
in a target default rate of 16.16%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.

"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all the
rated classes of notes and loans.

"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 transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. For this transaction, the documents prohibit or limit
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
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."

Newbridge Park CLO DAC is a European cash flow CLO securitization
of a revolving pool, comprising mainly euro-denominated leveraged
loans and bonds. The transaction is a broadly syndicated CLO
managed by Blackstone Ireland Ltd.

  Ratings

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

  A      AAA (sf)   248.00    38.00    Three/six-month EURIBOR
                                       plus 1.22%

  B      AA (sf)     44.00    27.00    Three/six-month EURIBOR
                                       plus 1.65%

  C      A (sf)      24.00    21.00    Three/six month EURIBOR
                                       plus 1.90%

  D      BBB- (sf)   29.00    13.75    Three/six month EURIBOR
                                       plus 2.50%

  E      BB- (sf)    18.00     9.25    Three/six month EURIBOR
                                       plus 4.70%

  F      B- (sf)     11.00     6.50    Three/six month EURIBOR
                                       plus 7.60%

  Z      NR          35.20      N/A    N/A

  Sub notes   NR     35.20      N/A    N/A

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

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



===========
L A T V I A
===========

AIR BALTIC: S&P Lowers ICR to 'B-' on Weakened Liquidity Profile
----------------------------------------------------------------
S&P Global Ratings revised down Air Baltic Corp.'s stand-alone
credit profile (SACP) to 'ccc' from 'ccc+'. S&P also lowered its
issuer credit rating on the airline to 'B-' from 'B'. S&P continues
to apply a two-notch rating uplift for government support, based on
its view of Air Baltic's strong links with and important role for
the Latvian government. S&P also lowered the issue rating on Air
Baltic's 2029 senior secured notes to 'B-' from 'B'.

The outlook is negative. This reflects the possibility of a further
downgrade in the next 12 months if Air Baltic does not address its
immediate liquidity needs via external measures or if S&P
negatively reassess the likelihood of sufficient and timely
government support.

S&P Global Ratings believes there is a high degree of
unpredictability around the duration and scale of the Middle East
war and its potential effect on commodity prices, supply chains,
economies, and credit conditions. As a result, our baseline
forecasts carry a significant amount of uncertainty. As situations
evolve, S&P will gauge the macro and credit materiality of
potential shifts and reassess our guidance accordingly.

Latvian air carrier Air Baltic's current low liquidity position,
combined with our expectation of continued material negative free
operating cash flows (FOCF) after lease payments, challenge its
ability to meet its short-term financial obligations without
securing external funding.

The already vulnerable liquidity position is further strained by
the war in the Middle East, which is contributing to much higher
fuel costs given Air Baltic's negligible hedged fuel position and
limited ability to swiftly and fully pass on higher costs. As such,
S&P now sees an increased risk of the airline restructuring its
debt, which it could view as distressed.

The downgrade reflects our opinion that a debt restructuring--which
S&P could view as distressed, appears inevitable within the next 12
months, absent significant and unanticipated favorable changes in
Air Baltic's circumstances. With about EUR28.3 million in cash on
hand at the end of December 2025, including EUR17.2 million
restricted for a coupon payment on its 2029 bonds (since made in
February 2026), the liquidity position is fragile. The airline's
bond covenants also require it to maintain a minimum liquidity
position of EUR25 million at the end of each quarter, which was met
at year-end.

S&P forecasts Air Baltic's S&P Global Ratings-adjusted EBITDA for
2026 of around the EUR124 million level it achieved in 2025. This
reflects, among other factors, higher capacity and yields and an
uninterrupted contribution from the profitable wet leasing
business. That said, risks are mounting. The airline is exposed to
much higher fuel costs stemming from the war in the Middle East and
its ability to pass these costs on quickly is limited because it
hedges only a small portion of its fuel consumption (about 10%).

Meanwhile, the airline's yearly minimum liquidity needs remain
elevated, in our estimation. These include an annual coupon payment
of EUR55 million on its outstanding senior secured bond (issued in
2024 and paid quarterly), estimated annual lease amortization of
about EUR140 million, and minimum annual net capital expenditure
(capex) needs of about EUR40 million. In this context, Air Baltic
has limited headroom for operational underperformance and relies on
at least reaching our forecast EBITDA to meet its financial
commitments. S&P understands it is operating in liquidity
preservation mode, namely strict working capital and capex controls
as well as short-term cash generating measures like it managed to
achieve in 2025 (sale and lease back transactions, for example). It
also aims to arrange alternative funds from external sources,
including the Latvian government.

S&P said, "Our forecasts for 2026 point to a persistent cash flow
deficit and unsustainably high debt leverage. Air Baltic's 2026 top
line growth of 5%-8% (to EUR815 million-EUR840 million) will likely
be supported by capacity expansion; it expects to take delivery of
three new planes in first-half 2026. Growth will also be helped by
at least stable yields and positive momentum in wet leasing
revenues. We believe, however, that this will be partially offset
by cost inflation alongside an elevated fuel bill, carbon emissions
and infrastructure costs (together about half of total cost per
available seat kilometer [CASK] in 2025), and constrained EBITDA
generation. We calculate additional capital needs of minimum EUR120
million-EUR170 million this year."

The airline faced a similar capital shortfall in 2025 but was able
to reduce it by raising additional debt and equity of about EUR100
million. With about EUR1.3 billion in adjusted debt at the end of
2025 (65% being lease obligations), and the resulting leverage of
more than 10x in 2025 and 2026, Air Baltic's debt burden remains
unsustainably high. It has limited scope to reduce this burden
without a major recapitalization such as an IPO, which would help
alleviate liquidity pressure and potentially allow the company to
refinance its expensive 14.5% EUR380 million outstanding senior
secured notes. This is appearing increasingly remote.

S&P said, "The negative outlook reflects the possibility of a
further downgrade in the next 12 months. This could come from our
reassessment of the government's ability to provide timely
extraordinary support to Air Baltic if needed. We currently apply a
two-notch uplift from the SACP based on our assessment of Air
Baltic's strong links with and important role for the Latvian
government."

The Latvian government has a track record of providing
extraordinary support, including EUR14 million and EUR45 million in
equity injections in 2025 and 2022, respectively. S&P now foresees
less certainty around the timing and structure of such support
given the stringent EU state aid rules and the presence of
Lufthansa in the shareholder structure. The government currently
has a controlling stake of 88% in Air Baltic and has expressed its
intention to retain a 25% plus one share controlling stake if there
is an equity sale. This is because the government views the airline
as critical to Latvia's economic development and tourism industry.
Air Baltic also provides year-round air connectivity to and from
the country, which would otherwise be less easily accessed by other
modes of transport. It also serves as a something of a feeder to
two other government-owned assets--Riga Airport and Latvian
Railways. The airline has recently become even more critical to
Latvian transport infrastructure, acting as a gateway to European
destinations amid highly uncertain geopolitical developments and
spillover risks from the Russia-Ukraine war.

S&P said, "The negative outlook reflects the risk of a downgrade in
the next six to 12 months if Air Baltic does not address its
immediate liquidity needs via external measures to bolster its
liquidity sources, or if we reassess the likelihood of sufficient
and timely government support.

"We could downgrade Air Baltic if we think a default, distressed
exchange, or redemption appears inevitable within six months,
absent unanticipated significantly favorable changes in the
issuer's circumstances, or if our view of the government's ability
to provide timely support weakened.

"We could revise the outlook to stable if Air Baltic's EBITDA
becomes stronger than expected and its FOCF clearly improves,
allowing for a larger liquidity cushion."



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

OXEA LUX 3: Moody's Cuts CFR & Senior Secured Term Loan to Caa1
---------------------------------------------------------------
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.

This action is predicated upon Moody's baseline scenario which
assumes a short-lived conflict in the Middle East, likely a matter
of weeks https://urlcurt.com/u?l=Lu1HUa.

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.



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

CME MEDIA: S&P Withdraws 'BB-' Long-Term Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term credit ratings on
Central European broadcaster CME Media Enterprises B.V. (CME) at
the issuer's request.

At the time of the withdrawal, the outlook was stable, reflecting
S&P's expectations of solid growth in CME's subscription revenue
and continued robust linear TV operations, with adjusted debt to
EBITDA below 3.5x, and free operating cash flow to debt above 10%.




===========
R U S S I A
===========

KYRGYZSTAN: S&P Affirms 'B+/B' SCRs, Outlook Stable
---------------------------------------------------
On March 27, 2026, S&P Global Ratings affirmed its 'B+/B' long- and
short-term foreign and local currency sovereign credit ratings on
Kyrgyzstan. The outlook is stable.

The transfer and convertibility (T&C) assessment is 'B+'.

Outlook

The stable outlook reflects S&P's expectation that Kyrgyzstan's
growth will remain comparatively strong over the next one to two
years, while net general government debt is contained in a global
context. This is tempered by the country's weaker budgetary
performance, balance-of-payments vulnerabilities, and risks from
the rapidly evolving regional and global geopolitical environment,
with uncertain impacts on trade, investment, and financial flows.

Downside scenario
S&P could lower its ratings on Kyrgyzstan if:

-- External conditions proved significantly less accommodative,
with adverse implications for the country's growth, balance of
payments, and fiscal position. This could be the case, for example,
if global energy prices remain elevated for longer, international
sanctions resulted in regional trade through Kyrgyzstan drying up,
or terms of trade deteriorated substantially.

-- Kyrgyzstan's elevated below-the-line fiscal spending, such as
equity injections into state-owned enterprises (SOEs), continued
unchecked, driving a rise net general government debt.

-- Domestic political instability undermined policy making,
including fiscal and debt management.

Upside scenario

S&P said, "We could raise the ratings if Kyrgyzstan's
balance-of-payments vulnerabilities diminished, while per capita
income and economic diversification improved without a material
weakening of the country's fiscal position.

"We could also raise the ratings if Kyrgyzstan's institutional
arrangements strengthened, as seen with more resilient checks and
balances between governing bodies, orderly transfers of electoral
power, and a track record of a prudent approach to contracting and
managing commercial debt."

Rationale

Institutional and economic profile: High growth rates and
persistent large discrepancies in Kyrgyzstan's reported GDP
statistics

-- Kyrgyzstan's growth averaged 11% in real terms annually over
2024-2025, based on official data, but reported statistical
discrepancies remain exceptionally large (about 20% of GDP) and we
expect growth to gradually slow to a medium-term rate of 5% from
2028.

-- Kyrgyzstan's institutional settings remain comparatively weak
with the country having a history of revolutions, mostly around the
time of general elections.

-- The next presidential election is scheduled for Jan. 24, 2027,
with domestic political uncertainty currently elevated, given that
President Sadyr Japarov recently dismissed a key ally and
reshuffled the government.

