260421.mbx

260421.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 Tuesday, April 21, 2026, Vol. 27, No. 79 Headlines I R E L A N D CIFC EUROPEAN VIII: Fitch Assigns B-sf Final Rating to Cl. F Notes K O S O V O PROCREDIT BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable R U S S I A ELDIK BANK: Fitch Assigns 'B(EXP)' Rating to Sr. Unsec. Eurobond S P A I N TDA CAM 8: Fitch Hikes Rating on Class D Notes to 'CCCsf' S W E D E N POLESTAR AUTOMOTIVE: Posts 13,126 Retail Sales in Q1 2026, Up 7% T U R K E Y ANADOLU ANONIM: Fitch Affirms 'BB' IFS Rating, Outlook Now Stable TURKIYE: S&P Affirms Unsolicited 'BB-/B' SCRs, Outlook Stable [] Fitch Alters Outlook on 'BB-' IDRs of 9 Turkish Banks to Stable [] Fitch Alters Outlook on 3 Turkish Banks' 'BB-' IDRs to Stable [] Fitch Alters Outlook on 4 Turkish Banks 'BB-' IDRs to Stable [] Fitch's Outlook on 9 Turkish Banks' BB- IDRs Altered to Stable U N I T E D K I N G D O M 82 PORTLAND: BTG Begbies, FRP Advisory Named as Administrators AUXEY MIDCO: Fitch Lowers Long-Term IDR to 'B-', Outlook Negative CANARY WHARF: FRP Advisory, BTG Begbies Named as Administrators CATHERINE PLACE: BTG Begbies, FRP Advisory Named as Administrators CLARGES STREET: FRP Advisory, BTG Begbies Named as Administrators EAGLE SPECIALIST: FRP Advisory Appointed as Joint Administrators GREEN PARK: FRP Advisory, BTG Begbies Named as Joint Administrators LUMINARIES NINE: FRP Advisory, BTG Named as Joint Administrators SIMPLY MARVELLOUS: FRP Advisory, BTG Named Joint Administrators ST. LAWRENCE: FRP Advisory, BTG Begbies Named as Administrators TOGETHER ASSET 2022-1ST1: Fitch Ups Rating on E Notes to 'BB+sf' - - - - - ============= I R E L A N D ============= CIFC EUROPEAN VIII: Fitch Assigns B-sf Final Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned CIFC European Funding CLO VIII DAC final ratings, as detailed below. Entity/Debt Rating ----------- ------ CIFC European Funding CLO VIII DAC Class A Loan LT AAAsf New Rating Class A Notes XS3291769241 LT AAAsf New Rating Class B XS3291769597 LT AAsf New Rating Class C XS3291769753 LT Asf New Rating Class D XS3291769910 LT BBB-sf New Rating Class E XS3291770173 LT BB-sf New Rating Class F XS3291770330 LT B-sf New Rating Subordinated Notes XS3291772039 LT NRsf New Rating Transaction Summary CIFC European Funding CLO VIII DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to fund the portfolio with a target par of EUR400 million and the portfolio is managed by CIFC Asset Management LLC. The collateralised loan obligation (CLO) has a 4.5-year reinvestment period and a 7.5-year weighted average life test (WAL) at closing. The class B to F notes mature in April 2039, one year after the most senior debt, ensuring a four-year tail period (from the WAL test end-date to maturity date). Fitch views this as sufficient to work out long-dated assets and mitigate forced sales near legal final maturity. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch-calculated weighted average rating factor (WARF) of the identified portfolio is 23.8. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate (WARR) of the identified portfolio is 60.4%. Diversified Portfolio (Positive): The transaction includes various concentration limits, including a top-10 obligor concentration limit at 20% and a maximum of 40% to the three-largest Fitch-defined industries. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has an approximately 4.5-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. The transaction includes four Fitch test matrices, two effective at closing and another two effective 18 months after closing, subject to the collateral principal amount (defaults at Fitch-calculated collateral value) being at least at the reinvestment target par. The closing matrices correspond to a 7.5-year WAL covenant and the two forward matrices correspond to a seven-year WAL covenant. All the matrices are based on the same top-10 obligor limit and fixed-rate asset limits of 5% and 12.5%, respectively. WAL Test Step-Up Feature (Neutral): The WAL test covenant may be extended by 12 months on the date falling a year after the issue date, subject to the satisfaction of Fitch collateral quality tests and the collateral principal amount (measured with defaults at Fitch collateral value) being equal or exceeding the reinvestment target par balance. Cash Flow Modelling (Positive): The WAL for the transaction's Fitch-stressed portfolio analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These conditions include passing the coverage tests and the Fitch 'CCC' bucket limitation test, and a WAL covenant that gradually steps down, before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A loan and notes and F notes, and lead to downgrades of one notch each on the class B to E notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B to E notes each have a rating cushion of two notches and the class F notes have a cushion of three notches due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to four notches each for the notes and to below 'B-sf' for the class F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of two notches each for the class B to E notes and of up to five notches for the class F notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than- expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority- registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for CIFC European Funding CLO VIII DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. =========== K O S O V O =========== PROCREDIT BANK: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ----------------------------------------------------------------- Fitch Rating has affirmed Kosovo's ProCredit Bank Sh.a.'s (PCBK) Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook, Shareholder Support Rating (SSR) at 'bb+' and Viability Rating (VR) at 'b+'. Key Rating Drivers Shareholder Support Drives IDRs: PCBK's IDRs and SSR reflect Fitch's view of a moderate probability of support from the sole shareholder, ProCredit Holding AG (PCH; BBB/Stable). The Stable Outlook mirrors that on PCH. Strategic Importance: Its assessment reflects the strategic importance of PCBK to PCH as part of the group's longstanding and established presence in south-eastern Europe. PCBK also remains one of the strongest performers in the group, supporting group objectives, which is likely to continue. It also takes into account PCBK's strong integration within the group, providing services in a key market, common branding and the parent's proven record of providing liquidity and support to its subsidiary. At end-2025, PCBK represented around 13% of group assets and 12% of revenue, and so any support would be manageable relative to the ability of PCH. Country Risks: The extent to which potential support can be factored into the bank's ratings is constrained by Fitch's view of Kosovo's country risks. Nevertheless, Fitch believes the owner's commitment to the subsidiary is sufficiently strong enough for us to rate it two notches above Kosovo's Long-Term IDR of 'BB-'. Emerging Economy: Its assessment of Kosovo's operating environment reflects its small economy, low GDP per capita, and less developed regulatory and legal frameworks than those of regional peers. Solid medium-term growth prospects for banks and strengthening bank regulations aligning closer with European peers are reflected in the 'b+' operating environment score. Strong Domestic Franchise; Good Performance: PCBK's VR reflects its strong domestic franchise, expertise in SME banking and prudent risk management, which is reflected in its asset quality being better than the sector average, and adequate profitability, despite high operating environment risks. Group-Developed Risk Framework: The ProCredit group deploys its established risk governance at all subsidiaries, including PCBK, which results in prudent underwriting standards compared with similarly rated peers and strict risk controls. However, the challenging operating environment may affect banks' ability to maintain consistent financial performance. Asset Quality Expected to Deteriorate: PCBK's impaired loans ratio improved to 1.0% at end-2025 (end-2024: 1.2%) and compares well with the 2.1% sector average. Fitch expects the ratio to rise but to remain below 2% over the next 18 months as the bank's prudent underwriting mitigates loan seasoning risks. The bank's loan loss allowance coverage of impaired loans remains high, above 100%, which provides headroom to absorb credit losses in the near term. Profitability to Moderate: PCBK's operating profit/risk-weighted assets (RWAs) fell in 2025 to 2.6% (end-2024: 3.5%), due to lower loan impairment charge (LIC) reversals. Fitch expects the ratio to weaken towards 2.0% in 2026-2027, primarily due to higher LICs, but to be supported by continued net interest income growth driven by ongoing strong loan growth. CET1 Ratio to Weaken Further: PCBK's common equity Tier 1 (CET1) ratio weakened to 13.9% at end-2025, from 14.2% at end-2024, due to weaker internal capital generation and an increase in RWAs. Fitch expects the CET1 ratio to reduce toward below 12% by end-2027, due to high dividend pay-outs and lending growth, a level Fitch views as only adequate for the bank's risk profile, given its small nominal capital base and high concentration risks. Established Domestic Deposit Franchise: The bank's funding and liquidity profile is supported by its consistently reasonable loans/deposits ratio of 83% at end-2025. Fitch expects PCBK to maintain its high market share in deposits in the medium term, given its solid domestic franchise. Liquid assets made up an adequate 19% of assets at end-2025, comprising cash, central bank reserves, central and regional government assets. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade PCBK's Long-Term IDR and SSR would be downgraded on adverse changes to Fitch's perception of country risks in Kosovo, including a downgrade of the sovereign rating. The ratings could also be downgraded following a substantial decrease in the bank's strategic importance to PCH, which is primarily based on PCH's commitment to the country and the region. PCBK's VR could be downgraded on a marked and sustained weakening of operating profitability, accompanied by weakening asset-quality metrics (with an impaired loans ratio sustainably above 3%), in particular if these reflect a weakening in the bank's risk profile. This would have to be accompanied by a decline in the CET1 ratio to below 12%, without prospects for a swift recovery. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade PCBK's Long-Term IDR and SSR could be upgraded as a result of an upgrade of the sovereign rating. A VR upgrade is unlikely in the near term given operating environment considerations. A material improvement in the operating environment, accompanied by a strengthening of PCBK's business profile and the CET1 ratio, could bring rating upside, assuming other financial metrics remain reasonable. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS PCBK's 'B' Short-Term IDR is the only option mapping to its 'BB+' Long-Term IDR. Its Long-Term IDR (xgs) is driven by support from PCH and has been affirmed at one notch below PCH's Long-Term IDR (xgs) of 'BB(xgs)'. The bank's 'B(xgs)' Short-Term IDR (xgs) is mapped to its Long-Term IDR (xgs). OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES PCBK's Short-Term IDR is sensitive to changes in the Long-Term IDR. PCBK's Long-Term IDRs (xgs) are primarily sensitive to changes to the parent bank's ability or propensity to provide support (i.e. if the parent's Long-Term IDRs (xgs) change) and Kosovo's country risks, in particular transfer and convertibility risks. Its Short-Term IDR (xgs) is primarily sensitive to changes in the Long-Term IDR (xgs). Public Ratings with Credit Linkage to other ratings PCBK's IDRs, IDRs(xgs) and SSR are driven by support from PCH. The bank's Long-Term IDR is also linked to Kosovo's sovereign rating given country risk considerations. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- ProCredit Bank Sh.a. LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B Viability b+ Affirmed b+ LT IDR (xgs) BB-(xgs) Affirmed BB-(xgs) Shareholder Support bb+ Affirmed bb+ ST IDR (xgs) B(xgs) Affirmed B(xgs) =========== R U S S I A =========== ELDIK BANK: Fitch Assigns 'B(EXP)' Rating to Sr. Unsec. Eurobond ---------------------------------------------------------------- Fitch Ratings has assigned Open joint-stock company Eldik Bank's upcoming issue of US dollar-denominated senior unsecured Eurobonds an expected rating of 'B(EXP)' with a Recovery Rating of 'RR4'. The issue size and tenor are yet to be determined. The assignment of the final rating is contingent on the completion of the issue and receipt of documents conforming to the information previously received. Key Rating Drivers The expected rating is in line with Eldik's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B'. In accordance with Fitch's rating criteria, recovery prospects for the notes are average and reflected in their Recovery Rating of 'RR4'. The Eurobonds constitute direct, general, unsubordinated and unsecured obligations of the bank, which rank pari passu with all other unsecured unsubordinated obligations of Eldik. Eldik's Long-Term IDRs are equalised with Kyrgyzstan's sovereign ratings, reflecting the limited probability of support from the Kyrgyz authorities, as reflected by the bank's 'b' Government Support Rating. Eldik's 'b-' Viability Rating reflects its exposure to the volatile and structurally weak Kyrgyz economy, its high risk appetite and loan quality risks, balanced against a good domestic franchise and a record of high capitalisation and profitability. For more details on Eldik's ratings and credit profile, see 'Fitch Upgrades Eldik Bank to 'B'; Outlook Stable', dated 3 June 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A negative rating action on the IDR will result in a similar rating action on the debt rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A positive rating action on the IDR will result in a similar rating action on the debt rating. Date of Relevant Committee 2 June 2025 Public Ratings with Credit Linkage to other ratings Eldik's GSR and IDRs are directly linked to Kyrgyzstan's sovereign IDRs. ESG Considerations Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Open joint-stock company Eldik Bank senior unsecured LT B(EXP) Expected Rating RR4 ========= S P A I N ========= TDA CAM 8: Fitch Hikes Rating on Class D Notes to 'CCCsf' --------------------------------------------------------- Fitch Ratings has upgraded TDA CAM 8, FTA's class D note and removed it from Rating Watch Positive (RWP), and affirmed the rest. Fitch has also affirmed six tranches of TDA CAM 9, FTA. The Outlooks are Stable. Entity/Debt Rating Prior ----------- ------ ----- TDA CAM 8, FTA Class A ES0377966009 LT AAAsf Affirmed AAAsf Class B ES0377966017 LT AA+sf Affirmed AA+sf Class C ES0377966025 LT Asf Affirmed Asf Class D ES0377966033 LT CCCsf Upgrade CCsf TDA CAM 9, FTA Class A1 ES0377955002 LT AAAsf Affirmed AAAsf Class A2 ES0377955010 LT AAAsf Affirmed AAAsf Class A3 ES0377955028 LT AAAsf Affirmed AAAsf Class B ES0377955036 LT AA+sf Affirmed AA+sf Class C ES0377955044 LT Asf Affirmed Asf Class D ES0377955051 LT CCsf Affirmed CCsf Transaction Summary The transactions comprise fully amortising Spanish residential mortgages serviced by Banco de Sabadell, S.A. (BBB+/Stable/F2). KEY RATING DRIVERS Updated HPI for Spain: The rating actions reflect the updated assumptions driving Fitch's recovery rates under the European RMBS Rating Criteria. Since the previous house price index (HPI) update in October 2024, the data indicates that Spain has recorded strong house price growth, which has positively affected the weighted average indexed current loan to value (CLTV) ratios of these transactions that stood at about 25% as of the latest reporting date. See 'Fitch Places 42 European RMBS Tranches on Rating Watch Positive on House Price Decline Update' dated 3 March 2026. Sufficient CE: The rating actions reflect Fitch's view that credit enhancement (CE) protection for the notes is sufficient to fully compensate the credit and cash flow stresses associated with the ratings. For the collateralised notes (classes A to C), Fitch expects structural CE ratios to continue increasing, driven by the sequential amortisation of the notes and the non-amortising reserve fund. For TdA CAM 8 class D notes, which are uncollateralised by mortgages and their repayment is only permitted with release funds from the cash reserve, its rating upgrade to 'CCCsf' and RWP resolution reflects Fitch's view that its repayment by the transaction legal maturity date is a possibility although it carries substantial credit risk with very low margin for safety. The balance of the class D note is identical to that of the reserve fund, which can be depleted by credit losses if available excess spread is insufficient. Stable Asset Performance Expectation: Fitch expects stable asset performance on these transactions in line with its neutral asset performance outlook for Eurozone RMBS. The transactions have low shares of loans in arrears over 90 days (less than 0.7% of current portfolio balance as of the latest reporting dates) and are protected by substantial portfolio seasoning of about 20 years. When calibrating the portfolio foreclosure frequency (FF) rates, Fitch continues to apply a 1.5x transaction adjustment. Nonetheless, the portfolio credit analysis remains driven by the minimum loss vector (eg 5% for the 'AAA' rating case). Excessive Counterparty Exposure: For the class C notes of both transactions, the ratings are capped and linked to the transaction account bank (TAB) provider's Long-Term Deposit Rating (Societe Generale S.A.: A) as the transaction' cash reserves held at this entity represent the main source of structural CE for the notes and the sudden loss of these funds would imply a model-implied downgrade of 10 or more notches in accordance with Fitch's criteria. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The inability of CE ratios to fully compensate the credit losses and cash flow stresses associated with the current ratings, all else being equal, will also result in downgrades. For example, a 30% increase in the default rates and 30% decrease in the recovery rates would have an impact of at least two notches for both transactions' class C notes. For the class C notes, a downgrade of the TAB provider's deposit rating, as the notes are rated at their maximum achievable rating due to excessive counterparty risk exposure, would lead to a similar rating action on the class C notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Notes rated at 'AAAsf' are at the highest level on Fitch's scale and cannot be upgraded. Increases in CE ratios as the transactions deleverage to fully compensate the credit losses and cash flow stresses commensurate with higher ratings may result in upgrades. For the class C notes, an upgrade of the TAB provider's deposit rating, as the notes are rated at their maximum achievable rating due to excessive counterparty risk exposure, would result in a similar rating action on the class C notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool[s] and the transaction[s]. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Fitch did not undertake a review of the information provided about the underlying asset pool[s] ahead of the transaction's initial closing. The subsequent performance of the transaction[s] over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS TDA CAM 8 and 9 class C notes are capped and linked to the TAB's deposit rating (Societe Generale S.A. with s deposit rating of 'A') as they are exposed to excessive counterparty risk. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. =========== S W E D E N =========== POLESTAR AUTOMOTIVE: Posts 13,126 Retail Sales in Q1 2026, Up 7% ---------------------------------------------------------------- Polestar disclosed in a regulatory filing that its retail sales amounted to an estimated 13,126 cars in Q1 2026, a growth of 7% compared to an estimated 12,263 cars in Q1 2025. 230 retail sales points are currently in operation, compared to 154 at the end of Q1 2025, representing a growth of 50%. Michael Lohscheller, Polestar CEO, says: "Following a record 2025, we've delivered our highest ever first quarter retail sales figure of 13,126 cars. Growth compared to the first quarter last year totalled 7%, with a strong performance in key markets such as Australia, Germany, Sweden, South Korea and the UK, testament to the hard work of our teams and our established brand position." "Our performance in the first quarter has shown resilience, with market conditions becoming more challenging, amid ongoing geopolitical developments." Polestar continues to expand its sales network, with plans to reach approximately 250 sales points by the end of this year, representing a growth of 20% compared to the end of 2025. About Polestar Automotive Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe and Asia Pacific. Gothenburg, Sweden-based Deloitte AB, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company requires additional financing to support operating and development activities that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $3.6 billion in total assets, $7.9 billion in total liabilities, and a total deficit of $4.3 billion. =========== T U R K E Y =========== ANADOLU ANONIM: Fitch Affirms 'BB' IFS Rating, Outlook Now Stable ----------------------------------------------------------------- Fitch Ratings has revised the Outlook on Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) Insurer Financial Strength (IFS) Rating to Stable from Positive and affirmed the IFS Rating at at 'BB'. The revision of the Outlook on Anadolu Sigorta's IFS rating follows similar action on Turkiye's Long-Term IDR (see 'Fitch Revises Turkiye's Outlook to Stable; Affirms at 'BB-'', published 10 April 2026). The sovereign's credit quality directly affects its assessment of Anadolu Sigorta's investment risk. The IFS Rating of Anadolu Sigorta continues to reflect its very strong position in the country, adequate capitalisation and profitability, offset by high exposure to Turkish financial assets. Key Rating Drivers High Investment Risk: The revision of the Outlook on Türkiye back to Stable directly affects its assessment of Anadolu Sigorta's investment and asset risks, given the company's significant exposure to both sovereign and local bank credit. The revision of the Outlook on Turkiye's IDR reflects an increase in external vulnerabilities following a faster-than-expected decline in FX reserves since the start of the Iran conflict. At end-2025, cash and Turkish bank deposits comprised 35% of invested assets, while government bonds accounted for another 28%. The risky-asset ratio increased to 175% at end-2025, which is consistent with a 'bb-' assessment under Fitch's investment and asset risk guidelines. The ratio deteriorated from 158% at end-2024 due to higher allocations to government bonds, but this remains an improvement compared with 213% at end-2023. Good Capitalisation: Its view of the company's capitalisation is underpinned by its local regulatory solvency ratio at well above the 100% minimum at end-2025 and end-2024, and by Fitch's Prism Global score of 'Adequate' at end-2024 and end-2023. Fitch expects the Prism score to have remained unchanged at end-2025, supported by strong profitability. Record of Good Profitability: Return on equity was 34% in 2025 (47% in 2024) and remained above inflation (31% in 2025; 44% in 2024). Strong investment returns more than offset continued underwriting losses, as reflected in a combined ratio of 108% in 2025 and 104% in 2024. Underwriting results improved from 2023, when the combined ratio was 118%. Leading Turkish Insurer: Anadolu Sigorta remains a leading insurer in Turkiye's highly competitive insurance sector. It was the country's third-largest non-life insurer at end-2025, with a market share of about 9%. Fitch expects Anadolu Sigorta's strong competitive positioning to support the resilience of its credit profile against the challenges posed by the Turkish economy and its operating environment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Turkiye's Long-Term Local-Currency IDR or major Turkish banks' ratings, leading to material deterioration in the company's investment quality Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Turkiye's Long-Term Local-Currency IDR or major Turkish banks' ratings leading to material improvement in the company's asset and investment risk ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Anadolu Anonim Turk Sigorta Sirketi LT IFS BB Affirmed BB TURKIYE: S&P Affirms Unsolicited 'BB-/B' SCRs, Outlook Stable ------------------------------------------------------------- On April 17, 2026, S&P Global Ratings affirmed its unsolicited 'BB-/B' foreign and local currency long- and short-term sovereign credit ratings on Turkiye. The outlook is stable. At the same time, S&P affirmed its unsolicited 'trAA+/trA-1+' long- and short-term national scale ratings on Turkiye. Outlook The stable outlook reflects S&P's view that Turkiye's economy will weather the ongoing energy price shock assuming that authorities persevere with tight monetary and wage-setting policies and avoid additional depletion of foreign exchange (FX) reserves. Downside scenario S&P could lower the ratings if pressures on Turkiye's balance of payments, financial stability or government finances were to intensify, for example due to persistently high global energy prices or domestic economic policy shifts, resulting in an unabated currency depreciation, increased dollarization, and renewed declines in FX reserves. Upside scenario S&P could raise the ratings should Turkiye's FX reserves recover and were there further progress in lowering inflation to single digit figures while restoring long-term confidence in the Turkish lira. Rationale S&P said, "The affirmation reflects our view that, despite the balance of payment and inflationary pressures from higher energy prices, Turkiye's authorities will implement economic and fiscal policies in line with the 2026-2028 Medium Term Program objectives. These include bringing inflation down to single digit levels and capping budget deficits at close to 3% of GDP on average over 2026-2028. The affirmation also reflects our assumption that global energy prices will ease in the second half of this year and return to the prewar averages in 2027-2028." Even before the Middle East conflict's start Feb. 28, momentum on lowering inflation was slowing, reflecting both an official increase in the 2026 minimum wage that was above target inflation, persistent demand pressures, and persistent services and food inflation. The recent rise in Brent oil prices toward $100 per barrel (/bbl) represents another reason for elevated market inflationary expectations, which now stand at 25.4% for end-2026, and 18.7% for end-2027 versus the official targets of 16% and 9%, respectively. Annual Consumer Price Index (CPI) inflation stood at 30.87% in March 2026. Turkiye's net energy imports account for 70% of the primary energy supply, or 3.5%-4.5% of GDP in recent years. The recent spike in crude oil price of over 50% has resulted in a rising dollar cost of imports and a widening current account deficit. At the same time, as in other emerging market economies, rising global risk aversion has driven nonresident capital outflows amid an uptick in domestic corporate foreign currency demand. S&P estimates that since Feb. 28, 2026, nonresidents have liquidated $25 billion-$30 billion of their domestic bond and equity holdings, and carry trade positions, leading to a parallel drain in Turkish FX reserves. Turkish authorities have responded to the exchange rate and inflationary pressures. The Central Bank of the Republic of Turkiye (CBRT) has intervened in FX markets. It suspended one-week repo auctions (effectively raising domestic funding rate by 300 basis points to 40%); tightened reserve requirements on lira-denominated funding; and introduced FX-for-lira swap actions. On the fiscal side, the Ministry of Treasury and Finance reduced the special consumption tax (SCT) on fuel, which will limit the pass-through of higher market energy prices into consumer inflation. Under the current approach, should oil prices return to prewar levels, the SCT would automatically revert to its previous level by July 1. The CBRT's recurrent FX intervention, and the 8%-9% decline in gold prices since Feb. 27, explains the $40 billion decline in official FX reserve assets by early April. This also reflects the CBRT's gold-for-foreign currency swaps and monetary gold sales. S&P estimatee usable reserves (which it calculates by subtracting foreign currency borrowed from domestic residents from gross reserves) at about $87 billion, equivalent to just two months of projected current account payments. As of April 10, 2026, gross reserves of $170.9 billion covered slightly above 70% of short-term external debt by remaining maturity compared to the 100% coverage recommended under the Guidotti-Greenspan rule. In Turkiye's case, historically, the greatest risk to reserve levels has been the potential for private sector savings to dollarize. As of April 2, 2026, 41% of deposits were FX-denominated (primarily in euros or dollars), only slightly above the 39% ratio at end-2025. Nevertheless, dollarization remains elevated enough to act as a key constraint on the CBRT's ability to control demand (and inflation) in the Turkish economy, which impinges on the sovereign's creditworthiness. Institutional and economic profile: Higher-for-longer energy prices will test business and consumer confidence -- Key economic factors to watch include domestic residents' savings and hedging behavior in the face of energy price volatility. -- Despite elevated inflation, S&P projects GDP growth of 3.4% in 2026, compared with 3.6% in 2025. -- Support within the governing AKP party and other parties to revise the 2017 constitution could eventually bring general elections forward to possibly next year, in S&P's view. S&P said, "In our forecasts, we assume Turkiye's authorities will maintain a tight monetary policy stance to mitigate the energy price shock's effects on domestic confidence, the exchange rate, and inflation. Still, we expect significantly higher average inflation in Turkiye in 2026 compared with our previous forecast (29.3% versus 23.4%), reflecting a rise in energy prices and a pass‑through from the minimum wage increase in January. "Despite elevated inflation and a more restrictive monetary policy stance, we expect economic growth to remain resilient this year. Growth will be supported by an anticipated rebound in agriculture, a positive household wealth effect from higher gold prices, and continued increases in loans. We project GDP growth of 3.4% in 2026, following 3.6% in 2025. "A longer and more severe-than-expected conflict in the Middle East is a significant risk to our macroeconomic projections. Our baseline scenario assumes that energy prices will start descending in the coming months and financial conditions will remain relatively supportive for emerging market economies as the conflict eases. However, both assumptions are subject to high uncertainty. Inflation would be significantly higher and GDP could be severely hit under the more adverse scenarios of persistently higher global crude and regional gas prices. Turkiye's economy is open and diversified, with exports representing about 30% of GDP, according to S&P's estimates. Demographics are favorable, with a median age of 33 (versus 44 in the EU), and annual population growth of 1.3% compared with the EU's 0.1% average. The private sector is sophisticated and outward-looking; it benefits from the country's customs union with the EU, and the EU accounting for over 40% of goods exports and one-fifth of services exports. Turkiye's private sector has also historically demonstrated resilience to external and domestic shocks, and ability to operate under the long-standing volatile exchange rate, elevated inflation, and uncertain domestic policy environment. S&P said, "In our view, domestic political dynamics will continue to affect household hedging behavior, as is clear from elevated nonmonetary gold imports, exchange rate volatility, and the high level of private sector FX deposits--despite local currency deposit rates being the highest in the OECD--at about 37%. By virtue of its near-total control of the judicial system, the government has pursued a series of legal actions with the aim of disqualifying opposition leadership from fielding competitive candidates in upcoming presidential and parliamentary elections. The AKP party also appears to be considering a repeal term limits for the president. What this could mean for macroeconomic policymaking remains uncertain, but history suggests preelection periods generally see higher wage agreements and monetary stimulus--policies that we think the Turkish economy, with elevated inflation, can ill afford. More generally, we consider Turkiye's limited checks and balances between government bodies, with power concentrated in the hands of the executive branch, render policy responses difficult to predict. "Under the 2017 constitution, the president cannot serve more than two consecutive five-year terms in full; by cutting short his current term, we understand President Recep Tayyip Erdogan would be eligible to run for a third term. To do so, however, would require the support of 360 of the 600 members of parliament, 39 more than the number of the governing coalition has. Were parliament to vote for early elections, legislators must then agree on a new date. If the president makes the call, elections are automatically scheduled for the first Sunday 60 days after his announcement. Either way, snap elections would mean an early transition to Turkiye's new executive presidential system--another key reason why the president could want to move them up." Flexibility and performance profile: Usable FX reserves have declined since the war's start -- In S&P's view, the implicit pillar of the government's disinflation plan is a modest below-inflation pace of exchange rate depreciation. -- S&P assumes that, under the protracted balance of payments pressures, the CBRT would be ready to deploy additional policy options beyond FX interventions. -- S&P projects general government budget deficit will average 3.5% of GDP this year and next, with general government debt remaining modest, at below 30% of GDP. Since the Middle East conflict's start, the CBRT has spent over $40 billion to meet nonresident dollar demand, draining its already-weak usable reserves. Despite historically high gross international reserves of over $210 billion at the beginning of 2026, the central bank's reserves excluding the institution's obligations in foreign currency to domestic residents (usable reserves) -- which represent the its effective capacity to intervene -- were one-third lower in early April. Moreover, gold holdings represented over 60% of usable reserves. The CBRT's net reserve position is weak compared to the sizable external financing requirements amid the wider current account deficit and high external debt rollover needs. S&P projects the current account deficit will widen to 3.1% of GDP (or some $50 billion) from 1.9% of GDP in 2025 on higher energy related imports and lower tourism-related receipts, because European tourists could be less willing to travel as economic growth in the eurozone weakens and inflation increases. Moreover, at an estimated $226 billion as of February 2026, on a remaining maturity basis, including deposits and trade financing, short-term external debt is higher than in mid-2023, when authorities reintroduced orthodox monetary policies by raising real ex-ante rates to positive levels. S&P said, "Even if we assume that the fiscal costs of higher energy prices will remain contained, they will still widen the general government budget deficit to 3.5% of GDP in 2026 from our estimate of 2.9% of GDP in 2025. We estimate that cuts in the special consumption tax on fuels (the sliding scale tariff) could cost the government 0.5% of GDP or more should the oil price average $100/bbl for the rest of the year. Still, given fiscal overperformance in 2025 and the headline central government budget surplus reported in January-February 2026 due to cost-containment measures, we think that the fallout on public finances from higher energy prices will likely be manageable. "Budgetary performance remains difficult to disentangle from still-rapid nominal GDP growth. In nominal terms, the economy expanded an average of 50% in 2024-2025 and is projected to rise 23% in 2026. In 2025, we estimate central government interest payments alone increased 62% year on year in nominal terms. Additionally, given that about half of government debt is in foreign currencies, exchange rate dynamics will continue to affect the government's debt-to-GDP levels. "Turkiye's CPI inflation eased to 30.9% year over year in March 2026 from 31.5% a month earlier, bur remains well above the CBRT's interim end-2026 target of 16%. This highlighted the challenge that the central bank's disinflation effort had even before the conflict in the Middle East, and higher energy prices will complicate this. Barring further shocks, we forecast CPI inflation to average 29.3% this year, up significantly from our previous projection of 23.4%." The energy price shock, especially if combined with unabated exchange-rate depreciation, could put pressure on the banking sector. Nevertheless, Turkiye's banks are profitable, adequately capitalized and liquid. S&P said, "Nonperforming loans have been rising, particularly in the retail (9% of the total) and small and midsize enterprise (3%) segments, but we anticipate the deterioration to be manageable. Efforts by authorities to reverse dollarization reduced the share of foreign currency-denominated deposits to 39% at year-end 2025 from 67.4% at year-end 2022 (including gold-linked and FX-protected deposits). Bank lending, especially in FX, increased in 2025, but we expect it to slow to 35% in 2026 from a high 47% in 2025 amid tight financing conditions. Turkish banks remain vulnerable to shifts in foreign investor sentiment because about 50% of its total debt (or $107.6 billion at end 2025) is due within 12 months. However, banks' ability to roll over external debt has been tested during past shocks. 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 Turkiye Sovereign Credit Rating BB-/Stable/B Turkey National Scale |U^ trAA+/--/trA-1+ Transfer & Convertibility Assessment BB [] Fitch Alters Outlook on 'BB-' IDRs of 9 Turkish Banks to Stable ------------------------------------------------------------------ Fitch Ratings has revised the Outlooks on nine foreign-owned Turkish banks' Long-Term (LT) Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) to Stable from Positive and affirmed the IDRs at 'BB-'. It has also affirmed the banks' Shareholder Support Ratings (SSRs) at 'bb-'. The banks are Denizbank A.S., ING Bank A.S. (INGBT), QNB Bank A.S. (QNBTR), Turk Ekonomi Bankasi A.S. (TEB), Kuveyt Turk Katilim Bankasi A.S. (Kuveyt Turk), Turkiye Finans Katilim Bankasi A.S. (TFKB), Odea Bank A.S., Alternatifbank A.S. and Burgan Bank A.S. The Outlook revisions follow similar action on Turkiye's 'BB-' LT IDR (see 'Fitch Revises Turkiye's Outlook to Stable; Affirms at 'BB-'' dated 10 April 2026). The revision of the Outlook on the sovereign reflects a marked fall in international reserves since the start of the Iran war, while a more protracted conflict would further pressure Turkiye's external finances and inflation. Fitch has affirmed the Viability Ratings (VRs) of Denizbank, INGBT, QNBTR and TEB, and revised the outlook on the 'bb-' operating environment score for Turkish banks to stable from positive given increasing refinancing risks following the Iran conflict and increased risk premiums. Higher-for-longer lira rates and inflation also put pressure on operating conditions and profitability, and further weaken asset quality, although banks currently could absorb moderate asset quality deterioration. Key Rating Drivers INGBT, TFKB, Odea, Alternatifbank and Burgan's IDRs are driven by potential support from their foreign shareholders based on their varying strategic importance, integration, roles within their respective groups and, in some cases, common branding. Odea's IDR reflects the parent's record of support and reputational risks. Denizbank, QNBTR, TEB, and Kuveyt Turk's IDRs are driven by their standalone credit profiles, as reflected in their 'bb-' VRs, and underpinned by shareholder support. The affirmation of Denizbank, INGBT, QNBTR and TEB's VRs mainly considers the concentration of their operations in Turkiye, and its assessment of Denizbank, QNBTR, and TEB's standalone credit profiles as commensurate with the risks of the operating environment. INGBT's 'b+' VR further reflects its limited market position and below-sector-average profitability, but also conservative risk profile and ordinary shareholder support. All the banks' LT IDRs and SSRs are capped at the level of Turkiye's Country Ceiling of 'BB-', and the Stable Outlooks are in line with that on Turkiye's sovereign rating and the operating environment (only Denizbank, QNBTR, TEB, and Kuveyt Turk). The banks' 'B' Short-Term IDRs are the only possible option mapping to LT IDRs in the 'BB-' rating category. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the LT IDRs of INGBT, TFKB, Odea, Alternatifbank and Burgan would follow a downgrade of their SSRs. For Denizbank, QNBTR, TEB and Kuveyt Turk a downgrade of their LT IDRs would require a downgrade of both their VRs and SSRs. A sovereign downgrade and downward revision of the Country Ceiling would lead to a downgrade of all banks' SSRs. Their SSRs are also sensitive to Fitch's view of their respective shareholders' ability and propensity to provide support. The VRs of Denizbank, INGBT, QNBTR and TEB's VRs are sensitive to a weakening of the Turkish operating environment and a sovereign downgrade. Their VRs could be downgraded due to an erosion of their capital buffers, most likely stemming from weakening asset quality or pressure on profitability, or a decline in FC liquidity buffers, if not offset by ordinary shareholder support on a timely basis. Kuveyt Turk's key VR drivers and sensitivities are outlined in its rating action commentary dated 09 January 2026 (see 'Fitch Upgrades Kuveyt Turk Katilim Bankasi's Viability Rating to 'bb-'; Affirms IDRs at 'BB-'). All nine banks' ST IDRs are sensitive to a multi-notch downgrade of their respective LT IDRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Turkiye's LT IDRs and upward revision of the Country Ceiling would likely lead to similar action on the banks' SSRs and LT IDRs. Upgrades of Denizbank, INGBT, QNBTR and TEB's VRs would require a sovereign upgrade and upward revision of the operating environment score. Denizbank's VR upgrade would also require an improvement in the bank's risk profile and asset quality while maintaining healthy capital and liquidity buffers. INGBT's VR upgrade would also require a stronger business profile reflected through higher earnings generation, while maintaining healthy asset quality, adequate capital and FC liquidity buffers. QNBTR's VR upgrade would also require an improvement in its risk profile, while maintaining a healthy financial profile. TEB's VR upgrade would also require stronger capital buffers and the maintenance of its healthy financial profile. All nine banks' ST IDRs are sensitive to a multi-notch upgrade of their respective LT IDRs. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The senior unsecured debt ratings of Denizbank, QNBTR and TEB are aligned with their IDRs. The notching for the subordinated Tier 2 notes issued by INGBT, QNBTR, TEB and Kuveyt Turk (through its special-purpose vehicle KT21 T2 Company Limited), includes one notch for loss severity and zero notches for non-performance risk relative to their LT IDR anchor ratings. The one notch, rather than the default two notches, for loss severity reflects its view that institutional support (as reflected in the banks' LTFC IDRs) helps mitigate losses. The notching for the subordinated Tier 2 notes issued by Odea includes two notches for loss severity and zero notches for non-performance risk relative to the LTFC IDR anchor rating. The LTFC IDR is the anchor rating for the notes as extraordinary shareholder support would likely flow through to the bank's subordinated noteholders. TEB's additional Tier 1 (AT1) notes are rated three notches below its VR, comprising two notches for loss severity, given the notes' deep subordination, and one notch for non-performance risk, given their full discretionary, non-cumulative coupons. In accordance with its Bank Rating Criteria, Fitch has applied three notches from the bank's VR, instead of the baseline four notches, as the VR is at 'BB-' threshold. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The senior unsecured debt ratings of Denizbank, QNBTR and TEB are sensitive to changes in their IDRs. The subordinated debt ratings of INGBT, QNBTR, TEB, Kuveyt Turk and Odea are primarily sensitive to a change of their LTFC IDRs. They are also sensitive to a revision in Fitch's assessment of potential loss severity in case of non-performance. TEB's AT1 notes' rating is sensitive to change in the VR anchor rating. The notes' rating is also sensitive to an unfavourable revision of Fitch's assessment of incremental non-performance risk. VR ADJUSTMENTS The operating environment score of 'bb-' is below the 'bbb' category implied score due to the following adjustment reason: sovereign rating (negative). Denizbank's asset quality score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: historical and future metrics (negative). INGBT's business profile score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: business model (negative). QNBTR's asset quality score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: impaired loan formation (negative). Denizbank's, QNBTR's and TEB's earnings and profitability score of 'bb-' is below the 'bbb' category implied score due to the following adjustment reason: revenue diversification (negative). INGBT's earnings & profitability score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: earnings stability(negative). INGBT's and TEB's capitalisation & leverage score of 'b+' is below the 'bb' category implied score due to the following adjustment reason: leverage and risk-weight calculation (negative). Public Ratings with Credit Linkage to other ratings Turkish foreign-owned banks have ratings linked to their respective parent banks' ratings. ESG Considerations The ESG Relevance Score for Management Strategy of '4' reflects a regulatory burden on all Turkish banks. Management ability across the sector to determine their own strategy and price risk is constrained by regulatory burden and also by the operational challenges of implementing regulations at the bank level. This has a moderately negative impact on banks' credit profiles and is relevant to banks' ratings in combination with other factors. Islamic Banks (Kuveyt Turk, TFKB) Islamic banks' ESG Relevance Score of '4' for Governance Structure reflects their Islamic banking nature where their operations and activities need to comply with sharia principles and rules, which entails additional costs, processes, disclosures, regulations, reporting and sharia audit. This has a negative impact on their credit profiles and is relevant to the ratings in conjunction with other factors. Islamic banks have an ESG Relevance Score of '3' for Exposure to Social Impacts, above sector guidance for an ESG Relevance Score of '2' for comparable conventional banks, which reflects that Islamic banks have certain sharia limitations embedded in their operations and obligations, although this only has a minimal credit impact on Islamic banks. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Kuveyt Turk Katilim Bankasi A.S LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- Turk Ekonomi Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- subordinated LT B+ Affirmed B+ subordinated LT B- Affirmed B- senior unsecured ST B Affirmed B Denizbank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B QNB Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- subordinated LT B+ Affirmed B+ senior unsecured ST B Affirmed B Burgan Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- ING Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability b+ Affirmed b+ Shareholder Support bb- Affirmed bb- subordinated LT B+ Affirmed B+ Odea Bank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- subordinated LT B Affirmed B KT21 T2 Company Limited subordinated LT B+ Affirmed B+ Turkiye Finans Katilim Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- Alternatifbank A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- [] Fitch Alters Outlook on 3 Turkish Banks' 'BB-' IDRs to Stable ---------------------------------------------------------------- Fitch Ratings has revised Volkswagen Dogus Finansman A.S.'s (VDF Finans), VDF Filo Kiralama A.S.'s (VDF Filo) and VDF Faktoring A.S.'s (VDF Faktoring) Outlooks to Stable from Positive and affirmed the companies' Long-Term Issuer Default Ratings (IDRs) at 'BB-'. Their Shareholder Support Ratings (SSRs) have also been affirmed at 'bb-'. The rating action follows the revision of the Outlook on Turkiye's Long-Term IDR to Stable from Positive (see 'Fitch Revises Turkiye's Outlook to Stable; Affirms at 'BB-'', dated 10 April 2026). Key Rating Drivers Support-Driven Ratings: All three non-bank financial institutions' (NBFIs) ratings are driven by support from their controlling shareholder, Volkswagen Financial Services Overseas AG (VWFSO; A-/Negative) as expressed by their SSRs of 'bb-'. Fitch views these subsidiaries as strategically important, given their mandate to complement and support Volkswagen's (VW) operations in Turkiye. Constrained by Country Ceiling: The three companies' Long-Term IDRs and SSRs are capped by Turkiye's 'BB-' Country Ceiling. The Country Ceiling captures transfer and convertibility risks and limits the extent to which support from VWFSO or VW can be factored into the Long-Term Foreign-Currency IDRs. The revision of the Outlook to Stable from Positive on the Long-Term IDR reflects the Outlook revision on Turkiye's Long-Term IDR. Joint Venture: All three companies are fully owned by VDF Servis ve Ticaret, which is, in turn, owned by VWFSO (51%) and Dogus Group (49%), a large Turkish conglomerate with diverse operations, and the sole importer of VW vehicles in Turkiye. VWFSO exercises operational control over the VDF entities, but Dogus retains a significant role in running the companies. Reliance on VW Group: All three companies rely heavily on VW activity in Turkiye as they conduct most of their business activities within the group or with VW group car dealers. Historically, VWFSO has provided significant funding support by extending loans at arm's length. Fitch believes VWFSO would continue to have a strong willingness to provide financial support to the VDF entities. Support Underpins National Rating: The 'AAA(tur)' National Long-Term Ratings for all three companies reflect their strong credit profiles compared with those of other issuers in Turkiye, due to the high propensity of support from VWFS. The Stable Outlook reflects its expectation of no material change in these NBFIs' creditworthiness relative to other Turkish issuers'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Long-Term IDRs and SSRs would be downgraded on a downgrade of Turkiye's Country Ceiling. Changes in the propensity of support from VWFSO, for example, as a result of dilution of ownership, a loss of operational control or diminishing importance of the Turkish market, could also trigger a downgrade of the IDRs and SSRs. Deterioration of the companies' creditworthiness relative to other Turkish issuers' would trigger a downgrade of the National Ratings. An Outlook revision on Turkiye's Long-Term IDR would be reflected on those of the VDF entities. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Turkiye's Country Ceiling as a result of a sovereign rating upgrade would be reflected in the VDF entities' ratings. Public Ratings with Credit Linkage to other ratings The ratings are of all three VDF entities are driven by the support from VWFSO and are constrained by Turkiye's Country Ceiling. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Volkswagen Dogus Finansman A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B Natl LT AAA(tur) Affirmed AAA(tur) Shareholder Support bb- Affirmed bb- VDF Filo Kiralama A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B Natl LT AAA(tur) Affirmed AAA(tur) Shareholder Support bb- Affirmed bb- VDF Faktoring A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B Natl LT AAA(tur) Affirmed AAA(tur) Shareholder Support bb- Affirmed bb- [] Fitch Alters Outlook on 4 Turkish Banks 'BB-' IDRs to Stable --------------------------------------------------------------- Fitch Ratings has revised the Outlooks on Akbank T.A.S.'s, Turkiye Garanti Bankasi A.S.'s (Garanti BBVA), Turkiye Is Bankasi A.S.'s (Isbank) and Yapi ve Kredi Bankasi A.S.'s (YKB) Long-Term (LT) Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) to Stable from Positive and affirmed the IDRs at 'BB-'. Fitch has also affirmed the banks' Viability Rating (VRs) at 'bb-' and Garanti BBVA's Shareholder Support Rating (SSR) at 'bb-'. The revisions follow similar action on Turkiye's 'BB-' LT IDR (see 'Fitch Revises Turkiye's Outlook to Stable; Affirms at 'BB-'' dated 10 April 2026). The revision of the sovereign Outlook reflects a marked fall in international reserves since the start of the Iran war, while a more protracted conflict would further pressure Turkiye's external finances and inflation. Fitch has also revised the outlook on the 'bb-' operating environment score for Turkish banks to stable from positive, given increasing refinancing risks following the Iran conflict and increased risk premiums. Higher-for-longer lira rates and inflation also put pressure on operating conditions and profitability, and further weaken asset quality, although banks currently could absorb moderate asset quality deterioration. Key Rating Drivers Akbank's, Isbank's, Garanti BBVA's and YKB's LT IDRs are driven by their respective standalone profiles, as captured by their VRs, which are at the same level as Turkiye's IDRs. The affirmation of their VRs mainly considers concentration of their operations in Turkiye, but also their solid domestic franchises and market shares, their status as domestic systemically important banks, resilient financial metrics, comfortable FC liquidity buffers and ability to generate reasonable earnings through the cycle. Garanti BBVA's IDRs are also underpinned by its SSR, which considers potential support from Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; A-/Stable), which has an 86% stake, mainly reflecting the former's strategic importance to, and integration with, BBVA. Garanti BBVA's SSR and LTFC IDR are constrained by Turkiye's Country Ceiling of 'BB-', which captures Fitch's view of transfer and convertibility risk, while the bank's LTLC IDR also considers country risks. The revision of the Outlooks to Stable from Positive reflects that on the banks' operating environment score and Turkiye's sovereign rating, and the ensuing impact of the Iran conflict on operating conditions on the banks' business, risk and financial profiles through increased risk premiums, higher for longer lira rates and inflation. The banks' 'B' Short-Term IDRs are the only possible option mapping to LT IDRs in the 'BB-' rating category. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of Garanti BBVA's LT IDRs would require a downgrade of both its VR and SSR. Downgrades of the VRs of all four banks and the LT IDRs of Akbank, Isbank and YKB would follow a downgrade of the sovereign ratings. VR downgrades for all four banks could also arise from a material erosion in their capital and FC liquidity or a sustained deterioration in impaired loans, resulting in material weakening in earnings. Garanti BBVA's SSR is sensitive to a sovereign downgrade. The SSR is also sensitive to Fitch's view of BBVA's ability and propensity to provide support. The Short-Term IDRs are sensitive to a multi-notch downgrade of the LT IDRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Akbank's, Isbank's and YKB's IDRs would be upgraded if their VRs were upgraded. VR upgrades for Akbank, Isbank and YKB would require an upgrade of the sovereign rating, likely accompanied by an upward revision of the operating environment score, while maintaining a healthy financial profile and capital and FC liquidity buffers. An upgrade of Turkiye's LT IDRs and an upward revision of the Country Ceiling would likely lead to similar action on Garanti's SSR and LT IDRs. A VR upgrade for Garanti would require an upgrade of the sovereign rating, likely leading to an upward revision of the operating environment score, while maintaining a healthy financial profile. The Short-Term IDRs are sensitive to a multi-notch upgrade of the LT IDRs. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS The banks' senior unsecured debt ratings are aligned with their IDRs, in line with Fitch's Bank Rating Criteria, reflecting average recovery prospects in a default. Garanti BBVA's Tier 2 notes are rated one notch below its LTFC IDR. The notching for the subordinated notes' rating includes one notch for loss severity and zero notches for non-performance risk relative to the LTFC IDR anchor rating. The one notch for loss severity reflects its view of below-average recovery prospects for the notes in a non-viability event. The one notch, rather than the baseline two notches, reflects its view that the main risk is to timely payment rather than recovery as the LTFC IDR anchor already embeds country risks. Akbank's, Isbank's and YKB's Tier 2 notes' ratings are notched down twice from their VR anchor rating for loss severity, reflecting its expectation of poor recoveries in a default, in line with Fitch criteria's baseline approach. Akbank's, Isbank's and YKB's additional Tier 1 (AT1) notes' ratings are three notches below their VR anchor ratings, comprising two notches for loss severity, given the notes' deep subordination, and one notch for incremental non-performance risk, given their full discretionary, non-cumulative coupons. In accordance with its Bank Rating Criteria, Fitch has applied three notches from the banks' VRs, instead of the baseline four notches, as the banks' VRs are at the 'BB-' threshold. The 'b' Government Support Ratings (GSRs) of Akbank, Isbank and YKB, two notches below the sovereign LT IDR, reflect the limited probability of support from Turkish authorities, despite their systemic importance. This factors in Turkiye's constrained financial flexibility to provide support and the banks' private ownership. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The banks' senior unsecured debt ratings are sensitive to changes in their IDRs. The banks' subordinated debt ratings are sensitive to a change of their respective anchor ratings. They are also sensitive to a revision in Fitch's assessment of potential loss severity in case of non-performance. The AT1 notes' ratings of Akbank, Isbank and YKB are sensitive to changes in the VR anchor ratings. The notes' ratings are also sensitive to an unfavourable revision of Fitch's assessment of non-performance risk. The GSRs of Akbank, Isbank and YKB are sensitive to a sovereign downgrade and to a weakening in the ability and propensity of the authorities to provide support. VR ADJUSTMENTS The operating environment score of 'bb-' for Turkish banks is lower than the category implied score of 'bbb', due to the following adjustment reason: sovereign rating (negative). The business profile scores of 'bb-' for Akbank, Garanti BBVA, Isbank and YKB are below the 'bbb' category implied scores, due to the following adjustment reason: business model (negative). The earnings and profitability score of 'bb-' Akbank, Garanti BBVA, Isbank and YKB is below the category-implied score of 'bbb', due to the following adjustment reason: revenue diversification (negative). The capitalisation and leverage score of 'b+' for YKB is below the 'bb' category implied score, due to the following reason: leverage and risk-weight calculation (negative). Public Ratings with Credit Linkage to other ratings Garanti BBVA has ratings linked to its parent bank's ratings. ESG Considerations The ESG Relevance Score for Management Strategy of '4' reflects a regulatory burden on all Turkish banks. Management ability across the sector to determine their own strategy and price risk is constrained by regulatory burden and also by the operational challenges of implementing regulations at the bank level. This has a moderately negative impact on banks' credit profiles and is relevant to banks' ratings in combination with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Turkiye Garanti Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Shareholder Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- subordinated LT B+ Affirmed B+ senior unsecured ST B Affirmed B AKBANK T.A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Government Support b Affirmed b subordinated LT B- Affirmed B- senior unsecured LT BB- Affirmed BB- subordinated LT B Affirmed B Turkiye Is Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Government Support b Affirmed b junior subordinated LT B- Affirmed B- senior unsecured LT BB- Affirmed BB- subordinated LT B Affirmed B senior unsecured ST B Affirmed B Yapi ve Kredi Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Viability bb- Affirmed bb- Government Support b Affirmed b senior unsecured LT BB- Affirmed BB- junior subordinated LT B- Affirmed B- subordinated LT B Affirmed B senior unsecured ST B Affirmed B [] Fitch's Outlook on 9 Turkish Banks' BB- IDRs Altered to Stable ----------------------------------------------------------------- Fitch Ratings has revised the Outlooks on nine Turkish banks' Long-Term (LT) Foreign-Currency (FC) and Long-Term Local-Currency (LC) Issuer Default Ratings (IDRs) to Stable from Positive and affirmed the IDRs at 'BB-'. It has also affirmed the Government Support Ratings (GSRs) of eight banks at 'bb-'. The banks are Turkiye Cumhuriyeti Ziraat Bankasi Anonim Sirketi (Ziraat), Turkiye Emlak Katilim Bankasi A.S. (Emlak Katilim), Turkiye Halk Bankasi A.S. (Halk), Turkiye Ihracat Kredi Bankasi A.S. (Turkexim), Turkiye Kalkinma ve Yatirim Bankasi A.S. (TKYB), Turkiye Sinai Kalkinma Bankasi A.S. (TSKB), Turkiye Vakiflar Bankasi T.A.O. (Vakif) and Vakif Katilim Bankasi A.S. (Vakif Katilim). The Outlook revisions mirror recent similar action on Turkiye's 'BB-' LT IDRs (see 'Fitch Revises Turkiye's Outlook to Stable; Affirms 'BB-'' dated at 10 April 2026 at www.fitchratings.com). The revision of the sovereign Outlook reflects a marked fall in international reserves since the start of the Iran war, while a more protracted conflict would further pressure Turkiye's external finances and inflation. Fitch has also revised the Outlook to Stable on the LT IDRs of Ziraat Katilim Bankasi A.S. (Ziraat Katilim), mirroring the revision of the Outlook on its parent Ziraat's LT IDRs. Ziraat Katilim's Shareholder Support Rating (SSR) has been affirmed at 'bb-'. Key Rating Drivers The LT IDRs of Ziraat, TSKB and Vakif are driven by their Viability Ratings (VRs) and underpinned by potential government support, as reflected in their GSRs of 'bb-'. Its view of potential government support also drives the LT IDRs of Emlak Katilim, Halk, Turkexim, TKYB, and Vakif Katilim, and their GSRs are 'bb-', in line with the sovereign IDRs. The GSRs underline the government's high propensity to support the banks, given their state ownership (except for TSKB, privately owned), systemic importance (Ziraat, Vakif and Halk), policy roles (Ziraat, Halk, Turkexim, TKYB and TSKB), state-related or state-guaranteed funding (Turkexim, TKYB and TSKB), strategic importance of participation banking to the authorities (Emlak Katilim, Vakif Katilim) and the record of capital support (all except TSKB). The GSRs reflect the moderate probability of support in FC being forthcoming from the sovereign, notwithstanding the recent decline in international reserves, relative to the banks' sizes. All nine banks' Short-Term (ST) IDRs are 'B', which is the only option for LT IDRs in the 'BB' rating category. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The LT IDRs and GSRs of all banks are primarily sensitive to a sovereign downgrade, but also to a change in the ability or propensity of the authorities to provide support. The LT IDRs of Ziraat, Vakif and TSKB would only be downgraded if their VRs and GSRs were simultaneously downgraded. These banks' key VR drivers and sensitivities are outlined in its rating action commentary dated 17 November 2025 (see 'Fitch Upgrades 4 Turkish Banks on Upward Revision of Operating Environment'. All nine banks' ST IDRs are sensitive to a multi-notch downgrade of their respective LT IDRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of Turkiye's sovereign ratings would likely lead to similar actions on the eight banks' GSRs and therefore LT IDRs. All nine banks' ST IDRs are sensitive to a multi-notch upgrade of their respective LT IDRs. OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS Ziraat, Vakif, Turkexim and TSKB's senior debt ratings are in line with their IDRs. Vakif Katilim's senior unsecured sukuk programme ratings are in line with its IDRs. TSKB's 'b+' SSR is driven by potential support from its parent Turkiye Is Bankasi A.S. (Isbank; BB-/Stable). It remains one notch below its parent's rating, reflecting TSKB's niche business model and Isbank group's only 51.4% stake in the bank. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES The banks' senior unsecured debt ratings and Vakif Katilim's senior unsecured sukuk programme ratings are sensitive to changes in their respective IDRs. TSKB's SSR is sensitive to a change in Isbank's LTFC IDR, Fitch's view of the parent's ability and propensity to provide support and the strategic importance of TSKB to its parent. SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS Ziraat Katilim's IDRs, driven by its SSR, are equalised with those of its parent, Ziraat, reflecting the bank's strategic importance and role as a core subsidiary of the group, given its Islamic bank status. The ratings on Ziraat Katilim's senior unsecured sukuk - issued through its special purpose vehicles - are in line with its IDRs. SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES Ziraat Katilim's IDRs are sensitive to a change in its parent's rating or propensity to provide support. The bank's senior unsecured debt ratings are sensitive to changes in its IDRs. Public Ratings with Credit Linkage to other ratings State-owned banks have ratings that are linked to the Turkish sovereign rating. TSKB has ratings that are linked to the Turkish sovereign rating and Isbank. Ziraat Katilim's ratings are driven by support from Ziraat. ESG Considerations All banks except development banks Turkexim, TKYB and TSKB The ESG Relevance Score for Management Strategy of '4' reflects an increased regulatory burden on all Turkish banks. Management ability across the sector to determine their own strategy and price risk is constrained by regulatory burden and also by the operational challenges of implementing regulations at the bank level. This has a moderately negative impact on the banks' credit profiles and is relevant to the banks' ratings in combination with other factors. State-owned banks In addition, the state-owned commercial banks - Ziraat, Vakif, Emlak Katilim, Vakif Katilim and Ziraat Katilim - have ESG Relevance Scores of '4' for Governance Structure due to potential government influence over their boards' effectiveness and management strategy in the challenging Turkish operating environment, which has a negative impact on the banks' credit profiles and is relevant to the ratings in conjunction with other factors. Halk has an ESG Relevance Score of '5' for Governance Structure considering potential government influence over the board's effectiveness in the challenging Turkish operating environment. This has a significant negative impact on the credit profile and is highly relevant to the ratings on an individual basis. Islamic Banks (Emlak Katilim, Vakif Katilim and Ziraat Katilim) Islamic banks' ESG Relevance Score of '4' for Governance Structure reflects their Islamic banking nature where their operations and activities need to comply with sharia principles and rules, which entails additional costs, processes, disclosures, regulations, reporting and sharia audit. This has a negative impact on their credit profiles and is relevant to the ratings in conjunction with other factors. Islamic banks have an ESG Relevance Score of '3' for Exposure to Social Impacts, above sector guidance for an ESG Relevance Score of '2' for comparable conventional banks, which reflects Islamic banks' certain sharia limitations embedded in their operations and obligations, although this only has a minimal credit impact on Islamic banks. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Ziraat Katilim Varlik Kiralama A.S. senior unsecured LT BB- Affirmed BB- Turkiye Cumhuriyeti Ziraat Bankasi Anonim Sirketi LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B Turkiye Emlak Katilim Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- Ziraat Katilim Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Shareholder Support bb- Affirmed bb- Turkiye Kalkinma ve Yatirim Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- Ziraat Katilim MTN Limited senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B Vakif Katilim Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- Turkiye Ihracat Kredi Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B Vakif Katilim Sukuk Programme Ltd senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B Turkiye Halk Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- Turkiye Vakiflar Bankasi T.A.O. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B Turkiye Sinai Kalkinma Bankasi A.S. LT IDR BB- Affirmed BB- ST IDR B Affirmed B LC LT IDR BB- Affirmed BB- LC ST IDR B Affirmed B Government Support bb- Affirmed bb- Shareholder Support b+ Affirmed b+ senior unsecured LT BB- Affirmed BB- senior unsecured ST B Affirmed B =========================== U N I T E D K I N G D O M =========================== 82 PORTLAND: BTG Begbies, FRP Advisory Named as Administrators -------------------------------------------------------------- 82 Portland Place (Flat A) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001889. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd were appointed as Joint Administrators on March 12, 2026. 82 Portland Place (Flat A) Limited specialised in the buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor, 110 Cannon Street London EC4N 6EU For further details, contact: Marcus Wright BTG Begbies Traynor (Central) LLP Tel. No: 0114 275 5033 Email: sheffield.north@btguk.com AUXEY MIDCO: Fitch Lowers Long-Term IDR to 'B-', Outlook Negative ----------------------------------------------------------------- Fitch Ratings has downgraded Auxey Midco Limited's (Alexander Mann Solutions or AMS) Long-Term Issuer Default Rating (IDR) to 'B-' from 'B'. Fitch has also downgraded Auxey Bidco Limited's and Alexander Mann Solutions Corporation's senior secured debt ratings to 'B' from 'B+'. The Recovery Rating remains at 'RR3'. The Outlook is Negative. The downgrade reflects AMS's increased refinancing risk and still weak operating performance, high leverage and one-off costs negatively affecting free cash flow (FCF) generation. Fitch expects operating performance to improve but remain soft through 2026, with limited visibility on the timing and strength of a revenue recovery. The Negative Outlook reflects the limited time remaining to maturities in April and June 2027. Fitch believes unpredictable credit market conditions and the impact of volatile economic conditions on staffing volumes could challenge refinancing efforts. Key Rating Drivers Looming Refinancing Pressure: AMS's credit profile is constrained by near-term refinancing risk, with its GBP357 million-equivalent senior secured term loan maturing in June 2027 and an undrawn GBP40 million revolving credit facility (RCF) in April 2027. The company has extended its revolving credit and invoice-discounting facilities to April 2027 from December 2026 and is evaluating multiple options for the capital structure, but uncertainty remains over the timing, structure and terms of a broader refinancing. This leaves AMS exposed to adverse funding conditions should earnings recovery prove slower than expected. Shareholder support could provide additional flexibility in refinancing, although the necessity, form, timing and extent of any such support remain uncertain. Volatile Leverage; Weak FCF: AMS's EBITDA leverage is volatile due to its small scale and sensitivity to economic cycles. Fitch estimates Fitch-defined EBITDA leverage was high at 6.8x at end- 2025 (including about GBP7 million of restructuring charges in Fitch-defined EBITDA). Fitch forecasts Fitch-defined EBITDA leverage to return below 6x in 2026; however, modest growth recovery and one-off costs negatively affect FCF, and Fitch-calculated EBITDA interest coverage remains below 2.0x. NFI Performance: Ongoing macroeconomic volatility, cost-control measures, and geopolitical risks have led to cautious hiring by many companies. Weak hiring volumes in existing contracts and a slow ramp-up of new wins have led us to estimate a marginal rise in AMS's net fee income (NFI) in 2025. Strong growth in the key financial services sector in the US was offset by continuing decline in pharmaceuticals across EMEA. AMS's pipeline of new wins and renewals remains healthy, especially in financial and professional services, but the pace of ramp-up of new contract wins and scope expansion remains uncertain. Fitch assumed a conservative rise in NFI in 2026-2027. 2025 EBITDA Margin: Staff costs constitute roughly 75% of AMS's operating expenses, making margin performance highly sensitive to compensation levels and workforce-related cost actions. Fitch estimates Fitch-calculated EBITDA margin increased to 12.3% in 2025 from 11.8% in 2024, after treating 50% of restructuring costs as recurring, due to the absence of bonus payments. However, pre-bonus EBITDA margins declined 200bp due to higher central costs, including strategic investments in growth and digital transformation. Margin gains will remain closely linked to NFI trends, the delivery of operating efficiencies from restructuring programmes and the level of bonus payouts. Exposure to Cyclicality: AMS, as a business process out-sourcing provider (BPO), is more entrenched in its client operations than recruitment peers that are more dependent on hiring volumes with lower switching costs. AMS's contracts typically include minimum fee protection, which reduce exposure to market volatility. These features provide some protection against cyclical downturns, but the company is not immune to the effects of reduced hiring appetite and changing workforce dynamics. Limited Customer Diversification: Fitch estimates AMS's largest 15 customers generate a significant portion of NFI across financial services, pharmaceuticals, defence, engineering and public sectors. This concentration makes AMS more vulnerable to individual contract losses. The company benefits from long-standing relationships and multi-year agreements with many of these major clients, but the inherent exposure means that any material reduction in scope, whether due to client in-sourcing, cost-cutting initiatives, or changes in recruitment strategies, could translate into a meaningful loss of recurring revenue. Peer Analysis Fitch compares AMS with The Stepstone Group Holding GmbH (B/Stable), given its exposure to recruitment-related end-markets and sensitivity to employment and hiring trends. Stepstone operates online recruitment platforms and provides job-search-related services, including job advertising, programmatic recruitment and employer branding. Stepstone benefits from a more scalable, technology-enabled business model with lower marginal costs, which supports materially higher EBITDA margins of above 35% and stronger cash flow generation than AMS. By contrast, AMS's more labour-intensive operating model limits profitability and scalability. Fitch also compares AMS with a broader group of 'B' category professional and BPO service providers, including Transcom Holding AB (B-/Stable), PCC Global Plc (Paragon; B/Stable) and Emeria SASU (B-/Negative). AMS is broadly comparable with Transcom in market position, scale and FCF generation. Both companies are exposed to customer concentration, although switching costs for Transcom's clients are typically higher. AMS is more exposed to cyclical hiring trends, which constrain revenue visibility, while Transcom operates in a highly competitive market with associated price pressure at bidding processes and contract renewals. AMS has similar scale to but weaker financial flexibility than Paragon. The latter benefits from a strong position in the niche market of outbound customer communications for regulated businesses, predominantly in the UK, which supports stronger revenue visibility across the economic cycle. Emeria has a defensible market position in residential real estate services and benefits from strong recurring revenue streams. Its leverage is much higher than AMS's and it faces execution risk around deleveraging ahead of the group's 2027-2028 maturities. Fitch’s Key Rating-Case Assumptions - Low single-digit growth in NFI over 2025-2028, driven by ramp-up of contracts and scope expansion - Fitch-defined EBITDA margin growth to 14%-15% during 2025-2028 - Working-capital outflows of GBP10 million a year from 2026 - Capex at 2.5% of NFI a year to 2028 - No M&A or dividend payments for 2025-2028 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (b, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Moderate), Profitability (b, Moderate), Financial Structure (b-, Moderate), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b-'. Recovery Analysis Its recovery analysis assumes that AMS would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim in the recovery analysis. Its GC EBITDA estimate of GBP 50 million reflects Fitch's view of a sustainable, post-reorganisation EBITDA under stress assumptions that may be driven by weaker operating performance amid an adverse macro-economic background and an inability to reduce costs. Fitch has applied an enterprise value multiple of 5.0x to calculate a post-reorganisation valuation, which reflects a distressed multiple. Fitch assumes AMS's RCF of GBP40 million will be fully drawn on default, ranking equally with its senior term and multi-currency facilities of GBP115 million and an amortising USD328 million. Fitch does not include its GBP60 million and USD5 million invoice discounting facilities in as Fitch assumes they will be available through bankruptcy. This results in recoveries for the senior secured debt in the 'RR3' band, consistent with an instrument rating of 'B'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Lack of progress in addressing upcoming maturities, leading to an expectation of material reduction in lenders terms and conditions to avoid a default or refinancing at materially more onerous terms than envisaged - Operational performance below Fitch's expectations with weak contract wins and/or high churn rates and small profitability improvements (and high restructuring costs), resulting in structurally negative FCF and deteriorating liquidity including permanent drawings on the RCF Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Recovery in staffing volumes and operating performance, alongside a timely completion of debt refinancings including terms leading to: - Structurally positive FCF - EBITDA leverage sustained below 6.0x throughout the cycle - EBITDA interest cover sustained above 2.0x through the cycle Liquidity and Debt Structure AMS's primary liquidity risk relates to the refinancing of its capital structure, including the RCF and term loan maturing in April and June 2027, respectively. Absent upcoming maturities, liquidity is supported by a GBP40 million cash balance at end-2025 and GBP38.5 million availability under its GBP40 million RCF, net of GBP1.5 million ring-fenced for guarantees and FX lines, with maturity in April 2027. AMS also has access to GBP60 million and USD5 million invoice-discounting facilities, maturing in April 2027. Fitch expects these resources to be sufficient to cover temporary FCF shortfalls arising from seasonal working-capital outflows and capex needs in the near term. Issuer Profile AMS, headquartered in London, is a provider of talent acquisition and management services to over 200 corporations, primarily multinational blue-chip corporations across eight sectors and 120 countries. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for AMS. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Alexander Mann Solutions Corporation senior secured LT B Downgrade RR3 B+ Auxey Midco Limited LT IDR B- Downgrade B Auxey Bidco Limited senior secured LT B Downgrade RR3 B+ CANARY WHARF: FRP Advisory, BTG Begbies Named as Administrators --------------------------------------------------------------- Canary Wharf (SDS) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-002096. Simon Baggs and David Hudson of FRP Advisory Trading Limited and Paul Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators on March 16, 2026. Canary Wharf (SDS) Limited specialised in the buying and selling of own real estate and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA (in the process of being changed to c/o FRP Advisory Trading Ltd, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD). Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Simon Baggs David Hudson FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham B3 3BD -- and -- Paul Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 0121 710 1680 Email: cp.birmingham@frpadvisory.com Alternative contact: Abbie Lenihan CATHERINE PLACE: BTG Begbies, FRP Advisory Named as Administrators ------------------------------------------------------------------ Catherine Place Property 5 Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001915. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd were appointed as Joint Administrators on March 12, 2026. Catherine Place Property 5 Limited specialised in the buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor, 110 Cannon Street London EC4N 6EU For further details, contact: Marcus Wright BTG Begbies Traynor (Central) LLP Tel. No: 0114 275 5033 Email: sheffield.north@btguk.com CLARGES STREET: FRP Advisory, BTG Begbies Named as Administrators ----------------------------------------------------------------- Clarges Street Mayfair Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001839. David Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators on March 11, 2026. Clarges Street Mayfair Limited specialised in the buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA (to be changed to 3rd Floor, 2 Charlotte Place, Southampton SO14 0TB). The Joint Administrators can be reached at: David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU -- and -- Paul Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: +44 (0)2381 448 200 Alternative contact: Nate Taylor Email: cp.southampton@frpadvisory.com EAGLE SPECIALIST: FRP Advisory Appointed as Joint Administrators ---------------------------------------------------------------- Eagle Specialist Vehicles Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001569. Alexander Kinninmonth and James Prior of FRP Advisory Trading Limited were appointed as Joint Administrators on March 13, 2026. Eagle Specialist Vehicles Limited, trading as Wilcox Limousines, operated ceremonial coachbuilders. Its registered office is at Unit F, Stratus Business Centre, Swan Lane, Hindley Green, Wigan, WN2 4EY (to be changed to 3rd Floor, 2 Charlotte Place, Southampton, SO14 0TB). Its principal trading address is Unit F, Stratus Business Centre, Swan Lane, Hindley Green, Wigan, WN2 4EY. The Joint Administrators can be reached at: Alexander Kinninmonth James Prior FRP Advisory Trading Limited 3rd Floor, 2 Charlotte Place Southampton SO14 0TB For further details, contact: The Joint Administrators Tel. No: +44 (0) 2381 448 200 Alternative contact: Susannah Pyne Email: cp.southampton@frpadvisory.com GREEN PARK: FRP Advisory, BTG Begbies Named as Joint Administrators ------------------------------------------------------------------- Green Park (Garages) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001902. Simon Baggs and David Hudson of FRP Advisory Trading Limited and Paul Steven Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators on March 12, 2026. Green Park (Garages) Limited specialized in real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA (to be changed to c/o FRP Advisory Trading Limited, Derby House, 12 Winckley Square, Preston, PR1 3JJ). The Joint Administrators can be reached at: Simon Baggs David Hudson FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 01772 440700 Alternative contact: Nick Saunders Email: Nick.saunders@frpadvisory.com LUMINARIES NINE: FRP Advisory, BTG Named as Joint Administrators ---------------------------------------------------------------- The Luminaries Nine Elms Limited was placed into liquidation in the High Court of Justice, Court Number CR-2026-001898. Simon Baggs and David Hudson of FRP Advisory Trading Limited and Paul Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint Liquidators on March 12, 2026. The Luminaries Nine Elms Limited specialized in the buying and selling of own real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. Its principal trading address is at c/o FRP Advisory Trading Limited, Derby House, 12 Winckley Square, Preston, PR1 3JJ. The Joint Liquidators can be reached at: Simon Baggs David Hudson FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU -- and -- Paul Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 01772 440700 Alternative contact: Nick Saunders Email: Nick.saunders@frpadvisory.com SIMPLY MARVELLOUS: FRP Advisory, BTG Named Joint Administrators --------------------------------------------------------------- Simply Marvellous Properties Management Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001848. David Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators on March 11, 2026. Simply Marvellous Properties Management Limited specialized in the management of real estate on a fee or contract basis. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA (to be changed to c/o FRP Advisory Trading Limited, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: David Hudson Simon Baggs FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London EC4N 6EU -- and -- Paul Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 020 3005 4000 Alternative contact: Jacob Spurge Email: cp.london@frpadvisory.com ST. LAWRENCE: FRP Advisory, BTG Begbies Named as Administrators --------------------------------------------------------------- St Lawrence Terrace Property Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001901. David Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul Steven Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators on March 12, 2026. St Lawrence Terrace Property Limited specialized in the buying and selling of own real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA (to be changed to FRP Advisory Trading Limited, Derby House, 12 Winckley Square, Preston, PR1 3JJ). The Joint Administrators can be reached at: David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 01772 440700 Alternative contact: Nick Saunders Email: Nick.Saunders@frpadvisory.com TOGETHER ASSET 2022-1ST1: Fitch Ups Rating on E Notes to 'BB+sf' ---------------------------------------------------------------- Fitch Ratings has upgraded Together Asset Backed Securitisation 2022-1ST1 PLC's (TABS 2022-1ST1) class D and E notes and Together Asset Backed Securitisation 2024-1ST2 PLC's (TABS 2024-1ST2) class B and D notes. Fitch has also affirmed all other notes across the Together Asset Backed Securitisation series. The Outlooks for all ratings are Stable. Entity/Debt Rating Prior ----------- ------ ----- Together Asset Backed Securitisation 2023-1ST1 PLC A XS2622217250 LT AAAsf Affirmed AAAsf B XS2622218225 LT AA+sf Affirmed AA+sf C XS2622218571 LT A+sf Affirmed A+sf D XS2622218738 LT BBB-sf Affirmed BBB-sf E XS2622218811 LT BBsf Affirmed BBsf F XS2622218902 LT B-sf Affirmed B-sf Together Asset Backed Securitisation 2024-1ST1 PLC A XS2795571400 LT AAAsf Affirmed AAAsf B XS2795572630 LT AA+sf Affirmed AA+sf C XS2795572713 LT A+sf Affirmed A+sf D XS2795572986 LT BBBsf Affirmed BBBsf E XS2795573109 LT BB+sf Affirmed BB+sf Together Asset Backed Securitisation 2023-1ST2 PLC A XS2663588064 LT AAAsf Affirmed AAAsf B XS2663588221 LT AAsf Affirmed AAsf C XS2663588650 LT A+sf Affirmed A+sf D XS2663590557 LT BBB+sf Affirmed BBB+sf E XS2663596240 LT BBB-sf Affirmed BBB-sf F XS2663596919 LT BB+sf Affirmed BB+sf Loan Note LT AAAsf Affirmed AAAsf Together Asset Backed Securitisation 14 2025-1ST1 PLC Class A XS3174366966 LT AAAsf Affirmed AAAsf Class B XS3174367188 LT AAsf Affirmed AAsf Class C XS3174367345 LT Asf Affirmed Asf Class D XS3174367774 LT BBBsf Affirmed BBBsf Class E XS3174369044 LT BB+sf Affirmed BB+sf Class X1 XS3174369390 LT BBsf Affirmed BBsf Class X2 XS3174369556 LT CCCsf Affirmed CCCsf Together Asset Backed Securitisation 2024-1ST2 PLC Class A XS2888410557 LT AAAsf Affirmed AAAsf Class B XS2888410714 LT AAAsf Upgrade AA+sf Class C XS2888411365 LT A+sf Affirmed A+sf Class D XS2888411795 LT BBBsf Upgrade BBB-sf Class E XS2888412173 LT BB+sf Affirmed BB+sf Together Asset Backed Securitisation 2022-1ST1 PLC Class A XS2499665250 LT AAAsf Affirmed AAAsf Class B XS2499665508 LT AAAsf Affirmed AAAsf Class C XS2499667207 LT A+sf Affirmed A+sf Class D XS2499668783 LT BBB+sf Upgrade BBBsf Class E XS2499668940 LT BB+sf Upgrade BBsf Transaction Summary The transactions are securitisations of buy-to-let (BTL) and owner-occupied mortgages backed by properties in the UK, originated by Together Personal Finance and Together Commercial Finance, two fully owned subsidiaries of Together Financial Services Limited. KEY RATING DRIVERS Credit Enhancement Offsets Arrears: Credit enhancement (CE) for most of the tranches has increased due to the sequential amortisation of the notes. Since the last review of the transactions, the CE build-up in class A notes has ranged from 0.9pp to 4.2pp as of March 2026. Over the same period, arrears of one month or more have increased across transactions, ranging between 0.16pp and 2.75pp. The CE build-up has offset Fitch's worsening losses due to the arrears performance, supporting the rating actions taken. TABS 2024-1ST1 and TABS 2024-1ST2 class E notes will not benefit from any CE build-up before the optional redemption date. They may benefit only after that date, if the turbo feature is triggered and excess spread is available. The class E notes are therefore more exposed to asset performance deterioration than the rest of the capital structure and may be downgraded should asset performance fail to improve. PIR Caps Ratings: Liquidity provisions across all transactions are insufficient for the class C notes and below to achieve ratings above 'A+sf', as these notes must make timely interest payments when they are most senior and lack access to liquidity reserves. The absence of a reserve fund exposes the transactions to payment interruption risk (PIR). Fitch considers the legal regime protecting funds, frequent cash transfers and the presence of a back-up servicer to be mitigation against PIR up to 'A+sf'. Transaction Adjustment Aligned Across Series: Fitch has aligned the transaction adjustment (TA) for foreclosure frequency (FF) across all TABS transactions, following the update of its UK RMBS Rating Criteria in May 2025 and based on the historical performance data provided by Together. The TA of 2.0x, which was already applied to TABS 2024-1ST1, TABS 2024-1ST2 and TABS-2025-1ST1, is now applied to TABS-2022 1ST1, TABS-2023-1ST1, TABS 2023-1ST2, (previously 1.4x for owner-occupied and 1.5x for BTL). This leads to weighted average (WA) FF assumptions that are consistent across all TABS transactions. Specialised Lending: Together has a manual approach to underwriting, focusing on borrowers that do not necessarily qualify under the automated scorecard models of high-street lenders. It attracts a higher proportion of borrowers with complex incomes, notably self-employed where Fitch applied a 1.3x FF adjustment, compared with the standard 1.2x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transactions' performance may be affected by changes in market conditions and economic environment. Weakening economic performance is strongly correlated with increasing levels of delinquencies and defaults that could reduce CE available to the notes. In addition, unanticipated declines in recoveries could also result in lower net proceeds, which may make certain notes susceptible to negative rating action, depending on the extent of the decline in recoveries. Fitch found that a 15% increase in the WAFF and 15% decrease of the WA recovery rate (RR) would produce the following model-implied ratings: TABS 2022-1ST1: Class A/B/C/D/E 'AAAsf'/'AAAsf'/'A+sf'/'BBBsf'/'BBsf' TABS 2023 -1ST1: Class A/B/C/D/E/F 'AAAsf'/'AA-sf'/'BBB+sf'/'BB-sf'/'B-sf'/below 'Bsf' TABS 2023-1ST2: Class A/B/C/D/E/F 'AAAsf'/'Asf'/'BBBsf'/'BB-sf'/below 'Bsf'/ below 'Bsf' TABS 2024-1ST1: Class A/B/C/D/E 'AAAsf'/'AA-sf'/'A-sf'/'BB+sf'/'B+sf' TABS 2024-1ST2: Class A/B/C/D/E 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB+sf' TABS 2025-1ST1: Class A/B/C/D/E/F/X1/X2 'AA+sf'/'Asf'/'BBB+sf'/'BBB-sf'/'BB+sf'/'BBsf'/below 'Bsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch found that a decrease in the WAFF of 15% and an increase in the WARR of 15% would lead to the following: TABS 2022-1ST1: Class A/B/C/D/E 'AAAsf'/'AAAsf'/'A+sf'/'A+sf'/'Asf' TABS 2023-1ST1: Class A/B/C/D/E/F 'AAAsf'/'AAAsf'/'A+sf'/'Asf'/'BBB+sf'/'B+sf' TABS 2023-1ST2: Class A/B/C/D/E/F 'AAAsf'/'AAAsf'/'A+sf'/'A+sf'/'Asf'/'BBBsf' TABS 2024-1ST1: Class A/B/C/D/E 'AAAsf'/'AAAsf'/'A+sf'/'A+sf'/'BBB+sf' TABS 2024-1ST2: Class A/B/C/D/E 'AAAsf'/'AAAsf'/'A+sf'/'A+sf'/'A+sf' TABS 2025-1ST1: Class A/B/C/D/E/F/X1/X2 'AAAsf'/'AAAsf'/'A+sf'/'A+sf'/'BB+sf'/'BB+sf'/below 'Bsf' USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transactions' closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Prior to the transaction closing, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the rating agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ********* 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 * * *