260423.mbx

260423.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 Thursday, April 23, 2026, Vol. 27, No. 81 Headlines B U L G A R I A EASTERN EUROPEAN: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable EUROHOLD BULGARIA: Fitch Puts 'B' Long-Term IDR on Watch Negative F R A N C E LA FINANCIERE: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating I R E L A N D BBAM EUROPEAN IX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes CROSS OCEAN IX: Fitch Affirms 'B-sf' Final Rating on Class F Notes ELMWOOD EUROPEAN 1: Fitch Assigns B-sf Final Rating to Cl. F Notes I T A L Y GOLDEN BAR 2023-2: Fitch Hikes Rating on Class E Notes to 'BB+sf' LOTTOMATICA GROUP: S&P Rates Proposed EUR765MM Sr. Sec. Notes 'BB' N E T H E R L A N D S ABERTIS INFRAESTRUCTURAS: S&P Rates New Hybrid Instrument 'BB' S P A I N SANTANDER CONSUMO 7: Fitch Affirms 'Bsf' Rating on Class E Notes U N I T E D K I N G D O M 5 LOCKGATE: FRP Advisory, BTG Appointed as Joint Administrators ALTAYYAR HOUSE: FRP Advisory, BTG Begbies Named as Administrators BELGRAVIA COURT (ES): FRP Advisory, BTG Appointed as Administrators HARVEST FUNDING: S&P Assigns CCC (sf) Rating to Class X-Dfrd Notes LAMONT ROAD (HS): BTG Begbies, FRP Appointed as Administrators SUSSEX GARDENS (FLAT 6): FRP, BTG Appointed as Joint Administrators TOGETHER FINANCIAL: S&P Rates New GBP300MM Jr. Secured Notes 'BB-' - - - - - =============== B U L G A R I A =============== EASTERN EUROPEAN: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Eastern European Electric Company B.V.'s (EEEC) Long-Term Issuer Default Rating (IDR) of 'BB' with a Stable Outlook. EEEC's rating is supported by its solid business profile, focusing on regulated and predictable electricity distribution in Bulgaria, alongside a strong market position in supply and trade. The rating also reflects EEEC's sizeable grid digitalisation capex programme, partly financed by EU grants. Fitch expects EEEC's net leverage - which is low for the rating - to decline over the medium term but Fitch forecasts funds from operations (FFO) interest coverage to average 3.8x in 2026-2029, below its positive rating sensitivity of 4.4x, resulting in the Stable Outlook. Key Rating Drivers Regulated Income in Distribution: EEEC's credit profile benefits from a high share of regulated electricity distribution in its EBITDA, which has low business risk and greater cash flow predictability than its supply and trade business. Fitch projects the distribution share in EBITDA to remain at 72% over 2026-2029 (66% in 2022-2024). Solid Distribution Results: Fitch projects solid distribution results for 2026-2029, with EBITDA of BGN208 million in 2029, up from BGN192 million in 2025, supported by its ability to keep technological losses below the level approved by the regulator. EEEC's technological losses were 5.87% in 2025 and 5.94% in 2024, versus 7% approved in the seventh regulatory period until mid-2027. Fitch assumes the return rate in distribution at almost 7% in 2026 and conservatively at 6% in 2027-2029, with the new regulatory framework starting from mid-2027. Postponed Households Liberalisation: The postponement of full household market liberalisation in Bulgaria supports stability of EEEC's supply business by preserving a regulated framework for household sales, but limits EBITDA upside that liberalisation would offer. Supply Margin Protection: EEEC's subsidiary, Electrohold Sales, has continued to sell electricity to households at regulated tariffs since 1 July 2025. A roughly 30% shortfall between the tariffs and market-based procurement costs is compensated by the Security of Electricity System Fund, plus a 6.92% regulated margin intended to cover operating expenses, balancing costs and a reasonable profit. Fitch projects EEEC's EBITDA in supply to average about BGN40 million annually in 2026-2029 (BGN45 million in 2025). Higher Trade Earnings: Fitch projects EEEC's EBITDA in trade to average BGN25 million annually in 2026-2029 (BGN17 million in 2025) through the expansion of renewables-related services and, from 2026, battery energy storage system-related commercial management services, benefiting from greater market volatility and increased demand for balancing and optimisation services. EEEC also aims to improve margins by maintaining a focus on SME clients, which typically generate higher margins. Fitch assumes a more moderate improvement than the company's projected doubling of trade EBITDA. Grid Capex Supports Efficiency: EEEC plans BGN675 million capex in 2026-2029 (up from previous BGN620 million capex in 2025-2028), with BGN92 million financed by grants from the Modernisation Fund and other EU programmes. The investments in digitalisation of the grid should lead to smaller technological losses, remunerated under the distribution tariff, and cost efficiencies. The ability to quickly disconnect non-paying households should also support debt collection. Stabilisation of Financial Results: The company's Fitch-calculated EBITDA normalised in 2025 at BGN250 million, after extraordinary 2023 (BGN279 million) and 2024 results (BGN252 million). Fitch expects EEEC's EBITDA to gradually grow over the medium term, averaging BGN267 million in 2026-2029 (up from previously projected BGN230 million annually in 2025-2028). This will be supported by predictable regulated distribution, and the less predictable supply segment but with the protection through cost coverage plus a fixed margin scheme for households. Shareholder Distributions: Fitch forecasts shareholder distributions at between BGN14 million and BGN30 million a year over 2026-2029. Distributions are limited to 50% of net profit and a 3.5x net debt/EBITDA covenant. Moderate Leverage: Fitch expects EEEC's FFO net leverage to decline to 3.0x on average in 2026-2028, from 3.7x in 2025, based on average annual EBITDA of BGN267 million, average annual consolidated capex of BGN179 million and a 50% dividend pay-out ratio from 2026. Fitch forecasts FFO interest coverage to average 3.8x over the medium term, below its positive rating sensitivity of 4.4x. The coverage ratio was exceptionally strong in 2025 at 8.3x, due mainly to a one-off effect from EEEC switching coupon payments to annual from semi-annual. Part of Eurohold Group: EEEC is fully owned by Eurohold Bulgaria AD (B/Rating Watch Negative) through intermediate holding companies. Fitch considers EEEC to be stronger than its parent under its Parent-Subsidiary Linkage (PSL) Criteria. Fitch assesses legal ringfencing as 'porous' between EEEC and Eurohold. This is due to a dividend lock-up covenant in EEEC's debt documentation based on a 3.5x EBITDA net leverage threshold and a limit on distributions to no more than 50% of net income since EEEC's EUR500 million bond issue. EEEC's financial separation from its parent results in 'porous' access and control. Impact of Eurohold Ownership: 'Porous' legal ringfencing and access and control mean that EEEC can be rated up to two notches above Eurohold's consolidated profile (excluding the insurance business), which Fitch assesses at 'BB-'. Eurohold's rating itself is notched down twice below its consolidated profile due to its structural subordination in the group. As a result, more than a one-notch downgrade of Eurohold's consolidated credit profile would lead to a downgrade of EEEC as its rating would be constrained. Peer Analysis EEEC's regional peer is Romania-based Societatea Energetica Electrica S.A.'s (BBB-/Stable; Standalone Credit Profile (SCP): bbb-) in which the Romanian state owns a 49.8% stake. Electrica has a higher debt capacity than EEEC due largely to its higher share of regulated EBITDA from electricity distribution (at about 80%). Another peer is Czechia-based ENERGO-PRO a.s. (EPas; BB-/Negative), which has operations in the Bulgarian electricity distribution and supply market, but has higher geographical diversification as it also operates in Turkiye, Georgia, Spain and Brazil. EPas also owns hydro power plants in several countries. EPas has comparable debt capacity than EEEC. EEEC is smaller than Poland's Energa S.A. (BBB+/Stable) and Bulgarian Energy Holding EAD (BEH; BB+/Stable; SCP: bb). It is focused on the distribution of electricity and supply, while Energa and BEH are integrated utilities. Fitch’s Key Rating-Case Assumptions - Return rate in distribution segment at almost 7% in 2026 and 6% in 2027-2029 - EBITDA normalising at an average of about BGN267 million annually in 2026-2029, after exceptionally good results in 2023-2024 - Cumulative capex in 2026-2029 of BGN675 million, focusing on network infrastructure development, with BGN92 million financed by grants - Dividends at 50% of net income in 2026-2029 when EBITDA net leverage is below 3.5x Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (a-, Moderate), and Financial Flexibility (bb+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2026, 25% for the forecast year 2027, 25% for the forecast year 2028 and 25% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The calibration adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a(n) consolidated profile+2 approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Lower profitability and cash generation leading to FFO net leverage above 4.5x and FFO interest coverage below 3.4x on a sustained basis - Significant weakening of the business profile with lower predictability of cash flows may lead to a tighter leverage sensitivity or a downgrade - A more than a one-notch downgrade of Eurohold's consolidated profile (excluding insurance business), assuming unchanged links with the parent - Stronger links with the parent reflected in 'open' legal ring-fencing or/and access and control under Parent and Subsidiary Linkage Rating Criteria Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - FFO net leverage below 3.5x and FFO interest coverage above 4.4x on a sustained basis Liquidity and Debt Structure EEEC's cash and cash equivalent totalled BGN225 million at end-2025. This compares with BGN55 million of short-term debt maturities and Fitch-projected negative free cash flow of BGN15 million in 2026. Issuer Profile EEEC has a leading market position in Bulgaria with 40% market share in electricity distribution, and has a strong market position in supply and trade. 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 EEEC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Eastern European Electric Company B.V. LT IDR BB Affirmed BB senior secured LT BB Affirmed RR4 BB EUROHOLD BULGARIA: Fitch Puts 'B' Long-Term IDR on Watch Negative ----------------------------------------------------------------- Fitch Ratings has placed Eurohold Bulgaria AD's Long-Term Issuer Default Rating (IDR) and senior unsecured rating of 'B' on Rating Watch Negative (RWN) with a Recovery Rating of RR4. The RWN reflects the refinancing risk at Eurohold (holding) level, with EUR70 million bonds due in June 2026. The company is finalising its plans to refinance through a mix of own sources, upstream of cash flow from opcos and parental support, but Fitch believes there is execution risk given the limited time to maturity. Fitch will resolve the RWN once Fitch has more visibility on the refinancing. Assuming a smooth refinancing transaction, Fitch would expect to revise the Outlook to Stable. The IDR reflects the Eurohold group's predictable cash flow of its electricity distribution subsidiary, forecast leverage within rating sensitivities, structural subordination of the holdco, as well as a complex group structure, corporate governance limitations and weak liquidity at the parent level. Key Rating Drivers Pending Refinancing Plan: Eurohold has EUR70 million bonds due on 7 June 2026, of which EUR16 million is held within the group. The company expects to refinance the bonds through own sources as well as the upstream of cash from the opcos (dividends and loans) and with financial support from the parent Starcom Holding AD (who owns 52.75%). While its base case includes a smooth refinancing process, the RWN reflects the lack of full visibility on the various cash streams and the limited time to maturity. Healthy EBITDA: Fitch expects Eurohold's consolidated EBITDA (excluding insurance) to remain healthy in 2026-2029, averaging BGN301 million a year, slightly below BGN313 million in 2025. The decline mainly reflects Fitch's conservative assumptions for non-core holdco activities, mainly solar and battery energy storage system (BESS) trading. Energy EBITDA remains the key earnings support, underpinned by predictable returns from regulated distribution. Regulated Income in Distribution: Eurohold benefits from a high share of regulated electricity distribution in its EBITDA, which has low business risk and greater cash flow predictability than its supply and trade segment. Fitch projects the distribution share in EBITDA to remain at 64% over 2026-2029 (68% in 2023-2025). Solid Distribution Results: Fitch projects solid distribution results in 2026-2029, with EBITDA reaching BGN208 million in 2029, up from BGN192 million in 2025, supported by its ability to keep technological losses below the level approved by the regulator. Fitch assumes a return rate in distribution at almost 7% in 2026 and conservatively at 6% in 2027-2029, with the new regulatory framework starting from mid-2027. Postponed Households Liberalisation: The postponement of full household market liberalisation in Bulgaria supports the stability of Eurohold's supply business by preserving a regulated framework for household sales. However, it limits EBITDA upside that liberalisation would offer. Supply Margin Protection: Eurohold's subsidiary, Electrohold Sales, has continued to sell electricity to households at regulated tariffs, since 1 July 2025. The roughly 30% shortfall between tariffs and market-based procurement costs is compensated by the Security of Electricity System Fund and a 6.92% regulated margin intended to cover operating expenses, balancing costs and a reasonable profit. Fitch projects Eurohold's EBITDA in supply to average about BGN40 million annually in 2026-2029 (BGN45 million in 2025). Stronger Trade Earnings: Fitch projects EBITDA in trade to average BGN25 million annually in 2026-2029 (BGN17 million in 2025) through the expansion of renewables-related, and, from 2026, BESS-related commercial management services, benefitting from greater market volatility and increased demand for balancing and optimisation services. Eurohold also aims to improve margins by maintaining a focus on SME clients, which typically generate higher margins. Grid Capex Supports Efficiency: Eurohold's distribution subsidiary plans BGN675 million capex in 2026-2029 (up from previous BGN620 million capex in 2025-2028), with BGN92 million financed by grants from the Modernisation Fund and other EU programmes. The investments in digitalisation of the grid should lead to smaller technological losses, remunerated under the distribution tariff, and cost efficiencies. The ability to quickly disconnect non-paying households should also support debt collection. Projected Leverage within Sensitivities: Funds from operations (FFO) net leverage, excluding the insurance business, remained broadly stable at 4.5x in 2025 (4.6x in 2024), as a rise in its debt to nearly BGN1,248 million from BGN1,189 million, following a new bond issue in 2025 at its energy subsidiary, was accompanied by higher EBITDA. Fitch expects FFO net leverage to remain at 4.5x-4.9x over 2026-2029, supported by solid EBITDA, and to stay comfortably within rating sensitivities. Relationship with Major Shareholder: Eurohold is majority-owned by Starcom Holding AD (52.75% at end-2025). Fitch assesses legal ringfencing and access and control as 'porous', under its Parent and Subsidiary Linkage Rating Criteria, which means that Eurohold may be rated up to two notches above the parent's consolidated profile. As a result, substantial deterioration of the credit profile of Starcom Holding may lead to a rating downgrade. Rating Approach: Fitch rates Eurohold using a consolidated approach, excluding the insurance business's FFO and net debt but including its dividends. This is because access to the insurance business's cash flow is limited by regulatory requirements related to keeping a minimum solvency ratio. Eurohold's IDR is notched down two levels below the group's consolidated profile (excluding insurance) given its structural subordination. Eurohold's debt service capacity is contingent on dividend income from intermediate holdcos and operating subsidiaries (assuming covenant compliance), and it does not have direct access to their underlying operating cash flow. Corporate Governance Limitations: The rating reflects Eurohold's complex group structure, large related-party transactions and lower financial transparency than EU peers', including qualified audit opinions for 2020-2022. Peer Analysis Fitch compares Eurohold, excluding the insurance business, with utilities rated in central and eastern Europe. Eurohold's regional peer is Romania-based Societatea Energetica Electrica S.A.'s (Electrica; BBB-/Stable; Standalone Credit Profile (SCP): bbb-) in which the Romanian state owns a 49.8% stake. Electrica has a higher debt capacity than Eurohold's consolidated profile, largely due to its higher share of regulated EBITDA from electricity distribution (about 80%) than Eurohold's. Another peer is Czechia-based ENERGO-PRO a.s. (EPas: BB-/Negative), which has operations in the Bulgarian electricity distribution and supply market, but has higher geographical diversification as it also operates in Turkiye, Georgia, Spain and Brazil. EPas also owns hydro power plants in several countries. EPas has comparable debt capacity to Eurohold's consolidated profile. Eurohold is smaller than Poland's Energa S.A. (BBB+/Stable; SCP: bbb-) and Bulgarian Energy Holding EAD (BEH; BB+/Stable, SCP: bb). It is focused on the distribution of electricity and supply, while Energa and BEH are integrated utilities. Fitch’s Key Rating-Case Assumptions - Energy EBITDA normalising at an average of about BGN267 million annually in 2026-2029, after exceptionally good results in 2023-2024 - Eurohold's EBITDA (excluding the insurance business) at an average of BGN300 million annually in 2026-2029 - Cumulative capex in 2026-2029 of BGN678 million, focusing on network infrastructure development, with BGN92 million financed by grants Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (b+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Some Deficiencies' results in an adjustment of -1 notch(es). - The Operating Environment assessment of 'bb+' results in no adjustment. - The other risk elements adjustment applies and results in an adjustment of -2 notch(es). - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a(n) consolidated profile+2 approach. Recovery Analysis - The recovery analysis assumes that Eurohold would be reorganised as a going concern (GC) in bankruptcy rather than liquidated - A 10% administrative claim - GC EBITDA of BGN 225 million is 28% lower than 2025 EBITDA (excluding the insurance segment), reflecting adverse changes in market conditions, including declining energy prices - Fitch applies a distressed enterprise value (EV)/EBITDA multiple of 6.5x to calculate a GC EV, reflecting a large share of regulated earnings, but also a volatile and less transparent operating environment - With these assumptions, Eurohold's senior unsecured notes are in the 'RR4' band, indicating a 'B' instrument rating RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The RWN reflects the refinancing risk at Eurohold (holding) level, with EUR70 million bonds due in June 2026. Failure to make progress with refinancing in the next few weeks may lead to a downgrade - FFO net leverage (excluding the insurance business) above 5.5x on a sustained basis, for instance, due to a more aggressive financial policy, higher distributions to shareholders and lower profitability and cash generation - Significant weakening of the business profile with lower predictability of cash flow may lead to tighter leverage sensitivities or a downgrade - Deterioration of the group's liquidity - Substantial deterioration of the credit profile of Eurohold's majority shareholder Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The ratings are on RWN, so positive rating action is unlikely in the near term. Fitch would remove the RWN and reinstate the Stable Outlook on Eurohold's ratings if the company shows cash on hand or has committed financing If the Outlook is stabilised, the following factors may be positive for the rating: - Better access to cash from operating entities and improved liquidity at Eurohold's holdco level - An improved consolidated group financial profile (excluding the insurance business) with FFO net leverage below 4.5x on a sustained basis Liquidity and Debt Structure The rating is constrained by weak liquidity at the holdco level. As of end-2025, Eurohold had BGN0.1 million cash and cash equivalents at holdco level, compared with BGN194 million of current financial liabilities. At end-2025, Eurohold held its own bonds of about BGN80 million within the group. Issuer Profile Eurohold's major shareholder, Starcom Holding, is ultimately owned by three individuals. The remaining shares are publicly listed on the Bulgarian Stock Exchange and Warsaw Stock Exchange. The group's core activities are energy and insurance. Summary of Financial Adjustments Fitch adjusted Eurohold's consolidated profile to exclude the insurance business's FFO and net debt when calculating its main financial ratios. 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 Eurohold. ESG Considerations Eurohold has an ESG Relevance Score of '4' for Group Structure due to a fairy complex group structure, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Eurohold has an ESG Relevance Score of '4' for Financial Transparency due to lower financial transparency than EU peers' and qualified audit opinions, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Eurohold Bulgaria AD LT IDR B Rating Watch On B senior unsecured LT B Rating Watch On RR4 B =========== F R A N C E =========== LA FINANCIERE: S&P Withdraws 'CCC-' Long-Term Issuer Credit Rating ------------------------------------------------------------------ S&P Global Ratings withdrew its 'CCC-' long-term issuer credit rating on La Financiere Atalian SAS, at the issuer's request. At the same time, S&P withdrew its 'CCC-' issue rating and '4' recovery rating on Atalian's senior secured notes due in 2028. At the time of withdrawal, the outlook on the issuer credit rating was negative. ============= I R E L A N D ============= BBAM EUROPEAN IX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned BBAM European CLO IX DAC final ratings, as detailed below. Entity/Debt Rating ----------- ------ BBAM European CLO IX DAC A XS3311084050 LT AAAsf New Rating A- Loan LT AAAsf New Rating B XS3311084217 LT AAsf New Rating C XS3311084480 LT Asf New Rating D XS3311084720 LT BBB-sf New Rating E XS3311085024 LT BB-sf New Rating F XS3311085370 LT B-sf New Rating Subordinated Notes XS3311085537 LT NRsf New Rating Transaction Summary BBAM European CLO IX DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by RBC Global Asset Management (UK) Limited. The collateralised loan obligation (CLO) has a 4.5-year reinvestment period and an 8.5-year weighted average life test (WAL) test 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 23. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 62.1%. Diversified Asset Portfolio (Positive): The transaction includes various concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has four matrices: two effective at closing with fixed-rate limits of 5% and 10% and two one year after closing with the same fixed-rate limits. All four matrices are based on a top 10 obligor concentration limit of 20%. The closing matrices correspond to an 8.5-year WAL test while the forward matrices correspond to a 7.5-year WAL test. The switch to the forward matrices is subject to the aggregate collateral balance (defaults at Fitch collateral value) being at least at the reinvestment target par balance. The transaction has reinvestment criteria governing the reinvestment 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 (subject to a floor of six years), to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include passing the coverage tests and the Fitch 'CCC' bucket limitation test, and a WAL covenant that progressively steps down over time, both before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would result in downgrades of one notch each on the class B to E notes and to below 'B-sf' for the class F notes. The class A notes would not be affected. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B to F notes each have a rating cushion of two notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. 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 three notches for the class A notes, of four notches each for the class B, C and 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 two notches each for the class B, C, D and F notes, and three notches for the class E notes. The class A notes are at the highest level on Fitch's scale and cannot be upgraded. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than -expected losses for the transaction's remaining life. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for BBAM European CLO IX 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. CROSS OCEAN IX: Fitch Affirms 'B-sf' Final Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Cross Ocean Bosphorus CLO IX DAC's refinancing class A-R and B-R notes final ratings and affirmed the others, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Cross Ocean Bosphorus CLO IX DAC Class A XS2760669783 LT PIFsf Paid In Full AAAsf Class A-R XS3325430083 LT AAAsf New Rating Class B XS2760671508 LT PIFsf Paid In Full AAsf Class B-R XS3325430240 LT AAsf New Rating Class C XS2760673975 LT Asf Affirmed Asf Class D XS2760677026 LT BBB-sf Affirmed BBB-sf Class E XS2760677885 LT BB-sf Affirmed BB-sf Class F XS2760729272 LT B-sf Affirmed B-sf Transaction Summary Cross Ocean Bosphorus CLO IX 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 from the refinancing notes, which benefit from lower spreads than the refinanced notes, have been used to redeem the Class A and B notes. The portfolio with a target par of EUR400 million is actively managed by Cross Ocean Adviser LLP. The CLO has a three-year reinvestment period and a seven-year weighted average life test (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch places the average credit quality of obligors in the 'B'/'B-' category. The Fitch weighted average rating factor of the identified portfolio is 25.7. 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 61.6%. Diversified Portfolio (Positive): The transaction has two matrices effective at closing corresponding to the 10 largest obligors concentration and fixed-rate asset limits of 5% and 0% of the portfolio. The transaction also includes various concentration limits, including the maximum exposure to the three largest (Fitch-defined) industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has a three-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 stress portfolio analysis was reduced by 12 months to six years. This reduction of the risk horizon accounts for the strict reinvestment conditions envisaged after the reinvestment period. These conditions include passing the coverage tests, the Fitch 'CCC' maximum limit after reinvestment and a WAL covenant that progressively steps down before and after the end of the reinvestment period. In Fitch's opinion, these conditions reduce the effective risk horizon of the portfolio during the stress period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A notes and lead to downgrades of up to two notches for the class B, C, D, E and F notes. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio, the class B, D, E and F notes display rating cushions of two notches and the class C notes one notch. There is no rating cushion for the class A notes. Should the cushion between the identified portfolio and the stress portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed portfolio would lead to downgrades of up to four notches for the notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of the Fitch's stress portfolio would lead to upgrades of up to two notches for the notes, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on Fitch's stress portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, meaning the notes are able to withstand larger than expected losses for the transaction's remaining life. After the end of the reinvestment period, upgrades may occur in case of stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses on the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Cross Ocean Bosphorus CLO IX DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. 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 Cross Ocean Bosphorus CLO IX 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. ELMWOOD EUROPEAN 1: Fitch Assigns B-sf Final Rating to Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Elmwood European CLO 1 DAC final ratings, as detailed below. Entity/Debt Rating ----------- ------ Elmwood European CLO 1 DAC A-1 XS3295729787 LT AAAsf New Rating A-2 XS3304384442 LT AAAsf New Rating B XS3295729944 LT AAsf New Rating C XS3295730363 LT Asf New Rating D XS3295730793 LT BBB-sf New Rating E XS3295730959 LT BB-sf New Rating F XS3295731171 LT B-sf New Rating Subordinated Notes XS3295731338 LT NRsf New Rating Z XS3300289553 LT NRsf New Rating Transaction Summary Elmwood European CLO 1 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 Elmwood Asset Management (UK) Limited and the CLO has a reinvestment period of 4.5-years and an 8.5-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B+'/'B'. The Fitch weighted average rating factor (WARF) of the identified portfolio is 22.7. 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 61.9%. Diversified Portfolio (Positive): The transaction includes six matrices covenanted by a top 10 obligor concentration limit at 20% and fixed-rate asset limits of 5% and 12.5%. Two are effective at closing and correspond to an 8.5-year WAL. Two matrices are effective 12 months after the closing and two are effective 18 months after the closing corresponding to 7.5-year and seven-year WAL, respectively. It has various concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has a reinvestment period of about 4.5 years 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 for the transaction's Fitch-stressed portfolio analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period, which include passing the coverage tests, the Fitch WARF test and the Fitch 'CCC' bucket limit test and a WAL covenant that progressively steps down, before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would lead to downgrades of no more than one notch each for the class D, E and F notes and have no impact on the class A-1, A-2, B and C notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B, C, D, E and F notes each have a rating cushion of two notches and the class F notes have a cushion of three notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A notes have no rating 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 up to four notches each for the 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 three notches each, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the transaction's remaining life. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority- registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Elmwood European CLO 1 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 ========= GOLDEN BAR 2023-2: Fitch Hikes Rating on Class E Notes to 'BB+sf' ----------------------------------------------------------------- Fitch Ratings has upgraded six tranches of Golden Bar (Securitisation) S.r.l. - Series 2021-1 (GB 2021-1) and of Golden Bar (Securitisation) S.r.l. - Series 2023-2 (GB 2023-2). Fitch has also affirmed all tranches of Golden Bar (Securitisation) S.r.l. - Series 2024-1 (GB2024-1) and Golden Bar (Securitisation) S.r.l. - Series 2025-1 (GB2025-1), and revised the Outlook to Stable from Positive on class B of GB2024-1 and on class C of GB2025-1. Entity/Debt Rating Prior ----------- ------ ----- Golden Bar (Securitisation) S.r.l. - Series 2023-2 Class A notes IT0005561276 LT AA+sf Affirmed AA+sf Class B notes IT0005561284 LT AAsf Upgrade Asf Class C notes IT0005561292 LT A-sf Upgrade BBBsf Class D notes IT0005561300 LT BBB-sf Upgrade BBsf Class E notes IT0005561318 LT BB+sf Upgrade BB-sf Golden Bar (Securitisation) S.r.l. - Series 2024-1 Class A IT0005611378 LT AA+sf Affirmed AA+sf Class B IT0005611386 LT AA-sf Affirmed AA-sf Class C IT0005611394 LT BBBsf Affirmed BBBsf Golden Bar (Securitisation) S.r.l. - Series 2021-1 Class A IT0005459224 LT AA+sf Affirmed AA+sf Class B IT0005459232 LT AA+sf Affirmed AA+sf Class C IT0005459240 LT AA+sf Upgrade AA-sf Class D IT0005459257 LT AA+sf Upgrade AA-sf Class E IT0005459265 LT A+sf Affirmed A+sf Golden Bar (Securitisation) S.r.l. - Series 2025-1 A1 IT0005652158 LT AA+sf Affirmed AA+sf A2 IT0005652166 LT AA+sf Affirmed AA+sf B IT0005652174 LT AA-sf Affirmed AA-sf C IT0005652182 LT A-sf Affirmed A-sf D IT0005652190 LT BBBsf Affirmed BBBsf E IT0005652208 LT BBB-sf Affirmed BBB-sf Transaction Summary The transactions are public securitisations of auto loans and personal loans originated by Santander Consumer Bank S.p.A. (SCB) to individuals and sole entrepreneurs. SCB is wholly owned by Santander Consumer Finance, S.A. (A/Stable/F1), the consumer finance arm of Banco Santander, S.A. (A/Stable/F1). The transactions closed between 2021 and 2025 and are all amortising pro-rata. GB2021-1 comprises standard amortising auto loans; GB2023-2 includes auto loans and balloon loans; GB2024-1 includes personal loans in addition to auto loans; and GB2025-1 includes flexible auto loans in addition to personal and standard auto loans. KEY RATING DRIVERS Rising CE, Recalibrated Multiples: The upgrades reflect increased credit enhancement (CE) or the recalibration of its default multiples for intermediate ratings (from 'Bsf' to 'AA+sf') following the upgrade of Italy's rating and, as a result, the revised 'AA+sf' maximum achievable for Italian structured finance deals (see 'Fitch Upgrades 72 Italian SF Tranches on Sovereign Upgrade; Revised 44 tranches to Positive Outlook', dated 16 October 2025). The outstanding notes across all four transactions repay pro-rata until a sequential amortisation event occurs. CE is increasing for GB 2021-1, GB 2023-2 and GB 2024-1 due to the non-amortising cash reserves, despite the pro-rata amortisation. Fitch considers a switch to sequential amortisation to be unlikely in its base case, given the gap between its portfolio loss expectations and the relevant trigger levels. A mandatory switch to sequential paydown when the outstanding collateral balance falls below a defined threshold mitigates tail risk. Revised Asset Assumptions: Fitch has slightly raised the default base case for new auto loans in GB 2024-1 and GB 2025-1 to 1.7% from 1.5%, and for SCB's personal loans originated in 2024-2025 to 6.25% from 6%, reflecting higher observed default rates. Default base cases for GB 2021-1 and GB 2023-2 are unchanged, as observed performance remains in line with prior assumptions. Fitch has updated the blended default and recovery rates based on the current portfolio composition to, respectively, 1.8% and 30% on GB 2021-1, 2.1% and 44.6% on GB 2023-2, 3.8% and 41% on GB 2024-1, and 4.2% and 41.1% on GB 2025-1. Fitch increased prepayment assumptions for standard auto loans across all four transactions to 7% from 6%, for personal loans to 15% from 12%, and for flexible auto loans to 8% from 6%. The revisions reflect observed prepayment rates in the transactions and recent historical data, which are higher than Fitch's expectations. No Servicing Fees Modelled: All the deals except GB 2021-1 have an amortising replacement servicer fee reserve to cover for potential fees to be paid to a replacement servicer. The reserve is posted on certain triggers being breached. Fitch believes the reserve will be adequate to cover stressed servicer fees at the maximum achievable rating for the notes throughout the transaction's life. Therefore, no servicing fees are modelled in Fitch's cash flow analysis, resulting in higher excess spread being available to the structures 'AA+sf' Sovereign Cap: The notes rated 'AA+sf' are at their highest achievable rating, six notches above Italy's sovereign Issuer Default Rating (IDR; BBB+/Stable/F1), which is the cap for Italian structured finance and covered bonds. The Stable Outlook on these notes reflects that on the sovereign. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The notes rated at the highest achievable rating for Italian transactions are sensitive to changes in Italy's Long-Term IDR. A downgrade of Italy's IDR and the related rating cap for Italian structured finance transactions could trigger a downgrade of these notes. Unexpected increases in the frequency of defaults or decreases in recovery rates, producing larger losses than the base case, could result in negative rating action on the notes. For example, a simultaneous increase of default base case by 25% and decrease of the recovery base case by 25% would lead to downgrades of up to two notches each for the notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The notes rated at the highest achievable rating for Italian transactions are sensitive to changes in Italy's Long-Term IDR. An upgrade of Italy's IDR and the related rating cap for Italian structured finance transactions could trigger an upgrade of those classes of notes, provided available CE is sufficient to absorb the associated higher rating stresses. An unexpected decrease in the frequency of defaults or increase in recovery rates producing smaller losses than the base case could result in a positive rating action on the notes. Most senior classes cannot be upgraded because they are already at the highest achievable rating for Italian structured finance and covered bonds. A simultaneous decrease in the frequency of defaults by 25% and increase in recovery rates by 25% would lead to upgrades of up to four notches each for the class B to E notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Prior to the transaction closing, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the rating agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. LOTTOMATICA GROUP: S&P Rates Proposed EUR765MM Sr. Sec. Notes 'BB' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB' rating to Lottomatica Group SpA's proposed EUR765 million senior secured fixed rate notes due 2032. The recovery rating is '3', reflecting its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery prospects in the event of a default. Bond proceeds will reimburse the EUR400 million senior secured floating-rate notes due 2031 and fund general corporate purposes, including paying a EUR173 million liability buyback, partly prefunding EUR700 million in announced share buybacks over 2026-2027, or bolt-on acquisitions. S&P said, "The transaction is net leverage neutral, as we had already factored in our base-case scenario the higher shareholder returns. We see this issuance as part of the group's debt management because it extends the debt maturities and reduce exposure to floating interest rates." S&P said, "On March 20, 2026, we revised our outlook on Lottomatica to positive to reflect improving free operating cash flow, which we expect at EUR400 million-EUR 420 million per year over 2026-2027 on positive underlying operating performance, primarily in its online business. At the same time, we expect leverage at about 2.5x over 2026-2027, compared with 3.0x in 2025, supported by the group's publicly stated financial policy." Issue Ratings--Recovery Analysis Key analytical factors -- S&P rates Lottomatica's senior secured notes (including the proposed EUR765 million notes) 'BB', with a recovery rating of '3', reflecting its expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. -- The recovery rating is constrained by the prior-ranking EUR447.25 million super senior revolving credit facility (RCF) and a substantial amount of senior secured debt. -- S&P said, "In our hypothetical default scenario, we assume unfavorable changes to gaming regulations in Italy, which will significantly affect the company's business prospects, profitability, and cash flow. We also assume increased competition from gaming operators." -- S&P values the business as a going concern, given its leading brand and market share. Simulated default assumptions -- Year of default: 2031 -- Jurisdiction: Italy Simplified waterfall -- EBITDA at emergence: EUR330 million -- Implied enterprise value multiple: 6.0x (lower than the industry multiple of 6.5x, to reflect Lottomatica's single-country regulatory exposure) -- Gross enterprise value at default: EUR1.97 billion -- Net enterprise value after administrative costs (5%): EUR1.88 billion -- Estimated first-lien claims: EUR394 million --Recovery expectations: Not applicable -- Estimated senior secured claims: EUR2.43 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) --Recovery rating: '3' The RCF is assumed 85% drawn at the time of default. All debt amounts include six months of prepetition interest. ===================== N E T H E R L A N D S ===================== ABERTIS INFRAESTRUCTURAS: S&P Rates New Hybrid Instrument 'BB' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating to the optionally deferrable and subordinated EUR500 million hybrid capital securities to be issued by Abertis Infraestructuras Finance B.V., a financing subsidiary of Abertis (BBB-/Stable/A-3), which guarantees the instrument. Global toll road operator Abertis Infraestructuras S.A. (Abertis; BBB-/Stable/A-3) has announced the launch of a new hybrid instrument (with an up to EUR500 million indicative amount, subject to market conditions), to be issued by subsidiary Abertis Infraestructuras Finance B.V. and guaranteed by Abertis. S&P said, "The company plans to use the proceeds to refinance the remaining portion of a hybrid instrument--with a first call date in January 2027--that lost its intermediate equity content in February 2025, when we published our updated hybrid criteria, due to a sliding step-up feature that shortens the instrument's effective maturity date if we lower our ratings on the issuer to speculative-grade. "We assess the proposed instrument as having intermediate equity content as per our criteria; assuming the transaction is completed as planned, this will restore the full amount of the group's hybrids (EUR2 billion) to intermediate equity content. We assigned our 'BB' issue rating to Abertis' proposed hybrid bond, which is two notches below our issuer credit rating on the company to reflect its subordination and interest optional deferability; we assess the proposed security as having intermediate equity content until its first reset date in October 2031." Abertis intends to use the proceeds to replace the EUR500 million outstanding under its EUR750 million hybrid instrument issued in January 2021 with a first call date in January 2027, after EUR250 million was replaced in October last year. S&P said, "The instrument lost its intermediate equity content in February 2025 when we published our updated hybrid criteria due to a sliding step-up feature that shortens its effective maturity date if we lower our ratings on the issuer to speculative-grade." The proposed hybrid issuance does not include any sliding step-up feature, and it is assigned intermediate equity content until its first reset date in October 2031. The terms are largely in line with the ones of the hybrid issuances completed in 2025. S&P said, "This issuance complements the EUR250 million add-on issuance of October 2025, also dedicated to refinancing the same security, and is in line with our base-case assumptions, reflecting Abertis' commitment to maintaining a permanent layer of hybrids having an intermediate equity content. Assuming the existing hybrid instrument is called and replaced, we expect the amount of hybrids with intermediate equity content to represent 6%-7% of the company's capitalization in 2026-2028 (compared with 7.5%-8.5% under proportional consolidation), which is below the 15% threshold under our criteria to benefit from intermediate equity content. This means that, in our adjusted metrics, we will treat 50% of the hybrid amount as debt and 50% as equity and allocate 50% of the related interest payment on the security as a fixed charge and 50% as equivalent to a common dividend once issued. "We derive our 'BB' issue rating on the proposed securities by applying two downward notches from our 'BBB-' long-term issuer credit rating on Abertis." These notches comprise: -- A one-notch deduction for subordination because the rating on Abertis is at 'BBB-' or above; and -- A one-notch deduction to reflect payment flexibility--the deferral of interest is optional. The number of downward notches indicates S&P's view that Abertis is unlikely to defer interest. Should its view change, S&P could increase the number of downward notches. Abertis can redeem the securities for cash on any date in the three months between the first call and first reset dates, then on every interest payment date. Although the proposed securities are nominally long-dated or perpetual, the company can call them at any time for events that are external or remote (such as a change in tax deductibility, accounting treatment, rating agency treatment, or change of control). S&P said, "In our view, the statement of intent to replace the instrument, combined with Abertis' financial policy, mitigates the group's ability to repurchase the notes on the open market. In addition, Abertis can call the instrument any time at a make-whole premium. It has stated that it does not intend to exercise this make-whole call option unless it has already issued replacement securities that S&P Global Ratings assesses as having equal or higher equity content. Accordingly, we do not view it as a call feature in our hybrid analysis, although it is referred to as a make-whole call clause in the documentation." S&P said, "We understand that the interest on the proposed securities will increase by 25 basis points (bps) five years after the first reset date. It will then increase by 75 bps at the second step-up, being 20 years after the first reset date, independently of the issuer credit rating level. We view any step-up above 25 bps as presenting an incentive to redeem the instrument, and therefore treat the date of the second step-up as the instrument's effective maturity." Key Factors In S&P's Assessment Of The Instruments' Deferability S&P said, "In our view, Abertis' option to defer payment on the proposed securities is discretionary. This means it may elect not to pay accrued interest on an interest payment date because doing so is not an event of default. However, Abertis will have to settle any deferred interest payments in cash if it declares or pays an equity dividend or interest on equally ranking securities and it redeems or repurchases shares or equally ranking securities. We see this as a negative factor. Still, this condition remains acceptable under our methodology because once the issuer has settled the deferred amount, it can still choose to defer on the next interest payment date." Key Factors In S&P's Assessment Of The Instruments' Subordination The proposed securities (and coupons) constitute direct, unsecured, and subordinated obligations of Abertis, ranking senior to its common shares. ========= S P A I N ========= SANTANDER CONSUMO 7: Fitch Affirms 'Bsf' Rating on Class E Notes ---------------------------------------------------------------- Fitch Ratings has revised Santander Consumo 5, FT's (SC5) Outlook to Negative from Stable, while affirming its ratings. Fitch has also affirmed Santander Consumo 7, FT (SC7) and Santander Consumo 8, FT (SC8) notes. Entity/Debt Rating Prior ----------- ------ ----- Santander Consumo 8, FT Class A ES0305898001 LT AAsf Affirmed AAsf Class B ES0305898019 LT A+sf Affirmed A+sf Class C ES0305898027 LT BBB+sf Affirmed BBB+sf Class D ES0305898035 LT BB+sf Affirmed BB+sf Class E ES0305898043 LT B+sf Affirmed B+sf Santander Consumo 7, FT Class A ES0305855001 LT AA+sf Affirmed AA+sf Class B ES0305855019 LT A+sf Affirmed A+sf Class C ES0305855027 LT BBB+sf Affirmed BBB+sf Class D ES0305855035 LT BB+sf Affirmed BB+sf Class E ES0305855043 LT Bsf Affirmed Bsf Santander Consumo 5, F.T. Class A ES0305715007 LT AA+sf Affirmed AA+sf Class B ES0305715015 LT A+sf Affirmed A+sf Class C ES0305715023 LT BBB+sf Affirmed BBB+sf Class D ES0305715031 LT BBsf Affirmed BBsf The transactions are securitisations of portfolios of fully amortising general-purpose consumer loans originated by Banco Santander, S.A. (A/Stable/F1) to Spanish residents. Above 80% of the portfolio balances are linked to pre-approved loans underwritten to existing Santander customers, which have shown weaker performance. KEY RATING DRIVERS Rapid Increase of SC5 Defaults: The Outlook revision to Negative reflects SC5's weaker-than-expected asset performance since closing in July 2023. As of March 2026, gross cumulative defaults (GCD), defined as receivables more than 90 days in arrears, were 3.9% of the initial pool balance. The increase in defaults has resulted in an implicit principal deficiency of EUR257,550 and a breach of interest subordination trigger for the class E and class F notes. Interest due to these two classes has been deferred over the past two payment dates, resulting in a total outstanding shortfall of EUR1,440,260. The ratings and Outlooks on SC7 and SC8 remain unchanged. SC8 is still in its 11-month revolving period, which Fitch expects to end in April 2026, after which the notes will start amortising on a pro-rata basis until a switch to sequential event is triggered. By contrast, SC7 has been amortising pro-rata since closing in November 2024, which Fitch expects to remain so in the medium term. Asset Assumptions Recalibrated: Fitch has recalibrated its base-case default and recovery assumptions, as well as the default multiple, for the SC5 and SC7 portfolios to reflect their performance to date, forward-looking considerations, and Spain's economic outlook. The remaining life default rate assumption for both transactions has been increased to 4.25% from 4%, while the 'AAAsf' multiples have decreased to 4.5x from 4.75x, as Fitch does not consider the performance deterioration to be material enough to affect its default assumptions at high ratings. Fitch raised the base-case recovery rate to 35% from 25% for SC5 and from 20% for SC7. Fitch's assumptions for SC8 remain unchanged, with a base-case default rate of 4.25% and a recovery rate of 25%. As of the latest reporting dates, gross cumulative defaults were 3.9%,1.6% and 0.7% of the initial pool balances, respectively, for SC5, SC7 and SC8, while 30+ days delinquencies, excluding defaults, ranged between 0.5% and 0.8%. Stable CE Protection: Fitch expects credit enhancement (CE) ratios to remain broadly stable across the three transactions under the prevailing pro-rata amortisation and revolving period. Fitch views the switch to sequential amortisation for SC5 as a possibility in the near term, given the GCD pro-rata trigger is currently 4.2% (but increasing quarterly) close to the latest observed defaults of 3.9%. Fitch expects rapid CE build-up, if the sequential trigger is breached, especially for the senior notes as the transaction deleverages. SC5 effectively relies on the GCD trigger as principal deficiency ledger (PDL) trigger, which is currently far from being breached. Counterparty Arrangements Cap Ratings: The maximum achievable rating in all three deals is 'AA+sf', in line with Fitch's Structured Finance and Covered Bonds Counterparty Rating Criteria, as the minimum eligibility ratings defined for the transaction account bank and the hedge provider of 'A-' or 'F1' are insufficient to support 'AAAsf' ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-term asset performance deterioration, such as increased delinquencies or reduced portfolio yield, driven by changes in portfolio characteristics, macroeconomic conditions, business practices or the legislative landscape, could be negative for ratings. For instance, a 10% increase in defaults and a 10% decrease in recoveries may lead to downgrades of up to four notches for SC5 notes, three notches for SC7 notes and one notch for SC8 notes. A combination of reduced excess spread and the late receipt of recovery cash flow for the junior notes, particularly at the tail of the transaction, can negatively affect the ratings. This is due to a thin layer of CE protection from the subordination available to those notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Increasing CE ratios, as the transaction deleverages to fully compensate for the credit losses and cash flow stresses commensurate with higher ratings, may lead to upgrades. For instance, a 10% decrease in defaults and 10% increase in recoveries may lead to upgrades of no more than one notch each for SC5 notes and two notches each across SC7 and SC8 notes. The maximum achievable rating is 'AA+sf', due to the remedial actions envisaged by the transaction documents for the transaction account bank and swap contracts. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transactions' closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Prior to the transactions' closing, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the rating agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. =========================== U N I T E D K I N G D O M =========================== 5 LOCKGATE: FRP Advisory, BTG Appointed as Joint Administrators --------------------------------------------------------------- 5 Lockgate Road (SH) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-002102. Simon Baggs and David Hudson of FRP Advisory Trading Limited, and Paul Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed as joint administrators on March 16, 2026. 5 Lockgate Road (SH) 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 (to be changed to c/o FRP Advisory Trading Ltd, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD). Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Simon Baggs David Hudson FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham B3 3BD -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 0121 710 1680 Email: cp.birmingham@frpadvisory.com Alternative contact: Abbie Lenihan ALTAYYAR HOUSE: FRP Advisory, BTG Begbies Named as Administrators ----------------------------------------------------------------- Altayyar House (Flat 14) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-002099. Simon Baggs and David Hudson of FRP Advisory Trading Limited, and Paul Steven Cooper of BTG Begbies Traynor (London) LLP were appointed as joint administrators on March 16, 2026. Altayyar House (Flat 14) 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 (to be changed to c/o FRP Advisory Trading Ltd, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD). Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Simon Baggs David Hudson FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham B3 3BD -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 0121 710 1680 Email: cp.birmingham@frpadvisory.com Alternative contact: Abbie Lenihan BELGRAVIA COURT (ES): FRP Advisory, BTG Appointed as Administrators ------------------------------------------------------------------- Belgravia Court (ES) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001968. Simon Baggs and David Hudson of FRP Advisory Trading Limited, and Paul Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed as joint administrators on March 13, 2026. Belgravia Court (ES) 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 (to be changed to c/o FRP Advisory Trading Ltd, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD). Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Simon Baggs David Hudson FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham B3 3BD -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 0121 710 1680 Email: cp.birmingham@frpadvisory.com Alternative contact: Abbie Lenihan HARVEST FUNDING: S&P Assigns CCC (sf) Rating to Class X-Dfrd Notes ------------------------------------------------------------------ S&P Global Ratings assigned credit ratings to Harvest Funding PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X-Dfrd notes. At closing, the issuer also issued unrated class Z notes and residual certificates. S&P said, "Our ratings address the timely payment of interest and the ultimate payment of principal on the class A notes. Our ratings on the class B-Dfrd to X-Dfrd interest deferrable notes address the ultimate payment of interest and principal, until they are the most senior notes outstanding (not applicable to the class X-Dfrd notes), at which point interest cannot be deferred in line with the transaction events of default." The pool contains GBP1.96 billion nonconforming mortgage loans backed by properties located in England, Wales, Scotland, and Northern Ireland. The loans were originated by BoS and Birmingham Midshires between 2003 and 2025, with most originated in 2006 and 2007. The pool balance comprises owner-occupied (85.9%) and BTL properties (14.1%). The loans in the pool are well-seasoned with a weighted-average seasoning of 18 years. Compared to its predecessor (Valley Funding PLC), arrears are lower (15.2% versus 53.5%), as are past maturity interest-only loans (8.0% versus 11.8%), and the proportion of reperforming loans (1.2% versus 23.1%). BoS has significant residential servicing experience and is contracted to administer the loans on the issuer's behalf. The issuer is exposed to BoS as the transaction account provider and collection account provider. The documented replacement mechanisms for this counterparty adequately mitigate the transaction's exposure to counterparty risk in line with our criteria. The transaction is not exposed to setoff or commingling risks. The issuer is an English special-purpose entity, which S&P considers to be bankruptcy remote. The legal structure, transaction documents, and legal opinions are in line with its legal criteria. Ratings Class Rating Class size (%) A AAA (sf) 87.00 B-Dfrd AA (sf) 3.50 C-Dfrd A (sf) 3.00 D-Dfrd BBB+ (sf) 1.50 E-Dfrd BB- (sf) 1.50 F-Dfrd B- (sf) 1.00 Z NR 2.50 X-Dfrd CCC (sf) 1.50 VRR NR N/A Residual certs NR N/A Dfrd--Deferrable. NR--Not rated. N/A--Not applicable. VRR--Vertical Risk Retention. LAMONT ROAD (HS): BTG Begbies, FRP Appointed as Administrators -------------------------------------------------------------- Lamont Road (HS) Limited was placed into administration in the High Court of Justice Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001998. Paul Cooper of BTG Begbies Traynor (London) LLP, together with David Hudson and Simon Baggs of FRP Advisory Trading Limited, were appointed as administrators on March 13, 2026. Lamont Road (HS) 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 Administrators can be reached at: Paul Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR -- and -- David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU For further details, contact: Jack Thornber BTG Begbies Traynor (Central) LLP Tel. No: 0116 406 2965 Email: Jack.Thornber@btguk.com SUSSEX GARDENS (FLAT 6): FRP, BTG Appointed as Joint Administrators ------------------------------------------------------------------- Sussex Gardens (Flat 6) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001994. Simon Baggs and David Hudson of FRP Advisory Trading Limited, and Paul Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed as joint administrators on March 13, 2026. Sussex Gardens (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 (to be changed to c/o FRP Advisory Trading Ltd, 2nd Floor, 120 Colmore Row, Birmingham, B3 3BD). Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Simon Baggs David Hudson FRP Advisory Trading Limited 2nd Floor, 120 Colmore Row Birmingham B3 3BD -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR For further details, contact: The Joint Administrators Tel. No: 0121 710 1680 Email: cp.birmingham@frpadvisory.com Alternative contact: Abbie Lenihan TOGETHER FINANCIAL: S&P Rates New GBP300MM Jr. Secured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue rating to the planned GBP300 million junior secured notes to be issued by Jerrold FinCo PLC, a financing subsidiary of Together Financial Services Ltd. (Together; BB/Stable/--). In its view, the impact of this issuance to Together's credit profile is broadly neutral. Together intends to use the proceeds, alongside additional securitization funding, to refinance the existing GBP380 million 2027 payment-in-kind toggle notes issued at the holding company level. S&P said, "The proposed transaction, in our view, simplifies the group's capital structure by replacing structurally subordinated holding company debt with operating company-level secured debt. The refinancing does not affect our assessment of Together's capital under our risk-adjusted capital framework, which we calculate at the level of the ultimate parent, RedHill FamCo Ltd. We think the transaction impact will be broadly leverage-neutral at the group level. "We expect the new second-lien notes to benefit from solid asset coverage within the senior borrower group, supported by sufficient unencumbered mortgage assets. However, the notes are contractually junior to Together's existing GBP950 million senior secured notes. "As such, we have assigned our 'BB-' issue rating to the proposed second-lien notes, one notch below our 'BB' long-term issuer credit rating on Together, reflecting their junior ranking in the capital structure. "The stable outlook on Together reflects our view that its resilient balance sheet, solid funding franchise, and strong asset quality will help absorb any earnings pressure or credit losses from an uncertain U.K. economic environment, supporting the rating over our 12-month outlook horizon. We do not expect any major change in Together's risk appetite or underwriting standards." ********* 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 * * *