Kyrgyzstan's economy is small and, as a landlocked country,
continues depending on the economic performance of neighboring
trade partners. With a population of 7.4 million as of 2025, we
estimate the country's nominal GDP amounted to approximately $23
billion, the second-lowest GDP in the Commonwealth of Independent
States. The country also has the second-lowest per capita level of
GDP at $3,300 projected for 2026, only ahead of Tajikistan ($1,800)
but only slightly lower than Uzbekistan (around $4,000). As of
2024, the largest contributors to GDP were wholesale and retail
trade, including repair of transport vehicles (18%); manufacturing
(13%, which includes clothing production and food processing);
agriculture (9%); and construction (8%).

Kyrgyzstan continues to record very high headline growth rates with
official preliminary estimates suggesting the economy grew by 11.1%
in real terms in 2025. The Kyrgyz economy expanded, on average, by
a much more modest 4% annually in the years leading up to the
pandemic, but growth rates spiked in the aftermath of Russia's
invasion of Ukraine in 2022, exceeding 10% on average over
2022-2025. In S&P's view, a substantial increase in transit trade
for goods directed at the Russian market coming from China and
European countries gave the initial growth impulse. For example,
cars and some consumer and luxury goods, the supply chains for
which have been disrupted by the imposed sanctions, were exported
to Russia via Kyrgyzstan. Government efforts to formalize the
economy, increased fiscal spending, and rapid expansion of domestic
credit from previously very low levels have subsequently
contributed to brisk growth dynamics, as well. In terms of sectors,
growth in 2025 was fairly broad based with wholesale and retail
trade (17.8%), construction (21.1%), tourism (14.3%), and cargo
(12.2%) exhibiting particularly strong dynamics.

S&P said, "Nevertheless, we still do not expect recent years'
growth to be sustained. Under our base-case forecast, we project
growth to gradually slow toward 5% by 2028. Growth could slow more
sharply, for example, if previous trade routes to Russia reopen,
reducing the need to direct goods through Kyrgyzstan. Conversely,
tightening sanctions against Russia or entities in Kyrgyzstan could
prevent or disincentivize Kyrgyz companies from conducting business
with Russian counterparties. Several Kyrgyzstan-based companies
(including a small domestic bank, Keremet) have been targeted under
U.S. and European sanctions in recent years for allegedly aiding
Russia's military.

"We continue to see several additional downside risks to
Kyrgyzstan's economic performance, including from the negative
repercussions of the protracted conflict in the Middle East. Beyond
the dependence on favorable regional trading conditions, Kyrgyzstan
recorded a very high pace of growth of domestic credit, especially
in the retail segment, which grew by almost 50% last year, far
surpassing the rate of nominal GDP growth (around 24%). In our
view, should credit conditions significantly tighten or households'
loan repayment ability come under strain, this could have a
significant negative economic impact. We also see downside risks
from the conflict in the Middle East, given that Kyrgyzstan is a
net energy importer and higher energy prices will likely underpin
higher inflation, including of food prices. Somewhat mitigating
this risk is the fact that Kyrgyzstan predominantly imports oil and
refined petroleum products from Russia under long-term supply
agreements (the details of which are not public). This implies that
there could be some delay to full transmission of higher spot
energy prices for Kyrgyzstan, while the risks of physical
unavailability of oil and related products are also lower compared
with countries previously reliant on imports from the Middle East
region.

"In our view, there are shortcomings in Kyrgyzstan's published
economic data. In particular, reported real GDP growth in recent
years has been restated upward several times (most recently, the
originally published 9% growth rate for 2024 was restated to
11.5%). There have been substantial differences between national
income accounts reported quarterly and annually. Exports to the
Eurasian Economic Union (EAEU) countries are not fully captured
within trade statistics (as there is no requirement for full
conventional customs declarations for trade within the EAEU), but
imports are captured, resulting in a very large statistical
discrepancy registered over 2022-2024 within the expenditure
composition of GDP. Large errors and omissions also characterize
the country's balance of payments (averaging 30% of GDP over
2022-2024). We understand authorities are working to address these
shortcomings, but there could be reluctance to fully disclose the
data, especially on the goods exports side, given the significance
of trade with Russia and prevailing sanctions on specific
categories of goods exports.

"We view Kyrgyzstan's institutional arrangements as a rating
weakness. The country's domestic political landscape has been
generally more competitive than those of most countries in Central
Asia. Since gaining independence from the Soviet Union in 1991,
Kyrgyzstan has held several elections and transfers of power. But
the country also has a history of revolutions, with three over the
past 20 years--in 2005, 2010, and 2020. The 2005 and 2020
revolutions took place shortly after parliamentary elections, with
protests flaring up and results being disputed. In our view, the
risk of challenges to political institutions makes the direction of
policy difficult to predict." Furthermore, there have been public
protests over concerns about China's economic and political
influence on Kyrgyzstan, given that China accounts for a
significant share of Kyrgyzstan's external debt and inward foreign
direct investment (FDI).

Incumbent President Japarov came to power in the wake of the 2020
revolution and has been in office since the January 2021
presidential election. S&P considers there is a trend toward power
centralization around the presidential administration. Although the
political backdrop has been broadly stable since the election,
international observers and nongovernment organizations
increasingly note power centralization and rising pressure on
independent media with some independent investigative outlets (such
as Temirov Live) declared extremist organizations and journalists
forcibly expelled from the country. There have also been incidents
of opposition activists being detained while trying to organize
public demonstrations, which are still allowed under Kyrgyzstan
laws without prior approval requirement from the authorities.

Kyrgyzstan held snap parliamentary elections in November 2025 with
the next presidential elections scheduled for Jan. 24, 2027.
Domestic political uncertainty remains elevated in the run-up to
the election with President Japarov dismissing his key long-term
ally, Kamchybek Tashiyev, who previously served as head of the
State Committee for National Security, prompting speculation of an
internal rift before the upcoming poll. The government was
subsequently reshuffled, with some of Tashiyev's allies in key
government posts dismissed or arrested.

Flexibility and performance profile: Fiscal position remains
comparatively strong but large below-the-line operations masked
weaker underlying budgetary performance in 2024-2025

-- Kyrgyzstan's balance-of-payments position remains vulnerable,
characterized by an average reported current account deficit of 37%
of GDP over 2022-2024, although an upswing in gold prices in 2025
doubled the central bank's international reserves.

-- S&P forecasts that net general government debt will average 34%
of GDP through 2029.

-- The central bank maintains a de facto crawl-like arrangement
for the national currency, the som, against the U.S. dollar.

Kyrgyzstan's fiscal stock position is comparatively strong in an
emerging market context. Net general government debt totaled 33% of
GDP at end-2025. The debt profile is also favorable: about 60% of
the total is to foreign creditors and 85% of this amount is to
official bilateral and multilateral creditors at long maturities
and favorable interest rates (typically below 2%). Kyrgyzstan's
largest foreign creditors are the Export-Import Bank of China (30%
of foreign government debt), the World Bank (15%), and the Asian
Development Bank (15%).

In May 2025, Kyrgyzstan, for the first time in its history, issued
a $700 million (3% of GDP) Eurobond with an interest rate of 7.75%
and maturity in 2030. The amount issued exceeded the initial plan
of $500 million, given the strong investor demand with reported
order book surpassing $2.1 billion. S&P understands that the
government is considering further issuances in the coming years, up
to a total amount of $1.7 billion (7.5% of 2025 GDP), under the
newly established commercial debt program aiming to finance a range
of projects, mainly in energy and infrastructure.

As debt-financed projects are implemented, budgetary performance is
set to weaken. S&P said, "We estimate that Kyrgyzstan's general
government deficit already widened to a substantial 5.2% of GDP in
2025 from an almost balanced position in 2024. We expect that
deficits will moderate from 2026 but still remain above levels
recorded pre-pandemic. The authorities are planning to finance most
of these projects via extending loans and injecting equity into
several public enterprises. In mid-2025, the government, for
example, already increased the capital of a key state-owned bank,
Eldik Bank, by Kyrgyzstani som (KGS) 66 billion (3% of 2025 GDP)
through the issuance of som-denominated government debt in the same
amount, with the money subsequently injected back into the state
budget via the bank's purchase of government bonds. We understand
that in 2026 a similar mechanism has already been deployed to
inject equity into another large state-owned lender, Ayil Bank."

S&P said, "We view government on-lending to and equity injections
into SOEs as fiscal spending and therefore we project the general
government will operate with headline fiscal deficits. Our approach
differs from that used in Kyrgyzstan's reported fiscal accounts,
where such spending is registered as "below the line", that is, as
a financing item (acquisition of a financial asset), because we
believe that government loans extended to SOEs might face uncertain
recovery prospects. Consequently, even as the reported state budget
and the social security fund will likely remain in surplus, the
overall effective fiscal balance will register moderate deficits of
2.5%-3.0% of GDP, driven by net lending and equity injections to
public enterprises.

"In our view, there are elevated fiscal risks related to these
onlending and equity injection operations into SOEs. While headline
reported budget outturn registered an approximately 2% of GDP
surplus in 2025, accounting for the SOE-related operations brought
the effective outturn to a deficit of 5.2% of GDP. Key equity
injections to public enterprises in 2025 include: KGS66 billion
(3.3% of GDP) injected into Eldik Bank; KGS40 billion (2% of GDP)
injected into the state mortgage company; and KGS57 billion (2.9%
of GDP) injected into companies operating in Kyrgyzstan's
electricity sector. The authorities expect these contributions to
help fund key investment projects across infrastructure, tourism,
and electricity generation, with SOEs, especially the banks, paying
back sizable dividends that should contribute to future government
Eurobond repayments. We view this as a fiscal risk if projects do
not materialize as planned and note that the authorities have
already had to write off loans extended to SOEs previously, given
their weak financial performance.

"We view Kyrgyzstan's balance of payments position as a key credit
weakness. The country registered current account deficits every
year that averaged over 10% of GDP over 2016-2019, leading up to
the pandemic. More recently, reported current account deficits
widened sharply from 2022, averaging 35% of GDP over the past four
years. However, we think the headline deficit overestimates the
risks because a substantial portion of Kyrgyzstan's reexports
within the EAEU is not captured in the trade statistics, whereas
its imports from outside the EAEU (mostly China) are recorded. An
additional factor is that some trade and foreign money inflows from
Kyrgyz citizens working abroad take place in cash and are thus also
not fully recorded. These factors are visible in Kyrgyzstan's
errors and omissions within the balance of payments, which averaged
a positive inflow worth 30% of GDP annually over 2022-2024 and
emerged as the largest current account financing item by far over
this period. Adjusting for net errors and omissions, the underlying
current account deficits were more modest at about 6% of GDP,
financed mostly through net FDI inflows and capital account
surpluses, and to a more limited extent, debt.

"In our forecasts, we incorporate these trade flows directly in
exports rather than net errors and omissions, resulting in an
average projected current account deficit of 6% of GDP through
2029. This is slightly above the average de facto deficit in
2022-2024, as we expect the authorities will proceed with several
investment projects in the areas of energy (small hydropower power
plants and the Kambarata hydro power plant project) and
infrastructure (China-Kyrgyzstan-Uzbekistan railway), which will
keep imports elevated. We also understand that authorities are
working on strengthening the balance-of-payments statistics, but
the timeline for this is uncertain."

International reserves held by the central bank, the National Bank
of Kyrgyzstan (NBKR), rose by 70% throughout 2025, supporting
Kyrgyzstan's external position on a stock basis. The NBKR's
reserves are principally held in gold and the gold price has risen
substantially over this period. Consequently, reserves totaled $8.6
billion (37% of GDP) at end-2025, up from $5.1 billion (22% of GDP)
at end-2024. S&P projects the gold price will end 2026 about 5%
higher compared with the end of last year, driving a modest further
increase in the NBKR's international reserves.

The central bank maintains a crawl-like arrangement for the som's
exchange rate in relation to the U.S. dollar, even though the
exchange rate is officially declared as floating. S&P said, "We
expect the som to slowly depreciate over our outlook horizon
through 2029. Although the central bank occasionally intervenes in
the currency markets, we do not expect continued systematic
intervention aimed at influencing the exchange rate beyond
smoothing near-term fluctuations." Dollarization of resident
deposits and loans has fallen significantly, to below 20% currently
for loans and around 35% for deposits from the peak of above 50% in
2015. However, domestic capital markets remain shallow, inhibiting
the effectiveness of monetary policy, which targets inflation of
5%-7%.

Kyrgyzstan's banking sector is comparatively small and is domestic
deposit funded, well capitalized, and liquid. The sector's total
assets were an estimated 61% of GDP at end-2025 and domestic credit
at 27% of GDP. It has a healthy financial profile, supported by a
robust asset structure and strong profitability. That said, very
rapid lending growth, driven by excess capital and liquidity over
2022-2025, could result in a buildup of asset quality risks.

S&P continues to see elevated sanction risks in Kyrgyzstan's
financial sector, linked to the country's trade and financial
transactions with Russia. In January 2025, the U.S. implemented
sanctions against Keremet, a small domestic Kyrgyz bank, over the
reported facilitation of transactions involving Russia's
military-industrial base. Subsequently, the EU in October 2025
added Tolubay Bank and Eurasian Savings Bank to its sanctions list.
It has also been reported that the A7A5 stablecoin, established by
a Moldovan oligarch wanted in Moldova for embezzlement, has been
operating through Kyrgyzstan-linked companies facilitating fund
movements between Russia and the rest of the world.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed  

  Kyrgyzstan  

   Sovereign Credit Rating                B+/Stable/B
   Transfer & Convertibility Assessment   B+
   Senior Unsecured                       B+



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

HYPESOL SOLAR: S&P Raises Debt Rating to 'B+', Outlook Positive
---------------------------------------------------------------
S&P Global Ratings raised its S&P underlying rating (SPUR) on
Hypesol Solar Inversiones S.A.'s debt to 'B+' from 'B', assigned a
positive outlook and removed the rating from CreditWatch.

S&P said, "We also affirmed our 'AA' rating and maintained the
stable outlook on the senior secured debt, in line with our rating
on bond insurer Assured Guaranty (Europe) S.A. (AGE;
AA/Stable/--).

"The positive outlook reflects that we could raise the SPUR to
'BB-' if we gain greater certainty that the project can sustain a
debt service coverage ratio (DSCR) above 1.15x, supported in
particular by greater visibility on curtailment level, after having
restored the debt service reserve account (DSRA) to the target
amount.

"Under the final 2026-2028 parameters for regulated remuneration of
Spanish renewable energy projects, we anticipate Hypesol will have
increased protection to navigate increases in negative price hours
or lower production without posing a risk to receiving regulated
revenue.

"We view the reduction in minimum production requirements as a
positive development, expected to improve cash flow stability by
supporting the receipt of the return on investment (Rinv;
representing about 80% of Hypesol's revenue)."

In 2020, Hypesol issued EUR325.6 million of senior secured, fully
amortizing, fixed-rate notes due June 30, 2037. At close, it lent
the proceeds to the project companies Helios I and Helios II, on
similar terms and conditions. The project companies operate two
concentrated solar power plants in Ciudad Real, Spain, and generate
cash flow through a combination of regulated revenue underpinned by
the Spanish specific remuneration regime for renewable projects
until 2037 and the proceeds from the sale of energy to the Spanish
power grid. Both have nominal capacity of 50 megawatts.

S&P said, "We believe Hypesol's cash flow stability has increased
with the final version of the 2026-2028 technical parameters. This
is because the minimum production requirement to receive the full
amount of the remuneration of investment (Rinv; about 80% of total
annual revenue) has been lowered to 26.8 gigawatt-hour (GWh) per
plant, down from 44.6 GWh under the draft parameters and 60.1 GWh
under the previous semi-regulatory period (2023-2025). This is
comfortably achievable under our base case, with an estimated
annual production of around 58.6 GWh net of negative hours, which
for 2026 we have assumed to be around 25 GWh versus 11.6 GWh in
2025. In our view, this production-to-requirement buffer protects
project cash flows even in a scenario of negative prices above our
base case, or deviation from our base case production level, due to
operational or weather conditions. We therefore revised Hypesol's
business risk assessment to '6' from '7' to reflect higher cash
flow stability arising from the change in minimum production
requirements.

"We expect a lower amount of under-remuneration over 2026-2028
following the adjustment of capture prices in the final parameters.
The final parameters recognize for the first time that
concentrating solar power (CSP) plants without storage, such as
Solaben and Hypesol, realize a lower capture rate than CSP plants
with storage, given that their operating hours are limited to when
there is solar resource and compete with other solar renewable
assets. As such, Hypesol's final remunerations of operations for
2026-2028 will be calculated using reference prices of
EUR31/megawatt-hour (MWh) in 2026, EUR29/MWh in 2027, and EUR29/MWh
in 2028, versus EUR49/MWh, EUR47/MWh, and EUR46/MWh used for the
draft parameters. Given that the final reference prices are closer
to our capture price assumptions of EUR25-EUR30/MWh,
EUR20-EUR25/MWh, EUR20-EUR25/MWh for 2026-2028, we expect a lower
amount of under-remuneration for this period, translating into
about 7 basis points (bps) higher DSCRs during 2027-2028 versus our
previous review, based on the draft parameters.

"Hypesol's projected ratios indicate additional rating upside,
assuming that the curtailment level stabilizes and our production
forecasts are generally met. As about 20% of project revenue stems
from the remuneration of operations and pool revenue, curtailment
and production level are the key variables that can impact cash
flow generation, now that we see the receipt of Rinv as more
protected from the risk of negative hours. We could see rating
upside, in particular, if production and curtailment contribute to
maintaining DSCRs sustainably above 1.15x. Hypesol has been
significantly more exposed to curtailment than peers, assumed at
40% in our base case, due to its location in a congested network,
and this year has started registering curtailment orders in
February, which is a month earlier than last year, when the total
amount of curtailment increased to about 66 GWh of production
(about 46% curtailment rate). We remain cautious about curtailment
evolution, even if CSP plants now benefit from the same priority of
dispatch as PV plants, as we expect pressures from solar
cannibalization to increase at least for the next two years, on the
back of increased solar capacity installed. Following low
irradiation levels in 2025, which resulted in about 13% production
underperformance, having visibility on evolution of production is
also important before considering a further one-notch upgrade. We
understand that February production was negatively impacted by bad
weather conditions in Spain this year, but Hypesol was able to meet
the first quarter minimum production in March and the cost of its
remediation works after February storms is relatively limited.

"We expect the project will have reestablished the full DSRA amount
by June 2026, with its liquidity position supported also by
retroactive compensations. We expect the project will comply with
the DSRA target amount of June 2026 (about EUR12.8 million) by
restoring the full amount covered by its Letters of Credit, after
having used the reserves, partially funded by a shareholder loan by
Atlantica, to pay 2025 debt service. At the end of last year, the
project liquidity was supported by the receipt of EUR14.5 million
retroactive compensation related to 2024 Rinv, after the December
payment date, and it is due to receive EUR2.3 million compensation
on 2024 curtailment in the first half of 2026. The repayment of the
shareholder loan is akin of an equity distribution, posing no
constraint to the debt repayment.

"Although the consequences of the Middle East conflict on power
prices are difficult to predict, we expect Spanish solar capture
prices to remain pressured by oversupply. We anticipate that this
will be particularly the case throughout the second quarter of the
year as solar production increases, yet demand is seasonally lower
until cooling needs arrive in summer. We have seen this fundamental
oversupply during solar hours for a few years already, and we
expect this to even remain more prevalent this year following 8.8
GW of PV capacity additions in 2025. That said, a prolonged
escalation of the Middle East conflict poses significant upside
risk for gas prices, elevating the uncertainty on price evolution.
Although at this stage we don't consider this to be a likely
scenario, if solar capture prices were to increase significantly
beyond the government capture prices of EUR31/MWh, EUR29/MWh, and
EUR29/MWh for 2026-2028, Hypesol's DSCRs would benefit in the short
term, but the over-remuneration would be compensated via lower Rinv
revenue for the remainder of the regulatory life. We estimate that
if capture prices increased to EUR50/MWh in 2026-2028, all other
things being equal, DSCRs from 2029 and thereafter would be about 8
bps lower than in our base case, although this would still be
commensurate with the current rating."

The stable outlook on the monoline-insured 'AA' issue rating
reflects the outlook on AGE, which guarantees the payment of the
financing.

S&P said, "The positive outlook on the SPUR reflects that we could
raise it by one notch to 'BB-' if we gain greater certainty that
the project can sustain DSCR above 1.15x, which means that
curtailment level stabilizes and production is broadly in line with
our base case.

"We could lower our issue rating or revise our outlook on the notes
to negative if we take a similar action on AGE."

S&P could revise the outlook to stable on the SPUR if:

-- S&P sees higher curtailment orders, technical disruptions, or
lower irradiation that significantly affect Hypesol's production
performance, and therefore cash flow generation;

-- The combination of production underperformance and negative
prices hours is sufficiently material to debilitate the project's
headroom over the minimum production requirements to receive the
full amount of the Rinv; or

-- Capture prices increase significantly beyond EUR30/MWh during
2026-2028 leading to risks of over-remuneration that would be then
offset via a reduction in Rinv revenue throughout the life of the
project.

S&P said, "Although we see it as a less likely risk, failure to
replenish the DSRA target amount by June 2026 could also result in
a negative rating action.

"We could raise our issue rating or revise our outlook to positive
if we take a similar action on AGE.

"We could raise our SPUR on Hypesol, once DSRA liquidity
requirements are met, if we gain greater certainty that the project
can maintain DSCR above 1.15x. This could occur if curtailment
level stabilizes and production is broadly in line with our base
case, while the level of negative hours continues to provide
headroom to receive the full amount of the Rinv with confidence."




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

CARE COMM: bk plus Appointed as Joint Administrators
----------------------------------------------------
Care Comm 2011 Limited (formerly Care Comm Health Limited) was
placed into administration in the High Court of Justice, Business
and Property Courts of England and Wales, Insolvency and Companies,
No. 1434 of 2026, and Andreas Arakapiotis (IP No. 20910) and David
Meldrum (IP No. 30234) of bk plus Limited were appointed as Joint
Administrators on March 9, 2026.

The company engages in activities of exhibition and fair
organisers.

Its registered office and principal trading address is Suite 5B
Slapton Hill Farm, Slapton, Towcester, Northamptonshire, NN12 8QD.

The Joint Administrators can be reached at:

  Andreas Arakapiotis (IP No. 20910)  
  bk plus Limited  
  Oakingham House  
  Frederick Place  
  Loudwater, High Wycombe, HP11 1JU  

  David Meldrum (IP No. 30234)  
  bk plus Limited  
  Gordon Chambers  
  90 Mitchell Street  
  Glasgow, G1 3NQ  

For further details, contact:

  Louis Cole  
  bk plus Limited
  Tel: 01922 922050  
  Email: louis.cole@bkplus.co.uk


HALIFAX RLFC: Ideal Corporate Appointed as Administrator
--------------------------------------------------------
Halifax RLFC (Trading) Ltd. was placed into administration in the
Business and Property Courts in Manchester, No 000399 of 2026.
Andrew David Rosler (IP No. 9151) of Ideal Corporate Solutions
Limited was appointed as administrator on March 6, 2026.

Halifax RLFC engaged in activities of sport clubs.

The company's registered office and principal trading address is at
HRLFC Office, The Shay Stadium, Shaw Hill, Halifax, HX1 2YS.

The Administrator can be reached at:

  Andrew David Rosler (IP No. 9151)
  Ideal Corporate Solutions Limited
  Lancaster House, 171 Chorley New Road
  Bolton, BL1 4QZ
  Tel No: 01204663000

For further details, contact:

  Lee Counsill
  Ideal Corporate Solutions Limited
  Lancaster House, 171 Chorley New Road
  Bolton, BL1 4QZ
  Tel No: 01204663000
  Email: lee.counsill@idealcs.co.uk


HMS (883): RSM Restructuring Appointed as Administrators
--------------------------------------------------------
HMS (883) Limited was placed into administration in the Court of
Session. Gordon Thomson (IP No. 24974) and Gareth Harris (IP No.
14412) of RSM Restructuring Advisory LLP were appointed as
administrators on March 5, 2026.

HMS (883) -- trading as Andiamo; Lucali -- operated licensed
restaurants.

The company's registered office is at 223 Fenwick Road, Giffnock,
Glasgow, G46 6JG.

Its principal trading address is at Andiamo, 1 Glasgow Road,
Milngavie, Glasgow, G62 6AQ; Lucali, 223 Fenwick Road, Giffnock,
Glasgow, G46 6JG.

The Administrators can be reached at:

  Gordon Thomson (IP No. 24974)
  RSM Restructuring Advisory LLP
  25 Farringdon Street, London, EC4A 4AB

  Gareth Harris (IP No. 14412)
  RSM Restructuring Advisory LLP
  Central Square, 5th Floor,
  29 Wellington Street, Leeds, LS1 4DL

Correspondence address & contact details of case manager:

  Kirsty Baillie
  RSM UK Restructuring Advisory LLP
  Third Floor, 2 Semple Street
  Edinburgh EH3 8BL
  Tel: 0131 659 8300

Further details contact:

  Gordon Thomson
  Tel: 020 3201 8000

  or

  Gareth Harris
  Tel: 0113 285 5000


PEAK JERSEY: S&P Keeps 'CCC' LT ICR on Watch Developing
-------------------------------------------------------
S&P Global Ratings maintained the placement of its 'CCC' long-term
issuer credit rating on Peak Jersey Holdco and its existing debt
instruments on CreditWatch with developing implications, to reflect
the ongoing risk associated with the refinancing of its current
capital structure.

S&P said, "The CreditWatch developing reflects that we could either
lower our rating if Stats Perform does not refinance its upcoming
maturities in a timely manner or we could raise the rating if the
group successfully refinances its capital structure in line with
the terms of the proposed transaction.

"We also assigned our preliminary 'B-' issue rating to the proposed
$475 million senior secured term loan due in 2030."

Peak Jersey Holdco Ltd., the holding company of Stats Perform,
announced a refinancing that will extend the maturities of its
capital structure, thus improving its liquidity profile.

S&P said, "We expect Stats Perform's full-year performance for 2025
to have improved compared to 2024, although its leverage remains
high and free operating cash flow (FOCF) is still negative due to
the high interest burden of its current capital structure.

"We expect Stats Perform's proposed refinancing to alleviate
short-term liquidity pressure. The proposed capital structure will
primarily comprise a $75 million revolving credit facility (RCF)
and a new $475 million term loan due in 2030, issued by Peak UK
Bidco Ltd. and Stats Intermediate Holdings LLC; and $275 million
preferred shares issued by the parent Peak Jersey Topco Ltd. The
proceeds will be used to repay the fully drawn $62 million RCF, the
$471 million term loan due in July 2026, and the $140 million
second-lien term loan due in July 2027.

"We see this new proposed capital structure as more sustainable as
it extends the company's maturity profile, addressing imminent
refinancing risk. It will also provide the group with additional
liquidity, since we estimate the group will retain additional
liquidity of $47 million cash on balance sheet, after repaying all
its outstanding debt and related fees. In addition, the proposed
RCF will remain undrawn after the transaction closes, further
supporting liquidity needs. At the same time, we expect significant
cash interest savings, which will alleviate pressure on the group's
future FOCF generation from 2026 and thereafter. Execution risk in
the group's growth strategy and limited headroom under our credit
metrics will underpin our final rating and outlook assessment upon
closing of the refinancing." A successful refinancing transaction,
in line with the proposed terms, would support a sustainable
capital structure and could result in an upgrade of up to two
notches to 'B-'.

Stats Perform's new contracts gains should support growing EBITDA
and ongoing improvement in FOCF after leases. In January 2026, the
group was appointed by FIFA as its official worldwide distributor
of betting and live-streaming rights under a multiyear agreement
running until 2029. This deal grants Stats Perform exclusive rights
to collect and distribute official betting data and live video
streams from several FIFA competitions to licensed sports betting
operators globally. Key tournaments covered include the FIFA World
Cup 2026, FIFA Women's World Cup 2027, the FIFA Futsal World Cup,
youth World Cups, and the FIFA Intercontinental Cup. Elevated sport
rights costs will reduce EBITDA margins in 2026, before improving
in 2027 due to scale effects of newly signed contracts. S&P said,
"Accordingly, we expect S&P Global Ratings-adjusted EBITDA
(including $22 million of capitalized development costs) of $60
million in 2026, down from our expectation of $67 million in 2025
and increasing to about $75 million in 2027. We expect FOCF after
leases of about negative $48 million in 2026, eroded by a working
capital outflow of about $30 million related to the growth
initiatives, as well as a portion of cash interest expenses related
to the existing capital structure. However, we expect working
capital to normalize thereafter, and FOCF after leases to breakeven
in 2027."

S&P said, "We project post-transaction debt to EBITDA of about
11x-13x through 2026 and 2027. We expect S&P Global
Ratings-adjusted debt to EBITDA of 13x in 2026 (7.8x excluding
preferred equity) and to deleverage toward 10.8x (6.1x) in 2027 as
the group's EBITDA continues to expand, supported by the recent
FIFA contract as well as the new monetization avenues such
AI-related products, payments, and ultra-low latency platform. Our
debt calculation includes the $475 million term loan and $275
million of preferred equity, which we view as debt-like according
to our methodology.

"We have maintained the CreditWatch developing placement of our
ratings on Peak Jersey and its debt instruments, reflecting ongoing
refinancing risk. While the company has presented a concrete and
tangible refinancing plan to address its upcoming maturities, we
cannot rule out that the transaction may not be executed timely or
in line with current expectations. Accordingly, the current rating
continues to incorporate significant refinancing risk related to
the near-term maturities of its $62 million RCF and its $471
million term loan due in July 2026. We anticipate that a failure to
execute the refinancing transaction over the coming few weeks, in
line with the terms proposed to us, would lead us to lower the
rating.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. The preliminary
ratings should not be construed as evidence of final ratings. If
S&P Global Ratings does not receive final documentation within a
reasonable time frame, or if final documentation deviates from
materials reviewed, we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to, use of
loan proceeds, maturity, size and conditions of the loans,
financial and other covenants, security, and ranking as well as
changes in assumptions underpinning the base case.

"The CreditWatch developing reflects the fact that we could lower
the rating if Peak Jersey does not refinance its upcoming
maturities in a timely manner or if it agrees to a transaction that
we view as tantamount to default, including a conventional default,
a liquidity crisis, debt restructuring, or a distressed exchange.
Conversely, we could raise the rating by up to two notches to 'B-'
if Peak Jersey refinances its upcoming maturities in line with the
terms and conditions of the announced transaction."

SEROTONIN DIGITAL: Robb Advisory Appointed as Administrator
-----------------------------------------------------------
Serotonin Digital Ltd was placed into administration in the High
Court of Justice, Business & Property Courts in Leeds, Court Number
CR-2026-LDS-000249. Stuart Robb (IP No. 19450) of Robb Advisory
Limited was appointed as administrator on March 4, 2026.

Previously known as The Light Agency Ltd, Serotonin Digital
operated advertising agencies.

The company's registered office and principal trading address is
5th Floor, Tribeca House, Dale Street, Manchester, M1 1EY.

The Administrators can be reached at:

  Stuart Robb (IP No. 19450)
  Robb Advisory Limited
  Unit 1, Ground Floor, Airbles House,
  270 Airbles Road, Motherwell, ML1 3AT

For further details, contact:

  Greg Templeton
  Tel: 0300 131 2880
  Email: greg@robbadvisory.co.uk



WE ARE FULFILMENT: Leonard Curtis, KRE Appointed as Administrators
------------------------------------------------------------------
We Are Fulfilment Ltd 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-000353.
Richard Pinder (IP No. 19470) of Leonard Curtis, and David Taylor
(IP No. 13790) of KRE Corporate Recovery Limited were appointed as
administrators on March 6, 2026.

We Are Fulfilment is engaged in the operation of warehousing and
storage facilities for land transport activities.

The company's registered office and principal trading address is at
Block B, Mark Street, Sandiacre, Nottinghamshire, NG10 5AD.

The Administrators can be reached at:

  Richard Pinder (IP No. 19470)
  Leonard Curtis
  21 Gander Lane, Barlborough
  Chesterfield, S43 4PZ

  David Taylor (IP No. 13790)
  KRE Corporate Recovery Limited
  Unit 8, The Aquarium, 1-7 King Street
  Reading, RG1 2AN

For further details, contact:
  
  The Administrators
  Tel: 01246 385 775
  Email: recovery@leonardcurtis.co.uk
  Alternative contact: Sam Hackett


                           *********


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,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *