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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

          Tuesday, May 19, 2026, Vol. 27, No. 99

                           Headlines



B U L G A R I A

FIRST INVESTMENT: Fitch Rates Upcoming EUR Senior Notes 'B(EXP)'


D E N M A R K

CAPITAL FOUR III: Moody's Affirms B3 Rating on EUR11.25MM F Notes


F R A N C E

UGI INTERNATIONAL: Moody's Rates New Senior Unsecured Notes 'Ba2'


G E R M A N Y

EPHIOS SUBCO 1: Moody's Rates New EUR370MM PIK Toggle Notes 'Caa1'


I R E L A N D

BAIN CAPITAL 2018-1: Fitch Lowers Rating on Class F Notes
BAIN CAPITAL 2026-1: Fitch Assigns 'B-sf' Rating on Class F Notes


N E T H E R L A N D S

VITA LUXCO: Moody's Assigns 'B2' CFR, Outlook Positive


S W I T Z E R L A N D

GARRETT MOTION: Moody's Alters Outlook on 'Ba2' CFR to Positive


U N I T E D   K I N G D O M

ALTERNATIVE USE: ThorntonRones Limited Appointed as Administrators
BLETCHLEY PARK 2026-1: Moody's Assigns (P)B2 Rating to Cl. X1 Notes
ENVISICS LTD: FRP Advisory Appointed as Joint Administrators
ESCAPE FITNESS: Forvis Mazars Appointed as Joint Administrators
HARBEN FINANCE 2017-1: Fitch Lowers Rating on Cl. G Notes to CCCsf

LIQUID TELECOMMUNICATIONS: Fitch Hikes IDR to 'B-', Outlook Stable
PLASTIC ENERGY FINCO: FRP Advisory Named as Joint Administrators
PLASTIC ENERGY LIMITED: FRP Advisory Named Joint Administrators
SOLVENZA LIMITED: BTG Begbies Appointed as Joint Administrators

                           - - - - -


===============
B U L G A R I A
===============

FIRST INVESTMENT: Fitch Rates Upcoming EUR Senior Notes 'B(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned First Investment Bank AD's (Fibank;
B/Positive) upcoming issue of euro-denominated senior preferred
(SP) notes an expected long-term rating of 'B(EXP)' and Recovery
Rating of 'RR4'. The assignment of a final rating is contingent on
the receipt of documents conforming to the information already
received.

Key Rating Drivers

Fibank's SP obligations are rated in line with the bank's Long-Term
IDR to reflect that the likelihood of default on any given SP
obligation is the same as that of the bank. Fitch expects the bank
to use SP debt to meet its minimum requirement for own funds and
eligible liabilities (MREL) and that the buffer of junior debt
instruments would not exceed 10% of Fibank's risk-weighted assets
(RWA). The Recovery Rating of 'RR4' reflects its expectation of
average recovery prospects, The proposed notes are intended to
qualify as eligible liabilities for the purposes of MREL.

The bank must comply, on a consolidated level, with MREL set at
32.6% (including the combined buffer requirement of 8.2%) of RWAs
of the resolution group, which excludes its Albanian subsidiary. At
end-2025, the buffer was 34.5% of RWAs, comfortably above the
requirement.

Fibank's ratings balance its reasonable domestic franchise and
adequate funding and liquidity against weak asset quality that
weighs on its assessment of its profitability and business model
and encumbers its capital (see Fitch Affirms Bulgarian Fibank's IDR
at 'B'; Outlook Stable dated 12 May 2025).

Rating Sensitivities

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

The SP debt rating would be downgraded if the bank's VR was
downgraded.

The SP debt rating could also be notched down from Fibank's VR if
Fitch believes that recoveries for the bank's SP creditors have
weakened and become below-average (RR5) or poor (RR6).

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

The SP debt rating could be upgraded if the bank's VR is upgraded.

The SP debt could also be upgraded to one notch above the bank's VR
if Fitch expects Fibank to use only senior non-preferred (SNP)and
more junior debt to meet its MREL or if SNP and more junior debt
exceed 10% of the Fibank resolution group's RWA on a sustained
basis.

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   
   -----------             ------                  --------   
First Investment
Bank AD

   Senior preferred     LT B(EXP) Expected Rating   RR4




=============
D E N M A R K
=============

CAPITAL FOUR III: Moody's Affirms B3 Rating on EUR11.25MM F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Capital Four CLO III Designated Activity Company:

EUR33,750,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Oct 27, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Oct 27, 2021 Definitive Rating
Assigned Aa2 (sf)

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

EUR228,750,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Oct 27, 2021 Definitive
Rating Assigned Aaa (sf)

EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on Oct 27, 2021
Definitive Rating Assigned A2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Oct 27, 2021
Definitive Rating Assigned Baa3 (sf)

EUR18,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Oct 27, 2021
Definitive Rating Assigned Ba3 (sf)

EUR11,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Oct 27, 2021
Definitive Rating Assigned B3 (sf)

Capital Four CLO III Designated Activity Company, issued in October
2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Capital Four CLO Management K/S.  The
transaction's reinvestment period ended in April 2026.

RATINGS RATIONALE

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

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR365.8m

Defaulted Securities: EUR9.8m

Diversity Score: 56

Weighted Average Rating Factor (WARF): 3015

Weighted Average Life (WAL): 4.0 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.55%

Weighted Average Coupon (WAC): 2.87%

Weighted Average Recovery Rate (WARR): 43.62%

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

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in April 2026.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

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




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

UGI INTERNATIONAL: Moody's Rates New Senior Unsecured Notes 'Ba2'
-----------------------------------------------------------------
Moody's Ratings assigned a Ba2 rating to UGI International, LLC's
(UGI International) proposed senior unsecured notes. UGI
International's other ratings, including its Ba2 Corporate Family
Rating and existing Ba2 senior unsecured notes rating, and stable
outlook remain unchanged.

UGI International will use net proceeds from its proposed senior
notes, along with cash received from the repayment of its $150
million intercompany loan to AmeriGas Partners, L.P. (Ba3
positive), to replenish liquidity used to fund the $300 million
distribution to UGI Corporation, fully repay its revolver
borrowings, partially repay its term loan, and to add liquidity to
its balance sheet.

UGI International's notes issuance will benefit the company's
credit profile by freeing up capacity under its revolver,
replenishing liquidity, and extending its debt maturity profile.

RATINGS RATIONALE

UGI International's senior unsecured notes are rated Ba2, in line
with the CFR. The company also maintains a senior unsecured
revolving credit facility and senior unsecured term loan. The
notes, revolver, and term loan rank pari passu. The debts are
guaranteed by certain subsidiaries, including certain subsidiaries
in France.

UGI International's Ba2 CFR benefits from relatively low leverage
and solid interest coverage which contribute to the company's
overall credit strength and provide a degree of resilience in a
competitive and evolving energy landscape. However, the credit
profile is constrained by its narrow product offering of liquified
petroleum gas (LPG), high geographic concentration, and exposure to
a mature industry facing long-term decline in demand, driven in
part improvements in home insulation, energy efficiency, and
conservation. The vast majority of the company's EBITDA is derived
in France. While France remains a core market, UGI International
serves a broad and diverse customer base across nine countries and
three brands (after all pending divestitures have closed),
partially mitigating geographic concentration risk. Sustained cost
discipline is critical to maintaining profit margins. The use of
UGI International's balance sheet to support AmeriGas validates
concerns about the standalone financial independence of UGI
Corporation's subsidiaries. Prudent management of ongoing cash
distributions to UGI Corporation will also be essential to
preserving financial flexibility and avoiding increases in debt.

UGI International is expected to maintain good liquidity. Following
this transaction, UGI International will have an undrawn Euro 500
million revolving credit facility, which matures in 2028 and hold a
substantial balance of cash and equivalents.

Neither UGI Corporation nor UGI International provide guarantees of
each other's debt. However, UGI Corporation's debt agreements
include cross-default provisions triggered if UGI International
fails to make principal or interest payments on more than $125
million of its own debt, creating an element of linkage between the
two capital structures.

UGI International's stable outlook reflects Moody's expectations
that the company will maintain leverage below 3.0x and that it will
apply free cash flow to debt reduction, building cushion for
weather related earnings and cash flow volatility.

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

Factors that could lead to an upgrade include growth of less
weather-dependent volumes; debt/EBITDA sustained below 2.0x; and
conservative financial policies. The financial policies and
liquidity at UGI Corporation will also be considered.

Factors that could lead to a downgrade include larger than expected
distributions to UGI Corporation; weakening liquidity; or
debt/EBITDA above 3.0x.

UGI International is a marketer and distributor of LPG in Europe,
and a subsidiary of UGI Corporation.

The principal methodology used in this rating was Business and
Consumer Services published in February 2026.




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

EPHIOS SUBCO 1: Moody's Rates New EUR370MM PIK Toggle Notes 'Caa1'
------------------------------------------------------------------
Moody's Ratings has affirmed the B2 long term corporate family
rating and B2-PD probability of default rating of Ephios Subco 3
S.a r. l. (Synlab or the company). Moody's have also affirmed the
B2 rating on the EUR1.3 billion senior secured term loan B, the
EUR450 million senior secured global notes, the EUR500 million
senior secured revolving credit facility (RCF) issued by Ephios
Subco 3 S.a r. l., and the B3 rating on the EUR85 million senior
secured term loan B4 (TLB4) issued by Synlab Bondco PLC.

At the same time, Moody's have assigned a Caa1 rating to the
proposed new EUR370 million PIK Toggle Notes issued by Ephios Subco
1 S.a r.l. – a holding company outside the restricted group ("the
transaction"). The outlook remains stable for Ephios Subco 3 S.a r.
l. and Synlab Bondco PLC. The outlook for Ephios Subco 1 S.a r.l.
is assigned stable.

Proceeds from the PIK Toggle Notes will be used, together with
EUR30 million amended and restated PIK Toggle Loan, to refinance
the remaining EUR400 million existing unrated PIK facility.

The EUR30 million of amended and restated PIK Toggle Loan will be
in floating rate format while all other terms will be aligned to
the New PIK Toggle Notes. In April 2026, Synlab had partially
repaid EUR248 million of the existing PIK with EUR125 million of
drawings under the revolving credit facility and EUR123 million of
cash at Ephios Subco 3 S.a r. l.

Based on the draft documentation provided to us, the proceeds of
the PIK Toggle Notes are on lent to the restricted group via an
intercompany loan, which Moody's expects to qualify for full equity
treatment under Moody's Hybrid Equity Credit methodology (February
2024). This assessment is subject to final review of the executed
transaction documentation.

A List of Affected Credit Rating is available at
https://urlcurt.com/u?l=RTtQhR

RATINGS RATIONALE

The PIK refinancing is credit negative for Synlab, as it reflects a
more aggressive financial policy and increased structural
complexity. Overall, the full transaction combines the issuance of
new PIK Toggle Notes outside the restricted group with the use of
Synlab's own financial resources—namely EUR125 million of
revolving credit facility drawings and EUR123 million of cash to
refinance an existing PIK instrument residing outside the
restricted group. In Moody's views, this constitutes an aggressive
financial policy, as the deployment of the restricted group
liquidity reduces its financial flexibility and, in effect, lowers
the credit risk for PIK investors at the expense of the restricted
group debtholders.

The PIK Toggle is issued outside the restricted group, with
proceeds on lent into the restricted group via intercompany loans
that are treated as equity and therefore not included in Synlab's
adjusted leverage and cash flow metrics. In addition, the structure
introduces a potential source of cash leakage through the "pay if
you can" feature embedded in the PIK Toggle Notes. Specifically,
cash interest becomes mandatory once unrestricted cash at the
restricted group level, net of RCF drawings, exceeds 50% of
covenant EBITDA, with a ratcheted cash pay mechanism thereafter.
While this feature increases downside risk to free cash flow over
time, based on current projections the liquidity threshold is not
expected to be met over the next 12–18 months, implying continued
capitalization of interest during the rating outlook horizon.

Despite the credit negative nature of the transaction, Synlab's B2
ratings remain unchanged, supported by improving operating
performance and credit metrics broadly in line with rating
guidance. In 2025, Synlab generated organic revenue growth of 3.9%
year on year, with EBITDA increasing to EUR432 million from EUR376
million in 2024. EBITDA margin improved to 17.2% in 2025, from
14.9% in 2024, reflecting portfolio rationalization, cost reduction
initiatives under the Salix programme and the normalization of
activity following the 2024 cyberattacks.

In 2025, Moody's-adjusted debt to EBITDA was 5.7x, within the
guidance for the B2 rating category, while Moody's-adjusted EBITA
to interest expense was 1.2x, below the range expected for its B2
rating. In 2026, adjusted debt to EBITDA is forecast to decrease to
5.4x, while adjusted EBITA to interest expense is expected to
improve to 1.5x, driven by stronger operating performance and lower
interest expense following recent debt repricing. Adjusted free
cash flow to debt is expected to remain positive but weak at 0.4%
in 2026.

More generally, Synlab's B2 ratings are supported by (1) the
company's scale and strong reputation in the clinical laboratory
sector; (2) the good geographical diversification with a presence
in 25 countries, with strong market positions in key European
countries like France, Germany, United Kingdom and Italy; (3) the
positive demand trends for clinical laboratory tests.

Conversely, the ratings are constrained by (1) the exposure to
change in regulation and continuous tariff pressure across key
European countries, which will limit organic growth; (2) the
execution risk with regards to the cost reduction and asset sale
programme, notwithstanding good progress so far; (3) the leveraged
financial profile, limited free cash flow generation, and risk of
future debt-funded acquisitions.

LIQUIDITY

Synlab has an adequate liquidity. Pro forma for the transaction, it
has EUR162 million of cash and EUR375 million of undrawn RCF. In
2026, Moody's forecasts free cash flow generation of about EUR10
million. Moody's expects the EUR85 million TLB4 to be repaid at
maturity in July 2027 through proceeds from asset disposals or RCF
drawings. The RCF has one springing covenant tested only when the
facility is drawn by more than 40% net of cash, with a net senior
secured leverage test of 7.2x.

STRUCTURAL CONSIDERATIONS

Synlab's capital structure includes a EUR1.3 billion senior secured
term loan B, EUR450 million in senior secured global notes, and a
EUR500 million RCF, all issued by Ephios Subco 3 S.a r. l. These
instruments are pari passu and rated B2, in line with the CFR.
Synlab also holds a legacy EUR85 million TLB4 raised through Synlab
Bondco PLC, which owns 100% of the operating subsidiaries. The TLB4
is rated B3, a notch below the B2 rating of other secured debt
instruments issued by Ephios Subco 3 S.a r. l. The TLB4 is
structurally senior to the other debt facilities of the group as it
is issued by Synlab Bondco PLC, the direct owner of the operating
subsidiaries, and benefits from a pledge over the shares of Synlab
Bondco PLC. However, Moody's ranks the TLB4 behind the secured debt
instruments issued by Ephios Subco 3 S.a r. l. for the purpose of
Moody's loss given default assessment to reflect the fact that the
latter directly benefits from guarantees from material operating
subsidiaries representing at least 80% of the group's consolidated
EBITDA.

The EUR370 million PIK Toggle Notes issued by Ephios Subco 1 S.a
r.l. are rated Caa1, reflecting their structural subordination, as
the issuer sits outside the restricted group and the notes do not
benefit from guarantees or security over operating assets.

RATING OUTLOOK

The stable rating outlook considers that the company will maintain
credit metrics aligned with the B2 rating over the next 12 to 18
months. This outlook is supported by expectations that the company
will realise margin improvements, attributed to a strategic focus
on asset sales and cost-reduction efforts.

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

Upward rating pressure could arise if Moody's-adjusted gross debt
to EBITDA falls towards 5.0x; Moody's-adjusted EBITA to interest
expense increases to around 2.5x; Moody's-adjusted free cash flow
to debt improves towards the mid to high single digits - all on a
sustained basis. An upgrade will also require a track record of
Synlab's commitment to strengthening its balance sheet.

Downward rating pressure could develop if Moody's-adjusted gross
debt to EBITDA exceeds 6.5x; Moody's-adjusted EBITA to interest
expense is below 1.5x; Moody's-adjusted free cash flow to debt
remains negative - all on a sustained basis; or liquidity
deteriorates. Negative rating pressure could also occur in the
event of large debt-financed acquisitions or distributions to
shareholders.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE      

Synlab, headquartered in Munich, is one of the largest clinical
laboratory and medical diagnostic service providers in Europe. As
of December 2025, it had operations in 25 countries across four
continents. The company is owned by Cinven (43.7%), Elliott
(24.9%), Labcorp (Baa2 positive, 15%), Qatar Investment Authority
(11.9%), and Dr. Bartl Wimmer (4.5%). In 2025, Synlab generated
revenue of EUR2,539 million and EBITDA of EUR432 million.




=============
I R E L A N D
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BAIN CAPITAL 2018-1: Fitch Lowers Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has downgraded Bain Capital Euro 2018-1 DAC class F
notes to 'Csf' from 'CCCsf'.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Bain Capital Euro
CLO 2018-1 DAC

   F XS1713466909       LT Csf  Downgrade   CCCsf

Transaction Summary

Bain Capital Euro CLO 2018-1 DAC is a cash flow CLO comprising
mostly senior secured obligations. The transaction is actively
managed by Bain Capital Credit, Ltd. and exited its reinvestment
period in April 2022.

KEY RATING DRIVERS

Potential Redemption Below Par: The downgrade of the class F notes
reflects a proposed redemption in an amount expected to be lower
than their outstanding principal balance. In the notices dated 28
April 2026 to Fitch, reference was made to the potential redemption
on 12 June 2026 of the rated notes; however, the class F
noteholders, acting by extraordinary resolution, had consented to a
potential adjustment of the outstanding principal amount and waiver
of interest and deferred interest due.

Fitch views the redemption in an amount below par, once executed,
will constitute a Distressed Debt Exchange (DDE) as the class F
noteholders may suffer a material reduction in economic terms
compared with existing contractual terms and also because such
restructuring will avert a probable payment default on the class F
notes.

Based on Fitch's calculation of the market value of the portfolio,
which may be highly volatile, the class F notes will very likely
not receive full repayment of the principal and interest due under
the original transaction documents. Fitch believes a default is
imminent and inevitable, which is commensurate with a 'Csf'
rating.

RATING SENSITIVITIES

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

Downgrades may occur if the class F notes do not receive full
repayment of the principal and interest due under the original
transaction documents when the redemption takes place.

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

Upgrades may result from improving portfolio credit quality and/or
market value, leading to the prospect that the class F notes will
be repaid in full.

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

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

DATA ADEQUACY

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

ESG Considerations

Fitch does not provide ESG relevance scores for Bain Capital Euro
CLO 2018-1 DAC.

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


BAIN CAPITAL 2026-1: Fitch Assigns 'B-sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Bain Capital Euro CLO 2026-1 DAC's notes
final ratings.

   Entity/Debt                Rating           
   -----------                ------           
Bain Capital Euro
CLO 2026-1 DAC

   A Loan                  LT AAAsf  New Rating
   A Note XS3311871274     LT AAAsf  New Rating
   B XS3311872165          LT AAsf   New Rating
   C XS3311872595          LT Asf    New Rating
   D XS3311899283          LT BBB-sf New Rating
   E XS3311873304          LT BB-sf  New Rating
   F XS3311873999          LT B-sf   New Rating
   Subordinated Notes
   XS3311874294            LT NRsf   New Rating

Transaction Summary

Bain Capital Euro CLO 2026-1 DAC is a securitisation of mainly
senior secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine, and second-lien loans.
Net proceeds from the issuance of the notes have been used to fund
an identified portfolio with a target par of EUR400 million. The
portfolio is actively managed by Bain Capital Credit CLO Management
III (DE), LP. The CLO has a 4.5-year reinvestment period and an
8.5-year weighted average life (WAL) test covenant.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The Fitch weighted
average rating factor of the identified portfolio is 23.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.1%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits, including a top 10 obligor concentration
limit of 20% and a maximum exposure to the three largest
Fitch-defined industries in the portfolio of 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction features three
matrix sets aligned to fixed-rate asset limits of 5% and 12.5%. The
first matrix set applies at closing with a WAL of 8.5 years, the
second set with a WAL of 7.5 years which becomes effective 12
months after closing and the third set with a WAL of seven years
which becomes effective 18 months after closing, all contingent on
the collateral principal amount (defaulted obligation at
Fitch-calculated collateral value) being at least at the
reinvestment target par balance.

The transaction has a 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis was reduced by 12 months. This is
to account for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period, which include passing
the coverage tests and the Fitch 'CCC' maximum limitation, and a
WAL test covenant that gradually steps down. In Fitch's opinion,
these conditions would reduce the effective risk horizon of the
portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes and lead to downgrades of one notch for the class C, D and E
notes and to below 'B-sf' for the class F notes.

Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class B to F notes display rating cushions of two notches.

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to three notches for the notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger than expected losses for the remaining
life of the transaction. After the end of the reinvestment period,
upgrades may occur in case of stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover for losses on the remaining portfolio.

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

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

DATA ADEQUACY

Bain Capital Euro CLO 2026-1 DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Bain Capital Euro
CLO 2026-1 DAC.

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




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

VITA LUXCO: Moody's Assigns 'B2' CFR, Outlook Positive
------------------------------------------------------
Moody's Ratings has assigned a B2 long-term corporate family rating
and a B2-PD probability of default rating to Vita LuxCo SARL (Hanab
or the company), the new top entity of the restricted group and
parent company of the Dutch end-to-end multi-utility installation
and technical service provider.

Moody's have assigned a B2 rating to the new proposed EUR1.1
billion backed senior secured term loan B3 due 2033 issued by the
fully owned subsidiary Hanab Holding BV. Concurrently, Moody's have
assigned a new B2 rating to the proposed upsized EUR200 million
backed senior secured multicurrency revolving credit facility (RCF)
due 2032 and the proposed EUR75 million backed senior secured
guarantee facility due 2032 also issued by Hanab Holding BV.

Moody's have taken no action on the B2 ratings of the existing
instruments issued by Vita BidCo SARL. Concurrently, Moody's have
withdrawn the B2 CFR and B2-PD PDR of Vita BidCo SARL. The outlook
on all ratings is positive.

Moody's took no action on the rating of the existing backed senior
secured term instruments as Moody's will withdraw the rating upon
closing of the transaction.

The rating action follows Hanab's announcement of its intention to
refinance its capital structure. The company plans to issue a new
7-year EUR1.1 billion million term loan B3, the proceeds of which
will be used to refinance its existing EUR605 million term loan and
to fund a EUR495 million dividend to existing shareholders, private
equity firm Triton, inclusive of transaction costs. The company
will also raise a 6.5 years EUR200m revolving credit facility
(RCF), which will refinance the existing EUR100 million RCF, and
will raise a EUR75 million guarantee facility replacing the
existing EUR125 million.

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

RATINGS RATIONALE

Pro-forma for the transaction, Moody's expects its Moody's adjusted
leverage to increase to around 6.5x at closing of the transaction
from an estimated 4.2x at the end of 2025. Moody's assumes Moody's
adjusted leverage will reduce to around 5.2x by the end of 2026.

The B2 rating balances the increase in leverage with the company's
stronger than expected organic growth and significant deleveraging
potential. In 2025, the company generated an EBITDA of EUR170
million, well above Moody's initial expectation of EUR121 million.

The positive outlook reflects Moody's expectations that the company
will reduce its Moody's adjusted leverage towards 4.5x by 2027,
while continuing to generate positive free cash flow.

Moody's expects the company's FCF to debt ratio to trend to at
least the high single digits over the next two years, while
interest coverage, as measured by EBITA to interest, is expected to
remain around 3.0x.

The expected improvement in credit metrics will be driven by strong
earnings growth stemming from the growing contribution from the
Energy segment, which Moody's expects to grow in the high-single
digits at least and support margin improvement.

Hanab's B2 CFR continues to be supported by its strong market
position in the Netherlands, with diverse offerings across energy
and utility, telecom and connectivity and building installation;
the expectation of positive end-market fundamentals, particularly
in energy and utility, a relatively good revenue visibility with a
EUR3.4 billion committed order book, and its asset-light service
business with a flexible cost structure, which contributes to its
positive free cash flow (FCF) generation.

At the same time, the CFR is constrained by its significant revenue
concentration in the Netherlands, a relatively high customer
concentration, the potential for earnings volatility due to
end-market investment cycles and exposure to the cyclical
construction market, competitive and fragmented markets, a
faster-than-anticipated shift to maintenance from fiber build-out
in telecom and its high leverage for the rating category following
an up to EUR495 million debt and cash funded distribution to
shareholders.

LIQUIDITY

Liquidity remains good. The company has a pro forma cash balance of
around EUR50 million and Moody's expects it to generate positive
free cash flow excluding dividend payments, of around EUR70million-
EUR100 million each year, over the next 12-18 months.

The company also have access to an upsized EUR200 million RCF,
which Moody's expects to remain undrawn, and a long debt maturity
profile. The RCF is set to mature in 2032, with the Term Loan B3
maturing six months later.

These sources of liquidity should provide Hanab the capacity to
cover historically high intra-year working capital swings, as well
as the capital spending needs, over the next 12-18 months.

STRUCTURAL CONSIDERATIONS

Pro forma for the transaction, Hanab's capital structure will
consist of a EUR1.1 billion backed senior secured Term Loan B3, a
EUR200 million backed senior secured multicurrency RCF and a EUR75
million backed senior secured multicurrency guarantee facility, all
rated in line with the CFR. The B2-PD PDR is at the same level as
the CFR, reflecting the use of a standard 50% recovery rate as is
customary for capital structures with first-lien bank loans and a
covenant-lite documentation.

The facilities rank pari passu, benefit from upstream guarantees
from the group's restricted subsidiaries representing at least 80%
of consolidated EBITDA, and are secured by intragroup receivables,
bank accounts and share pledges.

COVENANTS

Moody's has reviewed the marketing draft terms for the new credit
facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) and include all
companies representing 5% or more of consolidated EBITDA.

Security will be granted over key shares, bank accounts and
intra-group receivables, over subsidiaries incorporated in
Netherlands, Belgium, Germany, Luxembourg and the United Kingdom.

Incremental facilities are permitted up to 100% of EBITDA.
Unlimited pari passu debt is permitted if the senior secured net
leverage ratio (SSNLR) is less than or equal to 4.5x. Unlimited
junior secured debt is permitted if the total secured net leverage
ratio is less than or equal to 5x. Unsecured or secured on
non-transaction security is permitted up to a total net leverage
ratio of 5.5x or subject to a 2x fixed charge coverage ratio.

Unlimited restricted payments are permitted if the SSNLR is less
than or equal to 4.25x; or 4.5x when 50% funded from available
amounts; or less than or equal to 4.75x when 100% funded from
available amounts.  Unlimited permitted investments are permitted
if the SSNLR is less than or equal to 4.75x; or less than or equal
to 5x where 50% funded from available amounts; or less than or
equal to 5.25x where 100% funded from available amounts.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies arising from actions expected to be
taken, capped at 25% and believed to be realisable within 24 months
of the relevant step being taken.

The proposed terms, and the final terms may be materially
different.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's expectations that the
company's Moody's-adjusted leverage will reduce towards 4.5x over
the next two years. The rating and outlook also incorporate Moody's
expectations that Hanab will generate positive FCF in the
mid-to-high single digits and maintain good liquidity.

The positive outlook also assumes that the company will execute on
its business plan and will not embark in any additional
releveraging transactions over the next 12-18 months.

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

Upward pressure on the rating could develop if Moody's adjusted
debt/EBITDA reduces below 4.5x on a sustained basis, Moody's
adjusted EBITA/Interest expense increases above 2.5x and FCF/debt
moves to the high-single digits in percentage terms, while
liquidity remains good. An upgrade will also require a track record
of operating as a separate entity with a prudent financial policy
and sustained strong relationships with key customers.

Downward pressure on the rating could develop if Moody's adjusted
debt/EBITDA increases above 5.5x on a sustained basis, if Moody's
adjusted EBITA/Interest expense declines well below 2.0x, FCF/Debt
weakens or turns negative and liquidity deteriorates. The rating
would also come under pressure if the company exhibits a more
aggressive financial policy such as embarking in large debt-funded
acquisitions or shareholder distributions.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Construction
published in November 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.

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

COMPANY PROFILE

Hanab, headquartered in the Netherlands, is a leading end-to-end
multi-utility installation and technical service provider in the
areas of energy and utility, telecom and connectivity, and
installation services in the Netherlands.

For the fiscal year that ended 2025, it generated revenue of around
EUR1.5 billion and company-adjusted EBITDA of EUR196 million (post
IFRS 16).




=====================
S W I T Z E R L A N D
=====================

GARRETT MOTION: Moody's Alters Outlook on 'Ba2' CFR to Positive
---------------------------------------------------------------
Moody's Ratings has affirmed Garrett Motion Inc.'s (Garrett) Ba2
corporate family rating, the Ba2-PD probability of default rating,
the Ba1 ratings on the backed senior secured term loan (maturing in
2032) and backed senior secured revolving credit facility (maturing
in 2030) issued by Garrett LX I S.a r.l and Garrett Motion S.a
r.l., respectively and the B1 rating on the backed senior unsecured
notes due 2032 at Garrett Motion Holdings, Inc. The outlook has
been changed to positive from stable on all entities.

RATINGS RATIONALE

The rating action reflects Garrett's robust operating performance -
ahead of Moody's expectations - and improved credit metrics on a
Moody's adjusted basis in 2025 and the first quarter of 2026. It
also recognizes the company's growing diversification into
commercial vehicle, industrial and aftermarket end-markets, which
will gradually reduce its dependence on the cyclicality of
automotive production and exposure to carbon transition risks the
industry is facing.

Garrett generated net sales of $3,584 million in 2025 and $985
million in Q1 2026, the latter reflecting 12% year-over-year growth
(or 6% at constant currencies), with growth across all product
lines, including light vehicle gasoline, commercial vehicles,
industrial and aftermarket. Following the strong first quarter,
Garrett raised the upper end of its full-year 2026 outlook, guiding
for net sales of $3.6 billion to $3.9 billion and company-adjusted
EBIT of $520 million to $600 million, implying a midpoint margin of
approximately 14.9%.

Garrett's Moody's-adjusted EBIT margin has steadily improved from
12.3% in 2024 to 13.5% in 2025 and 14.1% for the last twelve months
(LTM) Q1 2026, reflecting the company's strong operational
execution, sustained variable and fixed cost productivity,
commodity deflation, and lower RD&E spend. Garrett's credit metrics
have materially strengthened over the past two years. For instance,
its Moody's-adjusted gross debt to EBITDA declined from 2.9x in
2024 to 2.4x for LTM Q1 2026, supported by growing EBITDA and
around $50 million voluntary debt repayments in 2025.

The company also sustained substantial positive Moody's-adjusted
free cash flow (FCF), with $295 million in 2025 and $299 million
for LTM Q1 2026, translating into FCF to debt ratios of about 20%.
Garrett's current profitability and FCF metrics exceed Moody's
expectations for its Ba2 rating, while its leverage remains
slightly above Moody's guidance of towards 2.0x for a higher
rating. That said, assuming low to mid-single-digit organic topline
and earnings growth, continued strong FCF used for shareholder
distributions and smaller debt repayments, Moody's expects
Garrett's leverage to further decline over the next 12-18 months.
However, weakening macroeconomic conditions present risk to this
baseline scenario.

Moody's also acknowledges Garrett's strongly growing businesses
beyond light vehicle turbochargers. The commercial vehicles and
industrial segment, including on- and off-highway commercial
vehicles and industrial applications such as stationary power
generation for data centres, has grown significantly, with Q1 2026
sales in this category rising 17% year-over-year. Aftermarket
activities, representing approximately 12% of revenue, also grew
16% in Q1 2026. Garrett expects industrial power generation, a key
growth driver supported by rising global demand for data centre
cooling and power infrastructure, to continue growing at a
low-double-digit rate in 2026. Furthermore, the company is making
progress with its zero-emission technologies, having secured a
second commercial vehicle E-Powertrain production award in China
and a production award for its industrial E-Cooling compressor for
battery energy storage systems. Moody's anticipates further strong
growth potential in these areas, which will help Garrett strengthen
its business model, also from an environmental risk perspective
through a reduced vulnerability to the automotive sector's
transition to full electrification.

Garrett's Ba2 CFR remains supported by (1) its leading position as
one of only two global manufacturers of turbochargers for passenger
and commercial vehicles; (2) the increased market penetration of
turbochargers globally, supporting revenue resilience; (3)
long-standing customer relationships with a diversified group of
automakers, with the top 10 customers accounting for around 62% of
net sales in 2025; (4) strong Moody's-adjusted profitability, with
EBIT margins in the low-to-mid teens; (5) sustained substantial
positive FCF generation; and (6) a strengthening leverage profile.

However, factors that continue to constrain the rating include (1)
the ongoing automotive industry transition towards battery electric
vehicles (BEVs), although internal combustion engines (including
hybrids) will retain a significant share of the vehicle powertrain
for the foreseeable future; (2) exposure to the cyclicality of
global automotive production; (3) the historically strong presence
in light vehicle diesel engines in Europe, where demand has been
shifting towards gasoline engines; and (4) a somewhat
shareholder-friendly financial policy, including significant share
repurchases ($87 million in Q1 2026 alone) and growing dividend
payments. Another credit challenge stems from Garrett's indirect
exposure to increased risks of a global economic slowdown and
potential supply-chain disruptions in the context of the lasting
conflict in the Middle East.

LIQUIDITY

Garrett's liquidity profile is very good. As of March 31, 2026, the
company held $142 million of unrestricted cash on its balance sheet
and had full access to its undrawn $630 million revolving credit
facility, maturing in January 2030. Total liquidity thus amounted
to $772 million. The revolving facility is subject to a springing
financial covenant (tested when at least 35% is drawn), requiring a
consolidated total leverage ratio of not greater than 4.7x, against
which the company maintains significant capacity.

The company's debt structure comprises an outstanding $635 million
senior secured term loan (maturing January 2032) and $800 million
of 7.75% senior unsecured notes (maturing May 2032), with no
material debt maturities before 2030. Annual scheduled principal
repayments on the term loan are minimal at approximately $7 million
per year.

Moody's expects Garrett to continue to generate substantial
positive FCF, which Moody's forecasts at approximately $300 million
in 2026. While the company has been actively returning capital to
shareholders through share repurchases ($87 million in Q1 2026) and
quarterly dividends, Moody's expects it to manage these
distributions in a conservative manner consistent with its reported
net leverage target below 2.0x, especially in the current
environment of macroeconomic uncertainty.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook mirrors Garrett's strong rating positioning,
supported by credit metrics that mostly meet Moody's guidance for a
higher rating. Moody's expectations of continued organic growth
with stable margins, significant positive FCF used for shareholder
distributions and some debt reduction, should support further
progressive de-leveraging to levels in line with Moody's guidance
for a Ba1 rating over the next 12-18 months.

Moody's also recognises that the company's growing diversification
into commercial vehicle, off-highway, industrial (including data
centres and power generation) and aftermarket end-markets, as well
as its emerging zero-emission technologies portfolio, will continue
to strengthen Garrett's business profile and reduce its long-term
exposure to carbon transition risks associated with the shift from
internal combustion engines to battery electric vehicles.

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

Positive rating pressure could arise if Garrett's:

-- Moody's-adjusted debt to EBITDA improved towards 2.0x;

-- Moody's-adjusted EBIT margin was sustained in the low-teens in
percentage terms;

-- positive FCF in the high teens as a percentage of debt and at
least good liquidity was maintained;

-- revenue base was further diversified away from products solely
used for internal combustion engines, including a meaningful
contribution from zero-emission and industrial technologies.

Negative rating pressure could arise if Garrett's:

-- Moody's-adjusted debt to EBITDA exceeded 3.0x;

-- Moody's-adjusted EBIT margin fell below 10%;

-- Moody's-adjusted FCF turned negative;

-- Liquidity deteriorated.

LIST OF AFFECTED RATINGS

Issuer: Garrett Motion Inc.

Affirmations:

Probability of Default Rating, Affirmed Ba2-PD

LT Corporate Family Rating, Affirmed Ba2

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: Garrett LX I S.a r.l.

Affirmations:

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Affirmed Ba1

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: Garrett Motion Holdings, Inc.

Affirmations:

Backed Senior Unsecured (Local Currency), Affirmed B1

Outlook Actions:

Outlook, Changed To Positive From Stable

Issuer: Garrett Motion S.a r.l.

Affirmations:

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Affirmed Ba1

Outlook Actions:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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

The Baa3 scorecard indicated outcome of the Automotive Suppliers
rating methodology as of LTM Q1 2026 is two notches above the
assigned Ba2 CFR. The difference mainly reflects longer-term
challenges around carbon transition that Garrett is facing, which
are not captured by the scorecard. The positive outlook indicates
the company's strengthened rating positioning with an increasing
likelihood of an upgrade.

CORPORATE PROFILE

Headquartered in Rolle, Switzerland, Garrett Motion Inc. is one of
only two global manufacturers of turbochargers for passenger and
commercial vehicles, alongside BorgWarner Inc. (Baa1 stable). The
company designs, manufactures and sells highly engineered
turbocharging, air and fluid compression, and high-speed electric
motor technologies for original equipment manufacturers and
independent aftermarket distributors. Garrett operates 13
manufacturing plants across four continents and nine engineering
centres. The company emerged from a Chapter 11 process in April
2021 and is publicly listed on the NASDAQ stock exchange. As of LTM
Q1 2026, Garrett reported revenue of approximately $3.7 billion
with a Moody's-adjusted EBITDA margin of approximately 17.2%. By
product line, gasoline turbochargers represent approximately 45% of
revenue, diesel approximately 24%, commercial vehicles/industrial
approximately 18%, and aftermarket approximately 12%.




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

ALTERNATIVE USE: ThorntonRones Limited Appointed as Administrators
------------------------------------------------------------------
Alternative Use Boston Projects Limited was placed into
administration in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number CR-2026-002878.  Richard Jeffrey Rones of
ThorntonRones Limited was appointed as Administrator on April 24,
2026.

Alternative Use Boston Projects Limited carried on a business of
production of electricity.

Its registered office and principal trading address is 10–12
Mulberry Green, Old Harlow, CM17 0ET.

The Administrator can be contacted at:

  Richard Jeffrey Rones  
  ThorntonRones Limited  
  311 High Road  
  Loughton, Essex IG10 1AH  

Further information:

  Tel: 0208 418 9333  

Alternative contact:

  Georgina Rones


BLETCHLEY PARK 2026-1: Moody's Assigns (P)B2 Rating to Cl. X1 Notes
-------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to Notes to be
issued by Bletchley Park Funding 2026-1 PLC:

GBP [ ]M Class A Mortgage Backed Floating Rate Notes due January
2070, Assigned (P)Aaa (sf)

GBP [ ]M Class B Mortgage Backed Floating Rate Notes due January
2070, Assigned (P)Aa2 (sf)

GBP [ ]M Class C Mortgage Backed Floating Rate Notes due January
2070, Assigned (P)A2 (sf)

GBP [ ]M Class D Mortgage Backed Floating Rate Notes due January
2070, Assigned (P)Baa2 (sf)

GBP [ ]M Class X1 Floating Rate Notes due January 2070, Assigned
(P)B2 (sf)

GBP [ ]M Class X2 Floating Rate Notes due January 2070, Assigned
(P)Caa2 (sf)

Moody's have not assigned ratings to the GBP [ ]M Class J VFN Notes
due January 2070 and the Residual Certificates.

RATINGS RATIONALE

The Notes are backed by a static portfolio pool of UK buy-to-let
loans originated by Quantum Mortgages Limited. The portfolio
consists of 1,231 mortgage loans with a current balance of GBP
286.0 million as of March 31, 2026 pool cut-off date.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

The transaction benefits from a liquidity reserve fund sized at
1.4% of the Classes A and B notes, which will amortise to the lower
of the initial amount and 2% of the outstanding principal balance
of the Class A and B notes. The liquidity reserve fund will be
available to cover senior fees and costs, and Class A and B
interest.  Following the Class B notes redemption, all amounts
standing to the credit of the liquidity reserve fund will be
applied as available principal receipts. All excess amounts of the
liquidity reserve will be released into the principal waterfall and
provide an additional CE to Classes A to D notes in the
transaction.

BCMGlobal Mortgage Services Limited is the servicer and Citibank,
N.A., London Branch (Aa3(cr) / P-1(cr)) is the cash manager in the
transaction. In order to mitigate the operational risk, CSC Capital
Markets UK Limited will act as the back-up servicer facilitator. To
ensure payment continuity over the transaction's lifetime the
transaction documents incorporate estimation language whereby the
cash manager can use the most recent servicer reports to determine
the cash allocation in case no servicer report is available.

Additionally, there is an interest rate mismatch between the fixed
rate loans in the pool that revert to Bank of England Base Rate
(BBR) plus a margin, and the floating rate Notes. To mitigate this
mismatch there will be a fixed-floating scheduled amortisation swap
provided by NatWest Markets Plc (A1(cr) / P-1(cr)).

Moody's determined the portfolio lifetime expected loss of 1.5% and
MILAN Stressed Loss of 14.4% related to borrower receivables. The
expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expects the portfolio to suffer in
the event of a severe recession scenario. Expected loss and MILAN
Stressed Loss are parameters used by us to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 1.5%: This is higher than the UK
buy-to-let RMBS sector average and is based on Moody's assessments
of the lifetime loss expectation for the pool taking into account:
(1) the portfolio characteristics, including a weighted-average
current LTV of 74.2%; (2) the collateral performance of originated
loans to date; (3) benchmarking with comparable transactions in the
UK BTL market; and (4) the current macroeconomic environment in the
UK.

MILAN Stressed Loss of 14.4%: This is higher than the UK buy-to-let
RMBS sector average and follows Moody's assessments of the
loan-by-loan information taking into account the following key
drivers: (1) the portfolio characteristics including the
weighted-average current LTV of 74.2% for the pool; (2) 100% BTL
portfolio with 96.2% interest-only, 48.3% HMO/MUFB loans and 13.4%
of top 20 borrower concentration; and (3) benchmarking with
comparable transactions in the UK BTL market.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

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

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.


ENVISICS LTD: FRP Advisory Appointed as Joint Administrators
------------------------------------------------------------
Envisics Ltd was placed into administration in the High Court of
Justice, Business and Property Courts, Court Number CR-2026-003112.
Simon Carvill-Biggs and Geoffrey Paul Rowley of FRP Advisory
Trading Limited were appointed as Joint Administrators on April 22,
2026.

Envisics Ltd (trading as Envisics) carried on a business of other
professional, scientific and technical activities not elsewhere
classified.

Its registered office is Apollo House, 6 Bramley Road, Milton
Keynes, MK1 1PT (in the process of being changed to FRP Advisory
Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU).

Its principal trading address is Apollo House, 6 Bramley Road,
Milton Keynes, MK1 1PT.

The Joint Administrators can be contacted at:

  Simon Carvill-Biggs  
  Geoffrey Paul Rowley  
  FRP Advisory Trading Limited  
  2nd Floor, Churchill House  
  26–30 Upper Marlborough Road  
  St Albans AL1 3UU  

Further information:

  Tel: 01727 811111  
  Email: cp.stalbans@frpadvisory.com  


ESCAPE FITNESS: Forvis Mazars Appointed as Joint Administrators
---------------------------------------------------------------
Escape Fitness Limited was placed into administration in the High
Court of Justice, Business and Property Courts in Birmingham,
Insolvency & Companies List (ChD), Court Number CR-2026-BHM-000185.
Scott Christian Bevan and Simon David Chandler of Forvis Mazars LLP
were appointed as Joint Administrators on April 27, 2026.

Escape Fitness Limited engaged in non-specialised wholesale trade.

Its registered office is c/o Forvis Mazars LLP, 30 Old Bailey,
London, EC4M 7AU.

Its principal trading address is 11–14 Tresham Road, Orton
Southgate, Peterborough, Cambridgeshire, PE2 6SG.

The Joint Administrators can be contacted at:

  Scott Christian Bevan  
  Simon David Chandler  
  Forvis Mazars LLP  
  1st Floor, Two Chamberlain Square  
  Birmingham B3 3AX  

Further information:

  Email: ben.whitehouse@mazars.co.uk  
  Contact: Ben Whitehouse  


HARBEN FINANCE 2017-1: Fitch Lowers Rating on Cl. G Notes to CCCsf
------------------------------------------------------------------
Fitch Ratings has downgraded Harben Finance 2017-1 PLC (2022 Refi)
class E, F and G notes and upgraded the class X notes. The
remaining notes have been affirmed. Fitch has also upgraded Ripon
Mortgages PLC's class X notes and affirmed the others.

   Entity/Debt                Rating             Prior
   -----------                ------             -----
Ripon Mortgages PLC

   Class A XS2982123403    LT AAAsf  Affirmed    AAAsf
   Class B XS2982123585    LT AA+sf  Affirmed    AA+sf
   Class C XS2982123668    LT A+sf   Affirmed    A+sf
   Class D XS2982123742    LT BBB+sf Affirmed    BBB+sf
   Class E XS2982124047    LT BBB-sf Affirmed    BBB-sf
   Class F XS2982124120    LT BBsf   Affirmed    BBsf
   Class X XS2982125101    LT BB+sf  Upgrade     BBsf

Harben Finance 2017-1
Plc (2022 Refi)

   Class A XS2433825721    LT AAAsf  Affirmed    AAAsf
   Class B XS2433825994    LT AA+sf  Affirmed    AA+sf
   Class C XS2433827420    LT A+sf   Affirmed    A+sf
   Class D XS2433827776    LT BBBsf  Affirmed    BBBsf
   Class E XS2433827933    LT BB+sf  Downgrade   BBB-sf
   Class F XS2433828154    LT B-sf   Downgrade   BBsf
   Class G XS2433828311    LT CCCsf  Downgrade   BB-sf
   Class X XS2433829806    LT BB+sf  Upgrade     B-sf

Transaction Summary

The transactions are securitisations of UK buy-to-let loans (BTL)
originated by Bradford and Bingley and its wholly owned subsidiary,
Mortgage Express, mainly between 2005 and 2008.

KEY RATING DRIVERS

Rising Repossessions: Cumulative reported repossessions have been
rising steadily for Harben (1.5% compared with 0.9% at last review)
and Ripon (2.9% compared with 2.2% at last review), indicating the
workout of loans in late-stage arrears. Fitch assumes loans more
than 12 months in arrears to be defaulted, modelling defaulted loan
balances of 4.4% and 4.0% for Harben and Ripon, respectively. The
persistent rise in repossessions has eroded credit enhancement for
the notes and resulted in the downgrades of Harben's class E, F and
G notes. The Outlook on the class E notes is Negative, reflecting
that they could be downgraded further if all late-stage arrears
loans default.

Increased Fixed Fees: The reported fixed fees are significantly
higher than assumed at closing. Fitch has factored higher fees into
its analysis, supporting the downgrades and Negative Outlook on
Harben's class E notes.

Recovery Rate Cap Applied: The transactions have reported losses
that exceed Fitch's loss expectations based on the indexed value of
the properties in the pools. Fitch has therefore applied
borrower-level recovery rate (RR) caps to the BTL loans in the
transactions, in line with those applied to non-conforming loans,
where the RR cap is 85% at 'Bsf' and 65% at 'AAAsf'.

Transaction Adjustment: The pools comprise highly seasoned BTL
loans. Fitch analysed the pools using its BTL-specific assumptions,
applying a transaction adjustment of 1.5x to the pool's foreclosure
frequency (FF). The higher adjustment - versus the 1.0x applied to
a market-standard portfolio - reflects the transactions' historical
performance, with the proportion of loans in arrears by more than
three months consistently underperforming Fitch's BTL index.

Class X Paydown: The upgrade of the class X notes in both
transactions reflect that their available excess spread has led to
significant paydown of the notes and they are able to withstand
rating stresses up to 'BB+sf'.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated to increasing levels of delinquencies and
defaults that could reduce credit enhancement available to the
notes.

A 15% increase in the weighted average (WA) FF and 15% decrease of
the WARR would imply the following model-implied ratings for
Harben:

Class A: 'AAAsf'

Class B: 'AAsf'

Class C: 'BBB+sf'

Class D: 'B+sf'

Class E: 'CCCsf'

Class F: Below 'CCCsf'

Class G: Below 'CCCsf'

Class X: 'BB+sf'

Fitch found that a 15% increase in the WAFF and 15% decrease of the
WARR would imply the following model-implied-ratings for Ripon:

Class A: 'AAAsf'

Class B: 'AAsf'

Class C: 'BBB+sf'

Class D: 'BB-sf'

Class E: 'Bsf'

Class F: 'CCCsf'

Class X: 'BB+sf'

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

Stable-to-improved asset performance, driven by stable
delinquencies and defaults, would lead to increasing credit
enhancement and potentially upgrades.

Fitch found that a 15% decrease in the WAFF and 15% increase in the
WARR would imply the following for Harben:

Class A: 'AAAsf'

Class B: 'AAAsf'

Class C: 'A+sf'

Class D: 'Asf'

Class E: 'BBB+sf'

Class F: 'BB+sf'

Class G: 'BB-sf'

Class X: 'BB+sf'

Fitch found that a 15% decrease in the WAFF and 15% increase of the
WARR would imply the following for Ripon:

Class A: 'AAAsf'

Class B: 'AAAsf'

Class C: 'A+sf'

Class D: 'A+sf'

Class E: 'BBB+sf'

Class F: 'BBB-sf'

Class X: 'BB+sf'

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

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

DATA ADEQUACY

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

Prior to the transactions closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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

ESG Considerations

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.


LIQUID TELECOMMUNICATIONS: Fitch Hikes IDR to 'B-', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Liquid Telecommunications Holdings
Limited's (Liquid Telecom; trading as Liquid Intelligent
Technologies) Long-Term Issuer Default Rating (IDR) and senior
unsecured rating to 'B-' from 'CCC+', and removed the ratings from
Rating Watch Positive. The Outlook is Stable.

Fitch has assigned a final 'B-' rating to the company's new senior
USD300 million senior secured notes, a new rand-denominated term
loan equivalent to USD210 million and a USD150 million term loan.
The Recovery Rating is 'RR4'.

The upgrade reflects reduced near-term refinancing risk and lower
EBITDA net leverage, following net debt reduction of USD120 million
and refinancing of senior secured noted due 2031.

The IDR reflects weak cash flow from operations (CFO) less
capex/total debt, competitive pressure outside Zimbabwe,
constraints on cash repatriation from Zimbabwe and large exposure
to countries with weak operating environments. These weaknesses are
balanced by the company's wide cross-border fibre network spanning
over 20 countries in Africa.

Key Rating Drivers

High Cash Flow Leverage: Fitch estimates Liquid Telecom's
Fitch-defined EBITDA net leverage (excluding Zimbabwe) at 4.1x at
FYE26 (year-end to February), down from 5.9x at FYE25, after cash
infusions from its parent of USD150 million. Consolidated leverage
was at 3.9x. Fitch projects leverage of 4.0x (excluding Zimbabwe)
at FYE27 and 2.7x on a consolidated basis, supported by debt
reduction and organic EBITDA growth. Fitch's leverage thresholds
for Liquid Telecom are tighter than for peers operating in
developed markets. EBITDA net leverage has sufficient headroom but
CFO less capex/debt is very weak for the rating, despite declining
capex.

Restricted Financial Flexibility: Fitch expects Fitch-defined free
cash flow (FCF) to remain modestly negative over the next two
years, due to working capital volatility and interest costs
limiting near-term FCF generation. Its business model is exposed to
the risk of high upfront customer costs to support growth and
gradual monetisation even though it owns valuable infrastructure.
The ability to convert the strong infrastructure base into stable,
timely cash flow is vital for the rating.

Liquidity is supported by operating cash flow, bank borrowings and
cash contributions from Cassava Technologies in recent years, but
remains sensitive to operating performance, covenant compliance and
market access.

EBITDA Margin Dilution: Fitch-defined EBITDA margins improved to
about 26% in FY26, supported by around USD25 million of operating
cost savings under the company's cost optimisation programme. For
FY27, Fitch's base case assumes high single-digit consolidated
revenue growth, partly reflecting the annualisation of a 10-year
mobile network operator (MNO) roaming contract signed in FY26;
however, Fitch forecasts Fitch-defined EBITDA margin to decline to
23%, due to a weaker revenue mix, cost inflation and structural
price erosion in key markets, amid competition from MNOs, incumbent
fixed-line operators and smaller B2B telecom providers.

Business Model Strengths: Liquid Telecom has a solid proprietary
fibre infrastructure footprint spanning sub-Saharan Africa and is a
key contributor to cross-border inter-operator telecommunications
connectivity. Its open access, carrier-neutral positioning supports
its wholesale value proposition. It is exposed to structurally
growing data demand. Recurring revenue forms about 90% of the total
and it has a customer churn of less than 1%. Fitch expects growth
in enterprise solutions to provide the company with the ability to
sell value-added services, support revenue diversification and
generate customer loyalty. The company is experiencing strong
growth in the higher-value cloud, cybersecurity and managed
services.

Operating Environment; FX Risk: Liquid Telecom's operations span
multiple African jurisdictions with exposure to macro, regulatory
and political risk and cash repatriation challenges in some markets
with restrictive exchange controls (particularly Democratic
Republic of Congo and Zimbabwe). Demand is structurally strong in
these markets but pricing power and affordability are limited. FX
risk is tempered by revenue diversification. The company's South
African rand borrowings are broadly matched by South Africa's
contribution to EBITDA after the refinancing, reducing the risk of
a rand devaluation affecting credit metrics.

Zimbabwe Limitations: Liquid Telecom cannot freely take cash out of
Zimbabwe due to currency controls. Fitch therefore continues to
monitor metrics that deconsolidate the Zimbabwe business. Fitch
believes Zimbabwe's strong operating performance is of limited
value to the company's creditworthiness as long as restrictions on
repatriations are in place. Zimbabwe is the largest EBITDA
contributor at 35% of company-reported adjusted EBITDA in 9MFY26.
The company has been able to upstream a moderate amount of cash
over the last two years, which Fitch has included in its
deconsolidated credit metrics, but this repatriation is subject to
annual reviews and approvals.

Peer Analysis

Liquid Telecom's business profile is comparable to those of telecom
network companies focused on wholesale/enterprise connectivity and
cross-border/long-haul infrastructure such as Uniti Group Inc
(B-/Stable). However, unlike many developed-market fibre peers,
Liquid Telecom operates in markets with higher sovereign and FX
constraints, which can limit cash fungibility and increase
volatility in credit metrics.

Fitch also considers African telecom infrastructure providers and
integrated operators for rating benchmarking. Local integrated
groups such as Airtel Africa plc and Vodacom Group Limited
(subsidiaries of Bharti Airtel Limited (BBB-/Stable) and Vodafone
Group Plc (BBB/Stable)) and MTN Group Limited benefit from larger
scale and broader service and geographic diversification but have
materially higher exposure to consumer/mobile services. These
operators are also among Liquid Telecom's major customers for
backbone connectivity and international voice, which creates some
overlap in enterprise services, but with different business-risk
profiles.

Fitch also references Axian Telecom Holding and Management Plc
(B+/Stable), whose rating is constrained by operations in weaker
environments, material FX exposure and a greater weighting to
consumer services, implying tighter leverage headroom than for more
infrastructure-like peers. Broader infrastructure peers such as
Helios Towers Plc (BB-/Stable) and IHS Holding Limited
(B+/Positive) typically show higher debt capacity due to lower
business risk and more contracted, less competitive revenue
profiles than connectivity providers, supporting stronger leverage
tolerance.

Fitch's Key Rating-Case Assumptions

- All assumptions are based on consolidated numbers including
Zimbabwe unless otherwise specified.

- Revenue growth in FY26 of 13% followed by high single-digit
growth in FY27, driven by contracts entered into in FY26. Its base
case assumes this will be followed by low-single digit increase in
FY28-FY29, driven by growth in network, cloud and cyber security
services but constrained by declining revenue in the voice segment
and currency depreciation.

- Fitch-defined EBITDA margin of 26% in FY26, with further decline
to 23% in FY27 because of growth in low-margin revenue in the mix

- Cash extracted from Zimbabwe of USD30 million-35 million annually
in FY26-FY29 and included in deconsolidated credit metrics

- Working-capital outflow of 3%-4% between FY26 and FY28

- Capex of 6%-8% of revenue over FY26-FY29

- No material common dividends over FY26-FY29

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

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

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

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

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

- The SCP is 'b-'.

Recovery Analysis

The recovery analysis assumed that Liquid Telecom would be
considered a going concern (GC) in bankruptcy.

Fitch would expect a default to come from factors such as higher
competitive intensity, loss of key contracts or adverse regulatory
or political actions. Liquid Telecom may be acquired by a larger
company that will absorb its fibre network, exit certain business
lines or cut back its presence in certain less favourable
geographies, reducing scale.

Fitch estimated that post-restructuring EBITDA, excluding Zimbabwe,
would be about USD125 million. Fitch applied a multiple of 4.5x to
the GC EBITDA to calculate a post-reorganisation enterprise
valuation. The recovery analysis included a US300 million senior
secured bond, an outstanding rand-denominated term loan equivalent
to about USD210 million, USD150 million term loan facilities and a
fully drawn USD30 million revolving credit facility (RCF), all
assumed to be equally ranking.

Its waterfall analysis generated a ranked recovery in the 'RR2'
band after deducting 10% for administrative claims to account for
bankruptcy and associated costs. However, its Country-Specific
Treatment of Recovery Ratings Criteria capped the instrument rating
at 'RR4' due to jurisdictional factors, given the African
exposure.

RATING SENSITIVITIES

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

- Liquidity pressures arising from weak funding, and challenges in
upstreaming cash from key subsidiaries to service offshore debt

- EBITDA net leverage consistently above 4.0x on a consolidated
basis and 5.0x after deconsolidating Zimbabwe

- Larger-than-expected FCF deficits, combined with reduced access
to capital to fund the company's growth

- Material deterioration in the operating environments of the
countries in which Liquid Telecom operates, affecting its operating
profile and market position

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

- Positive FCF margin in the low single digits, providing
sufficient headroom to with stand adverse FX and operating risks

- EBITDA net leverage sustainably below 3.3x on a consolidated
basis and 4.3x after deconsolidating Zimbabwae in combination with
CFO less capex/total debt (deconsolidated basis) consistently above
2.5%

- Materially improved liquidity headroom generated organically,
through asset monetisation or additional shareholder support,
mitigating the risk of limited access to cash in regions with
strict currency regulations

- EBITDA interest cover above 2.5x

Liquidity and Debt Structure

Liquid Telecom had USD55 million of unrestricted cash (Fitch treats
USD11 million of cash in Zimbabwe as restricted) as of 3QFY26. The
company after refinancing has access to a USD30 million RCF due
2030, subject to covenant headroom. The company's earliest debt
repayment requirements are in FY30 with a USD179 million
amortization under the senior syndicated facility.

Issuer Profile

Liquid Telecom is a leading pan-African telecommunications
provider, delivering fibre connectivity and cloud services across
more than a dozen countries. It operates one of the largest
independent fibre networks in Africa of over 115,000 km.

Summary of Financial Adjustments

Cash held in Zimbabwe is treated as restricted.

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 Liquid Telecom.

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
   -----------                ------           --------   -----
Liquid
Telecommunications
Financing plc

   senior secured       LT     B- New Rating    RR4       B-(EXP)

Liquid
Telecommunications
South Africa
Proprietary Limited

   senior secured       LT     B- New Rating    RR4       B-(EXP)

Liquid
Telecommunications
Holdings Limited    

                        LT IDR B- Upgrade                 CCC+


PLASTIC ENERGY FINCO: FRP Advisory Named as Joint Administrators
----------------------------------------------------------------
Plastic Energy Finco Ltd was placed into administration in the High
Court of Justice, Business and Property Courts, Court Number
CR-2026-003217.  Geoffrey Paul Rowley and Patrick Donnan of FRP
Advisory Trading Limited were appointed as Joint Administrators on
April 27, 2026.

Plastic Energy Finco Ltd carried on a business of activities of
other holding companies not elsewhere classified, and research and
experimental development on natural sciences and engineering.

Its registered office is 65 Carter Lane, London, EC4V 5DY (in the
process of being changed to FRP Advisory Trading Limited, 110
Cannon Street, London, EC4N 6EU).

Its principal trading address is 65 Carter Lane, London, EC4V 5DY.

The Joint Administrators can be contacted at:

  Geoffrey Paul Rowley  
  Patrick Donnan  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

Further information:

  Tel: 020 3005 4000  
  Email: cp.london@frpadvisory.com  


PLASTIC ENERGY LIMITED: FRP Advisory Named Joint Administrators
---------------------------------------------------------------
Plastic Energy Limited, trading as Plastic Energy, was placed into
administration in the High Court of Justice, Business and Property
Courts, Court Number CR-2026-003219.  Geoffrey Paul Rowley and
Patrick Donnan of FRP Advisory Trading Limited were appointed as
Joint Administrators on April 27, 2026.

Plastic Energy Limited carried on a business of research and
experimental development on natural sciences and engineering.

Its registered office is 65 Carter Lane, London, EC4V 5DY (in the
process of being changed to FRP Advisory Trading Limited, 110
Cannon Street, London, EC4N 6EU).

Its principal trading address is 65 Carter Lane, London, EC4V 5DY.

The Joint Administrators can be contacted at:

  Geoffrey Paul Rowley  
  Patrick Donnan  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  EC4N 6EU  

Further information:

  Tel: 020 3005 4000  
  Email: cp.london@frpadvisory.com  


SOLVENZA LIMITED: BTG Begbies Appointed as Joint Administrators
---------------------------------------------------------------
Solvenza Limited was placed into administration in the Business and
Property Courts in Leeds, Insolvency & Companies List (ChD), Court
Number CR-2026-000447.  Louise Longley and Julian N R Pitts of BTG
Begbies Traynor (Central) LLP were appointed as Joint
Administrators on April 28, 2026.

Solvenza Limited engaged in financial intermediation.

Its registered office is Cohav House, Aviation Way, Southend
Airport, Southend-on-Sea, SS2 6UN.

Its principal trading address is Cohav House, 16–17 Aviation Way,
Southend Airport, Southend-on-Sea, SS2 6UN.

The Joint Administrators can be contacted at:

  Louise Longley  
  Julian N R Pitts  
  BTG Begbies Traynor (Central) LLP  
  Floor 2, 10 Wellington Place  
  Leeds  LS1 4AP  

For further information:

  Tel: 0113 285 8610  
  Email: benjamin.silverwood@btguk.com  



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *