260422.mbx

260422.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, April 22, 2026, Vol. 27, No. 80 Headlines D E N M A R K TDC BRANDS: S&P Rates Proposed EUR550MM Senior Secured Notes 'B' I R E L A N D ARES EUROPEAN XXIV: Fitch Assigns B-sf Final Rating to Cl. F Notes AURIUM CLO VI: Moody's Affirms B3 Rating on EUR14.6MM Cl. F Notes BRIDGEPOINT CLO X: S&P Assigns B- (sf) Rating to Class F Notes CAPITAL FOUR II: Fitch Assigns 'B-sf' Final Rating to Class F Notes I T A L Y KEDRION SPA: Moody's Affirms 'B2' CFR, Alters Outlook to Positive MULTIVERSITY SPA: Moody's Assigns 'B2' CFR, Outlook Stable POPOLARE BARI 2017: Moody's Cuts Rating on Class A Notes to Caa3 L U X E M B O U R G MINERVA LUXEMBOURG: Fitch Rates New Sr. Unsecured Notes 'BB' REDE D'OR FINANCE: S&P Rates Proposed Senior Unsecured Notes 'BB+' N E T H E R L A N D S BAUSCH + LOMB: Fitch Keeps 'B' Long-Term IDR on Watch Evolving DUTCH MORTGAGE 2026-1: S&P Puts Prelim BB Rating to 2 Note Classes VTR FINANCE: S&P Upgrades ICR to 'B+' on Capital Structure N O R W A Y KONGSBERG AUTOMOTIVE: Moody's Affirms 'B2' CFR, Outlook Now Stable S W I T Z E R L A N D TRANSOCEAN LTD: Secures $1 Billion in Incremental Contract Backlog U N I T E D K I N G D O M 17 CRESSWELL: BTG Begbies, FRP Advisory Appointed as Administrators BAY HOMES (STRACHUR): WBG Services Named as Joint Administrators BRYANSTON SQUARE: BTG Begbies, FRP Advisory Named as Administrators BUCKINGHAM GATE: BTG Begbies, FRP Advisory Named as Administrators CROPTHORNE COURT: BTG Begbies, FRP Advisory Named as Administrators EATON TERRACE: BTG Begbies, FRP Advisory Named as Administrators ENQUEST PLC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable LANCASTER GATE: BTG Begbies, FRP Advisory Named as Administrators LEOPARD GATE: BTG Begbies, FRP Advisory Named as Administrators PARK STREET: BTG Begbies, FRP Advisory Named as Administrators - - - - - ============= D E N M A R K ============= TDC BRANDS: S&P Rates Proposed EUR550MM Senior Secured Notes 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating to TDC Brands A/S' (formerly Nuuday A/S) proposed issuance of EUR550 million in senior secured notes due 2031. S&P is also assigning a recovery rating of '2' to the notes, indicating its expectation of meaningful recovery (70%-90%; rounded estimate: 70%) in a hypothetical event of a default. TDC Brands A/S (B-/Stable/--) will use the proceeds to refinance its EUR500 million term loan B and extend the maturity profile of its capital structure. The remaining proceeds (net of transaction costs) will be used to bolster cash on the balance sheet. It is also refinancing its EUR140 million revolving credit facility (RCF) with a new EUR175 million super senior RCF that will expire six months before the new notes. Issuing the senior secured notes will bolster TDC Brands's liquidity by about EUR50 million, while the new RCF will be EUR35 million larger than the existing facility. Both extend the debt maturity by three years. TDC Brands plans to use the additional cash on its balance sheet to partly fund planned investments in advanced services and information communication technology (ICT) services for the business-to-business (B2B) market. TDC Brands is investing heavily in expanding its B2B value proposition through a Danish krone (DKK) 1 billion investment package over 2026-2027. S&P said, "Even after revising our base-case assumptions to incorporate the proposed issuance, TDC Brands credit metrics fall within the range we consider commensurate with the 'B-' rating. We forecast free operating cash flow (FOCF) in 2026 to be negative by DKK 653 million, a significant amount that is likely to cause a rise in net debt. S&P Global Ratings-adjusted debt to EBITDA is forecast to increase to 4.9x in 2026 from 4.8x in 2025. That said, TDC Brands' shareholders have announced an equity injection of DKK350 million during the first half of 2026, which should help curb the increase in leverage. Furthermore, we expect the new EUR175 million RCF to be fully undrawn when the transaction closes, which supports our view that TDC Brands liquidity profile will remain adequate. "We project that EBITDA will be broadly stable. Although maintaining market share in the competitive Danish telecom market will require further investment in service differentiation and inflation is rising, we anticipate that this will be balanced by efficiency gains from measures such as reduced headcount and phasing out transformation expenses. "Our base case remains broadly the same as that published in "Nuuday A/S" on Sept. 10, 2025, except that the increase in B2B investment is projected to make FOCF in 2026 more negative." Issue Ratings--Recovery Analysis Key analytical factors -- The proposed EUR550 million senior secured notes due in 2031 are rated 'B', one notch above the issuer credit rating on TDC Brands, with a recovery rating of '2', reflecting S&P's view of meaningful recovery (70%-90%; rounded estimate 70%) in a hypothetical default scenario. -- In addition to the newly issued senior secured notes, the group will have a newly issued EUR175 million RCF (unrated) that S&P treats as priority debt in our analysis as it ranks senior to the senior secured notes. -- S&P views the security package as limited. It comprises pledges over issued share capital of the issuer held by DK Telekommunikation ApS (Holdco), intercompany receivables owed to the holding company by the issuer, intragroup loans owed to the issuer, and its material bank accounts. -- In S&P's hypothetical default scenario, it assumes TDC Brands faces rising input costs that cannot be passed on to customers, and that it is unable to derive benefits from acquisitions or cost-reduction initiatives. S&P said, "We value TDC Brands as a going concern, based on mitigating factors such as its leading market positions in mobile, broadband, and TV in the Danish market; combined with its ability to provide scaled product offerings in both business and consumer segments. We also consider its asset-light business model, which has minimal tangible assets, and its reliance on sister company TDC NET and other telecom infrastructure owners to enable it to provide telecom services to its clients. Furthermore, the company operates only in its home country, Denmark." Simulated default assumptions -- Year of default: 2028 -- Jurisdiction: Denmark Simplified waterfall -- Emergence EBITDA: DKK803 million -- Implied enterprise value multiple: 5.5x, in line with the standard sector assumption -- Gross enterprise value: DKK4,418 million -- Net recovery value after administrative expenses (5%): DKK4,197 million -- Estimated first-lien debt claim: DKK1,144 million -- Value available for second-lien debt claims: DKK3,053 million -- Estimated second-lien debt claim: DKK4,314 million -- Recovery range: 70%-90% (rounded estimate 70%) -- Recovery rating: '2' *This is a simulated default scenario. All debt amounts include six months of prepetition interest that S&P assumes to be outstanding at default. The RCF is assumed to be 85% drawn at default. ============= I R E L A N D ============= ARES EUROPEAN XXIV: Fitch Assigns B-sf Final Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Ares European CLO XXIV DAC's notes final ratings, as detailed below. Entity/Debt Rating ----------- ------ Ares European CLO XXIV DAC A-L LT AAAsf New Rating A-N XS3305845219 LT AAAsf New Rating B XS3305845300 LT AAsf New Rating C XS3305845482 LT Asf New Rating D XS3305845649 LT BBB-sf New Rating E XS3305845722 LT BB-sf New Rating F XS3305845995 LT B-sf New Rating Subordinated XS3305846027 LT NRsf New Rating Transaction Summary Ares European CLO XXIV DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to purchase a portfolio with a target par of EUR400 million. The portfolio is actively managed by Ares Management Limited. The CLO has a 4.5-year reinvestment period and a 7.5-year weighted average life (WAL) test at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the identified portfolio to be in the 'B' category. The Fitch weighted average rating factor of the identified portfolio is 23.5. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. The recovery prospects for these assets are more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 62.6%. Diversified Asset Portfolio (Positive): The transaction has various portfolio concentration limits, including a maximum exposure to the three largest Fitch-defined industries at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction includes two sets of matrices, one available at closing with a WAL of 7.5 years and one available 18 months after closing with a WAL of seven years, to take into account the possible WAL step-up. The matrix set correspond to a top 10 obligor concentration limit of 16% and two fixed-rate asset limits at 5% and 10%. The WAL can step up by 12 months one year after closing if certain conditions, including the collateral principal amount with defaulted assets treated at collateral value being equal or higher than the reinvestment target par balance, will be fulfilled. The transaction has a 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. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL test covenant, to account for strict reinvestment conditions after the reinvestment period, including the satisfaction of over-collateralisation test and Fitch's 'CCC' limit tests, plus a linearly decreasing WAL test covenant. These conditions reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A and B notes, and lead to downgrades of one notch for the class C, D and E notes, and to below 'B-sf' for the class F notes. Based on the actual portfolio, downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B, C, D, E and F notes have rating cushions of two 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 three notches for the class A to D notes and to below 'B-sf' for the class E and F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to two notches each for the notes, except the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the Fitch-stressed portfolio, upgrades 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. After the end of the reinvestment period, upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread 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 Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Ares European CLO XXIV 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. AURIUM CLO VI: Moody's Affirms B3 Rating on EUR14.6MM Cl. F Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Aurium CLO VI Designated Activity Company: EUR35,000,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on May 24, 2021 Definitive Rating Assigned Aa2 (sf) EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on May 24, 2021 Definitive Rating Assigned Aa2 (sf) EUR31,500,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on May 24, 2021 Definitive Rating Assigned A2 (sf) Moody's have also affirmed the ratings on the following debt: EUR150,000,000 (Current outstanding balance EUR149,973,966) Class A Senior Secured Floating Rate Loan due 2034, Affirmed Aaa (sf); previously on May 24, 2021 Definitive Rating Assigned Aaa (sf) EUR129,000,000 (Current outstanding balance EUR128,977,611) Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on May 24, 2021 Definitive Rating Assigned Aaa (sf) EUR28,100,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on May 24, 2021 Definitive Rating Assigned Baa3 (sf) EUR22,500,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on May 24, 2021 Definitive Rating Assigned Ba3 (sf) EUR14,600,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on May 24, 2021 Definitive Rating Assigned B3 (sf) Aurium CLO VI Designated Activity Company, originally issued in July 2020 and later reset in May 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Spire Management Limited. The transaction's reinvestment period ended in November 2025. RATINGS RATIONALE The rating upgrades on the Class B-1, B-2 and C notes are primarily a result of the transaction having reached the end of the reinvestment period in November 2025. The affirmations on the ratings on the Class A Loan and Class A, D, E and F notes are primarily a result of their expected losses remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR441.4m Defaulted Securities: EUR2.5m Diversity Score: 53 Weighted Average Rating Factor (WARF): 3001 Weighted Average Life (WAL): 3.91 years Weighted Average Spread (WAS): 3.57% Weighted Average Coupon (WAC): 2.83% Weighted Average Recovery Rate (WARR): 43.76% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the debts' exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the debt are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debts' performance is subject to uncertainty. The debts' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the debts' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the debts' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the debt beginning with the debt having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the debts' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. BRIDGEPOINT CLO X: S&P Assigns B- (sf) Rating to Class F Notes -------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Bridgepoint CLO X DAC's class A-1 and A-2 loans and class A, B, C, D, E, and F notes. At closing, the issuer also issued unrated subordinated notes. The ratings assigned to Bridgepoint CLO X DAC's debt reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loans through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,747.05 Default rate dispersion 441.15 Weighted-average life (years) 4.83 Weighted-average life (years) extended to cover the length of the reinvestment period 4.83 Obligor diversity measure 130.95 Industry diversity measure 24.32 Regional diversity measure 1.20 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 36.64 Target weighted-average spread (net of floors, %) 3.50 Target weighted-average coupon (%) 5.78 Rationale Under the transaction documents, the rated notes and loans will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loans will switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.5 years after closing. At closing, the portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we also modeled the covenanted weighted-average spread (3.49%), the covenanted weighted-average coupon (4.50%), and the target weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes and loans. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period on Oct. 15, 2030, the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loans. This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating--and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "At closing, the transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "At closing, the transaction's legal structure and framework are bankruptcy remote, in line with our legal criteria. "The operational risk associated with key transaction parties (such as the collateral manager) that provide an essential service to the issuer is in line with our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the ratings are commensurate with the available credit enhancement for the class A-1 loan, class A-2 loan, and class A notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from closing--during which the transaction's credit risk profile could deteriorate--we have capped our ratings on the class B to E notes. "For the class F notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes. The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 25.67% (for a portfolio with a weighted-average life of 4.83 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.83 years, which would result in a target default rate of 15.46%." -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of notes and loans. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A-1 loan and A-2 loan and class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the transaction's exposure to environmental, social, and governance (ESG) credit factors as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental and social credit factors is viewed as below average, while governance credit factors are average. For this transaction, the documents prohibit or limit certain assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Bridgepoint CLO X DAC is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. The transaction is a broadly syndicated CLO that is managed by Bridgepoint Credit Management Ltd. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 148.00 38.00 Three/six-month EURIBOR plus 1.22% A-1 Loan AAA (sf) 50.00 38.00 Three/six-month EURIBOR plus 1.22% A-2 Loan AAA (sf) 50.00 38.00 Three/six-month EURIBOR plus 1.22% B AA (sf) 44.00 27.00 Three/six month EURIBOR plus 1.75% C A (sf) 24.00 21.00 Three/six month EURIBOR plus 2.20% D BBB- (sf) 28.00 14.00 Three/six month EURIBOR plus 3.00% E BB- (sf) 19.00 9.25 Three/six month EURIBOR plus 5.00% F B- (sf) 11.00 6.50 Three/six month EURIBOR plus 7.80% Sub notes NR 29.85 N/A N/A *The ratings assigned to the class A-1 and A-2 loans and class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §Solely for modeling purposes as the actual spreads may vary at pricing. The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. CAPITAL FOUR II: Fitch Assigns 'B-sf' Final Rating to Class F Notes ------------------------------------------------------------------- Fitch Ratings has assigned Capital Four CLO II DAC reset notes final ratings, as detailed below. Entity/Debt Rating ----------- ------ Capital Four CLO II DAC A-Notes XS3316261802 LT AAAsf New Rating A1 Loan LT AAAsf New Rating A2 Loan LT AAAsf New Rating B-1 XS3316262016 LT AAsf New Rating B-2 XS3316262289 LT AAsf New Rating C XS3316262446 LT Asf New Rating D XS3316262792 LT BBB-sf New Rating E XS3316262958 LT BB-sf New Rating F XS3316263170 LT B-sf New Rating Subordinated Notes XS2270686046 LT NRsf New Rating X XS3316263410 LT AAAsf New Rating Transaction Summary Capital Four CLO II DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to redeem the existing notes and to fund the portfolio with a target par of EUR325 million. The portfolio is actively managed by Capital Four CLO Management K/S and Capital Four Management Fondsmæglerselskab A/S. The CLO has an about 4.5-year reinvestment period and a 7.5-year weighted average life (WAL) test covenant at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch weighted average rating factor of the identified portfolio is 25.1. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 61.1%. Diversified Portfolio (Positive): The transaction includes four matrices covenanted by a top 10 obligor concentration limit at 20% and fixed-rate asset limits of 5% and 10%. Two are effective at closing and the two forward matrices will be available 18 months after the issue date. They have various concentration limits, including maximum exposure to the three largest Fitch-defined industries in the portfolio of 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. WAL Step-Up Feature (Neutral): The transaction can extend the WAL by one year on the step-up date, which is one year after closing. The WAL extension is subject to conditions, including passing the collateral-quality tests, portfolio profile tests, coverage tests and the collateral principal amount equal to or above the reinvestment target par balance, with defaulted assets at their collateral value. 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. Cash-flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio analysis is 12 months less than the WAL covenant at the issue date, to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include, among others, passing the coverage tests and the Fitch 'CCC' bucket limit test after reinvestment, as well as a WAL covenant that gradually steps down, before and after the end of the reinvestment period. These conditions would reduce the effective risk horizon of the portfolio in 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 lead to downgrades of three notches for the class E notes, two notches for the class B and C notes, one notch for the class D notes and to below 'B-sf' for the class F notes. There would be no impact on the class X and A debt. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio, the class B, D and E notes display rating cushions of two notches, the class C notes of one notch and the class F notes display no rating cushion. The class X notes and A debt are already at their highest achievable ratings so also have no cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of four notches for the class C and D notes, three notches for the class A debt and class B notes and to below 'B-sf' for the class E and F notes. The class X notes would be unaffected. 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 three notches for the class C and E notes and two notches for the class B, D and F notes. The class X notes and A debt are already at their highest achievable rating and cannot be upgraded. During the reinvestment period, based on the Fitch-stressed portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the transaction's remaining life. After the end of the reinvestment period, upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread 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 Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Capital Four CLO II 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. ========= I T A L Y ========= KEDRION SPA: Moody's Affirms 'B2' CFR, Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings has affirmed Kedrion S.p.A.'s (Kedrion or the company) corporate family rating of B2 and its probability of default rating of B2-PD. At the same time, Moody's have affirmed the B2 instrument ratings of the senior secured bank credit facilities and backed senior secured notes, all due in 2029, borrowed by the company. The outlook has been changed to positive from stable. RATINGS RATIONALE The ratings affirmation and change in outlook to positive reflect Moody's expectations of continued good operating performance which will lead to Kedrion's strong credit metrics to sustain over the next 12-18 months. In particular, Moody's expects its Moody's-adjusted gross leverage to remain around 3x over the same period of time and on a constant currency basis. Moody's also expects the company's Moody's-adjusted free cash flow (FCF) generation to sustain at positive levels and generate around EUR25 million annually, over the next 12-18 months. This despite continued high growth capital spending to support future growth. Strong credit metrics and expected organic growth drive the outlook change but also reflect some execution risks, particularly regarding QIVIGY and Yimmugo market penetration, and foreign exchange volatility over the next 12 months, which can impact Moody's-adjusted EBITDA. Over the next 12-18 months, Moody's expects Kedrion's revenue to grow at around high-single digits in percentage terms, driven by a strengthening plasma derived products portfolio, led by QIVIGY, Yimmugo and rare diseases, and supported by higher capacity utilisation. Intravenous immunoglobulin (IVIG) growth accelerates with the ramp up of Yimmugo from end of 2025 and the launch of QIVIGY since February 2026, improving both volumes and average pricing, particularly in the US. Rare diseases represent a high growth, high margin contributor, with Ryplazim scaling in the US and internationally following successful tech transfer, and Coagadex expanding across new geographies. Kedrion's B2 rating continues to reflect the high barriers to entry and good industry fundamentals, with increasing demand for plasma-derived products. Moreover, the company's new product launches, and continued market penetration in rare diseases should support profit margin expansion. At the same time, Kedrion's concentration in plasma-derived products and its limited scale and market share against its main competitors constrain its credit quality. Scale is particularly important in the plasma derivatives industry, where fixed costs are large and capital intensity is high. OUTLOOK The positive outlook reflects Moody's expectations that Kedrion's operating performance will remain strong, supporting EBITDA growth and sustained EBITDA profitability, leading to a Moody's-adjusted gross leverage remaining well below 4x. The outlook assumes that the company will not undertake any major debt-funded acquisitions or shareholder distributions. LIQUIDITY Kedrion's liquidity is good, supported by cash balances of EUR133 million at the end of 2025, and access to its super senior revolving credit facility (ssRCF) of EUR175 million which was undrawn as of the same date. Over the next 12-18 months, Moody's expects its Moody's-adjusted FCF to be around EUR25 million annually, despite high growth capital spending. The ssRCF includes one springing covenant, senior secured net leverage not exceeding 6.0x, tested when the facility is more than 40% drawn. Moody's expects the company to have significant capacity under the covenant, if tested. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Kedrion's recent roll out of new products has a good market penetration and the company continues to improve its profitability margins. Numerically, this would translate into Moody's-adjusted debt/EBITDA remaining below 4.5x on a sustained basis; Moody's-adjusted EBITDA/Interest expense ratio remaining above 3.5x; Moody's-adjusted FCF/debt improving towards the mid-single-digits in percentage terms on a sustainable basis; and Kedrion maintaining a solid liquidity position. Predictability of the company's financial policies and capital structure would also be prerequisites for an upgrade. The outlook could be revised to stable if the company's recent strong performance does not sustain leading to credit metrics more in line with its current guidance. Downward rating pressure could arise if operating performance weakens. Moody's could also downgrade the rating if its Moody's-adjusted gross leverage increases above 5.5x, or its Moody's-adjusted EBITDA/Interest expense decreases below 2.5x, or its Moody's-adjusted FCF is negative weakening the overall liquidity position of the company, all on a sustained basis. Potential sizeable debt-financed acquisitions or shareholder distributions could also lead to a rating downgrade. STRUCTURAL CONSIDERATIONS The B2-PD PDR reflects Moody's assumptions of a 50% recovery rate for covenant-lite debt structures, including bonds and bank debt. The B2 ratings of the $790 million backed senior secured notes and the $75 million senior secured term loan A (TLA) of which $74.25 million were outstanding as of end 2025, all due in 2029, are in line with Kedrion's CFR, reflecting their positioning in the capital structure, with only the EUR175 million ssRCF ranking ahead of them. The notes and the TLA are secured by share pledges and, with some limitations, assets in the US subsidiaries and are guaranteed by subsidiaries, representing at least 80% of the company's EBITDA. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Medical Products and Devices published in October 2025. Kedrion's B2 rating is two notches lower than the scorecard-indicated outcome of Ba3, due to execution risks from recent product launches like QIVIGY and Yimmugo, which could result in lower market penetration from two key products, as well as expected FX volatility over the coming 12-18 months that may impact adjusted metrics. COMPANY PROFILE Kedrion is a biopharmaceutical company that collects and fractionates plasma to produce and distribute plasma-derived products that are used for the prevention and treatment of conditions such as haemophilia, primary immunodeficiencies and Rh sensitisation. The company is the fifth-largest producer of plasma-derived products in terms of revenue. Kedrion generated EUR1.65 billion in revenue and EUR341 million in company-adjusted EBITDA in 2025. Kedrion is controlled by the private equity fund Permira and other co-investors, which hold 63% of the capital. Other shareholders are the Marcucci family (Kedrion's founder), Cassa Depositi e Prestiti S.p.A. (Baa2 stable) and Fondo Strategico Italiano. MULTIVERSITY SPA: Moody's Assigns 'B2' CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings has assigned a B2 long-term corporate family rating and a B2-PD probability of default rating to Multiversity S.p.A. (Multiversity), a leading private higher education online provider in Italy, following the reverse merger with Pachelbel BidCo S.p.A. Concurrently, Moody's have withdrawn the B2 CFR and B2-PD PDR of Pachelbel BidCo S.p.A. Moody's have also affirmed the B2 ratings on the EUR600 million senior secured floating rate notes and on the EUR500 million senior secured fixed rate notes, both due May 2031, originally issued by Pachelbel Bidco S.p.A. and assumed by Multiversity following the completion of the reverse merger. In addition, Moody's affirmed the B2 rating on the EUR765 million floating rate senior secured notes due October 2028 issued by Multiversity. The outlook on Multiversity remains stable. "Multiversity's B2 rating reflects its leading position in the online higher education segment in Italy, its good operational and financial track record, the supportive industry dynamics from increasing demand for online education, very high profitability margins as well as its strong free cash flow generation, which is driven by an asset-light business model with low capital spending requirements and a very lean cost structure," says Víctor García Capdevila, a Moody's Ratings Vice President-Senior Analyst and lead analyst for Multiversity. "The rating also reflects Multiversity's high Moody's-adjusted gross leverage levels, its still relatively small scale of operations, the earnings concentration in the niche education online segment in Italy, and its exposure to regulatory risks," adds Mr. García. RATINGS RATIONALE The rating action reflects a corporate reorganization whereby Pachelbel BidCo S.p.A., (the previous parent company, rated entity and issuer of the senior secured debt) legally merged into Multiversity S.p.A., with Multiversity as the surviving entity. Following this reverse merger, Pachelbel BidCo ceased to exist as a separate legal entity, Multiversity became the issuer and obligor of the former Pachelbel BidCo debt, and Pachelbel Investments S.à r.l. became the direct sole shareholder of Multiversity. Multiversity's B2 ratings benefit from a track record of robust organic growth through September 2025, which Moody's expects to continue also in the last quarter of the year. Under Moody's forecasts, Moody's assumes that the company's revenue will grow by 16% to approximately EUR610 million in 2025, supported by growth in the student base, higher tuition fees for new enrolments, and increasing non tuition fee revenue driven by a larger undergraduate population. As a result, Moody's adjusted EBITDA is also expected to improve by around 11% to approximately EUR320 million driving Moody's adjusted leverage to 5.9x from 6.5x in 2024. Despite solid earnings growth, Moody's expects profitability to moderate in 2025, with Moody's adjusted EBITA margin declining to around 50% from 53% in the prior year, as operating leverage from strong enrolment growth is more than offset by incremental cost pressures, mainly higher teaching personnel costs associated with the mandated increase in the teacher to student ratio. Looking ahead, Moody's assumes a normalization in growth, with revenue increasing by around 5-7% per annum in 2026 and 2027. This slowdown reflects uncertainty surrounding the long term impact of in person examination requirements, as well as more mature growth dynamics following the strong expansion over the last few years. Moody's adjusted EBITDA is expected to remain broadly flat year on year at around EUR320 million in 2026 and improve to EUR340 million in 2027, limiting the deleveraging trajectory. Multiversity is expected to face incremental margin pressure in 2026 due to the implementation of the teaching staff hiring plan required under Ministerial Decree 1835/2024. In addition, the requirement to conduct in person examinations for online degree programmes is likely to structurally increase operating costs, including expenses related to the rollout and operation of physical examination centres, increased logistics and supervision requirements, and higher personnel costs. While continued enrolment growth should support operating leverage, these additional costs are likely to constrain further improvements in profitability. Free cash flow is expected to turn negative in 2025 due to the EUR112 million dividend distribution, but Moody's expects it to revert to positive territory in 2026–27, at around EUR90–110 million annually. Consistent with its asset light business model, capital expenditure requirements remain modest at around 3% of sales, primarily focused on IT platform development and cybersecurity enhancements. LIQUIDITY Multiversity's liquidity is very good, supported by its solid FCF generation; high cash balance of EUR313 million as of September 2025; full availability under its EUR195 million revolving credit facility (RCF) due in 2031; and no material debt maturities until October 2028. STRUCTURAL CONSIDERATIONS Multiversity's probability of default rating is B2-PD based on 50% family recovery rate because of a capital structure including both bonds and bank debt. The security and guarantee package of the notes is considered to be weak, with no upstream guarantees from operating subsidiaries and the security package comprising only share pledges. As a result, the notes rank behind trade payables, other operating company obligations and the super senior RCF, which ranks ahead in an enforcement scenario. Given the relatively small size of the RCF and the operating company obligations, the notes are rated B2, at the same level as the CFR. RATING OUTLOOK The stable outlook reflects Moody's expectations that Multiversity will continue to achieve good organic growth over the next 12–18 months, albeit at a more moderate pace than in the past and with lower profit margins due to adverse regulatory changes. The outlook does not factor in any material debt funded acquisitions and incorporates Moody's assumptions of adequate liquidity at all times. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could arise if the company continues to build up on its rapid and profitable growth trajectory and the company commits to a financial policy commensurate with a B1 rating, equivalent to a sustainable Moody's-adjusted gross leverage well below 4.5x while solid free cash flow generation and good liquidity are maintained. Downward pressure on the ratings could arise if the company's operating performance weakens or it engages in debt financed acquisitions or dividend distributions such that Multiversity's gross adjusted leverage increases sustainable above 6.0x. The ratings could also be downgraded if liquidity deteriorates significantly; or changes in the accreditation and/or regulatory landscape materially weaken the company's business prospects. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Multiversity is the leading private online higher education provider in Italy, with more than 200,000 undergraduate students. The group owns Università Telematica Pegaso and Università Telematica San Raffaele Roma and holds a 67% majority stake in Universitas Mercatorum. These institutions are among the 11 online universities officially recognised by the Italian Ministry of University and Research, with degrees holding the same legal value as those awarded by traditional universities. In 2025, Moody's estimates that Multiversity generated approximately EUR610 million in revenues and around EUR320 million of Moody's adjusted EBITDA. POPOLARE BARI 2017: Moody's Cuts Rating on Class A Notes to Caa3 ---------------------------------------------------------------- Moody's Ratings has downgraded the rating of the Class A Notes in Italian NPL transaction Popolare Bari NPLs 2017 S.r.l. The rating action reflects lower than anticipated cash-flows generated from the recovery process on the non-performing loans (NPLs) and underhedging. EUR80.9M Class A Notes, Downgraded to Caa3 (sf); previously on Dec 6, 2022 Downgraded to Caa1 (sf) Maximum achievable rating is Aa2 (sf) for structured finance transactions in Italy, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE Lower than anticipated cash-flows generated from the recovery process on the NPLs: The portfolio is serviced by Prelios Credit Servicing S.p.A. ("Prelios"; unrated). As of September 2025, Cumulative Collection Ratio was at 45.7%, based on collections net of legal and procedural costs, meaning that collections are coming slower than anticipated in the original Business Plan projections. The NPV Cumulative Profitability Ratio was at 82.91%. A particularity of this transaction is that the trigger to defer interest payments on the Class B notes is based on profitability and not on cumulative collections which resulted in later deferral as profitability for closed positions was still above the threshold (90%) even when collections were coming slower than originally anticipated. The subordination trigger was hit sporadically in April 2022 and October 2021 and has been consistently hit since October 2023. In terms of the underlying portfolio, the GBV stood at EUR255.2 million as of September 2025 down from EUR319.7 million at closing. Out of the approximately EUR64.5 million reduction of GBV since closing, principal payments to the Class A notes have been in the range of EUR18.7 million. The Class A Notes' balance is now EUR52.2 million which represents 64.5% of its balance at closing. The latest business plan received in 2025 expects a total amount of future collections significantly lower than the outstanding amount of the Class A Notes. About 34% of the pool in Popolare Bari NPLs 2017 S.r.l. by GBV is concentrated in the top 10 obligors which increases potential performance volatility. Moody's notes that the advance rate of Class A stood at 20.5% as of October 2025 compared to 25.3% at closing, a small reduction and therefore small change in the credit enhancement, considering that the transaction closed in December 2017. NPL transactions' cash flows depend on the timing and amount of collections. Moody's simulations of cashflows from the remaining portfolio in light of portfolio characteristics and observed timings, coupled with the outstanding balance of the Class A Notes are no longer consistent with the rating prior to the downgrade. Moody's have taken into account the potential cost of the GACS Guarantee within its cash flow modelling, while any potential benefit from the guarantee for the senior Noteholders has not been considered in its analysis. Underhedging: The transaction benefits from an interest rate cap, linked to six-month EURIBOR, provided by JP morgan SE (Aa1(cr)/P-1(cr)). The strike of the cap option is fixed at 0.10%. The notional of the interest rate cap was pre-defined at closing based on expected repayment of the notes. Repayment of the class A notes has been slower than anticipated given the weak performance of the transaction and therefore the notes are significantly underhedged, which means that additional cashflows are needed to make interest payment on the notes further delaying the repayment of their principal. Current notional is EUR3 million which is below the EUR52.2 million outstanding balance of the Class A notes and there will be no hedging after April 2026 payment date. The principal methodology used in this rating was "Non-performing and Re-performing Loan Securitizations" published in April 2024. Factors that would lead to an upgrade or downgrade of the rating: Factors or circumstances that could lead to an upgrade of the rating include: (i) the recovery process of the non-performing loans producing significantly higher cash-flows in a shorter time frame than expected; (ii) improvements in the credit quality of the transaction counterparties; and (iii) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the rating include: (i) significantly lower or slower cash-flows generated from the recovery process on the non-performing loans due to either a longer time for the courts to process the foreclosures and bankruptcies, a change in economic conditions from Moody's central scenario forecast or idiosyncratic performance factors. For instance, should economic conditions be worse than forecasted and the sale of the properties generate less cash-flows for the issuer or take a longer time to sell the properties, all these factors could result in a downgrade of the ratings; (ii) deterioration in the credit quality of the transaction counterparties; and (iii) increase in sovereign risk. =================== L U X E M B O U R G =================== MINERVA LUXEMBOURG: Fitch Rates New Sr. Unsecured Notes 'BB' ------------------------------------------------------------ Fitch Ratings has assigned a 'BB' rating to the proposed benchmark-size new senior unsecured notes issued by Minerva Luxembourg S.A., a wholly owned offshore subsidiary of Minerva S.A. (Minerva). The proposed issue will mature in 2036. Minerva will unconditionally and irrevocably guarantee the notes. The proceeds will be used to repay existing indebtedness and for general corporate purposes. Fitch currently rates Minerva's Long-Term Foreign Currency and Local Currency Issuer Default Ratings (IDRs) 'BB'/Stable. Minerva's ratings reflect its strong business profile as Latin America's largest beef exporter after its acquisition of beef assets at YE 2024 increased its production capacity by 42%. The company's scale and geographic diversification provide significant competitive advantages. These factors help Minerva to mitigate risks from concentration in one protein type and manage exports from different countries in South America, leading to above-average operating margins. Fitch projects Minerva will report strong EBITDA margins and positive FCF, reaching a net leverage below 2.5x at YE 2026. The Stable Outlook reflects Fitch's view that Minerva will maintain its solid financial and operational performance within the competitive global protein industry. Key Rating Drivers Strong Beef Exporter: Minerva's business profile reflects its strong beef exporter position, with 43 industrial plants in Brazil, Argentina, Uruguay, Paraguay, Colombia, Chile, and Australia. Fitch believes its scale and diversification give Minerva a competitive edge that allows it to reduce industry risks. Fitch expects Minerva to increase volumes to 2.1 million tons in 2026, up from 2.0 million tons in 2025 and 1.5 million tons in 2024 due to positive supply and demand fundamentals in the global beef sector. Above-Average EBITDA Margins: Minerva maintains EBITDA margins above the industry average, supported by its diversified operations in Latin America and strong export platform. Fitch forecasts slightly lower EBITDA margin for the next three years, at around 8,2%, due to increasing cattle prices in Brazil. Historically, margins hovered in the 8.5%-9.5% range. Positive FCF: Fitch projects Minerva to report positive FCF for the next three years. EBITDA and cash flow from operations (CFO) should reach BRL5.0 billion and BRL2.4 billion, respectively, in 2026 and BRL5.2 billion and BRL3.4 billion in 2027. FCF should be positive, assuming capex of around 1.4% of the net revenue and dividend pay-outs at the minimum level of 25% of net income, which will allow Minerva to reduce net leverage during the rating horizon. Net Leverage Below 2.5x in 2026: Minerva's net leverage is projected to strengthen to below 2.5x by YE 2026, reflecting quarterly improvements in performance and utilization rates of the new assets acquired from Marfrig, and the capital injection of BRL2 billion in June 2025, the proceeds of which were used to reduce debt. The base case scenario considers gross leverage and net leverage ratios at 4.5x and 2.4x, respectively, in 2026, and assume net debt reduction of approximately BRL1.5 billion in 2026. Beef Market Trends: U.S. beef market fundamentals remain challenging. High live cattle prices and multidecade low beef inventories from herd liquidation have compressed processing spreads. In contrast, Brazil beef processors benefit from a more stable cattle cycle. Fitch expects Brazil's exports to remain stable in 2026 while exports from Argentina, Uruguay and Paraguay increase. Conflict in Iran: Minerva' exposure to the Middle East is limited to 4% of consolidated net revenue, mainly from Saudi Arabia, Israel, Lebanon and Jordan. Although Fitch has limited visibility over the duration and escalation of the Iran conflict, which could affect global grain and cattle prices, Fitch does not anticipate material negative implications for Minerva's credit profile. Brazilian protein processors have found alternative routes outside of the Strait of Hormuz to access the region. In the short term, higher prices have more than offset freight and insurance costs. Peer Analysis Minerva's ratings reflect its solid business profile as a pure-play beef company with a large presence in South America and a small presence in Australia. The ratings consider Minerva's limited diversification across other proteins, making it less diversified than JBS S.A. (JBS; BBB-/Stable) or Tyson Foods, Inc. (Tyson; BBB/Stable). Minerva has developed a more export-oriented business model, whereas Marfrig Global Foods S.A. (Marfrig; BB+/Stable) has a strong presence in the U.S. domestic market through its subsidiary National Beef and in the poultry and prepared foods sector with BRF S.A. (BRF; BB+/Stable). Minerva is smaller than its peers, such as Marfrig, JBS or Tyson. From a financial standpoint, Minerva's projected net leverage profile would be below Marfrig's and JBS's over the next few years. Fitch’s Key Rating-Case Assumptions - Revenue growth of 10% in 2026 and 5% in 2027; - EBITDA margins around 8.2% in 2026 and 2027; - Capex of around 1.4% of revenues per year; - Dividends payout of 25% of net income. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Net leverage above 3.5x and gross leverage above 4.5x on a sustained basis; - Sharp contraction in Minerva's EBITDA margins combined with sustained negative FCF generation. National Scale Rating - Net leverage above 3.0x on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued increase in geographic or protein type diversification; - Net leverage below 2.5x and gross leverage below 3.5x on a sustained basis; - EBITDA/interest expense above 2.0x; - Sustained positive FCF generation. National Scale Rating - Not applicable, as the company is at the highest level of the rating scale. Liquidity and Debt Structure Fitch considers Minerva's liquidity profile to be strong, based on its high cash position and ample access to diverse funding resources. As of December 2025, cash and cash equivalents totaled BRL15 billion. The company's debt total is BRL27.2 billion (net of derivatives and including factoring), comprised of BRL10.7 billion in senior notes, BRL13.2 billion in debentures, and BRL8.3 billion in pre-export credit lines. Current bond issuance will eliminate refinancing risks in 2026, as it will target the rollover of all of Minerva's short-term debt. Issuer Profile Minerva is South America's top beef exporter, with 43 plants in Brazil, Paraguay, Uruguay, Argentina, Colombia, Chile, and Australia. Its main shareholders are the Vilela Family (29.07%) and SALIC (24.49%), and the free float is 44.94%. Date of Relevant Committee 02 March 2026 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 Minerva S.A.. ESG Considerations Minerva S.A. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the ecological impacts of land use and supply chain management, as Minerva is exposed to cattle sourcing and needs to monitor direct and indirect suppliers in South America, which could expose Minerva as well the beef sector in general to export bans. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Minerva S.A. has an ESG Relevance Score of '4' for Governance Structure due to ownership concentration, which has a negative impact on the credit profile, and is relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Minerva Luxembourg S.A. senior unsecured LT BB New Rating REDE D'OR FINANCE: S&P Rates Proposed Senior Unsecured Notes 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating to Rede D'Or Finance S.a.r.l.'s proposed senior unsecured notes, which will be unconditionally and irrevocably guaranteed by Rede D'Or Sao Luiz S.A. (BB+/Stable/--). S&P also assigned a '3' recovery rating to the proposed notes, which indicates average recovery prospects of 50% under a hypothetical default scenario. The company intends to use the proceeds for general corporate purposes, including capital expenditure (capex); to increase liquidity; and for debt repayment. S&P said, "We don't expect the issuance to materially affect our base-case scenario for Rede D'Or. While the company continues with its robust organic growth strategy to add 2,700 new hospital beds by 2028, we expect increasing EBITDA to allow Rede D'Or to post debt to EBITDA of 2.0x-2.5x over the next two years." Issue Ratings--Recovery Analysis Key analytical factors -- S&P assesses Rede D'Or's recovery prospects using a simulated default scenario with an EBITDA multiple valuation approach. -- In S&P's simulated default scenario, it assumes a payment default in 2031 because of a severe economic slowdown and higher competition, leading to a decline in cash flow. -- In this scenario, S&P estimates that EBITDA would decline around 40% from 2025 levels and trigger a payment default. At that level, S&P estimates the company's cash flow might be insufficient to cover interest expenses, debt amortizations, and maintenance capex. -- S&P values the company on a going-concern basis using a 5.5x multiple applied to our projected emergence-level EBITDA, which results in an estimated gross enterprise value (EV) of about Brazilian real (R$) 27.6 billion. Simulated default assumptions -- Jurisdiction: Brazil -- Simulated year of default: 2031 -- EBITDA at emergence: R$5.0 billion -- EBITDA multiple: 5.5x -- Estimated gross EV: R$27.6 billion -- Net EV, after 5% administrative expenses: R$26.2 billion Simplified waterfall -- Senior secured debt: R$133 million (14th debentures issuance) -- Senior unsecured debt and unsecured claims: R$51.3 billion (existing loans, bonds, certificates of real estate receivables, and acquisitions payable) -- Recovery expectations for the unsecured notes: 50%-70% (rounded estimate: 50%) *Note: All debt amounts include six months of prepetition interest. ===================== N E T H E R L A N D S ===================== BAUSCH + LOMB: Fitch Keeps 'B' Long-Term IDR on Watch Evolving -------------------------------------------------------------- Fitch Ratings has maintained the Rating Watch Evolving on the ratings of Bausch & Lomb Corporation, Bausch & Lomb Netherlands B.V. and Bausch + Lomb Incorporated, including the 'B' Long-Term Issuer Default Ratings (IDRs), and the first lien debt rated 'BB' with a Recovery Rating of 'RR1'. BLCO's ratings and Rating Watches are impacted by Bausch Health Companies Inc.'s (BHC) ownership. BHC continues to evaluate strategic options for BLCO. Fitch may downgrade BLCO's ratings if BHC's credit profile weakens before a potential separation. Fitch may affirm or upgrade the ratings if and when the separation is complete. A downgrade is also possible if Fitch reassesses the relative credit profiles and, or degree of insulation between the entities. Fitch could resolve the RWE after six months given the unknown timeline for resolution. Key Rating Drivers BLCO's Ratings Limited by BHC's: BHC's credit profile limits BLCO's ratings unless the two entities separate. Fitch views BLCO's 'b' Standalone Credit Profile (SCP) as stronger than BHC's. Fitch believes the ringfencing in debt documents and the presence of minority shareholders only partially limit BHC's ability to access and influence BLCO. Fitch views the insulation as porous under its "Parent and Subsidiary Rating Linkage Criteria". Until separation, changes in linkage could lower BLCO's ratings. BHC's credit profile reflects elevated refinancing risk over the intermediate term, given material XIFAXAN-related EBITDA beginning in 2027 due to XIFAXAN's inclusion on the list of drugs subject to negotiation under the Inflation Reduction Act and in 2028 due to generic competition. If Fitch believes BHC will default, enter bankruptcy or complete a distressed debt exchange before the maturities, BLCO's ratings could be downgraded regardless of any change to its SCP. Solid Position in Eye Care Market: Fitch views BLCO's end market favorably. Age demographics, rising incomes in emerging markets, more digital screen time and higher diabetes rates support low- to mid-single-digit growth in eye health products and services. BLCO benefits from a solid market position, leading products, brand recognition, and significant consumer-facing revenue. Fitch expects the company to pursue internal R&D and external M&A to drive intermediate- and long-term revenue growth. BLCO invests in new product development across its three businesses, with a focus on surgical and ophthalmic pharmaceuticals. Some Deleveraging Capacity: Fitch expects BLCO to maintain gross leverage between approximately 5.0x and 5.5x in 2026 and 2027 compared to 5.7x and 5.6x in 2025 and 2024, respectively. The forecasts assume mid-single digit revenue growth during those years and modest margin expansion with free cashflow directed towards tuck-in acquisitions. Management has targeted a net 3.5x leverage ratio in 2028. Margin Pressure Expected to Reverse: Fitch assumes BLCO will realize modest margin expansion over the rating horizon due to operating leverage, cost mitigation efforts and new product launches. Management is targeting a more material margin expansion through 2028. Margin expansion would be a notable improvement from approximately 100bps of margin compression from 2022 through 2025. Consistently Positive FCF: Advancing sales, relatively stable margins, solid working capital management, and moderate capex requirements should support positive and increasing FCF. Fitch does not expect BLCO to pay dividends or engage in share repurchases. Capital deployment is expected to be the primary use of free cashflow with a focus on internal investment, external collaborations and targeted acquisitions. ESG - Governance Structure: BLCO's SCP includes a one-notch downward revision for governance due to BHC's 88% ownership reflecting Fitch's view that it is a weaker parent that creates key person dominance in decision making with weak checks and balances, to the detriment of the company's credit profile. Peer Analysis BLCO's 'B'/RWE rating reflects its majority-ownership by Bausch Health until the separation. Fitch compares BLCO to other medical device and products companies, including Boston Scientific Corporation (A-/Positive), Becton, Dickinson & Company (BBB/Stable/UCO), Zimmer Biomet Holdings, Inc. (BBB/Stable), Solventum Corporation (BBB), and ICU Medical, Inc. (BB/Stable). Fitch considers the diversification benefits of BLCO's operations in consumer health and prescription pharmaceuticals, and moderate regulatory risk over drug pricing. However, BLCO is less diversified as it solely focuses on eye health, unlike peers that address multiple markets. The higher-rated peers also operate with lower EBITDA leverage. Fitch’s Key Rating-Case Assumptions - Fitch assumes mid-single-digit top-line growth through the rating horizon, driven by both organic growth and some contributions from recent and assumed acquisitions; - Fitch assumes EBITDA margins improve by approximately 50bps per year from operating leverage and some improvements to mix and manufacturing; - Fitch assumes BLCO spends approximately 6% of revenues on capex and another $200 million per year on tuck-in acquisitions, with no dividends or share repurchases; - Fitch assumes gross debt is generally unchanged. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb-, Moderate), Financial Structure (b, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Deficient' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an unconstrained approach given the current SCP to derive the IDR of 'B'. Recovery Analysis Fitch conducts a bespoke recovery analysis when assigning and maintaining instrument ratings for issuers with IDRs of 'B+' and below. The recovery analysis assumes that BLCO would be considered a going concern in bankruptcy and that the company would be reorganized rather than liquidated. Fitch estimates a going-concern enterprise value of $6.3 billion for BLCO and assumes that administrative claims consume 10% of this value in the recovery analysis. The going-concern enterprise value is based on estimates of post-reorganization EBITDA and the assignment of an EBITDA multiple. The assumed going-concern EBITDA reflects Fitch's expectation that operational stress at the parent would lead to a reorganization prior to the separation. Therefore, Fitch's estimate of BLCO's going-concern EBITDA of $0.9 billion is approximately in-line with 2025 results and modestly below Fitch's 2026 forecast. The scenario is unchanged from prior years, but the EBITDA assumed was increased from $850 million. Fitch assumes a recovery enterprise value/EBITDA multiple of 7.0x for BLCO, slightly higher than the 6.5x multiple observed in actual bankruptcies in the sector. Fitch applies a waterfall analysis to the going-concern enterprise value based on the relative claims of the debt in the capital structure, and assume that the company would fully draw its $800 million revolver in a bankruptcy along with $5.1 billion of pari passu term loans and notes. Fitch assumes the trade receivables financing agreement is senior to the first lien debt in the analysis. In applying the Country-Specific Treatment of Recovery Ratings Criteria, Fitch has assumed that the weighted-average country cap of the countries where economic value could be realized allows for +3 notching. Fitch has assumed the country cap for revenues generated in countries reported by BLCO as "Other" would be the same as the average for the specifically named countries. Fitch also considered the company's country of incorporation, operational headquarters and assumed location of its intellectual property. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Evidence of factors related to ringfencing and access and control, which would indicate BLCO's credit profile has weakened. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch viewing BLCO on a standalone basis; - Evidence of improvement in BHC's credit profile. Liquidity and Debt Structure BLCO's sources of liquidity ($383 million of cash at Dec. 31, 2025 and $664 million of capacity under its revolving credit facility due 2030) are sufficient to cover debt amortization on the 2031 term loans. Fitch forecasts BLCO will generate approximately $200 million in FCF before acquisitions, which should allow for tuck-in M&A without incremental debt. The near term ample liquidity is offset in part by the concentrated debt maturities with $1.4 billion due in 2028 (27% of outstanding) and $3.6 billion in 2031 (70% of outstanding). Issuer Profile BLCO is currently a publicly traded global eye health company majority owned and consolidated by BHC. Summary of Financial Adjustments Fitch adjusted historical EBITDA to add back certain non-cash or non-recurring expenses including, but not limited to, stock-based compensation, transaction and restructuring costs, impairment charges, acquired in-process research and development charges, the fair value step-up related to acquisition inventory, and finance lease costs. Public Ratings with Credit Linkage to other ratings BLCO's ratings are not directly linked to those of BHC but they are influenced by them based on the application of the Parent and Subsidiary Linkage Rating Criteria. 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 BLCO. ESG Considerations Bausch + Lomb Corporation has an ESG Relevance Score of '5' for Governance Structure due to BHC's controlling position in BLCO , which has a negative impact on the credit profile, and is highly relevant to the rating, resulting in a one notch impact to BLCO's SCP for Governance. Bausch + Lomb Corporation has an ESG Relevance Score of '4' for Exposure to Social Impacts due to pressure to contain health care spending growth, highly sensitive political environment and social pressure to contain costs or restrict pricing, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Pharmaceuticals account for a smaller portion of the firm's total sales than other segments. 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 ----------- ------ -------- ----- Bausch & Lomb Incorporated LT IDR B Rating Watch Maintained B senior secured LT BB Rating Watch Maintained RR1 BB Bausch + Lomb Corporation LT IDR B Rating Watch Maintained B senior secured LT BB Rating Watch Maintained RR1 BB Bausch + Lomb Netherlands B.V. LT IDR B Rating Watch Maintained B senior secured LT BB Rating Watch Maintained RR1 BB DUTCH MORTGAGE 2026-1: S&P Puts Prelim BB Rating to 2 Note Classes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary credit ratings to Dutch Mortgage Finance 2026-1 B.V.'s class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes. At closing, the issuer will also issue class R, S1, and S2 notes. The pool comprises c. EUR400 million of prime buy-to-let (BTL) mortgage loans located in the Netherlands, mainly originated by RNHB B.V. Vesting Finance Servicing B.V. conducts the primary servicing, and RNHB B.V. is the master and special servicer. RNHB focuses on the BTL and mid-market real estate lending business in the Netherlands, targeting real estate investors, primarily mid-sized and smaller investment firms, as well as independent investors and affluent individuals. Unlike other lenders in the Dutch BTL market, RNHB has traditionally targeted commercial or mixed-use properties as well as residential properties. S&P believes its underwriting, origination, and risk management policies and procedures are in line with market standards. The capital structure has a fully sequential application of principal proceeds. Therefore, credit enhancement can build up over time, starting with the senior notes, enabling the structure to withstand performance shocks. At closing, a fully-funded amortizing reserve fund equal to 1% of 100/95 of the class A to F-Dfrd notes' initial balance will provide liquidity and credit support for the transaction. A floor is set at 1.0% of the outstanding balance of the class A to F-Dfrd notes at the step-up date. Further liquidity is provided by the transaction's ability to use principal receipts to pay senior fees and interest on the most senior class of outstanding notes. S&P said, "We classify the properties that form the preliminary portfolio's underlying security as 29.1% commercial and 9.9% partially commercial-use (mixed-use) properties (according to our criteria). Overall, they are within our 40% threshold for nonresidential loans. However, these exposures can increase due to further advances. "The seller is not a deposit-taking institution, and therefore, the transaction is not exposed to deposit setoff risk. The issuer is a Dutch special-purpose entity, which we consider to be bankruptcy remote. "The issuer is exposed to Coöperatieve Rabobank U.A. (Rabobank) as a collection foundation account bank, U.S. Bank Europe DAC as a bank account provider, and NatWest Markets N.V. as a swap counterparty. We expect the replacement mechanisms to adequately mitigate the transaction's exposure to counterparty risk in line with our counterparty criteria. "We have used our "Principles Of Credit Ratings," Feb. 16, 2011, and "Methodology And Assumptions: Analyzing European Commercial Real Estate Collateral In European Covered Bonds," March 31, 2015, to account for the higher proportion of commercial and mixed-use properties in the pool compared with a typical RMBS transaction. "Our preliminary ratings address the timely payment of interest and the ultimate payment of principal on the class A notes and the ultimate payment of interest and principal on the other rated notes if they are not the most senior class outstanding. Our analysis reflects our view that, at the assigned ratings, the senior fees and any swap outflows will be paid on time." Preliminary ratings Class Prelim rating* Class size (%)§ A AAA (sf) 87.50 B-Dfrd AA (sf) 4.50 C-Dfrd A (sf) 3.25 D-Dfrd BBB (sf) 1.75 E-Dfrd BB (sf) 1.25 F-Dfrd CCC (sf) 1.75 X-Dfrd BB (sf) 2.00 R NR N/A S1 NR N/A S2 NR N/A *S&P's preliminary ratings address timely receipt of interest and ultimate repayment of principal on the class A notes, and ultimate repayment of interest and principal on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes. §As a percentage of 95% of the pool for the class A to F-Dfrd notes. NR--Not rated. N/A--Not applicable. VTR FINANCE: S&P Upgrades ICR to 'B+' on Capital Structure ---------------------------------------------------------- S&P Global Ratings upgraded VTR Finance N.V. to 'B+' from 'CCC+' and removed the ratings from CreditWatch, where it placed them with positive implications on Nov. 7, 2025, and S&P raised its rating on VTR Comunicaciones SpA's senior secured notes to be redeemed April 21, 2026, to 'B+' from 'CCC+'. The positive outlook reflects the likelihood of a further upgrade of VTR Finance N.V. once financial data for the new corporate structure, following the integration of Claro Comunicaciones' business into VTR Finance, becomes available. On April 10, 2026, VTR Comunicaciones SpA announced its intention to fully redeem its outstanding 2029 senior secured notes. This action, once completed, will strengthen the VTR group's capital structure, along with the redemption of the 2028 notes in late 2025. Throughout 2025, VTR's parent, America Movil S.A.B. de C.V. (A-/Stable/--), demonstrated a commitment to supporting VTR through capital injections and increased management alignment to improve operating performance, which led S&P to view VTR as a strategically important subsidiary. Following the redemption of its 2029 notes, VTR will have effectively prepaid its outstanding debt in the market. The company completed the early redemption of senior notes due 2028 (US$465 million for VTR Finance and US$212 million for VTR Comunicaciones) in late 2025, through a capital injection from America Movil. VTR subsequently announced the early redemption of US$295 million outstanding of its 4.375% senior secured notes due 2029, scheduled for April 21, 2026. These actions will reduce total outstanding debt as of September 2025 by 97%, significantly strengthening VTR's capital structure and eliminating near-term refinancing risk. Following the 2029 redemption, outstanding debt will be limited to committed credit arrangements totaling Chilean peso 25 billion as of September 2025. Since acquiring VTR, America Movil has demonstrated a clear commitment to improving the subsidiary's capital structure and operating performance. The parent's capital injection to facilitate the redemption of VTR's 2028 notes, coupled with the announced redemption of the 2029 notes, demonstrates a strong commitment to supporting VTR's debt reduction. This commitment is reinforced by cost control efforts, increasing management alignment between VTR Finance and Claro Comunicaciones, and the reorganization of the corporate structure. As such, S&P now views VTR as a strategically important subsidiary to America Movil, supporting a three-notch uplift from VTR Finance's 'ccc+' stand-alone credit profile. The positive outlook reflects the likelihood of a further upgrade of VTR Finance N.V. once financial data for the new corporate structure, following the integration of Claro Comunicaciones' business into VTR Finance, becomes available. S&P could lower its ratings on VTR Finance if it thought America Movil's support for VTR had weakened. S&P could raise its ratings on VTR Finance if the integration of Claro Comunicaciones' business resulted in higher operating cash flow, which, coupled with recent debt reduction, could materially improve credit metrics. =========== N O R W A Y =========== KONGSBERG AUTOMOTIVE: Moody's Affirms 'B2' CFR, Outlook Now Stable ------------------------------------------------------------------ Moody's Ratings has affirmed the B2 corporate family rating and B2-PD probability of default rating of Norwegian automotive parts supplier Kongsberg Automotive ASA ("KA" or "the company"). The outlook has been changed to stable from negative. RATINGS RATIONALE The change in the outlook to stable reflects Kongsberg Automotive ASA's improved credit metrics and liquidity in 2025, supported by solid positive free cash flow (FCF) generation, and consistent conservative financial policy. Moody's expectations of a further strengthening of KA's financial performance and credit metrics should bring the company's credit profile more comfortably in line with Moody's requirements for a B2 rating over the next 12-18 months. I n 2025, KA generated EUR18 million of positive Moody's adjusted FCF, marking a substantial improvement from mostly negative FCF during the last five years (EUR40 million in aggregate). The increased cash balance of EUR91 million at the end of 2025, Moody's forecasts of at least break-even FCF and no debt maturities in 2026 underpin Moody's assessments of good liquidity for the company. Despite a 9.6% year-over-year decline in group sales, KA's profitability and credit metrics clearly strengthened in 2025, especially during the fourth quarter. Most notably, KA's leverage in terms of Moody's adjusted gross debt to EBITDA declined to 4.9x at year end 2025, from 6.6x at the end of 2024, now in line with Moody's guidance of maximum 5.0x for a B2 rating. Moody's also recognizes KA's low Moody's adjusted net leverage of 2.8x at the end of 2025, versus 4.1x a year earlier, reflecting its improved cash position and disciplined balance sheet management. Looking ahead, Moody's expects KA's revenue to stabilize during 2026 and return to growth from 2027, supported by recovering demand and production, especially in the company's main commercial vehicle end market (around 56% of group revenue in 2025). The anticipated volume growth, as well as stringent cost and investment discipline should drive a further gradual strengthening in KA's credit metrics over the next two years, well aligned with Moody's guidances for the B2 rating category. Moody's also expects KA's profitability to sustainably improve, with its Moody's adjusted EBIT margin reaching at least 3.0% by year end 2027 (from 1.8% in 2025), supported by ongoing cost reductions, efficiency improvements, the normalization of warranty costs, and operating leverage as sales return to growth. Considering the company's long-term 6.5% reported EBIT margin target (1.9% in 2025), Moody's believes Moody's profitability forecast has some upside potential in the event of a faster or more pronounced market recovery. The affirmed B2 CFR additionally reflects KA's diversification beyond automotive (light and commercial vehicles) end markets, such as construction and agriculture; strong market positions in profitable specialty products, where competition is limited because of significant entry barriers; good customer diversification; and maintenance of a conservative financial policy by prioritizing balance sheet strength and operational flexibility over shareholder distributions. Factors that continue to constrain the rating relate to KA's exposure to the cyclical and competitive markets for trucks and passenger cars; its relatively small size in the context of the global automotive supplier industry, with group revenue of around EUR0.7 billion in 2025; its exposure to volatile raw material prices; and increased risk of a global economic slowdown and potential supply-chain disruptions in the context of the conflict in the Middle East. The ratings also assume that recent geopolitical events and risks, particularly around the conflict in the Middle East, will not result in a sustained increase in energy prices or a material weakening of the macroeconomic environment. Moody's notes KA's indirect exposure to an increased risk of a global economic slowdown and potential supply-chain disruptions in the context of the conflict in Iran. Moody's baseline credit scenario assumes no major damage to key production facilities or infrastructure for the global economy, but allows for a more prolonged disruption to navigation through the Strait of Hormuz. Even after safe passage resumes, shipping conditions would likely normalize only gradually over a period of months, reflecting residual security concerns, operational bottlenecks and delays in restoring normal trade flows. Under this scenario, the principal effects, not immediately impacting to KA, would be continued logistical disruption, delivery delays and inventory pressures, while the impact on energy markets would remain relatively contained absent either major damage to key production facilities or infrastructure, or a sustained interruption to supply extending beyond the point at which inventories are depleted. LIQUIDITY KA's liquidity is good. As of December 2025, the group had cash and cash equivalents of EUR91 million and full access to its EUR15 million revolving credit facility (maturing in June 2027). Moody's expects the company to generate EUR29 million cash flow from operations in the next 12 months, covering Moody's-adjusted capital spending (including lease liability payments) of around EUR27 million. KA's cash sources significantly exceed its basic cash needs, including Moody's standard working cash assumption of 3% of group sales, over the next 12 months. Moody's assumes that KA will continue to abstain from dividend payments and share buybacks. As of December 31, 2025, the company had no short-term debt outstanding. Moody's expects the company to consistently comply with its maintenance covenants, including EUR10 million minimum liquidity and maximum reported net leverage of 4.0x, and refinance its upcoming debt maturities well on time. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects KA's strengthened credit metrics in 2025, including a 4.9x Moody's adjusted gross debt to EBITDA ratio, and significant EUR18 million positive Moody's-adjusted free cash flow. Moody's expects a further gradual improvement in KA's financial performance and ratios to levels well in line with Moody's guidance for a B2 rating over the next two years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings, if KA's (1) Moody's-adjusted EBIT margin sustainably exceeded 4.5%, (2) Moody's-adjusted gross debt to EBITA reduced sustainably to well below 4x, (3) Moody's-adjusted EBITDA to interest reaches 4.5x, (4) Moody's-adjusted FCF remained sustainably positive. Moody's could downgrade the ratings, if KA's (1) Moody's-adjusted EBIT margin remains constantly below 3%, (2) leverage exceeds 5.0x Moody's-adjusted gross debt to EBITDA, (3) Moody's-adjusted EBITDA to interest remained below 3.5x, (4) Moody's-adjusted FCF turned sustainably negative; or if liquidity started to weaken. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Automotive Suppliers published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Kongsberg Automotive ASA (KA) is a global automotive supplier headquartered in Kongsberg, Norway, and is publicly listed in Norway. KA is a manufacturer and supplier of powertrain, chassis and specialty products for the use in commercial vehicles (around 56% of 2025 group revenue), passenger cars (31%) and other markets (13%), mainly agriculture and construction. Its main products include air couplings, fluid transfer systems (FTS), transmission control and vehicle dynamics. The group employs around 4,400 people in 17 countries, 22 manufacturing plants and 5 technical centers across Europe, the Americas and Asia. In 2025, KA reported revenue of EUR713 million and EBIT of EUR13.6 million (1.9% margin). ===================== S W I T Z E R L A N D ===================== TRANSOCEAN LTD: Secures $1 Billion in Incremental Contract Backlog ------------------------------------------------------------------ Transocean Ltd. announced awards of a contract for a harsh environment semisubmersible in Norway and contract extensions for two ultra-deepwater drillships in Brazil. In aggregate, the fixtures represent approximately $1.0 billion in incremental firm contract backlog, as follows. * The Transocean Barents was awarded a 1,095-day contract with Vår Energi ASA in Norway at a rate of $450,000 per day, excluding additional services. The program is anticipated to commence by the middle of the second quarter of 2027 and is expected to contribute approximately $490 million in backlog, excluding compensation for mobilization and demobilization. The contract also includes options that, if fully exercised, could keep the rig working in Norway into 2034. * The Deepwater Orion was awarded a 1,095-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $420 million in incremental backlog and commit the rig through March 2030. Prior to the extension period, from April 1, 2026, until the commencement of the new contract extension in March 2027 (approximately 340 days), the existing backlog will be reduced by approximately $20 million. * The Deepwater Aquila was awarded a 365-day contract extension with Petrobras in direct continuation of its current activity. The extension is expected to contribute approximately $160 million in incremental backlog and commit the rig through June 2028. Prior to the extension period, from April 1, 2026, until the commencement of the new contract extension in June 2027 (approximately 450 days), the existing backlog will be reduced by approximately $10 million. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of December 31, 2025, the Company had $15.6 billion in total assets, $1.3 billion in total current liabilities, $6.2 billion in long-term liabilities, and $8.1 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. =========================== U N I T E D K I N G D O M =========================== 17 CRESSWELL: BTG Begbies, FRP Advisory Appointed as Administrators ------------------------------------------------------------------- 17 Cresswell Gardens Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD), Court Number CR-2026-001991. 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 13, 2026. 17 Cresswell Gardens Limited specialized 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: Ben Kingham Tel. No: 0114 275 5033 Email: sheffield.north@btguk.com BAY HOMES (STRACHUR): WBG Services Named as Joint Administrators ---------------------------------------------------------------- Bay Homes (Strachur) Ltd was placed into administration in the Court of Session, No P304/26, and Gordon McIntyre and Donald McKinnon of Wbg Services LLP were appointed as joint administrators on March 16, 2026. Bay Homes (Strachur) Ltd, trading as Bay Homes (Strachur) Ltd, specialized in the development of building projects. Its registered office and principal trading address is The Axiom Building, Studio 201, 54 Washington Street, Glasgow, G3 8AZ. The Joint Administrators can be reached at: Gordon McIntyre Donald McKinnon Wbg Services LLP 168 Bath Street Glasgow G2 4TP For further details, contact: Cara Silverstein Tel. No: 0141 366 7000 Email: recovery@wbg.co.uk BRYANSTON SQUARE: BTG Begbies, FRP Advisory Named as Administrators ------------------------------------------------------------------- Bryanston Square Property Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001996. 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 13, 2026. Bryanston Square Property Limited specialized 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 BUCKINGHAM GATE: BTG Begbies, FRP Advisory Named as Administrators ------------------------------------------------------------------ Buckingham Gate (Apartment 4) Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD). 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. Buckingham Gate (Apartment 4) Limited specialized 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 Tel. No: 0114 275 5033 Email: sheffield.north@begbies-traynor.com CROPTHORNE COURT: BTG Begbies, FRP Advisory Named as Administrators ------------------------------------------------------------------- Cropthorne Court Property Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD), Court Number CR-2026-002023. 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 13, 2026. Cropthorne Court Property Limited specialized 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 Tel. No: 0114 275 5033 Email: sheffield.north@begbies-traynor.com EATON TERRACE: BTG Begbies, FRP Advisory Named as Administrators ---------------------------------------------------------------- Eaton Terrace Property Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD). 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. Eaton Terrace Property Limited specialized 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: Ben Kingham Tel. No: 0114 275 5033 Email: sheffield.north@begbies-traynor.com ENQUEST PLC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.K.-headquartered oil producer EnQuest PLC. At the same time, S&P assigned its 'B+' issue-level rating and a '2' recovery rating (with an 85% rounded recovery estimate) to the proposed $575 million senior unsecured notes. S&P also affirmed its 'B+' issue-level rating on the existing $465 million senior unsecured notes due in 2027. The '2' recovery rating on these notes is unchanged (85% rounded recovery estimate). S&P anticipates its will withdraw its rating on the existing $465 million senior unsecured notes due in 2027 upon completion of the refinancing. The stable outlook reflects S&P's expectation that relatively supportive oil and gas prices in 2026 will translate into FFO to debt of 25%-30%. EnQuest plans to raise around $575 million senior unsecured notes due 2031 to refinance existing unsecured debt due in 2027. S&P views the transaction as leverage neutral. In 2026 S&P anticipates funds from operations (FFO) to debt at 25%-30% (up from 15% in 2025) and view this as well within our requirement for the current rating. EnQuest is planning to raise $575 million five-year senior unsecured notes to refinance existing unsecured debt due in 2027. S&P said, "As a result, we anticipate the transaction to be leverage neutral. We assigned our 'B+' issue rating to the proposed five-year senior unsecured notes and a '2' recovery rating, reflecting our expectations for substantial recovery in an event of default. We affirmed our issue level rating on the existing $465 million senior secured notes, with an unchanged recovery rating. These ratings will be withdrawn upon completion of the refinancing transaction." S&P said, "This year, we anticipate favorable oil prices will support cash flow generation and credit metrics. We expect EnQuest to generate S&P Global Ratings-adjusted free operating cash flow of about $278 million in 2026 and about $165 million in 2027. This compares with $91.8 million in 2025. This assumes Brent crude oil at $85 per barrel (bbl) for 2026 and $70/bbl in 2027 amid the current Middle East war. We forecast the group will continue to moderately reduce its debt and to only return marginal amounts of cash to shareholders--limited to a maximum of $20 million per year over 2026-2027 ($15.3 million in 2025). This translates to FFO to debt at about 28.9% in 2026 and 21.8% in 2027 (15.1% in December 2025) and adjusted net debt to EBITDA of 2.7x in 2026 and 2.9x in 2027 (3.7x at year-end 2025). Adjusted debt was estimated at $1.7 billion at year-end 2025 ($1.9 billion at year-end 2024); the reduction mainly reflected the settlement of the Magnus contingent consideration. "We expect EnQuest to expand its operations and maintain production around 45,000 bbl of oil equivalent per day (boepd) in the medium term. In the U.K. (which accounted for over 70% of production in 2025), most of EnQuest's assets are operated by the company itself, but mature. To maintain stable production levels and diversify operations, EnQuest is also expanding into Southeast Asia, mainly into gas. It has been present in Malaysia since 2014 and just acquired Harbour Energy's Vietnam assets in 2025, for $35 million cash. Both these countries have growing energy needs and a structural energy shortage. We expect the company to produce 45,000-46,000 boepd this year, including over 4,000 boepd from its Vietnamese assets. "The stable outlook reflects our expectation of stronger credit metrics in 2026, supported by higher oil prices and increased production in Southeast Asia. Under our Brent oil price assumption of $85/bbl in 2026 and $70/bbl in 2027, we expect adjusted EBITDA of $625 million for 2026, translating to FFO to debt of about 25%-30%." S&P could downgrade EnQuest if one or more of the following occurs: -- Leverage increases, with FFO to debt below 20% and debt to EBITDA above 3.5x and no clear prospects of near-term recovery; or Production falls to 40,000 boepd or below, translating into higher operating costs per bbl. S&P said, "We see an upgrade as unlikely in the next 12-18 months as the company is limited by its production scale. We could raise our ratings on EnQuest if the group shows a capacity to achieve tangible and stable production growth. In this scenario, leverage even slightly better than we assume in our base case (FFO to debt above 30%) might be commensurate with a higher rating. Without this, we view an upgrade as unlikely, because higher-rated peers are normally almost twice the size of EnQuest and more diversified. "We could consider a positive rating action with the current asset base if EnQuest were to meaningfully reduce leverage and run a very conservative capital structure, with FFO to debt of above 45% through the cycle." LANCASTER GATE: BTG Begbies, FRP Advisory Named as Administrators ----------------------------------------------------------------- Lancaster Gate (LC) Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD), Court Number CR-2026-001918. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, Simon Baggs and David Paul Hudson of FRP Advisory Trading Ltd were appointed as Joint Administrators on March 12, 2026. Lancaster Gate (LC) Limited specialised in 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 -- Simon Baggs David Paul Hudson FRP Advisory Trading Ltd 2nd Floor, 110 Cannon Street London EC4N 6EU For further details, contact: Ben Kingham Tel. No: 0114 275 5033 Email: sheffield.north@begbies-traynor.com LEOPARD GATE: BTG Begbies, FRP Advisory Named as Administrators --------------------------------------------------------------- Leopard Gate Property Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD), Court Number CR-2026-002034. 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 13, 2026. Leopard Gate Property Limited specialized 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 Tel. No: 0114 275 5033 Email: sheffield.north@begbies-traynor.com PARK STREET: BTG Begbies, FRP Advisory Named as Administrators -------------------------------------------------------------- Park Street (Flat 6) Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD), Court Number CR-2026-0020008. 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 13, 2026. Park Street (Flat 6) Limited specialized 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: Ben Kingham Tel. No: 0114 275 5033 Email: sheffield.north@begbies-traynor.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- 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 * * *