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

                          E U R O P E

          Monday, May 18, 2026, Vol. 27, No. 98

                           Headlines



E S T O N I A

BIGBANK AS: Moody's Affirms Ba1 Deposit Ratings, Outlook Negative


F R A N C E

IM GROUP: Moody's Appends 'LD' Designation to 'Caa1-PD' PDR


G E R M A N Y

DERICHEBOURG SA: Fitch Puts 'BB+' LongTerm IDR on Watch Negative
SC GERMANY 2023-1: Moody's Cuts Rating on EUR42.4MM E Notes to B1
TECHEM VERWALTUNGSGESELLSCHAFT 672: Fitch Assigns 'B' LongTerm IDR
VITA LUXCO: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable


I T A L Y

TIM SPA: Moody's Upgrades CFR to Ba1, Outlook Stable


L U X E M B O U R G

MOVIDA EUROPE: Moody's Rates New Senior Unsecured Notes 'Ba3'


P O L A N D

BANK MILLENNIUM: Moody's Rates EUR3-Bil. EMTN Programme '(P)Ba1'


S P A I N

AUDAX RENOVABLES: S&P Assigns 'BB-' LongTerm ICR, Outlook Stable


U N I T E D   K I N G D O M

17 HERTFORD STREET: FRP Advisory, BTG Appointed as Administrators
4 PARK: FRP Advisory, BTG Appointed as Joint Administrators
7 GREEN STREET: FRP Advisory, BTG Appointed as Joint Administrators
BICKENHALL MANSIONS: FRP, BTG Named as Joint Administrators
BIRD GATE: FRP Advisory, BTG Appointed as Joint Administrators

BLUE DIAMOND: FRP Advisory Appointed as Joint Administrators
BURLINGTON (FLAT 301): BTG Begbies, FRP Appointed as Administrators
BURLINGTON (FLAT 408): BTG Begbies, FRP Appointed as Administrators
BURLINGTON GATE: BTG Begbies Appointed as Joint Administrators
ENCORE CAPITAL: Fitch Rates EUR300MM Sec. Notes Due 2033 'BB+(EXP)'

GEORGE STREET (BC): FRP Advisory, BTG Named as Joint Administrators
HALKIN STREET: FRP Advisory, BTG Appointed as Joint Administrators
HARROWBY STREET: FRP Advisory Appointed as Joint Administrators
LION GATE: FRP Advisory, BTG Appointed as Administrators
PARK LANE: FRP Advisory, BTG Appointed as Administrators

SPARROW GATE: FRP Advisory, BTG Appointed as Joint Administrators
SPRING GARDENS: BTG Begbies, FRP Appointed as Administrators
VIVO ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable

                           - - - - -


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E S T O N I A
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BIGBANK AS: Moody's Affirms Ba1 Deposit Ratings, Outlook Negative
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Moody's Ratings has affirmed all ratings and assessments of Bigbank
AS (Bigbank): the Ba1/NP long- and short-term deposit ratings, the
ba2 Baseline Credit Assessment (BCA) and Adjusted BCA, the long-
and short-term Baa2/P-2 Counterparty Risk Ratings and the
Baa2(cr)/P-2(cr) Counterparty Risk Assessments.

The negative outlook on the long-term deposit ratings is
maintained.

RATINGS RATIONALE

The affirmation of Bigbank's Ba1/NP long- and short-term deposit
ratings reflects the affirmation of the bank's BCA, unchanged low
loss-given-failure for junior depositors that continues to provide
one notch of uplift, and unchanged low probability of government
support assumptions that continues to not result in any uplift.

Bigbank's ba2 BCA reflects its robust capitalisation and solid
liquidity buffers. The bank's capital position is tightly managed,
with the fast-growing bank supplementing common equity tier 1
(CET1) capital through periodic issuance of additional tier 1 and
tier 2 instruments to maintain all capital ratios above regulatory
buffer requirements. The bank's core liquidity buffers, which are
largely composed of central bank reserves, are solid,
notwithstanding the decline to 12.7% as a percent of tangible
assets as of year-end 2025 from 15.0% at year-end 2024.

The bank has a very high share of deposits sourced outside its core
lending markets of the three Baltic states and Finland, which
comprise just 18% of total deposits as of year-end 2025. While the
deposits outside of the Baltics and Finland are raised through the
bank's proprietary online platform and are almost wholly covered by
the Estonian deposit guarantee scheme, they are largely on-demand
and not linked to transaction accounts, with limited or no broader
customer relationships. That said, in 2024 Bigbank introduced daily
banking services in Estonia, including transaction accounts, and
has gradually extended these to Latvia and Lithuania, which Moody's
considers positive for the bank's funding profile.

The BCA also reflects elevated asset risks associated with
Bigbank's rapid loan growth and expansion into non-core markets,
which have contributed to a non-performing loans ratio of 4.2% as
of March 2026, significantly above that of the bank's rated Baltic
peers. Credit quality stabilised throughout 2025; stage 3 exposures
were stable in nominal terms and loans growth was strong, which led
to the non-performing loans ratio declining from 5.2% as of March
2025. The BCA further incorporates the potential volatility
stemming from bank's equity investment portfolio, as well as its
significant exposure to commercial real estate lending.

Finally, the BCA reflects an elevated risk appetite, demonstrated
by the bank's strategy to rapidly expand its balance sheet and grow
across non-core markets, as well as concentrated ownership by two
individuals, which results in key-person and governance risks.

OUTLOOK

The negative outlook on the long-term deposit ratings reflects the
combination of weaker profitability and a still elevated level of
non-performing loans, despite the bank having shifted towards
lower-margin lending without this yet translating into a
commensurate improvement in credit quality. The outlook also
incorporates the still limited and gradual take-up of deposits in
the bank's core markets, which remains a weakness in its funding
profile.

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

An upgrade of Bigbank's ratings is unlikely given the negative
outlook on its long-term deposit ratings.

The outlook on the long-term deposits could become stable through a
combination of reduced asset risks with lower lending growth and a
fall in non-performing loans consistently below 4%, a reduction in
the share of foreign deposits, and stabilised profitability with
net income to tangible assets of above 1.25%.

The bank's ratings could be downgraded if its profitability weakens
further (for example, with net income over tangible assets below
1%), alongside a still high share of foreign deposits. A downgrade
could also be triggered by a weakening in other solvency factors,
such as the non-performing loans ratio rising above 7% or ongoing
balance sheet expansion resulting in the CET1 ratio falling below
12.5%. Additionally, a significant decline in the volume of
loss-absorbing liabilities could also lead to downgrade.

PRINCIPAL METHODOLOGY

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

Bigbank's "Assigned BCA" of ba2 is set three notches below the
"Financial Profile" initial score of baa2 to reflect asset and
governance risks stemming from an aggressive strategy underpinned
by high lending growth and cross-border expansion, sizeable
exposure to commercial real estate lending, and a high share of
foreign deposits.




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F R A N C E
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IM GROUP: Moody's Appends 'LD' Designation to 'Caa1-PD' PDR
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Moody's Ratings has appended a limited default (LD) designation to
IM Group SAS' (Isabel Marant or the company) probability of default
rating, revising it to Caa1-PD/LD from Caa1-PD. The LD designation
will remain in place for three business days. There is no change to
the company's Caa1 corporate family rating or the ratings on its
senior secured notes. The stable outlook is unaffected.

On April 23, 2026, the company closed its amend and extend (A&E)
transaction where lenders agreed, among other things, to extend the
company's debt facilities to September 01, 2030. Moody's views the
transaction as a distressed exchange, an event of default under
Moody's definitions, which is reflected in the LD designation.
While the A&E provides liquidity relief via an extension debt
maturity, the company's key credit metrics remain weak and there
are execution risks associated with the improvement of its
financial performance going forward.

Headquartered in Paris, France, IM Group SAS is a holding company,
owner of Isabel Marant, a French affordable luxury apparel company,
which designs and distributes ready-to-wear products (dresses,
shirts, etc) and accessories (bags, shoes, belts and jewellery).




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G E R M A N Y
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DERICHEBOURG SA: Fitch Puts 'BB+' LongTerm IDR on Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed Derichebourg S.A.'s Long-Term Issuer
Default Rating (IDR) of 'BB+' and its senior unsecured rating of
'BB+' on Rating Watch Negative (RWN). The Recovery Rating is
'RR4'.

The RWN reflects Fitch's expectation that the acquisition of Scholz
Recycling Group will increase gearing and that deleveraging
post-acquisition may take a protracted period of time, given the
target company's weaker profitability and Derichebourg's need to
implement its own operating system and commercial practices to
achieve efficiencies.

Fitch will resolve the RWN once further details on the transaction,
integration plan and business plan for the enlarged group become
available. Fitch expects any rating downside to be limited to one
notch. Resolution of the RWN may take longer than six months.

The ratings reflect Derichebourg's strong position in the European
scrap recycling market, its disciplined approach to maintaining
sustainable margins in a cyclical business, and positive business
fundamentals supported by the EU's decarbonisation and circular
economy agenda.

Key Rating Drivers

Acquisition to Lift Gearing: Over the past three years,
Derichebourg has maintained gearing just above its negative
leverage sensitivity for the 'BB+' rating, due to
slower-than-anticipated debt reduction, mainly linked to weak
conditions in the European steel market. Fitch expects EBITDA net
leverage for FY26 (financial year-end September; before
acquisition) to build headroom compared with the 2.5x threshold.

Fitch expects the proposed acquisition of the Scholz Recycling
Group to increase EBITDA net leverage to about 3.5x or above (after
including the target's factoring within Fitch-adjusted gross debt).
Fitch expects deleveraging to below its negative sensitivity of
EBITDA net leverage of 2.5x to take a protracted period of time and
to depend on the integration plan, the updated business plan and
the financial policy of the combined entity.

Transaction with Strategic Fit: Scholz Recycling Group has a
meaningful footprint in European recycling markets, including
Germany, the Czech Republic, Poland and Austria, allowing
Derichebourg to broaden its geographic diversification and
strengthen its market position and competitiveness in Europe. The
acquired business's profitability is comparatively weak, making
successful integration into Derichebourg's operating system and
commercial processes key to improving free cash flow generation and
facilitating debt reduction post-acquisition.

Diversification Benefits Business Profile: Some relevant
end-markets, including long-steel production from ferrous scrap,
are regionally focused, as logistics costs are material. End-market
dynamics and performance vary across regions; therefore, wider
geographic diversification should incrementally reduce earnings
variability once successful integration and cost optimisation have
been achieved at the target company.

Recovery in the Steel Sector: Fitch forecasts Derichebourg's FY26
earnings (before acquisition) to be flat year on year. However, the
company could outperform Fitch's EBITDA of EUR235 million (or
EUR305 million before lease adjustments), given emerging signs of
recovery in the European steel market and if energy price hikes do
not affect sentiment in 2HFY26. For now, pent-up demand is leading
to steel consumption growth (Eurofer forecasts higher volumes of
1.3-1.4% for 2026-2027), despite muted economic growth. The carbon
border adjustment mechanism and anticipated European safeguard
measures for the steel industry are supporting margins at domestic
producers.

EU to Protect Steel Market: Amid weak European demand, a supply
glut from China and rising trade barriers in the US and elsewhere,
the EU reached a provisional political agreement in April 2026 on
new steel trade protection measures, which are due to take effect
on 1 July 2026. The agreed measures include lowering tariff-free
import volumes to 18.3 million tonnes per year and increasing the
duty on above-quota imports to 50% from 25%. The package is
intended to protect the EU steel market from global overcapacity.

Peer Analysis

Fitch compares Derichebourg to rated peers SPIE SA (BBB-/Stable)
and Seche Environnement S.A. (BB/Stable).

SPIE is a business services company involved in installing and
upgrading mechanical, electrical and heating systems, ventilation
and air conditioning; installing, upgrading, operating and
maintaining voice, data and image communication systems; and
technical facility management. The technical nature of SPIE's
services and its focus on smaller, low-risk contracts provide
barriers to entry and cash flow visibility.

Like Derichebourg, SPIE does not have a large order backlog but
generates a high portion of sales from recurring customers. Unlike
Derichebourg, its contracts are diversified across a wide range of
markets and clients (private and public), with only limited
exposure to cyclical sectors such as oil and gas. SPIE's rating
reflects improved net leverage of 2.0x-2.5x, despite corporate
activity, increased scale, with EBITDA now exceeding EUR750 million
and consistent positive free cash flow generation.

Seche is a medium-sized waste company with extensive operations in
niche markets for resource and energy recovery from hazardous waste
(two thirds of turnover) and non-hazardous waste (one-third),
sourced mostly from industrial customers. Like Derichebourg, the
group targets services that require technical expertise. It has an
expanding international footprint, while its largest markets are
France, followed by Italy.

Seche's business generates margins of 15%-20%, with a mid-cycle
target net debt/EBITDA below 3.0x (company-defined). The group is
smaller than Derichebourg, but its earnings variability through the
cycle is lower.

Fitch's Key Rating-Case Assumptions

- Processed volumes in metals recycling to grow at low-single-digit
CAGR over 2026-2029

- EBITDA per tonne for metals recycling at EUR60-62 over the
forecast horizon (pre-leasing adjustment) for Derichebourg's
current perimeter; for Scholz Recycling Group, Fitch assumes EBITDA
per tonne (pre-leasing adjustment) is more than 50% lower (based on
total volumes, including paper, cardboard and plastics)

- EBITDA contribution from municipal services of EUR38 million-40
million over the forecast horizon

- Fitch assumes an EBITDA multiple for the acquired business in
line with sector market multiples

- Effective tax rate of about 30% over the next four years, which
may rise incrementally post-acquisition

- Capex closer to 40% of company-reported EBITDA for Derichebourg's
current perimeter; for Scholz Recycling Group, Fitch assumes above
50% of reported EBITDA to bring the assets in line with
Derichebourg's maintenance levels and operating standards

- Dividends in line with the historical trend, at or below the 30%
cap on normalised net income

- No further debt-funded acquisitions over the next four years

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 30% for the historical year 2025, 50%
for the forecast year 2026 and 20% for the forecast year 2027.

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

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

- The SCP is 'bb+'.

RATING SENSITIVITIES

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

- EBITDA net leverage higher than 2.5x on a sustained basis

- Cash flow from operations less capex/total gross debt under 10%
on a sustained basis

- Support to Elior Group in future refinancing needs

- Acquisitions or asset investments negatively affecting the
financial profile

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

The RWN makes positive rating action unlikely in the short term.
However, if the transaction fails to close, Fitch will affirm the
rating with a Stable Outlook.

If the transaction is successfully completed, the following factors
could lead to the ratings being removed from RWN, and being
affirmed with a Stable or Negative Outlook:

- EBITDA net leverage to move close to 2.5x within 18 months after
closing of the acquisition

- Cash flow from operations less capex/total gross debt to move
close to 10% within 18 months after closing of the acquisition

Liquidity and Debt Structure

At FYE25, Derichebourg had EUR163.3 million of cash and cash
equivalents (assuming the EUR45.7 million of listed shares have
been monetised) and a EUR100 million undrawn committed revolving
credit facility maturing in March 2028. Debt amortisation is
manageable at EUR60 million-65 million in FY26 and FY27.
Derichebourg has entered into a bridge loan facility with BNP
Paribas to fund the acquisition of Scholz Recycling Group. Fitch
assumes that, as part of the refinancing of the bridge loan, the
revolving credit facility will be updated to provide adequate
liquidity for the enlarged group.

Issuer Profile

Derichebourg operates 285 metals collection and processing sites in
industrial areas with high scrap volumes. It is the market leader
in France and diversified in across Europe, Mexico and North
America. The proposed acquisition will further increase its scale
and geographic diversification.

Summary of Financial Adjustments

As of FYE25:

- Lease liabilities of EUR284.2 million excluded from the total
debt amount

- Right-of-use depreciation of EUR65.1 million and interest for
leasing contracts of EUR6.7 million treated as operating
expenditure, reducing EBITDA in FY25

- Factoring of EUR190.3 million added to Fitch-adjusted debt for
FY25; movement in factoring balance from the previous year was
reversed in working capital

- The EUR300 million bond was fully reflected in gross debt, as
Fitch did not take into consideration the issue premium

- Impairments of EUR12.3 million and gains from asset disposals of
EUR0.9 million were moved to exceptionals/non-recurring items

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 Derichebourg.

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
   -----------              ------                --------   -----
Derichebourg S.A.  

                      LT IDR BB+ Rating Watch On             BB+
senior unsecured     LT     BB+ Rating Watch On   RR4       BB+


SC GERMANY 2023-1: Moody's Cuts Rating on EUR42.4MM E Notes to B1
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Moody's Ratings has downgraded the ratings of Class E and Class F
notes in SC Germany S.A., Compartment Consumer 2023-1. The rating
action reflects worse than expected collateral performance and
reduction in overcollateralization for both classes, together with
the decrease of credit enhancement available for Class F notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

EUR605.6M Class A Notes, Affirmed Aaa (sf); previously on Nov 14,
2025 Affirmed Aaa (sf)

EUR40M Class B Notes, Affirmed Aaa (sf); previously on Nov 14,
2025 Upgraded to Aaa (sf)

EUR42.4M Class C Notes, Affirmed Aa2 (sf); previously on Nov 14,
2025 Upgraded to Aa2 (sf)

EUR41.6M Class D Notes, Affirmed Baa1 (sf); previously on Nov 14,
2025 Affirmed Baa1 (sf)

EUR42.4M Class E Notes, Downgraded to B1 (sf); previously on Nov
14, 2025 Downgraded to Ba2 (sf)

EUR11.2M Class F Notes, Downgraded to B3 (sf); previously on Nov
14, 2025 Downgraded to B2 (sf)

RATINGS RATIONALE

The rating action is prompted by increased key collateral
assumptions, namely the default probability (DP) assumption, due to
worse than expected collateral performance, and reduction in
overcollateralization due to recorded PDL. In the case of Class F,
the rating action is also prompted by the decrease of available
credit enhancement and the insufficient excess spread for turbo
amortization of the class.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's expected
default rate assumption for the portfolio reflecting the collateral
performance to date.

The performance of the transaction has continued to deteriorate
since last rating action in November 2025. Total delinquencies have
slightly decreased in the past six months, with 90 days plus
arrears currently standing at 0.66% of current pool balance.
However, cumulative defaults have increased to 5.18% of original
pool balance up from 4.14% in October 2025.

Moody's increased Moody's default probability assumption to 7.7%
from 7.2% of the current portfolio balance, which translates into a
8.2% default probability assumption based on the original portfolio
balance, up from 7.5%. The assumption for the fixed recovery rate
is unchanged at 15%.

Moody's also reassessed Moody's Portfolio Credit Enhancement
("PCE") assumption for this transaction. PCE reflects the credit
enhancement consistent with the highest rating achievable in
Germany. As a result, Moody's have maintained the PCE assumption at
18%.

Reduction in Overcollateralization Due to Recorded PDL

The transaction is trapping all excess spread available to
replenish the reserve fund (the "Part 1") up to the original
target, after the issuer noticed that the reserve fund should not
have amortized after the Class F turbo payments stopped in March
2024. As of April 2026, the Part 1 is at EUR7.76 million, close to
its target of EUR7.80 million. The use of the excess spread to
increase the reserve fund resulted in buildup of PDL recorded
against the overcollateralization, which reduced the
overcollaterisation from EUR16.2 million, as of the latest rating
action in November 2025, to EUR9.0 million. Once the Part 1 is back
at its original target, the excess spread will be used to reduce
the PDL related to the overcollateralization. As of April 2026, the
Overcollateralization PDL is EUR11.2 million. If the
Overcollateralization PDL is reduced to zero, the Part 2 of the
reserve fund will start being funded again, with a target of EUR3.9
million.

The Notes principal payments waterfall changed irreversibly to
sequential from the previous pro rata payment due to the occurrence
of a Sequential Payment Trigger Event, linked to the cumulative net
loss ratio exceeding 3.50% as of the payment date in August 2025.

Reduction in Credit Enhancement

The available credit enhancement for the Class F Notes has reduced
to 4.00% as of April 2026 compared to 4.18% as of the latest rating
action in November 2025. There is insufficient excess spread for
turbo amortization of the Class F.

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 include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


TECHEM VERWALTUNGSGESELLSCHAFT 672: Fitch Assigns 'B' LongTerm IDR
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Fitch Ratings has affirmed Germany-based heat and water
sub-metering services operator Techem Verwaltungsgesellschaft 674
mbH's Long-Term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook and simultaneously withdrawn the rating. At the same time,
Fitch has assigned Techem Verwaltungsgesellschaft 672 mbH (Techem)
a Long-Term IDR at 'B' with a Stable Outlook.

The rating remains constrained by a deferred equity consideration,
which may incentivise cash upstreaming to shareholders. The Stable
Outlook reflects good revenue visibility and strong profitability,
underpinned by Techem's leading position in the German sub-metering
market.

Fitch has also affirmed the senior secured instruments issued by
Techem Verwaltungsgesellschaft 675 mbH at 'B+' with a Recovery
Rating of 'RR3.

Fitch is withdrawing Techem Verwaltungsgesellschaft 674 mbH's
rating as it is undergoing a reorganisation and has been merged
into Techem as the legal successor.

Key Rating Drivers

Debt Capacity Revised Up: Fitch has revised upward Techem's debt
capacity by 0.3x in EBITDA leverage terms, reflecting the company's
sustained scale expansion - as the largest operator in Germany by
installed radio-based energy metering devices - and better
alignment with peers.

Constrained Rating Upside: Rating upside remains constrained by
re-leveraging risk linked to the deferred equity consideration of
EUR1.6 billion due July 2027. This liability is outside Techem's
restricted group, but Fitch views it as an incentive for existing
shareholders to upstream cash to fund the equity consideration.
Bond documentation provides some mitigation, with a 5.8x cap on
pro-forma (for the additional senior secured debt issued) net
leverage, versus reported 5.7x at end-2025.

Dividend Recapitalisation Drives Moderate Re-leveraging: In July
2025, Techem completed EUR870 million dividend recapitalisation,
funded through the issue of EUR1.15 billion of senior secured
notes. The impact on leverage of the transaction was partly
mitigated by continued robust operational performance, with
Fitch-adjusted EBITDA leverage at 6.6x at end-September 2025.

Leverage Broadly Stable: Fitch forecasts Fitch-adjusted EBITDA
leverage to decline slightly, averaging around 6.5x over financial
year (FY) 2026-2028. EBITDA growth will remain moderate, as
expansion in the core business — supported by higher billing
revenue and the ongoing multi-sensor device rollout — is partly
offset by the consolidation of inexogy, one of Germany's largest
competitive metering point operators. Fitch expects free cash flow
(FCF) to remain neutral to positive as EBITDA is applied to fund
its high interest burden and the steady but flexible capex plan.

Reaffirmed Strategy after Ownership Change: In October 2025, a
consortium of investors led by Partners Group's infrastructure
division — and including GIC, TPG Rise Climate and Mubadala
Investment Company — acquired control of Techem from Partners
Group's equity division for a total consideration of approximately
EUR6.7 billion. Fitch views the strategic direction as unchanged,
with a continued focus on strengthening Techem's position as a
leading digital-first provider of submetering solutions for the
real estate sector across Europe.

Strengthened Debt Profile: In September 2025, Techem completed a
comprehensive debt refinancing, extending the maturity of its
existing EUR1.85 billion term loan to July 2032 and the revolving
credit facility (RCF) to April 2032. Fitch considers refinancing
risk for Techem's gross debt of about EUR3.5 billion at end-2025 to
be limited in the near term, with EUR0.5 billion maturing in 2029
and the rest in July 2032. The debt profile is also adequately
protected from interest rate risk, supported by fixed-rate
instruments totalling about EUR1.11 billion and financial hedging
covering EUR1.79 billion of floating-rate debt over the next two
years.

High but Flexible Capex: Fitch expects Techem to invest about
EUR230 million a year in FY26-FY28, mostly in its energy services
segment. Energy Services Germany's core rental equipment capex is
the main reason for the increase, driven by a near doubling in
replacement devices. This will lead to about EUR20 million positive
FCF a year, likely to be absorbed by bolt-on M&A. Capex is partly
discretionary, leaving room to scale back or postpone investments,
although lower capex will limit EBITDA expansion.

Infrastructure-Driven Value Proposition: Techem targets wider
dwelling coverage in Germany and internationally, focusing on
higher value, cash-generative sub-sectors. Smart reader upgrades,
multi-sensor device rollout and new services including metering
point operations and digital heat chain aim to deliver higher cost
efficiencies. In September 2025, Techem acquired a 55% stake in
inexogy, expanding into electricity and gas smart metering. Fitch
expects inexogy to remain loss-making over FY26-FY28, with
integration and execution risk as near-term credit considerations.

Favourable Operating Environment: The EU Energy Efficiency
Directive (EED) supports sub-metering adoption and mandates
remotely readable devices by January 2027, driving demand for
Techem's services. EED adoption by EU member states remains slow,
affecting the timing of revenue expansion. Stricter regulations may
require additional investments, including technical enhancements
for interoperability. The Energy Performance of Buildings
Directive, with transposition due by May 2026, should further
stimulate landlord investment in energy-saving products. Techem's
operating environment remains stable and supportive over the medium
term.

Senior Secured Rating: Techem's senior secured debt is rated 'B+',
one notch above the 'B' IDR, reflecting the security package
comprising first-priority share pledges over the company, and
guarantors and first-priority pledges over their material bank
accounts. These assumptions result in a recovery rate for the
senior secured debt within the 'RR3' range, underpinning the
one-notch uplift to the debt rating from the IDR.

Peer Analysis

Techem's business profile is similar to those of infrastructural
and utility-like peers and corresponds to the 'BBB' category. It
has proven to be resilient through the Covid-19 pandemic and has
shown stable performance through the cycle. It is constrained by
high gross leverage and lower FCF generation.

Its focus on the expansion of its smart reader network makes it
comparable with pure telecom networks, such as Cellnex Telecom S.A
(BBB-/Stable), Infrastrutture Wireless Italiane S.p.A. (BBB-/Rating
Watch Negative) and TDC NET A/S (BB/Stable). These entities have
comparable leverage, and their high capex is demand-driven and led
by infrastructural expansion, as is most of Techem's. However,
their sector, scale and tenant stability provide for a higher debt
capacity.

Techem is also comparable with highly leveraged business services
operators, such as Nexi S.p.A. (BBB-/Stable), which has a similar
billing model on a wide portfolio of customers in a favourable
competitive environment. Nexi's secular growth prospects are
stronger than Techem's, and the former has lower leverage and
higher FCF conversion.

Fitch’s Key Rating-Case Assumptions

- Core Energy Services Germany & Energy Services International
revenue growth on average 4.5% for FY26-FY28, supported by the
installations of multi-sensor devices

- EBITDA margin (as defined by Fitch) averaging 47% as efficiency
gains are offset by the consolidation of inexogy

- Capex averaging about EUR230 million a year over FY26-FY28,
including the ramp-up of inexogy's business

- Working capital outflow of an average EUR40 million a year over
FY26-FY28

- M&A averaging around EUR45 million a year over FY26-FY28

- No dividend distributions over FY26-FY28

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 25% weight for the historical year
2025, 25% for the forecast year 2026, 25% for the forecast year
2027 and 25% for the forecast year 2028.

- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch.

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

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

- The SCP is 'b'.

Recovery Analysis

The recovery analysis assumed that Techem would be reorganised as a
going concern in bankruptcy rather than liquidated, based on its
strong cash flow generation through the cycle and asset-light
operations. Its installed base and contractual portfolio are key
intangible assets of the business, which are likely to be operated
after bankruptcy by competitors with higher cost efficiency. Fitch
assumed a 10% administrative claim.

Fitch estimates a going concern EBITDA of EUR400 million to fully
reflect Techem's structural shift towards a more resilient business
profile.

Fitch assumed a distressed multiple of 7.0x, considering Techem's
stable business profile and comparing it with similarly
cash-generative peers with infrastructure and utility-like business
models. Its debt waterfall includes a fully drawn increased RCF of
EUR396 million, senior secured notes of EUR1.65 billion and term
loan of EUR1.85 billion. This results in ranked recoveries in the
'RR3' band for the senior secured debt.

RATING SENSITIVITIES

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

- EBITDA leverage consistently above 7.3x with no sign of
deleveraging

- EBITDA interest coverage trending to or below 2.0x on a sustained
basis

- Departure from its financial policy of debt reduction and zero
dividends, or debt-funded M&A

- Reduced EBITDA leading to an inability to maintain positive FCF
on a sustained basis

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

- EBITDA leverage below 6.3x on a sustained basis, supported by a
consistent financial policy

- EBITDA interest coverage trending towards or above 3.0x

- Commitment to a financial policy of zero dividends or no
debt-funded M&A

- FCF trending towards neutral-to-positive territory

Liquidity and Debt Structure

Fitch assesses Techem's liquidity as satisfactory. It had a cash
balance of about EUR52 million at end-2025 and RCF of EUR396
million, of which EUR155 million was drawn. The company uses the
facility throughout the year to finance intra-year working capital
swings.

Issuer Profile

Techem is a Germany-based heat and water sub-metering services
operator active in submetering installation and services in
Europe.

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 Techem.

ESG Considerations

Techem has an ESG Relevance Score of '4' [+] for Energy Management
due to the company's role in energy efficiency initiative as a
metering service provider, which has a positive impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Techem has an ESG Relevance Score of '4' [+] for GHG Emissions &
Air Quality as the company provides solutions to optimise energy
costs, increase energy efficiency and minimise CO2 emissions. This
has a positive impact on the credit profile and is relevant to the
rating[s] in conjunction with other factors.

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

   Entity/Debt                     Rating         Recovery   Prior
   -----------                     ------         --------   -----
Techem
Verwaltungsgesellschaft
674 mbH                      LT IDR  B    Affirmed            B
                             LT IDR  WD   Withdrawn

Techem
Verwaltungsgesellschaft
675 mbH

   senior secured            LT      B+   Affirmed    RR3    B+

Techem
Verwaltungsgesellschaft
672 mbH                      LT IDR  B    New Rating


VITA LUXCO: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Netherlands-based installation and
technical services provider Vita LuxCo SARL (Hanab) a Long-Term
Issuer Default Rating (IDR) of 'B+'. The Rating Outlook is Stable.
Fitch has also assigned Hanab's senior secured loans issued by its
subsidiary Hanab Holding BV an expected debt rating of 'BB-(EXP)'
with a Recovery Rating of 'RR3'.

Hanab's rating reflects it strong position as a technical service
provider in the Netherlands. Its business profile is solid,
reflecting its strong brand and reputation and the signing of
multi-year framework agreements. Good contract management supports
profitability, driving strong organic deleveraging capacity. The
rating is constrained by its limited scale and diversification.

The Outlook reflects its expectation that Hanab 's revenue and
profitability will continue to grow from the positive energy and
utility sector trends in the Netherlands. The rating is predicated
on stable capital allocation policies, with EBITDA leverage
trending below 5x from 2027.

Key Rating Drivers

Strong Market Position: Since the carve-out from VolkerWessels,
Hanab is the number one multi-utility service provider in the
Netherlands. It offers end-to-end integrated solutions to the
energy and utility infrastructure and connectivity markets. Its
critical and entrenched service offerings to its largely blue-chip
customer base and best-in-class technical capabilities provide the
company a strong competitive advantage with high barriers to
entry.

Attractive Underlying Market: Fitch believes the energy market in
the Netherlands has attractive long-term structural drivers.
Current grid congestion issues and the increased demand for grid
capacity support this view. Additional grid capacity remains
critical to support the energy transition and protect the
competitiveness of the Dutch economy.

Hanab is well positioned to capture a significant market share,
benefiting from its long-term partnerships with TenneT Netherlands,
DSOs (Liander, Stedin, Enexis) and GasUnie. These partnerships will
more than offset the expected decline in telco infrastructure
projects from the advanced roll-out of national fibre networks. The
decline is mitigated by future growth from securing the transition
into maintenance framework agreements with its main customer, Royal
KPN N.V. (BBB/Stable) and further fibre roll-outs contracted in
Germany. The contracts are likely to boost growth in the telco and
connectivity segment over the upcoming years.

Recurring Revenue: Long-term, multi-year framework agreements with
long-standing partners, combined with low renewal risk and high
retention rates have historically secured revenue from projects,
which account for two-thirds of group revenues. Fitch expects Hanab
to convert current energy and utility network expansion projects
into multi-year maintenance contracts. Reoccuring project activity
should accelerate, based on the strong visibility from Hanab's
committed order book.

Strong Profitability: Fitch expects Fitch-defined EBITDA margins to
improve to 12.5% by 2028 from 10.8% in 2025, benefiting from
top-line revenue growth and a positive product mix, with stronger
growth expected in the higher margin energy and utility segment.
This is underpinned by strong inflation protection through
pass-through provisions embedded in contracts, a flexible cost
structure, and fair share of sub-contracted cost that provides some
cushion through the cycle.

Healthy Cash Flow Generation: Fitch expects FCF to sales margins
above 6% beyond 2026 and nearing the high-single digits by 2030 due
to profitability improvement. Hanab benefits from an asset-light
model with limited investment in capex and working capital needs.
Fitch's view on future capital allocation is limited at present,
but excess cash flow could be deployed to acquisitive expansion or
further shareholder distributions.

Deleveraging Capacity: Fitch expects Fitch-defined EBITDA leverage
on a gross basis to decline below 5.0x by 2027 and below 4.0x by
2030 from a high opening leverage of 5.6x post-dividend
recapitalisation. This expectation is based on overall EUR1.1
billion of term loan B drawn debt. Fitch believes there is
potential for faster deleveraging from cash-funded, EBITDA
accretive bolt-on acquisitions over the forecast period.

Scale, Diversification Constraints: Hanab's limited global reach,
with operations mostly focused in the Netherlands, and material
customer concentration constrain the rating at 'B+'. However,
customer concentration is mitigated by blue-chip client
relationships that span several years.

Future Capital Allocation: The proposed shareholder distribution
suggests a more aggressive financial policy relative to the company
sponsor's (Triton) conservative approach to leverage at the
original carve-out. The documentation allows for customary baskets
for permitted debt, permitted investments and shareholder
distributions. However, capital allocation priorities remain
unchanged: invest in organic growth and selective bolt-on M&A, only
followed by dividends if there are no alternative uses of excess
cash. Debt capacity remains high considering the solid FCF profile,
but any further opportunistic releveraging could be detrimental to
the rating.

Peer Analysis

Hanab's business profile is supported by its strong market position
and competitive advantage in the energy and utility and telco and
connectivity sectors in the Netherlands. This reflects the strong
positive secular trends from the expansion of power grids and
energy transition programmes.

Compared with pan-European specialised energy related services
provider SPIE SA (BBB-/Stable) and Albion Holding Limited
(BB-/Stable), Hanab's smaller size and diversification, lower
recurring revenue from long-term service agreements, and higher
leverage justify the assigned 'B+' rating, despite its higher FCF
margins, which Fitch expects to be consistently above 6% due to its
asset-light business model.

Other rated peers by Fitch in the installation services sector such
as Assemblin Caverion Group AB (Assemblin, B/Positive), the leading
building installation services provider in the Nordics, and Swedish
building services provider Polygon Group AB (B-/Negative), focused
on water and fire damage restoration mostly related to insurance
claims, have larger scale than Hanab but their main exposure to
installation services results in lower profitability and FCF
margins due to their more commoditised service offering and a more
intense competitive environment.

Fitch expects Hanab's leverage profile to decline below 5x by 2027
compared with more than 8x for Polygon, which justifies the
multi-notch rating difference. Fitch expects Assemblin's leverage
to trend below 5x by YE 2026.

Fitch's Key Rating-Case Assumptions

- Revenue growth in 2026-2030 at 6.3% CAGR, mainly supported by
energy transition-related projects;

- EBITDA margin trending towards 13%, aided by margin accretive
projects and operating leverage;

- Net working capital outflows of 0.3% (average annual) for
2026-2030;

- Capex of 0.4% of sales (average annual) for 2026-2030;

- Average FCF margin slightly below 6% over 2026-2030, supported by
improvement in profitability and limited net working capital
changes and capex;

- Shareholder distributions in 2026, in line with expectations; no
additional distributions or dividends assumed.

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-, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (b+, Moderate),
Diversification and Asset Quality (b+, Higher), Company
Operational

Characteristics (bb+, Moderate), Profitability (bbb, Lower),
Financial Structure (b+, Higher), and Financial Flexibility (b,
Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% for the forecast year 2026, 40%
for the forecast year 2027 and 20% for the forecast year 2028.

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

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

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

- The SCP is 'b+'.

To derive the IDR:

- No other considerations were applied.

Recovery Analysis

The recovery analysis assumes that Hanab would be reorganised as a
going-concern in bankruptcy rather than liquidated.

The going concern EBITDA estimate of EUR140 million reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level, on
which it bases the enterprise value. In such a scenario, stress on
EBITDA would most likely result from operational underperformance,
reputational damage with contract losses, or major M&A integration
issues having a negative effect on profitability.

Fitch applies an enterprise value multiple of 5.5x EBITDA to the
going concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple results from low customer churn, increasing
demand for Hanab's services and highly recurring revenues.

Its recovery calculations include Hanab's term loan B for the
EUR1.1 billion. The capital structure also includes a committed
EUR200 million RCF, which Fitch assumes would be fully drawn upon
in a default. Its debt waterfall analysis, after deducting 10% for
administrative claims, generates a ranked recovery in the 'RR3'
band for the senior secured creditors, resulting in a debt rating
of 'BB-(EXP)' for the first lien secured debt.

RATING SENSITIVITIES

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

- EBITDA leverage above 5.0x on a sustained basis;

- EBITDA margin decreasing below 10% due to lower productivity,
margin-dilutive debt-funded acquisitions, loss of large customers
or significant pricing pressure;

- EBITDA interest coverage below 3.0x on a sustained basis;

- FCF margin sustainably below mid-single digits % on a sustained
basis.

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

- Greater scale and diversification leading to no dilution in
EBITDA margins;

- EBITDA leverage below 4.0x on a sustained basis, aligned with a
financial policy consistent with a 'BB' category rating;

- FCF margin towards high single digits on a sustained basis.

Liquidity and Debt Structure

Hanab's sound liquidity profile is based on EUR50 million cash on
balance sheet pro forma for the proposed dividend recapitalisation,
and undrawn RCF of EUR200 million. Fitch expects strong FCF
generation to build cash on the balance sheet by an average of
about EUR120 million a year. Fitch views capital allocation of
excess cash flows to be potentially invested into the business to
support inorganic growth via bolt-on M&A, or towards future
shareholder distributions.

There are no substantial short-term debt maturities as the proposed
maturity for the new EUR1.1 billion term loan B falls in 2033.

Issuer Profile

Hanab is the leading installation and technical services provider
in energy and utility, and telecom and connectivity sectors in the
Netherlands.

Date of Relevant Committee

May 12, 2026

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

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   
   -----------             ------                   --------   
Vita LuxCo SARL    

                      LT IDR   B+       New Rating

Hanab Holding BV

   senior secured     LT       BB-(EXP) Expected Rating    RR3




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

TIM SPA: Moody's Upgrades CFR to Ba1, Outlook Stable
----------------------------------------------------
Moody's Ratings has upgraded to Ba1 from Ba2 the long-term
corporate family rating, and to Ba1-PD from Ba2-PD the probability
of default rating of TIM S.p.A. (TIM or Telecom Italia or the
company), the leading telecommunications provider in Italy.
Concurrently, Moody's have upgraded to Ba1 from Ba2 the ratings on
the senior unsecured debt issued by Telecom Italia, the ratings on
the backed senior unsecured debt instruments issued by its
subsidiaries, Telecom Italia Capital S.A. and Telecom Italia
Finance, S.A. and to (P)Ba1 from (P)Ba2 the senior unsecured Euro
MTN program rating of Telecom Italia and the backed senior
unsecured MTN program rating of Telecom Italia Finance, S.A. The
outlook on all three entities remains stable.

"The upgrade to Ba1 reflects Telecom Italia's strong execution
which is supporting a sustained earnings recovery and improved
credit metrics. Moody's expects the company to continue to generate
positive free cash flow over 2026–28, which, together with
ongoing debt repayment, will underpin further deleveraging" says
Ernesto Bisagno, a Moody's Ratings Vice President - Senior Credit
Officer and lead analyst for Telecom Italia.

RATINGS RATIONALE

The rating upgrade reflects the company's consistent execution of
its strategic plan which has resulted in a structurally deleveraged
balance sheet and improving credit metrics. TIM has delivered
steady operating performance, with resilient domestic service
revenues — supported by fixed ARPU growth and continued
Enterprise expansion — alongside sustained mid-single-digit
growth in Brazil.

In 2025, its Moody's-adjusted EBITDA increased by 6% to EUR4.3
billion, while its Moody's adjusted FCF strengthened towards EUR400
million. As a result, TIM's Moody's-adjusted debt to EBITDA
improved to 3.5x in 2025, from around 4.0x in 2024 (pro-forma for
the Netco disposal) and to 2.7x in 2025 on a net basis from around
3.0x in 2024.

Moody's expects additional EBITDA growth in the mid-single-digit
percentages each year over 2026-27. This EBITDA growth will be
driven by (1) strong growth in the Enterprise business owing to
end-to-end connectivity, cloud, security and IoT integrated
services catered to large corporates and public administrations;
(2) improving KPIs in the consumer segment with higher ARPUs in
fixed and reduced customer churn; and (3) the steady revenue growth
in Brazil.

Moody's expects TIM's Moody's-adjusted free cash flow to average
around EUR600 million per annum over 2026-28, This reflects steady
earnings growth, lower interest costs and stable capital spending.
Moody's assumptions incorporate dividends consistent with the
company's stated policy of distributing approximately 70% of equity
free cash flow.

In 2026, TIM will benefit from material extraordinary cash inflows,
including approximately EUR1 billion from the resolution of the
1998 state licensing fee dispute and around EUR700 million from the
pending disposal of its submarine cable unit, Sparkle.

A significant portion of these proceeds will be returned to
shareholders through a combination of the cash settlement linked to
the conversion of savings shares into ordinary shares and a share
buyback programme of up to EUR400 million, with the remainder
supporting further deleveraging. As a result, Moody's expects TIM's
Moody's-adjusted leverage will decline towards 2.5x by 2028 (2.0x
on a net basis), thanks to repayment of the debt maturing over
2026-28.

Telecom Italia's Ba1 rating primarily reflects the company's scale
and position as the incumbent service provider in Italy, with
strong market shares in both the fixed and mobile segments; its
international diversification in Brazil; and the company's
commitment to maintain a net leverage below 1.7x (equivalent to a
maximum Moody's-adjusted leverage of 2.6x). The rating also takes
into account the challenging competitive environment in Italy which
continues to exert pressure on the domestic consumer business.

LIQUIDITY

Telecom Italia's liquidity is strong given its cash and cash
equivalents of EUR3.5 billion at 31 March 2026. Moody's expects the
company to use most of the existing cash to repay debt, finance the
EUR700 million conversion of savings shares as well as EUR400
million share buyback in 2026, and maintain a cash balance of at
least EUR2 billion.

Over the 2026-28, Moody's expects the company to report positive
FCF (after shareholder distributions) of approximately EUR600
million per year (excluding the monetization of EUR1 billion fee
dispute related to the 1998 payment to the state for fees
licensing), supporting the company's very good liquidity profile.
In addition, the company currently has access to EUR3 billion
available under its revolving credit facility (RCF) due in 2030,
with no financial covenants.

Moreover, in 2026, in addition to the EUR1 billion inflow from the
1998 concession fee dispute, the company will receive approximately
EUR700 million for the disposal of its submarine cable unit
Sparkle.

STRUCTURAL CONSIDERATIONS

Telecom Italia's probability of default rating of Ba1-PD reflects
the use of a 50% family recovery rate assumption, given that its
capital structure comprises both bank debt and bonds. All of
Telecom Italia's debt instruments are senior unsecured and have a
Ba1 rating, at the same level as Telecom Italia's Ba1 CFR.

While there is some external debt at TIM Brazil level, the absence
of contractual subordination and the fact that the credit quality
of the Italian and Brazilian business is broadly aligned, mean that
creditors at the Brazil level are not in a significantly more
favorable position relative to creditors at Telecom Italia level.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the company's strengthening operating
performance and Moody's expectations that Telecom Italia's credit
metrics will continue to improve over the next two years, supported
by ongoing earnings recovery and positive free cash flow.

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

Reflecting the company's consistent execution following the NetCo
disposal, Moody's have increased Moody's tolerance for leverage by
0.5x. Since the transaction, the company has demonstrated improved
operating performance, structurally lower capital intensity and a
return to positive, more resilient free cash flow generation. As a
result, the leverage guidance applicable to the Ba1 rating category
remains unchanged.

Further upward pressure in the next 12-18 months could develop if
Telecom Italia's operating performance continues to strengthen as a
combination of a more supportive consumer business with improving
KPIs. An upgrade would be driven by the company's Moody's adjusted
debt/EBITDA declining consistently below 2.5xand its
Moody's-adjusted RCF/net debt ratio to trend towards 30%.

Downward rating pressure in the next 12-18 months is unlikely but
could develop if operating performance weakens, such that its
Moody's-adjusted leverage increases above 3.0x on a sustained
basis, its FCF turns persistently negative and the interest
coverage metrics deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in December 2025.

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

COMPANY PROFILE

Telecom Italia is the largest telecommunications provider in Italy.
The company provides a full range of services and products,
including telephony, data exchange, interactive content, and
information and communications technology solutions. In addition,
the group is one of the leading telecom companies in the Brazilian
mobile market, operating through its subsidiary, TIM S.A. In 2025
Telecom Italia generated net revenue of EUR13.7 billion, and EBITDA
of EUR4.6 billion.




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

MOVIDA EUROPE: Moody's Rates New Senior Unsecured Notes 'Ba3'
-------------------------------------------------------------
Moody's Ratings assigned a Ba3 rating to the proposed
benchmark-sized senior unsecured notes to be issued by Movida
Europe S.A. (Movida), unconditionally and irrevocably guaranteed by
Movida Participacoes S.A. Movida's other rating remains unchanged.
The outlook is stable.

The proposed issuance is part of Movida's ongoing liability
management strategy. Proceeds will be used to fund a concurrent
Tender Offer of its 2029 notes, and fund general corporate
purposes, without significantly impacting the company's leverage
metrics.

The rating of the proposed notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by us to date and assume that these
agreements are legally valid, binding, and enforceable.

RATINGS RATIONALE

The transaction includes liability management that supports a more
extended amortization profile and financial flexibility. Since
2025, Movida has been reducing fleet investments, resulting in a
slowdown in fleet growth and a reduction in capex. At the same
time, the company implemented significant tariff increases across
both the Rent-a-Car and Fleet Management segments, driving revenue
growth of 6.1% in the twelve months ended March 2026. These
measures substantially reduced cash consumption and supported
deleveraging, with Debt/EBITDA (ex-Credit Linked Notes) improving
to 3.4x in March 2026 from 4.2x in December 2024. Moody's expects
the company to maintain a disciplined fleet investment strategy in
2026, prioritizing cash generation and balance-sheet
strengthening.

Movida's Ba3 rating reflect its competitive position as the second
largest company in the Brazilian car and fleet rental market. It
has a flexible business model, which helps it weather economic and
auto market slowdowns. The company's adequate liquidity, stable
operating performance, and Moody's expectations of an adequate
leverage over the next 12-18 months also support the rating.

The rating also incorporate Movida's relevance for Simpar S.A. (Ba3
stable) and benefits derived from being controlled by Simpar group,
which holds a 67.7% ownership stake in Movida. The significant
board representation gives it strong incentives and ability to
influence Movida's financial policies and provide support when
needed. Movida benefits from the broader group's scale and
diversification, while the absence of guarantee-related debt links
preserves Simpar's flexibility to manage its portfolio. At the same
time, Movida maintains substantial operational independence,
supported by its own dedicated management team and a distinct brand
identity.

Constraining the rating of Movida is the capital-intensive nature
of the car rental business, because of that Moody's expects the
company to maintain gross leverage at around 3.5x – 4.0x.
Although the company has the ability to fairly cover maintenance
capex by divesting of used vehicles, fleet expansions require
funding obtained from third-party debt. Additionally, Movida's
rating incorporate the lack of significant international footprint
with most of its revenues generated in Brazil; the Government of
Brazil (Brazil, Ba1 stable).

The stable rating outlook reflects Moody's expectations that Movida
will continue to grow, while maintaining profitability, cash
generation and adequate leverage, including a large unencumbered
fleet.

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

Movida's rating could be upgraded if the company is able to
increase market share, geographic diversification and revenue while
maintaining healthy credit metrics. A rating upgrade would also
require Movida to improve free cash flow and its liquidity profile
by extending debt maturities. Quantitatively, a rating upgrade
would require total Moody's-adjusted gross debt/EBITDA below 3.5x
and EBIT margin above 20%, and RCF/Net Debt above 25% on a
sustained basis. A rating upgrade would also be dependent on the
relative positioning to the rating of Simpar, given the strong
links between the two companies.

The rating could be downgraded if Movida's liquidity deteriorates
because of weakness in operations, inability to sell used vehicles
or to refinance upcoming maturities. Negative rating pressure would
emerge if EBITDA growth does not materialize, such that Movida's
Moody's-adjusted gross leverage remains above 4.5x on a sustained
basis, and EBIT Margin declines below 15% without prospects of
improvement.

The principal methodology used in this rating was Equipment and
Transportation Rental published in October 2025.




===========
P O L A N D
===========

BANK MILLENNIUM: Moody's Rates EUR3-Bil. EMTN Programme '(P)Ba1'
----------------------------------------------------------------
Moody's Ratings assigned local and foreign currency long-term
subordinated (also commonly referred to as "Tier 2") programme
ratings of (P)Ba1 to Bank Millennium S.A.'s (BM, long-term
deposits: Baa1 stable, Baseline Credit Assessment (BCA): ba1) EUR3
billion Euro Medium Term Note (EMTN) programme.

The Tier 2 notes would rank junior to senior subordinated notes and
other senior unsecured obligations and senior to the Additional
Tier 1 capital instruments and equity of BM in resolution and
insolvency. All other outstanding ratings and assessments of BM
remain unaffected by the rating action.

RATINGS RATIONALE

The (P)Ba1 Tier 2 subordinated programme ratings assigned to BM's
EUR3 billion EMTN programme reflect BM's ba1 BCA, Moody's
assumptions of a moderate likelihood of support from its Portuguese
parent Banco Comercial Portugues, S.A. (BCP, long-term deposits: A2
stable, senior unsecured debts: Baa1 stable, BCA: baa2) resulting
in a baa3 Adjusted BCA; and the high loss-given-failure under
Moody's Advanced Loss Given Failure (LGF) analysis, resulting in a
one-notch downward adjustment from the Adjusted BCA.

The ratings do not benefit from any uplift due to government
support reflecting Moody's assumptions of a low likelihood of
government support for these gone concern liabilities.

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

The Tier 2 subordinated programme ratings could be upgraded if BM's
BCA and Adjusted BCA are upgraded or following the issuance of
larger volumes of more junior loss absorbing instruments than
Moody's currently expect.

BM's BCA could be upgraded if Moody's views of the bank's solvency
improves, mainly as a result of sustained improvement in its
profitability while continuing to reduce risks stemming from its
Swiss-franc mortgage book.

The Tier 2 subordinated programme ratings could be downgraded if
BM's BCA and Adjusted BCA are downgraded.

A downgrade of BM's BCA could result from a deterioration in its
funding and liquidity.

PRINCIPAL METHODOLOGY

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

BM's "Assigned BCA" of ba1 is set two notches below the "Financial
Profile" initial score of baa2 to reflect the vulnerability of its
capitalization to additional costs and operational risks stemming
from Swiss-franc mortgages as well as the lower quality of its
capital owing to its significant use of securitization transactions
to manage its risk weighted assets.  




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

AUDAX RENOVABLES: S&P Assigns 'BB-' LongTerm ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Spanish-based power supplier and producer Audax
Renovables S.A. At the same time, S&P assigned its 'BB-' issue
rating to the proposed EUR350 million senior unsecured notes due
2031 with a recovery rating of '4' (35% recovery prospects).

S&P said, "The stable outlook reflects our expectation that the
company's S&P Global Ratings-adjusted FFO to debt will move toward
20% by 2028. We expect this to be supported by moderate increases
in EBITDA from growth in the supply business, stable power and gas
margins due to hedging, and prudent execution of the capex plan.

"Audax Renovables S.A. plans to refinance its capital structure
through a EUR350 million senior unsecured notes issuance maturing
in 2031. It will use the proceeds, together with EUR66 million in
cash, to repay existing debt, therefore we regard the new issuance
as neutral from a net leverage perspective.

"Audax benefits from an established supplier position in Iberia,
the Netherlands, and Hungary, with strong growth prospects in other
regions. We expect its comprehensive hedging strategy for the
energy supply business, together with its market access agreement
with Shell, to deliver stable margins and working capital
requirements.

"We forecast Audax's adjusted EBITDA will increase to about EUR110
million-EUR130 million in 2026-2028 from EUR100 million in 2025,
and adjusted funds from operations (FFO) to debt of 19%-20% on
average, supported by volume supply growth, stable margins and
financial discipline on the execution of capital expenditure
(capex).

"We expect Audax to maintain average FFO to debt of 19%-20% and
debt to EBITDA of 3.0x in the next three years. Audax plans to
issue EUR350 million 8.0% senior unsecured notes due in 2031 that
will rank at the same seniority as existing and future senior
unsecured debt. Audax will use the proceeds, together with about
EUR66 million cash, to repay existing debt instruments, including a
EUR276.6 million 4.2% senior unsecured bond due in 2027, EUR62.6
million 5.85% bonds due 2028, a EUR12.5 million 5.80% bond due
2028, EUR56 million of promissory notes, and fees.

"We view the proposed transaction as neutral for the company's
adjusted net leverage, while also extending its maturity profile.
However, we forecast a higher interest burden for Audax under the
proposed transaction, driving our estimate for FFO to debt at 19%
on average in 2026-2028. The proposed transaction will also be
complemented with the arrangement of a new revolving credit
facility (RCF), estimated at about EUR75 million, with a three-year
tenor, that will support the company's working capital management.
We understand that the company does not expect to draw this
facility at financial close, therefore it will remain a committed
and available source of liquidity for the company that supports its
liquidity position.

"While we view Audax's small scale of operations and lack of
vertical integration as a constraint, the company benefits from
stable supply margins, efficient working capital management, and
geographic diversification. With projected revenue of about EUR2.05
billion and EBITDA close to EUR110 million for 2026, Audax's
overall size and profitability is smaller than other integrated
players such as Drax Power Ltd. (BB+/Positive/--), Edison SpA
(BBB+/Stable/A-2), or Energo-Pro a.s. (B+/Stable/--). Moreover,
Audax has low vertical integration, with about 260 megawatts (MW;
excluding Panama's 66 MW wind farm with a 30% stake) of renewable
installed capacity that generated about 0.3 terawatt-hours (TWh;
excluding Panama) in 2025, less than 5% of 10.3 TWh of electricity
supplied. This business combination explains Audax's profitability
levels, which are more aligned with those of pure retail
companies.

"Positively, we expect the company to maintain stable adjusted
EBITDA margins of about 5.2% in the next three years, supported by
robust hedging policies on 56% of the portfolio with fixed prices,
and a predictable procurement arrangement for electricity and gas
with Shell. In fact, we view this agreement with Shell as a
supporting credit factor for Audax because it ensures access to
energy markets, removes cash collateral requirements, and creates a
negative cash conversion cycle, thus stabilizing the company's cash
flow. We expect the benefits of this agreement to increase as the
coverage expands to other markets where Audax operates, such as
Italy and Portugal. Additionally, the company's geographic
diversification hedges against individual market and regulatory
risks. Audax operates in seven European markets, with the
Netherlands contributing about 45% of EBITDA, followed by Spain
with about 20%, and 15% from each of Hungary and Italy.

"We expect Audax's supply volumes to continue increasing on a
broadening customer base and higher demand. Under our base case, we
forecast EBITDA to increase progressively to about EUR110 million
in 2026, EUR115 million in 2027, and EUR125 million in 2028, on the
back of volume growth in the supply business and stable
profitability. We expect volume supply growth will stem from
Audax's consolidation in its core markets of Iberia (primarily
Spain and Portugal), the Netherlands and Hungary, together with an
expansion into Germany, Italy, and Poland, supported by a proven
commercial strategy that has allowed them to reduce churn in 2025.
For example, churn in the Netherlands declined to 14% from 25%, in
Iberia to 28% from 31%, and in Hungary to 10% from 21%. We also
expect Audax to leverage on the underlying power demand growth,
spurred by electrification efforts across Europe, the growth of
investments in data centers, and e-vehicle penetration. As of Dec.
31, 2025, Audax supplied about 16 TWh of power and gas (65% power
and 35% gas by volume) to 462,000 customers. Its biggest markets
are Spain, the Netherlands, and Hungary, together accounting for
80%-90% of power volumes sold.

"Despite having a 0.7-gigawatt (GW) pipeline of renewable
generation assets, we don't expect Audax to become more vertically
integrated through to 2030. We anticipate that the company will
execute its capex plan carefully to ensure a minimum return on its
investments, while planning for asset divestments under its asset
rotation strategy. By 2030, Audax targets 25.3 TWh of power supply
(62% electricity; 38% gas) and 0.8 TWh of own generation. This
means that we expect the company's installed capacity to expand by
close to 520 MW by 2030 from 260 MW as of December 2025. About
70%-80% of these new assets are photovoltaic (PV) plants in Spain
(such as Yechar, with 112 MW of installed capacity, and Yecla, with
35 MW) while the rest are PV plants in Italy. We view the Spanish
market for solar assets as having weaker prospects in the next
two-to-three years, given the oversupply of energy during solar
hours following the rapid increase of installed capacity without
sufficient demand growth or flexibility. To partially mitigate the
downward pressure on capture prices and profitability, we expect
the company to continue establishing internal power purchase
agreements covering about 70% of production, and ultimately pass
through sourcing costs, which should provide it with better cash
flow predictability and profitability protection.

"We anticipate that Audax will balance the undertaking of its
EUR250 million capex plan in the next three years with its
commitment to maintain debt to EBITDA below 3.0x. We anticipate the
company will fund the plan with new debt and accumulated cash,
while ensuring that net debt to EBITDA remains below 3.0x
(management's target leverage). As such, we expect credit metrics
to be stable while the program unfolds, supported by Audax's
financial discipline and investment selection. The highest area of
risk we see is execution, encompassing both timing and budget of
those Spanish solar PV plants expected to remain within the
portfolio, but also notably on the planned asset rotation, and
whether the company will find suitable buyers for reasonable
prices.

"The stable outlook reflects our expectation that Audax's S&P
Global Ratings-adjusted FFO to debt will move toward 20% by 2028.
We expect this to be supported by moderate increases in EBITDA from
growth in the supply business, and stable power and gas margins
thanks to hedging. We also expect Audax to maintain a balanced net
debt position, with stable total financial debt and a significant
cash buffer on the back of a prudent financial policy and
discipline in the undertaking of growth opportunities."

S&P could take a negative rating action if FFO to debt trends
significantly below 20% in the next two years. This could occur
if:

-- The company's supply business performance is below
expectations, affecting EBITDA margins and EBITDA growth;
Audax pursues debt-funded acquisitions or a larger capex program
without any mitigating measures; or

-- Management undertakes aggressive shareholder remuneration.

S&P said, "We are unlikely to take a positive rating action,
because it would take a significant and sustained improvement in
FFO to debt above 30%, which could occur if the company's EBITDA
rises substantially through higher volumes supplied, while it
maintains stable EBITDA margins and doesn't materially increase
leverage.

"We could also take a positive rating action if the business
profile improves on a growth strategy that widens the scale of
operations, strengthens Audax's competitive advantage in the
markets where it operates, and enhances integration to improve the
company's cash flow predictability and stability."




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

17 HERTFORD STREET: FRP Advisory, BTG Appointed as Administrators
-----------------------------------------------------------------
17 Hertford Street Limited (formerly Burlington Gate (Flat 408)
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-2026-002007.
David Paul Hudson and Simon Baggs of FRP Advisory Trading Limited
and with Paul Steven Cooper of BTG Begbies Traynor (London) LLP,
were appointed as administrators on March 13, 2026.

17 Hertford Street 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.

The Administrators can be contacted at:

  David Paul 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  

For further information contact:

  Emma Grime
  BTG Begbies Traynor (Central) LLP
  E-mail: emma.grime@btguk.com
  Telephone: 0113 244 0044

4 PARK: FRP Advisory, BTG Appointed as Joint Administrators
-----------------------------------------------------------
4 PARK VILLAGE WEST LIMITED was placed into administration in the
High Court of Justice, CR-2026-001829. David Hudson and Simon Baggs
of FRP Advisory Trading Limited and Paul Steven Cooper of BTG
Begbies Traynor (London) LLP, were appointed as Joint
Administrators on March 11, 2026.

George Street (BC) 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 c/o FRP Advisory Trading Limited, Minerva, 29
East Parade, Leeds LS1 5PS).

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  

For further information, contact:

  The Joint Administrators
  Tel: 0113 831 3555
  Alternative contact: Jeff Da Costa
  Email: cp.leeds@frpadvisory.com

7 GREEN STREET: FRP Advisory, BTG Appointed as Joint Administrators
-------------------------------------------------------------------
7 Green Street (Flat 1) Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001875. David
Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul
Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed
as Joint Administrators on March 12, 2026.

7 Green Street (Flat 1) 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 c/o FRP Advisory Trading Limited,
Minerva, 29 East Parade, Leeds, LS1 5PS).

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  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

For further information, contact:

  The Joint Administrators
  Tel: 0113 831 3555
  Alternative contact: Jeff Da Costa
  Email: cp.leeds@frpadvisory.com

BICKENHALL MANSIONS: FRP, BTG Named as Joint Administrators
-----------------------------------------------------------
Bickenhall Mansions Property Limited was placed into administration
in the High Court of Justice, Court Number CR-2026-001827. David
Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul
Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed
as Joint Administrators on March 11, 2026.

Bickenhall Mansions 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 (in the process of being changed to c/o FRP Advisory
Trading Limited, Minerva, 29 East Parade, Leeds, LS1 5PS).

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: 0113 831 3555
  Alternative contact: Jeff Da Costa
  Email: cp.leeds@frpadvisory.com

BIRD GATE: FRP Advisory, BTG Appointed as Joint Administrators
--------------------------------------------------------------
Bird Gate Property Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001835. David Hudson
and Simon Baggs of FRP Advisory Trading Limited and Paul Steven
Cooper of BTG Begbies Traynor (London) LLP, were appointed as Joint
Administrators on March 11, 2026.

Bird Gate 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 c/o FRP Advisory Trading Limited,
Minerva, 29 East Parade, Leeds, LS1 5PS).

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: 0113 831 3555
  Alternative contact: Usman Khan
  Email: cp.leeds@frpadvisory.com

BLUE DIAMOND: FRP Advisory Appointed as Joint Administrators
------------------------------------------------------------
Blue Diamond Products Limited was placed into administration in the
High Court of Justice, Business and Property Court in Leeds,
Insolvency and Companies List (ChD), Court Number CR-2026-000229.
Mark Hodgett and David Antony Willis of FRP Advisory Trading
Limited were appointed as Joint Administrators on March 16, 2026.

Blue Diamond Products Limited carried on a business of
non-specialised wholesale trade.

Its registered office is at Unit 1 Brick Park, Bretfield Court,
Bretton Street Industrial Estate, Dewsbury, WF12 9BY (in the
process of being changed to c/o FRP Advisory Trading Ltd, Minerva,
29 East Parade, Leeds, LS1 5PS).

Its principal trading address is Unit 1 Brick Park, Bretfield
Court, Bretton Street Industrial Estate, Dewsbury, WF12 9BY.

The Joint Administrators can be contacted at:

  Mark Hodgett  
  David Antony Willis  
  FRP Advisory Trading Limited  
  Minerva  
  29 East Parade  
  Leeds  
  LS1 5PS  

For further information contact:

  The Joint Administrators
  Tel: 0113 831 3555
  Email: cp.leeds@frpadvisory.com
  Alternative contact: Tom Gibney

BURLINGTON (FLAT 301): BTG Begbies, FRP Appointed as Administrators
-------------------------------------------------------------------
Burlington Gate (Flat 301) Limited was placed into administration
in the Business and Property Courts of England and Wales,
Insolvency & Companies List (ChD), Court Number CR-2026-001920.
Paul Steven Cooper of BTG Begbies Traynor (London) LLP and David
Hudson and Simon Baggs of FRP Advisory Trading Limited, were
appointed as administrators on March 12, 2026.

Burlington Gate (Flat 301) 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 Steven Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

  -- and --

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

Further information, contact:

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

BURLINGTON (FLAT 408): BTG Begbies, FRP Appointed as Administrators
-------------------------------------------------------------------
Burlington Gate (Flat 408) Limited was placed into administration
in the Business and Property Courts of England and Wales,
Insolvency & Companies List (ChD), Court Number CR-2026-001919.
Paul Cooper of BTG Begbies Traynor (London) LLP and David Hudson
and Simon Baggs of FRP Advisory Trading Limited, were appointed as
administrators on March 12, 2026.

Burlington Gate (Flat 408) 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 Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

For further information, contact:

  Abigail Smith
  Begbies Traynor (Central) LLP
  E-mail: MFS@btguk.com
  Telephone: 0161 837 1700

BURLINGTON GATE: BTG Begbies Appointed as Joint Administrators
--------------------------------------------------------------
Burlington Gate (Flat 408) Limited was placed into administration
in the Business and Property Courts of England and Wales,
Insolvency & Companies List (ChD), Court Number CR-2026-001919.
Paul Cooper of BTG Begbies Traynor (London) LLP, and David Hudson
and Simon Baggs of FRP Advisory Trading Limited, were appointed as
Joint Administrators on March 12, 2026.

Burlington Gate (Flat 408) 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 134 Buckingham Palace Road, London, SW1W
9SA.

The Joint Administrators can be contacted at:

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

  -- and --

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

Further information:

  Tel: 0161 837 1700  
  Email: MFS@btguk.com  


ENCORE CAPITAL: Fitch Rates EUR300MM Sec. Notes Due 2033 'BB+(EXP)'
-------------------------------------------------------------------
Fitch Ratings has assigned Encore Capital Group, Inc.'s
(BB+/Negative) proposed issue of EUR300 million senior secured
floating rate notes due 2033 an expected rating of 'BB+(EXP)'.

The assignment of a final rating is contingent on the receipt of
final documents conforming to information already reviewed.

Key Rating Drivers

Equalised with Long-Term IDR: The senior secured notes will be
guaranteed by most Encore group subsidiaries and rank equally with
other senior secured obligations, which comprise the majority of
Encore's debt. Consequently, the senior secured debt rating is
equalised with Encore's Long-Term Issuer Default Rating (IDR), as
Fitch expects average recoveries for the notes after accounting for
the smaller element of higher-ranking super-senior debt.

Limited Leverage Impact: Fitch expects the proceeds of the notes to
primarily be used to redeem EUR215 million of the EUR415 million
outstanding senior secured floating rate notes due 2028 and to
repay drawings under the revolving credit facility. Consequently,
the refinancing has no material net impact on consolidated leverage
and extends the average tenor of the group's borrowings.

Strong Franchise; Challenging Environment: Encore's Long-Term IDR
reflects its leading franchise in the US debt purchasing market
balanced against its concentrated business activities, the reliance
on leverage for portfolio purchases and the subsequent need to
manage rising wholesale market funding costs within profitable
underwriting. The rating also accounts for Encore's experienced
management team and sound investment record as well as the inherent
challenges of forecasting cash collections in a more volatile
operating environment.

The Negative Outlook reflects the increased challenges of
projecting future collections and pricing portfolio purchases in an
uncertain macroeconomic climate, which could negatively affect
Encore's financial performance through collections underperformance
or impairments.

RATING SENSITIVITIES

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

- Recognition of impairments resulting in a material negative
impact on net income or underlining risk management weaknesses.

- A sustained fall in cash collections, resulting in significantly
reduced earnings generation, material writedowns of the value of
portfolio investments, cash flow leverage consistently at the
higher end of management's target range for net debt/adjusted
EBITDA of 2x-3x or more aggressive capital management resulting in
tangible equity reduction.

- A material adverse operational event or regulatory intervention
undermining franchise strength or business-model resilience.

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

- Fitch could revise the Outlook to Stable if strategic execution
is effective, leading to sustained improved financial performance
with leverage maintained below the upper end of management's 2x-3x
net debt to adjusted EBITDA target range, alongside a disciplined
financial policy with share buybacks managed conservatively.

- Fitch could upgrade the rating on a material increase in the
company's tangible equity position, alongside maintenance of cash
flow leverage consistently at the low end of management's guidance
range, provided strategic execution is effective with no material
underperformance of collections.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Encore's senior secured notes are guaranteed by most group
subsidiaries and rank equally with other senior secured
obligations. The rating is equalised with Encore's Long-Term IDR as
the senior secured debt class represents the majority of Encore's
borrowings, resulting in average rather than above-average expected
recoveries.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating on the senior secured notes is primarily sensitive to
changes in Encore's IDR.

Changes to Fitch's assessment of relative recovery prospects for
senior secured debt in a default (e.g. due to a material shift in
the proportion of Encore's debt that is either super-senior or
unsecured) could also result in the senior secured debt rating
being notched up or down from the IDR.

ADJUSTMENTS

Encore's Standalone Credit Profile (SCP) is in line with the
implied SCP.

The business profile score is below the implied score due to the
following adjustment reason: business model (negative).

The funding, liquidity & coverage score of is below the implied
score due to the following adjustment reason: historical and future
metrics (negative).

Date of Relevant Committee

June 4, 2025

ESG Considerations

Encore has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy & Data Security due to the importance of
fair collection practices and consumer interactions and the
regulatory focus on them, particularly in the US. Encore has an ESG
Relevance Score of '4' for Financial Transparency due to due to the
significance of internal modelling to portfolio valuations and
associated metrics such as estimated remaining collections. These
factors have negative influences on the rating but they are
features of the debt purchasing sector as a whole, and not specific
to Encore.

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           
   -----------                ------           
Encore Capital
Group, Inc.

   senior secured      LT   BB+(EXP)  Expected Rating

GEORGE STREET (BC): FRP Advisory, BTG Named as Joint Administrators
-------------------------------------------------------------------
George Street (BC) Limited was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Court Number CR-2026-001999. David Hudson and Simon Baggs of
FRP Advisory Trading Limited and Paul Steven Cooper of BTG Begbies
Traynor (London) LLP, were appointed as Joint Administrators on
March 13, 2026.

George Street (BC) 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  

For further information, contact:

  The Joint Administrators
  Tel: 01642 917555
  Alternative contact: Anna Harrison
  E-mail: cp.teesside@frpadvisory.com


HALKIN STREET: FRP Advisory, BTG Appointed as Joint Administrators
------------------------------------------------------------------
Halkin Street Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001883. David
Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul
Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed
as Joint Administrators on March 12, 2026.

Halkin Street 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 c/o FRP Advisory Trading Limited,
Minerva, 29 East Parade, Leeds, LS1 5PS).

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  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

Further information contact:

  The Joint Administrators
  Tel: 0113 831 3555
  Alternative contact: Alanna Gee
  Email: cp.leeds@frpadvisory.com

HARROWBY STREET: FRP Advisory Appointed as Joint Administrators
---------------------------------------------------------------
Harrowby Street Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001884. David
Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul
Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed
as Joint Administrators on March 12, 2026.

Harrowby Street 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 c/o FRP Advisory Trading Limited,
Minerva, 29 East Parade, Leeds, LS1 5PS).

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: 0113 831 3555
  Alternative contact: Alanna Gee
  Email: cp.leeds@frpadvisory.com

LION GATE: FRP Advisory, BTG Appointed as Administrators
--------------------------------------------------------
Lion Gate Property 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-2026-002036. David Hudson and Simon Baggs of FRP Advisory
Trading Limited and Paul Steven Cooper of BTG Begbies Traynor
(London) LLP, were appointed as administrators on March 13, 2026.

Lion Gate Property 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 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  

For further information contact:

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

PARK LANE: FRP Advisory, BTG Appointed as Administrators
--------------------------------------------------------
Park Lane Place Property 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-2026-002014. Simon Baggs and David Paul Hudson of FRP Advisory
Trading Limited and Paul Steven Cooper of BTG Begbies Traynor
(London) LLP, were appointed as administrators on March 13, 2026.

Park Lane Place Property 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 134 Buckingham Palace Road, London SW1W
9SA.

The Administrators can be contacted at:

  Simon Baggs  
  David Paul Hudson  
  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  

For further information contact:

  Debbie Ilako
  BTG Begbies Traynor (Central) LLP
  E-mail: Debbie.Ilako@btguk.com
  Telephone: 0113 285 8610


SPARROW GATE: FRP Advisory, BTG Appointed as Joint Administrators
-----------------------------------------------------------------
Sparrow Gate Property Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001833. David Hudson
and Simon Baggs of FRP Advisory Trading Limited, and Paul Steven
Cooper of BTG Begbies Traynor (London) LLP, were appointed as Joint
Administrators on March 11, 2026.

Sparrow Gate 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 c/o FRP Advisory Trading Limited,
Minerva, 29 East Parade, Leeds, LS1 5PS).

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  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

Further information:

  The Joint Administrators
  Tel: 0113 831 3555
  Alternative contact: Alanna Gee
  Email: cp.leeds@frpadvisory.com  


SPRING GARDENS: BTG Begbies, FRP Appointed as Administrators
------------------------------------------------------------
Spring Gardens Property Limited was placed into administration in
the Business and Property Courts in Manchester, Insolvency &
Companies (ChD), Court Number CR-2026-MAN-001985. Paul Cooper of
BTG Begbies Traynor (London) LLP and David Hudson and Simon Baggs
of FRP Advisory Trading Limited, were appointed as administrators
on March 13, 2026.

Spring Gardens Property Limited carried on a business providing
business services in property services.

Its registered office is at BTG Begbies Traynor (Central) LLP, 340
Deansgate, Manchester, M3 4LY.

The Joint Administrators can  be contacted at:

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

  -- and --

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

For further information contact:

  Sam Shaw
  BTG Begbies Traynor (Central) LLP
  340 Deansgate, Manchester, M3 4LY
  E-mail: MFS@btguk.com
  Telephone: 0161 837 1700

  Tel: 0161 837 1700  
  Email: MFS@btguk.com  


VIVO ENERGY: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed Vivo Energy Limited's (Vivo Energy or
the company) Ba1 long-term corporate family rating and Ba1-PD
probability of default rating. The Ba1 backed senior unsecured
rating of the company's $350 million bond issued by Vivo Energy
Investments B.V. was also affirmed. The outlook on all entities
remains stable.

RATINGS RATIONALE

The rating action reflects Vivo Energy's robust and defensive
business model, which has increased in scale and reduced sovereign
risk exposure following the integration of Engen South Africa in
2024. It also incorporates the company's commitment to prudent
financial policies, including its stated target of maintaining
reported net debt to EBITDA below 1.5x. This is evidenced by
successful deleveraging and a reduction in government receivables
during 2025, alongside Moody's expectations that Vivo Energy will
continue to reduce debt and return to sustainably positive free
cash flow over the next one to two years, supported by lower
interest expense and reduced capex.

Vivo Energy's Moody's adjusted EBITDA increased by 45% in 2025 to
$1.1 billion, driven primarily by the first full year contribution
from its South African operations and strong operating performance
across the network, particularly in its key markets of South Africa
(Ba2 stable) and Morocco (Ba1 positive). Credit metrics improved
materially over the period, with Moody's adjusted debt to EBITDA
declining to 2.5x from 3.5x a year earlier, while interest
coverage, measured as (EBITDA minus capex) to interest expense,
improved to 2.5x from 1.6x. Moody's expects Moody's adjusted debt
to EBITDA to remain broadly stable in 2026, as the company balances
dividend distributions with deleveraging while maintaining leverage
within its stated target range. At the same time, Moody's expects
interest coverage to continue improving toward 4.0x, supported by a
planned debt reduction of around $200 million from cash generation
and disposal proceeds, a focus on repaying higher interest working
capital debt, and a generally lower interest rate environment
across Africa.

The ongoing geopolitical conflict in the Middle East has increased
uncertainty around the security of supply of refined oil products
and could lead to shortages in some of Vivo Energy's countries of
operation. Should such disruptions materialize, they could weigh on
the company's sales volumes and profitability. However, Vivo Energy
currently maintains ample inventory levels across its network and
is well positioned to ensure continuity of supply to most of its
markets through its sourcing arrangements with its shareholder,
Vitol, a leading global energy trader with integrated logistics,
storage, and refining capabilities.

Moody's do not expect demand for Vivo Energy's products to decline
materially as a result of higher pump prices, given the essential
nature of fuel, particularly in lower income countries where
consumers and businesses have limited ability to substitute
transportation or power generation. In regulated markets,
governments also typically provide subsidies during periods of
elevated oil prices to support affordability. While higher
subsidies could lead to an increase in government receivables and
weigh on working capital, Moody's expects any resulting pressure to
remain manageable, allowing Vivo Energy to continue improving its
credit metrics during 2026.

Vivo Energy's Ba1 corporate family rating (CFR) continues to
reflect (1) its strong market positioning and scale across Africa
as the largest fuel distributor on the continent by volume; (2)
limited exposure to oil price volatility through predominantly
fixed margins set by regulators; (3) low demand elasticity given
the essential nature of fuel for trade, transportation and economic
activity; (4) broad geographic diversification, with operations
spanning 28 African countries, which reduces reliance on any single
market, with the largest exposure to South Africa and Morocco,
which accounted for nearly half of volumes sold in 2025, with the
remainder of volumes distributed across a diversified base of
mid-tier markets; and (5) prudent financial policies, including a
stated commitment to maintain reported net debt to EBITDA below
1.5x, although the company has yet to establish a sustained track
record of adherence to this target under private ownership by
Vitol.

The rating also reflects (1) exposure to countries with high
sovereign risk, with more than 20% of 2025 volumes sold in
countries with ratings of Caa1 or lower, including Senegal (Caa1
negative), Tunisia (Caa1 stable), Ghana (Caa1 positive) and Zambia
(Caa2 positive); (2) volatile working capital driven by
opportunistic storage and at times high government receivables from
markets where prices are regulated.

OUTLOOK

The stable outlook reflects Moody's expectations that Vivo Energy's
Moody's-adjusted debt to EBITDA leverage will remain around 2.5x
and that Moody's-adjusted (EBITDA – capex) to interest expense
will trend towards 4.0x over the next one to two years. This
expectation incorporates a more difficult operating environment in
2026, stemming from geopolitical conflict in the Middle East, which
has led to higher oil & gas prices and could result in some supply
disruptions.

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

The ratings could be upgraded if: (1) Moody's adjusted debt to
EBITDA sustainably improves well below 2.5x; (2) Moody's adjusted
(EBITDA – capex) to interest expense is sustained above 4.0x; and
(3) Moody's expects the company to generate sustainably positive
free cash flow. An upgrade would also depend on stable operating
environments across the African countries in which the company
operates, continued stability in the supply of oil and gas to Vivo
Energy, and a track record of adhering to its prudent financial
policy and maintaining a strong liquidity profile.

Downward pressure on Vivo Energy's rating would result from (1) a
deterioration of sovereign ratings especially if related to its
largest markets; (2) Moody's-adjusted debt/ EBITDA increasing above
3.5x; (3) failure to maintain positive free cash flow generation
over time; (4) failure to improve (EBITDA – capex) to interest
expense above 3.0x; and (5) the group failing to maintain a good
liquidity on a rolling 12-18 month basis.

The principal methodology used in these ratings was Retail and
Apparel published in September 2025.

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



                           *********


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

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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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