---

       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Tuesday, May 12, 2026, Vol. 27, No. 94

                           Headlines



F R A N C E

EUROPCAR MOBILITY: S&P Affirms 'B-' ICR, Outlook Positive
PIMENTE INVESTISSEMENT: Moody's Affirms 'B3' CFR, Outlook Stable


G E R M A N Y

HELLOFRESH: S&P Downgrades ICR to 'BB+', Outlook Stable
SCHAEFFLER AG: Moody's Expects to Rate New Sr. Unsec. Notes 'Ba1'


I R E L A N D

BERG FINANCE 2021: DBRS Puts Cl. E Notes BB(high) Rating on Review
LEGATO EURO III: S&P Assigns B- (sf) Rating to Class F Notes
PRPM FUNDIDO 2025-1: DBRS Confirms BB(high) Rating on Cl. E Notes
TIKEHAU CLO X: Fitch Affirms 'B-sf' Rating on Class F Notes
TIKEHAU CLO XV: S&P Assigns B- (sf) Rating to Class F Notes



I T A L Y

BELVEDERE SPV: Moody's Cuts Rating on EUR320M Class A Notes to 'Ca'
BFF BANK: Moody's Ba3 Issuer Rating Remains on Review for Downgrade
BRISCA SECURITISATION: DBRS Confirms Csf Rating on Class B Notes


N E T H E R L A N D S

DUTCH MORTGAGE 2026-1: DBRS Finalizes BB(high) Rating on E Notes


R U S S I A

FERGANA REGION: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable


S E R B I A

TELEKOM SRBIJA: Moody's Rates New Senior Unsecured Notes 'B1'


S P A I N

SABADELL CONSUMO 4: Moody's Assigns (P)B2 Rating to EUR18MM E Notes


T U R K E Y

TURKLAND BANK: Fitch Lowers Long-Term IDR to 'B-', Outlook Stable


U N I T E D   K I N G D O M

BRYANSTON GEORGE: FRP Advisory, BTG Appointed as Administrators
GLOBAL BUSINESS: Moody's Puts 'B1' CFR on Review for Downgrade
LGC SCIENCE: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
OCADO GROUP: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable
RANELAGH GROVE: FRP Advisory, BTG Appointed as Joint Administrators

REDCLIFFE SQUARE: FRP Advisory, BTG Named as Joint Administrators
REYKER SECURITIES: Distribution Plan Long Stop Date Set at June 5
SATUS 2026-1: DBRS Finalizes BB(high) Rating on Class E Notes
SIBANYE-STILLWATER UK: Moody's Rates New $500M Sr. Unsec. Notes Ba2
SWAN WALK: FRP Advisory, BTG Begbies Appointed as Administrators

TULLOW OIL: S&P Raises Long-Term ICR to 'CCC+' on Refinancing

                           - - - - -


===========
F R A N C E
===========

EUROPCAR MOBILITY: S&P Affirms 'B-' ICR, Outlook Positive
---------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Europcar Mobility Group S. A. (Europcar) and Europcar
International SASU, and its 'B' issue rating on the EUR500 million
fleet bond issued by EC Finance PLC.

S&P said, "The outlook remains positive, indicating that we could
raise our ratings on Europcar if the company completes major
upcoming refinancing milestones with ongoing support from VW and
continues to improve its operating performance, resulting in our
adjusted EBIT interest cover converging toward 1.0x alongside
adequate liquidity."

On April 30, 2026, Volkswagen AG (VW) announced it will acquire the
27% stake in Green Mobility Holding, parent of Europcar, being sold
by Attestor Ltd. for about EUR1 billion in 2027.

S&P views the prospective ownership change as fresh evidence of
VW's readiness to extend ongoing shareholder support to Europcar.

Europcar is progressing with its measures to improve its yield
management and cost structure but will need to refinance most of
its fleet financing facilities in the next 15 months amid uncertain
market conditions.

S&P said, "We believe the resolution of the future ownership
structure of Europcar creates incentives for VW to support
Europcar. Following the increase of VW's stake in Europcar to 93%
from 66%, Europcar will become a fully consolidated subsidiary of
Volkswagen Group. Once full consolidation is completed, we expect
Europcar to become part of VW's cash pooling system and benefit
from letters of comfort for group subsidiaries. We understand that
consolidation will likely occur only in July 2027. However, we
think that the prospect of taking control of Europcar will induce
VW to bolster Europcar's liquidity even before the acquisition
date. To date, VW has provided Europcar with a EUR500 million term
loan maturing November 2027, operating leases, and a EUR400 million
shareholder loan maturing in December 2027. We expect VW to make a
EUR400 million loan available to help Europcar refinance the EUR500
million fleet bond due in October this year."

Europcar needs to refinance most of its key debt facilities by
August 2027 amid ongoing turnaround initiatives and uncertain
market conditions. Upcoming renewals relate to the company's $300
million U.S. senior asset revolving facility (SARF; terminating in
February 2027), its £300 million U.K. SARF (June 2027), EUR1,500
million EU SARF (July 2027), and its EUR342.5 million corporate
revolving credit facility (RCF) maturing in August 2027.

S&P said, "Although we consider the likelihood of Europcar being
able to renew these facilities as high given their asset-backed
nature, the ability to obtain favorable conditions will be crucial
for Europcar to return to structurally better profitability. In
2025, the company achieved corporate EBITDA (before International
Financial Reporting Standard [IFRS] 16 adjustments) of EUR51
million, on-budget and up from negative EUR35 million in 2024.
However, this translated into still-low adjusted EBIT interest
coverage of 0.1x, and funds from operations (FFO) to debt of about
12%.

"We expect the company's initiatives to improve yield management
and purchasing conditions, and save costs on selling, general, and
administrative expenses, while it will also benefit from lower
depreciation. As a result, Europcar's credit metrics should
strengthen in 2026, with corporate EBITDA (before IFRS 16
adjustments) increasing to EUR110 million-EUR160 million and our
adjusted EBIT interest cover climbing to about 0.7x. That said, the
ongoing Middle East conflict is compounding macroeconomic
uncertainty in Europe and other markets and could subdue travel
demand during the crucial summer season. This may pose a downside
risk to our forecast and complicate Europcar's refinancing.

"We still assess Europcar as a moderately strategic subsidiary of
VW. We think Europcar's fleet management capabilities and network
could play an important role for VW to develop an integrated
mobility platform covering customers' key mobility needs, including
through subscription and car-sharing products. At the same time, we
anticipate Europcar's earnings and cash contribution to the VW
group will remain limited over the next few years. These
considerations represent limiting factors when assessing Europcar's
strategic importance to the group.

"The positive outlook indicates that we could raise our ratings on
Europcar if the company completes major upcoming refinancing
milestones with ongoing support from VW and continues to improve
its operating performance.

"We could revise our outlook to stable if difficult market
conditions or setbacks with the execution of Europcar's turnaround
strategy result in EBIT interest coverage remaining below 1.0x and
tight liquidity, or if the refinancing of major debt facilities at
acceptable terms proves difficult and this is not mitigated by
additional VW support.

"The positive outlook indicates that we could raise our ratings on
Europcar if the company completes major upcoming refinancing
milestones with ongoing support from VW and continues to improve
its operating performance, resulting in our adjusted EBIT interest
cover converging toward 1.0x and adequate liquidity."


PIMENTE INVESTISSEMENT: Moody's Affirms 'B3' CFR, Outlook Stable
----------------------------------------------------------------
Moody's Ratings has affirmed the B3 long-term corporate family
rating and the B3-PD probability of default rating of Pimente
Investissement S.A.S. (Pimente Investissement or the company), a
leading company in dry pasta, sauces, couscous and semolina in
France. Concurrently, Moody's have assigned B3 ratings to the
proposed amended and extended EUR615 million senior secured term
loan B due 2033 and the EUR100 million senior secured revolving
credit facility (RCF) due 2032. The B3 ratings for its existing
EUR525 million term loan B due in December 2028 and the EUR70
million senior secured revolving credit facility, due in June 2028,
are not affected and will be withdrawn upon completion of the
transaction. The outlook remains stable.

The proposed transaction will amend and extend the company's
existing EUR525 million term loan B and increase it by EUR90
million. The additional proceed will partially fund the acquisition
of GranFood B.V. (GranFood) and its related brands, cover
transaction fees and expenses, and leave some excess cash on the
balance sheet.

A comprehensive review of all credit ratings for the respective
issuer has been conducted during a rating committee.

RATINGS RATIONALE

The rating actions reflect ongoing improvement in Pimente
Investissement's standalone operating performance and its agreement
to acquire GranFood B.V. – a leading Dutch player in the dry
grocery market and a leader in pasta and sauces categories with its
flagship brand Grand'Italia. The acquisition will be funded through
a combination of debt and cash from the balance sheet.

Although the transaction slightly increases the company's debt
burden, Moody's expects Pimente Investissement's Moody's-adjusted
leverage, pro forma for the recent acquisition, to reduce to around
8.4x at closing, down from 9.0x in December 2025, and to further
decrease to 7.5x over the next 12 to 18 months. This reduction will
be driven by improved operating performance, supported by volume
growth from slightly increasing demand for pasta and sauces, a more
favorable product mix, and the company's focus on operational
efficiencies. These efficiencies will come from productivity
initiatives and synergies with the acquired company, particularly
in sourcing, manufacturing, and logistics optimization.

Additionally, the rating action factors in the extended debt
maturity profile from 2028 to 2033, which will allow management to
focus on executing its strategy. The company's good liquidity
profile, backed by expected positive free cash flow, partially
mitigate high leverage, with excess cash that could accelerate
deleveraging if used for accretive acquisitions. Moody's expects
the Moody's-adjusted EBITA interest coverage to be above 2.0x.

In 2025, Panzani Group (Panzani) delivered resilient operating
performance, with modest volumes growth (+2% year on year), despite
a decline in revenues, largely reflecting lower durum wheat prices
passed through to customer. Market shares remained resilient across
core categories, supported by growth in attractive segments and
offset by portfolio adjustments in low-margin channels.
Productivity initiatives across procurement, manufacturing and
logistics, boosted profitability, with adjusted EBITDA reaching
EUR79 million, from EUR76 million a year earlier.

The acquisition of GranFood enhances Pimente Investissement's
business profile through immediate geographic diversification into
the Netherlands, while remaining fully aligned with its core
categories of pasta and sauces. GranFood leverages strong brand
equity with its flagship brand Grand'Italia, and an asset-light
model that ensures high margins, robust cash flow, and low capital
expenditure needs. The acquisition is margin-accretive, offering
commercial and operational synergies that supports deleveraging
capacity and strengthen Panzani's position in resilient food
categories. Although some integration risks exist, Moody's expects
this to be limited due to the complementary nature of the
businesses and GranFood's asset-light model.

Pimente Investissement's B3 ratings continues to be supported by
leading market position in the dry pasta and sauces segments,
bolstered by a well-known brand portfolio in a stable industry. The
company's vertically integrated production provides control over
part of the value chain, while its flexible cost structure offers
protection against demand volatility. Additionally, the company has
good liquidity.

However, the rating is constrained by high financial leverage and a
mature product portfolio. The company is geographically
concentrated primarily in France, though it is expanding its
presence in other European countries. There is also a degree of
customer concentration among retailers and exposure to raw material
price volatility, which can temporarily erode margins due to the
delay in passing higher costs to customers.

LIQUIDITY

Pimente Investissement's liquidity is good, supported by an
expected cash balance of EUR90 million post-closing of the
transaction, and access to an upsized EUR100 million revolving
credit facility (RCF), which is expected to remain undrawn. Moody's
also expects the company to generate slightly positive
Moody's-adjusted FCF in 2026 and more than EUR20 million
thereafter.

The RCF includes one springing financial covenant, defined as net
debt/EBITDA below 9.5x, to be tested only when drawings exceed 40%
of the size of the facility, against which Moody's expects the
company to maintain ample capacity.

Assuming no RCF utilisation, the company will have no significant
debt maturities until 2033, when its term loan is due.

STRUCTURAL CONSIDERATIONS

The B3 ratings assigned to the EUR615 million senior secured Term
Loan B and the EUR100 million RCF are in line with the CFR,
reflecting the use of a 50% family recovery rate, consistent with
an all-loan debt structure with a springing covenant.

Both the term loan and the RCF benefit from the same ranking and
security package, are secured by share pledges and are guaranteed
by subsidiaries representing at least 80% of the group's EBITDA.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company's
key credit metrics will gradually improve in the next 12-18 months,
such that its leverage decreases towards 7.5x. The stable outlook
also captures Moody's expectations that the company will maintain
at least adequate liquidity over the next 12 to 18 months.

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

The rating could be upgraded if the company successfully executes
its strategy and achieves sustained earnings growth. An upgrade
would require reducing Moody's-adjusted gross debt/EBITDA to below
6.5x, generate significant and consistent positive free cash flow,
and maintaining at least adequate liquidity. An upgrade would also
require the company to demonstrate a balanced financial policy.

The rating could be downgraded if the company's credit metrics
deteriorate due to weaker operating performance or a shift to a
more aggressive financial policy, including shareholder
distributions that reduce liquidity. A downgrade could occur if
Moody's-adjusted gross debt/EBITDA does not trend toward 7.5x, the
Moody's-adjusted EBITA interest coverage ratio falls below 1.0x, or
if the company's liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in February 2026.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Pimente Investissement owns the Panzani Group, the leading company
in dry pasta, sauces, couscous and semolina in France. In December
2025, the company generated approximately EUR550 million in revenue
with an adjusted EBITDA of around EUR79 million. The group has been
controlled by funds managed by the private equity firm CVC Capital
Partners since 2021.



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

HELLOFRESH: S&P Downgrades ICR to 'BB+', Outlook Stable
-------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Germany-Based HelloFresh (HF) to 'BB+' from 'BBB-', and it revised
our assessment of its liquidity to adequate from strong.

S&P said, "The stable outlook reflects our expectation that HF will
execute its turnaround strategy and stabilize negative volume
trends across both main business segments. Over the next 12-18
months, we forecast a stable S&P Global Ratings-adjusted EBITDA
margin of around 6%, adjusted debt to EBITDA of 1.4x, and funds
from operations (FFO) to debt of 55%-60%, with free operating cash
flow (FOCF) after lease payments only turning positive in 2027
after breaking even in 2026.

"We expect that the challenges affecting the food retail and
service industry in recent years will continue over at least the
next two years. This will hamper the earnings recovery for
HelloFresh (HF), the revenue of which is declining significantly
from its peak of around EUR7.6 between 2022 and 2024 to an expected
EUR6.2 billion in 2026.

"We forecast that the negative volume trend will continue in both
the meal kit and ready-to-eat (RTE) segments through 2026 before
stabilizing in 2027 and turning to growth in 2028. This will be
tempered by the pressure on disposable income and discretionary
spending we expect across all HF's markets amid fierce competition
and fast-evolving technology and consumer habits.

"We now consider the group's position and business prospects to be
weaker than they were when we rated HF in August 2023 and weaker
than those of some other rated companies in the food retail and
food manufacturing industries. However, it's our understanding that
there will be no changes to the group's financial policy, its
leverage will stay at about 1.0x-1.4x, and its liquidity will
remain adequate, supporting the rating and the refinancing
prospects for its term and revolving credit facilities due in
2027.

"Our downgrade of HF reflects our revised outlook for its business
prospects. We now believe HF's recovery will be more protracted
than previously anticipated, with revenue not expected to return to
growth until 2028. Revenue growth in 2020-2022 was extraordinary,
with a compound annual growth rate of roughly 42%, as the pandemic
increased demand for at-home meal kits. However, this trajectory
has reversed, and revenue fell by close to 12% (9% in constant
currency) in 2025. We expect that negative revenue growth will
persist, though at a reduced rate, until 2027 before turning
positive once HF reaches a normalized level of demand for its core
meal-kit segment. Meanwhile, we expect it will stabilize its RTE
segment, which was volatile in 2025 after rapid scaling in North
America from approximately EUR100 million revenues in 2020 to over
EUR2 billion in 2024. While in 2023 we expected an S&P Global
Ratings-adjusted EBITDA margin of 8%-8.5% in 2025, it only reached
5.9%. However, this was an improvement from 4.6% in 2024. The
increase stemmed from HF scaling back unprofitable marketing
expenses within its meal kit business and from ongoing efficiencies
within its supply chain and fulfillment expenses, with the
efficiency initiatives generating EUR160 million of savings before
reinvestments. The EBITDA margin improvement underscores the
company's strategic shift to prioritize profitability over revenue
growth. Nevertheless, the combination of 1) negative order volumes
(a 12.3% year-over-year decrease in 2025) with a
longer-than-expected trajectory to return to growth and 2)
operational challenges in the RTE segment in the U.S., which is yet
to establish a track record of persistently profitable growth since
its launch in 2020, has led to more challenged business prospects.

"We expect a return to positive volume and value trends by 2028,
though our revenue forecast is more conservative than the company's
guidance. We expect revenue in 2026 to decline at a slower pace,
reaching EUR6.2 billion. Our expectation for 2026 performance is
further supported by the group's first-quarter results, showing a
year-over-year group revenue decline of 13.2% (7.7% in constant
currency). Performance will continue to be constrained on the back
of continued volume declines in the group's meal-kit and (less
significantly) RTE segments. HF continues to scale back in volume
as the group shifts its efforts toward retaining high-value
customers by means of targeted marketing approach based on the
repeat customers' revealed preferences and incentives while also
significantly enhancing product quality. As HF continues to gain
customer trust and an improved perception of quality and relative
value on the back of investments in product development, variety of
assortment, and product diversity, we forecast the revenue decline
will temper and gradually turn to growth, reaching EUR6.3 billion
by the end of 2028.

"We expect credit metrics will remain stable throughout the
forecast period as HF gradually improves EBITDA and, consequently,
FFO. Despite revenue declines, the group's profitability will
remain stable, reflected in S&P Global Ratings-adjusted EBITDA
margins of 6% in 2026 and 6.3% in 2027. We believe this
profitability improvement will stem from HF's continued efforts to
improve efficiency within its supply chain while maintaining
relatively flat marketing spending year over year. The
first-quarter contribution margin reflects improvements in its
operating efficiency despite increased menu offerings that raised
procurement and cooking expenses. On the other hand, the S&P Global
Ratings-adjusted EBITDA margin for the quarter decreased toward
1.2% compared to 2.6% because of winter storms at the beginning of
the year in the U.S., which impeded the number of orders and the
group's ability to deliver to the affected regions. We expect
profitability will recover throughout 2026 as the group continues
streamlining operations and keeping marketing spending stable.
Subsequently, we forecast S&P Global Ratings-adjusted EBITDA of
EUR375 million in 2026, gradually improving to EUR387 million in
2027 and EUR409 million in 2028. In our base case, we assume there
are no significant changes within the group's capital structure. We
estimate S&P Global Ratings-adjusted leverage of about 1.4x and FFO
to debt remaining around 57% throughout 2026-2028 as FFO slightly
improves year-on-year. We forecast FOCF after lease payments to be
broadly neutral in 2026 before increasing to EUR25 million in 2027
and EUR46 million in 2028. In addition, we anticipate roughly
EUR160 million of capex spending per annum to support the
investments in automation and streamlining of the group's
processes, with working-capital outflows of about EUR30
million-EUR35 million per annum linked to the continued build-out
of RTE segment with a return to modest volume growth in meal kits.

"Our forecasts are subject to management successfully executing its
turnaround strategy. This includes building long-term customer
value from its tenured client base, which--for its meal kit
business--is tilted toward higher-income families. The company is
also working on restoring profitable growth and customer
satisfaction in its RTE segment (driven by its U.S. market) despite
operating in a highly competitive and challenging macroeconomic
environment. The company's guidance is for management-adjusted
EBITDA to reach EUR375 million-EUR425 million in 2026, implying a
roughly 5% year-over-year decline (and roughly flat if excluding
the weather-related one-off impact in the U.S.). However, the
quarter-over-quarter negative revenue gap for meal kits is
gradually declining, reaching 10.2% in the fourth quarter of 2025
and 8.5% in first-quarter 2026 compared to 14.5% in first-quarter
2025 (all in constant currency), with a net promoter score in its
RTE segment that is trailing ahead of the average 2025 level since
August 2025. In addition, the RTE businesses in Canada, Europe, and
Australia weren't affected by those temporary challenges and have
shown profitable year-over-year growth. We believe those data
points are encouraging signs of HF's recovery trajectory, which we
forecast in our base case. At the same time, persistent cost
pressures and geopolitical tensions--especially in the Middle
East--pose significant risks to agricultural commodities and energy
prices, potentially leading to margin compression and a risk that
HF won't be able to sustainably improve profitability to the level
incorporated in our forecast.

"HF and the broader food industry face a challenging and bifurcated
consumer landscape. While demand for convenience and healthier food
options could support growth, particularly given HF's strong U.S.
presence, the sector faces headwinds from flat revenue growth and
weakening disposable incomes. Consumer spending is increasingly
divided, with lower- and middle-income households relying more on
credit and trading down to more affordable options. We believe that
HF's exposure to higher-income customers mitigates the risk of weak
demand and value-seeking behavior. We continue to believe that its
target group is willing to pay more for quality products that
prioritize health and well-being, maintaining solid demand for
fresh and healthy options even in a more challenging macroeconomic
environment. In addition, when discretionary spending tightens
because of an economic downturn, consumers tend to switch from
out-of-home dining quicker than changing other cost-conscious
consumption, instead complementing their standard grocery purchases
with more premium eat-in options, which would support the demand
for HelloFresh's products in such an environment.

"In our view, HF's platform is underpinned by its internally
developed technology, which we believe will facilitate its
turnaround by driving higher customer retention and the return to
profitable growth. Because of its proprietary technology platform,
which embeds multi-year order data from multiple customers, HF can
offer its consumer-tailored menu options on a weekly basis and
improve cost efficiency via streamlining the supply chain logistics
and direct-to-customer fulfilment. The vast amount of customer data
points allows the company to single out customer trends and
preferences by offering more than 100 weekly menu options. During
its product reinvestment cycle, the company has focused on
expanding its meal breadth (one of the key drivers of customer
retention), following customer trends around health and well-being
with protein-rich food and organic options. Supported by its access
to customer data, identifying consumer trends early will allow HF
to remain relevant in its food offerings, ultimately supporting
customer retention and satisfaction. In addition, having access to
millions of customers across its geographies makes it easier to
offer add-on sales, such as pet food, which should yield higher
margins.

"We have a favorable view of the company's steps to strengthen its
governance, but we continue to monitor its progress in developing a
more robust governance framework. HF is actively strengthening its
governance framework, addressing previously identified weaknesses
through several key changes. These include a supervisory board
comprised of six members, a revised remuneration system for the
management board since January 2026, and enhanced protocols for
managing conflicts of interest, encompassing disclosure
requirements and approval processes for related-party transactions.
The company has also introduced a clear capital-allocation
framework and robust procedures for share buybacks, requiring both
management and supervisory board approval. While these are positive
steps toward greater transparency and accountability, we believe
they're necessary to strengthen the company's position in capital
markets, balancing the interests of different stakeholders.
Strengthening this view are its adherence to its prudent financial
policy of net debt to company-adjusted EBITDA below 1.5x and its
less-aggressive capital allocation for share buybacks.

"The stable outlook reflects our expectation that HF will execute
its turnaround strategy and stabilize negative volume trends across
both main business segments. Over the next 12-18 months, we
forecast a stable S&P Global Ratings-adjusted EBITDA margin of
around 6%, adjusted debt to EBITDA of 1.4x, and FFO to debt of
55%-60%. We expect FOCF after lease payments will only turn
positive in 2027 after breaking-even in 2026.

"We could lower our rating on HF if there wasn't solid recovery in
its operating performance or if the company's financial policy
deteriorated. This could occur if, for example, the company failed
to stabilize its orders volume trends or if its earnings and
operating margin didn't recover as per our forecasts reflected
above." S&P would also consider the following as not commensurate
with the 'BB+' rating:

-- The company's S&P Global Ratings-adjusted leverage exceeds
2.0x;

-- FFO to debt falls materially below 60%; or

-- FOCF after lease payments turns negative.

A downgrade could also result from a financial policy turning more
aggressive than its historical track record with regards to share
buybacks and acquisitions.

S&P said, "We could raise the rating if the company navigated the
headwinds in the food industry and successfully executed its
strategy, sustainably turning to profitable revenue growth while
maintaining low leverage and generating ample positive FOCF after
lease payments. For a positive rating action, we would also expect
the company to manage the maturity profile of its term loan and
revolving facilities in a timely fashion. For this to occur, the
company would outperform our base case, exhibiting volume and
revenue growth across its meal kit and RTE segments and higher
profitability, with the S&P Global Ratings-adjusted EBITDA margin
approaching 10%.

"For a higher rating, we would also expect the company's S&P Global
Ratings-adjusted debt to EBITDA to be comfortably below 1.5x, FFO
to debt to substantially exceed 60%, and positive and growing FOCF
after lease payments, on a sustainable basis. An upgrade would also
hinge on our view of the group's governance and financial policy as
supportive for sustainable business expansion and prudent
balance-sheet and liquidity management."

SCHAEFFLER AG: Moody's Expects to Rate New Sr. Unsec. Notes 'Ba1'
-----------------------------------------------------------------
Moody's Ratings said that it expects to assign a Ba1 instrument
rating to Schaeffler AG's (Schaeffler or group) proposed issue of
EUR senior unsecured benchmark size notes under its senior
unsecured debt issuance program, which is rated (P)Ba1.

The expected Ba1 instrument rating on the new senior unsecured
notes would be in line with Schaeffler's Ba1 long-term corporate
family rating (CFR) and the Ba1 instrument ratings on the group's
outstanding senior unsecured notes due 2026, 2027, 2028, 2029,
2030, 2031 and 2032. The outlook is stable.

Schaeffler will use the proceeds of the new issuance to early
refinance upcoming debt maturities as well as for general corporate
purposes.

Schaeffler's Ba1 rating and stable outlook are supported by (i) the
company's substantial scale and broad product offering in the
automotive original equipment (OE), industrial and aftermarket
businesses, (ii) significant synergy potential from the integration
of Vitesco, (iii) profitability above the auto supplier industry
average, supported by significant industrial and automotive
aftermarket activities; (iv) ability to innovate, illustrated by
numerous patents and significant R&D spending, and (v) Moody's
expectations of continued strong growth in e-mobility areas in the
medium to long term, where order intake has rapidly accelerated
recently; (vi) its good liquidity.

Factors constraining the rating include (i) Schaeffler's exposure
to cyclical end markets, particularly automotive OE, (ii) continued
pressure on profit margins, mainly in the automotive OE business,
where high upfront investments into e-mobility weighs on margins,
but also in the industrial business, (iii) execution risks related
to the execution of efficiency measures and the integration of
Vitesco; (iv) negative free cash flows at times of low
profitability, cash outs for restructuring and increasing dividend
payments to shareholders, and (v) its exposure to environmental
risk, especially regarding tightening carbon emission regulations.

Schaeffler's rating is currently weakly positioned. The stable
outlook reflects Moody's expectations that Schaeffler will be able
to achieve material benefits from the integration of Vitesco, which
should help to gradually improve profitability and achieve metrics
in line with Moody's expectations for a Ba1 in 2027, at the latest,
including a debt/EBITDA (Moody's adjusted) in a range of 3.0x-3.5x
(4.7x in 2025) and a Moody's adjusted EBIT margin in a range of
5%-7% (2.3% in 2025).

Headquartered in Herzogenaurach, Germany, Schaeffler AG is among
the leading manufacturers of roller bearings and linear products
worldwide. The company's product portfolio includes complex
powertrains, electric motors and drives, as well as engine control
units, actuators, electric control units and sensors. Schaeffler
primarily supplies the automotive industry as well as industrial
end-markets such as offroad, rail, industrial automation, aerospace
or renewable energy. It also has a sizeable aftermarket business
(vehicle lifetime solutions). In 2025, Schaeffler generated revenue
of EUR23.5 billion and around EUR936 million reported EBIT before
special items (4.0% margin).



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

BERG FINANCE 2021: DBRS Puts Cl. E Notes BB(high) Rating on Review
------------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) placed its credit ratings on
the following classes of commercial mortgage-backed floating-rate
notes due in November 2036 issued by Berg Finance 2021 DAC (the
Issuer) Under Review with Negative Implications (UR-Neg.):

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (high) (sf)

CREDIT RATING RATIONALE

The UR-Neg. credit rating actions follow Morningstar DBRS' review
of the loan performance and recent developments reported by the
servicer in April 2026. Specifically, a nonpayment loan event of
default (EOD) occurred on April 15, 2026 in relation to the Sirocco
loan, which is the only remaining loan in the securitisation. As a
result, the loan has been transferred into special servicing.
Furthermore, the servicer reported that the relevant parties have
entered into a standstill agreement until (and including) 15 July
2026, during which the parties agree not to take any enforcement
actions. Morningstar DBRS understands that the borrower is
currently engaged in discussions to refinance the outstanding loan
balance of the Sirocco Loan. Consequently, Morningstar DBRS expects
to receive additional information regarding the borrower's
refinancing strategy before taking any further credit rating
actions.

The transaction is a EUR 295.3 million securitisation of two senior
commercial real estate loans, the Big Mountain loan (EUR 148.3
million) and the Sirocco loan (EUR 150.8 million), originated by
Goldman Sachs Bank Europe SE between March 2021 and April 2021. At
issuance, the loans' aggregate amount was secured against a
portfolio of office assets across the Netherlands, France, Austria,
Finland, and Germany.

The purpose of the Sirocco loan was for the sponsors, Ares European
Real Estate Fund V SCSp and Ares European Real Estate Fund V
(Dollar) SCSp, to refinance existing indebtedness and to finance
permitted capital expenditure projects. The Big Mountain loan was
prepaid in full in July 2022, leaving the Sirocco loan as the sole
remaining exposure in the transaction with one property left in the
portfolio.

As of the January 2026 interest payment date (IPD), the outstanding
balance of the Sirocco loan was EUR 48.3 million, down from EUR
150.8 million at origination.

The Sirocco loan is a three-year floating-rate loan with two
one-year extension options. Two extension options have been
exercised, and the loan maturity was on 15 April 2026 with no
option to further extend the loan maturity. The loan interest is
based on the three-month Euribor rate plus a margin of 3.75% per
annum. After the EOD and the expiration of the prior loan's hedging
agreements, the loan is currently unhedged.

The collateral pool consists of a single asset, the Peak Vienna
office property in Vienna, Austria, east of the Danube River. The
property is a modern, 31-storey BREEAM-certified office tower built
in 2001 and refurbished in 2020, spanning 40,246 square meters.
Based on the latest valuation report dated August 2024 prepared by
Jones Lang LaSalle SE, the property value of the remaining asset is
EUR 95.6 million, equivalent to a loan-to-value ratio of 50.5%,
down from 63.5% at origination.

As of the January 2026 IPD, the gross rental income generated from
the 39 tenants stood at EUR 6.5 million, resulting in a net cash
flow (NCF) of EUR 5.6 million, equivalent to a debt yield of
11.60%, up from 8.95% at last review (i.e., the April 2025 IPD).
The top five tenants contribute 54.2% of the contractual rent with
the weighted-average (WA) unexpired lease to break and expire of
10.4 years. As at the January 2026 IPD, vacancy is 17.1%, down from
22.1% at the last review.

Morningstar DBRS maintained its underwriting assumptions as at last
annual review, as following: the Morningstar NCF is EUR 4.1
million, reflecting a 27.5% haircut to the in-place Issuer NCF as
at the January 2026 IPD; Morningstar DBRS maintained the assumption
of a capitalisation rate of 7.0%, resulting in a Morningstar DBRS
Value of EUR 57.9 million, equivalent to a 39.4% haircut to the
latest valuation.

The transaction benefits from a liquidity reserve facility, 95.0%
of which was funded by the Class A notes at closing. As at the
January 2026 IPD, the outstanding balance of the facility was EUR
1.9 million, covering the interest payments on the Class A to Class
D notes. The Class D and the Class E notes are subject to an
available funds cap where the shortfall is attributable to an
increase in the WA margin of the notes.

The loan reached its extended maturity on 15 April 2026 and was not
repaid in full, triggering the transfer to special servicing. The
final legal maturity of the notes is April 2033, providing seven
years of tail period after the Sirocco loan's fully extended
maturity. Morningstar DBRS believes this timeframe provides
sufficient time to enforce on the loan collateral and ultimately
repay the noteholders, given the security structure and the
relevant jurisdictions involved in this transaction.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.


LEGATO EURO III: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Legato Euro CLO
III DAC's class A, B, C, D, E, F notes and A-1 and A-2 loans. At
closing, the issuer also issued EUR33.30 million unrated
subordinated notes.

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

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

The ratings assigned to the notes and loans 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 is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor      2,737.14
  Default rate dispersion                                   496.52
  Weighted-average life (years)                               5.11
  Obligor diversity measure                                 154.81
  Industry diversity measure                                 26.76
  Regional diversity measure                                  1.30
  Country concentration in sovereigns rated below 'AA-' (%)  27.31

  Transaction key metrics

  Total par amount (mil. EUR)                                  450
  Defaulted assets (mil. EUR)                                    0
  Number of performing obligors                                170
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                               B
  'CCC' category rated assets (%)                             0.00
  Target 'AAA' weighted-average recovery (%)                35.68%
  Target weighted-average spread net of floors (%)            3.56
  Target weighted-average coupon (%)                          7.28

Rating rationale

S&P said, "Our 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 EUR450 million target par
amount, the target weighted-average spread of 3.56%, the target
weighted-average coupon of 7.28%, 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.

"The transaction's documented counterparty replacement and remedy
mechanisms 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 ratings.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria (see "Asset Isolation And
Special-Purpose Entity Methodology," May 29, 2025).

"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 is still in its reinvestment phase starting
from the effective date, during which the transaction's credit risk
profile could deteriorate, we capped our ratings assigned to the
notes."

The A-1 and, A-2 loans, and class A and E notes can withstand
stresses commensurate with the assigned ratings.

The class F notes' current BDR 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 is able to sustain a steady-state scenario, in
accordance with its criteria. Our 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 has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 23.22% (for a portfolio with a
weighted-average life of 5.11 years) versus 16.34% if we were to
consider a long-term sustainable default rate of 3.2% for 5.11
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.

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

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
ratings are commensurate with the available credit enhancement for
all rated classes of notes and loans.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A to E notes and A-1, and
A-2 loans, 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."

Legato Euro CLO III 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. LGT
Capital Partners (U.K.) Ltd. manages the transaction.

  Ratings
                    Amount     Credit
  Class  Rating*  (mil. EUR)  enhancement (%)   Interest rate§

  A      AAA (sf)   154.00    38.00     Three/six-month EURIBOR
                                        plus 1.33%

  A-1
  Loan   AAA (sf)    25.00    38.00     Three/six-month EURIBOR
                                        plus 1.33%

  A-2
  Loan   AAA (sf)   100.00    38.00     Three/six-month EURIBOR
                                        plus 1.33%

  B      AA (sf)     49.50    27.00     Three/six-month EURIBOR
                                        plus 2.00%

  C      A (sf)      27.00    21.00     Three/six-month EURIBOR
                                        plus 2.45%

  D      BBB- (sf)   31.50    14.00     Three/six-month EURIBOR
                                        plus 3.40%

  E      BB- (sf)    20.25     9.50     Three/six-month EURIBOR
                                        plus 6.20%

  F      B- (sf)     13.50     6.50     Three/six-month EURIBOR
                                        plus 8.47%

  Sub notes   NR     33.30      N/A     N/A

*The ratings assigned to the A-1 and A-2 loans and class A and B
notes address timely interest and ultimate principal payments.
S&P's ratings on the class C, D, E, and F notes address ultimate
interest and principal payments.
§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.


PRPM FUNDIDO 2025-1: DBRS Confirms BB(high) Rating on Cl. E Notes
-----------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) confirmed the following credit
ratings on the bonds issued by PRPM Fundido 2025-1 DAC (the
Issuer):

-- Class A notes at AAA (sf)
-- Class B notes at A (high) (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (high) (sf)
-- Class E notes at BB (high) (sf)

Morningstar DBRS does not rate the Class F and RFN notes (together
with the rated notes, the Notes) also issued in this transaction.

CREDIT RATING RATIONALE

The credit rating confirmations follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the January 2026 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the rated notes to cover
the expected losses at their respective credit rating levels.

The transaction entails the issuance of Class A, Class B, Class C,
Class D, Class E, Class F and Class RFN Notes (collectively, the
Notes), which are ultimately backed by a portfolio of mainly
reperforming Spanish residential mortgage loans originated by Banco
de Sabadell S.A. (Sabadell), Grupo Cooperativo Cajamar (Cajamar),
and Abanca Corporación Bancaria S.A. (Abanca and, together with
Sabadell and Cajamar, the Original Sellers).

The Issuer is a bankruptcy-remote special-purpose vehicle (SPV)
incorporated in Ireland. The Issuer used the proceeds from the
issuance of the Notes to purchase all the bonds (the Fondo de
Titulización Bonds or FT Bonds) issued by an SPV established in
Spain, called FT Casa VI (the Fund). The FT Bonds are backed by
unitranche mortgage certificates (participaciones hipotecarias or
certificados de transmisión de hipoteca) issued by each of
Sabadell, Cajamar and Abanca (the Mortgage Certificates).

The seller is InSolve Europe SCA SICAV-RAIF (the Seller), a
Luxembourg-incorporated investment company with a variable capital
reserved alternative investment fund. The Seller acquired the
Mortgage Certificates from the Original Sellers, initially
purchasing them in its own name before reselling them to the Fund,
which subsequently issued the FT Bonds.

The Original Sellers act as the primary servicers of the portfolio,
while Pepper Spanish Servicing, S.L.U. (Pepper) acts as the master
servicer. In addition, Pepper acts as the special servicer managing
loans in arrears for more than 3, 62, and 150 days for Sabadell,
Cajamar and Abanca, respectively. Shellbrook Investment, S.L., acts
as asset manager, with the objective of maximizing recoveries from
the underlying collateral, under the oversight of the master
servicer.

PORTFOLIO PERFORMANCE

As of the January 2026 payment date, the 90+-day arrears stood at
40.6%. The cumulative defaults increased to 24.1% from 17.9%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 38.8% and 29.4%, respectively.

CREDIT ENHANCEMENT

Credit enhancement is provided by the subordination of the Class
B-F notes. As of January 2026 payment date, the credit enhancement
available to the Class A-E Notes has increased to 48.9%, 39.0%,
35.7%, 31.9% and 25.8%, respectively, up from 44.5%, 35.5%, 32.5%,
29.0% and 23.5%, respectively at closing.

The transaction benefits from a Liquidity Reserve Fund (LRF),
funded at closing from the notes proceeds at 3.0% of the Class A
Notes balance, with a floor at 0.75% of the original Class A notes
balance. The LRF covers senior expenses and provides liquidity
support to the Class A Notes in case of interest shortfall, and to
Class B notes interest shortfall when the most senior. In addition,
the LRF is also available to cover ReoCo-related operations as well
as for purchases of accelerated mortgage loans, in accordance with
the transaction documents. As of January 2026 payment date, the LRF
amounted to EUR 5.5 million.

The rated notes pay interest linked to three-month Euribor on a
quarterly basis. Following the payment date in April 2028 (the
step-up date), the margins payable on the rated notes will
increase. Goldman Sachs International provides an interest rate cap
with a strike rate of 2.3% and a notional that varies over time.
Morningstar DBRS concluded that Goldman Sachs International meets
its minimum criteria to act in such capacity. The transaction
contains downgrade provisions relating to the interest rate cap
provider. Morningstar DBRS's private credit rating on Goldman Sachs
International and downgrade provisions are consistent with
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology, given
the credit ratings assigned to the notes.

Mortgage loan collections are transferred by the Original Sellers
to an account bank in the Fund's name at Banco Santander SA on a
daily basis, or every two to three days, depending on the Original
Seller. On a monthly basis, before each Interest Payment Date, such
amounts are paid to the Issuer Transaction Account bank through
repayment of the FT Bonds. Based on Morningstar DBRS' credit rating
of Banco Santander SA, the downgrade provisions outlined in the
transaction documents, and structural mitigants inherent in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to Banco Santander SA to be consistent with the
credit ratings assigned to the rated notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

U.S. Bank Europe DAC (U.S. Bank) acts as the issuer account bank,
custodian, and paying agent for this transaction. Based on
Morningstar DBRS' private credit rating on U.S. Bank, the downgrade
provisions outlined in the transaction documents, and structural
mitigants inherent in the transaction structure, Morningstar DBRS
considers the risk arising from the exposure to U.S. Bank to be
consistent with the credit ratings assigned to the rated notes, as
described in Morningstar DBRS' "Legal and Derivative Criteria for
European and Asia-Pacific Structured Finance Transactions"
methodology.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.


TIKEHAU CLO X: Fitch Affirms 'B-sf' Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO X DAC 's refinancing notes
final ratings and affirmed its existing F notes, as detailed
below.

   Entity/Debt            Rating                 Prior
   -----------            ------                 -----
Tikehau CLO X DAC

   A XS2777378253      LT PIFsf  Paid In Full    AAAsf
   A-R XS3355995781    LT AAAsf  New Rating
   B-1 XS2777378410    LT PIFsf  Paid In Full    AAsf
   B-2 XS2777378683    LT PIFsf  Paid In Full    AAsf
   B-R XS3355995948    LT AAsf   New Rating
   C XS2777378840      LT PIFsf  Paid In Full    A+sf
   C-R XS3355996326    LT Asf    New Rating
   D XS2777379061      LT PIFsf  Paid In Full    BBB-sf
   D-R XS3355996755    LT BBB-sf New Rating
   E XS2777379228      LT PIFsf  Paid In Full    BB-sf
   E-R XS3355996912    LT BB-sf  New Rating
   F XS2777379574      LT B-sf   Affirmed        B-sf

Transaction Summary

Tikehau CLO X DAC is a securitisation of mainly senior secured
obligations with a component of senior unsecured, mezzanine,
second-lien loans and high-yield bonds. The transaction has a
target par of EUR425 million. The portfolio is actively managed by
Tikehau Capital Europe Limited. At closing of the refinancing,
proceeds from the refinancing notes (class A-R to E-R notes) were
used to redeem the original class A to E notes. The CLO has a
remaining three-year reinvestment period and a seven-year remaining
weighted average life test (WAL) at closing of the refinancing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor of the identified portfolio is
23.8.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
61.3%.

Diversified Portfolio (Positive): The transaction has various
concentration limits, including a maximum exposure to the three
largest Fitch-defined industries in the portfolio at 43%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The original matrices were updated
in connection with this refinancing, so that only two matrices
corresponding to a WAL covenant of seven years and a top 10
obligors limit of 25% are effective. The two matrices correspond to
fixed-rate asset limits of 7.5% and 12.5%. The transaction has
three years remaining from the reinvestment period, which 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 (Neutral): The WAL for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months shorter
than the WAL covenant to account for strict post reinvestment
period reinvestment criteria. This includes passing the coverage
tests, and the Fitch 'CCC' bucket limitation test after
reinvestment as well as a WAL covenant that progressively steps
down. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during the stress period. In
addition, its analysis has considered that the transaction is about
0.84% below the target par of EUR425 million.

Affirmation of Class F Notes (Neutral): The affirmation of the
existing class F notes reflects that the transaction's performance
is in line with the expected rating case. The default rate cushion
at 'B-' based on the existing portfolio supports the Stable
Outlook.

RATING SENSITIVITIES

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

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would lead to downgrades of one notch for the
class C-R to class E-R notes, and to below 'B-sf' for the class F
notes.

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

Upgrades may occur on stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to three notches across the capital structure

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
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for Tikehau CLO X 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.

TIKEHAU CLO XV: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Tikehau CLO XV
DAC's class A, B, C, D, E, and F notes. At closing, the issuer also
issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end 5.00 years after closing.

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

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,712.63
  Default rate dispersion                                 488.78
  Weighted-average life (years)                             4.97
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            5.00
  Obligor diversity measure                               122.45
  Industry diversity measure                               22.08
  Regional diversity measure                                1.38

  Transaction key metrics

  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              144
  Portfolio weighted-average rating
  derived from its CDO evaluator                               B
  'CCC' category rated assets (%)                           0.00
  Target 'AAA' weighted-average recovery (%)               36.09
  Target weighted-average spread net of floors (%)          3.57
  Target weighted-average coupon (%)                        4.56

Rating rationale

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

S&P said, "In our cash flow analysis, we modeled the EUR400 million
target par amount, the covenanted weighted-average spread of 3.50%,
the covenanted weighted-average coupon of 4.00%, and the target
weighted-average recovery rate at all rating levels (36.09% at the
'AAA' level). 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.

"Under our structured finance sovereign risk criteria, we consider
the transaction's exposure to country risk is sufficiently limited
at the assigned ratings, as the exposure to individual sovereigns
does not exceed the diversification thresholds outlined in our
criteria.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"The transaction's legal structure is 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 is commensurate with
higher ratings than those assigned. However, as the CLO is still in
its reinvestment period, during which the transaction's credit risk
profile could deteriorate, we capped our ratings on these notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class F notes could withstand stresses
commensurate with a lower rating. However, we applied our 'CCC'
rating criteria and assigned a 'B- (sf)' rating.

The ratings uplift for the class F notes reflects several key
factors, including:

-- Their available credit enhancement, which is in the same range
as that of other CLOs S&P has rated and that has recently been
issued in Europe.

-- The portfolio's average credit quality is similar to other
recent CLOs.

-- S&P said, "Our model generated break-even default rate at the
'B-' rating level of 24.10% (for a portfolio with a
weighted-average life of 5.00 years), versus if we were to consider
a long-term sustainable default rate of 3.2% for 5.00 years, which
would result in a target default rate of 16.00%."

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.
-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

"Considering our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to F notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.

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

Environmental, social, and governance

S&P said, "We regard the 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 or limit assets from being
related to certain industries. 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."

Tikehau CLO XV 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. Tikehau
Capital Europe Limited manages the transaction.

  Ratings
                    Amount     Credit
  Class  Rating*  (mil. EUR)  enhancement (%)   Interest rate§

  A      AAA (sf)   248.00    38.00    Three/six-month EURIBOR
                                       plus 1.30%

  B      AA (sf)     44.00    27.00    Three/six-month EURIBOR
                                       plus 1.90%

  C      A (sf)      24.00    21.00    Three/six-month EURIBOR
                                       plus 2.45%

  D      BBB- (sf)   28.00    14.00    Three/six-month EURIBOR
                                       plus 3.50%

  E      BB- (sf)    18.00     9.50    Three/six-month EURIBOR
                                       plus 6.15%

  F      B- (sf)     12.00     6.50    Three/six-month EURIBOR
                                       plus 8.65%

  Sub notes  NR      28.80      N/A    N/A

*The ratings assigned to the class A, and B notes address timely
interest and ultimate principal payments. The ratings assigned to
the class C, D, E, and F notes address ultimate interest and
principal payments.
§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.




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

BELVEDERE SPV: Moody's Cuts Rating on EUR320M Class A Notes to 'Ca'
-------------------------------------------------------------------
Moody's Ratings has downgraded the rating of the Class A Notes in
BELVEDERE SPV S.R.L. ("Belvedere"). The rating action reflects
lower than anticipated cash-flows generated from the recovery
process on the non-performing loans (NPLs) and underhedging.

EUR320M Class A Notes, Downgraded to Ca (sf); previously on Jul
23, 2024 Downgraded to Caa2 (sf)

Maximum achievable rating is Aa2 (sf) for structured finance
transactions in Italy, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

Lower than anticipated cash-flows generated from the recovery
process on the NPLs

The transaction has underperformed the servicers' original
expectations since closing: total gross collections stood at
EUR228.7 million as of end of the latest collection period,
compared to expectations of EUR509.4 million.

The collections' pace has further deteriorated since Moody's latest
rating action in July 2024. In fact, the last time collections were
sufficient for the Class A Notes to receive principal was December
2024, when the Class A Notes amortized to EUR214.96 million from
EUR217.95 million, currently equal to 67.2% of its balance at
closing. There is no interest shortfall on the Class A Notes, but
as of the latest Interest Payment Date ("IPD") in December 2025 the
Liquidity Reserve had to be drawn to make the payment of the
interest due. The balance of the Liquidity Reserve is currently at
EUR3.00 million compared to a target of EUR8.60 million. Its
replenishment ranks senior to Class A principal payments in the
priority of payments.

The entire portfolio has been serviced by Guber Banca S.p.A. since
November 2024, when it replaced both previous servicers, Prelios
Credit Servicing S.p.A. ("PRECS"; unrated) and Bayview Italia
S.r.l. ("BVI", unrated).

The Gross Book Value ("GBV") of the portfolio stood at EUR1,654
million as of the end of the latest collection period, compared to
EUR2,541 million as of closing. The portfolio remains concentrated
in Lombardia, accounting for 21.6% of the current GBV according to
the servicer's calculations.

The current advance rate is 13.0%, higher than the 12.6% at
closing. The latest business plan received in 2026 expects a total
amount of future collections significantly lower than the
outstanding amount of the Class A Notes. There is therefore a very
high likelihood that Class A Notes will not be repaid in full and
will suffer a loss that Moody's deems more consistent with a Ca
(sf) rating.
Unlike other rated Italian NPLs transactions, Belvedere does not
benefit from GACS guarantee and Class B interest payments are
always junior to Class A Notes principal.

Underhedging

The transaction benefits from two interest rate caps referenced to
the 6-months Euribor rate, split equally between J.P. Morgan SE
(Aa1(cr)/P-1(cr)) and BNP Paribas (A1(cr)/P-1(cr)), which are
acting as the cap counterparties. Under the cap agreement, from
June 2019 to December 2029, the SPV receives the difference, if
positive, between the six-months Euribor and 0.50%.

The notional of the interest rate cap, determined at closing, was
initially equal to EUR305.5 million in June 2019 and then
decreasing in consideration of the anticipation of the senior
notes' amortization based on a pre-defined schedule. Given the
Class A Notes have so far amortised at a slower pace than the
scheduled notional amount set out in the cap agreement, a
significant portion of the outstanding Notes is unhedged. Scheduled
notional for the next period is EUR42.0 million while Class A Notes
outstanding balance stands at EUR214.96 million and Moody's expects
further deterioration in hedging coverage.

The principal methodology used in this rating was "Non-performing
and Re-performing Loan Securitizations" published in April 2024.

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

Factors or circumstances that could lead to an upgrade of the
rating include: (i) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (ii) improvements in the credit quality of the
transaction counterparties; and (iii) a decrease in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
rating include: (i) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans due
to either a longer time for the courts to process the foreclosures
and bankruptcies, a change in economic conditions from Moody's
central scenario forecast or idiosyncratic performance factors. For
instance, should economic conditions be worse than forecasted and
the sale of the properties generate less cash-flows for the issuer
or take a longer time to sell the properties, all these factors
could result in a downgrade of the ratings; (ii) deterioration in
the credit quality of the transaction counterparties; and (iii)
increase in sovereign risk.

BFF BANK: Moody's Ba3 Issuer Rating Remains on Review for Downgrade
-------------------------------------------------------------------
Moody's Ratings has extended the review for downgrade on all the
ratings and assessments of BFF Bank S.p.A. (BFF) including its ba3
Baseline Credit Assessment (BCA), its Baa3 long-term (LT) deposit
ratings and Ba3 LT issuer and senior unsecured debt ratings.

RATINGS RATIONALE

The announcement follows BFF's press release from April 30, 2026,
which confirmed shortcomings in the bank's operational and
accounting framework related to the factoring business, as well as
issues with its internal control system. These deficiencies, shared
publicly by BFF on March 29, 2026, were notified by the Bank of
Italy, BFF's supervisory authority, during an ongoing general
inspection.

This led BFF to announce, among other things, that it:

-- Revised its 2025 full-year consolidated Financial Statements
due to BFF's adoption of Bank of Italy's regulatory correcting
measures announced in late March 2026. This adjustment almost
halved BFF's net profit to EUR37 million from EUR70.2 million,
mainly due to higher provisions related to pending unfavorable
court rulings.

-- Submitted a capital conservation plan to the Bank of Italy to
restore BFF's total capital and its "Minimum Requirements for own
funds and Eligible Liabilities (MREL) overall capital" above the
required thresholds following a substantial increase in
risk-weighted assets (+EUR1.6 billion to reach EUR6.4 billion).
This was due to the reclassification of factoring exposures related
to public administration activities in Italy as past due for
prudential purposes. BFF breached its total capital requirement of
13.3% by 99 basis points and its MREL overall capital of 23.3% by
123 basis points as of December 2025.

BFF continues to perform well in its core business, especially in
recovering receivables through its factoring operations, which
helps generate capital. BFF has also maintained a stable
institutional deposit base, and does not require any bond
refinancing until March 2028.

However, the recent events listed above are consistent with the
bank's previous communications but continue to create significant
uncertainty with respect to the implications of the Bank of Italy's
findings and related remediation measures for BFF's capital
position, business volumes and profitability, as well as the
stability of its funding and liquidity levels.

As a result, Moody's are unlikely to conclude Moody's reviews for
downgrade until there is greater clarity on the timing and
execution of actions to restore capital with a sufficient buffer
above minimum regulatory requirements, the bank's ability to
generate sustainable recurring profits to preserve its capital
position, and improved visibility on the stability of its funding
and liquidity, which remains contingent on maintaining a stable
deposit base in the absence of bond refinancing. During the review,
Moody's will also reassess BFF's ability to maintain an adequate
buffer of loss absorbing instruments to protect junior deposits.

Given the ongoing review for downgrade, there is currently no
positive pressure on the ratings. The banks' ratings and
assessments could be confirmed at their current level if the bank's
remediation actions were to successfully address financial and
governance risks, without material negative effects on the bank's
solvency, profitability and liquidity. Moreover, Moody's would
confirm the deposit and debt ratings if the bank were to maintain
its existing buffer of liabilities subject to bail-in.

The ratings and assessments could be downgraded potentially by more
than one notch if Moody's determines that the bank's credit profile
has weakened (evidenced by among other things lower capital buffers
or profitability, higher asset risk, reduced asset diversification
or material deposit outflows).

Additionally, a reduction in the volume of liabilities available
for bail-in could lead to lower deposit and debt ratings, as it
increases the potential loss in the event of failure. This could
occur if BFF experiences significant deposit outflows or if on-line
retail deposits are not refinanced.

PRINCIPAL METHODOLOGY

The methodology used in these ratings was Banks published in
November 2025.

BRISCA SECURITISATION: DBRS Confirms Csf Rating on Class B Notes
----------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) confirmed its credit ratings
on the bonds issued by Brisca Securitisation S.r.l. (the Issuer) as
follows:

-- Class A Notes at CC (sf)
-- Class B Notes at C (sf)

CREDIT RATING RATIONALE

The transaction represents the issuance of the Class A, Class B,
and Class J Notes (collectively, the Notes). Morningstar DBRS does
not rate the Class J Notes.

As of closing in July 2017, the Notes were backed by a EUR 961
million portfolio, by gross book value, consisting of secured and
unsecured Italian nonperforming loans originated by Banca Carige
S.p.A., Banca Cesare Ponti S.p.A., and Banca del Monte di Lucca
S.p.A. The majority of loans in the portfolio defaulted between
2011 and 2016 and are in various stages of resolution.

Prelios Credit Servicing S.p.A. (Prelios or the Servicer) services
the receivables while Banca Finanziaria Internazionale S.p.A.
(Banca Finint; formerly Securitisation Services S.p.A.) operates as
the backup servicer.

CREDIT RATING RATIONALE

The credit rating confirmations follow a review of the transaction
and are based on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of November 2025 focusing on (1) a comparison between actual
collections and the Servicer's initial business plan forecast, (2)
the collection performance observed over recent months, and (3) a
comparison of the current performance with Morningstar DBRS'
expectations.

-- Business plan: The Servicer's updated business plan as of
November 2025, received in January 2026, and the comparison with
the initial collection expectations.

-- Portfolio characteristics: The loan pool composition as of
February 2026 and the evolution of its core features since
issuance.

-- Transaction liquidating structure: The order of priority, which
entails a fully sequential amortisation of the Notes (i.e., the
Class B Notes will begin to amortise following the full repayment
of the Class A Notes, and the Class J Notes will amortise following
the repayment of the Class B Notes). Additionally, interest
payments on the Class B Notes become subordinated to principal
payments on the Class A Notes if the cumulative net collection
ratio or net present value cumulative profitability ratio are lower
than 90%. The interest subordination event was triggered on the
June 2022 interest payment date. In December 2025, those ratios
were 66.6% and 100.6%, respectively.

-- Liquidity support: The transaction benefits from an amortising
cash reserve, providing liquidity to the structure covering
potential interest shortfall on the Class A Notes and senior fees.
The cash reserve target amount is equal to 4% of the sum of the
Class A and Class B Notes' principal outstanding and is currently
fully funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from December 2025, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were EUR 94.5 million, EUR 30.5 million, and EUR 11.8
million, respectively. As of the December 2025 payment date, the
balance of the Class A Notes had amortised by 64.6% since issuance
and the current aggregated transaction balance was EUR 136.8
million.

As of November 2025, the transaction was performing below the
Servicer's initial business plan expectations. The actual
cumulative gross collections equalled EUR 260.3 million whereas the
Servicer's initial business plan estimated cumulative gross
collections of EUR 389.2 million for the same period. Therefore, as
of November 2025, the transaction was underperforming by EUR 128.9
million (-33.1%) compared with the initial business plan
expectations.

At issuance, Morningstar DBRS estimated cumulative gross
collections for the same period of EUR 316.9 million at the BBB
(high) (sf) stressed scenario and EUR 369.0 million at the B (low)
(sf) stressed scenario. Hence, the transaction is underperforming
Morningstar DBRS' initial stressed scenario.

Pursuant to the requirements set out in the receivable servicing
agreement, in January 2026, the Servicer delivered an updated
portfolio business plan. The updated portfolio business plan,
combined with the actual cumulative gross collections as of
November 2025, resulted in a total of EUR 298.6 million, which is
24.0% lower than the total gross disposition proceeds of EUR 393.0
million estimated in the initial business plan.

Excluding actual collections, the Servicer's expected future
collections from December 2025 onward account for EUR 38.3 million,
which is less than the current aggregated outstanding balance of
the Class A Notes, and they are expected to be realised over a
longer period of time. In Morningstar DBRS' CCC (sf) (and below)
stressed scenarios, the Servicer's updated forecast was only
adjusted in terms of actual collections to date and timing of
future expected collections. Considering senior costs and interest
due on the Notes, the full repayment of the Class A principal is
increasingly unlikely but, considering the transaction structure, a
payment default on the Notes would likely only occur a few years
from now. Given the characteristics of the Class B Notes, as
defined in the transaction documents, Morningstar DBRS notes that a
default would likely only be recognised at transaction maturity or
early termination.

The final maturity date of the transaction is in December 2037.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transactions' respective press releases at
issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




=====================
N E T H E R L A N D S
=====================

DUTCH MORTGAGE 2026-1: DBRS Finalizes BB(high) Rating on E Notes
----------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) finalised its provisional
credit ratings on the following classes of notes issued by Dutch
Mortgage Finance 2026-1 B.V. (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (high) (sf)

Morningstar DBRS does not rate the Class F, Class X, Class S1,
Class S2, and Class R Notes also issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Netherlands. The Issuer will use the proceeds
of the issued notes to fund the purchase of Dutch mortgage
receivables originated or acquired by RNHB B.V. (RNHB or the
original seller). The original seller will sell the portfolio to
the seller through several entities. In turn, the seller will, via
the interim seller, sell the portfolio and the legal title of the
mortgage receivables to the Issuer. The Issuer will use proceeds
from the Class X and R Notes to fund the reserve fund (RF).

The original seller is a buy-to-let and middle market real estate
lending business in the Netherlands and was incorporated on 16
September 2016. However, the history of the mortgage-lending
business that the seller now owns dates back to 1890, when
Nederlandse Hypotheekbank was founded. In 2008, Rijnlandse
Hypotheekbank and Nederlandse Hypotheekbank (both owned by
Rabobank) formally merged to form the RNHB business within FGH Bank
N.V.. In December 2016, the RNHB business and loan portfolio were
acquired by a consortium of (1) funds managed by AB CarVal
Investors L.P. (CarVal) and (2) Arrow Global Group Plc, with CarVal
holding the majority interest. RNHB kept its operational processes
and underwriting criteria unchanged. Vesting Finance Servicing
B.V., together with RNHB as master and special servicer, will be
the primary servicer of the mortgage portfolio, and CSC
Administrative Services (Netherlands) B.V. will act as a
replacement servicer facilitator.

As of March 31, 2026, the final portfolio consisted of 1,124 loans
with a total portfolio balance of approximately EUR 400 million.
The weighted-average (WA) seasoning of the final portfolio is 3.9
years with a WA remaining term of 3.2 years. The WA current
loan-to-value ratio (LTV) is comparatively low for a Dutch
portfolio at 61.2%. Almost all the loans (99.4%) in the portfolio
are fixed with future resets while the notes pay a floating rate of
interest. To address this interest rate mismatch, the transaction
is structured with a fixed-to-floating interest rate swap that
swaps the fixed interest rate received from the assets for
three-month Euribor. The portfolio is performing at 99.1%, and only
0.1% of the portfolio have arrears equal to or greater than one
month.

Until the first optional redemption date (FORD) in August 2031,
RNHB can grant, and the Issuer must purchase, further advances
subject to their adherence to asset conditions and available
principal funds. The transaction documents specify criteria that
must be met during this period for further advances to be sold to
the Issuer. Morningstar DBRS considered these conditions when
assessing the possibility of the portfolio LTV increasing as a
result of further advances.

Morningstar DBRS calculated credit enhancement for the Class A
Notes at 13.5%, provided by the subordination of the Class B to
Class F Notes and the RF. Credit enhancement for the Class B Notes
will be 9.0%, provided by the subordination of the Class C to Class
F Notes and the RF. Credit enhancement for the Class C Notes will
be 5.75%, provided by the subordination of the Class D to Class F
Notes and the RF. Credit enhancement for the Class D Notes will be
4.0%, provided by the subordination of the Class E to Class F Notes
and the RF. Credit enhancement for the Class E Notes will be 2.75%,
provided by the subordination of the Class F Notes and the RF.

The transaction benefits from an RF fully funded at closing from
the overall deal proceeds, which will provide credit and liquidity
support to the Class A to Class F Notes. The RF is amortising with
a target amount equal to 1.0% of the outstanding balance of
(100/95) of the Class A to Class F Notes with a floor on and after
the FORD of 1.0% of (100/95) of the Class A to Class F Notes'
outstanding balance at the time of FORD. Additionally, the notes
will have liquidity support from principal receipts, which the
Issuer can use to cover interest shortfalls on the most-senior
class of notes, provided that a credit is applied to the principal
deficiency ledgers in reverse-sequential order.

The Issuer entered a fixed-to-floating balanced-guaranteed swap
with NatWest Markets N.V. (with a long-term issuer rating of A
(high) with a Stable trend by Morningstar DBRS) to mitigate the
fixed interest rate risk from the mortgage loans and the
three-month Euribor payable on the notes. The notional of the swap
is linked to the performing balance (less than 180 days in arrears)
of the fixed-rate assets. The Issuer will pay a fixed swap rate and
receive three-month Euribor in return. The original seller will
also covenant that, on an average basis, the fixed-rate mortgage
reset rate for a loan will, at the minimum, be equal to the swap
rate plus 2.25% and the overall WA margin of the pool cannot fall
below the swap rate plus 2.50%. The swaps' documents reflect
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology when
Morningstar DBRS has a public credit rating on the relevant
counterparty. In the absence of a public credit rating on the swap
counterparty, Morningstar DBRS will monitor the transaction and
take credit rating actions according to a private credit rating, if
available, or internal assessment as per Morningstar DBRS' "Legal
and Derivative Criteria for European and Asia-Pacific Structured
Finance Transactions".

The Issuer account bank and paying agent is U.S. Bank Europe DAC
(U.S. Bank Europe). Morningstar DBRS' private credit rating on U.S.
Bank Europe is consistent with the threshold for the account bank
as outlined in Morningstar DBRS' "Legal and Derivative Criteria for
European and Asia-Pacific Structured Finance Transactions"
methodology, given the credit ratings assigned to the notes.

Morningstar DBRS based its credit ratings on its review of the
following analytical considerations:

-- The transaction capital structure and form, and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities.
Morningstar DBRS estimated stress-level PD, loss given default
(LGD), and expected losses (EL) on the mortgage portfolio.
Morningstar DBRS used the PD, LGD, and EL as inputs into the cash
flow engine. Morningstar DBRS analysed the mortgage portfolio in
accordance with its European RMBS Insight Methodology.

-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors according to the terms of the
transaction documents. Morningstar DBRS analysed the transaction
cash flows using PD, LGD, and EL derived on the mortgage portfolio.
Morningstar DBRS analysed the transaction cash flows using Intex
DealMaker.

-- The consistency of the transaction's legal structure with
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology and the
presence of legal opinions addressing the assignment of the assets
to the Issuer.

-- The relevant counterparties, as rated by Morningstar DBRS, being
appropriately in line with Morningstar DBRS' "Legal and Derivative
Criteria for European and Asia-Pacific Structured Finance
Transactions" to mitigate the risk of counterparty default or
insolvency.

Morningstar DBRS' credit ratings on the rated notes addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are the related interest payment amounts and
the related notes' balances.

Morningstar DBRS' credit ratings on the rated notes also addresses
the credit risk associated with the increased rate of interest
applicable to rated notes if the rated notes are not redeemed on
the Optional Redemption Date (as defined in and) in accordance with
the applicable transaction documents.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




===========
R U S S I A
===========

FERGANA REGION: Fitch Assigns 'BB-' Long-Term IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Fergana Region Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) of 'BB-' with Stable
Outlooks.

Fergana's IDRs are aligned with its Standalone Credit Profile (SCP)
of 'bb-', based on its expectation that the region's payback ratio
will remain below 9x by 2030 under its rating case.

KEY RATING DRIVERS

Standalone Credit Profile
The region's 'bb-' SCP reflects the combination of a 'Weaker' risk
profile and a financial profile at the lower end of the 'aa'
category, and also factors in a comparison with its peers.

Risk Profile: 'Weaker'

Fergana's 'Weaker' risk profile reflects the following key risk
factor assessments.

Revenue Robustness: 'Weaker'

Fergana's revenue sources remain volatile due to ongoing tax and
budgetary reform. The composition of taxes collected by the region
and their allocation between tiers of government are subject to
change at the central government's discretion. Taxes accounted for
47% of Fergana's operating revenue in 2025, closely followed by
transfers at 46%, with the rest comprising various user charges and
fees. The share of taxes in revenue has increased consistently
while the share of transfers has decreased, though it remains high:
in 2021, taxes accounted for only 34% of operating revenue and
transfers for 61%.

Fergana's dependence on a weak central government for much of its
revenue, combined with changes to national fiscal regulation
resulting in low revenue predictability, drives the 'Weaker'
revenue robustness assessment.

Revenue Adjustability: 'Weaker'

Fitch assesses Fergana's ability to generate additional revenue in
response to possible economic downturns as limited. Its fiscal
autonomy is controlled by the central government, which sets all
tax rates and determines the allocation of tax revenue between
government tiers. The region collects income and property taxes, as
well as fees and charges (which accounted for 6% of operating
revenue in 2025), some of which it can adjust. However, the
potential increase from these adjustments is marginal and would
cover less than half the expected revenue decline in an economic
downturn.

Expenditure Sustainability: 'Weaker'

Expenditure sustainability is fragile due to the changing
composition of the region's responsibilities, which limits
expenditure predictability. Spending has historically been volatile
as a result of the reallocation of spending responsibilities and
high inflation, which averaged 10% in 2021-2025. In general,
spending dynamics follow those of revenue, as local government
budgets must be balanced and deficits are not permitted under
national regulation.

Expenditure Adjustability: 'Weaker'

Fergana's ability to curb expenditure in response to shrinking
revenue is low, as most of its spending responsibilities are
mandatory. Consequently, inflexible spending exceeded 90% of the
region's expenditure in 2021-2025. About 42% of its 2025 operating
spending was allocated to salaries and wages, which are the most
rigid items and are indexed to inflation. Capex averaged only 5% of
total expenditure in 2021-2025. Per capita spending is low compared
with peers', further limiting the scope for cuts and contributing
to the 'Weaker' assessment.

Liabilities and Liquidity Robustness: 'Weaker'

This assessment reflects the overall weak national framework for
debt and liquidity management and underdeveloped capital markets in
Uzbekistan. Fergana has previously attracted intergovernmental debt
and debt from a government institution, though the size of
borrowings has been modest relative to the region's revenue and
expenditure. Under national legislation, it is currently prohibited
from attracting market debt and, consequently, does not have a
record of market access or significant experience in debt
management.

The region oversees a number of government-related entities, some
of which attract debt from banks, but the overall amount is fairly
limited and all companies have historically serviced their debt
through own revenue.

Liabilities and Liquidity Flexibility: 'Weaker'

Fergana's liquidity is limited to its cash balance, which totalled
UZS381.8 billion at end-2025, supported by sound revenue
performance. Access to debt capital markets is constrained by
national regulation. Most of this cash is restricted, as it is
earmarked for specific expenditures. The region is also supported
by a central government liquidity mechanism, which includes
short-term budget loans to cover intra-year cash gaps. The
sovereign's 'BB' rating, as a provider of additional liquidity,
contributes to the 'Weaker' assessment of this rating factor.

Financial Profile: 'aa category'

Fergana's financial profile is assessed at the lower end of the
'aa' category, driven by a sound payback ratio - the primary metric
- which will be 8.1x at the end of Fitch's rating case for
2026-2030. Its secondary metric - the actual debt service coverage
(operating balance/debt service, including short-term debt
maturities) - averages below 4x over the rating case, corresponding
to an 'aa' assessment. The fiscal debt burden remains below 50%,
corresponding to a 'aaa' assessment.

Its base case assumes that restrictions on new borrowing will
remain in place over the rating horizon, and that new debt will
remain moderate, coming primarily from the central government. The
rating case, however, considers a scenario of new market debt,
larger capex and using debt to finance the resulting deficit, while
the operating balance gradually deteriorates due to stress
assumptions of 0.3pp-1pp a year being applied to main cost and
revenue items. This reflects the risks associated with high
uncertainty around both revenue and expenditure.

Short-Term Ratings

Fergana's Short-Term IDRs of 'B' correspond to its 'BB-' Long-Term
IDRs.

Peer Analysis

Fergana's closest peer is Tashkent City (BB-/Stable), Uzbekistan's
capital, which shares the same SCP and Long-Term IDR. Fergana's
'BB-' IDR is also at the same level as the City of Yerevan
(Armenia) and Konya Metropolitan Municipality (Turkiye), both of
which have stronger SCPs but are constrained by their respective
sovereign ratings of 'BB-'.

Fergana is rated above Turkiye's Balikesir Metropolitan
Municipality (B+/Stable), reflecting a stronger financial profile.
It is rated below Kazakhstan's City of Almaty and City of Astana
(both BBB/Stable), which benefit from stronger financial profiles
and a higher sovereign rating cap (BBB/Stable).

Issuer Profile

Fergana is Uzbekistan's second most populous region, accounting for
11% of the national population. Its GRP per capita stands at just
over half the national figure, reflecting an economy driven by
agriculture and light manufacturing.

Key Assumptions

Risk Profile: 'Weaker'

Revenue Robustness: 'Weaker'

Revenue Adjustability: 'Weaker'

Expenditure Sustainability: 'Weaker'

Expenditure Adjustability: 'Weaker'

Liabilities and Liquidity Robustness: 'Weaker'

Liabilities and Liquidity Flexibility: 'Weaker'

Financial Profile: 'aa'

Asymmetric Risk: 'N/A'

Support (Budget Loans): 'N/A'

Support (Ad Hoc): 'N/A'

Rating Cap (LT IDR): 'N/A'

Rating Cap (LT LC IDR) 'N/A'

Rating Floor: 'N/A'

Quantitative assumptions - Issuer Specific

Fitch's rating action is driven by the following assumptions for
reference metrics under its 2026-2030 rating case.

- Payback ratio: maximum of 8.1x in 2030

- Actual debt service coverage: average of 3.7x in 2026-2030

- Fiscal debt burden: below 50% in 2026-2030

Fitch's through-the-cycle rating case incorporates a combination of
revenue, cost and financial risk stresses. It is based on 2021-2025
published figures and its expectations for 2026-2030:

- Operating revenue growth on average at 7.8% a year, driven by
economic growth

- Operating spending growth on average at 9% a year, driven by
moderating but still high inflation

- Negative net capital balance on average at UZS1,005 billion a
year, due to the region's capex programme

- Average 14.2% cost of debt driven by local key rate

Rating Sensitivities

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

A revision of the SCP to below 'bb-', due to the deterioration of
the debt payback above 9x under Fitch's rating case, would lead to
a downgrade of Fergana's IDRs.

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

An upward revision of the SCP to above 'bb-', underpinned by an
improved debt payback towards 7x on a sustained basis, may lead to
an upgrade.

Climate Vulnerability Signals

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

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.

Discussion Note

Committee date: 6 May 2026

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

   Entity/Debt             Rating           
   -----------             ------           
Fergana Region    LT IDR    BB- New Rating
                  ST IDR    B   New Rating
                  LC LT IDR BB- New Rating
                  LC ST IDR B   New Rating



===========
S E R B I A
===========

TELEKOM SRBIJA: Moody's Rates New Senior Unsecured Notes 'B1'
-------------------------------------------------------------
Moody's Ratings has assigned a B1 rating to the proposed
euro-equivalent 1.95 billion three tranches Senior Unsecured Notes
to be issued by Telekom Srbija a.d., Beograd (TS or the company),
due in 2031, 2033 and 2036. Concurrently, Moody's have affirmed the
company's B1 long-term corporate family rating, the B1-PD
probability of default rating and the b2 Baseline Credit Assessment
(BCA). The outlook remains stable.

TS will use the proceeds of the New Senior Unsecured Notes for
refinancing upcoming debt maturities and paying transaction-related
fees.

RATINGS RATIONALE

The B1 CFR continues to be supported by the company's strong
business profile as the Serbian incumbent operator, its leading
market shares in Serbia, Bosnia and Montenegro, the supportive
market conditions and the expectation that competition, in
particular for content acquisition, will ease following the recent
exit of Adria Midco B.V. (United Group, B2 stable) from the Serbian
market, the track record of successful strategy execution over the
past three years, the experienced management team, its high quality
network and its strengthened content proposition and leading
position in the media segment following the acquisition of United
Group's media assets and exclusive sports broadcasting rights in
the Western Balkans.

The CFR is constrained by its modest geographical diversification,
moderate size compared to other peer telecom incumbents, high
leverage following the debt-financed acquisitions of United Group's
media assets, particularly after considering the existing sizeable
investments into content, which the company capitalizes, the
execution risks associated with the international expansion and the
relatively aggressive growth plan, high capex requirements over the
next two years driving negative free cash flow generation and
significant upcoming debt maturities that the company plans to
address with forthcoming debt issuances, as well as with the
proceeds from the rooftop sales.

Because TS is a government-related issuer (GRI), the B1 rating
benefits from one notch uplift derived from the high default
dependence and Moody's expectations of moderate support from the
Government of Serbia (Ba2 stable), owing to its 58.11% stake in the
company.

In 2025 reported revenue grew 28%, thanks to the impact from United
Group's assets acquisition driving a strong performance of the
multimedia segment as well as price increases while
Moody's-adjusted EBITDA grew by 55% on the back of the top-line
contributions together with cost efficiency and operating leverage
measures. Both revenue and EBITDA growth were above Moody's initial
expectation.

However, the stronger-than-expected operating performance was more
than offset by higher capex mainly as a result of the migration of
United Group's acquired satellite customers into TS's network,
higher 5G investments and higher payments for sports rights. The
higher-than-expected capex along with a highly negative working
capital absorption led to a negative free cash flow generation
during the year of about EUR900 million. This negative free cash
flow was partly financed with an increase in the use of the
company's available credit facilities.

As a consequence, Moody's adjusted gross leverage was 4.4x in 2025
(from 4.5x in 2024). Moody's anticipates gross leverage to decline
towards 4.0x in the next 12-18 months, driven by EBITDA growth,
partially offset by a slightly higher debt to fund ongoing content
investments. However, Moody's also notes that the company's
reported EBITDA is boosted by the capitalization of TV and sports
content costs.

Moody's also expects free cash flow to progressively improve from
materially negative free cash flow generation and to turn to a
breakeven point after 2027. Nevertheless, the company still lacks a
history of generating positive free cash flow and reducing net
leverage in line with its stated target of 3.0x.

LIQUIDITY

The company had cash and cash equivalents of roughly EUR254 million
as of March 2026 and pro-forma for the refinancing transaction,
which, together with around EUR673 million available committed
facilities will cover its basic liquidity needs and growth capex
over the next 12-18 months.

However, Moody's believes TS will likely need to access the market
again over the next two years given Moody's expectations that its
Moody's-adjusted free cash flow to remain negative over the next
12-18 months and it will need to address a maturity wall in 2028.

The company's main facilities are restricted by maintenance
financial covenants including less than 4.0x net debt/EBITDA
(tested semiannually) and EBITDA/net total interest of more than
2.5x. The company received a waiver from all bank creditors to
increase the net leverage covenant to 4.5x for June 2025, reverting
back to usual covenant levels in December 2025, to accommodate the
United Group's media assets acquisition in the first half of the
year.

STRUCTURAL CONSIDERATIONS

The B1-PD PDR is in line with the B1 CFR, reflecting the 50% family
recovery rate assumption which is typical for capital structures
that consist of a mix of both bank loans and bonds.

Moody's rates the proposed EUR1.95 billion equivalent senior
unsecured notes at B1, in line with the company's B1 corporate
family rating. The instrument rating reflects the absence of
meaningful liabilities ranking behind or ahead of the senior
unsecured notes pro forma for the transaction.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that TS will
deliver revenue and EBITDA growth at least in the high single digit
in percentage terms in the next two years, supporting a decrease in
leverage towards 4.0x in the next 12 to 18 months.

Additionally, the stable outlook assumes that the company will be
able to perform in line with budget and that its free cash flow
will improve, driven by lower content costs leading to a
progressive improvement in its liquidity profile.

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

Upward pressure on the rating could develop if Moody's-adjusted
gross debt/EBITDA falls below 3.5x on a sustained basis, its free
cash flow turns positive on a sustained basis, while its liquidity
improves. An upgrade will also require a track record of operating
as with a prudent financial policy including managing its liquidity
in a prudent manner.

Downward pressure on the rating could develop if Moody's-adjusted
gross debt/EBITDA increases above 4.5x on a sustained basis or if
the company fails to refinance its upcoming maturities in a prudent
manner and its liquidity deteriorates.

In addition to the factors straining TS's BCA, the company's rating
could be downgraded if there are changes in the creditworthiness of
the Serbian government, and in Moody's assessment of the level of
default dependence and support from the government.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Telecommunications
Service Providers published in December 2025.

TS' BCA is two-notches below the scorecard-indicated outcome of Ba3
due to the company's relatively aggressive liquidity management,
and the higher underlying leverage calculation including the
capitalized content costs.

COMPANY PROFILE

Telekom Srbija a.d., Beograd is a leading integrated
telecommunications service provider in Serbia, Bosnia and
Herzegovina (BH), and Montenegro. The company also offers mobile
and multimedia services in North Macedonia, Germany, Switzerland,
Austria, and Turkey.

TS' majority shareholder is the Republic of Serbia which owns 58.1%
of its shares. The other shareholders include the citizens of the
Republic of Serbia (including current and former employees) who own
21.9% while the remaining 20.0% are treasury shares. In 2025 the
company generated revenue of EUR2.0 billion, and company reported
EBITDA of EUR1.3 billion.



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

SABADELL CONSUMO 4: Moody's Assigns (P)B2 Rating to EUR18MM E Notes
-------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
Notes to be issued by SABADELL CONSUMO 4, FONDO DE TITULIZACION:

EUR855.0M Class A Asset-Backed Floating Rate Notes due January
2040 Assigned (P)Aaa (sf)

EUR40.0M Class B Asset-Backed Floating Rate Notes due January
2040, Assigned (P)Aa3 (sf)

EUR35.0M Class C Asset-Backed Floating Rate Notes due January
2040, Assigned (P)Baa1 (sf)

EUR32.0M Class D Asset-Backed Floating Rate Notes due January
2040, Assigned (P)Ba2 (sf)

EUR18.0M Class E Asset-Backed Floating Rate Notes due January
2040, Assigned (P)B2 (sf)

Moody's have not assigned a rating to the subordinated EUR20.0M
Class F Asset-Backed Floating Rate Notes due January 2040 and to
the subordinated EUR12.1M Class G Floating Rate Notes due January
2040.

RATINGS RATIONALE

The transaction is a 7 months revolving cash securitisation of
Spanish unsecured consumer loans originated by Banco de Sabadell,
S.A. (A2/P-1; A2(cr)/P-1(cr)). The portfolio consists of consumer
loans used for several purposes, such car acquisition, property
improvement and other undefined or general purposes. Banco de
Sabadell, S.A. also acts as servicer and collection account bank of
the transaction.

The underlying assets consist of consumer loans with fixed rates
and a total outstanding balance of approximately EUR1,451 million.
As of March 16, 2026, the provisional portfolio has 141,267 loans
with a weighted average interest of 6.55%. The portfolio is highly
granular with the largest and 10 largest borrowers representing
0.009% and 0.071% of the pool, respectively. The portfolio also
benefits from a good geographic diversification and weighted
average seasoning of 10.32 months. The provisional portfolio, as of
its pool cut-off date, does not have any loans more than 30 days in
arrears. The final portfolio will be selected at random from the
provisional portfolio to match the final Notes issuance amount.

The transaction benefits from credit strengths such as the
granularity of the portfolio, the excess spread-trapping mechanism
through 3 months artificial write off mechanism, the high average
interest rate of 6.55% and the financial strength and
securitisation experience of the originator.

Moreover, Moody's notes that the transaction features some credit
weaknesses such as a complex structure including interest deferral
triggers for junior Notes, pro-rata payments on all asset-backed
Notes from the first payment date and the linkage to Banco de
Sabadell, S.A. Various mitigants have been put in place in the
transaction structure such as sequential redemption triggers to
stop the pro-rata amortization. Commingling risk is mitigated by
the transfer of collections to the issuer account within two days
and the high rating of the servicer.

Hedging: all the loans are fixed-rate loans, whereas the Notes are
floating-rate liabilities. As a result, the issuer is subjected to
a fixed-floating interest-rate mismatch. To mitigate the
fixed-floating rate mismatch, the issuer has entered into a swap
agreement with BNP Paribas. Under the swap agreement, (i) the
issuer pays a fixed rate of [ ]%, (ii) the swap counterparty pays
1M Euribor subject to a floor equal to the negative WA margin of
the collateralised notes, (iii) the notional as of any date will be
the outstanding balance of non-doubtful receivables.

Moody's analysis focused, amongst other factors, on: (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on Banco
de Sabadell, S.A.'s total book and past consumer loan ABS
transactions; (iii) the credit enhancement provided by
subordination, excess spread and the reserve fund; (iv) the
liquidity support available in the transaction by way of principal
to pay interest; and (v) the overall legal and structural integrity
of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 5.3%, expected recoveries of 20.0% and a portfolio credit
enhancement ("PCE") of 16.5%. The expected defaults and recoveries
capture Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by us to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of 5.3% is in line with
recent Spanish consumer loan transaction average and is based on
Moody's assessments of the lifetime expectation for the pool taking
into account: (i) historical performance of the loan book of the
originator, (ii) good performance track record on recent Banco de
Sabadell S.A. rated ABS consumer deal, (iii) benchmark
transactions, and (iv) other qualitative considerations.

Portfolio expected recoveries of 20% are higher than recent Spanish
consumer loan average and are based on Moody's assessments of the
lifetime expectation for the pool taking into account: (i) good
historical performance of the loan book of the originator, (ii)
good recoveries observed in previous rated ABS consumer deal from
Banco de Sabadell S.A., (iii) benchmark transactions, and (iv)
other qualitative considerations such as quality of data provided.

The PCE of 16.5% is lower than other Spanish consumer loan peers
and is based on Moody's assessments of the pool taking into account
the relative ranking to originator peers in the Spanish consumer
loan market. The PCE of 16.5% results in an implied coefficient of
variation ("CoV") of 38.3%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be (1) better than expected performance
of the underlying collateral; or (2) a lowering of Spain's
sovereign risk leading to the removal of the local currency ceiling
cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
Banco de Sabadell S.A.; or (3) an increase in Spain's sovereign
risk.



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

TURKLAND BANK: Fitch Lowers Long-Term IDR to 'B-', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Turkland Bank A.S.'s (T-Bank)
Long-Term (LT) Issuer Default Ratings (IDRs) to 'B-' from 'B' and
its National LT Rating to 'BB(tur)' from 'BBB+(tur)'. The Outlooks
are Stable. Fitch has also downgraded T-Bank's Shareholder Support
Rating (SSR) to 'ns' (No Support) from 'b' and subsequently
withdrawn it, while assigning the bank a Government Support Rating
(GSR) of 'ns'. Fitch has also affirmed T- Bank's Viability Rating
(VR) at 'b-'.

The rating downgrade and SSR withdrawal follow a recent change in
the bank's ownership structure, which resulted in the transfer of
full control over T-Bank from Jordan-based Arab Bank Plc (AB;
BB/Stable) and BankMed SAL to a Monaco-based company ultimately
owned by a private individual. In Fitch's view, support from the
bank's new private owner, while possible, cannot be relied on and
is, therefore, not factored into the bank's ratings.

The SSR has been withdrawn as it is no longer considered to be
relevant to its coverage following the change in T- Bank'
shareholder structure and the assignment of the GSR.

Key Rating Drivers

Standalone Strength Drives IDRs: Following the ownership change,
T-Bank's LT IDRs and National LT Rating are driven by the bank's
standalone strength, as reflected by its 'b-' VR. T-Bank's VR
reflects its small size and limited franchise, improved but still
below sector-average asset quality, concentration risks, volatile
and modest profitability, and decreased capitalisation.

Iran War Pressures Operating Environment: Fitch considers
macroeconomic stability risks and external financing pressures to
have risen following the Iran conflict. This led to a marked fall
in Turkiye's international reserves since the start of the Iran
war. A prolonged conflict would likely pose greater challenges to
banks' financial and risk profiles through higher-for-longer
Turkish lira rates and inflation.

Limited Franchise: T-Bank has a nominal market share (end-2025:
below 0.1% of banking sector assets), resulting in limited pricing
power. The bank plans to expand its operations, which can increase
its scale over time.

Concentration Risks: T-Bank's loans increased by 8% in 2025.
Lending is largely short term to the corporate and commercial
segment. Single-name cash loan concentrations are high, with the
top 100 cash loans accounting for 95% of total gross loans at
end-2025, partly reflecting the bank's small asset base.
Foreign-currency (FC) loans accounted for 39% of gross loans at
end-2025 (sector: 37%). The management plans to implement a
strategic business transformation and diversify the bank's
operations into new business segments, including retail and SMEs.

Impaired Loans Ratio Decreasing: T-Bank's impaired (Stage 3) loans
ratio continued to decline, reaching 4.5% at end-2025 (end-2024:
5.3%), driven by net collections, but remained above the sector
average of 2.5%, reflecting the bank's legacy asset-quality
problems. Total loan loss coverage of impaired loans also declined,
to 50% at end-2025 from 58% at end-2024. Credit risks stem from
loan concentrations and FC lending, slowing economic growth and
still-high lira interest rates. Consequently, Fitch expects the
impaired loans ratio to remain above the sector average in the near
term.

Modest Profitability: T-Bank's operating profit fell to 0.7% of
risk-weighted assets in 2025 (sector average: 4.4%) from 6.4% in
2024, as trading losses and high operating costs eroded net
interest income. Operating profit benefited from provision
reversals, including the reversal of free provisions. Fitch expects
operating profit generation to improve once the bank achieves
greater scale.

Decreased Capitalisation: T-Bank's common equity Tier 1 (CET1)
ratio, net of forbearance, decreased sharply to 13.5% at end-2025
from 20.3% at end-2024, reflecting tightened forbearance, higher
operational risk charge and reduced internal capital generation.
Its total capital adequacy ratio, net of forbearance, also
decreased to 13.6% at end-2025 from 20.5% at end-2024. Capital
encumbrance by unreserved impaired loans remained moderate at 14%
of CET1 at end-2025 (end-2024: 13%). Fitch expects the bank's
capitalisation to improve significantly following a planned capital
injection in the near term.

Deposit Funded; High FC Deposits: T-Bank is almost entirely funded
by customer deposits. The share of FC deposits is high (end-2025:
71% of total customer deposits; sector: 39%), creating risks. The
bank's loan/deposits ratio was moderate at 61.5% at end-2025.

Rating Sensitivities

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

T-Bank's LT IDRs are primarily sensitive to changes in its VR.

T-Bank's VR could be downgraded due to a sustained deterioration in
its capitalisation, for instance if its CET1 ratio declines below
12% or if its capital ratios fall (but still within the regulatory
buffer requirements), for instance as a result of a material
decline in its profitability or asset quality.

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

An upgrade of T-Bank's VR could stem from a material improvement in
its business profile through the successful execution of the
business transformation, resulting in sustainable profitability,
with a record of operating profit /risk-weighted assets above 1.25%
and CET1 ratio close to 15%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's 'B' Short-Term IDRs are the only possible option for its
LT IDRs in the 'B' rating category.

The National LT Rating reflects Fitch's view of the bank's
creditworthiness in local currency (LC) relative to other
Fitch-rated Turkish issuers.

T-Bank's GSR of 'ns' reflects Fitch's view that support from the
Turkish authorities cannot be relied on, given the bank's small
size and limited systemic importance.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDRs are sensitive to changes to the LT IDRs.

The National Rating is sensitive to changes in T-Bank's LTLC IDR
and to its creditworthiness in LC relative to that of other
Fitch-rated Turkish issuers'.

An upgrade of the GSR is unlikely given T-Bank's limited systemic
importance and franchise.

VR ADJUSTMENTS

The operating environment score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason(s):
sovereign rating (negative).

The earnings and profitability score of 'b-' is below the 'bb'
category implied score due to the following adjustment reason(s):
earnings stability (negative).

The capitalisation and leverage score of 'b-' is below the 'bb'
category implied score due to the following adjustment reason(s):
size of capital base (negative).

The funding and liquidity score of 'b-' is below the 'bb' category
implied score due to the following adjustment reason(s): deposit
structure (negative).

ESG Considerations

The ESG Relevance Score for Management Strategy of '4' reflects a
regulatory burden on all Turkish banks. Management's ability across
the sector to determine their own strategy and price risk is
constrained by the regulatory burden and also by the operational
challenges of implementing regulations at the bank level. This has
a moderately negative impact on banks' credit profiles and is
relevant to banks' ratings in combination with other factors.

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

   Entity/Debt                         Rating             Prior
   -----------                         ------             -----
Turkland Bank A.S.    LT IDR              B- Downgrade    B
                      ST IDR              B  Affirmed     B
                      LC LT IDR           B- Downgrade    B
                      LC ST IDR           B  Affirmed     B
                      Natl LT        BB(tur) Downgrade    BBB+(tur)

                      Viability           b- Affirmed     b-
                      Government Support  ns New Rating
                      Shareholder Support ns Downgrade    b
                      Shareholder Support WD Withdrawn



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

BRYANSTON GEORGE: FRP Advisory, BTG Appointed as Administrators
---------------------------------------------------------------
Bryanston George Street Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales Court Number CR-2026-001977. Paul Cooper of BTG Begbies
Traynor (London) LLP, with David Paul Hudson and Simon Baggs of FRP
Advisory Trading Limited, were appointed as administrators on March
13, 2026.

Bryanston George 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  
  Canary Wharf  
  London  
  E14 5NR  

  -- and --

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

For further information, contact:

  Debbie Ilako
  BTG Begbies Traynor (Central) LLP
  E-mail: Debbie.ilako@btguk.com
  Telephone: 0113 867 2319


GLOBAL BUSINESS: Moody's Puts 'B1' CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Ratings placed the ratings of Global Business Travel Group,
Inc.'s (dba "Amex GBT"), a UK-based global business travel
management company, on review for downgrade, including its B1
corporate family rating, B1-PD probability of default rating, and
B1 backed senior secured first lien bank credit facilities ratings
issued at GBT US III LLC. Previously, the outlook on both entities
was stable. The company's SGL-1 speculative grade liquidity rating
(SGL) remains unchanged.

On May 04, 2026, Amex GBT announced that Long Lake Management
("Long Lake") has entered into an agreement to acquire the company
for $9.50 per share in an all-cash transaction valued at
approximately $6.3 billion. The proposed acquisition is expected to
close in the second half of 2026, subject to the satisfaction of
customer closing conditions, including approval by Amex GBT's
stockholders and receipt of required regulatory clearances.

The review for downgrade incorporates governance considerations
stemming from Amex GBT's transition from public to private
ownership, which may lead to more aggressive financial policies.
Moody's expects the proposed transaction will result in higher debt
and leverage, making governance risk a key factor in this rating
action. There are change of control provisions in the company's
existing credit agreement. As a result, Moody's expects all rated
debt will be repaid in connection with the transaction. Upon
repayment, Moody's will withdraw the company's ratings.

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

The review considers the fact that Amex GBT will go from
publicly-listed to a privately-owned company with the potential for
more aggressive financial strategies. The review will focus on the
completion of the transaction and the final capital structure,
particularly repayment of Amex GBT's debt. Lastly, the review for
downgrade will also assess Amex GBT's financial performance through
the closing.

Given the review for downgrade, an upgrade is unlikely at this
time. However, excluding the review, Amex GTB's ratings could be
upgraded if Moody's expects Amex GBT will maintain organic revenue
growth, improving EBITA margins, debt/EBITDA is sustained below 4.0
times, free cash flow/debt above 10%, while maintaining good
liquidity. The ratings upgrade would also require the company to
maintain balanced financial policies.

Amex GBT's ratings could be downgraded if industry challenges,
competitive pressures, or external shocks lead to
lower-than-expected EBITDA growth, financial policies become
aggressive or liquidity deteriorates. Quantitatively, the ratings
could be downgraded if Moody's expects debt/EBITDA (based on
Moody's adjustments) to be sustained above 5.0 times or free cash
flow will decline toward 5%.

Amex GBT (NYSE: GBTG), headquartered in London UK, is the largest
corporate travel management company that provides software and
services for travel, expenses, and meetings & events. On September
02, 2025, the company completed the acquisition of Carlson Wagonlit
Travel, Inc. (CWT). Moody's projects revenue of around $3.2 billion
in 2026.
The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

LGC SCIENCE: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed UK-based global life science tools and
services provider LGC Science Group Holdings Limited's (LGC)
Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook.


The affirmation reflects exhausted headroom at the 'B' rating,
given high leverage, delayed deleveraging and Fitch's expectation
of investment-led negative free cash flow (FCF) in FY26-FY27
(financial year ending March). The rating remains supported by
LGC's leading market positions in specialist diagnostics and
testing operations and the robust profitability of these
businesses.

The Stable Outlook reflects Fitch's expectation that LGC will
rebuild its rating headroom from FY28, supported by capex
normalisation, moderately improving demand in life sciences and
healthcare testing end-markets, and a rising contribution from the
recent investment cycle. However, continued underperformance
against Fitch's rating case, leading to a failure to deleverage
over the next 12-18 months, could pressure the ratings.

Key Rating Drivers

Gradual Revenue Recovery Assumed: The 'B' rating assumes a gradual
recovery in revenue growth from a muted FY26. This reflects rebased
sector growth expectations, particularly in pharmaceutical research
and biotech, following the marked slowdown since 2023 due to
increased focus on R&D productivity and more selective capital
allocation in a tighter funding environment. Fitch assumes a
normalisation of research activity, albeit at lower growth rates
than pre-2023, and an easing of destocking-related demand
challenges, which have weighed on LGC's top-line performance.

Reflecting the gradual improvement in demand reported by LGC since
2H26, Fitch forecasts medium-term revenue growth of about 5% from
FY27, broadly in line with underlying industry trends and supported
by further recovery in LGC's diagnostics and genomics divisions.
Fitch's rating case incorporates only a limited revenue
contribution from LGC's recent investments in Axolabs, given
limited visibility on the timing and scale of the earnings
contribution. These investments could provide upside to the rating
case, but remain subject to execution risks.

Robust Profitability Supports Ratings: Fitch's rating case assumes
LGC's Fitch-defined EBITDA margin will improve to about 30% in
FY26, following recovery from its FY24 low. Margins are projected
to improve further to 31%-32% by FY28-FY29, supported by sustained
demand in the highly profitable Diagnostics & Genomics segment,
cost optimisation and careful execution of the Axolabs investment
cycle. LGC's strong operating profitability, in line with that of
larger peers, reflects the relevance of its niche market positions
and supports the 'B' rating.

High Leverage, Deleveraging Critical: Fitch forecasts EBITDA
leverage will remain above its negative sensitivity of 7.5x in
FY26. With the expected improvement in EBITDA margins and gradually
recovering industry demand, Fitch forecasts EBITDA leverage to
improve to 7.4x by end-FY27 and to below 7.0x from FY28. The
delayed deleveraging in FY26-FY27 was mainly driven by challenges
in pharma & biotech industries and delays in its European Axolabs
investment programme, which Fitch assumes will be completed by
end-FY27, supporting the group's deleveraging. A failure to reduce
leverage from FY27 could signal higher market risks and put LGC's
ratings under pressure.

Negative FCF Constrains the Rating: Fitch expects FCF to remain
negative until FY27, reflecting continued high strategic capex
related to the delayed Axolabs investment cycle, coupled with high
interest expenses. Fitch forecasts FCF to turn positive only from
FY28, supported by capex normalisation and lower exceptional costs,
mainly related to restructuring and new project launches. Fitch
expects FCF margins to recover to low-single digits in FY28 and
FY29. During the investment period, Fitch views liquidity as
adequate and EBITDA interest coverage of about 2x as commensurate
with the 'B' rating.

Investment Upside; Execution Focus: Given the continued low
visibility on the timing and contribution of LGC's European Axolabs
investments (GBP100 million in total), its assumptions include only
an insignificant operating contribution from FY28. Fitch still
recognises Axolabs' long-term strategic value, as LGC is
positioning itself to support the research activities of European
pharma and biotech companies. This strategic commitment stretches
the company's risk profile, but Fitch views the resulting pressure
on the financial profile as tolerable, assuming the investment
begins generating returns in 12-18 months without consuming
additional internal cash or debt.

Defensive Business Profile: LGC benefits from a strong market
position in structurally growing routine and specialist life
sciences and healthcare testing markets. Its longstanding and
diversified customer relationships support high recurring revenue,
while the mission-critical nature of its products, combined with
its strong reputation for quality, underpin meaningful barriers to
entry. These factors support the resilience of LGC's business
model.

Peer Analysis

Fitch rates LGC using its Medical Devices Navigator Framework.
LGC's rating is constrained by its modest size and significant
financial leverage, particularly relative to larger US peers in the
life sciences and diagnostics sectors. Comparable peers are
generally rated in the 'BBB' category, including Bio-Rad
Laboratories, Inc. (WD), Thermo Fisher Scientific Inc. (A-/Stable),
Revvity, Inc. (BBB/Stable), Eurofins Scientific S.E. (BBB-/Stable)
and Agilent Technologies, Inc. (BBB+/Stable).

In its peer analysis, LGC has a similar EBITDAR margin (about 30%),
reflecting a strong business model built on niche positions
underpinned by scientific expertise. In addition, LGC shows good
organic growth, supported by consolidation opportunities in the
fragmented global life sciences tools market.

LGC's defensive business risk characteristics are offset by its
smaller scale and higher leverage compared with its
investment-grade peers, placing the group's rating firmly in the
highly speculative 'B' category. Its financial risk profile is more
comparable to that of European healthcare leveraged finance issuers
such as Curium Bidco S.a r.l. (B/Stable), Inovie Group (B/Negative)
and Ephios Subco 3 S.a.r.l. (B/Stable). All three
sub-investment-grade issuers have defensive business risk profiles
and deploy financial leverage to accelerate growth in a
consolidating European market.

Fitch’s Key Rating-Case Assumptions

- Revenue CAGR of 4% over FY26-FY29, driven by organic growth
benefiting from growing demand in specialist testing and clinical
diagnostics

- Fitch-defined EBITDA margin gradually increasing towards 31%-32%
by FY28 and FY29 from 29.5% in FY26

- Working-capital outflows at 1%-2% of sales during FY26-FY29

- Reduced capex spending of about GBP70 million in FY26 due to
postponed investments; GBP95 million in FY27 and about GBP70
million-75 million per year in FY28-FY29

- No dividends

- No M&A

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, Lower), Market and Competitive Positioning (bb+, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bb-,
Higher), Financial Structure (ccc-, Higher), and Financial
Flexibility (b+, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 30% weight for the forecast year 2025,
30% for the forecast year 2026, 30% for the forecast year 2027 and
10% for the forecast year 2028.

- Other risk elements considerations apply in its analysis and
result in an adjustment of 1 notch(es).

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

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

- The SCP is 'b'.

Recovery Analysis

The recovery analysis assumes that LGC would remain a going concern
(GC) in the event of restructuring and would be reorganised rather
than liquidated. Fitch has assumed a 10% administrative claim in
the recovery analysis.

Fitch assumes a post-restructuring GC EBITDA of GBP150 million, on
which Fitch bases the enterprise value (EV). This reflects LGC's
niche but maturing business model, highly specialised operational
competencies and a strong, diverse client base with a high share of
recurring revenue.

Fitch assumes a distressed EV multiple of 6.5x, reflecting the
group's global presence in attractive sectors with growth potential
and strong underlying profitability.

Fitch assumes LGC's multi-currency revolving credit facility (RCF)
of GBP265 million would be fully drawn in a restructuring, ranking
pari passu with the rest of the senior secured debt. Fitch also
views the US dollar-denominated payment-in-kind (PIK) instrument as
equity, sitting outside the restricted group.

Its waterfall analysis generates a ranked recovery of 'RR4' leading
to a 'B' rating for the senior secured facilities of GBP1,950
million, comprising an RCF of GBP265 million, a euro-denominated
term loan B (TLB) of GBP0.9 billion and US dollar-denominated TLB
of GBP0.8 billion.

RATING SENSITIVITIES

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

- EBITDA leverage above 7.5x on a sustained basis

- EBITDA interest coverage sustained below 2.0x

- Weaker organic growth due to market deterioration or reputational
issues, resulting in market share loss or EBITDA margins sustained
below 28%

- FCF margin remaining negative after completion of the production
capacity in 2026, or deterioration in trading materially reducing
cash generation and the liquidity profile beyond expectations

- An aggressive financial policy hampering profitability and
deleveraging prospects

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

- EBITDA leverage below 5.5x on a sustained basis

- EBITDA interest coverage above 2.5x on a sustained basis

- Superior profitability, with EBITDA margin remaining above 30%,
and successful integration of accretive M&A

- FCF margin sustained above the mid-single digits

Liquidity and Debt Structure

As of December-2025, LGC had readily available cash of GBP92
million (after adjustment for restricted cash of GBP10 million).
This was sufficient to cover expected negative FCF generation of
about GBP60 million in the next 12 months. LGC has no material
near-term debt maturities, with no significant repayments until
January 2030. Liquidity is further supported by the available RCF
facility of GBP295 million, out of which about GBP41 million is due
October 2026 and the remaining GBP224 million due October 2029. The
RCF was drawn by GBP35 million as of end-December 2025.

The group's sources of funding include a EUR1,080 million (about
GBP900 million equivalent) senior secured TLB due January 2030 and
a USD1 billion (about GBP770 equivalent) senior secured TLB due
January 2030.

Issuer Profile

LGC is a UK-based leading global life sciences tools company,
providing mission-critical components and solutions to high-growth
application areas across the human healthcare and applied market
segments.

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 LGC.

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
   -----------               ------          --------   -----
Loire US Holdco 1,
Inc.

   senior secured      LT     B  Affirmed     RR4       B

LGC Science Group
Holdings Limited       LT IDR B  Affirmed               B

   senior secured      LT     B  Affirmed     RR4       B

Loire Finco
Luxembourg S.a r.l.

   senior secured      LT     B  Affirmed     RR4       B

Loire US
Holdco 2, Inc.

   senior secured      LT     B  Affirmed     RR4       B

OCADO GROUP: Fitch Affirms 'B-' Long-Term IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Ocado Group PLC's Long-Term Issuer
Default Rating (IDR) at 'B-' with a Stable Outlook and unsecured
instrument rating at 'B-' with a Recovery Rating of 'RR4'.

Ocado's rating is assigned to the perimeter that excludes the
separately ring-fenced Ocado Retail Ltd (ORL) entity. It remains
constrained by still-deeply negative, albeit improving, free cash
flow (FCF) and weaker EBITDA growth in 2026 following customer
fulfilment centre (CFC) closures. It is also limited by its view of
still high execution risk with respect to demonstrating that its
revised fulfilment strategy can deliver sustainable scale,
profitability and cash generation.

The Stable Outlook is supported by higher than anticipated trading
performance of the existing CFCs in 2025, prospective benefits from
cost rationalisation and comfortable liquidity. This supports
FY26-FY28 (financial year ending November) capex funding and
repayment of the 2027 GBP350 million debt maturity without
requiring external resources.

Key Rating Drivers

CFC Closures Affect FY26 EBITDA: The closure of three Kroger CFCs
and one Sobeys CFC will slow EBITDA growth in FY26. Fitch now
forecasts EBITDA (excluding the ring-fenced ORL entity) of around
GBP150 million, materially below its previous expectation of close
to GBP190 million. This is due to lower fee income from the
affected sites. Fitch also expects FCF to remain well above
negative GBP200 million in the year, excluding restructuring costs,
reflecting lower CFC fee receipts and working-capital adjustment
effects.

Interest cover is likely to weaken to around 1.3x as the higher
cost of 2025 debt refinancing is reflected on a fully annualised
basis. Fitch expects weakening FCF and interest cover to be
temporary, with metrics improving in FY27, driven by modules count
increase towards 125 by end-2027 and the full benefit of the saving
programme.

Cost Control Supports FCF Trajectory: Fitch expects cost-control
measures to support gradual cash flow improvement from FY27. Ocado
is implementing a GBP150 million cost-saving programme in FY26.
This includes workforce reductions and savings across corporate and
technology functions. It targets reaching positive FCF generation
from FYE26.

These measures should support profitability and help mitigate the
effect of slower earnings growth following the CFC closures. Fitch
continues to expect negative FCF in FY26 (close to negative EUR300
million), but the full benefit of these actions should become more
visible from 2027. This underpins its expectation of moving towards
positive FCF generation with material reduction in negative FCF to
below negative GBP100 million in FY27.

Compensation Improves Liquidity: Compensation payments received in
relation to the partner closures improve Ocado's liquidity
headroom. Ocado received GBP261 million in January 2026 from Kroger
and GBP18.5 million in February 2026 from Sobeys. In its view,
these proceeds partly offset the impact on earnings from the
closures and provide additional resources to cover the group's cash
needs. This supports liquidity through a period of still-negative
FCF and ongoing investment requirements as well as approaching the
GBP350 million 2027 debt maturity. Fitch therefore continues to
view liquidity as adequate for the rating.

Better FY25 Performance: Ocado's better-than-expected trading and
liquidity in FY25 support the rating. Fitch estimates EBITDA of
GBP131 million, materially above its previous forecast of GBP103
million, reflecting stronger trading and continued cost discipline.
Negative FCF was also materially lower than Fitch anticipated,
improving by more than GBP200 million compared with FY24. Year-end
cash of GBP739 million, which included a GBP113 million letter of
credit from Kroger related to performance obligation compensation,
was well above its GBP500 million sensitivity.

Refinancing Risk Reduced: Fitch believes that refinancing risk has
materially reduced following Ocado's 2025 refinancing actions,
despite the adverse news flow from recent CFC cancellations. As
part of its GBP400 million debt issuance, the group addressed all
2025 and 2026 debt maturities and extended its revolving credit
facility (RCF) to 2027. This removed near-term refinancing pressure
and improved financial flexibility. The group's strong liquidity
position also supports repayment of the GBP350 million 2027
maturity from available resources. In its view, repayment of this
would reduce interest costs and improve FCF relative to a
refinancing scenario.

Execution Risk Remains High: Execution risk remains high and
constrains the rating. Ocado's revised strategy, including its
re-imagined fulfilment approach and focus on smaller, more modular
solutions, has yet to demonstrate traction. The business remains
exposed to slower partner ramp-up, weaker volumes and the risk that
technology investment does not translate into sustainable
profitability for partners. Recent CFC closures highlight the
economic limitations of highly automated solutions in some
catchments. Further closures, weaker partner demand or delays in
reaching critical mass in individual CFCs would affect the
financial trajectory and could put pressure on the rating.

Peer Analysis

Ocado is less established and faces higher execution risk than Irel
Bidco S.a.r.l (IFCO, withdrawn), which provides reusable packaging
containers. The latter is a global leader in a niche market and
benefits from scale, geographic diversification and longstanding
customer relationships. Ocado will have similar characteristics
once it reaches its targeted scale, with a contracted revenue base,
low customer churn and high switching costs due to its bespoke
technology. This helps offset some of its reliance on Kroger as a
key customer.

At scale, Ocado should demonstrate solid profitability for the
rating, with an EBITDA margin rising towards 18%, below IFCO's
margin of above 20%. Leverage metrics are currently not a key
rating driver for Ocado during the growth phase but its expectation
of a reduction to around 5.6x by FY27 supports the rating. This is
slightly above the expected leverage for IFCO at about 6.2x at
end-2025.

Fitch also compares Ocado with Polygon Group AB (B-/Negative), a
leader in the property damage restoration industry in Europe. Both
companies have leading market positions and similar scale. Ocado
has better geographic diversification and revenue visibility than
Polygon, which has shorter contracts, but faces higher execution
risk. Fitch expects Polygon's EBITDA leverage to reduce to 8.1x by
2027, nearly one turn above Ocado's.

Fitch’s Key Rating-Case Assumptions

- Revenue for the technology solutions segment to grow to
GBP609million in FY28 as CFCs are ramped up and rolled out.

- Revenues for UK logistics increasing towards GBP857million by
FY28

- EBITDAR for the technology solutions segment to rise to GBP252
million in FY28 from around GBP158 million in FY26

- EBITDAR for the UK logistics segment to gradually grow to around
GBP39 million in FY29 from around GBP38 million in FY26

- Gross capex (excluding ORL) averaging around GBP300 million a
year in FY26-FY29

- Fitch assumes exceptional cash outflows of GBP52 million in FY26
and GBP10 million in FY27 related to the organisational
restructuring.

- Fitch assumes cash inflows of GBP235 million in FY26 and GBP13
million in FY27 related to termination fees from the Kroger and
Sobeys closures.

- No M&A, no common dividend payment

- Assuming 2027 senior unsecured convertibles of GBP350 million are
repaid using internal cash resources.

Corporate Rating Tool Inputs and Scores

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

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bb+,
Lower), Market and Competitive Positioning (b, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bb-, Higher), Profitability (ccc,
Moderate), Financial Structure (ccc, Moderate), 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 'aa' results in no
adjustment.

- The SCP is 'b-'

To derive the IDR:

RATING SENSITIVITIES

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

- Insufficient liquidity to fund at least two years of capex

- Continued execution challenges, such as further CFC closures,
delays in the roll-out of new CFCs , inability to scale up existing
CFCs, or deliver technology or support cost efficiencies,
preventing EBITDA from reaching at least GBP150 million in FY26 and
GBP180 million in 2027

- Lack of visibility on material cash burn reduction by end of
2026, with FCF remaining negative and above GBP100 million

- Readily available cash materially below GBP500 million at FYE26

- Inability to renew RCF

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

Fitch does not envisage positive rating action during FY25-FY28,
due to execution risks associated with Ocado's transformation into
a solutions and business service provider. However, over the long
term, evidence of greater maturity of the business, with increasing
scale and diversification and lower upfront capex would indicate
successful execution of the growth strategy and be positive for the
rating, together with:

- EBITDA rising towards GBP200 million

- Sufficient positive FCF generation to fund growth capex

- EBITDA interest coverage recovering towards 1.5x

- Visibility of EBITDA gross leverage falling below 6.5x on a
sustained basis

Liquidity and Debt Structure

The restricted group, excluding ORL, had an adequate but declining
cash position at FYE25, with around GBP740 million of cash and a
fully undrawn GBP300 million RCF maturing in 2027. Together with
cash generated from operations and GBP280 million of termination
and closure fee receipts expected in FY26-FY27, Fitch expects
liquidity to support high capex in FY26-FY29. Fitch forecasts
available liquidity of about GBP630 million at FYE26.

The group has a proven record of capital market access, including
issuing in 2025 GBP300 million of senior unsecured notes due in
2030, which were used to repay its 2025 and 2026 senior notes
through a tender offer.

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 FY24 revenue-weighted Climate Vulnerability Signal (Climate.VS)
for Ocado for 2035 is 15 out of 100, suggesting low exposure to
climate-related risks in that year.

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
   -----------               ------          --------   -----
Ocado Group PLC        LT IDR B- Affirmed               B-

   senior unsecured    LT     B- Affirmed     RR4       B-

RANELAGH GROVE: FRP Advisory, BTG Appointed as Joint Administrators
-------------------------------------------------------------------
Ranelagh Grove Property Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
& Wales Court Number CR-2026-002022. David Hudson and Simon Baggs
of FRP Advisory Trading Limited, with Paul Steven Cooper of BTG
Begbies Traynor (London) LLP, were appointed as joint
administrators on March 13, 2026.

Ranelagh Grove Property Limited carried on a business of buying and
selling of own real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to FRP Advisory, 1st Floor, 34 Falcon
Court, Preston Farm Business Park, Stockton on Tees, TS18 3TX).

Its principal trading address is 134 Buckingham Palace Road,
London, SW1W 9SA.

The Joint Administrators can be contacted at:

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

  -- and --

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

Further information contact:

  The Joint Administrators
  Tel: 01642 917555
  Alternative contact: Robyn Coulter
  Email: cp.teesside@frpadvisory.com

REDCLIFFE SQUARE: FRP Advisory, BTG Named as Joint Administrators
-----------------------------------------------------------------
Redcliffe Square Property Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
& Wales, Court Number CR-2026-002019. David Hudson and Simon Baggs
of FRP Advisory Trading Limited, together with Paul Steven Cooper
of BTG Begbies Traynor (London) LLP, were appointed as joint
administrators on March 13, 2026.

Redcliffe Square Property Limited carried on a business of buying
and selling of own real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to FRP Advisory, 1st Floor, 34 Falcon
Court, Preston Farm Business Park, Stockton on Tees, TS18 3TX).

Its principal trading address is 134 Buckingham Palace Road,
London, SW1W 9SA.

The Joint Administrators can be contacted at:

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

  -- and --

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

Further information contact:

  The Joint Administrators
  Tel: 01642 917555
  Alternative contact: Rahat Rahman
  Email: cp.teesside@frpadvisory.com



REYKER SECURITIES: Distribution Plan Long Stop Date Set at June 5
-----------------------------------------------------------------
In the High Court of Justice

Business and Property Courts of England and Wales, Insolvency &
Companies List (ChD) Court Number: CR-2019-006671

REYKER SECURITIES PLC
01747595
Registered office: C/O S&W Partners LLP Restructuring Department,
45 Gresham Street, London, EC2V 7BG

In the matter of the Investment Bank Special Administration
Regulations 2011 and the Investment Bank Special Administration
(England and Wales) Rules 2011

On October 8, 2019, Mark Ford, Adam Stephens and Henry Shinners,
each now of S&W Partners LLP, were appointed as the Joint Special
Administrators ("JSAs") of Reyker pursuant to The Investment Bank
Special Administration Regulations 2011.

The JSAs have now issued a "Long Stop Date Notice", in accordance
with clauses 1.1 and 3.5 of the distribution plan approved by Mr
Justice Trower on 16 October 2020 in relation to Reyker, in
accordance with rule 146(2) of the Investment Bank Special
Administration (England and Wales) Rules 2011, and which was
amended on April 28, 2021 and November 17, 2023 with the approval
of the creditors' committee (the "Distribution Plan").

The Long Stop Date Notice records that the JSAs have determined,
acting reasonably, that they have achieved Objective 1 (as defined
in the Distribution Plan) to the extent reasonably practicable. The
Long Stop Date Notice is dated April 1, 2026 and was sent to
clients on that date. The Long Stop Date (as defined in the
Distribution Plan) will therefore be June 5, 2026.

The Long Stop Date Notice is available at the following website
address:
https://www.swgroup.com/services/restructuring-services/reyker-securities-plc

If you consider that Reyker continues to hold Client Assets
(excluding client money) to which you are entitled, please contact
the JSAs as a matter of urgency and, in any event, prior to the
Long Stop Date.

If, by the Long Stop Date, Reyker continues to hold client assets
which the JSAs have determined (in their absolute discretion,
acting reasonably) cannot be the subject of a Transfer or
Distribution (each as defined in the Distribution Plan) for any
legal or practical reason, the JSAs will not be obliged to take any
further action with respect to such assets pursuant to the
Distribution Plan and will be released from any obligations under
the Distribution Plan to take action.

Alternatively, in certain circumstances (including where a client
has not provided the JSAs with valid instructions in respect of
their assets), any remaining assets may, in the JSAs' discretion,
be liquidated after the Long Stop Date, with the proceeds of such
liquidation being returned to relevant clients, subject to any
deductions in respect of costs or liabilities to Reyker.

Next Steps

This notice will be:

a. made available to all Clients of Reyker whose claims for the
return of Client Assets the JSAs are aware of, where the JSAs have
a means of contacting those clients;

b. made available to all those persons whom the JSAs believe have a
right to assert a security interest or other entitlement over
client assets, where the JSAs have a means of contacting those
persons;

c. advertised in the London Gazette;

d. advertised in The Financial Times and the internationally
distributed edition of The Financial Times;

e. sent to the Financial Conduct Authority; and

f. placed on the dedicated Reyker Securities Plc (in Special
Administration) webpage on the S&W Partners LLP website.

Clients may request a hard copy of this notice from the JSAs. The
JSAs may be contacted by the following means:

Email: clientservices@reyker.com
Telephone: +44 207 397 2586

Post: Reyker Securities Plc (In Special Administration) C/O S&W LLP
Restructuring Department, 45 Gresham Street, London EC2V 7BG

The affairs, business and property of Reyker Securities Plc are
being managed by the special administrators, Mark Christopher Ford,
Adam Henry Stephens and Henry Anthony Shinners of S&W Partners LLP,
who act as agents of Reyker Securities Plc without personal
liability. Reyker Securities Plc is authorised and regulated by the
Financial Conduct Authority, FCA reference number 115308.
Registered in England with company number 1747595. Registered
office 45 Gresham Street, London EC2V 7BG. We are bound by the
insolvency Code of Ethics when carrying out all professional work
relating to an insolvency appointment, a copy of which can be found
at www.icaew.com/regulation/insolvency/sips-regulations-and-
guidance/insolvency-code-of-ethics. All S&W Partners LLP insolvency
practitioners are authorised and licensed in the UK by the
Institute of Chartered Accountants in England & Wales. Further
details of their licensing body, along with our complaints and
compensation procedure can be accessed at
www.swgroup.com/legal-regulatory-and-compliance/insolvency-licensing-bodies.
The Fair Processing Notice in relation to the General Data
Protection Regulation can be accessed at www.swgroup.com/legal-
regulatory-and-compliance/privacy-notices/privacy-notice-sw-restructuring-and-recovery-services.

Should you wish to be supplied with a hard copy of any notice,
attachments or documents relating to a case matter please contact a
staff member by telephone, email or post.

SATUS 2026-1: DBRS Finalizes BB(high) Rating on Class E Notes
-------------------------------------------------------------
DBRS Ratings Limited (Morningstar DBRS) finalised its provisional
credit ratings on the following classes of notes (collectively, the
Rated Notes) issued by Satus 2026-1 plc (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (low)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high)

Morningstar DBRS did not assign a credit rating to the Class F
Notes also issued in this transaction.

The transaction is a securitisation of a portfolio of hire purchase
(HP) and personal contract purchase (PCP) loans granted by
Startline Motor Finance Limited (Startline) to borrowers residing
in England, Scotland and Wales. Startline will also act as the
initial servicer for the transaction. Startline is a noncaptive
lender offering, inter alia, HP and PCP auto loans to near-prime
customers. The initial pool of receivables comprises HP (86.4%) and
PCP (13.6%). All loans are granted to individual customers, and all
the receivables are represented by used vehicles. All PCP contracts
feature a guaranteed future value (GFV). The GFV affords the
borrower the option, but not the obligation, to turn in the
purchased vehicle at contract maturity as an alternative to
repaying or refinancing the final balloon payment. The inclusion of
GFVs introduces residual value (RV) risk to the transaction.

CREDIT RATING RATIONALE

Morningstar DBRS based its credit ratings on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of the available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued;

-- The credit quality of Startline's portfolio, the characteristics
of the collateral, its historical performance, and Morningstar
DBRS-projected behaviour under various stress scenarios;

-- Startline's capabilities with respect to originations,
underwriting, and servicing, and its position in the market and
financial strength;

-- The operational risk review of Startline, which Morningstar DBRS
deems to be an acceptable servicer;

-- The transaction parties' financial strength with regard to their
respective roles;

-- The consistency of the transaction's structure with Morningstar
DBRS' "Legal and Derivative Criteria for European and Asia-Pacific
Structured Finance Transactions"; and

-- Morningstar DBRS' sovereign credit rating on the United Kingdom
of Great Britain and Northern Ireland, currently at AA with a
Stable trend.

TRANSACTION STRUCTURE

The transaction incorporates separate interest and principal
waterfalls that allow for the fully sequential payment of both
interest and principal on the Rated Notes. Available interest
collections are available to cover principal deficiencies in
relation to each of the Rated Notes after interest has been paid in
relation to the same class of Rated Notes.

The transaction benefits from a senior and a junior liquidity
reserve fund. As of the closing date, only the senior liquidity
reserve fund is funded, whereas the junior liquidity reserve fund
is funded upon the full redemption of the Class B Notes. The senior
liquidity reserve fund is designed to provide liquidity coverage
for senior fees and expenses and interest on the Class A Notes and
Class B Notes (for the latter, with conditions). Once the Class B
Notes are repaid, the senior liquidity reserve fund will provide
liquidity coverage to the Class C Notes. The junior liquidity
reserve fund, funded from the proceeds of the excess senior
liquidity reserve fund upon the redemption of the Class B Notes, is
designed to provide liquidity support to senior costs and expenses,
and the Class D Notes and Class E Notes (for the latter, with
conditions). The reserves provide limited ultimate credit
enhancement to the transaction as excess amounts are released as
available interest collections and may be available to cover
principal deficiency ledgers.

All underlying contracts are fixed rate while the Rated Notes are
floating rate. Interest rate risk is mitigated through an interest
rate swap.

COUNTERPARTIES

U.S. Bank Europe DAC, UK Branch (U.S. Bank) is appointed as the
Issuer's account bank for the transaction. Morningstar DBRS
privately rates U.S. Bank and has concluded that it meets the
minimum criteria to act in this capacity. The transaction documents
contain downgrade provisions relating to the account bank
consistent with Morningstar DBRS' legal criteria. The Issuer's
accounts include the J.P. Morgan SE (JPMSE) is appointed as the
swap counterparty for the transaction. Morningstar DBRS privately
rates JPMSE and has concluded that it meets the minimum criteria to
act in this capacity. The hedging documents contain downgrade
provisions relating to the swap counterparty consistent with
Morningstar DBRS' derivatives criteria.

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
interest amount and the related principal amount outstanding.

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in British pound sterling unless otherwise
noted.


SIBANYE-STILLWATER UK: Moody's Rates New $500M Sr. Unsec. Notes Ba2
-------------------------------------------------------------------
Moody's Ratings has assigned Ba2 ratings to the proposed $500
million backed senior unsecured notes to be issued by
Sibanye-Stillwater UK Financing Plc, and to the outstanding $525
million backed senior unsecured notes issued by Stillwater Mining
Company. Both issuers are wholly owned subsidiaries of Sibanye
Stillwater Limited (Sibanye, Ba2 stable), a platinum group metals
(PGM), gold and battery metals producer. Both notes are guaranteed
by Sibanye and its certain subsidiaries. The outlooks of
Sibanye-Stillwater UK Financing Plc and Stillwater Mining Company
are stable.

The proposed notes will be fully and unconditionally guaranteed,
jointly and severally by Sibanye and its certain subsidiaries. The
guarantors generated 84% of Sibanye's consolidated company-adjusted
EBITDA in 2025. Proceeds from the notes will be used mostly to
refinance existing debt.

Sibanye's ratings, including its Ba2 corporate family rating (CFR)
and Ba2-PD probability of default rating (PDR) with a stable
outlook, have been reviewed in the rating committee and remain
unchanged.

RATINGS RATIONALE

The ratings assigned to the senior unsecured notes are in line with
Sibanye's CFR, reflecting the company's predominantly unsecured
debt capital structure and the fact that the notes are ranked pari
passu with all other unsecured and unsubordinated debt obligations
of the guarantors.

Sibanye's Ba2 CFR factors in the company's (1) asset and product
diversification across platinum group metals (PGM), gold and
battery metals; (2) geographical diversification, with key
operating assets located in the US (Aa1 stable), South Africa (Ba2
stable), Australia (Aaa stable) and Finland (Aa1 stable); (3)
improved credit metrics, robust liquidity, prudent liquidity
management and conservative financial policy; (4) measures to
reduce costs and support profitability, including the closure of
operations at its loss-making PGM and gold assets in 2023-24; and
(5) track record of navigating a difficult mining environment in
South Africa, including engagement with labour unions.

The rating also takes into account (1) the high sensitivity of
Sibanye's credit metrics to the volatile metal prices and USD/ZAR
exchange rate; (2) the company's history of debt-funded investments
and acquisitions which have weakened its credit metrics in the
recent tough market environment for PGM, although mitigated by its
current commitment to a disciplined approach to M&A and capital
investment; and (3) the execution risks related to the development
and ramp-up of its Keliber lithium project, and uncertainty over
the evolution of the lithium market.

OUTLOOK

The stable outlook balances Sibanye's improved credit metrics and
conservative financial policies with the volatility in metal prices
that leads to sharp fluctuations in cash flow generation and credit
metrics. Sustained reduction in gross debt in line with Sibanye's
targets that will support robust credit metrics in a weak metal
price environment will be supportive of a positive outlook.

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

Moody's could upgrade Sibanye's ratings if the company reduces its
gross debt in line with its target, its debt/EBITDA remains below
2.5x and RCF/debt increases above 35% on a sustainable basis (all
metrics are Moody's-adjusted), and the company retains robust
liquidity and pursues a disciplined approach to M&A and capital
investment. The rating is unlikely to be more than one notch above
South Africa's sovereign rating because of the company's credit
links with the sovereign.

Moody's could downgrade Sibanye's ratings if its debt/EBITDA
increase above 3.5x and RCF/debt declines below 25% on a sustained
basis (all metrics are Moody's-adjusted), or its liquidity weakens
significantly.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in February 2026.

SWAN WALK: FRP Advisory, BTG Begbies Appointed as Administrators
----------------------------------------------------------------
Swan Walk (CE) Limited was placed into administration in the High
Court of Justice, Business and Property Courts of England and Wales
Insolvency and Companies List (ChD) Court Number CR-2026-001983.
Paul Cooper of BTG Begbies Traynor (London) LLP and with David
Hudson and Simon Baggs of FRP Advisory Trading Limited, were
appointed as administrators on March 13, 2026.

Swan Walk (CE) 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  
  340 Deansgate  
  Manchester  
  M3 4LY  

  -- and --

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

For further information, contact:

  Rumena Govedarova
  BTG Begbies Traynor (Central) LLP
  E-mail: MFS@btguk.com
  Telephone: 0161 837 1700

TULLOW OIL: S&P Raises Long-Term ICR to 'CCC+' on Refinancing
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Tullow Oil PLC to 'CCC+' from 'D' (default). S&P also assigned a
'CCC+' issue rating to the new $1.2 billion senior secured notes
issued by Tullow Holdco 2 Ltd. S&P withdrew its issue rating on the
$1.285 billion refinanced senior secured notes, because they are no
longer outstanding.

The stable outlook reflects S&P's view that Tullow Oil's liquidity
will be adequate over the next 12 months, and that market
conditions are very favorable at present.

On April 27, 2026, Tullow Oil PLC completed a consensual debt
restructuring that improved its liquidity position and debt
maturity profile.

S&P said, "While we expect the company to generate S&P Global
Ratings-adjusted free operating cash flow (FOCF) of about $280
million in 2026, we view this cash flow as reliant on oil prices,
and therefore insufficient for the group's high financial
indebtedness. Because of this, and the company's effective
inability to refinance its debt maturities for a more extended
period, we view the new capital structure as unsustainable. We
believe that Tullow Oil continues to rely on favorable oil and
capital market conditions to meet its financial commitments.

"We view liquidity as adequate in the next 12 months, as funds from
operations (FFO) are supported by the current favorable oil prices,
new $100 million cargo prepayment facility (CPF), and lack of debt
maturities in the next 12 months."

S&P Global Ratings believes that refinancing has improved Tullow
Oil's liquidity position and maturity profile. The completed
process has provided the company with a new super senior $100
million CPF. It also replaced the existing senior secured notes and
the loan provided by Glencore Energy UK Ltd. with new, longer-dated
debt instruments. The new CPF ranks ahead of the senior secured
notes and has the same security package and guarantees. The CPF can
be drawn against designated cargo from the Ghanaian Jubilee and
Tweneboa-Enyenra-Ntomme (TEN) fields sold under the existing
offtake arrangements, with each advance repaid from the relevant
cargo sale proceeds.

Under this refinancing, Tullow Oil released the $1.285 billion
senior secured notes due May 15, 2026, and exchanged them for
$1.185 billion senior secured notes, 10.25% cash, 3.0%
payment-in-kind (PIK), and 1.75% pay-if-you-can (PIYC) issued by
Tullow Holdco 2 Ltd., while repaying $100 million from cash on
hand. In addition, Tullow Holdco 2 Ltd. issued $25 million fungible
new senior secured notes to Glencore as a fee payment. The new
$1.21 billion senior secured notes mature in November 2028, 2.5
years after the May 2026 maturity of the original senior secured
notes. The November 2028 maturity of both the CPF and the new
senior secured notes will spring to May 15, 2028, if Tullow has not
signed a legally binding sale and purchase agreement by Sept. 30,
2027 (the mergers and acquisition back-stop date).

Tullow Oil also released the $400 million Glencore secured loan and
exchanged it for $423 million junior notes issued by Tullow Holdco
1 Ltd. The $423 million includes $23 million of capitalized
interests and upfront fee. These notes will bear interest at the
secured overnight financing rate (SOFR) plus 12.75% PIK per year
(with an additional 0.75% PIK if the Brent price for the relevant
period exceeds $65 per barrel [/bbl]) and will mature on May 15,
2030. These notes rank junior to the new senior secured notes.

S&P said, "Our 'CCC+' rating reflects Tullow Oil's meaningful
refinancing risk. The recent debt refinancing enhanced Tullow's
liquidity profile: it extended the debt maturities by 2.5 years,
provided additional liquidity via the CPF, and reduced the annual
cash interest payments. However, we believe that the group remains
exposed to meaningful refinancing risk for its November 2028
maturity (the CPF and new senior secured notes). The recent
maturity extensions were limited to between two and 2.5 years. As
mentioned above, the maturity of the CPF (undrawn at closing) and
new senior secured notes will spring to May 15, 2028, if Tullow has
not signed a legally binding sale and purchase agreement by Sept.
30, 2027. Our rating also reflects the volatility in the company's
FOCF generation, because Tullow Oil remains exposed to potential
declines in field productivity, or lower oil prices. In our view, a
successful debt refinancing also relies on favorable capital market
conditions and oil prices.

"We now assess Tullow's liquidity as adequate (previously weak)
because liquidity sources will cover liquidity uses by more than
1.2x over the 12 months from Dec. 31, 2025 (pro forma for the
recent debt refinancing). Our liquidity assessment primarily
reflects the refinancing risk linked to the group's November 2028
debt maturity (more than $1.2 billion senior secured notes and the
$100 million CPFs). Management expects the CPF will remain
undrawn.

"We assigned our 'CCC+' issue rating to the new $1.21 billion
senior secured notes issued by Tullow Holdco 2 Ltd. This reflects
the fact that they are secured, although subordinated to the $100
million super senior CPF.

"The stable outlook reflects our view that Tullow's liquidity will
be adequate over the next 12 months and that market conditions are
very favorable at present."

S&P could consider a negative rating action if:

-- In May 2027 S&P believes that the company is unlikely to agree
a sale or refinancing of the business by the mergers and
acquisition back-stop date (Sept. 30, 2027), which could result in
the maturity of the new senior secured notes springing to May 2028;
or

-- The company pursues a transaction that S&P considers tantamount
to a default, including a subpar exchange or business liquidation.

S&P views an upgrade as unlikely at this stage, but could take a
positive rating action if Tullow Oil successfully refinances or
repays its 2028 maturities in a transaction that it does not view
as distressed.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2026.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *