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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, May 1, 2026, Vol. 27, No. 87

                           Headlines



B E L A R U S

BELARUS: Moody's Affirms 'C' Issuer & Sr. Unsecured Debt Ratings


B E L G I U M

ELIA GROUP: S&P Assigns 'BB+' Rating to Proposed Hybrid Instrument


F R A N C E

EGIS SA: Moody's Assigns 'Ba2' CFR, Rates New EUR400MM Bond 'Ba2'
KAPLA HOLDING: Moody's Affirms B1 CFR, Rates New Secured Notes B1
LA FINANCIERE ATALIAN: Moody's Withdraws 'Ca' CFR
RIVER GREEN 2020: Moody's Cuts Rating on EUR25.2MM B Notes to B3


G E R M A N Y

MOTEL ONE: Fitch Affirms 'B+' Long-Term IDR, Outlook Negative


I R E L A N D

AQUEDUCT EUROPEAN 17: S&P Assigns Prelim B- (sf) Rating to F Notes
BOSPHORUS CLO V: Moody's Affirms B3 Rating on EUR10.5MM F Notes
NEWHAVEN CLO: Moody's Cuts Rating on EUR9.625MM F-R Notes to Caa2
SIGNAL HARMONIC II: Fitch Affirms B-sf Final Rating on Cl. F Notes


K A Z A K H S T A N

BANK RBK: Moody's Assigns Ba3 Rating to Upcoming Sr. Unsec. Notes


T U R K E Y

TURKIYE WEALTH: Fitch Affirms BB- LT IDR, Alters Outlook to Stable


U K R A I N E

UKRAINE: Fitch Affirms 'CCC' Long-Term Foreign-Currency IDR


U N I T E D   K I N G D O M

23 QG: FRP Advisory, BTG Begbies Appointed as Joint Administrators
60 UPPER: BTG Begbies, FRP Advisory Appointed as Administrators
ALEXANDRITE MONNET: S&P Affirms 'B+' ICR, Alters Outlook to Neg.
ALLOY PARENT: Moody's Upgrades CFR to B2, Outlook Remains Stable
ARDONAGH GROUP: Fitch Affirms 'B' Long-Term IDR, Outlook Stable

BOND UK MIDCO 3: S&P Assigns Preliminary 'B' ICR, Outlook Stable
CARDIFF AUTO 2024-1: S&P Raises Class F Notes Rating to 'B+ (sf)'
CURZON MORTGAGES NO. 2: S&P Assigns B-(sf) Rating to Class G Notes
MASSEY'S FOLLY: Leonard Curtis Appointed as Joint Administrators
TREBOVIR ROAD (KM): FRP Advisory, BTG Named as Joint Administrators

TULLOW OIL: Moody's Raises CFR to Caa3, Alters Outlook to Stable
ZENITH BUILDING: FRP Advisory, BTG Named as Joint Administrators


X X X X X X X X

[] BOOK REVIEW: A History of the New York Stock Market

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B E L A R U S
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BELARUS: Moody's Affirms 'C' Issuer & Sr. Unsecured Debt Ratings
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Moody's Ratings has affirmed the Government of Belarus' C long-term
issuer and senior unsecured debt ratings and has maintained the
outlook at stable.

The affirmation of the C ratings reflects the government's forced
currency re-denomination of eurobond repayments in 2022 which
Moody's considers an event of default that is ongoing. The C
ratings also take into account Moody's expectations that the losses
will likely exceed 65% given Belarus' constrained capacity to
service its debt amid the tight sanctions environment in response
to its support for Russia's war with Ukraine (Ca stable).

The stable outlook reflects Moody's expectations that comprehensive
sanctions will remain in place for the foreseeable future, in turn
causing long-lasting damage to the economy and public finances.
Moody's do not view the United States' (Aa1 stable) recent easing
of some sanctions as material to the credit profile, given that
wider restrictions on Belarus' trade and finance sectors remain in
place. At the same time, Moody's expects Belarus' trade and
financial dependence on Russia to increase further.

Belarus' local-currency and foreign-currency country ceilings
remain unchanged at Caa3 and Ca, respectively. The two-notch gap
between the local-currency ceiling and the sovereign rating
captures the elevated external imbalances, the large footprint of
government in the economy and financial system, limited
predictability and reliability of institutions and very high
domestic and geopolitical risk. The one-notch gap between the
local-currency ceiling and the foreign-currency ceiling reflects
Belarus' largely closed capital account, limited policy
effectiveness and moderate external debt.

RATINGS RATIONALE

RATIONALE FOR AFFIRMING THE RATINGS AT C

The C rating reflects Moody's expectations that the sanctions will
continue to impair Belarus' ability to service its eurobond
obligations over the medium term given the prolonged nature of the
Russia-Ukraine war, likely resulting in losses exceeding 65% for
investors. The C rating also reflects Moody's expectations that
Belarus will remain in default on its outstanding eurobonds against
the backdrop of the sanctions.

In July 2022, Belarus began making payments on its foreign currency
bonds in local currency, a breach of the bond indenture. Moody's
considers this a forced currency redenomination and therefore a
default under Moody's definitions. In December 2024, Belarus
initiated the replacement of its eurobonds with domestic government
bonds, with principal and interest payable in Belarusian rubles.
All four remaining eurobonds were partially exchanged. Moody's
views these debt exchanges as distressed.

While since November 2025 the US has eased certain financial and
sectoral sanctions on Belarus, Moody's expects the impact on the
country's reintegration into the global economy and financial
system to be limited. Moreover, international investors are
unlikely to engage in transactions in Belarusian sovereign debt, as
long as comprehensive EU and UK sanctions remain in place,
continuing to constrain Belarus' ability to service its foreign
currency obligations.

Even if access to local currency funds were eventually restored,
potentially after a prolonged period, Moody's considers it unlikely
that investors would be able to convert these funds into hard
currency of equivalent value to the original obligation, owing to
significant payment delays and a likely future depreciation of the
currency.

RATIONALE FOR STABLE OUTLOOK

The stable outlook indicates that Belarus' credit profile is
unlikely to improve materially unless sanctions are lifted
comprehensively, which Moody's do not expect in the medium-term.
The risk of additional sanctions from the EU and UK also remains
present, given the uncertain evolution of Russia's war with
Ukraine.

The Belarusian economy has continued to adapt to international
sanctions through import substitution and closer trade integration
with Russia, amplifying its exposure to Russia's economic
performance. Moody's expects economic growth to remain weak as the
impact of sanctions remains pronounced and positive spillovers from
Russia's war related economic stimulus fade.

Real GDP growth slowed to 1.3% in 2025 from 4.3% in 2024,
reflecting a contraction in manufacturing and subdued growth in
agriculture. Over the medium term, Moody's expects annual growth of
around 1.2%, as economic activity remains constrained by sanctions
and labour shortages, reflecting a declining working age population
and the emigration of skilled workers.

Moody's expects Belarus to continue running small fiscal surpluses
of around 0.5 to 1% of GDP in the medium term. The government debt
burden is estimated to remain broadly stable at around 38% of GDP
in 2026 and 2027. That said, the debt burden remains susceptible to
exchange rate risk.

Transparency regarding Belarus' public finances is limited, as
since the start of the Russia–Ukraine war, the authorities have
stopped publishing detailed information on fiscal performance and
information on public debt levels. Contingent liabilities from the
government's large state-owned enterprise (SOE) sector pose
additional fiscal risks. Moody's credit assessment relies on
publicly available information.

Belarus's institutional strength has been eroded in recent years,
as the quality of institutions has deteriorated and policymaking
has become increasingly centralized, reducing their independence
and credibility. Moody's considers institutional structure, policy
effectiveness, and transparency to be key Governance considerations
under Moody's ESG framework.

Susceptibility to event risk remains also elevated, driven
primarily by political risks and government liquidity risks,
reflecting increasing integration with Russia, elevated domestic
centralization of power, and limited available sources of external
financing. Given limited financing options, Moody's expects that
government will mainly rely on the domestic market and the Russian
market, as well as on direct financial support from Russia to cover
its financing needs.

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS

Belarus' ESG credit impact score (CIS-5) indicates that the rating
is lower than it would have been if ESG risk exposures were not
present. This reflects very weak governance profile, with
institutional shortcomings also explaining the sovereign's low
resilience to social and environmental risks.

Belarus' exposure to environmental risks (E-3 issuer profile score)
is driven mainly by exposure to carbon transition risks given the
importance of the country's large oil refinery sector, as well as
risks posed by water scarcity and physical climate risk, given
significant economic reliance on agriculture.

Belarus' exposure to social risks (S-4 issuer profile score)
primarily reflects unfavourable demographics due to declining and
ageing population, exacerbated by increasing emigration following
the start of the Russia-Ukraine war.

Belarus' G-5 profile reflects very weak governance profile score
due to deficiencies in the rule of law and voice and
accountability. International sanctions and increasing
centralisation of powers are undermining macroeconomic and monetary
policy effectiveness while the timeliness and transparency of key
economic and fiscal statistics has diminished since the start of
the Russia-Ukraine war.

GDP per capita (PPP basis, US$): 32,520 (2024) (also known as Per
Capita Income)

Real GDP growth (% change): 4.3% (2024) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.2% (2024)

Gen. Gov. Financial Balance/GDP: 0.5% (2024) (also known as Fiscal
Balance)

Current Account Balance/GDP: -3.1% (2024) (also known as External
Balance)

External debt/GDP: 44.5% (2024)

Economic resiliency: caa1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On April 21, 2026, a rating committee was called to discuss the
rating of the Belarus, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer's susceptibility to
event risks has not materially changed.

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

Belarus is currently rated C, the lowest level on Moody's rating
scale. Although unlikely, upward rating pressure could arise from a
material easing of international sanctions which could allow for
the resumption of foreign currency payments on the eurobonds.
Nonetheless, even in such a scenario, the Belarussian government's
liquidity position is likely to remain very weak, constraining its
ability to service its debt.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Sovereigns
published in November 2022.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

Belarus' economic strength score of "b2" is five-notches below the
initial score of "baa3" due to structural headwinds emanating from
the Russia-Ukraine war and sanctions that are causing a
long-lasting damage to Belarus' growth potential and increasing the
already high reliance on Russia. Institutions and governance of
"ca" is one notch below the initial score of "caa3" to reflect the
ongoing default and forced currency re-denomination of eurobond
repayments as well as elevated risks of re-default. The fiscal
strength score of "ba1" is four-notches below the initial score of
"a3" reflecting the diminished data transparency as well as
increased contingent liability risk stemming from the SOE sector.
This leads to a final scorecard-indicated outcome of Caa2-C, which
is four notches below the initial scorecard-indicated outcome of
B1-B3. The assigned rating is within the final scorecard-indicated
outcome range.



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B E L G I U M
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ELIA GROUP: S&P Assigns 'BB+' Rating to Proposed Hybrid Instrument
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S&P Global Ratings assigned its 'BB+' long-term issue rating on the
proposed undated, optionally deferrable, and subordinated hybrid
capital securities to be issued by Elia Group (BBB/Stable/A-2). S&P
expects Elia Group's issuance to be a euro-denominated single
tranche offering with first call date in year five. The transaction
is expected to increase the hybrid capital stock of Elia by the
amount of the new instrument. S&P considers the proposed instrument
will have intermediate equity content until the first reset date,
which it understands will fall at the end of a three-month par call
period that starts five years from issuance.

S&P derive its 'BB+' issue rating on the proposed securities by
notching down from its 'BBB' long-term issuer credit rating on Elia
Group. As per its methodology, the two-notch differential
reflects:

-- A one-notch deduction for subordination because the rating on
Elia is above 'BB+'; and

-- An additional one-notch deduction to reflect payment
flexibility--the deferral of interest is optional.

S&P said, "The number of downward notches reflects our view that
Elia is relatively unlikely to defer interest. Should our view
change, we may deduct additional notches to derive the issue
rating. Furthermore, to capture our view of the intermediate equity
content of the proposed securities, we allocate 50% of the related
payments on these securities as a fixed charge and 50% as
equivalent to a common dividend, in line with our hybrid capital
criteria. The 50% treatment of principal and accrued interest also
applies to our adjustment of debt."

Elia Group will be able to redeem the securities for cash at any
time in the three months between their optional first-call date and
reset date, and then on every interest payment date thereafter. The
company has underscored its willingness to maintain or replace the
securities, despite the loss of preferential treatment, in a
statement of intent. Although the proposed securities are perpetual
with no fixed maturity date, they can be called at any time for
events we deem external or remote (change in tax, rating event,
clean up, or accounting event). The documentation also includes a
make-whole redemption clause but at a clear premium to par,
creating a strong economic disincentive for the issuer to exercise
it.

S&P said, "We understand that the margin on the proposed securities
will increase by 25 basis points (bps) in 2036 (five years after
the first reset date). The margin will then increase by an
additional 75 bps in 2051 (20 years after the first reset date). We
view any step-up above 25 bps as presenting an economic incentive
to redeem the instrument and therefore treat the date of the second
step-up as the instrument's effective maturity. Consequently, we
will no longer recognize the proposed securities as having
intermediate equity content after the first reset date."

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

S&P said, "In our view, Elia Group's option to defer payment on the
proposed securities is discretionary. This means that the issuer
may elect not to pay, in whole or in part, accrued interest on an
interest payment date because doing so is not an event of default.
However, any deferred interest payment will have to be settled in
cash if Elia declares or pays a dividend on shares or interest on
equally ranking securities, and if the issuer redeems or
repurchases shares or equally ranking securities. Nevertheless,
this condition remains acceptable under our methodology, because
once the issuer has settled the deferred amount, it can still
choose to defer on the next interest payment date."

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

The proposed security (and coupons) is intended to constitute Elia
Group's direct, unsecured, and subordinated obligations, ranking
senior to their common shares.




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EGIS SA: Moody's Assigns 'Ba2' CFR, Rates New EUR400MM Bond 'Ba2'
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Moody's Ratings has assigned a Ba2 long-term corporate family
rating and a Ba2-PD probability of default rating to Egis SA (Egis
or the company). At the same time Moody's assigned a Ba2 rating to
the proposed EUR400 million senior unsecured bond coming due in
2031 to be issued by the company the proceeds of which will be used
mostly to refinance the debt raised for the acquisition of Lochner
in 2025.

The outlook is stable.

RATINGS RATIONALE

Egis' Ba2 CFR is supported by its strong track record as one of the
larger players in an otherwise widely fragmented infrastructure
engineering service market. The company has a diversified global
footprint across France, Middle East, Europe, North America and
other regions, with a growing focus towards the US and Canada.
Around half of Egis' sales are generated within the transportation
infrastructure investment end-market, which is relatively resilient
to macroeconomic downturns due to the long investment cycles and
public backing.

The Ba2 rating is constrained by the company's elevated leverage
from the acquisition of Lochner, with Moody's pro forma adjusted
debt/EBITDA well above 6.0x in 2025, well outside of the thresholds
set for the assigned rating category. In 2025 Egis' earnings were
negatively impacted by the timing of large contracts,
higher-than-expected one-off costs due to the roll-out of a new ERP
system and costs for the relocation of its headquarters, all issues
Moody's do not expect to reoccur in the next two years. To
partially balance the weaker-than-expected performance, Egis
decided not to pay a dividend in 2026 (EUR49 million were paid in
2025) and to pause on larger M&A transactions to support the
company's deleveraging.

The company has been executing a buy-and-build strategy over the
past years to expand into new markets and geographies, grow its
size and diversify revenues and earnings. Following the Lochner
acquisition, Moody's expects Egis to initially focus on the
reduction of its debt/EBITDA. Moody's forecasts Egis' Moody's
adjusted debt/EBITDA to decline towards 4.5x in 2026 and to around
4.0x in 2027, supported by solid revenue growth, EBITDA margin
expansion and free cash flow generation applied to debt
pre-payment. This dynamic will reposition the company more
adequately within the triggers set for the Ba2 CFR.

Moody's expects that Egis will continue to capitalize on very
favorable industry fundamentals, with robust growth drivers
including the demand for infrastructure equipment, aging global
infrastructure, decarbonization, and energy transition. Future
revenue growth is backed by Egis' order backlog which stood at
EUR5.5 billion (up from EUR4 billion in 2024) as of December 2025,
representing 25 months of revenue.

Favorably, Moody's notes that Egis is not exposed to EPC
construction risk as it acts only on behalf of its clients when
managing construction projects. From time to time, Egis experiences
cost overruns for assigned projects, but the impact on its P&L is
usually relatively small and manageable. Risks from projects are
also mitigated by the large number of contracts with average
contract size being below EUR200 thousand.

Moreover, the rating is underpinned by a balanced shareholder
structure between Caisse Des Depots et Consignations (CDC, Aa3
negative), which is indirectly owned by the French government,
Tikehau Capital and Egis' executives, managers and employees. Egis
is deemed strategic by CDC, which owns 34% of the shares of the
company. CDC is 100% owned directly by the French state and has no
stated investment timeline for Egis considering that it plans and
designs many key domestic infrastructure projects, including the
construction and maintenance of the French nuclear reactors and
other large public transport projects in France.

All shareholders have a proven track record of supporting Egis,
which Moody's have reflected in Moody's governance considerations.
The two financial shareholders, CDC and Tikehau, alongside
employees contributed a total of EUR200 million in additional
equity in 2025 to finance the acquisition of Lochner; and are
committed to adjust dividends / contribute additional capital if
needed. Moody's expects the shareholders to continue offering
support to Egis if necessary, whether through equity injections to
co-fund growth or flexibility on the group's dividend policy.

The rating also reflects the inherent risks associated with the
integration of current acquisitions and potential future
debt-financed M&A. It also considers project execution risks,
including susceptibility to cost overruns, delays, and counterparty
risks. Additionally, the rating factors in the reliance on public
funding of projects, which may be subject to unpredictability due
to fluctuations in funding streams, budgetary limitations, and
changes in governmental policy.

Moody's continues to monitor the impact of Iran's retaliatory
response to US-Israel military strikes and increased geopolitical
risk in the Middle East region. A downside scenario involving a
more prolonged conflict that elevates risk of longer-term
disruption to Egis' operations and maintenance concessions
portfolio in the Middle East (about 20% of revenue) and exert
negative pressure on Egis' rating. At the same time Moody's notes
that Egis has not seen any negative impact on its contracts in the
region so far and that the maintenance and repair of infrastructure
such as roads is essential for the functioning of local economies
and unlikely to be negatively impacted by the conflict.

LIQUIDITY

Egis' liquidity is good. As of the end of December 2025, the
company had EUR284 million of cash and cash equivalents on balance
sheet and access to fully available and undrawn EUR210 million
syndicated revolving credit facilities maturing in 2029, and a
EUR40 million revolving credit facility with Bpifrance maturing in
2028. Moody's forecasts Egis' annual funds from operations
generation around EUR170 million - EUR200 million in the next 12-18
months are sufficient to cover working capital needs, capital
expenditures (incl. lease payments) and moderate dividends
payments. The company has no meaningful maturity in 2026.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Egis will
maintain a mid-to-high single digit organic revenue growth and its
leverage will gradually decrease to levels in line with Moody's
expectations for the Ba2 rating. The outlook also assumes that the
company will only resume material M&A activity, once it manages to
reduce its leverage, while successfully integrating ongoing
acquisitions and maintain a conservative financial policy and good
liquidity.

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

Positive rating pressure could develop over time if the company
continues to increase its scale, expand margins, and execute its
growth strategy while reducing its leverage and maintaining a
conservatively managed balance sheet on a sustained basis, as
evidenced by Moody's-adjusted leverage (debt/EBITDA) declining
below 3.5x, EBITA margin increasing to above 10%, and interest
coverage (EBITA/interest expense) exceeding 4.0x (proforma of the
recent acquisitions 2.3x per 12/2025).

Conversely, negative ratings pressure could arise if the company's
organic performance deteriorates delaying the company's
deleveraging as evidenced by its debt/EBITDA ratio not declining
towards 4.0x, its EBITA/interest expense ratio not improving to
above 3.0x, both on a sustained basis. Evidence of a more
aggressive financial policy that results in deteriorating liquidity
or delays deleveraging or slower than anticipated integration of
the acquisitions could also result in negative rating pressure.

STRUCTURAL CONSIDERATIONS

Moody's rates the proposed EUR400 million senior unsecured bond
issuance in line with Egis' Ba2 CFR. All debt obligations rank pari
passu on a senior unsecured basis, except for the EUR50 million
Relance Obligation due in 2031, which is subordinated. Given its
relatively small size compared with the company's total debt, the
Relance Obligation does not warrant notching. In the event of a
material deterioration in Egis' credit quality, Moody's could
consider notching the senior unsecured bond down.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

The methodology scorecard indicates a B1 outcome, two notches below
the Ba2 rating and one notch below the expected outcome in 2026.
The difference between the scorecard indicated outcome and the
assigned rating reflects the company's supportive shareholders and
Moody's expectations that Egis will deleverage its balance sheet
swiftly over the next 12–18 months, supported by its strong
backlog and successful integration of companies acquired in 2025.

COMPANY PROFILE

Headquartered in France, Egis is a global infrastructure
engineering and operations firm providing engineering, consulting,
planning, construction management services to the infrastructure,
building, transportation, water, energy and industry sectors. The
company operates under two business segments: Architecture,
Consulting & Engineering (ACE) (84% of fiscal 2025 revenue), and
Operations & Mobility services (O&M) (16%). Egis generated EUR2.4
billion of revenue during fiscal 2025 and had a total backlog of
EUR5.5 billion as of December 31, 2025. Since 2022, Egis is owned
by Tikehau Capital (43%), Caisse Des Depots et Consignations (CDC)
(34%) and the company's partners, executives and employees (23%).

KAPLA HOLDING: Moody's Affirms B1 CFR, Rates New Secured Notes B1
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Moody's Ratings has affirmed KAPLA HOLDING S.A.S.' (Kiloutou or the
company) B1 corporate family rating, its B1-PD probability of
default rating and the B1 ratings on its outstanding backed senior
secured notes. At the same time, Moody's have assigned B1 ratings
to Kiloutou's proposed EUR800 million backed senior secured notes,
split between fixed-rate notes due 2032 and floating-rate notes due
2033. The outlook remains stable.

The proceeds from the proposed EUR800 million notes, will be used
to repay the EUR800 million existing notes due July 2030 issued by
KAPLA HOLDING S.A.S. and cover transaction costs. Ahead of the
transaction, the company extended the maturity of its EUR180
million super senior revolving credit facility (RCF) to January
2030, which will be further extended to December 2030 subject to
completion of the bond issuance.

"The affirmation reflects Kiloutou's resilient operating
performance in a challenging market environment, supported by its
strong competitive position in France and its growing international
diversification, as well as improved free cash flow generation
driven by lower capital spending," said Moody's Ratings analyst
Guillaume Leglise, lead analyst for Kiloutou. "These strengths are
balanced by the company's acquisitive financial policy and still
difficult trading conditions, particularly in France, which are
expected to constrain earnings growth and deleveraging in the next
12 to 18 months."

RATINGS RATIONALE

The affirmation reflects Moody's expectations that Kiloutou's
operating performance will remain broadly stable despite difficult
trading conditions, particularly in France, its main market, and
ongoing macroeconomic uncertainty. Weak organic growth in the
domestic market is expected to be partly offset by the Group's
diversified footprint, witnessing continued growth in international
operations and contributions from recent bolt on acquisitions.

Moody's expects Kiloutou's key credit metrics to gradually improve
over the next 12–18 months. Moody's expects low single digit
organic revenue growth over the next 12–18 months. Moody's
adjusted EBITDA is nevertheless forecast to grow by around 8%,
primarily supported by acquisitions, with margins remaining broadly
stable. Moody's adjusted gross leverage stood at around 4.3x at end
2025 and is expected to remain below 4.5x, trending toward around
4.0x by end 2027, largely supported by incremental EBITDA from
recent acquisitions. Free cash flow (FCF) is expected to remain
solid in 2026 at around EUR100 million (from EUR82 million in
2025), reflecting the company's ability to flex fleet capital
expenditure in response to subdued demand.

Kiloutou's B1 CFR reflects the company's strong competitive
position in the European equipment rental market, as the third
largest player in Europe and number two in France, where high
barriers to entry support pricing and network advantages. The
rating also benefits from favourable long term industry dynamics,
driven by increasing rental penetration, and from growing
international diversification, which has helped mitigate weaker
trading conditions in France.

These strengths are tempered by Kiloutou's exposure to cyclical and
seasonal construction end markets and by the capital intensive
nature of the equipment rental business, which structurally
constrains FCF over the cycle. The rating also reflects the
company's relatively high leverage, which limits headroom in the
event of underperformance, and its acquisitive financial policy,
which entails execution risk and could slow deleveraging.

This rating action reflects Moody's baseline expectation of a
contained impact on energy markets despite ongoing oil supply
disruption and limited damage to production or infrastructure.
However, Kiloutou remains exposed to a more adverse conflict
scenario through the macro financial conditions transmission
channel.

LIQUIDITY

Pro forma for the proposed transaction, Kiloutou's liquidity is
adequate, supported by EUR184.5 million of cash on the balance
sheet as of December 31, 2025 and full availability under its
EUR180 million revolving credit facility (RCF), which will see its
maturity extended to December 2030. Moody's expects the company to
temporarily draw on the RCF in the first half of 2026 to fund
recently signed acquisitions. However, Moody's anticipates that
these drawings will be repaid during the year, with cash balances
remaining ample at year end, supported by lower capital spending
and positive FCF in 2026.

Liquidity is further supported by some flexibility in discretionary
capital expenditure and the company's track record of maintaining
EBITDA in excess of capex through the cycle. The next significant
debt maturity is a EUR600 million bond due in April 2031.

The super senior RCF contains a springing financial covenant based
on net leverage set at 7.2x (compared with 3.90x as of the end of
December 2025) and tested on a quarterly basis only when the RCF is
drawn by more than 40%.

STRUCTURAL CONSIDERATIONS

The CFR is assigned at KAPLA HOLDING S.A.S., the top entity of the
restricted group and financial reporting entity. The B1-PD
probability of default rating reflects a 50% family recovery
assumption, consistent with a capital structure comprising both
bonds and bank debt. Covenant protection is limited, with lenders
relying mainly on incurrence covenants in the senior secured notes
and a springing covenant in the RCF.

Kiloutou's debt structure includes a EUR180 million super senior
RCF, the proposed EUR800 million senior secured notes due in 2032
and 2033, and EUR600 million senior secured notes due 2031, a EUR5
million stimulus bond, and EUR19 million in other loans. The
proposed EUR800 million notes and existing EUR600 million notes are
rated B1, in line with the CFR, and benefit from a similar
guarantor package as the RCF, covering about 60% of consolidated
EBITDA. Both instruments are secured by first-priority pledges over
shares, intercompany receivables and bank accounts, although the
notes are contractually subordinated to the RCF in collateral
enforcement.

The capital structure also includes a EUR257 million convertible
bond, maturing in December 2033, that pays payment-in-kind interest
and is held by the shareholders, HLD Europe and HLDI. The company
made a partial repayment of EUR70 million on this convertible bond
during Q4 2025. This convertible bond is unsecured and subordinated
to the senior secured notes. Moody's treats it as equity and
exclude it from Moody's credit metrics and the Loss Given Default
model.

RATIONALE FOR THE OUTLOOK

The stable outlook on Kiloutou reflects Moody's expectations that
the company's performance will remain broadly stable over the next
12-18 months, as the positive momentum in international operations
mitigates the weak trading conditions in France. The outlook is
based on Moody's assumptions that the company's leverage
(Moody's-adjusted gross debt/EBITDA) will remain below 4.5x over
the next 12-18 months. It also includes Moody's expectations of
positive FCF, driven by reduced capex spending and the maintenance
of adequate liquidity.

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

A rating upgrade is currently unlikely given Kiloutou's financial
policy of maintaining net leverage (as defined by the company) of
around 4.0x, although there is an objective to reduce leverage over
time. However, Moody's could upgrade the rating if (i) the company
strengthens its business profile through diversification and builds
a track record of continuous leverage reduction, (ii) it maintains
its Moody's-adjusted debt/EBITDA below 3.5x on a sustained basis,
(iii) its funds from operations (FFO)/debt is well above 20%, (iv)
its liquidity is at least good, and (v) it demonstrates a track
record of prudent liquidity and capex management through the
cycle.

Ratings could be downgraded if: (i) the company's operational
performance deteriorates; (ii) its Moody's-adjusted Debt/EBITDA
remains above 4.5x on a sustained basis; (iii) FFO/debt declines
towards mid-teens or if (iv) liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental published in October 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

Founded by Franky Mulliez in 1981, Kiloutou is the number two
player in the French equipment rental market. The company serves
more than 400,000 customers through a network of 645 branches
across eight countries. Kiloutou has a focus on tools and light
equipment, construction equipment, access equipment and services.
Its clientele includes large construction groups, as well as small
building firms and sole traders. In 2025, the company reported
revenue and Moody's-adjusted EBITDA of EUR1.3 billion and EUR496
million, respectively.

In February 2018, HLD Europe and HLDI (controlled by Dentressangle
SAS) acquired a majority stake in Kiloutou, alongside the Group's
management and founder Franky Mulliez, who retains a minority
interest. As of December 2025, HLD and other co-investors
collectively owned approximately 66.7% of the Group's share
capital, with the balance held by management and employees
(c.19.0%), the founder and his family (c.13.3%) and other
individual investors (c.1.0%).

LA FINANCIERE ATALIAN: Moody's Withdraws 'Ca' CFR
-------------------------------------------------
Moody's Ratings has withdrawn all ratings of La Financiere ATALIAN
S.A.S. (Atalian), including the Ca long-term corporate family
rating and the Ca-PD probability of default rating. Concurrently,
Moody's have also withdrawn the Ca rating on the EUR836 million
backed senior secured notes due in June 2028. Prior to the
withdrawal, the outlook on the entity was negative.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

COMPANY PROFILE

Headquartered in France, La Financiere ATALIAN S.A.S. (Atalian) is
a leading provider of cleaning and facility management services.
The company operates in France, Benelux, and Central and Eastern
Europe. It generated revenue of around EUR1.9 billion in the 12
months that ended June 2025. In July 2024, Franck Julien donated
his 98.5% share in Atalian to Sophie Pecriaux, the chairwoman of
the company's supervisory board.

RIVER GREEN 2020: Moody's Cuts Rating on EUR25.2MM B Notes to B3
----------------------------------------------------------------
Moody's Ratings has downgraded the ratings of all classes of Notes
issued by River Green Finance 2020 DAC.

EUR103.5M Class A Notes, Downgraded to Ba1 (sf); previously on Jul
10, 2025 Downgraded to Baa2 (sf)

EUR25.2M Class B Notes, Downgraded to B3 (sf); previously on Jul
10, 2025 Downgraded to B2 (sf)

EUR23.6M Class C Notes, Downgraded to Caa2 (sf); previously on Jul
10, 2025 Downgraded to Caa1 (sf)

EUR34.09M Class D Notes, Downgraded to Caa3 (sf); previously on
Jul 10, 2025 Downgraded to Caa2 (sf)

Moody's do not rate the Class X Notes or the Issuer Loan.

RATINGS RATIONALE

The rating action reflects the Borrowers to the transaction have
failed to pay all amounts due on the Loan Payment Date falling in
April 2026 and therefore the Special Servicer has determined that a
Loan Event of Default has occurred and is continuing unwaived.
Moody's expected loss for the loan has increased compared to the
rating action in July 2025. The increase arises from an updated
analysis of the default probability of the securitised loan and a
lower assessment of the collateral value.

The loan is in cash sweep following prior restructurings and
according to the January 2026 Quarterly Investor Report (QIR)[1],
the Class A balance has reduced to EUR81.6m in January 2026 from
EUR89.25m at the time of last rating action in July 2025.

The rating action also reflect concerns about the uncertainty of
potential acceleration of the loan or liquidation of the collateral
should an event of default occur and continue. The severity of
losses to the notes will depend on the timing and choice of these
remedies.

In Moody's base case, Moody's have considered that the property's
most recent market value of EUR139.1m (March 2025) has reduced by
circa EUR20m to reflect the shorter remaining lease term and lower
remaining lease cashflows; and that the EUR10m loan modification
reserve is used to immediately amortise the Class A notes. This
gives an initial Class A note to value of around 63%.

An updated market valuation is expected to be finalised before the
end of April 2026. For the avoidance of doubt, Moody's have not had
sight of that valuation.

In Moody's base case and after considering the amortization from
the loan modification reserve, Moody's total note to value ratio
for the pool is 134% compared to a reported LTV of 125% based on
the July valuation as of EUR139.1m.

The River Ouest loans are secured on a campus-style large office
building in a secondary location in the northwestern Paris suburbs.
The loans were granted in 2019 and a 95% share was sold to the
Issuer in February 2020. The building was and remains principally
tenanted by Atos International (Atos).

Demand for office properties has been dramatically transformed by
the impact from working from home, initially brought about by COVID
but sustained due to employee and employer preferences. These
social factors have severely impacted on the prospects for
secondary office properties, amplified for River Ouest by its
location in Bezons. Nearby office properties in Bezons have been
vacant since their 2021 construction, and transport links to the
area are a weak point.

Moody's visited the property in February 2026. It presents in good
condition and contains high quality communal areas including a
lecture theatre, meeting rooms and a gym. The building has a large
outside perimeter and is likely expensive to maintain and secure.
The façade is entirely glass and there are garden areas with
walkways. The building gave a strong feeling of being underused.
Nearby lots included low-rise office buildings, many of which were
for sale, and single-story industrial units. River Ouest borders
onto a construction site, social housing and the River Seine.

Atos's lease at River Ouest expires on 31-Jul-30 with current
headline rent of EUR23.8 million [1]. As the Atos income stream
rolls off, there is a significant risk that the property's market
value reduces towards the vacant possession value (VPV). The VPV
considers the property's continued use as an office, with
significant incentives required to attract tenants.

To the extent the property is obsolete as an office, potential
alternative uses for the property or site may be helped or hindered
by building features such as the 2-storey underground car park and
its proximity to the Seine. There is a risk that the VPV for
alternative use scenarios could be substantially lower.

Given the loan has not refinanced and has again defaulted, the
market value exposure to the property has substantially increased.
Moody's will review the details of any work-out strategy of the
special servicer and the updated valuation report when available.

PERFORMANCE SUMMARY

Subsequent to the 2024 loan restructuring, the loan is in cash trap
mode with amounts being used to delever the Class A notes.
According to Mount Street's January 2026 QIR[1], total rent
collected in the quarter was EUR5.95m whilst the total distributed
to the Notes and Issuer Loan was EUR4.82m (US Bank January 2026
QIR[2]). The outstanding Class A balance is EUR81.6m after the
22-Jan-26 payment date.

Following the April 2026 Loan Event of Default, EUR10m held as a
security deposit will be applied to pay down the loan (and Class A
Notes). Otherwise Class A is amortising using both "principal" and
excess "interest" funds of ~ 2.9m and 420k respectively as of the
January IPD.

PORTFOLIO ANALYSIS

According to the January 2026[1] Quarterly Investor Report, the
property has a vacancy of 17.2%, following tenant departures. The
single remaining tenant, Atos, holds a lease that runs until July
31, 2030. At the end of 2024, Atos completed a financial
restructuring with its creditors and now appears to be seeking to
sub-let at least part of its leased space at River Ouest. The
report also notes that the borrowers and Atos remain in discussions
regarding lease and rental commitments.

Subsequent to the publication of this report, the borrowers have
elected not to issue an extension of the loan maturity[3].

The July 2025 valuation, conducted by Cushman & Wakefield in March
2025, assessed the property's market value at EUR139.1m. The valuer
noted that a high proportion of the market value is made up of Atos
rents until lease end. According to the January 2026 report[1], Net
Rental Income (from Atos) is around EUR23m whilst estimated
annualised amortization of the Class A notes amounts only to
EUR14m.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "EMEA
Commercial Mortgage-backed Securitisations" published in June
2025.

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

Main factors or circumstances that could lead to a downgrade of the
ratings are (i) a decline in the property values backing the
underlying loans or (ii) a reduction in cashflows from any
restructuring of the Atos lease.

An upgrade to currently assigned ratings is unlikely at this time.



=============
G E R M A N Y
=============

MOTEL ONE: Fitch Affirms 'B+' Long-Term IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed Motel One GmbH's Long-Term Issuer
Default Rating (IDR) at 'B+'. The Outlook remains Negative. Fitch
has also affirmed Motel One's senior secured debt rating at 'BB-'
with a Recovery Rating of 'RR3'.

The Negative Outlook reflects its expectations that leverage
metrics will remain outside its rating sensitivities in 2026-2027,
amid a challenging trading environment. Fitch assumes a smooth
execution of Motel One's self-funded growth strategy with steady
revenue per average room (RevPAR), supporting the rating
affirmation. Fitch would downgrade the rating to 'B' if
deleveraging was disrupted by weaker performance at existing hotels
or increased execution risks to new hotel openings.

Key Rating Drivers

Leverage Outside Sensitivities Until 2027: The Negative Outlook
reflects EBITDAR gross leverage remaining high in 2026 at 6.4x,
before improving to 6.2x in 2027 and below 6.0x in 2028. The
deleveraging pace can be challenged by a deteriorating
macroeconomic environment that would put pressure on room rates and
occupancies, or a decline in operating efficiency that would weigh
on profitability.

Sound Performance in Challenging Environment: Fitch estimates that
Motel One achieved RevPAR growth in 2025 in its core markets of
Germany and the UK, outperforming its peers amid difficult
macroeconomic conditions. Fitch expects the group to be able to
deliver RevPAR growth due to its strong brand and flexible pricing
tools to align with demand.

Positive FCF: The 'B+' IDR reflects Motel One's sustained positive
free cash flow (FCF) and its ability to self-fund its medium-term
expansion. The FCF-generating capacity balances the group's limited
scale and diversification and differentiates it from lower-rated
peers. Its FCF forecast does not assume dividends or any other form
of cash upstreaming to the parent. Deteriorating FCF would signal
structural operating weaknesses or an aggressive expansion policy.

Moderate Scale and Diversification: Motel One's business profile is
in line with a low 'BB' category rating due to its limited business
scale and diversification. It primarily operates under one brand,
with some diversification across western Europe, although the main
German market accounted for 63% of sales in 2024. It had about
29,000 rooms at end-2025, more in line with the 'B' category
median, but its superior EBITDAR margin translates into
Fitch-estimated EBITDAR of over EUR500 million in 2025, close to
the 'BB' category median.

Business Growth Remains Steady: Fitch continues to project on
average high single-digit sales growth over 2026-2028, despite the
challenging operating environment in the group's key markets. This
is supported by steady organic growth in the hotel portfolio,
alongside eight to 10 new hotel openings each year, ramping up
within one to two years towards target capacity. This growth is
slower than historical rates achieved by Motel One, but stronger
than for most western European peers'.

Superior Profitability, Hedged Costs: Motel One's EBITDAR margin of
about 50% is one of the highest in Fitch's global lodging
portfolio. Its superior profitability results from its prime
locations, standardised rooms and strong operating efficiencies.
Fitch forecasts only moderate pressure from high energy prices due
to a high portion of hedged energy costs for 2026 and 2027 and
expect high profit margins to translate into positive FCF, despite
high interest payments. This should result in EBITDAR fixed charge
coverage of 1.5x-1.6x in 2026-2028.

Equity Treatment of Debt Instruments: Fitch treats the group's
EUR350 million payment-in-kind (PIK) facility and a EUR250 million
vendor loan note (VLN) as equity under its criteria. Both
instruments are located at holding companies outside the rated
restricted group.

Peer Analysis

Motel One is much smaller than higher-rated globally diversified
peers, such as Accor SA (BBB-/Positive; Under Criteria
Observation), Hyatt Hotels Corporation (BBB-/Stable) and Wyndham
Hotels & Resorts Inc. (BB+/Stable), by number of rooms and business
size. It also has a weaker financial structure, with higher
leverage and more limited financial flexibility. This results in
significant rating differential with the peers.

Fitch views Minor Hotels Europe & Americas, S.A. (delisted in
September 2025) and listed Melia Hotels International as Motel
One's closest peers, due to their predominantly European operations
and similar EBITDAR, despite both having larger room systems.

Motel One is rated two notches above Greek hotel operator Sani/Ikos
Group Newco S.C.A. (B-/Stable) due to its larger scale, better
diversification, stronger FCF profile and lower leverage.

Fitch’s Key Rating-Case Assumptions

- Sales CAGR of 8% for 2025-2028

- Organic growth supported by a steady improvement in occupancy
rates, alongside above-inflation growth in the daily room rates

- EBITDAR margins at 49%-50% in 2025-2028, supported by a focus on
cost management, fast turnaround of new hotels to profitability,
and improving occupancy rates at existing sites

- No significant working-capital outflows to 2028

- Capex at 7% of revenue for maintenance of existing sites,
including redesign and new openings

- Treatment of EUR350 million PIK facility and EUR250 million VLN
as non-debt

- No dividends to or any other cash upstreaming above the
restricted group

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Moderate), Sector Characteristics
(bb+, Moderate), Market and Competitive Positioning (bb-, Higher),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bbb+,
Lower), Financial Structure (b-, Higher), and Financial Flexibility
(bb, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'b+'.

Recovery Analysis

Fitch assumes that Motel One would be reorganised as a
going-concern (GC) in bankruptcy rather than liquidated. In its
bespoke recovery analysis, Fitch estimates GC EBITDA available to
creditors of EUR180 million. This reflects Fitch's view of a
sustainable, post-reorganisation EBITDA on which it bases the
enterprise valuation (EV).

Distress would likely arise from an erosion of the brand value,
leading to a loss of market share in an inflationary cost
environment. At the GC EBITDA, the group will generate reduced
operating cash flow that would provide limited room for investments
in growth.

Fitch has applied a 6.0x EV/EBITDA multiple to the GC EBITDA to
calculate a post-reorganisation EV. This multiple reflects the
group's attractive brand and business model, prime inner-city
locations and high profitability.

Motel One's existing senior secured debt of EUR1.4 billion consists
of EUR1,007 million term loan (TLB) and EUR400 million senior
secured notes, which rank equally among themselves and with a
EUR200 million revolving credit facility (RCF), which Fitch assumes
to be fully drawn in a default. Its waterfall analysis generates a
ranked recovery for the senior secured debt in the 'RR3' band,
indicating a 'BB-' instrument rating, one notch above the IDR.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Weak execution of the expansion strategy or organic portfolio
underperformance leading to volatile RevPAR and EBITDAR margin

- EBITDAR leverage above 6x on a sustained basis

- EBITDAR fixed-charge coverage below 1.5x on a sustained basis

- Neutral-to-negative FCF

- Aggressive financial policy leading to reduced liquidity

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Robust execution of the growth strategy translating into
double-digit revenue growth and with EBITDAR margin maintained
above 50%

- EBITDAR leverage below 5.5x on a sustained basis

- EBITDAR fixed-charge coverage above 1.8x on a sustained basis

- Consistently positive FCF

Liquidity and Debt Structure

Fitch assesses Motel One's liquidity as comfortable, with
Fitch-estimated readily available cash of EUR50 million at
end-2025, further supported by a fully undrawn EUR200 million RCF.
Fitch expects solid FCF generation to support the liquidity
profile.

Motel One benefits from sufficient maturity headroom, with all debt
maturities concentrated in 2031-2032.

Issuer Profile

Motel One is a hotel operator with a growing market position within
its niche "affordable design" segment in western Europe. It
operates 99 hotels in 47 cities across 13 countries.

Summary of Financial Adjustments

Fitch computes Motel One's lease liability by multiplying
Fitch-defined lease costs by 8x, reflecting the long-term nature of
rent contracts in the hotel sector.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Motel One.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Motel One GmbH       LT IDR B+  Affirmed               B+

   senior secured    LT     BB- Affirmed     RR3       BB-



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

AQUEDUCT EUROPEAN 17: S&P Assigns Prelim B- (sf) Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Aqueduct European CLO 17 DAC's class A, B, C, D, E, and F notes and
A Loan. At closing, the issuer will also issue EUR32.700 million
unrated subordinated notes and class Z notes.

The reinvestment period will be approximately 4.5 years, while the
non call period will be 1.5 years after closing.

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

The preliminary ratings assigned to the notes and loan reflect our
assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,777.42
  Default rate dispersion                                  486.95
  Weighted-average life (years)                              4.90
  Obligor diversity measure                                167.83
  Industry diversity measure                                23.12
  Regional diversity measure                                 1.27
  Country concentration in sovereigns rated below 'AA-' (%) 30.12

  Transaction key metrics

  Total par amount (mil. EUR)                                 500
  Defaulted assets (mil. EUR)                                   0
  Number of performing obligors                               187
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            0.00
  Target 'AAA' weighted-average recovery (%)                36.05%
  Target weighted-average spread net of floors (%)           3.53
  Target weighted-average coupon (%)                         3.91

Rating rationale

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

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

"In our cash flow analysis, we used the EUR500.00 million target
par amount, the covenanted weighted-average spread of 3.42%, the
target weighted-average coupon of 3.91%, and the target
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to D notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO will be in its reinvestment phase starting from
the effective date, during which the transaction's credit risk
profile could deteriorate, we have capped our preliminary ratings
assigned to the notes."

The class A Loan, A and E notes can withstand stresses commensurate
with the assigned preliminary ratings.

The class F notes' current break-even default rate cushion is
negative at the assigned rating. Nevertheless, based on the
portfolio's actual characteristics and additional overlaying
factors, including S&P's long-term corporate default rates and
recent economic outlook, it believes this class can sustain a
steady-state scenario, in accordance with its criteria. S&P's
analysis further reflects several factors, including:

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

-- S&P said, "Our model-generated portfolio default risk, which is
at the 'B-' rating level at 23.86% (for a portfolio with a
weighted-average life of 4.90 years) versus 15.68% if we were to
consider a long-term sustainable default rate of 3.2% for 4.90
years."

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this tranche defaulting.

-- If S&P envisions this tranche defaulting in the next 12-18
months.

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

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

"In addition to our standard analysis, we also included the
sensitivity of the ratings on the class A to E notes and A Loan,
based on four hypothetical scenarios.

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

Environmental, social, and governance

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

Aqueduct European CLO 17 DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. This transaction will be managed by HPS Investment
Partners CLO (UK) LLP.

  Ratings

         Prelim  Prelim amount Credit
  Class  rating*  (mil. EUR)   enhancement (%)   Interest rate§

  A      AAA (sf)   196.00     38.00    Three/six-month EURIBOR
                                                    plus 1.27%

  A Loan AAA (sf)   114.00     38.00    Three/six-month EURIBOR
                                                    plus 1.27%

  B      AA (sf)     55.00     27.00    Three/six-month EURIBOR
                                                    plus 1.95%

  C      A (sf)      30.00     21.00    Three/six-month EURIBOR
                                                    plus 2.50%

  D      BBB- (sf)   35.00     14.00    Three/six-month EURIBOR
                                                    plus 3.15%

  E      BB- (sf)    22.50      9.50    Three/six-month EURIBOR
                                                    plus 5.95%

  F      B- (sf)     15.00      6.50    Three/six-month EURIBOR
                                                    plus 8.58%

  Z      NR           2.00       N/A N/A

  Sub notes  NR      32.70       N/A N/A

*The preliminary ratings assigned to the A Loan, and class A and B
notes address timely interest and ultimate principal payments.
S&P's preliminary ratings address ultimate interest and principal
payments on the rest of the other rated notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


BOSPHORUS CLO V: Moody's Affirms B3 Rating on EUR10.5MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Bosphorus CLO V DAC:

EUR21,000,000 Class C Secured Deferrable Floating Rate Notes due
2032, Upgraded to Aaa (sf); previously on Aug 14, 2025 Upgraded to
Aa1 (sf)

EUR25,350,000 Class D Secured Deferrable Floating Rate Notes due
2032, Upgraded to A2 (sf); previously on Aug 14, 2025 Upgraded to
Baa1 (sf)

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

EUR97,000,000 (Current outstanding balance EUR13,242,103) Class
A-1 Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Aug 14, 2025 Affirmed Aaa (sf)

EUR120,000,000 (Current outstanding balance EUR16,381,983) Class
A-2 Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Aug 14, 2025 Affirmed Aaa (sf)

EUR20,000,000 Class B-1 Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Aug 14, 2025 Upgraded to Aaa (sf)

EUR13,250,000 Class B-2 Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Aug 14, 2025 Upgraded to Aaa (sf)

EUR18,400,000 Class E Secured Deferrable Floating Rate Notes due
2032, Affirmed Ba2 (sf); previously on Aug 14, 2025 Upgraded to Ba2
(sf)

EUR10,500,000 Class F Secured Deferrable Floating Rate Notes due
2032, Affirmed B3 (sf); previously on Aug 14, 2025 Affirmed B3
(sf)

Bosphorus CLO V Designated Activity Company issued in December 2019
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Cross Ocean Adviser LLP. The transaction's reinvestment
period ended in June 2024.

RATINGS RATIONALE

The rating upgrades on the Class C and D notes are primarily a
result of the deleveraging of the Class A-1 and Class A-2 notes
following amortisation of the underlying portfolio since the last
rating action in August 2025.

The affirmations on the ratings on the Class A-1, A-2, B-1, B-2, 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 Class A-1-and A-2 notes have paid down by approximately
EUR100.7 million (46.4%) since the last rating action in August
2025 and EUR187.4 million (86.3%) 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, Class E and Class F OC
ratios are reported at 211.88%, 166.79%, 132.71%, 115.56% and
107.63% compared to June 2025[2] levels of at 156.40%, 138.61%,
121.87%, 112.05% and 107.13% respectively. Moody's notes that the
March 2026 principal payments are not reflected in the reported OC
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: EUR156.1 million

Defaulted Securities: EUR0

Diversity Score: 23

Weighted Average Rating Factor (WARF): 3694

Weighted Average Life (WAL): 2.88 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.76%

Weighted Average Coupon (WAC): 4.14%

Weighted Average Recovery Rate (WARR): 45.01%

Par haircut in OC tests and interest diversion test: 4.05%

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 April 2026.

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.

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.

NEWHAVEN CLO: Moody's Cuts Rating on EUR9.625MM F-R Notes to Caa2
-----------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Newhaven CLO, DAC:

EUR29,050,000 Class B-R Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Jan 29, 2025 Upgraded to
Aa1 (sf)

EUR21,700,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Aa2 (sf); previously on Jan 29, 2025
Upgraded to A1 (sf)

EUR9,625,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Downgraded to Caa2 (sf); previously on Jan 29, 2025
Downgraded to Caa1 (sf)

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

EUR217,000,000 (Current outstanding amount EUR154,669,125) Class
A-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on Jan 29, 2025 Affirmed Aaa (sf)

EUR26,250,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Jan 29, 2025
Affirmed Baa3 (sf)

EUR21,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Jan 29, 2025
Affirmed Ba3 (sf)

Newhaven CLO, DAC, issued in November 2014 and refinanced in
February 2017 and in April 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Bain Capital
Credit, Ltd. The transaction's reinvestment period ended in
February 2025.

RATINGS RATIONALE

The rating upgrades on the Class B-R and C-R notes are primarily
result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the payment date in
Feburary 2025.

The downgrade on the rating on the Class F-R notes is a result of
the deterioration in the credit quality of the underlying
collateral pool and the further deterioration in the junior
over-collateralisation ratio over the last year.

The affirmations on the ratings on the Class A-R, Class D-R and
Class E-R 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-R notes have paid down by approximately EUR62.3 million
(28.7% of its initial balance) in the last 12 months. As a result
of the deleveraging, senior over-collateralisation (OC) ratios have
increased. According to the trustee report dated March 2026[1] the
Class A/B and Class C OC ratios are reported at 147.81% and 132.19%
compared to March 2025[2] levels of 138.12% and 126.93%
respectively.

The credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the trustee report dated March
2026[1], the WARF was 3116, compared with 3009 in March 2025[2]
report. Securities with ratings of Caa1 or lower currently make up
approximately 8.20% of the underlying portfolio, versus 7.0% in
March 2025.

In addition, the OC of the Class F-R notes further deteriorated
over the last year. According to the trustee report dated March
2026[1], the Class F-R OC ratio is reported at 103.53% compared to
a March 2025[2] level of 104.69%.

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: EUR272.1m

Defaulted Securities: EUR8.2m

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3178

Weighted Average Life (WAL): 4.08 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.69%

Weighted Average Coupon (WAC): 3.00%

Weighted Average Recovery Rate (WARR): 43.7%

Par haircut in OC tests and interest diversion test: 0.0%

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, 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.

SIGNAL HARMONIC II: Fitch Affirms B-sf Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Signal Harmonic CLO II DAC's refinancing
notes final ratings and affirmed its existing class E and F notes,
as detailed below.

   Entity/Debt                  Rating                Prior
   -----------                  ------                -----
Signal Harmonic
CLO II DAC

   Class A XS2768772597      LT PIFsf  Paid In Full   AAAsf
   Class A-R XS3346840328    LT AAAsf  New Rating
   Class B-1 XS2768772753    LT PIFsf  Paid In Full   AAsf
   Class B-2 XS2771656274    LT PIFsf  Paid In Full   AAsf
   Class B-R XS3346840674    LT AAsf   New Rating
   Class C XS2768772837      LT PIFsf  Paid In Full   Asf
   Class C-R XS3346840831    LT Asf    New Rating
   Class D XS2768772910      LT PIFsf  Paid In Full   BBB-sf
   Class D-R XS3346841052    LT BBB-sf New Rating
   Class E XS2768773058      LT BB-sf  Affirmed       BB-sf
   Class F XS2768773132      LT B-sf   Affirmed       B-sf

Transaction Summary

Signal Harmonic CLO II DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds, and
is managed by Signal Harmonic Partners LLP and Signal Capital
Partners Limited. Net proceeds from the refinancing notes were used
to redeem the existing notes, except for the class E, F notes and
the subordinated notes.

The CLO has 2.5-years remaining in the reinvestment period and a
5.5-year weighted average life (WAL) test covenant at closing of
the refinancing, with an original target par of EUR440 million. The
deal originally closed in April 2024.

KEY RATING DRIVERS

Average Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors at 'B'. The Fitch-calculated weighted average
rating factor of the identified portfolio is 24.3.

Strong Recovery Expectation: At least 90% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch-calculated weighted
average recovery rate of the identified portfolio is 62.6%.

Diversified Portfolio: The transaction has various concentration
limits, including a maximum exposure to the three largest
Fitch-defined industries in the portfolio at 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management: The transaction has one Fitch matrix that was
updated at refinancing, which corresponds to a WAL of 5.5-years and
a fixed-rate asset limit of 7.5%. The transaction has a remaining
2.5-year reinvestment period that is governed by reinvestment
criteria similar to those of other European transactions. Fitch's
analysis is based on a stressed-case portfolio with the aim of
testing the robustness of the transaction structure against its
covenants and portfolio guidelines.

Cash Flow Modelling: The WAL for the transaction's Fitch-stressed
portfolio and matrices analysis is in line with the WAL test
covenant, which, under Fitch's criteria, is below the floor with no
further reduction. In addition, its analysis considered that the
transaction is at the target par of EUR440 million.

Stable Performance Supports Affirmation: The transaction is
slightly above par and all tests are passing. Each class notes have
a comfortable default rate cushion at the current rating. This
supports the affirmation of the class E and F notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the class A-R notes and would lead to
downgrades of one notch each for the class B-R to E notes. It would
also lead to a downgrade to below 'B-sf' for the class F notes,
subject to the erosion of any margin of safety supporting the
'B-sf' rating.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B-R
to F notes each have a rating cushion of two notches, due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio. The class A notes do not have any rating
cushion as they are already at the highest achievable rating.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of one notch for
the class D-R notes, two notches each for the class A-R and C-R
notes, three notches each for the class B-R and E notes; and to
below 'B-sf' for the class F notes.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to three notches each for the rated notes, except for the
'AAAsf' rated notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the rating
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Signal Harmonic CLO
II DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.



===================
K A Z A K H S T A N
===================

BANK RBK: Moody's Assigns Ba3 Rating to Upcoming Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Ratings has assigned a Ba3 senior unsecured
foreign-currency debt rating to the US dollar-denominated notes to
be issued by Bank RBK JSC (Bank RBK). The outlook on the rating is
stable.

The maturity, the size and the pricing of the notes are subject to
prevailing market conditions during placement.

RATINGS RATIONALE

The Ba3 rating is based on the fundamental credit quality of Bank
RBK. It is in line with the bank's Baseline Credit Assessment (BCA)
of ba3 and one notch below the bank's long-term deposit ratings of
Ba2, which incorporate a moderate probability of government
support. Unlike for depositors Moody's incorporates a low
probability of government support for debtholders of banks in
Kazakhstan. Moody's existing approach towards rating the debt of
local banks takes into account historical precedents of resolutions
in Kazakhstan where public funds were primarily used to bail out
depositors of failed banks when needed, while debtholders suffered
losses.

Bank RBK's ba3 BCA reflects the bank's conservative risk appetite,
good liquidity buffer and reasonable profitability. The bank's BCA
is constrained by its asset concentrations and challenged
loss-absorption capacity.

The obligations of Bank RBK to make payments under the notes will
rank at all times at least pari-passu with the claims of all other
unsubordinated creditors of the borrower, save for those claims
that are preferred by any relevant law. The bond documentation
contains a cross-acceleration clause, a negative pledge clause and
a number of covenants restricting certain transactions and capital
distribution.

The documentation includes a change-of-control clause, which gives
the bondholders a right to redeem the notes at 100% of principal
amount with interest accrued if the following conditions are met:
1) the new shareholder who owns at least 50% plus 1 share of the
bank's voting shares is not an investor which has a long-term
foreign currency obligations rating equal or above that of Bank RBK
or 2) the bank's ratings will be withdrawn or downgraded by more
than two notches specifying that such event is a factor to withdraw
or downgrade the rating.

Bank RBK is headquartered in Almaty, Kazakhstan, and is ranked
eighth in terms of total assets, with a share of about 4% of the
total Kazakh banking system assets as of March 01, 2026, according
to the National Bank of Kazakhstan.

STABLE OUTLOOK

The stable outlook on the rating reflects the likely continued
stability in the balance of strengths and challenges. Moody's do
not foresee any significant improvements nor deterioration in
credit metrics in the next 12-18 months.

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

A diversification of Bank RBK's franchise, together with the
maintenance of its asset quality, liquidity and profitability close
to the current levels, while improving its capitalisation, could
potentially exert upward momentum on its ratings. Any sizeable and
protracted deterioration in its key credit metrics caused by a
higher risk appetite in response to tightening competition in the
core segments could place downward pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in November 2025.

Bank RBK JSC's "Assigned BCA" score of ba3 is set three notches
below the "Financial Profile" initial score of baa3 to reflect
significant concentrations in its loan portfolio.



===========
T U R K E Y
===========

TURKIYE WEALTH: Fitch Affirms BB- LT IDR, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised Turkiye Wealth Fund's (TWF) Outlook to
Stable from Positive, while affirming its Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'BB-'.

Key Rating Drivers

The rating action follows the revision of the Outlook on Turkiye's
Long-Term IDRs to Stable from Positive (see 'Fitch Revises
Turkiye's Outlook to Stable; Affirms at 'BB-'', dated 10 April
2026). This is because Fitch equalises the ratings of TWF - as a
government-related entity (GRE) of Turkiye - with those of the
sovereign, based on its view that extraordinary support from the
Turkish state would be 'Virtually certain', in combination with its
'b+' Standalone Credit Profile assessment.

The 'Virtually certain' support assessment reflects a support score
of 55, out of a maximum 60, under its GRE Rating Criteria, based on
Fitch's assessment of 'Very strong' decision-making and oversight,
preservation of government policy role and contagion risk, and
'Strong' precedents of support.

Other key rating drivers are unchanged. For individual key rating
drivers see the latest published Rating Action Commentary.

Issuer Profile

TWF is a strategic long-term investment arm of Turkiye, overseeing
key state-owned companies on behalf of the government and
supporting the economy in line with the national strategic agenda.
At end-2024, TWF's consolidated assets were about 30% of national
GDP.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

A downgrade of the sovereign would lead to a downgrade of TWF.

A material dilution of the overall support factors leading to a
score below 30 under its GRE Rating Criteria could lead to a
downgrade.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade of the sovereign would lead to a similar rating action
on TWF, provided that support factors are unchanged.

Public Ratings with Credit Linkage to other ratings

TWF's IDRs are credit-linked to Turkiye's sovereign ratings.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for TWF.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Turkiye Wealth Fund     LT IDR    BB- Affirmed    BB-
                        ST IDR    B   Affirmed    B
                        LC LT IDR BB- Affirmed    BB-
                        LC ST IDR B   Affirmed    B

   senior unsecured     LT        BB- Affirmed    BB-



=============
U K R A I N E
=============

UKRAINE: Fitch Affirms 'CCC' Long-Term Foreign-Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Ukraine's Long-Term Foreign-Currency
(LTFC) Issuer Default Rating (IDR) at 'CCC'. Fitch typically does
not assign Outlooks to sovereigns with a rating of 'CCC+' or below.


Ukraine's LTFC IDR reflects substantial credit risk given the war
and its macroeconomic and fiscal effects. These factors are
balanced by a manageable near-term debt service profile,
substantial FX reserves and significant support from official
partners, most notably the EU.

Ukraine's higher Long-Term Local-Currency IDR of 'CCC+' reflects
continued service of local-currency debt, in line with its
expectation of preferential treatment of local-currency debt
obligations. The majority of local-currency debt is held by
domestic (mostly state-owned) banks and the National Bank of
Ukraine, which limits the benefit of a local-currency debt
restructuring by creating potential fiscal costs (including bank
recapitalisation), in Fitch's view.

Key Rating Drivers

War Continues: Despite sustained military pressure, including
massive attacks targeting energy and other civilian infrastructure,
Russian forces in Ukraine have achieved only minor territorial
advances. Multiple rounds of US-brokered trilateral talks between
Ukraine, Russia and the US have taken place since the beginning of
the year, although negotiations have recently stalled. Fitch does
not expect a near-term easing of hostilities, given deep
disagreements on key negotiating points, including territorial
concessions and security guarantees.

Sizeable Fiscal Deficits, Financing Needs: Ukraine's general
government deficit (excluding grants) widened marginally to 23.5%
of GDP in 2025, driven by record defence spending of UAH3.8
trillion (42.5% of GDP). The deficit is projected to narrow only
modestly to 20.4% of GDP in 2027, as defence spending will likely
remain high. Access to substantial EU funding and manageable
external commercial debt service payments, averaging around USD1
billion in 2026-2028 with the first maturity on restructured
Eurobonds due in 2029, limit near-term financing risks.

Easing of Near-Term Financing Risks: A significant portion of
Ukraine's 2026-2027 funding gap is expected to be met through the
EU's EUR90 billion Ukraine Support Loan (USL; around 46% of 2026
GDP), with the European Council completing the final legislative
step on 23 April 2026 after Hungary dropped its opposition.
Notably, Ukraine is only required to pay back the loan in the
unlikely event that Russia makes reparation payments, with
guarantees provided by the EU's member states.

Ukraine's cash buffers and a spending profile weighted toward the
latter part of the year provide some room to accommodate potential
disbursement delays, with liquidity estimated to be sustained
through approximately June 2026 in the absence of USL proceeds.

Strong Official External Support: International donor support
remains strong and a key rating strength. Most recently, Ukraine
and the Group of Creditors of Ukraine successfully signed an
extension of the current official creditor standstill to February
2030 (from 2027 previously). However, continued large funding needs
over the medium term could lead to donor fatigue, especially in the
context of significant reliance on EU funding, which is subject to
political disagreements between member states regarding type and
magnitude.

Ukraine's reform momentum has slowed due to tensions between the
Rada and government, resulting in missed IMF structural benchmarks
and a delayed disbursement under the EU's Ukraine Facility. Some
progress was made in April 2026, with the Rada approving key
reforms to meet IMF structural benchmarks and EU requirements.
However, the sustainability of this renewed momentum remains
uncertain.

Weaker Growth Outlook: Fitch has revised its 2026 growth forecast
down to 1.6%, primarily reflecting spillovers from the Iran
conflict and challenges for the metallurgy sector from the EU's
Carbon Border Adjustment Mechanism. These effects are only
partially offset by expanding domestic defence production and high
military wages supporting household incomes. Fitch expects growth
to recover to 2.7% in 2027 as price pressures ease, but the outlook
remains highly uncertain and contingent on the trajectory of the
war.

Increased Inflationary Pressures: Fitch forecasts annual average
inflation to pick up to 8.5% in 2026 due to higher fuel and
transportation costs, as well as the prospect of higher fertiliser
and food prices. The National Bank of Ukraine is likely to maintain
a tight monetary policy stance and manage gradual hryvnia
depreciation due to the exchange rate's role as a price stability
anchor.

CADs; FX Reserve Buffers: The current account deficit (CAD) widened
to 14.9% of GDP in 2025, reflecting Ukraine's higher defence and
energy import needs as well as higher imports of small-value postal
packages and electric vehicles. The deficit is projected to widen
further in 2026 before narrowing modestly to 18.4% in 2027,
reflecting high energy prices and declining refugee remittance
inflows. The external imbalance will be funded by sizeable external
financial support, which should keep FX reserves comfortable, at a
projected 5.8 months of import coverage by end-2026.

ESG - Governance: Ukraine has an ESG Relevance Score (RS) of '5'
for Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model.
Ukraine has a low WBGI ranking at the 33rd percentile, reflecting
the Russian-Ukrainian war, weak institutional capacity, uneven
application of the rule of law and a high level of corruption.

ESG - International Relations and Trade: Ukraine has an ESG RS of
'5' given the impact of the war with Russia on all aspects of
Ukraine's sovereign credit profile.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Public and External Finances: Evidence of heightened financing
strains or liquidity pressures, for example, due to reduced
international financial support or further intensification of the
war that increases the probability of another debt restructuring or
default.

- The Long-Term Local-Currency IDR would be downgraded if there are
signs that the recent preferential treatment of local-currency debt
will not be carried forward.

- The C-Notes would be downgraded if there are signs that recovery
prospects are weaker than implied by a Recovery Rating of 'RR3'.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Structural: Sustained reduction in geopolitical risks, including
through the implementation of a credible, negotiated settlement to
the war, that markedly reduces vulnerabilities to Ukraine's
external finances, fiscal position and macro-financial stability,
reducing the probability of commercial debt restructuring.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Ukraine a score equivalent to a
rating of 'CCC+' on the LTFC IDR scale. However, in accordance with
its rating criteria, Fitch's sovereign rating committee has not
utilised the SRM and QO to explain the ratings in this instance.
Ratings of 'CCC+' and below are instead guided directly by the
rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Debt Instruments: Key Rating Drivers

A- and B-Notes Equalised with IDR: The senior unsecured long-term
debt ratings for the Eurobonds (A- and B-Notes) are equalised with
the LTFC IDR, reflecting Fitch's expectation of average recovery
prospects in a default scenario. Fitch has assigned these debt
instruments a Recovery Rating of 'RR4'.

C-Notes Notched Up: The senior unsecured long-term debt ratings for
the C-Notes are one notch above the applicable Long-Term IDR.
Fitch's expects superior recovery prospects in a default scenario
due to credit enhancements, including a higher loss reinstatement
multiplier of above 2 and enhanced voting protections. Fitch has
assigned these debt instruments a Recovery Rating of 'RR3'.

Country Ceiling

Ukraine's Country Ceiling is 'B-'. For sovereigns rated 'CCC+' and
below, Fitch assumes a starting point of 'CCC+' for determining the
Country Ceiling. Fitch's Country Ceiling Model produced a starting
point uplift of zero notches. Fitch's rating committee applied a
one-notch qualitative upward adjustment to this, under the Balance
of Payments Restrictions pillar, reflecting that the imposition of
capital and exchange controls since Russia's invasion of Ukraine
has not prevented some private sector entities from converting
local into foreign currency and transferring the proceeds to
non-resident creditors to service debt payments

Fitch does not assign Country Ceilings below 'CCC+' and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is affecting the vast
majority of economic sectors and asset classes.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Ukraine.

ESG Considerations

Ukraine has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Ukraine has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

Ukraine has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Ukraine has a percentile rank below 50 for the
respective Governance Indicators, this has a negative impact on the
credit profile.

Ukraine has an ESG Relevance Score of '5' for International
Relations and Trade, reflecting the detrimental impact of the
conflict with Russia on all aspects of its creditworthiness with a
negative impact on the credit profile.

Ukraine has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Ukraine, as for all sovereigns. As Ukraine
has a fairly recent restructuring of public debt in December 2025,
this has a negative impact on the credit profile.

Ukraine has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Ukraine has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                     Rating         Recovery   Prior
   -----------                     ------         --------   -----
Ukraine               LT IDR         CCC Affirmed            CCC
                      ST IDR          C  Affirmed            C
                      LC LT IDR     CCC+ Affirmed            CCC+
                      LC ST IDR       C  Affirmed            C
                      Country Ceiling B- Affirmed            B-

   senior
   unsecured          LT            CCC  Affirmed   RR4      CCC

   Senior
   Unsecured-Local
   currency           LT           CCC+  Affirmed   RR4      CCC+

   senior  
   unsecured          LT           CCC+  Affirmed   RR3      CCC+



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

23 QG: FRP Advisory, BTG Begbies Appointed as Joint Administrators
------------------------------------------------------------------
23 QG Place (The Penthouse) Limited was placed into administration
in the High Court of Justice, Court Number CR-2026-002070. David
Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul
Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed
as joint administrators on March 16, 2026.

23 QG Place (The Penthouse) Limited carried on a business of 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 2nd Floor, Churchill House, 26–30
Upper Marlborough Road, St Albans, AL1 3UU).

The Joint Administrators can be reached at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  2nd Floor, Churchill House  
  26–30 Upper Marlborough Road  
  St Albans  
  AL1 3UU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

Further information for Joint Administrators:

  Tel: 01727 811111  
  Alternative contact: Daniel Brooks
  Email: cp.stalbans@frpadvisory.com  

60 UPPER: BTG Begbies, FRP Advisory Appointed as Administrators
---------------------------------------------------------------
60 Upper Berkeley Street Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD) Court Number
CR-2026-001975. Paul Cooper of BTG Begbies Traynor (London) LLP,
and David Hudson and Simon Baggs of FRP Advisory Trading Limited,
were appointed as administrators on March 13, 2026.

60 Upper Berkeley Street Limited carried on a business of buying
and selling of own real estate and other letting and operating of
own or leased real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA.

The Administrators can be contacted at:

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  London  
  E14 5NR  

  -- and --

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

Further information contact:

  Jack Thornber  
  BTG Begbies Traynor (Central) LLP
  Tel: 0116 406 2965  
  Email: Jack.Thornber@btguk.com  


ALEXANDRITE MONNET: S&P Affirms 'B+' ICR, Alters Outlook to Neg.
----------------------------------------------------------------
S&P Global Ratings revised its outlook on commercial real estate
owner and operator Alexandrite Monnet UK Holdco PLC (Befimmo) to
negative from stable and affirmed its 'B+' long-term issuer credit
rating on the issuer. S&P assigned its 'B+' issue rating and '3'
recovery rating to the proposed senior secured notes due 2031.

The negative outlook on Befimmo signifies that credit metrics are
close to the downside thresholds at its current rating level; S&P
sees a one-in-three chance of a downgrade in the next 12 months if
its credit metrics weaken further and breach our downside
thresholds.

Befimmo plans to issue EUR475 million senior secured notes to
refinance EUR400 million of existing senior secured notes due 2029.
The remaining proceeds are to be used for other corporate
purposes.

Befimmo's rating headroom is likely to shrink further as a result
of the transaction. S&P Global Ratings-adjusted debt to debt plus
equity is forecast to increase to 66.0%-66.5% in 2026, from 64.3%
in 2025, before trending back to 65.0%-66.0% in 2027. S&P also
expects debt to EBITDA to remain elevated at 17.5x-18.0x in 2026
and EBITDA interest coverage to remain close to 1.0x.

S&P said, "S&P Global Ratings expects the proposed transaction to
increase Befimmo's leverage in 2026, compared with our previous
expectations. The company plans to issue EUR475 million five-year
senior secured notes to refinance its outstanding EUR400 million
bond due 2029. It intends to use the remaining proceeds to pay
associated transaction fees and for other corporate purposes, which
may include a dividend distribution to existing shareholders. We
note that Befimmo's shareholder loan repayments of EUR100 million
contributed to an increase in adjusted debt to debt plus equity in
2025 to 64.3%, compared to our forecast of 63%. Pro forma the
additional proposed issuance, we now forecast that the ratio will
increase to 66.0%-66.5% in 2026 and will recover to 65.0%-66.0% in
2027. We also forecast that Befimmo's debt-to-EBITDA ratio will be
elevated at 17.5x-18.0x in 2026 (16.5x in 2025), although EBITDA
growth in 2027 is projected to support a gradual recovery to
16.5x-17.0x. We understand that Befimmo's ultimate owner Brookfield
has committed to injecting additional equity, should the company
need it to cover interest payments on its senior secured notes.

"In our view, successful completion of the proposed transaction
will enhance Befimmo's weighted average debt maturity profile and
reduce its average cost of debt. We understand that the company
plans to refinance its existing bond at a lower interest rate, and
that this could reduce its absolute interest expense to about
EUR110 million-EUR112million in 2026 and EUR107 million-EUR109
million in 2027 from the previous forecast of EUR115 million-EUR125
million a year. The company will not fully benefit from the
reduction in interest until 2027, given that it has paid the higher
coupon on the bond for the first quarter of 2026 and will need to
amortize the transaction costs following the proposed bond
issuance. The increase in leverage will also weigh on its recovery.
Pro forma the issuance, we project that the company's total
effective weighted average cost of debt will decrease slightly to
5.0%-5.5%, from 6% in 2025. Therefore, we forecast adjusted EBITDA
interest coverage to stabilize at 1.0x-1.1x over 2026 and 2027 and,
on a full cash basis, we forecast that adjusted EBITDA interest
coverage will be 1.1x-1.2x over the next 12 months.

"Over the 12 months from April 2026, we expect Befimmo's operating
fundamentals to remain strong. In our view, Befimmo's well-located
office assets continue to support its operating performance, given
that about 70% of its portfolio is located in prime areas of
Brussels, close to mobility hubs, where supply-and-demand dynamics
remain supportive. The company also benefits from a solid tenant
base; as of December 2025, 53% of its rental income came from
Belgian and EU institutions. This, combined with an excellent
weighted-average lease term of 9.4 years, supports rental income
stability and predictability. In 2025, the company reported
like-for-like rental growth of 7.2% and occupancy of 95.5%; these
figures are in line with our expectations. In our analysis, we
assume that Befimmo's annual rental income will grow by 3%-4% over
2026 and 2027. The second half of 2026 is due to see delivery of
two projects (PLXL and Loom) that are expected to contribute a
combined EUR11.5 million in annualized rent. In addition, we
project stable occupancy of 95%-96% based on solid demand for
office space in Belgium's key cities."

The company's development risks are limited because most of its
committed development pipeline will be delivered this year. About
97% of the space has already been pre-let in PLXL and Loom, which
mitigates vacancy risks and provides cash flow visibility. Befimmo
is also redeveloping some of its assets. This, combined with the
delayed positive contribution from Silversquare operations as it
continues to ramp up occupancy, is likely to weaken EBITDA
generation slightly to EUR112 million-EUR114 million in 2026
(previous forecast EUR120 million-EUR130 million). S&P expects an
improvement in 2027 to about EUR120 million-EUR122 million (EUR125
million-EUR135 million) as projects are delivered, rent-free
periods end, and the company benefits from rent indexation and the
positive contribution from Silversquare.

S&P said, "We project that Befimmo will maintain adequate liquidity
over the next 12 months, however, its refinancing needs will
increase in 2028. The next significant refinancing need--of about
EUR1.16 billion of mortgage debt--will come in October 2028. We
anticipate that Befimmo will be able to refinance its upcoming
secured debt well in advance of its maturity, supported by its
high-quality asset base. Moreover, the proposed bond issuance is
predicted to extend Befimmo's weighted-average debt maturity (WAM)
to about 3.6 years from about 3.0 years in 2025. We expect Befimmo
to take sufficient steps to ensure WAM remains comfortably above
three years. We understand that all Befimmo's debt is hedged
against interest rate volatility, which mitigates short-term
refinancing and liquidity risks and capital expenditure (capex)
needs are limited because the company's main development projects
are due to be completed within the next 12 months. Befimmo's
proposed senior secured notes are subject to a financial covenant
under with its total consolidated leverage may not exceed 70%--we
expect it to maintain adequate headroom under this covenant.

"The negative outlook on Befimmo is based on the tight headroom
under the downside thresholds for the current rating. We see a
one-in-three chance of a downgrade in the next 12 months if its
credit metrics weaken further and breach our downside thresholds.
Our base case currently assumes that the company will remain within
our rating thresholds, with a tight headroom, so that adjusted debt
to debt plus equity is about 66.0%-66.5% and EBITDA interest
coverage is about 1.0x over the next 12 months."

S&P could lower its rating on Befimmo within the next 12 months if
its credit metrics deteriorate more than S&P anticipates, for
example:

-- Adjusted EBITDA interest coverage fails to maintain at or close
to 1.0x;

-- Debt to debt plus equity increases to well above 65%; or

-- Debt to EBITDA deviates materially from our base-case
projection.

S&P could also lower the rating if Befimmo's cash flow from
operations turns negative. This could occur if capex is higher than
expected, devaluations are larger than anticipated, or EBITDA
growth is weaker than expected.

The ratings could also come under pressure if Befimmo's
creditworthiness is weakened by events we consider to be
unexpected, for example, shareholder distributions funded with debt
or available cash, or the company failing to maintain an average
debt maturity profile of above three years.

S&P could revise the outlook to stable if Befimmo:

-- Maintains its EBITDA interest coverage at or above 1.0x;

-- Maintain debt to debt plus equity at or below 65%; and

-- Debt to EBITDA remains in line with our base-case projection.

ALLOY PARENT: Moody's Upgrades CFR to B2, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings upgraded the corporate family rating of precision
parts manufacturer Alloy Parent Limited (Doncasters) to B2 from B3,
as well as its probability of default rating to B2-PD from B3-PD.
The outlook remains stable.

The upgrade reflects:

-- The very supportive industry backdrop

-- Improved operational execution and performance

-- Strengthening credit ratios

RATINGS RATIONALE

Doncasters' upgrade to B2 reflects its strengthened credit profile,
underpinned by strong demand across its main end-markets as well as
improved operational execution and credit ratios. Governance
considerations were a key driver of the upgrade, in particular
management's solid track record and more prudent financial strategy
and risk management.

Moody's expects that the company will convert strong order intake
and throughput increases into organic revenue and EBITDA growth
averaging at least a high single digit percentage in 2026-2027. As
a result, Doncasters' growth profile will at least match market
growth for aerofoils and structural castings in aero-engines and
industrial gas turbines. Large order books at original equipment
manufacturers in these segments underpin Doncasters' growth
prospects.

The company has developed a good track record of contract renewals
with its main customers since the pandemic and has achieved better
contractual terms, mainly stronger cost inflation pass-through
mechanisms. They support revenue visibility, margins and cash
generation over the medium term.

Moody's forecasts that Moody's-adjusted gross debt/EBITDA will
reduce to around 4.0x in the next 18 months on the back of EBITDA
growth and from a comparable level of around 5.0x at the end of
2025. These leverage metrics include a normalised level of expense
for the company's management incentive plan of GBP10 million to
GBP15 million per annum. Moody's-adjusted debt/EBITDA in 2025 was
close to 10x, after expensing GBP67 million of management incentive
plan expenses.

Doncasters has also achieved a significant reduction of structural
and refinancing risks related to the very large PIK debt outside
the group following the forgiveness of 85% of this debt in March
2026. It had previously represented a credit overhang. The
outstanding amount is now just above GBP100 million, lowering
downside risks for creditors.

These positive factors outweigh Moody's expectations of broadly
breakeven free cash flow in 2026–27, driven by elevated growth
capital expenditure. Moody's understands that sales contracts
underpin these investments, therefore de-risking the capex and
contributing to earnings growth already in 2026.

Additional factors which support Doncasters' B2 CFR include (i)
diversified revenue streams across aerospace, industrial gas
turbines and automotive end markets, with particularly robust
underlying growth in aerospace and energy, (ii) top-three positions
on critical long-term programmes, and (iii) vertical integration
into superalloys, and long-term customer contracts with solid
inflation pass-through mechanisms.

These strengths are partially offset by credit challenges,
including (i) exposure to larger and better-rated competitors, (ii)
customer concentration typical for the industry, and (iii) residual
operational and margin risks related to labour and manufacturing
complexity, and a track record of negative free cash flow prior to
2025.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's improved view of Doncasters' governance has led us to
change its governance issuer profile score to G-4 from G-5, driven
by the financial strategy and risk management, and management track
record factors. As a result, Moody's have also lifted Doncasters'
credit impact score to CIS-4 from CIS-5, with governance factors
and long-term risks related to carbon transition still weighing on
credit quality.

LIQUIDITY

Moody's views Doncasters' liquidity as adequate. It is supported by
unrestricted cash on balance sheet of GBP24 million as of December
31, 2025, and essentially full availability under its $90 million
asset-based lending facility and access to a $75 million
delayed-draw term loan. These sources provide sufficient headroom
to fund ongoing operations and planned investments.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Doncasters
will continue to grow revenue and profit on the back of strong
demand, resulting in good deleveraging, albeit with a continued
lack of meaningfully positive free cash flow because of elevated
growth capex. The outlook also incorporates Moody's expectations
that the company will not undertake debt-funded acquisitions or
shareholder distributions.

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

Positive ratings pressure could develop over time if Doncasters
achieves:

-- Strong and consistent revenue and EBITDA growth organically
and,

-- Moody's-adjusted leverage below 4.0x on a permanent basis and,

-- Moody's-adjusted FCF/debt sustained above 5% and good
liquidity,

-- Moody's-adjusted EBITA/Interest expense well above 2.0x on a
sustainable basis and,

-- No debt-funded shareholder distributions or acquisitions.

Conversely, Doncasters' ratings could be downgraded in case of:

-- Material deterioration in revenue and EBITDA growth because of
contract losses or operational issues or,

-- Moody's-adjusted gross debt/EBITDA sustainably above 5.0x,
including as a result of debt-funded transactions or,

-- FCF not being at least breakeven over the next 18-24 months or
the liquidity position deteriorating and,

-- Moody's-adjusted EBITA/Interest expense dropping below 1.5x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2025.

The B2 CFR is two notches above the scorecard-indicated outcome of
Caa1 at the end of 2025. Significant non-cash expenses for the
management incentive plan dampen several quantitative factors in
the scorecard historically, whereas these expenses are unlikely to
have an adverse credit impact.

COMPANY PROFILE

Doncasters, headquartered in England, is a global, vertically
integrated tier one and two supplier of precision components
principally for aeroengines, industrial gas turbines and automotive
applications. In 2025, Doncasters' revenue and EBITDA before
exceptional items were GBP635 million and GBP105 million
respectively. A diversified group of investors, including former
senior lenders, owns Doncasters.

ARDONAGH GROUP: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Ardonagh Group Holdings Limited's
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
Fitch has also affirmed the group's senior secured debt at 'B+'
with a Recovery Rating of 'RR3', and senior unsecured notes at
'CCC+' with a Recovery Rating of 'RR6'.

The affirmation and Stable Outlook reflect Fitch's forecast that
EBITDA gross leverage will improve towards 7.9x in 2026 (pro forma
for annualised acquisitions; 8.1x Fitch-defined EBITDA gross
leverage on a reported basis) and return to levels commensurate
with the 'B' rating by 2026-2027. The company's operational
performance in 2025 was significantly below its expectations. This
exhausted its rating headroom, particularly in the event of further
underperformance relative to Fitch's expectations or material
debt-funded acquisitions.

The 'B' IDR is supported by Ardonagh's growing scale and
diversification, strong deleveraging capacity, with anticipated
margin improvement and robust EBITDA growth. It is constrained by
high leverage and debt-funded acquisitions.

Key Rating Drivers

Soft Market Affects Performance: Fitch has expected Ardonagh's
revenue to be close to GBP2.1 billion in 2025 and EBITDA to exceed
GBP700 million, but actual performance was below its forecasts, at
GBP1.8 billion and GBP551 million, respectively. Still,
year-on-year growth from 2024 was solid, with revenue up close to
14% and EBITDA up 16% (including M&A). The shortfall relative to
its expectations was driven primarily by softer market conditions
in key categories, particularly the specialty business, and a
weaker-than-expected UK macro-environment, where Ardonagh has a
strong position. It was also driven by adverse FX movements and
higher discretionary producer hires.

High Leverage: Fitch forecasts Fitch-defined EBITDA gross leverage
will decrease to 7.3x (7.2x pro-forma for annualised acquisitions)
by end-2027 from 9.1x reported at end-2025 (8.5x pro-forma for
annualised acquisitions) and remain below 7.7x thereafter. This
should be supported by strong organic growth and synergies,
although an aggressive financial policy, particularly debt-funded
acquisitions, could keep leverage high. Conversely, a more cautious
approach to acquisitions or greater use of equity funding could
accelerate deleveraging. Fitch expects EBITDA interest cover to
reach 1.7x in 2026 and improve to 1.9x in 2027, above its 1.8x
negative threshold for the 'B' rating.

M&A-Driven Growth Strategy: Fitch considers Ardonagh's M&A-driven
growth strategy a key rating factor constraining its IDR to 'B'.
The company completed 95 deals in 2025, and its base case assumes
it will continue to grow through acquisitions, with an average an
annual acquisition spend of GBP293 million over the forecast
horizon. Acquisitions have historically been funded through a mix
of debt and equity. Expansion into new geographies with highly
fragmented markets also allows Ardonagh to generate high organic
growth, with manageable integration risk due to the company's
investments in platforms that support operational efficiencies from
M&A.

Stable Business Model: Ardonagh's business profile remains strong
with aspects that are commensurate with the 'BB' rating category,
including scale, diversification and exposure to resilient
through-the-cycle industry. Insurance markets are subject to
periodic fluctuations, driven by changes in underwriting
conditions, particularly shifts in interest rates and insured
losses arising from catastrophes and other claims events. The
global non-life insurance market has historically shown sustained
growth, including through softer phases of the cycle and periods of
disruption such as the Covid-19 pandemic, reflecting the
non-discretionary nature of insurance products.

Improving Profitability Driven by Synergies: Fitch expects the
Fitch-defined EBITDA margin to increase to 31.6% in 2026 from 29.8%
in 2025, following Ardonagh's integration of recent acquisitions,
maturing of producer hires and cost-saving programmes. In 2024, the
company completed the transformational acquisition of Australian
broker PSC Insurance Group, a strategically important transaction
that enhanced the scale and earnings profile of its specialty and
APAC operations and was EBITDA accretive. This benefit was partly
offset by significant exceptional costs associated with integrating
the transaction in 2024 and 2025.

FCF to Improve: Fitch-defined free cash flow (FCF) has been
negative over the past three years, although it would have been
positive excluding exceptional costs related to acquisitions and
producer hires. Fitch expects the company to maintain a sustained
level of acquisitions, along with the associated exceptional costs.
However, Fitch also expects acquisition synergies and the
maturation of producer-hire cohorts to support a return to positive
FCF in 2027, with further improvement to the mid-single digits in
2028.

AI Risk Manageable: AI and new technologies could gradually
increase automation in parts of insurance distribution. In its
view, increased automation may potentially affect pricing power of
intermediaries. However, Fitch believes Ardonagh is less exposed to
these risks because of its low exposure to the most commoditised
areas of the market, and its focus on more complex customer needs,
where human expertise and tailored advice remain important.
Ardonagh is incorporating AI, data analytics and other digital
tools into its operations to automate routine tasks, improve
placement processes and support broker productivity, which may lead
to efficiency gains and cost savings.

Peer Analysis

Ardonagh's 'B' rating reflects its strong historical growth, solid
profitability and diverse business lines. The company ranks among
the top 15 global insurance brokers, with greater scale and product
diversity than independent European brokers like DIOT - SIACI TopCo
SAS (B/Stable). However, it remains relatively small with higher
financial leverage than larger global brokers such as Marsh &
McLennan Companies, Inc. (A-/Stable), Aon Public Limited Company
(BBB+/Stable), Willis Towers Watson plc (BBB+/Stable) and Arthur J.
Gallagher & Co. (BBB+/Stable).

Ryan Specialty Holdings, Inc. (BB+/Stable) is a similarly sized US
peer with lower leverage and stable mid-double-digit FCF. Navacord
Intermediate Holdings Inc. (B/Stable) is smaller and less diverse,
with operations only in Canada, and has high leverage. Similar to
Ardonagh, Fitch considers Navacord's aggressive M&A-driven growth
strategy a key rating factor constraining its IDR to the 'B'
category.

Fitch’s Key Rating-Case Assumptions

- Revenue growth of 12.5% in 2026 and CAGR of 10.3% from 2027 to
2029 including organic growth and acquisitions

- Fitch-defined EBITDA margin to reach 31.6% in 2026, increasing to
35.7% in 2029

- Working capital outflows of 4.6% of revenue in 2026 and 4.2% of
revenue in 2027-2029

- Capex at 2.4% of revenue in 2026 and 2.1% during 2027-2029

- Fitch assumes Ardonagh will continue its growth-driven M&A
strategy and forecast cash outflows related to purchase and
integration costs of GBP70 million-GBP80 million a year.

- Fitch forecasts an average acquisition spend of GBP293 million a
year across 2026-2029. Acquisitions are funded through internal
cash flow and incremental debt

- No dividend or shareholder remuneration between 2026 and 2029

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Moderate), Sector Characteristics
(bbb-, Lower), Market and Competitive Positioning (bbb-, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (b+,
Moderate), Financial Structure (ccc+, Higher), and Financial
Flexibility (b+, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2025, 40% for the forecast year 2026 and 40% for the forecast
year 2027.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a' results in no
adjustment.

- The SCP is 'b'.

Recovery Analysis

- Fitch uses a going-concern (GC) approach for Ardonagh in its
recovery analysis, assuming that it would be a GC in the event of
bankruptcy rather than be liquidated

- A 10% administrative claim

- Its analysis assumes a post-restructuring GC EBITDA of about
GBP555 million compared with its expected EBITDA of over GBP658
million in 2026

- An enterprise value multiple of 5.5x to calculate a
post-restructuring valuation

- Based on current metrics and assumptions, the waterfall analysis
results in a 'B+' instrument rating for the term loans B and senior
secured notes with a Recovery Rating of 'RR3', one notch above the
IDR, and a 'CCC+' instrument rating for the senior unsecured notes,
two notches below Ardonagh's IDR with a Recovery Rating of 'RR6'

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Operational challenges or deteriorating market conditions that
result in lower EBITDA margins and lead to negative FCF on a
sustained basis

- EBITDA leverage above 7.7x for a sustained period

- EBITDA interest coverage below 1.8x for a sustained period

- Evidence of underperformance in 2026 compared with Fitch's base
case

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDA leverage below 6.2x on a sustained basis

- EBITDA interest coverage above 2.5x for a sustained period

- (Cash flow from operations-capex)/debt sustained in mid-single
digits

Liquidity and Debt Structure

Ardonagh has adequate liquidity, underpinned by GBP610 million of
available cash at end-2025 and access to an undrawn senior secured
revolving credit facility of GBP390 million (GBP425 million total
limit). Fitch projects FCF will turn positive in 2027, resulting
from reduced interest costs and enhanced EBITDA generation, and to
improve to mid-single digits in 2028. The group benefits from a
relaxed debt maturity profile, following refinancings in 2024 and
2025, with most debt maturing in 2031.

Issuer Profile

Ardonagh is in the top 15 largest insurance brokers globally. Its
strategy is to operate across global property and casualty
insurance and specialty broking markets. It faces minimal
balance-sheet risk, as it does not underwrite policies directly.

External Appeal Committee Outcomes

In accordance with Fitch's policies the Issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Ardonagh.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
Ardonagh Group
Holdings Limited       LT IDR B  Affirmed               B

Ardonagh Finco
Limited

   senior secured      LT     B+ Affirmed     RR3       B+

Ardonagh Group
Finance Ltd

   senior unsecured    LT   CCC+ Affirmed     RR6       CCC+

Ardonagh FinCo B.V.

   senior secured      LT     B+ Affirmed     RR3       B+

Ardonagh Group
FinCo Pty Limited

   senior secured      LT     B+ Affirmed     RR3       B+

Ardonagh Finco LLC

   senior secured      LT     B+ Affirmed     RR3       B+

BOND UK MIDCO 3: S&P Assigns Preliminary 'B' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Bond UK MidCo 3 Ltd. (Bond).

S&P also assigned its preliminary 'B' issue rating to the proposed
senior secured credit facilities totaling EUR4.5 billion, which
include a EUR1.2 billion equivalent U.S. dollar-denominated term
loan B, EUR750 million term loan B, and other secured debt, with a
preliminary recovery rating of '3' (rounded estimate: 60%).

The stable outlook reflects S&P's expectation that gradual EBITDA
improvement from efficiency initiatives and organic business growth
will lead to adjusted debt to EBITDA of about 6.3x-6.5x in 2026.

Carlyle Group, in partnership with Qatar Investment Authority
(QIA), announced a definitive agreement with BASF SE to acquire its
coatings division.

The transaction, valued at about EUR7.7 billion, will be financed
through a mix of senior secured debt, issued by Bond UK MidCo 3
Ltd. (Bond) through its financing subsidiaries, and common equity.
At transaction close, Carlyle will hold a controlling stake in Bond
of about 45%, QIA will hold about 15%, while BASF will retain the
remainder (about 40%).

Bond's business risk profile benefits from leading market
positions, technological capabilities, and long-standing customer
relationships. The group is the global leader in surface treatment
and automotive original equipment manufacturer (OEM) coatings and
is the third-largest global share in automotive refinish coatings,
after Axalta and PPG. Bond's diversified geographic footprint spans
both developed and emerging markets, supported by 31 production
facilities worldwide that provide over 90% local coverage in key
regions, including Europe, the U.S., and China. Bond's product
portfolio primarily comprises value-added coatings solutions and is
backed by ongoing research and development (R&D) and strong
technical know-how. The group serves over 40,000 customers globally
and has long-term relationships with key global automotive OEM
players.

S&P said, "The group's smaller scale relative to specialty
chemicals peers and substantial end-market concentration constrain
our business risk assessment. With revenue of EUR3.9 billion in
2025, Bond is almost of the same size as Axalta (EUR4.4 billion)
but significantly smaller than larger peers such as RPM (EUR6.8
billion) and PPG (EUR13.5 billion). Furthermore, Bond's revenue
base is heavily concentrated in the automotive segment.
Approximately 50% of revenue stems from the cyclical auto OEM
sector, directly linking performance to global vehicle production
and historically contributing to earnings volatility. Customer
concentration is also significant, particularly within the
automotive OEM division, with the five largest customers accounting
more than a fifth of total group revenue. This differentiates Bond
unfavorably from its peers and is only partially mitigated by
customer diversification in the surface treatment and refinish
divisions. Consequently, we assess Bond as being at the lower end
of our satisfactory business risk profile category."

Bond's future profitability hinges on successful execution of its
cost saving initiatives. Historically, S&P Global Ratings-adjusted
EBITDA margins under BASF ownership averaged 12%-13% annually from
2019-2025, which was below peer levels. This was partly due to
exceptional costs incurred at Bond and corporate cost allocations
from BASF. S&P said, "In 2026-2027, we expect leaner operations,
reduced restructuring, and further efficiency measures to
materially improve Bond's cost base. This, combined with organic
growth in higher-margin surface treatment and refinish segments,
would drive adjusted margin expansion to 17.5%-19.5% over the next
two years (from 12.8% in 2025). However, we acknowledge the risk of
cost overruns or delays in implementing the planned savings, and
believe Bond has yet to demonstrate a sustained track record of
profitability as an independent entity. This, coupled with the
relative weaknesses in Bond's business risk profile, leads us to
apply a one-notch negative comparable ratings analysis."

S&P said, "Our financial risk profile assessment reflects forecast
high leverage and private equity ownership. The planned EUR4.5
billion senior secured debt issuance to finance the acquisition
will result in adjusted debt to EBITDA of 6.3x-6.5x in 2026. We
project leverage will decline to 5.5x-5.7x in 2027, driven by
anticipated EBITDA growth and broadly stable debt levels. While
deleveraging is contingent on Bond's successful execution of
planned savings initiatives, we note the shareholder's communicated
commitment to reduce leverage in the coming years. Consequently, we
do not forecast significant dividend distributions or debt-funded
acquisitions, although we expect solid positive free operating cash
flow (FOCF) over the next two years. This will bolster Bond's
ability to reduce leverage on a net basis.

"The group's direct exposure to the Middle East war is limited.
Less than 0.5% of Bond's sales originate from Gulf countries and it
does not source any raw materials or energy from the region. In
addition, energy costs represent less than 1% of the total cost
base, resulting in a low direct impact from durably higher oil
prices should the conflict persist. We also understand that the
group is able to adopt measures including sales price management,
to limit the impact of higher costs on profitability. However,
Bond's reliance on the global automotive market leaves it
vulnerable to demand headwinds that could intensify with a
prolonged conflict, potentially hitting vehicle sales and
production.

"We view Bond's liquidity as adequate. Following the transaction
close, we anticipate that a EUR400 million cash balance, and a
fully available EUR750 million revolving credit facility (RCF) will
provide a substantial buffer for Bond's upcoming liquidity needs,
including capex and seasonal working capital outflows. Liquidity is
also supported by recurring cash generation and lack of substantial
near-term debt maturities. Our assessment is, however, capped by
qualitative factors: we believe that in the event of any
high-impact, low-probability occurrence, the group may require some
level of refinancing. Besides, Bond is yet to establish its
standing on credit markets as a fully stand-alone business.

"The final rating 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 rating. If we do not receive final documentation within a
reasonable time frame, or final documentation departs from
materials reviewed we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to, use of
facilities' proceeds, maturity, size and conditions of credit
facilities, financial and other covenants, security, and ranking.

"The stable outlook reflects our expectation that gradual EBITDA
improvement from efficiency initiatives and organic business growth
will lead to adjusted debt to EBITDA of about 6.3x-6.5x in 2026. It
also assumes no further debt increases and adequate liquidity in
the next 12 months.

"We could lower the rating if Bond's EBITDA weakened such that
adjusted debt to EBITDA increased above 7.0x in the next 12 months
and FOCF to debt approached 0%. This could occur because of cost
overruns, delays in the implementation of Bond's business plan or
lower sales, for example due to a slowdown in global automotive
sales.

"We could also lower the rating if Bond pursued a more aggressive
financial policy; for example, undertaking a large debt-funded
acquisition or shareholder remuneration."

An upgrade is unlikely in the next 12 months, given Bond's expected
high leverage over this period. In the medium term, an upgrade
would hinge on a sustained improvement in credit metrics, with debt
to EBITDA close to 5.0x and FOCF to debt consistently above 5%,
with shareholders' commitment to maintain the metrics at such
levels.

CARDIFF AUTO 2024-1: S&P Raises Class F Notes Rating to 'B+ (sf)'
-----------------------------------------------------------------
S&P Global Ratings raised to 'AA (sf)' from 'AA- (sf)', to 'A+
(sf)' from 'BBB+ (sf)', to 'BBB (sf)' from 'BB+ (sf)', and to 'B+
(sf)' from 'B (sf)' its credit ratings on Cardiff Auto Receivables
Securitisation 2024-1 PLC's (CARS 2024-1) class C, D, E, and F
notes, respectively. At the same time, S&P affirmed its 'AAA (sf)'
and 'AA+ (sf)' ratings on the class A and B notes, respectively.

The transaction closed in August 2024 and, as of the November 2025
servicer report, the pool factor had declined to 49.4%. S&P said,
"Cumulative gross losses were about 0.85%, which are below our
initial expectations. Given the current macroeconomic uncertainty
and outlook, we kept our gross loss base-case assumption for the
remaining pool, default stress multiple, as well as our recovery
haircut assumption unchanged."

The credit performance of the transaction has been strong since
closing: The total level of arrears as of November 2025 was 0.85%,
with only 0.19% greater than 90 days delinquent. The current
recovery rate is at 49% and the current prepayment rate is 23.8%.
The current split is 20.56% hire purchase (HP) and 79.44% personal
contract purchase (PCP) contracts.

S&P said, "We also maintained our existing residual value stress
assumptions, which are 36.4% at 'AAA', 31.3% at 'AA+', 26.5% at
'A', 15.2% at 'BBB', 8.4% at 'BB', and 3.7% at 'B'.

"Due to the sequential note repayment and as the class A notes have
repaid by 70%, the credit enhancement has doubled across the
capital structure to 55.5% (class A notes), 43.8% (class B notes),
30.7% (class C notes), 21.4% (class D notes), 12.90% (class E
notes), and 7.02% (class F notes).

"We performed our cash flow analysis to test the effect of the
portfolio's deleveraging and the resultant increase in credit
enhancement. Our cash flow analysis indicates the available credit
enhancement for the class C, D, E, and F notes is sufficient to
withstand the credit and cash flow stresses that we apply at higher
rating levels than those currently assigned.

"However, we raised the rating on the class C notes to a rating
below its cash flow result to reflect the difference in credit
enhancement and subordination, and to reflect the risk of higher
default and lower recoveries in case of prolonged economic
uncertainty accompanied by higher interest rate and inflation
pressures.

"We affirmed our ratings on the class A and B notes.

"Our rating recommendations also take comfort from our
understanding that Black Horse Ltd. has fully provisioned for any
potential claims related to the Financial Conduct Authority (FCA)
car finance redress scheme.

"Payments into the collection account are swept within two business
days into the transaction account in the issuer's name. A
declaration of trust applies to the collection account, as well as
downgrade language, which mitigates the risk of funds being lost.
Under our counterparty criteria, we no longer model a commingling
loss in our cash flow analysis.

"Sovereign, counterparty, and operational risks do not constrain
the ratings. Legal risks continue to be adequately mitigated, in
our view."

CARS 2024-1 is an ABS transaction that securitizes auto loan
receivables arising under PCP and HP agreements for the purchase of
new and used vehicles by retail customers in the U.K. The loans
were originated and are serviced by Black Horse Ltd., a wholly
owned subsidiary of Lloyds Bank PLC.


CURZON MORTGAGES NO. 2: S&P Assigns B-(sf) Rating to Class G Notes
------------------------------------------------------------------
S&P Global Ratings assigned 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 also issued 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 is
bankruptcy remote.

Counterparty risk does not constrain our ratings in this
transaction.

  Ratings

  Class                Rating   Amount (mil. GBP)
   
  A                    AAA (sf) 415.66
  B                    AA+ (sf) 26.65
  C-Dfrd*              AA (sf) 22.65
  D-Dfrd*              A- (sf) 22.65
  E-Dfrd*              BB (sf) 19.98
  F-Dfrd*              B (sf)        5.33
  G-Dfrd*              B- (sf)  2.66
  Z                    NR           17.32
  R (funds GRF + LRF)  NR            6.21
  X-Dfrd*           CCC (sf)        14.65
  X1 certificates   NR                N/A§
  X2 certificates   NR                N/A§
  Y certificates    NR               0.00

*S&P's 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.


MASSEY'S FOLLY: Leonard Curtis Appointed as Joint Administrators
----------------------------------------------------------------
Massey's Folly Development Limited was placed into administration
in the High Court of Justice, Business and Property Courts of
England and Wales, Insolvency and Companies List (ChD), Court
Number CR-2021-001943. Nick Myers and Alex Cadwallader of Leonard
Curtis were appointed as joint administrators on February 25,
2026.

Massey's Folly Development Limited specialized in the buying and
selling of own real estate.

Its registered office is c/o Restructuring & Recovery Service, S&W
Partners LLP, 45 Gresham Street, London, EC2V 7BG.

Its principal trading address is Massey's Folly, Church Road, Upper
Farringdon, Alton, Hampshire, GU34 3EH.

The Joint Administrators can be reached at:

  Nick Myers  
  Alex Cadwallader  
  Leonard Curtis  
  5th Floor, Grove House  
  248a Marylebone Road  
  London  
  NW1 6BB  

For further details, contact:

  The Joint Administrators  
  Tel. No: 020 7535 7000  
  Email: recovery@leonardcurtis.co.uk  
  Alternative contact: Amber Walker  

TREBOVIR ROAD (KM): FRP Advisory, BTG Named as Joint Administrators
-------------------------------------------------------------------
Trebovir Road (KM) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001979. 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.

Trebovir Road (KM) Limited carried on a business of 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 contacted 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 information, contact:

  The Joint Administrators
  Tel: 0121 710 1680
  Alternative contact: Abbie Lenihan  
  Email: cp.birmingham@frpadvisory.com  


TULLOW OIL: Moody's Raises CFR to Caa3, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings has downgraded Tullow Oil plc's (Tullow)
probability of default rating to D-PD from Ca-PD following the
completion of the company's previously announced debt exchange,
which Moody's considered a distressed exchange per Moody's
definitions. Concurrently, Moody's upgraded the long term corporate
family rating to Caa3 from Ca. The PDR will be upgraded to Caa3-PD
after three business days, reflecting the new capital structure. In
addition, Moody's assigned a Caa2 rating to the new backed senior
secured notes due 2028 issued by Tullow Holdco 2 Limited (2028
Notes). The Caa3 rating on the existing backed senior secured notes
due 2026 (2026 Notes) was withdrawn as a result of the debt
exchange.

The outlook on Tullow was changed to stable from negative, and the
outlook on Tullow Holdco 2 Limited is stable.

RATINGS RATIONALE

The rating action follows the completion of a debt exchange
transaction, which replaced all of the company's previous debt
obligations, including the $1,285 million 2026 Notes and $400
million term loan facility due in November 2028 provided by
Glencore Energy UK Ltd (Glencore).

As part of the transaction, $100 million of the 2026 Notes were
redeemed at par, and all accrued interest was paid in cash. The
remaining $1,185 million 2026 Notes were cancelled and replaced by
a new issue of $1,210 million (including $25 million issued to
Glencore as a private placement) 2028 Notes maturing on November
15, 2028, although the maturity will be springing to May 15, 2028
if a legally binding sale and purchase agreement has not been
entered into by September 30, 2027. The $400 million term loan
facility provided by Glencore was exchanged with an equal amount of
new junior secured notes maturing on May 15, 2030 (plus accrued
interest and upfront fee which have been capitalised), bearing
interest at SOFR plus 12.75% PIK (the Glencore Junior Notes).
Additionally, the company entered into a $100 million revolving
cargo prepayment facility with Glencore (the Cargo Prepayment
Facility), maturing on November 15, 2028 (or May 15, 2028 if a
legally binding sale and purchase agreement has not been entered
into by September 30, 2027).

The upgrade of the CFR reflects the extension of the company's debt
maturities, which removes short term refinancing needs that were
previously considered a risk factor. Furthermore, Moody's
anticipates that the company will generate positive free cash flow
in 2026 due to higher oil prices and lower cash interest payments,
with the new Cargo Prepayment Facility also providing Tullow with
additional liquidity. However, the debt exchange transaction is not
transformational for the capital structure and it does not address
the very high leverage of the company. Consequently, in Moody's
views there is a risk that the company might engage in another
liability management transaction in the coming years.

ESG CONSIDERATIONS

Governance was a key driver of the rating action. The company's
track record of operating with high leverage has resulted in a
distressed exchange. Tullow holds a substantial amount of debt,
which has remained unchanged after the debt exchange, leading to
concerns about the sustainability of its capital structure. As part
of the refinancing transaction, Tullow has strengthened its
governance by adding four new independent non-executive directors
to its Board, which is seen as a positive.

LIQUIDITY

Tullow's liquidity is adequate. The company has access to a $100
million Cargo Prepayment Facility maturing in 2028, and Moody's
anticipates it to generate positive free cash flow in the upcoming
quarters. In addition, following the debt exchange, Tullow does not
have any debt maturity in the next two years.

STRUCTURAL CONSIDERATIONS

Following the debt exchange, Tullow's capital structure comprises:

-- $100 million super senior Cargo Prepayment Facility due in
November 2028 (springing to May 15, 2028 if a legally binding sale
and purchase agreement has not been entered into by September 30,
2027), ranking super senior in an enforcement scenario

-- $1,210 million backed senior secured notes due in November 2028
(springing to May 15, 2028 if a legally binding sale and purchase
agreement has not been entered into by September 30, 2027)

-- $423 million Glencore Junior Notes due in May 2030 and secured
by the same collateral as the 2028 Notes but subordinated in right
of payment in an enforcement scenario

The backed senior secured instrument rating of Caa2 is one notch
above Tullow's CFR and reflects the priority ranking of the notes,
ahead of the Glencore Junior Notes.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company
will maintain an adequate liquidity profile over the next 12-18
months, and that creditors are unlikely to face losses exceeding
those already implied in the current rating level.

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

The ratings could be upgraded if Tullow significantly reduces its
leverage and demonstrates a sustained improvement in operating
performance and cash flow generation, resulting in a more
sustainable capital structure.

Conversely, the ratings could be downgraded if Moody's expects the
recovery rates for lenders to weaken.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production published in February 2026.

Tullow's Caa3 CFR is positioned two notches below the
scorecard-indicated outcome (based on historic metrics for the
12-month period to June 2025, excluding the divested Gabonese
assets) of Caa1. The difference reflects the company's elevated
leverage, which has not decreased following the completion of the
debt exchange, raising concerns around the sustainability of its
capital structure.

COMPANY PROFILE

Headquartered in the United Kingdom, Tullow is an independent oil
and gas exploration and production company operating in West
Africa. Average daily production in 2025 amounted to 40 thousand
barrels of oil equivalent, of which over 97% was produced in Ghana
(Caa1 positive). Tullow is listed on the London and Ghanaian stock
exchanges.

ZENITH BUILDING: FRP Advisory, BTG Named as Joint Administrators
----------------------------------------------------------------
Zenith Building (Flat 13) Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-002078. David
Hudson and Simon Baggs of FRP Advisory Trading Limited, and Paul
Cooper of BTG Begbies Traynor (London) LLP, were appointed as joint
administrators on March 16, 2026.

Zenith Building (Flat 13) Limited carried on a business of 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 2nd Floor, Churchill House, 26–30 Upper
Marlborough Road, St Albans, AL1 3UU).

The Joint Administrators can be reached at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  2nd Floor, Churchill House  
  26–30 Upper Marlborough Road  
  St Albans  
  AL1 3UU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  London  
  E14 5NR  

Contact details for Joint Administrators:

  Tel: 01727 811111  
  Alternative contact: Travis Fisher
  Email: cp.stalbans@frpadvisory.com  




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

[] BOOK REVIEW: A History of the New York Stock Market
------------------------------------------------------
Author: Robert Sobel
Publisher: Beard Books
Soft cover: 395 pages
List Price: $34.95
https://ecommerce.beardbooks.com/beardbooks/the_big_board.html

First published in 1965, The Big Board was the first history of the
New York stock market.  It's a story of people: their foibles and
strengths, earnestness and avarice, triumphs and crash-and-burns.
It's full of entertaining anecdotes, cocktail-party trivia, and
tales of love and hate between companies and investors.

Early investments in North America consisted almost exclusively of
land.  The few securities holders lived in cities, where informal
markets grew, with most trading carried out in the street and in
coffeehouses.  Banking, insurance, and manufacturing activity
increased only after the Revolution.  In 1792, 24 prominent New
York businessmen, for whom stock- and bond-trading was only a side
business, met under a buttonwood tree on Wall Street and agreed to
trade securities on a common commission basis.  Five securities
were traded: three government bonds and two bank stocks. Trading
was carried out at the Tontine Coffee-House in a call market, with
the president reading out a list of stocks as brokers traded each
in turn.

The first half of the 19th century was heady for security trading
in New York.  In 1817, the Tontine gave way to the New York Stock
and Exchange Board, with a more organized and regulated system.
Canal mania, which peaked in the late 1820s, attracted European
funds to New York and volume soared to 100 shares a day.  Soon, the
railroads competed with canals for funding. In the frenzy, reckless
investors bought shares in "sheer fabrications of imaginative and
dishonest men," leading an economist of the day to lament that
"every monied corporation is prima facia injurious to the national
wealth, and ought to be looked upon by those who have no money with
jealousy and suspicion."

Colorful figures of Wall Street included Jay Gould and Jim Fisk,
who in 1869 precipitated one of the worst panics in American
financial history by trying to corner the gold market.  Almost
lynched, the two were hauled into court, where Fisk whined, "A
fellow can't have a little innocent fun without everybody raising a
halloo and going wild."  Then there was Jay Cooke, who invented the
national bond drive and, practically unaided, financed the Union
effort in the Civil War.  In 1873, however, faulty judgement on
railroad investments led to the failure of Cooke & Co. and a panic
on Wall Street. The NYSE closed for ten days.  A journalist wrote:
"An hour before its doors were closed, the Bank of England was not
more trusted."

Despite J. P. Morgan's virtual single-handed role in stemming the
Knickerbocker Trust panic of 1907, on his death in 1913, someone
wrote "We verily believe that J. Pierpont Morgan has done more harm
in the world than any man who ever lived in it." In the 1950s,
Charles Merrill was instrumental in changing this attitude toward
Wall Streeters.  His firm, Merrill Lynch, derisively known in some
quarters as "We, the People" and "The Thundering Herd," brought
Wall Street to small investors, traditionally not worth the effort
for brokers.

The Big Board closes with this story.  Asked by a much younger man
what he thought stocks would do next, J.P. Morgan "never hesitated
for a moment.  He transfixed the neophyte with his sharp glance and
replied 'They will fluctuate, young man, they will fluctuate.' And
so they will."

Robert Sobel died in 1999 at the age of 68.  A professor at Hofstra
University for 43 years, he was a prolific historian of American
business, writing or editing more than 50 books.

This book may be ordered by calling 888-563-4573 or by visiting
www.beardbooks.com or through your favorite Internet or local
bookseller.



                           *********


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.


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