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       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

          Friday, April 24, 2026, Vol. 27, No. 82

                           Headlines



F R A N C E

ATHENA HOLDCO: Moody's Affirms 'B1' CFR, Outlook Remains Stable
COOKIE INTERMEDIATE: Moody's Appends 'LD' Designation to PDR


I R E L A N D

ARES EUROPEAN XII: Moody's Ups Rating on EUR27MM Cl. E Notes to Ba2
BROOM HOLDINGS: S&P Affirms 'B' Long-Term ICR, Outlook Stable
CVC CORDATUS XXI: Moody's Affirms B3 Rating on EUR14MM Cl. F Notes
FAIR OAKS I: Moody's Affirms B3 Rating on EUR10.5MM Class F Notes
ST. PAUL'S CLO XI: Moody's Affirms B1 Rating on EUR9.8MM F Notes



I T A L Y

RENO DE MEDICI: Moody's Appends 'LD' Designation to PDR


L U X E M B O U R G

ALTISOURCE SARL: Moody's Affirms 'Caa2' CFR, Outlook Stable
KLEOPATRA HOLDINGS: Moody's Assigns 'Caa1' CFR, Outlook Stable
ZACAPA SARL: Moody's Affirms 'B2' CFR, Outlook Remains Stable


M A L T A

VISTAJET MALTA: S&P Rates $525MM Senior Unsecured Notes 'B'


N E T H E R L A N D S

HUNTER DOUGLAS: S&P Alters Outlook to Stable, Affirms 'B' ICR


N O R W A Y

VAR ENERGI: S&P Rates New Jr. Subordinated Hybrid Securities 'BB+'


S P A I N

FERTIBERIA SARL: S&P Assigns Preliminary 'B' ICR, Outlook Stable


U N I T E D   K I N G D O M

CANARY WHARF (NPW): FRP Advisory, BTG Named as Joint Administrators
CURZON MORTGAGES NO. 2: S&P Assigns Prelim CCC(sf) on X-Dfrd Notes
DIAMOND MANUFACTURERS: Apr. 28 Hearing Set in Bankr. Bid v. Vashi
FUTURE PLC: Moody's Affirms 'Ba2' CFR, Alters Outlook to Negative
RIDGMOUNT GARDENS: FRP Advisory, BTG Begbies Named as Administrator

STANHOPE GARDENS (F6): FRP Advisory, BTG Named as Administrators
SUSSEX GARDENS: FRP Advisory, BTG Begbies Named as Administrators
WHEATLEY STREET: FRP Advisory, BTG Begbies Named as Administrators


X X X X X X X X

[] BOOK REVIEW: Dangerous Dreamers

                           - - - - -


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F R A N C E
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ATHENA HOLDCO: Moody's Affirms 'B1' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings has affirmed the B1 corporate family rating and the
B1-PD probability of default rating of Athena HoldCo S.A.S
(Athena). Concurrently, Moody's have also affirmed at B1 the Term
Loan B senior secured bank credit facility issued by Athena BidCo
SAS. The outlooks remain stable.

Athena HoldCo S.A.S., majority owned by affiliates of KKR, is the
ultimate parent of April Group, a leading wholesale insurance
broker in France. Founded in 1988, April designs, distributes and
manages insurance and financial solutions for individuals,
professionals and businesses, with a strong presence in
supplementary health, personal protection, P&C insurance, loan and
mortgage insurance, and wealth management. As of April 2026, the
group serves a broad network of approximately 17,000 distributors
and, while it has expanded progressively into neighboring European
markets, France continues to account for the majority of revenues.

RATINGS RATIONALE

The B1 Corporate Family Rating on Athena HoldCo S.A.S. reflects
April's solid business profile, which incorporates the group's
increasing business diversification as well as its proven track
record of earnings resilience through the cycle. These strengths
are mitigated by elevated leverage, execution risks associated with
the group's acquisition strategy, and limited geographic
diversification outside France.

Athena benefits from a very strong market position in France,
ranking second by revenue among brokers in 2025 and first in the
retail segment. This position is supported by the strong
recognition of the April brand and broad, diversified distribution
capabilities, combining intermediated channels (67% of net revenues
in 2025) with expanding direct and digital channels (12% and 21%,
respectively).

Business diversification has strengthened over the past three
years, with April operating across six main lines of business as of
year end 2025, all contributing to group performance, notably the
wealth division following the acquisition of DLPK in 2024. Moody's
expects diversification to continue to improve through organic
growth and targeted acquisitions, particularly in European niche
markets such as motorcycle insurance.

Athena also benefits from a stable customer base, with a retention
rate of around 75%, and strong earnings visibility, as
approximately 85% of annual revenues are generated from long
duration insurance contracts creating predictable revenue streams.
As of year end 2025, Moody's adjusted EBITDA margin remained within
the 25%-28% target range (25.6%) and is expected to remain stable
in 2026. Moody's adjusted net profit margin (5-year average)
remains above 3% and is expected to stay in the 3%-6% range over
the next 12-18 months.

On the downside, the rating is constrained by elevated leverage,
which increased in 2024 following the acquisition of the group by
KKR, and rose further in 2025 as a result of the EUR150 million
add-on for the Term Loan B. As at year end 2025, Moody's adjusted
debt to EBITDA stood at 6.1x, broadly stable compared with 2024.
Looking ahead, Moody's expects leverage to remain within the
5.5x-6.5x range, which is consistent with the current rating level.
In addition, Athena faces ongoing execution risk linked to its
expansion strategy, as M&A remains a key driver of growth. Finally,
limited geographic diversification continues to weigh on the credit
profile, with France accounting for around 80% of revenues in
2025.

STABLE OUTLOOK

The stable outlook reflects Moody's views that Athena HoldCo S.A.S'
leverage ratio will remain between 5.5x and 6.5x in the next 12-18
months, and that profitability will be maintained in 2026, as
evidenced by an EBITDA margin in the 25%-28% range. The stable
outlook also indicates Moody's anticipations that April's external
growth strategy will remain prudent, thanks to KKR's long-term and
flexible investment management strategy, materialized by a
continued improvement of business, and to a lesser extent
geographic, diversification.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded in case of (i) an adjusted
Debt-to-EBITDA ratio falling below 5x on a sustained basis, and
(ii) interest coverage ratio exceeding 6x, and (iii) EBITDA margin
sustainably improved above 30%.

Conversely, a downgrade could occur in case of (i) adjusted
Debt-to-EBITDA ratio deteriorating to above 6.5x, or (ii) EBITDA
margin deteriorating to below 25% over a prolonged period, or (iii)
free-cash-flow-to-debt ratio falling below 3%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in February 2024.

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.

COOKIE INTERMEDIATE: Moody's Appends 'LD' Designation to PDR
------------------------------------------------------------
Moody's Ratings has appended a limited default (LD) designation to
Cookie Intermediate Holding II SAS's probability of default rating,
revising it to Caa2-PD/LD from Caa2-PD. Cookie Intermediate Holding
II SAS is the parent company of Biscuit Holding S.A.S., one of the
largest European manufacturers of private-label sweet biscuits
based in France.

There is no change to the company's Caa2 long-term corporate family
rating or to the Caa1 ratings of its senior secured first lien term
loan B and senior secured multi-currency revolving credit facility
(RCF) issued by Biscuit Holding S.A.S. and the senior secured first
lien term loan B issued by De Banketgroep Holding International BV.
The negative outlook is unaffected.

The /LD designation indicates the limited default under Moody's
definitions, resulting from the interest payment date extension on
its EUR150 million second-lien debt, which has been agreed with the
second-lien lenders. The interest payment on its second lien was
due on the March 31, 2026.

Moody's understands the company remains in negotiations with all
lender groups, including first-lien, revolving credit facility
(RCF) and second-lien creditors, which most likely will lead to an
amend-and-extend (A&E) given the near-term debt maturities, raising
the risk of transactions that could be viewed as distressed
exchanges per Moody's definitions. A distressed exchange is
considered as a form of default in Moody's definitions, which
encompasses events whereby issuers fail to fulfil debt service
obligations outlined in their original debt agreements.

The /LD designation will remain in place until negotiations with
lenders and the likely A&E transaction is finalized.

Cookie Intermediate Holding II SAS (Biscuit or the company) is the
parent company of Biscuit Holding S.A.S., one of the largest
European manufacturers of private-label sweet biscuits in terms of
volume. The company produces and distributes traditional biscuits,
nutrition biscuits, waffles and other sweet products across Europe.
In December 2025, the company generated EUR1,168 million of revenue
and a company-adjusted EBITDA of EUR108 million (EUR151 million in
2024).



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I R E L A N D
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ARES EUROPEAN XII: Moody's Ups Rating on EUR27MM Cl. E Notes to Ba2
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Ares European CLO XII DAC:

EUR29,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa1 (sf); previously on Feb 12, 2024
Upgraded to Aa3 (sf)

EUR29,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A2 (sf); previously on Feb 12, 2024
Upgraded to Baa2 (sf)

EUR27,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba2 (sf); previously on Feb 12, 2024
Affirmed Ba3 (sf)

EUR11,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B2 (sf); previously on Feb 12, 2024
Affirmed B3 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR279,000,000 (Current outstanding amount EUR173,442,432) Class A
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Feb 12, 2024 Affirmed Aaa (sf)

EUR29,250,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Feb 12, 2024 Upgraded to Aaa
(sf)

EUR11,250,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Feb 12, 2024 Upgraded to Aaa (sf)

Ares European CLO XII DAC, issued in September 2019 and refinanced
in October 2021, is a collateralised loan obligation (CLO) backed
by a portfolio of mostly high-yield senior secured European loans.
The portfolio is managed by Ares European Loan Management LLP. The
transaction's reinvestment period ended in April 2024.

RATINGS RATIONALE

The rating upgrades on the Class C, D, E and F notes are primarily
a result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since the
payment date in April 2025.

The affirmations on the ratings on the Class A, B-1 and B-2 notes
are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A notes have paid down by approximately EUR83.7 million
(30.0%) in the last 12 months and EUR105.6 million (37.8%) since
closing. As a result of the deleveraging, over-collateralisation
(OC) has increased across the capital structure. According to the
trustee report dated March 2026[1] the Class A/B, Class C, Class D
and Class E OC ratios are reported at 156.5%, 137.7%, 122.9% and
111.9% compared to April 2025[2] levels of 142.6%, 130.0%, 119.5%
and 111.2%, respectively.
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: EUR336,148,023

Defaulted Securities: EUR0

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3114

Weighted Average Life (WAL): 3.2 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.82%

Weighted Average Coupon (WAC): 3.84%

Weighted Average Recovery Rate (WARR): 44.1%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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.

BROOM HOLDINGS: S&P Affirms 'B' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Broom Holdings Bidco's (Beauparc) holding company, Broom
Holdings Bidco Ltd., and our 'B' issue rating on its EUR705 million
term loan B and EUR120 million revolving credit facility (RCF). The
recovery rating is '3'indicating its expectation of meaningful
recovery prospects (50%-70%; rounded estimate 50%) in the event of
a default.

The stable outlook reflects S&P's view that S&P Global
Ratings-adjusted EBITDA expansion will lead to positive FOCF in
2027 thanks to continued organic revenue growth, coupled with
realized capex initiatives, an improvement of disposal costs in the
U.K., and some bolt-on acquisition contributions.

A challenging U.K. offtake market that pushed up disposal costs
depressed Beauparc's 2025 operating performance, with its results
further impeded by high transformation program-related costs.

S&P said, "We now forecast that operational improvements will allow
the company to return to EBITDA growth in 2026, as it continues to
invest in growth through capex initiatives and bolt-on
acquisitions.

"We forecast broadly flat debt to EBITDA of about 7.0x in 2026,
which will support deleveraging toward 6.0x in 2027, with ongoing
investments offsetting anticipated EBITDA growth.

"Beauparc (operating entity of Broom Holdings Bidco Ltd.) performed
broadly in line with our previous expectations in 2025, with
revenue expansion but EBITDA margin deterioration." Revenue
expanded by 7.1% in 2025, fueled by the Irish business increasing
its collected and processed volumes and delivering on initiatives.
In contrast, the U.K. business expanded by about 3% year over year,
having been hit by challenges with the reliability of its offtake
of waste that reduced processing of third-party waste. S&P Global
Ratings-adjusted EBITDA deteriorated by 240 basis points due to
increased disposal costs and EUR17 million exceptional costs
largely associated with the transformation program. FOCF reached an
estimated negative EUR27 million due to lower EBITDA, relatively
high capital expenditure (capex) requirements, and about EUR40
million of adjusted working capital outflows. The latter were
largely driven by ongoing offtake challenges in the U.K. market
that required a higher share of spot offtakes, which have shorter
credit terms and delayed payments that shifted from 2024 into
2025.

S&P said, "For 2026, we forecast 5.4% revenue growth and EBITDA
margin improvement up to 14.7% thanks to a more favorable U.K
offtake market, management's focus on new commercial wins, and the
conclusion of the transformation program. Organic growth will be
driven by commercial initiatives with new contract wins in the U.K.
and incremental capacity due to capex investments, with additional
volumes coming from third parties in the U.K. S&P said, "We expect
the EBITDA margin to benefit from the digitalization efforts linked
to the transformation program that are expected to enable better
oversight of contract profitability across the U.K. and Ireland.
New offtake contracts signed in the U.K. for 2026 will enable it to
lower disposal costs in addition to progressive strategic shifting
to increased solid recovered fuel (SRF) offtake. Amid increasing
commodity prices, we view positively that 65% of fuel costs in the
U.K and 63% in Ireland are hedged at lower prices than 2025. We
continue to project FOCF of negative EUR13 million in 2026, since
we factor in significant growth-related capex, totaling EUR70
million alongside modest working outflow of EUR15 million to
support business growth."

Despite higher interest costs due to the full-year impact of the
recent EUR60 million add-on, funds from operations (FFO) cash
interest coverage will remain above 2.0x. Growth-related capex
includes new initiatives, notably a new material recovery facility
(MRF) in the U.K. that will improve recycling rates by enhancing
material extraction from construction, demolition, and commercial
and industrial sources. Most growth-related capex is expected to
result in additional EBITDA growth in 2027, with leverage forecast
to reduce to 6.2x from 7.1x at end-2026, and FFO to debt increasing
to 9.5% in 2027 from 7.6% at end-2026.

S&P said, "We forecast a trajectory toward positive FOCF in 2027
(and muted FOCF after leases in 2027) as capex during 2026 starts
to yield results. One-off investments and consistently high capex
of about EUR70 million--with growth and development initiatives
requiring EUR50 million--continues to suppress FOCF generation in
2026. We expect that Beauparc will continue to invest in growth
capex to improve its processing capabilities and simultaneously
reduce its share of refuse-derived fuel waste that has higher
disposal costs. Therefore, we include EUR30 million of growth capex
for 2027 (on top of maintenance capex at about 4% of revenue).
However, we expect FOCF to turn positive once the new MRF becomes
operational early 2027. Despite the negative FOCF, Beauparc
continues to enjoy healthy liquidity, with an undrawn EUR120
million RCF and a cash balance of about EUR30 million on Dec. 31,
2025. Thanks to an amend-and-extent (A&E) transaction in November
2025, the company has extended its maturity wall until 2031,
providing additional support to its longer-term liquidity profile.

"Due to negative FOCF generation in 2026, we expect bolt-on
acquisitions or further growth capex initiatives will be largely
debt-funded. For 2026, we include EUR50 million acquisition
spending in addition to about EUR50 million growth and development
capex. Given the temporarily weaker credit metrics, we would see
reduced rating headroom in case of operational missteps such as
project delays with the initiatives or higher-than-expected capex
as well as continued underperformance of the U.K. business that
would lead to FOCF remaining negative. Additionally, a more
aggressive financial policy encompassing significant debt-funded
acquisitions beyond our base case would also pressure the rating,
as credit metrics would likely remain weaker for longer.

"The stable outlook reflects our view that S&P Global
Ratings-adjusted EBITDA growth will lead to positive FOCF in 2027
thanks to continued organic revenue growth, coupled with realized
capex initiatives, an improvement of disposal costs in the U.K.,
and some bolt-on acquisition contributions."

S&P could lower the rating if Beauparc's operating performance is
weaker than it anticipates due to ongoing challenges in the U.K.
business or high exceptional costs associated with the
transformation program; or if it is unable to deliver on growth
initiatives resulting in:

-- S&P Global Ratings-adjusted debt to EBITDA sustainably above
7.5x;

-- Continued negative FOCF absent any EBITDA growth;

-- FFO cash interest coverage declining below 2.0x on a sustained
basis; and

-- Liquidity issues or tight covenant headroom.

S&P said, "In addition, we could lower the rating if Beauparc
adopts a more aggressive financial policy through significant
debt-funded acquisitions or shareholder returns.

"Although unlikely in the near term, we could raise the rating if
Beauparc's adjusted FFO-to-debt ratio increased above 12%, the
ratio of debt to EBITDA was about 5.0x, and ratio of FOCF to debt
sustainably reached at least 5.0%, with a prudent financial policy
that supports those credit metrics. This would likely be due to
continually strong operating performance on the back of modest
volume and pricing increases, as well as the full realization of
growth initiatives and the integration of bolt-on acquisitions, in
line with management's expectations."

CVC CORDATUS XXI: Moody's Affirms B3 Rating on EUR14MM Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by CVC Cordatus Loan Fund XXI DAC:

EUR38,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Sep 10, 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 Sep 10, 2021 Definitive Rating
Assigned Aa2 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR174,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Sep 10, 2021 Definitive
Rating Assigned Aaa (sf)

EUR60,000,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Sep 10, 2021 Definitive
Rating Assigned Aaa (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on Sep 10, 2021
Definitive Rating Assigned A2 (sf)

EUR30,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Sep 10, 2021
Definitive Rating Assigned Baa3 (sf)

EUR21,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Sep 10, 2021
Definitive Rating Assigned Ba3 (sf)

EUR14,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Sep 10, 2021
Definitive Rating Assigned B3 (sf)

CVC Cordatus Loan Fund XXI DAC, issued in September 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CVC Credit Partners Investment Management Limited. The
transaction's reinvestment period ended in March 2026.

RATINGS RATIONALE

The rating upgrades on the Class B-1 and B-2 notes are primarily a
result of the benefit of the transaction having reached the end of
the reinvestment period in March 2026.

The affirmations on the ratings on the Class A-1, A-2, C, D, E and
F notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The 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: EUR392,006,234

Defaulted Securities: EUR5,436,331

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3016

Weighted Average Life (WAL): 4.13 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.51%

Weighted Average Coupon (WAC): 4.42%

Weighted Average Recovery Rate (WARR): 42.25%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.

FAIR OAKS I: Moody's Affirms B3 Rating on EUR10.5MM Class F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the rating on the following notes
issued by Fair Oaks Loan Funding I Designated Activity Company:

EUR35,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on May 12, 2021 Assigned Aa2 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR217,000,000 (Current outstanding balance EUR209,243,439) Class
A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on May 12, 2021 Assigned Aaa (sf)

EUR24,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on May 12, 2021
Assigned A2 (sf)

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on May 12, 2021
Assigned Baa3 (sf)

EUR18,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on May 12, 2021
Assigned Ba3 (sf)

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on May 12, 2021
Assigned B3 (sf)

Fair Oaks Loan Funding I Designated Activity Company, originally
issued in June 2019 and refinanced 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 Fair
Oaks Capital Ltd. The transaction's reinvestment period ended in
July 2025.

RATINGS RATIONALE

The rating upgrade on the Class B is primarily a result of the
transaction having reached the end of the reinvestment period in
July 2025.

The affirmations on the ratings on the Class A, C, D, E and F notes
are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

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: EUR337.9m

Defaulted Securities: EUR0

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3067

Weighted Average Life (WAL): 4.08 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.52%

Weighted Average Coupon (WAC): 4.53%

Weighted Average Recovery Rate (WARR): 44.82%

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.

Moody's notes that the April 2026 trustee report was published at
the time Moody's were completing Moody's analysis of the March 2026
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Structured Finance Counterparty Risks"
published in May 2025. Moody's concluded the ratings of the notes
are not constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

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.

ST. PAUL'S CLO XI: Moody's Affirms B1 Rating on EUR9.8MM F Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by St. Paul's CLO XI DAC:

EUR10,000,000 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa1 (sf); previously on Dec 8, 2023
Upgraded to Aa3 (sf)

EUR18,000,000 Class C-2-R Senior Secured Deferrable Fixed Rate
Notes due 2032, Upgraded to Aa1 (sf); previously on Dec 8, 2023
Upgraded to Aa3 (sf)

EUR26,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on Dec 8, 2023
Upgraded to Baa2 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR248,000,000 (Current outstanding amount EUR188,281,809) Class
A-R Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Dec 8, 2023 Affirmed Aaa (sf)

EUR14,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Dec 8, 2023 Upgraded to Aaa
(sf)

EUR20,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2032, Affirmed Aaa (sf); previously on Dec 8, 2023 Upgraded to Aaa
(sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Dec 8, 2023
Affirmed Ba2 (sf)

EUR9,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Affirmed B1 (sf); previously on Dec 8, 2023 Affirmed B1
(sf)

St. Paul's CLO XI DAC, issued in July 2019 and refinanced in
September 2021, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by ICG Manager Limited. The transaction's
reinvestment period ended in January 2024.

RATINGS RATIONALE

The rating upgrades on the Class C-1-R, C-2-R and D-R notes are
primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the
payment date in January 2025.

The affirmations on the ratings on the Class A-R, B-1-R, B-2-R, E
and F notes are primarily a result of the expected losses on the
notes remaining consistent with their current rating levels, after
taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.

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 Class A-R notes have paid down by approximately EUR56.4 million
(22.7%) since since the payment date in January 2025 and EUR59.7
million (24.0%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased in the senior part of the
capital structure. According to the trustee report dated March
2026[1] the Class A/B and Class C OC ratios are reported at 145.03%
and 128.81% compared to March 2025[2] levels of 139.81% and 126.96%
respectively.

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: EUR325.9 million

Defaulted Securities: EUR15.88 million

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3353

Weighted Average Life (WAL): 3.33 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.12%

Weighted Average Coupon (WAC): 5.36%

Weighted Average Recovery Rate (WARR): 43.50%

Par haircut in OC tests and interest diversion test: 2.38%

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 debt's exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the debt are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- 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.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



=========
I T A L Y
=========

RENO DE MEDICI: Moody's Appends 'LD' Designation to PDR
-------------------------------------------------------
Moody's Ratings appended a Limited Default (/LD) designation to the
Probability of Default Rating of Italian recycled board producer
Reno De Medici S.p.A. (RDM or the company) changing it to
Caa3-PD/LD from Caa3-PD, following the execution of a limited
default. The /LD designation indicates a limited default event and
will be removed in approximately three business days.

On March 16, 2026 RDM issued a Press Release informing the market
about continuing discussions and engagement with note holders in
relation to a recapitalization of financial indebtedness and about
entering into a 3-month forbearance agreement with noteholders in
excess of 70% of the EUR600 million senior secured notes (rated Ca)
outstanding in relation to the non-payment of the March coupon due
March 16, 2026 and to enhance its liquidity position.

Under the legal documentation of the notes a grace period of 30
days has been agreed for the payment of interest, after which an
Event of default would have been triggered by the default of the
company in any payment of interest. Despite the fact that the
forbearance agreement effectively extends the grace period to 3
months, Moody's considers the non-payment of interest after the
original 30 days grace period has lapsed a limited default under
Moody's definition. Consequently, the PDR is appended with the
"/LD" (limited default) designation.

Headquartered in Milan, Italy, Reno De Medici S.p.A. is a leading
European producer and distributor of recycled paperboard. The
company operates eight mills across six European countries with a
total capacity of 1.4 million tons per year. In the last 12 months
ended September 2025, RDM generated around EUR740 million of
revenue (excluding discontinued operations). Since 2021 the company
is indirectly controlled by funds managed by Apollo Impact Mission
Management, L.P.



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

ALTISOURCE SARL: Moody's Affirms 'Caa2' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Ratings has affirmed Altisource S.a.r.l.'s (Altisource)
Caa2 corporate family rating and its Caa2 long-term backed senior
secured bank credit facility rating. In addition, Moody's have also
affirmed its B3 backed super senior secured bank credit facility
rating. The outlook is stable.

RATINGS RATIONALE

The affirmation of Altisource's ratings reflects the company's
improved financial performance over the past year, driven primarily
by meaningful interest expense reduction. In February 2025,
Altisource completed an exchange offer that restructured its $233
million senior secured term loan into a $160 million first-lien
loan due 2030 and established a $12.5 million super-senior credit
facility due 2029.

Although Moody's considered the transaction a distressed exchange
and a default, its completion has been a modest credit positive for
the company's financial profile. Both the reduction in debt
outstanding and lower interest rates materially lowered interest
expense, which declined from approximately $39 million in 2024 to
around $12 million in 2025, contributing to a meaningful
improvement in both GAAP and adjusted profitability. Strong sales
across both of the company's business segments also contributed to
an improvement in profitability.

Despite this improvement, Altisource's capital adequacy and debt
leverage remain very weak. While leverage benefited modestly from
the reduction in debt following the exchange and higher EBITDA in
2025, it continues to constrain the company's credit profile. That
said, refinancing risk is limited in the near term, as the
company's nearest term debt maturity is not until February 2029
when its super senior credit facility comes due. However,
Altisource's heavy reliance on secured debt limits its financial
flexibility and ability to access alternative sources of liquidity
during periods of stress.

Altisource's operating environment may improve modestly over the
next 12-18 months, as both mortgage delinquencies and origination
volumes are expected to increase slightly, supporting incremental
demand for the company's products and services. The company should
also benefit from a strong sales pipeline and the conversion of
previously announced sales wins. Moody's expects these positives to
be partially offset by the timing of legacy revenue losses, which
should limit near-term improvement in the company's financial
profile.

The Caa2 long-term backed senior secured bank credit facility
rating and the B3 backed super senior secured bank credit facility
rating reflect each instrument's priority of claim and strength of
asset coverage.

The stable outlook reflects Moody's views that Altisource's
profitability, leverage position and liquidity will remain fairly
consistent over the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Altisource's ratings could be upgraded if profitability and
liquidity improve and leverage declines, such that the company
achieves and sustains debt to adjusted EBITDA of 8.0x or less and
adjusted EBITDA to cash interest of 1.0x or more.

Altisource's ratings could be downgraded if the company's financial
performance remains very weak. In particular, the ratings could be
downgraded if profitability, liquidity and leverage do not
meaningfully improve well in advance of its nearest term debt
maturity.

The principal methodology used in these ratings was Finance
Companies published in July 2024.

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.

KLEOPATRA HOLDINGS: Moody's Assigns 'Caa1' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Ratings assigns a Caa1 corporate family rating and a
Caa1-PD probability of default rating to Kleopatra Holdings 1
S.C.A. (KP). The outlook is stable.

KP completed its financial restructuring and emerged from Chapter
11 in January 2026 with a materially reduced debt burden and
extended maturities. As part of the restructuring EUR1.3 billion of
debt was written-off with the new capital structure consisting of
EUR1.06 billion senior secured exit facilities comprising EUR and
USD denominated term loans and senior secured floating rate notes
(all due 2031).

RATINGS RATIONALE

The Caa1 CFR balances KP's materially deleveraged capital structure
following its restructuring against the uncertainties related to
the company's ability to recover earnings and generate sustainable
free cash flow in a still weak and increasingly uncertain market
environment.

Following the completion of KP's financial restructuring, Moody's
adjusted debt declined to around EUR1.4 billion from approximately
EUR2.7 billion, resulting in Moody's adjusted leverage of about 10x
as of December 2025, down from roughly 19x prior to the
transaction. The combination of lower debt, a reduced interest
burden and extended maturities has materially eased pressure on the
company's operations and liquidity profile, better positioning KP
for a gradual recovery.

Despite these improvements, the debt burden remains high, and the
company faces significant execution risk in delivering an
operational turnaround in a market environment that remains weak,
with consumer spending likely to face further pressure amid
heightened geopolitical tensions. KP's strategic priorities are
centered on restoring volumes, which have been under pressure since
2023 due to softer market demand, unfavourable mix and continued
competitive intensity. In parallel, the company is pursuing
productivity improvements through organisational streamlining and
overhead cost reduction.

Over the next 12–18 months, Moody's forecasts limited earnings
growth, although Moody's adjusted leverage is expected to decline
to below 8.0x given the expected material reduction in
non-recurring costs. Moody's also anticipates Moody's adjusted FCF
to be positive over the period supported by a lower interest
expense requirement due to a portion of it being paid-in-kind until
June 2027. In addition, improved supplier payment terms, with
tangible progress achieved in recent weeks, should further support
the company's cash generation. However, the FCF improvement is
expected to be largely temporary and will not be sustained without
a further recovery in earnings, as cash interest obligations
increase from 2027 and working capital benefits unwind.

The rating also reflects KP's established business profile as a
large and diversified plastic packaging manufacturer, with
meaningful geographic diversification, long standing customer
relationships and a strategic focus on relatively less cyclical end
markets such as food and pharmaceutical packaging. At the same
time, KP's credit profile remains constrained by the overall
competitive packaging market, the commoditized nature of some of
its products and exposure to volatility in raw material prices.

ESG CONSIDERATIONS

Governance considerations were key drivers in the rating action
given the materially deleveraged capital structure following the
restructuring against a still high leverage. The change in
ownership and board of directors have the potential to be credit
supportive, but will need to establish a track record.

LIQUIDITY

KP's liquidity is adequate supported by unrestricted cash on
balance sheet of EUR177 million post restructuring and Moody's
expectations of positive FCF over the next 12-18 months. KP has no
revolving credit facility yet but benefits from non-recourse
factoring arrangements.

STRUCTURAL CONSIDERATIONS

Moody's have assigned the CFR at Kleopatra Holdings 1 S.C.A. the
top entity of the restricted credit group and the reporting entity
of the exit debt agreements going forward. The Caa1-PD probability
of default rating is in line with the CFR. This is based on a 50%
recovery rate, as is typical for capital structures that include
bank debt and bonds.

OUTLOOK

The stable outlook reflects KP's improved capital structure
following the restructuring and Moody's expectations that KP will
maintain adequate liquidity over the next 12 to 18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company achieves sustained
revenue and earnings growth and improves its liquidity position,
reflected in consistent positive free cash flow generation while
sustaining debt/EBITDA below 7.0x.

Conversely, downward rating pressure could develop if operating
performance fails to recover or cash flow generation remains
negative, thereby increasing default risk. A deterioration in
liquidity could also increase negative rating pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 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

Kleopatra Holdings 1 S.C.A. is a plastic packaging manufacturing
firm that specialises in flexible and rigid plastic films and rigid
plastic trays for use across a wide range of end markets in its
Pharma, Health and Durables (PHD) division and its Food Packaging
(FP) division. The company's total revenue in 2025 was EUR1.7
billion with a company-adjusted EBITDA of EUR199 million.

ZACAPA SARL: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Ratings has affirmed the B2 long-term corporate family
rating and B2-PD probability of default rating of Zacapa S.a r.l.
("Zacapa" or "the company"), the parent company and 100% owner of
Ufinet LatAm, S.L.U. ("Ufinet" or "Ufinet LatAm"), a
carrier-neutral fiber network provider operating in Latin America.
Concurrently, v have affirmed the B2 ratings for the backed senior
secured first-lien term loan B (TLB) due March 2029 and for the
backed senior secured first-lien revolving credit facility (RCF)
due March 2028 (with option to extend to December 2028), both
borrowed by Zacapa. The outlook remains stable.

"The B2 rating reflects the company's continued solid track record
of revenue growth and high profitability, supported by strong
demand for fiber-based connectivity services across Latin America,"
says Agustin Alberti, Vice President – Senior Analyst at Moody's
Ratings.

"However, leverage remains elevated as the company continues to
pursue a debt-funded growth strategy, resulting in persistently
negative free cash flow and weak interest coverage metrics." adds
Mr. Alberti.

RATINGS RATIONALE

The B2 rating reflects Zacapa's good market position as the
region's largest independent, carrier-neutral fiber network
operator; extensive, owned, comparatively modern fiber network;
high revenue visibility, underpinned by a large contracted revenue
backlog, and medium to long term customer contracts with
historically high renewal rates; revenue growth and strong
profitability margins, which are better than those of its peers;
and underlying strong free cash flow (FCF) before discretionary
growth capital spending.

The rating also reflects its relatively small scale in terms of
revenue; its high customer concentration, although it has decreased
in the last three years; its exposure to cyber risks; the
foreign-exchange risk arising from the volatility in some of its
operating currencies, with around 20% of its EBITDA in currencies
other than US dollar (in particular, the Colombian peso), while its
debt is denominated in US dollars; the company's debt funded capex
and M&A strategy, leading to negative FCF and high leverage levels;
and the event risk of further re-leveraging because of inorganic
growth opportunities.

Ufinet has continued to expand its scale and geographic
diversification, supported by strong operating performance and
favourable secular demand dynamics. In 2025, Ufinet generated
revenues of approximately $618 million and Moody's-adjusted EBITDA
of around $308 million, reflecting continued growth in transmission
services, increasing fiber utilisation and ongoing network
expansion.

Moody's considers that rising demand for artificial intelligence is
a long-term driver for Ufinet's fiber network infrastructure, as
hyperscalers and large enterprises require high-speed connectivity
to data centers and digital platforms. This trend is expected to
sustain demand for fiber networks amid continued expansion in
AI-related data-center capacity.

Moody's expects revenues to increase to around $680 million in
2026, supported by new customer contracts, network densification
and sustained demand from telecom operators and enterprise
customers. Moody's projects EBITDA margins to remain strong,
slightly above 50% in 2026, with Moody's-adjusted EBITDA increasing
to around $350 million.

Despite improving earnings, leverage remains high. Moody's projects
Moody's-adjusted gross debt/EBITDA to be around 6.3x in 2025,
before declining toward 5.5x in 2027, driven primarily by EBITDA
growth.

Moody's expects free cash flow (FCF) to remain negative over
2025-2027, at approximately $150 million in 2025 and $110 million
in 2026 and 2027, reflecting very high capital expenditure of
around $220–240 million per year (between 32%–36% of revenues)
to support the company's growth strategy.

Interest coverage, defined as Moody's-adjusted (EBITDA –
capex)/Interest expense, remains weak but will gradually improve.
Moody's estimates coverage at around 0.6x in 2025 in line with
historical levels, but improving to approximately 1.0x by 2027.
Excluding discretionary growth capex, underlying interest coverage
would be around 2.0x, reflecting the company's underlying positive
cash generation before expansionary investments.

LIQUIDITY

Zacapa has adequate liquidity, supported by cash balances of
approximately $34 million at year-end 2025 and access to its $195
million RCF, which was undrawn as of year end 2025. Although the
company faces no material debt maturities before 2029, it usually
relies on its RCF and on access to the debt markets to fund its
discretionary contract based expansion capex and bolt-on M&A
activity.

The RCF includes a springing leverage covenant of 8.6x net
debt/EBITDA, applicable only if more than 35% of the facility is
drawn. This compares to 5.3x level as of year end 2025.

RATING OUTLOOK

The stable outlook on Zacapa reflects the company's visible,
growing earnings stream and the supportive secular industry trends.
The stable outlook also captures Moody's assumptions that the
company will continue to report strong operating performance,
offsetting its consistently high leverage and weak cash flow
metrics resulting from its debt-funded growth strategy.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Zacapa's ratings if it demonstrates a track
record of more conservative financial policies, such that its gross
leverage (Moody's-adjusted) drops below 4.5x, and FCF turns
positive, both on a sustained basis.

Moody's could downgrade Zacapa's ratings if the company's operating
performance deteriorates; its gross leverage (Moody's-adjusted)
remains above 6.0x; or its interest coverage, defined as
Moody's-adjusted (EBITDA - capex)/interest expense, does not
improve and remains below 1.0x on a sustained basis. Large
debt-financed acquisitions or shareholder distributions, or a
deterioration in liquidity could also strain the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure published in September 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

Zacapa S.a r.l. is the parent and 100% owner of Ufinet LatAm,
S.L.U. (Ufinet), a carrier-neutral fiber network provider operating
in 17 Latin American countries, where it manages more than 141,000
kilometers of fiber, counting on a backlog of long-term contracts
with large industrial customers, including major multinational
telecom groups.



=========
M A L T A
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VISTAJET MALTA: S&P Rates $525MM Senior Unsecured Notes 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to VistaJet
Malta Finance PLC and Vista Management Holding Inc.'s $525 million
senior unsecured notes maturing in 2032. The '5' recovery rating
indicates its expectation of modest (10%-30%; rounded estimate:
10%) recovery in the event of a default. The proceeds will be used
to refinance the $500 million senior unsecured notes maturing in
2027.

S&P's 'B+' long-term issuer credit ratings and negative outlooks on
VistaJet Malta Finance PLC and Vista Management Holding Inc. are
unchanged. The 'BB-' issue-level rating, with a '2' recovery
rating, on the previously issued secured term loan; and 'B'
issue-level ratings, with '5' recovery ratings, on the existing
senior unsecured notes, are also unchanged.




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=====================

HUNTER DOUGLAS: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on custom window coverings
manufacturer Hunter Douglas Finance B.V. to stable from negative
and affirmed all its ratings, including its 'B' issuer credit
rating.

S&P said, "Our 'B' issue-level rating and 3' recovery rating on the
company's term loans indicates our expectation of meaningful
(50%-70%; rounded estimate: 60%) recovery in the event of default.

"The stable outlook reflects our expectation that Hunter Douglas
will sustain leverage near 6x and EBITDA margins above 16% over the
next 12 months despite continued macroeconomic headwinds
potentially muting demand."

Hunter Douglasperformed better than expected in 2025, reducing its
S&P Global Ratings-adjusted leverage to 5.8x from 7.1x despite a
challenging macroeconomic environment and tariff headwinds.

With cost reductions and abating tariff pressure, S&P expects the
company will modestly improve its credit metrics in 2026.

"The outlook revision reflects our view that Hunter Douglas has
become more resilient to ongoing cost and discretionary demand
pressures. Through supply chain optimization, product
rationalization, and overhead cost reductions, Hunter Douglas
weathered a challenging 2025 with record revenues and EBITDA margin
expansion. Despite tariffs and continued macroeconomic challenges
within the broader home product category, the company's revenues
exhibited mid-single-digit growth (compared with our expectation of
less than 1% growth) and reduced leverage to 5.8x in 2025 from 7.1x
in 2024.

"We expect Hunter Douglas will maintain its leverage and
profitability near current levels. Its growth exceeded that of the
sector, indicating that it continues to strengthen its competitive
position with possible market share gains. Accordingly, we
recognize Hunter Douglas has successfully passed through surgical
price increases to its customers to preserve margins.

"Given its market leadership position, we expect acquisition
spending will remain modest, as large acquisitions would be subject
to potential lengthy delays. Despite the decision to pay out a $200
million dividend in 2025, we view the sponsors as unlikely to raise
leverage materially above current levels.

"The dividend was the first under 3G Capital's four years of
ownership and was relatively modest, leaving Hunter Douglas with
over $700 million cash on its balance sheet. While the large cash
balance supports our ratings, uncertainty regarding how it may
deploy the cash limits any potential ratings uplift at this time.

"Our ratings remain constrained by macroeconomic risks, including
higher input costs, higher shipping costs, and reduced consumer
confidence. Over the last few years, Hunter's sales have been
supported by continued expansion of the U.S. and global economies,
despite existing home sales near a 30-year low and continued weak
levels of renovation and remodel activity. While we expect
residential investment to return to growth in 2027, a period of
prolonged economic contraction could pressure the company's credit
metrics and increase the volatility of its earnings.

"The stable outlook reflects our expectation that Hunter Douglas
will sustain leverage near 6x and EBITDA margins above 16% over the
next 12 months despite continued macroeconomic headwinds."

S&P could lower its ratings if Hunter Douglas sustains leverage
above 7x and materially contracts free operating cash flow (FOCF).
This could occur if:

-- The macroeconomic environment worsens and consumer
discretionary household spending on furnishings, including window
coverings, declines from our base-case expectations; or

-- The company cannot effectively manage input cost pressures or
price increases hurt volumes more than anticipated.

S&P could raise its ratings if it expects Hunter Douglas will
sustain leverage below 5x. This could occur if the company:

-- Continues to expand EBITDA, through realizing additional cost
savings or improved demand alongside growing consumer discretionary
spending; or

-- Prioritizes debt reduction while maintaining a similar
operating performance.




===========
N O R W A Y
===========

VAR ENERGI: S&P Rates New Jr. Subordinated Hybrid Securities 'BB+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating on the proposed
junior subordinated hybrid securities to be issued by Norway-based
oil and gas company Var Energi ASA (Var). The rating reflects S&P's
notching for subordination and optional interest deferability. S&P
assesses the securities as having intermediate equity content until
the first reset date in 2031. The current issuance is relatively
neutral for Var's credit ratios, and S&P continues to anticipate
Var's S&P Global Ratings-adjusted funds from operations to debt to
be in excess of 100% in 2026, moderating to about 35% in 2027.

Var plans to use the proceeds to partially refinance its existing
EUR750 million hybrids with a first call date in November 2028
($799 million balance sheet carrying value as of March 31, 2026).
S&P said, "As such, we will remove equity content from the existing
hybrids that we anticipate will be repaid and will also limit the
total amount of hybrids receiving equity content treatment at up to
15% of Var's S&P Global Ratings-adjusted capitalization, per our
criteria, or about $910 million, based on first quarter 2026
reported financial figures. We understand that the company intends
to keep and retain a stock of hybrids assessed by S&P Global
Ratings as receiving intermediate equity content of $1 billion.
Currently Var does not have such capacity, therefore we cap the
proportion of hybrids classified as having equity content at 15% of
the adjusted capitalization under our criteria. At the same time,
we will remove equity content from the amount we anticipate will be
repaid. Therefore, in our calculations we will treat any amount
above $910 million as calculated from our capitalization table as
debt."

S&P said, "When we calculate our adjusted credit metrics, we will
treat 50% of Var's hybrid capacity (up to the 15%) as equity rather
than debt. Similarly, we would treat 50% of the related payments on
these securities as equivalent to a common dividend."

S&P's 'BB+' issue rating on the proposed hybrid securities is
notched down from its 'BBB' long-term issuer credit rating on Var.
The two-notch difference reflects the following adjustments, per
our criteria:

-- One notch for the proposed securities' subordination, because
our long-term issuer credit rating on Var is investment-grade
(higher than 'BB+'); and

-- An additional notch for payment flexibility due to the optional
deferability of interest.

-- The notching indicates S&P's view that there is a relatively
low likelihood that Var will defer interest payments. Should its
view change, S&P may increase the number of notches it deducts from
the issuer credit rating to derive the issue rating.

Key factors in S&P's assessment of the securities' permanence

Although the proposed securities have a maturity date of 60 years
from 2026, Var can redeem them between the first call date (which
falls five years from issuance), and the first reset date (which
falls 5.25 years from issuance) and on every interest payment date
thereafter. In addition, Var can call the instrument at any time,
at a premium, through a "make-whole" redemption option. S&P said,
"Var has stated that it has no intention of redeeming the
instrument before the redemption window of the first reset date,
and we do not consider this type of make-whole clause will create
an expectation that the proposed securities will be redeemed before
then. Accordingly, we do not view it as a call feature in our
hybrid analysis, even though the documentation for the hybrid
instrument refers to it as a make-whole option clause."

S&P said, "More generally, we understand the company intends to
replace the proposed hybrid securities, although it is not obliged
to do so. In our view, this statement of intent, combined with the
company's prudent financial policy, mitigates the likelihood that
it will repurchase the securities without replacement.

"Var will pay a fixed coupon on the proposed securities. The margin
will increase by 25 basis points (bps)--10.25 years from issuance;
and by a further 75 bps following the second step-up date--20 years
after the first reset date. We view the cumulative 100-bps increase
as a significant step-up that provides Var with an incentive to
redeem the instruments on the second step-up date.

"In application of our time to maturity requirements, we will no
longer recognize the proposed securities as having intermediate
equity content from their first reset date, because the remaining
period until their economic maturity (second step-up date) would,
by then, be less than 20 years."

Key factors in S&P's assessment of the securities' subordination

The proposed securities will be deeply subordinated obligations of
Var. As such, they will be subordinated to the senior debt
instruments and are only senior to common shares. They will rank
pari passu with the company's existing hybrids due in 2083.

Key factors in S&P's assessment of the securities' deferability

S&P said, "In our view, Var's option to defer payment of interest
on the proposed securities is discretionary. The company may,
therefore, choose not to pay accrued interest on an interest
payment date. The notching to derive the rating on the proposed
securities reflects our view that there is a relatively low
likelihood that the issuer will defer interest. Should our view
change, we may increase the number of notches we deduct from the
issuer credit rating to derive our issue rating."

However, according to the documentation, if an equity dividend is
declared or paid, interest is paid on any equal-ranking or junior
securities, or if there is a redemption or repurchase of the hybrid
or any equal-ranking or junior securities, Var would have to settle
any deferred interest payment in cash.

S&P sees this as a negative factor. That said, the condition
remains acceptable under our rating methodology because once the
issuer has settled the deferred amount it can choose to defer
payment on the next interest payment date.

The issuer retains the option to defer coupons throughout the life
of the securities. The deferred interest on the proposed securities
is cash cumulative and compounding.



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

FERTIBERIA SARL: S&P Assigns Preliminary 'B' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating on Fertiberia's intermediate parent company,
Fertiberia S.a.r.l., and our preliminary 'B' rating on the EUR300
million senior secured bond, with a '4' recovery rating (recovery
range: 30%-50%; rounded estimate: 45%).

The stable outlook reflects S&P's expectation of EBITDA gradually
improving over the next 12 months, driven by lower one-off cost and
progressively higher contribution from the Bioscience segment. As a
result, adjusted debt to EBITDA should improve to 4.6x-5.1x in
2026.

Fertiberia S.a.r.l. generated pro forma S&P Global Ratings-adjusted
EBITDA of about EUR60 million--based on preliminary results--in
2025. The company intends to issue EUR300 million senior secured
bonds to repay existing indebtedness and for general corporate
purpose alongside a EUR100 million revolving credit facility
(RCF).

S&P said, "We anticipate pro forma adjusted debt to EBITDA of about
4.6x-5.1x in 2026, reflecting the new capital structure, improving
to about 4.5x-5.0x in 2027 thanks to more supportive nitrogen
markets and the improved EBITDA we forecast. We expect constrained
free operating cash flow (FOCF) in 2026, turning positive in 2027.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of the
final ratings. If the terms and conditions of the final transaction
depart from the material we have already reviewed, or if the
transaction does not close within what we consider to be a
reasonable time frame, we reserve the right to withdraw or revise
our ratings.

"We understand that Fertiberia intends to refinance its existing
capital structure. The group intends to refinance its existing debt
of EUR175 million with a new senior secured bonds of EUR300
million, of which EUR50 million will be held on own account and may
be placed on the market later. This accompanies the issuance of a
new senior secured RCF of EUR100 million, which remains undrawn at
the close of the transaction and will support the liquidity of the
company. Fertiberia intends to use the cash overfunding to support
the expansion of its Bioscience segment via organic and external
growth. We exclude the existing shareholder loan from our adjusted
debt and coverage metrics because we expect the instruments would
act as loss-absorbing capital given its subordination to the
proposed senior secured bonds. Dividend distribution is permitted
if the net leverage (as per company definition) is below 2.0x--the
marketed leverage at issuance. Nevertheless, we understand that
dividend distribution is not the priority of the Triton Partners,
and we assume no dividend in our base case. We also note that none
of the proceeds of the transaction will be distributed to the
sponsor.

"We anticipate that following the proposed transaction, financial
measures will improve thanks to rising EBITDA, despite higher debt.
The transaction will result in an increase of about EUR75 million
in senior secured debt. We expect about EUR75 million-EUR85 million
EBITDA in 2026. As a result, Fertiberia's adjusted gross debt to
EBITDA will be about 4.6x-5.1x on a pro forma basis for 2026. This
compares with our previous expectation of about 5.1x for 2025
before the transaction. That said, we expect stable EBITDA and
minimal one-off costs to lead to stable adjusted debt to EBITDA in
2026. From 2027, we expect leverage to gradually decrease to
4.4x-4.9x and approach 4.0x by 2028."

Fertiberia's business risk profile is constrained by its
geographical footprint, scale, and narrower scope compared with
peers. Most of Fertiberia's revenue stems from one class of
products--nitrogen-based fertilizers used in agriculture
production. Fertiberia generates most of the revenue in a single
geographic region, the Iberian Peninsula, about 52% in Spain and
22% in Portugal. Only 11% of sales are generated outside of the
eurozone.

Another constraining factor in our business risk assessment is the
company's small size and highly concentrated asset base. Fertiberia
is significantly smaller than other European fertilizer producers,
with about EUR1,085 million of revenue in 2025, compared with $8.1
billion for OCP S.A. and $15.6 billion for Yara International ASA
(Yara). S&P said, "We view Fertiberia's production concentration
risks as high given that the company only has two manufacturing
sites for ammonia production, which risks bottlenecks. In
comparison with other rated peers, Fertiberia displays an S&P
Global Ratings-adjusted EBITDA margin below average. In 2025, the
EBITDA margin was only 5.5%, well below the margin that we expect
for nitrogen-based fertilizer producers. Yara reported an S&P
Global Ratings-adjusted EBITDA margin of about 16.5% and
Nitrogenmuvek Zrt. reported a margin of 9.4% last year. We forecast
a gradual improvement toward about 8.5% by 2028 thanks to lower
one-off costs and higher EBITDA, however it is likely to remain
below average compared with peers."

S&P said, "We understand that volatile profitability and cash flow
reflect the industry's cyclicality and the company's sensitivity to
an increase in natural gas prices, a decrease in fertilizer prices,
and extended plant outages. We factor in the high volatility of
earnings and cash flows in the cyclical fertilizer industry due to
significant fertilizer price swings and potential large movements
in gas prices. Fertiberia's earnings volatility is higher than most
of its peers', due to its relatively small size and limited
diversification. About 25% of Fertiberia's sales are from the
industrial end-market, which remains a cyclical market with subdued
activity in first-half 2026."

Fertiberia produces 50% of its ammonia needs and is exposed to gas
price volatility, the other 50% is bought on the spot market. The
company does not have the ability to switch between 0% and 100% own
ammonia production depending on what is more profitable between
buying or making its own ammonia depending on the market
conditions. Fertiberia only has two production sites located in
Spain, leaving it fully exposed to energy costs in Europe. These
are key differences with more diversified fertilizer producers that
can fully adapt their make or buy strategy and decide to produce in
a region with lower energy costs (for example, the U.S.) to
generate higher margins.

S&P said, "We think that Fertiberia benefits from a leading
position in its domestic market. Fertiberia is the leading
fertilizer producer in the Iberian Peninsula, with 52% market share
in Portugal and 22% in Spain surpassing other players such as ICL
Group Ltd. and Fertinagro. The company enjoys strong brand
recognition in its domestic markets, supported by longstanding
local operations, with most of its production sites having been in
operation since the 1970s and 1980s. This is further underpinned by
a comprehensive operational footprint across the peninsula.
However, the group exhibits a degree of asset concentration, with
12 out of its 15 sites located in Spain and Portugal. In addition,
its position as a price taker limits its ability to pass through
cost increases, while its focus on the relatively small Iberian
market constrains diversification and growth prospects.

"We expect that Fertiberia will focus on expanding its Bioscience
segment. The estimated EUR65 million of excess cash will be used to
support this expansion through both organic initiatives and
selective external growth. In addition, Fertiberia retains the
option to place up to EUR50 million of senior secured bonds
currently held on its own account to further support its strategy.
Bioscience products should generate higher margins than traditional
nitrogen-based products and should therefore contribute to a
gradual improvement in overall profitability. They are also
expected to enhance diversification and reduce earnings volatility.
However, bioscience products' contribution is likely to remain
limited in the medium term, with the majority of EBITDA derived
from nitrogen-based products. Fertiberia is also developing green
ammonia production, which offers higher margin potential.
Nevertheless, we think that output should remain in the low single
digits as a percentage of total ammonia production by 2030.

"We expect Fertiberia's earnings to continue to increase,
reflecting organic growth, increasing profitability, and lower
one-off costs. Under our base-case scenario, the company's revenue
will decline by about 3% in 2026, due to the current geopolitical
tensions. We forecast significant demand volatility in 2026. We
expect Fertiberia to adjust EBITDA to remain stable compared with
2025 at about EUR85 million-EUR95 million EBITDA in 2026, however
we forecast lower one-off costs of about EUR10 million compared to
about EUR31 million in 2025. There is upside potential for our base
case in 2026, depending on the length of the Middle East conflict
and how fertilizer producers can benefit from high gas prices and
potential supply chain disruption. From 2026, Fertiberia should
benefit from its Project One transformation program launched
end-2024. The purpose of the program is to convert commercial and
industrial improvements into sustained EBITDA growth. We expect
most related one-off cost to have been incurred in 2025. From 2027,
we forecast low-single-digit revenue growth, with profitability
improving thanks to material progress on Project One. We forecast
S&P Global Ratings-adjusted EBITDA to reach EUR82 million-EUR92
million in 2027, and above EUR95 million in 2028. This should
translate to an S&P Global Ratings-EBITDA margin of about 7.0%-8.0%
in 2026, increasing to above 8.5% by 2028.

"We forecast constrained FOCF for Fertiberia in 2026. FOCF should
turn positive as profitability improves. The company needs
recurring maintenance capital expenditure (capex) of about EUR20
million-EUR30 million to operate. In addition, it has special
projects to increase capex, such as developing the Bioscience
segment or a new concentrated nitric acid (CAN) line for about
EUR46 million between 2026 and 2030. We understand that growth
capex is discretionary and can be revised down if the company
underperforms its EBITDA target. We forecast total capex of about
EUR40 million in 2026 and EUR50 million in 2027. This, combined
with about EUR30 million forecast cash interest payments and
moderate working capital inflow of about EUR15 million, result in
neutral FOCF in 2026. We expect positive FOCF in 2027 and 2028,
driven by higher EBITDA and progressive easing of growth capex. We
forecast funds from operations (FFO) cash interest coverage to be
comfortably above 2.0x in 2026, improving to above 3.0x in 2027.

"The stable outlook reflects our expectation of EBITDA gradually
improving over the next 12 months, driven by lower one-off cost and
a progressively higher contribution from the Bioscience segment. As
a result, adjusted debt to EBITDA should improve to 4.6x-5.1x in
2026. We also expect the company to maintain FFO cash interest
coverage above 2.0x, a comfortable liquidity buffer with a
long-dated maturity profile, and that shareholder remuneration via
shareholder loan interest and principal repayment will remain
flexible and dependent on business conditions.

"We could lower the rating if the company's adjusted debt to EBITDA
deteriorates to above 6.0x, with no prospect for a swift
improvement, FFO cash interest coverage weakens below 2.0x, FOCF
turns negative and this leads to a weakening in liquidity; or
financial policy becomes more aggressive, possibly due to
debt-funded acquisitions or shareholder returns.

"We could raise the rating if Fertiberia develops a track record of
improved profitability and reduced volatility in credit measures
over the next 12 months, the company generates comfortably positive
FOCF, leverage improves, weighted average gross debt to EBITDA
remains sustainably below 5.0x, and Fertiberia and its owners are
committed to keeping its credit metrics at these levels."




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

CANARY WHARF (NPW): FRP Advisory, BTG Named as Joint Administrators
-------------------------------------------------------------------
Canary Wharf (NPW) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002113. 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.

Canary Wharf (NPW) 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



CURZON MORTGAGES NO. 2: S&P Assigns Prelim CCC(sf) on X-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Curzon
Mortgages No. 2 PLC's class A, B, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd,
G-Dfrd, and X-Dfrd notes. At closing, the issuer will also issue
unrated class Z and R notes, and X1, X2, and Y certificates.

The transaction is a refinancing of the Curzon Mortgages PLC
transaction which closed in April 2023. The loans are secured on
owner-occupied and buy-to-let properties in England, Wales,
Scotland, and Northern Ireland; and were originated between 1995
and 2009 by Northern Rock PLC. The loans were previously
securitized in Curzon Mortgages PLC and Chester B1 Issuer PLC,
which S&P previously rated.

All the pool's mortgage loans are first-lien residential, and the
portfolio is well-seasoned, with a weighted-average seasoning of
more than 19 years for almost all the loans. In S&P's view, more
seasoned performing loans exhibit lower risk profiles than less
seasoned loans.

Topaz Finance Ltd. (previously owned by Computershare Mortgage
Services Ltd. and recently acquired by Pepper Advantage Group in
February 2026) will service the loans in the pool.

The issuer is an English special-purpose entity, which S&P expects
to be bankruptcy remote, subject to our review of the relevant
transaction documents and legal opinions.

S&P does not expect counterparty risk to constrain our ratings in
this transaction.

  Preliminary ratings

             Prelim.     Prelim.
  Class      rating      class size (%)

  A           AAA (sf)      78.00
  B           AA+ (sf)       5.00
  C-Dfrd*     AA (sf)        4.25
  D-Dfrd*     A- (sf)        4.25
  E-Dfrd*     BB (sf)        3.75
  F-Dfrd*     B (sf)         1.00
  G-Dfrd*     B- (sf)        0.50
  Z           NR             3.25
  R (funds
   GRF + LRF) NR             1.17
  X-Dfrd*     CCC (sf)       2.75
  X1 certs    NR              N/A§
  X2 certs    NR              N/A§
  Y certs     NR              0.00

*S&P's preliminary rating on this class considers the potential
deferral of interest payments.
§Class size will be the aggregate current balance of the loans
calculated as of the calculation day immediately preceding the
relevant interest payment date.
NR--Not rated.
NA--Not applicable.


DIAMOND MANUFACTURERS: Apr. 28 Hearing Set in Bankr. Bid v. Vashi
-----------------------------------------------------------------
A Bankruptcy Petition was presented on March 12, 2026 against VASHI
NANWANI DOMINGUEZ formerly of 49a Gower Street, London, WC1E 6HH by
(1) Diamond Manufacturers Ltd (in liquidation) and (2) Benjamin
Dymant and David Philip Soden (as Joint Liquidators of Diamond
Manufacturers Limited).

A hearing of the Bankruptcy Petition is listed for April 28, 2026
at 10:30 a.m. or as soon thereafter. This hearing will take place
at 7 Rolls Building, Fetter Lane, London EC4A 1NL.

If Mr. Dominguez fails to attend the hearing, the Court may order
that he is made bankrupt. Mr. Dominguez should immediately contact
James.Hillman@pinsentmasons.com and Jenny.Scott@pinsentmasons.com
to obtain a copy of the Bankruptcy Petition.

Diamond Manufacturers Ltd, the trading company of Vashi, was
incorporated in the UK in October 2007. Its two shareholders were
Vashi Dominguez and his wife, Tammy Litchfield. The company was
founded to sell direct-to-consumer jewellery, including ethically
sourced diamonds. Unfortunate investors in the luxury jewellery
brand faced heavy losses when the trading company was put into
liquidation in April 2023 following a petition from the landlord of
its Canary Wharf store in December 2022, according to an article by
Edmonds, Marshall, McMahon. Since then, details have emerged of a
large-scale fraud that conned sophisticated investors out of tens
of millions of pounds.



FUTURE PLC: Moody's Affirms 'Ba2' CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has changed the outlook on Future plc (Future) to
negative from stable. Concurrently, Moody's have affirmed all of
Future's existing ratings, including the company's Ba2 long-term
corporate family rating, its Ba2-PD probability of default rating
and its Ba2 rating on the GBP300 million backed senior unsecured
notes.

The outlook change reflects Future's weaker-than-anticipated
operating performance expectations for fiscal 2026 (September
year-end) and elevated uncertainty around the timing and extent of
recovery, given the structural nature of recent declines in online
traffic.

RATINGS RATIONALE

On March 31, 2026, Future revised its fiscal 2026 guidance to a mid
single digit organic revenue decline, from prior expectations of
modest growth, and reduced its profitability guidance to an EBITDA
margin of 25%–27%, compared with around 30% previously. The
weaker performance outlook follows accelerating declines in online
audience sessions, reflecting changes to Google's search ecosystem,
including the increased use of AI driven responses and algorithm
changes that reduce referral traffic to publisher websites.

The structural nature of the traffic headwinds is creating elevated
uncertainty around the timing and magnitude of recovery in
earnings. The decline in organic traffic is particularly affecting
Future's programmatic advertising and affiliate e-commerce
activities, which generate higher contribution margins and are
directly linked to page views and user engagement.

Future is pursuing a range of mitigating actions, including its
"Google Zero" strategy, which prioritises brands and channels less
reliant on search traffic, the expansion of direct digital
advertising supported by first party data and AI enabled products,
and ongoing cost efficiency and portfolio optimisation measures. In
addition, the acquisition of SheerLuxe provides exposure to a
audience led lifestyle brand that is performing ahead of
expectations. However, these initiatives remain at an early stage
with limited visibility on when they could fully offset the
structural headwinds or stabilise performance.

The negative outlook also incorporates downside risks from the
macroeconomic and geopolitical environment, which could further
pressure advertising budgets and consumer discretionary spending,
particularly in the UK, where the company generates a meaningful
share of its revenues.

At the same time, the affirmation of the Ba2 rating reflects
Future's still solid financial profile, including expectations that
Moody's adjusted leverage will remain around 2.0x in fiscal 2026.
The rating is further supported by the company's strong liquidity,
long debt maturities, continued positive free cash flow generation,
a diversified portfolio of media brands, and management's
commitment to a prudent financial policy supported by its
disciplined capital allocation to protect balance sheet strength.

LIQUIDITY

Moody's views Future's liquidity profile as strong and supported
by: available cash resources of GBP28 million as of September 2025;
access to GBP293 million of revolving credit facility (RCF) out of
GBP300 million; and strong free cash flow generation expected
around GBP85 million in fiscal 2026. Future further benefits from a
long-dated maturity profile with no major financial debt coming due
before 2030.

The RCF is subject to net leverage (3.0x) and interest coverage
(4.0x) maintenance covenants, tested on a semi-annual basis.
Headroom under both covenants is ample. The company retains the
possibility to raise the net leverage covenant test to 3.5x in the
presence of qualifying M&A.

STRUCTURAL CONSIDERATIONS

Future's Ba2-PD PDR is positioned at the same level as the CFR,
reflecting the company's expected recovery rate of 50%. The Ba2
rating of the GBP300 million senior notes is in line with the CFR.
Both the senior notes and RCF are unsecured and are ranking
pari-passu, benefiting from guarantees from all material operating
subsidiaries.

OUTLOOK

The negative outlook reflects the expected weaker fiscal 2026
performance than Moody's previously anticipated and the elevated
uncertainty on timing and magnitude of recovery given the
structural nature of the traffic decline.  The macroeconomic and
geopolitical uncertainties represent further downside risks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A ratings upgrade is unlikely over the next 12-18 months, given the
current negative outlook. However, the ratings could be upgraded
over time if the company were to: expand meaningfully its revenue
base and reduce its reliance on the print business; establish a
track-record of solid organic growth; reduce Moody's-adjusted
debt/EBITDA towards 1.25x; and its FCF generation were to remain
considerable.

The ratings could be downgraded if the company's: operating
performance deteriorates further or if there is no evidence of
stabilisation or improving trends in audience metrics and earnings;
the company pursues a more aggressive financial policy;
Moody's-adjusted leverage deteriorates towards 2.25x on a
sustainable basis; and Moody's-adjusted FCF/debt were to be
consistently lower than 20%.

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

Headquartered in Bath (UK), Future plc is a global media company
creating content across digital, social, print, events and price
comparison websites. The company owns approximately 175 brands and
publishes over 100 magazines. Listed on the London Stock Exchange,
Future generated GBP739 million and GBP223 million of revenues and
EBITDA, respectively, over fiscal 2025.

RIDGMOUNT GARDENS: FRP Advisory, BTG Begbies Named as Administrator
-------------------------------------------------------------------
Ridgmount Gardens Property Limited was placed into administration
in the High Court of Justice, Court Number CR-2026-001995. Simon
Baggs and David Hudson of FRP Advisory Trading Limited, together
with Paul Steven Cooper of BTG Begbies Traynor (London) LLP, were
appointed as joint administrators on March 13, 2026.

Ridgmount Gardens 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 (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
  

STANHOPE GARDENS (F6): FRP Advisory, BTG Named as Administrators
----------------------------------------------------------------
Stanhope Gardens (F6) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002000. Simon Baggs and
David Hudson of FRP Advisory Trading Limited, together with Paul
Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed
as joint administrators on March 13, 2026.

Stanhope Gardens (F6) 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


SUSSEX GARDENS: FRP Advisory, BTG Begbies Named as Administrators
-----------------------------------------------------------------
Sussex Gardens (Flat 7) Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001987. 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 7) 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



WHEATLEY STREET: FRP Advisory, BTG Begbies Named as Administrators
------------------------------------------------------------------
Wheatley Street Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001978. Simon Baggs
and David Hudson of FRP Advisory Trading Limited, and with Paul
Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed
as joint administrators on March 13, 2026.

Wheatley Street 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 (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




===============
X X X X X X X X
===============

[] BOOK REVIEW: Dangerous Dreamers
----------------------------------
Dangerous Dreamers: The Financial Innovators from Charles Merrill
to Michael Milken

Author: Robert Sobel
Publisher: Beard Books
Softcover: 271 pages
List Price: $34.95

Order your own personal copy at
http://www.beardbooks.com/beardbooks/dangerous_dreamers.html   

"For the rest of his life, Milken will be accused of crimes for
which he was not charged and to which he did not plead guilty."
Milken is -- as anyone familiar with junk bonds and the scandals
surrounding them in the 1980s knows -- Michael Milken of the Drexel
Burnham banking and investment firm. In this book, noted business
writer Robert Sobel analyzes the Milken criminal case and the many
other phenomena of the period that lay the basis for the modern-day
financial industry. However, the author's perspective is broader
than the sensationalistic excesses and purported crimes of Milken
and his like. Sobel is interested in the individuals and businesses
that introduced and developed financial concepts, vehicles, and
transactions that increased the wealth of millions of average
persons.

Sobel's examination of the byplay between financial chicanery and
economic revitalization extends back to the Gilded Age of the
latter 1800s and early 1900s. This was a time when Jim Fisk, Jay
Gould, and others were making fortunes through skulduggery and
manipulation of the financial markets, while Cornelius Vanderbilt
and others were building the "world's finest railroad system."
Later, in the "Junk Decade of the 1980s," as Ivan Boesky and others
were reaping fortunes from "dubious" transactions, financial firms
such as Forstmann Little and Kohlberg Kravis Roberts "played major
positive roles in the largest restructuring of American industry
since the turn of the century."

While Sobel does not try to defend the excesses and illegalities of
individuals and companies, he basically sees the Milkens of the
world as "vehicles through which the phenomena of junk finance and
leveraged buyouts played themselves out." This was the
"Conglomerate Era." Mergers and acquisitions were at the center of
financial and economic activity, and CEOs at major corporations
were in competition to grow their corporations. Milken, Boesky, and
others provided the means for this end. However, it is important to
note that they did not originate the mergers and acquisition
phenomenon.

At first, Milken et al. were much appreciated by major corporations
and the financial industry. However, when mergers and acquisition
excesses began to bear sour fruit, Milken and his company Drexel
Burnham took the brunt of public indignation. The government's
search for villains then began.

Sobel examines the ripple effects of financial innovators who
became financial pariahs. Milken's journey, for example, cannot be
unraveled from that of a company such as Beatrice. Starting in
1960, the food company Beatrice started making large-scale
acquisitions. CEO Williams Karnes, who "ran a tight, lean ship,
with a small office staff," was succeeded by corporate heads who
brought in corporate jets and limousines, greatly increased staff,
and moved into regal office space. James Dutt of Beatrice is
singled out as symptomatic of the heedless mindset that crept into
corporate America in the 1980s.

Sobol's tale of the complexities and ambivalence of this
transitional period is bolstered by memorable portraits of key
players and companies. In so doing, he demonstrates once more why
he has long been recognized as one of the country's most important
business writers.

                         About the Author

Robert Sobel was born in 1931 and died in 1999. He was a prolific
historian of American business life, writing or editing more than
50 books and hundreds of articles and corporate profiles. He was a
professor of business at Hofstra University for 43 years and held a
Ph.D. from New York University. Besides producing books, articles,
book reviews, scripts for television and audiotapes, he was a
weekly columnist for Newsday from 1972 to 1988. At the time of his
death he was a contributing editor to Barron's Magazine.


                           *********


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 * * *