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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

          Wednesday, May 20, 2026, Vol. 27, No. 100

                           Headlines



A Z E R B A I J A N

DAVR-BANK: S&P Places 'B' LongTerm ICR on CreditWatch Positive


G E R M A N Y

STEPSTONE GROUP 1: Moody's Alters Outlook on 'B2' CFR to Negative


I R E L A N D

CARLYLE EURO 2019-2: S&P Affirms 'B-(sf)' Rating on Class E Notes


I T A L Y

BUBBLES BIDCO: S&P Withdraws 'B' LongTerm Issuer Credit Rating


L U X E M B O U R G

GARFUNKELUX HOLDCO 2: S&P Lowers Issuer Credit Rating to 'SD'


N E T H E R L A N D S

DRIVE PARENTCO: Moody's Alters Outlook on 'B2' CFR to Positive


R U S S I A

ABANK OJSC: S&P Affirms 'B+/B' ICRs on Improved Capitalization
IPOTEKA BANK: S&P Raises LongTerm ICR to 'BB', Outlook Stable


S P A I N

VALENCIA: S&P Upgrades LongTerm ICR to 'BB+' on Stronger Economy


S W E D E N

DOMETIC GROUP: Moody's Alters Outlook on 'Ba3' CFR to Negative


U N I T E D   K I N G D O M

BECON (PRECISION): Quantuma Advisory Appointed as Administrators
BENLOWE GROUP: BTG Begbies Appointed as Joint Administrators
CAASA HOMES: Kroll Advisory Appointed as Joint Administrators
CFC GROUP: Moody's Upgrades CFR to B2 & Alters Outlook to Stable
EMBANKMENT (GH): BTG Begbies Appointed as Joint Administrators

MARYLEBONE (BC): BTG Begbies Appointed as Joint Administrators
MAYFAIR (HS): BTG Begbies Appointed as Joint Administrators
POLARIS 2026-2: S&P Assigns Prelim. CCC(sf) Rating on Cl. X-2 Notes
REGENTS PARK HOUSE: BTG Begbies Appointed as Joint Administrators
RICHMOND CONTRACTS: Leonard Curtis Appointed as Joint Administrator

VANTAGE ROOFING: KBL Advisory Appointed as Joint Administrators
WALDORF CNS I: Plan Effective Date Occurred May 7
ZEUS BIDCO: Moody's Affirms 'Caa1' CFR & Alters Outlook to Stable

                           - - - - -


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A Z E R B A I J A N
===================

DAVR-BANK: S&P Places 'B' LongTerm ICR on CreditWatch Positive
--------------------------------------------------------------
S&P Global Ratings placed its 'B' long-term issuer credit rating on
Davr-Bank on CreditWatch with positive implications. S&P also
affirmed its 'B' short-term rating on the bank.

On May 8, 2026, the International Bank of Azerbaijan (ABB; not
rated by S&P Global Ratings) announced that it plans to acquire 51%
of the issued share capital of Davr-Bank.

S&P expects its ratings on Davr-Bank to benefit from group support
once the acquisition completes.

The CreditWatch placement follows ABB's announcement that it plans
to acquire 51% of Davr-Bank's shares. ABB is Azerbaijan's biggest
state-owned systemically important bank. S&P said, "We expect
Davr-Bank to become part of the ABB group and that the combined
group will have higher creditworthiness compared with Davr-Bank on
a stand-alone basis. The deal exceeds $100 million, which indicates
an enterprise value of above Davr-Bank's capital as of April 1,
2026 ($182 million). We expect the deal to be completed in the
second half of 2026, subject to regulators' and antimonopoly
committee approvals."

Upon the acquisition's closing, S&P may view Davr-Bank as a sizable
subsidiary of ABB and important to the group's long-term strategy.
This could result in a one-notch upgrade of Davr-Bank. Davr-Bank
will account for 10%-11% of the ABB group's total assets and
equity. Davr-Bank's return on average equity has consistently
exceeded 35% over the past few years (35.6% in 2025), and we expect
this to remain robust and above 20%-25% over the next three years.
The deal fits ABB's long-term strategy, which envisages
international expansion and positioning itself as a regional
player. Davr-Bank will be renamed ABB Davr-Bank and will share the
brand name with the parent after the deal. However, the level of
integration between the two entities is yet to be tested.

S&P said, "We expect Davr-Bank's capitalization will remain solid.
The bank's risk-adjusted capital (RAC) improved and accounted for
10.9% in 2025 (9.5% in 2024), benefiting from higher retained
earnings and property revaluation reserve (6% of total equity as of
year-end 2025). We expect our RAC ratio will remain at 10.0%-10.3%
over the next 12-18 months, supported by solid earnings and 100%
net income retention. This is based on our expectation that the
bank's loan book growth will account for 30%-35%. We forecast that
Davr-Bank's net interest margin will remain strong (10.0%-10.3%),
thanks to high interest rates and the bank's expansion into the
higher-margin retail and small-to-midsize-enterprise loans. Under
our base-case scenario, we do not anticipate that the bank will
issue new shares for the purposes of the acquisition or capital
injections from shareholders over 2026-2027. That said, the
upcoming acquisition may entail execution risk and additional
losses. Furthermore, changes in ownership could lead to upward
revisions in strategic plans for loan book growth, as well as
shifts in dividend policy. This, in turn, may affect capital
buildup and bring the RAC ratio to below 10% over the next two to
three years. This constrains our assessment of Davr-Bank's capital
position at adequate, although we expect robust capitalization will
remain a rating strength.

"The CreditWatch positive placement reflects our expectation that
we could raise our long-term issuer credit rating on Davr-Bank by
one notch once the acquisition closes, reflecting its potential
importance to the group's long-term strategy, which makes it
eligible for extraordinary group support. Conversely, if the
transaction fails to close, which we do not expect, we would remove
the CreditWatch placement and assess any implications for
Davr-Bank's stand-alone credit profile."




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

STEPSTONE GROUP 1: Moody's Alters Outlook on 'B2' CFR to Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed The Stepstone Group Midco 1 GmbH's
(Stepstone) B2 long-term Corporate Family Rating and its B2-PD
Probability of Default Rating. Stepstone is a leading digital
recruiting platform with operations in Germany and other EMEA
countries, and a leading provider of programmatic recruitment
solutions through the B2B brand Appcast in North America.
Concurrently, Moody's have affirmed the B2 ratings on the EUR1,350
million backed senior secured term loan B1 and on the $600 million
backed senior secured term loan B (TLB) both due in 2032, and on
the EUR300 million backed senior secured revolving credit facility
(RCF) due in 2031, all borrowed by The Stepstone Group Midco 2
GmbH. The outlook of all entities has changed to negative from
stable.

"The rating action reflects slower-than-expected recovery prospects
amid challenging macroeconomic conditions, with credit metrics
expected to remain weak for the rating category over the next 12
months" says Agustin Alberti, a Moody's Ratings Vice
President-Senior Analyst and lead analyst for Stepstone.

RATINGS RATIONALE

While Stepstone continues to benefit from strong market positions
and high margins, Moody's updated projections indicate lower
revenue expectations, with leverage expected to remain elevated in
2026 and a more gradual deleveraging path in 2027, which will
depend on a recovery of the recruitment market and the company
returning to revenue growth.

Moody's are projecting revenues to slightly decline to around
EUR735 million in 2026 (EUR760 million in 2025) compared with a
sharper rebound previously anticipated. This reflects challenging
macroeconomic conditions with continued softness in hiring demand
in Germany, Stepstone's core market, and a more gradual
normalization in recruitment activity across key European
geographies. Growth in North America, supported by Appcast, will
continue to provide partial offset but will be insufficient to
fully compensate for the slower EMEA recovery.

Moody's are projecting EBITDA margins (Moody's adjusted) to hold at
high levels of around 35% in 2026 with Moody's adjusted EBITDA at
c. EUR255 million. As a result of the weaker performance than
previously expected, the company's Moody's adjusted gross debt to
EBITDA will remain elevated at 7.3x in 2026 (6.9x in 2025), outside
of the boundaries set for the current rating.

Moody's expects a delayed recovery in 2027 with revenues growing at
mid single digit rate to around EUR765 million with margins
remaining at high levels, as macroeconomic recovery, public
investment and gradually improving business confidence feed through
into labour demand. As a result, Moody's expects an improvement of
gross leverage to around 6.5x by year end 2027. Moody's projects
the company's Moody's adjusted free cash flow (FCF) to remain very
modest in 2026, at around break-even, before improving to around
EUR25–30 million in 2027.

The company is undertaking a strategic shift toward a more
recurring, subscription-based revenue model in Germany (60% of
group revenue), which Moody's considers positive for its business
profile. The model shifts revenues away from purely transactional
job listings toward recurring subscription contracts, with the
objective of improving revenue visibility, customer retention and
monetisation across clients' full hiring needs. The rollout of its
All Jobs offerings is gaining traction with positive initial signs
reflected in growing active customer base, higher subscription
penetration, and transitioned customers generating a recruiting
budget uplift. While the transition could weigh on upside potential
in a stronger than expected recovery scenario, it is expected to
enhance revenue visibility, customer retention and earnings
resilience. The company is also proactively adopting AI
technologies, leveraging its proprietary data to enhance product
capabilities and improve both jobseeker matching and recruiter
decision-making.

Stepstone's B2 rating is supported by (1) the company's strong
position as the leading provider of online recruiting services in
Germany, as well as its leadership position in the US programmatic
recruiting segment through Appcast; (2) its good brand awareness,
long-standing client relationships and low churn rate among large
customers; (3) the secular industry growth driven by the increasing
adoption of online recruitment services and sustained demand for
skilled labour; (4) its flexible cost structure with high
proportion of variable costs that can be adjusted during periods of
challenging business conditions; and (5) its high EBITDA margins
and moderate capital spending requirements, which results in
positive FCF generation.

Conversely, the ratings are constrained by (1) the company's
moderate scale when compared with large and well-capitalised global
players; (2) the highly competitive environment and threat of new
disruptive business models and technologies such as AI; (3) the
exposure to the cyclical employment market, which is visible in the
weak revenue performance over the past 2 years; and (4) the high
leverage and weaker than expected FCF generation.

LIQUIDITY

Stepstone's liquidity is good, supported by a cash balance of EUR68
million as of December 2025, access to a EUR300 million undrawn
RCF, and long-dated maturities with the RCF maturing in 2031 and
the TLBs maturing in 2032.

The RCF is subject to a net leverage springing covenant set at
9.75x, with ample headroom at closing, tested only when the RCF is
drawn by more than 45%.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the risk that operating performance
and deleveraging progress may remain weaker than expected,
particularly if the recovery in recruitment markets is delayed or
more uneven than assumed.

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

Positive rating pressure could develop if (1) the company reports
steady revenue growth while maintaining high margins and leading
market shares; (2) improves its credit metrics on a sustainable
basis such that its Moody's-adjusted debt/EBITDA ratio drops below
5.0x, and generates positive FCF such that its FCF/Debt ratio
(Moody's adjusted) improves above 5%; and (3) it maintains a good
liquidity position.

The rating could be downgraded if: (1) Stepstone's competitive
profile weakens, leading to a material erosion in market share; (2)
the company's operating performance fails to recover or is not
sufficient to improve its credit metrics such that its
Moody's-adjusted debt/EBITDA ratio remains above 6.5x or is unable
to generate positive FCF on a sustained basis; or (3) its liquidity
weakens.

The rating could also be downgraded if the company undertakes debt
funded acquisitions or makes distributions to shareholders which
delay Moody's deleveraging expectations.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Headquartered in Düsseldorf, Germany, the Stepstone Group is the
leading German online job platform and a leading provider of
programmatic powered recruitment solutions in North America. It
also operates more than 10 job marketplaces in EMEA. After the
split from Axel Springer SE (Axel Springer), the company is
majority owned and controlled by KKR & CO INC and CPP Investments.




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

CARLYLE EURO 2019-2: S&P Affirms 'B-(sf)' Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Carlyle Euro CLO
2019-2 DAC's class A-2A and A-2B-R notes to 'AAA (sf)' from 'AA
(sf)', class B-1-R and B-2-R notes to 'AA+ (sf)' from 'A (sf)', and
class C-R notes to 'BBB+ (sf)' from 'BBB (sf)'. At the same time,
S&P affirmed its 'AAA (sf)' rating on the class A-1-R notes, 'BB-
(sf)' rating on the class D notes, and 'B- (sf)' rating on the
class E notes.

Carlyle Euro CLO 2019-2 is a cash flow CLO transaction that
securitizes leverage loans and is managed by CELF Advisors LLP.

The rating actions follow the application of our relevant criteria,
and our credit and cash flow analysis of the transaction based on
the February 2026 trustee report.

Since S&P's previous rating actions in August 2021:

-- The portfolio's weighted-average life has decreased to 3.25
years from 4.99 years.

-- The percentage of 'CCC' rated assets has increased to 9.32%
from 6.52%.

--  Following the deleveraging of the class A-1-R notes, the class
A-2A to E notes have benefited from higher levels of credit
enhancement since closing.

  Table 1

  Credit enhancement  

  Class   Current amount    Credit enhancement
            (mil. EUR)      as of February 2026 (%)*

  A-1-R 86.10 62.13
  A-2A 22.00 43.65
  A-2B-R 20.00 43.65
  B-1-R 13.50 30.46
  B-2-R 16.50 30.46
  C-R 26.00 19.02
  D 20.00 10.22
  E 10.00 5.83

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)] / [Performing balance +
cash balance + recovery on defaulted obligations (if any)].
*Based on the portfolio composition as reported by the trustee in
February 2026.
N/A--Not applicable.

  Table 2

  Portfolio benchmarks

  Benchmark                             Current      At closing

  SPWARF                                2,983.78     3,028.52
  Default rate dispersion               660.7333518  530.29
  Weighted-average life (years)         3.251        4.99
  Obligor diversity measure             73.742       110.07
  Industry diversity measure            15.306       23.12
  Regional diversity measure            1.364        1.41

SPWARF--S&P Global Ratings' weighted-average rating factor.

On the cash flow side:

-- The reinvestment period ended in February 2024.

-- The class A-1-R notes have deleveraged by almost EUR159.9
million since then, equivalent to an outstanding note factor of
35.00%.

-- No class of notes is currently deferring interest.

All coverage tests are passing as of the February 2026 trustee
report.

  Table 3

  Transaction key metrics
  
  Metric Current Previous review

  Total collateral amount (mil. EUR)* 248.00 408.7
  Defaulted assets (mil. EUR) 0.00 0.00
  Number of performing obligors 86 131
  Portfolio weighted-average rating B B
  'CCC' assets (%) 6.56 6.52
  'AAA' SDR (%) 59.95 66.45
  'AAA' WARR (%) 36.26 36.99

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.

S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. Nevertheless, due
to the CLO entering its amortization phase, it has become more
concentrated since our previous review. Hence, we have performed an
additional scenario analysis by applying a spread and recovery
compression analysis.

"In our credit and cash flow analysis, we considered the
transaction's available current cash balance of approximately
EUR24.58 million, based on the February 2026 payment date report.
We also considered the level of available principal proceeds from
the last two payment date reports and the amount of principal
proceeds used to deleverage the notes on the last two payment dates
(EUR104.76 million). We therefore considered a base-case cash flow
scenario where the full amount of principal cash will be used to
redeem the rated notes.

"Our base-case credit and cash flow analysis indicates the
available credit enhancement for the class A-1-R, A-2A, and A-2B-R
notes is sufficient to withstand the credit and cash flow stresses
that we apply at the 'AAA' rating level. We therefore affirmed our
'AAA (sf)' rating on the class A-1-R notes and raised to 'AAA (sf)'
from 'AA (sf)' our ratings on the class A-2A and A-2B-R notes.

"We affirmed our 'BB- (sf)' rating on the class D notes because
their available credit enhancement is sufficient to withstand the
credit and cash flow stresses that we apply at this rating level.
Our base-case cash flow analysis indicates the available credit
enhancement for the class B-1-R, B-2-R, and C-R notes is
commensurate with higher ratings. For these classes, we assumed the
manager will still deleverage the notes using most of the principal
cash and may reinvest unscheduled proceeds and sale proceeds from
credit-risk and credit-improved assets. We also considered the
level of cushion between our break-even default rates (BDRs) and
SDRs for these notes at their passing rating levels, as well as
current macroeconomic conditions and their relative seniority. We
therefore raised to 'AA+ (sf)' from 'A (sf)' and to 'BBB+ (sf)'
from 'BBB (sf)' our ratings on the class B (B-1-R and B-2-R) and C
notes, respectively.

"Although our credit and cash flow analysis indicates the class E
notes' available credit enhancement could withstand stresses
commensurate with a lower rating, the application of our 'CCC'
rating criteria resulted in a 'B- (sf)' rating on this tranche."
The ratings uplift for this tranche reflects several key factors,
including:

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

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

-- S&P's model generated BDR at the 'B-' rating level of 14.22%
(for a portfolio with a weighted-average life of 3.25 years),
versus if it was to consider a long-term sustainable default rate
of 3.2% for 3.25 years, which would result in a target default rate
of 10.40%.

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

-- Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria.

Following the application of our structured finance sovereign risk
criteria, the transaction's exposure to country risk is limited at
the assigned ratings, as the exposure to individual sovereigns does
not exceed the diversification thresholds outlined in our
criteria.

Carlyle Euro CLO 2019-2 is a European cash flow CLO transaction
that securitizes loans granted to primarily speculative-grade
corporate firms. The transaction is managed by CELF Advisors LLP.




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I T A L Y
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BUBBLES BIDCO: S&P Withdraws 'B' LongTerm Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B' long-term issuer credit
rating on Bubbles Bidco SpA, and assigned its 'B' long-term issuer
credit rating to Cesar SpA.

S&P's issue ratings on the group's existing notes are unchanged at
'B' with a recovery rating of '3'. The recovery rating on the notes
indicates its expectation of meaningful recovery (50%-70%; rounded
estimate: 55%) in the event of payment default.

The stable outlook reflects that sound revenue growth, fueled by
store expansion, and an above-average S&P Global Ratings-adjusted
EBITDA margin of 17.0%-17.5%, should push adjusted debt to EBITDA
closer to 5.3x by 2026, from 5.7x in 2025. It also implies annual
free operating cash flow (FOCF) after lease payments will improve
close to EUR30 million in 2026 and thereafter, after being broadly
neutral in 2025 despite inventory requirement and capital
expenditure (capex) to support store openings in Italy.

On April 1, 2026, Cesar SpA announced the completion of the merger
of Bubbles Bidco SpA, Logimer S.r.l. and MDM S.r.l. into Cesar
SpA.

Cesar is the surviving entity of the merger, and will retain a
leading position in the Italian home and personal care (HPC) value
retail market, where the group primarily operates through the Acqua
& Sapone brand.

As part of the merger, Cesar has assumed all of Bubbles'
obligations, including those arising under the existing EUR450
million fixed senior secured notes and EUR475 million senior
secured floating notes due 2031.

S&P said, "The merger of Bubbles Bidco into Cesar SpA does not
alter the group's credit quality and we have therefore assigned our
'B' rating to Cesar SpA to reflect the new company structure. Cesar
SpA announced the merger of Bubbles Bidco SpA, Logimer S.r.l. and
MDM S.r.l., acquired in April 2025, into Cesar SpA. Cesar is the
surviving entity of the merger and has assumed all of the entities'
obligations without limitation, including those arising under the
existing E+4.250% EUR475 million senior secured floating-rate notes
due 2031 and 6.5% EUR400 million senior secured fixed rate notes
due 2031. We think the transaction does not have implications on
the creditworthiness of the group, therefore we have assigned a 'B'
rating to Cesar SpA. The issue rating on the group's notes is
unchanged at 'B' with a recovery rating of '3', indicating our
expectation of meaningful recovery prospects of 55% in the event of
payment default. We withdrew our rating on Bubbles Bidco SpA since
it ceased to exist after the transaction."

Cesar operates primarily through the Acqua & Sapone brand within
the Italian HPC sector. The Italian HPC market is worth EUR18.7
billion by retail value prices, according to Euromonitor, and it
continues to demonstrate positive dynamics, with an expected
compound annual growth rate over 2026-2030 of approximately 2% for
home care and beauty and 4% for personal care. In light of
deflationary trends in some product categories such as personal
care, S&P expects a 6%-7% revenue growth in 2026 at Cesar,
primarily driven by volumes as well as about 55-65 new store
openings, according to management guidance. The market has
historically demonstrated resilience and consistent growth even
against economic headwinds, such as the 2008 global financial
crisis or the COVID-19 pandemic. This is because the category
comprises non-discretionary product categories that customers are
less likely to reduce. Cesar's position as a value retailer,
through its main brand Acqua & Sapone, provides a clear advantage,
because consumer preferences have shifted toward discounted
products due to increased price sensitivity in recent years, as
inflation has reduced households' pricing power.

The Italian market is highly competitive, encompassing many local
players, grocery stores, discount retailers, international brands
(like Action), and online platforms such as AliExpress, Temu, or
Amazon. In 2009, Gottardo, one of Acqua & Sapone's consortium
members, launched the trademark Tigotà, which became one of Cesar'
closest competitors. Nonetheless, S&P understands that Cesar has
identified significant whitespace potential providing additional
growth opportunities. Still, whitespaces could be acquired by
medium- and large-sized chains and potentially challenge Cesar's
expansion plan. In addition, S&P flags the potential concentration
risk arising from such a fragmented market.

S&P said, "Our rating on Cesar balances its good product diversity
with its geographic concentration in Italy. In 2025, the group
generated sales of EUR1.282 billion (including other revenues)
split between personal care (48% of sales), home care (31%),
cosmetics (13%), and other products (8%). We think that the broad
product range in Acqua & Sapone stores enables the group to reach a
diversified customer base, leading to increased traffic and an
average checkout basket worth EUR17.6. Until recently, the group
was present only in Italy, but it has a leading position in almost
every region it operates in thanks to its affordable product
offering, the breadth of its product offering including well-known
brands in the home care and personal care industry. This has
supported the group's performance during adverse macroeconomic
conditions, as was the case during the recent spike in inflation.
Furthermore, the group's current expansion into Spain is, in our
view, a first step toward improving its geographic diversity. The
gradual opening of new stores in key Spanish locations over
2024-2025 (currently nine stores) and expected five to 10
additional stores in 2026 points to the group's conservative
approach to its international expansion, thereby reducing execution
risk. In our base case, by end-2026, Cesar will generate only
limited sales in Spain. That said, the group does not yet
consolidate its Spanish operations but reports them under the
equity affiliate method.

"We think potential operational and reputational risks stemming
from Cesar's lack of full ownership of the Acqua & Sapone brand are
effectively managed through a set of strict key processes. In
addition, Cesar has a free license to use the brand for an
indefinite period. The Acqua & Sapone brand was initially created
by a consortium of families split across Italian regions and not
all these groups operate under the Cesar structure. Cesar steadily
consolidated most of the founding families under the same
organization, which accounted for 824 points of sales as of May
2026. This represents roughly 85% of the total Italian stores
operating under the Acqua & Sapone banner and for more than 80% of
the consortium sales. Although Cesar does not have the right to
operate through the Acqua & Sapone brand in some regions such as
Sicily, it can operate through other banners such as La Saponeria,
which account for a minimal share of the group's stores and sales.
Those regions are served by other consortium members (outside
Cesar's scope). In that regard, we think reputational issues
involving a store outside of Cesar's network could theoretically
jeopardize the group's operations and its financial performance.
However, we think the consortium's set of processes--such as
digital and marketing activities as well as a code of conduct,
among others--help avoid such reputational damage.

"We anticipate FOCF after leases to strengthen in 2026, led by
EBITDA growth and stricter working capital control. Cesar's free
operating cash flow in 2025 has been about EUR2 million, partially
because of record high new store openings of 47 new stores (of
which six are in Spain and the rest in Italy). Indeed, the group's
capex stood at EUR38 million in 2025 (representing only the opening
capex of the Italian stores) and working capital requirements were
higher due to initial build-up of inventories particularly in
stores opened toward year end (40% of the Italian new stores have
been opened in the fourth quarter). We also understand that working
capital swings could vary depending on the opportunistic purchase
of stock at attractive rates, which the company has managed to fund
with internal cash flow generation and no drawings under its RCF as
of the end of 2025. Despite ongoing expansionary projects with
capex expected at about EUR40 million-EUR45 million in 2026 (still
on Italian openings only) we forecast the group's EBITDA growth as
well as tighter inventory control to support FOCF after leases at
about EUR30 million in 2026 and 2027.

"Our rating on Cesar Spa embeds its majority ownership by private
equity sponsor TDR Capital and S&P Global Ratings-adjusted debt to
EBITDA between 5.0x-6.0x. Cesar is owned by TDR Capital with a 60%
stake, while the Barbarossa family and H.I.G. capital own 20% each.
The group's highly leveraged capital structure reflects the higher
debt issued to fund TDR Capital's leverage buyout in 2024 and
ongoing merger and acquisition (M&A) activities. Since 2021, the
group has acquired and consolidated six of the eight Acqua & Sapone
consortium companies, with the latest being Logimer and MDM in 2025
and made an M&A transaction outside the consortium perimeter.
Therefore, we expect adjusted debt to EBITDA to improve toward 5.3x
in 2026 from 5.7x in 2025.

"The stable outlook reflects that sound revenue growth, fueled by
store expansion, and an above-average S&P Global Ratings-adjusted
EBITDA margin of 17%-17.5% should push adjusted leverage closer to
5.3x by 2026 from 5.7x in 2025. It also implies annual FOCF after
lease payments improving to close to EUR30 million in 2026 and
thereafter despite capex increasing with store openings.

"We could lower the rating over the next 12 months if Cesar
underperforms our base-case scenario and its operating performance
deteriorates, leading to adjusted debt to EBITDA of over 6.5x,
negative FOCF after leases, or a weaker liquidity position."

This could happen if:

-- Increased competition erodes Acqua & Sapone's market position;

-- The expansion plan, including the implementation of data
science initiatives, is less successful than anticipated;

-- Relationships with suppliers deteriorate, leading to loss of
pricing advantage; or

-- A more aggressive financial policy gives way to debt-funded
acquisitions or dividend distributions.

A positive rating action would be contingent on stronger credit
metrics, including adjusted debt to EBITDA consistently below 5.0x
and improved FOCF after leases. This could be driven, for example,
by stronger-than-anticipated store expansion and the international
rollout of the Acqua & Sapone brand yielding a higher EBITDA base.
In this case, an upgrade would hinge on a clear commitment from the
equity sponsor to keep leverage below 5.0x.




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

GARFUNKELUX HOLDCO 2: S&P Lowers Issuer Credit Rating to 'SD'
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Garfunkelux
Holdco 2 S.A. (Lowell) to 'SD' (selective default) and its issue
rating on its EUR467 million senior secured floating-rate note to
'D' for the same reason.

Lowell is preserving capital as part of a wider ongoing
restructuring, and S&P will re-evaluate the company's
creditworthiness once it announces its recapitalization plan.

S&P said, "We understand that Garfunkelux Holdco 2 S.A. (Lowell)
will not make the interest payment on its EUR968 million fixed-rate
senior secured note within 30 calendar days of the May 1, 2026 due
date.

"The downgrade reflects our understanding that Lowell will not make
the May 1 coupon payment on its EUR968 million senior secured
fixed-rate note within 30 calendar days of the due date.
WhileLowell can rely on an extended 120-day contractual grace
period for interest payments, in accordance with "S&P Global
Ratings Definitions," published Dec. 16, 2025, we would infer a
default on the note unless Lowell made the payment within 30
calendar days of the due date. We understand that it does not
intend to do so, though it's possible that it nevertheless pays the
coupon within the 120-day grace period.

"We understand that Lowell continues to pay all interest on its
revolving credit facility and term loan facility. As such, our
long-term 'SD' issuer credit rating on Garfunkelux Holdco 2 is
unchanged.

"We do not expect to take another rating action until a
restructuring plan is announced. We will re-evaluate the company's
creditworthiness and its capital structure once it announces its
recapitalization plan."




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

DRIVE PARENTCO: Moody's Alters Outlook on 'B2' CFR to Positive
--------------------------------------------------------------
Moody's Ratings has affirmed the B2 corporate family rating and
B2-PD probability of default rating of Drive Parentco B.V.'s
(nexeye), a holding company owner of Dutch optical retailer nexeye.
Moody's also affirmed the B2 ratings on the backed senior secured
term loan B (TLB) and the backed senior secured revolving credit
facility (RCF) issued by Drive Bidco B.V., the group's issuing
entity. At the same time Moody's changed the outlook to positive
from stable for both entities.

"The positive outlook reflects nexeye's strong operational
execution and robust growth since Moody's first-time rating, which
has translated into credit metrics that are strong for the B2
category and that Moody's expects will improve further," says
Guillaume Leglise, a Moody's Ratings Vice President – Senior
Analyst and lead analyst for nexeye. "While free cash flow will
likely remain limited in the next two years because of the group's
sizeable expansion capex—particularly for the store roll-out in
Germany—nexeye has historically generated positive free cash
flow, and Moody's expects the company to maintain a good
liquidity."

RATINGS RATIONALE

The outlook change to positive is driven by nexeye's strong
operating performance in fiscal 2025 (period ended January 31,
2026) and Moody's expectations that the company will continue to
deliver revenue and earnings growth despite a challenging European
macroeconomic backdrop.

In fiscal 2025, the company delivered 14.2% year-on-year sales
growth, supported by 13.5% like-for-like growth and continued store
network expansion, particularly at Eyes+More in Germany. The group
ended fiscal 2025 with 738 stores, including 33 stores opened
during the year.

These results supported solid credit metrics for the rating level.
At end January 2026, the company's Moody's adjusted leverage (gross
debt to EBITDA) was about 4.3x. Moody's expects revenues and EBITDA
to increase by mid to high single digits in fiscal 2026, supported
by further store expansion and broadly stable demand. While
leverage remains above Moody's upgrades guidance of 4.0x, Moody's
base case assumes that this growth will support a gradual
improvement in credit metrics, with Moody's adjusted debt/EBITDA
trending to around 4.0x by end of fiscal 2026.

Moody's rating action also reflects Moody's expectations that
demand for nexeye's offering will remain relatively stable because
the group's products are healthcare-related and relatively
non-discretionary, and its value-for-money positioning can support
volumes amid a weaker consumer environment.

This rating action reflects Moody's baseline expectation of a
contained impact on energy markets despite ongoing oil supply
disruptions and limited damage to production or infrastructure.
Nevertheless, nexeye remains exposed to a more adverse conflict
scenario through energy and supply chain transmission channels.
Frames production relies on acetate, for which petroleum is a base
input, and could therefore face some cost inflation linked to the
ongoing Middle East conflict. In addition, the group imports a
large part of its frames from Asia and largely uses shipping
freight, which could expose it to higher freight costs. However,
frame and freight costs represent a marginal share of the group's
overall cost structure, and the impact is partly mitigated by the
weak US dollar, which could offset potential cost increases.

nexeye's B2 CFR continues to reflect (i) its leading market
position in optical retail in the Netherlands and Belgium; (ii) a
stable operating environment, supported by favorable demographic
trends and relatively inelastic demand for healthcare-related
goods; (iii) a track record of revenue growth supported by a loyal
customer base, a growing store network and a good omnichannel
infrastructure; (iv) a value proposition that supports customer
demand amid difficult macro conditions; and (v) its good credit
metrics for the rating category and good liquidity profile.

The rating is constrained by (i) nexeye's smaller scale versus
larger European optical peers; (ii) modest geographic diversity,
with concentration in the Netherlands and Germany; (iii) a
leveraged capital structure and the risk of debt-funded
acquisitions as part of the group's financial policy; (iv)
execution risks associated with the company's store roll-out, which
raises marketing, staff and IT costs, inflates capex needs and
limits free cash flow (FCF); and (v) intense competition in a
fragmented optical retail market.

A key rating constraint remains the company's limited free cash
flow (FCF). In fiscal 2025, Moody's adjusted FCF was about EUR17
million, or 3.6% of gross debt, as it continues to be constrained
by elevated expansion capex and higher taxes. Capex is expected to
increase from about EUR25 million in fiscal 2025 to around EUR35
million in fiscal 2026 before moderating thereafter; while this
investment limits near term cash generation, it also supports store
expansion and underpins Moody's expectations of continued revenue
and earnings growth. Moody's expects FCF generation to gradually
strengthen over 2026-2027 as the company grows and delivers on
profitability improvements.

LIQUIDITY

nexeye has good liquidity. As of end January 2026, the company had
a cash balance of around EUR28 million, supported by positive FCF
generation. Liquidity is supported by a EUR75 million RCF, which
Moody's expects to remain undrawn. The facility is used for around
EUR4.9 million of rental guarantees. nexeye liquidity also benefits
from limited seasonality in operations and low working capital
requirements.

nexeye's RCF has a single springing maintenance covenant of 8.5x
senior secured leverage that is activated if the facility is drawn
by more than 40%. Moody's expects the company to have significant
capacity against this threshold if tested. The RCF and TLB will
mature in 2030 and 2031 respectively.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the backed senior secured TLB and RCF, in line
with the CFR, reflect their pari passu ranking in the capital
structure, a collateral package that includes share pledges,
intercompany receivables and material intellectual property, and
upstream guarantees from material subsidiaries representing at
least 80% of consolidated EBITDA.

The B2-PD PDR, in line with the CFR, reflects Moody's assumptions
of a 50% family recovery rate, consistent with bank debt structures
with a loose set of covenants.

RATIONALE FOR THE OUTLOOK

The positive outlook reflects Moody's expectations that nexeye will
sustain strong operating performance and its credit metrics will
improve further over the next 12–18 months, supported by
continued revenue growth, profitability and operating scale
benefits, while maintaining positive FCF and good liquidity. The
outlook also incorporates Moody's assumptions that the group will
maintain a broadly balanced financial policy and will not pursue
transformational debt-funded acquisitions or dividend
recapitalizations that would materially weaken credit quality.

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

An upgrade could be considered if:

-- The company continues to generate organic growth in both
revenue and earnings;

-- Moody's-adjusted debt/EBITDA declines below 4.0x on a sustained
basis;

-- Moody's-adjusted (EBITDA – capital spending)/interest expense
is maintained above 2.0x;

-- Moody's-adjusted FCF/debt increases above 5% on a sustained
basis; and

-- It maintains a balanced financial policy, including good
liquidity.

A downgrade could be considered if:

-- The company significantly deviates from Moody's expectations in
terms of positive like-for-like sales growth and earnings growth;

-- Moody's-adjusted debt/EBITDA deteriorates toward 5.5x;

-- Moody's-adjusted (EBITDA – capital spending)/interest expense
approaches 1.5x;

-- Moody's-adjusted FCF/debt declines to low-single digits
(percent); or

-- Liquidity weakens.

PRINCIPAL METHODOLOGY

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.

COMPANY PROFILE

Drive Parentco B.V. (nexeye) is the parent company of the nexeye
group, a retailer of value-for-money optical and eye care goods
based in Gorinchem, the Netherlands, and founded in 1982. The
company operates under three brands: Hans Anders in the Netherlands
and Belgium, Eyes+More in Germany, Austria, Belgium, the
Netherlands and Sweden, and Direkt Optik in Sweden, through a total
of 738 retail sites (including 28 franchise stores). In fiscal 2025
(year ended January 31, 2026), the company generated EUR476 million
in revenue and EUR79.5 million in recurring EBITDA
(company-adjusted, excluding IFRS 16).

nexeye is owned by private equity firm Kohlberg Kravis Roberts &
Co. (KKR), which acquired it in April 2024.




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

ABANK OJSC: S&P Affirms 'B+/B' ICRs on Improved Capitalization
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+/B' long- and short-term issuer
credit ratings on Kyrgyzstan-based ABank OJSC. The outlook remains
stable.

S&P expects that ABank's capitalization will remain strong over the
next 12 months. ABank's risk-adjusted capital (RAC) ratio improved
to about 24% from 9.3% at year-end 2025 following a Tier 1 capital
injection of Kyrgyzstani som (KGS) 60 billion. The capital
injection came from the bank's sole shareholder, the State Property
Management Fund under the Cabinet of Ministers of the Kyrgyz
Republic, and was completed on April 14, 2026. Simultaneously, the
Ministry of Finance of Kyrgyzstan issued KGS60 billion of
government treasury bonds with a 15-year maturity and 3% coupon
that ABank purchased in full.

S&P said, "Subsequently, we forecast the RAC ratio to decline to
about 14% by year-end 2027 and expect further gradual depletion of
ABank's excess capital as loan growth will outpace internal capital
generation. In our view, ABank will utilize its capital buffer for
loan growth, particularly for lending to sectors strategically
important to the Kyrgyz economy. We expect 50% loan book growth per
year for 2026-2027.

"We also expect dividend payouts of 100% per year while about 30%
of the dividends are expected to be injected back to ABank's
capital by the shareholder. The government order on recent
capitalization prescribes that ABank's retained earnings are
distributed in full in the form of dividends and that half of those
will be returned to the bank's capital.

"However, we take a more conservative approach in our forecast,
considering a 90% average per year dividend payout ratio in
2021-2025. We do not exclude that capital injections will comprise
even less than 30% of repaid dividends in 2026-2027.

"We expect ABank's capital buffer is sufficient to mitigate a
potential increase in risk resulting from high loan growth. Loan
book growth of 35%-40%, on average, per year over 2022-2025 could
lead to erosion of ABank's asset quality metrics once the loans
start to season."

In particular, riskier segments have grown, such as
uncollateralized lending, which contributed about 20% to the total
70% loan book growth in 2025. ABank's largest exposure is consumer
loans, at 22% of the loan book, followed by the agriculture sector
at 21%. These exposures could weigh on the risk profile in case of
an economic downturn.

In S&P's view, nonperforming assets (NPAs) could double in
2026-2027 in absolute terms. This could require about KGS1
billion-KGS1.5 billion of provisions yearly. But on the back of the
growing loan book cost of risk, new loan loss provisions to average
total loans will likely remain at about 0.9%, still below 1.2%
expectations for the sector over 2026-2027.

Income from currency exchanges and transfers will continue to ease
toward more normal levels, in our view. Non-interest income fell to
about 30% of operating revenues in 2025 from 40%, on average, in
2022-2024. S&P anticipates this trend to continue due to more
stringent domestic compliance requirements introduced on the back
of potential secondary sanctions risk.

S&P said, "We apply a negative one-notch adjustment for comparable
ratings analysis, capturing a more holistic view of ABank's
creditworthiness. Particularly, we anticipate that the recent
massive capital injection that boosted our forecasted RAC metrics
is likely to be diluted in the medium term, and, therefore, we
consider our strong capital and earning assessment as temporary. We
also anticipate potential deterioration in ABank's asset quality
metrics and higher cost of risk once loans start seasoning. This
results in a stand-alone credit profile (SACP) of 'bb-', which is
in line with our anchor for banks operating predominantly in
Kyrgyzstan.

"We consider ABank a government-related entity that benefits from a
moderately high likelihood of receiving timely and sufficient
extraordinary government support. Since it is the largest bank in
Kyrgyzstan, we expect it will maintain its historical mandate and
provide financing under various government-led programs to develop
the agribusiness sector, encourage entrepreneurship, and support
farmers. We think the link between the government and ABank is
strong because the government directly controls it through the
State Property Management Fund.

"Our assessment of ABank's SACP of 'bb-' exceeds the foreign
currency sovereign credit rating of 'B+'. We therefore do not
incorporate any notches of support in our ratings, though our
assessment of ABank's SACP incorporates the government's material
ongoing support.

"Our ratings on ABank are constrained at the level of the sovereign
credit ratings on Kyrgyzstan. This is because of ABank's
predominant exposure to economic risks in Kyrgyzstan and the
government's creditworthiness. We typically do not rate banks above
the sovereign credit rating because of the likely direct and
indirect influence of sovereign distress on their operations,
including their ability to service foreign currency obligations in
full and on time if capital and currency control measures were
imposed.

"The stable outlook on ABank mirrors that on the sovereign and
reflects our view that ample capital buffers and links with the
government will help the bank maintain its creditworthiness over
the next 12 months despite ambitious loan growth.

"We could lower the ratings on ABank over the next 12 months if we
were to lower our sovereign credit ratings on Kyrgyzstan. We could
also take a negative rating action if nonfinancial risks
unexpectedly materialized--for example, if the bank faced material
sanction allegations or regulatory intervention, which is not our
base-case assumption."

A positive rating action over the next 12 months would hinge on a
similar rating action on the sovereign.


IPOTEKA BANK: S&P Raises LongTerm ICR to 'BB', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Ipoteka Bank JSCM to 'BB' from 'BB-' and affirmed the 'B'
short-term rating. The outlook is stable.

Ipoteka Bank will likely maintain its capitalization at above 10%
in 2026-2028, as measured by S&P's risk-adjusted capital (RAC)
ratio, supported by still-supportive retained earnings after
dividend payments and an anticipated capital injection from
International Finance Corp. (IFC).

Uzbekistan-based Ipoteka Bank has largely completed its extensive
integration with OTP Bank, although progress in reducing legacy
corporate nonperforming loans (NPLs) has been gradual and a further
portfolio cleanup has yet to be done.

S&P said, "We expect the bank will maintain its RAC ratio at above
10% in 2026-2028. The ratio increased to 11.7% at year-end 2025,
before a dividend distribution, from 9.5% a year earlier, supported
by a recovery in earnings and moderate lending growth. Although the
bank plans to increase annual loan growth to 20%-25% in 2026-2028
to preserve its market share in the rapidly growing Uzbekistan
banking system, we believe its stable profitability will support
its capitalization at above 10%, as measured by our RAC ratio, over
the next three years. Our 2026 forecast also factors in an
anticipated capital injection of $33 million from IFC in line with
the privatization agreement, which was originally planned in 2025.
We estimate Ipoteka can sustain a return on equity (ROE) of about
25% in 2026-2028 compared to 28.1% in 2025. The bank plans to pay
its first dividend of about $80 million to its parent OTP Bank in
2026. In our 2026-2028 forecast we assume it will pay similar
dividends. We understand Ipoteka Bank aims to maintain its
regulatory capital adequacy ratio with a sizable safety margin
above the 13% minimum and so will be able to adjust its dividend
policy depending on its profitability and growth rates. Its
regulatory capital adequacy ratio was 19.1% as of March 31, 2026.

"We anticipate Ipoteka Bank will gradually work out its legacy
problem loans with the support of OTP Group. We expect it will be
able to reduce its total stage 3 loans to about 10%-15% by year-end
2028, from 19.7% at year-end 2025 (20.5% a year earlier), although
they will still exceed the sector average. Stage 2 loans accounted
for 8.4% of total loans at year-end 2025. Provisions covered 67% of
stage 3 loan amounts and 17% of stage 2 loan amounts at that date.
The bank has been actively working out corporate problem loans
through sales to other banks and investors, court cases, and
restructuring. Stage 3 loans in the corporate and small and midsize
enterprise portfolio represented 53% of the loan book at year-end
2025. We think losses in consumer loans and mortgages will be
contained as Ipoteka Bank benefits from the extensive expertise of
its parent OTP."

Ipoteka Bank's strategic goal is to become a self-funded expanding
business. Its stable funding ratio improved to 138.5% at year-end
2025, from 127.0% a year earlier. Nevertheless, deposits and credit
lines from Uzbekistan's government comprised about 46% of Ipoteka
Bank's funding at year-end. In October 2025 the bank issued $300
million and UZS1.2 trillion in Eurobonds. In S&P's view, Ipoteka
Bank benefits from OTP's support in getting access to both the
domestic and external funding markets, ensuring its growth in
unsecured retail lending.

Ipoteka Bank has completed its integration with OTP group. It
therefore now benefits from the group's expertise in retail lending
and risk management. OTP is an established banking group in Europe
with a significant presence in various markets, including emerging
ones. The parent has strengthened Ipoteka's corporate governance
standards, which differentiates it positively from other banks in
Uzbekistan. Since OTP acquired Ipoteka Bank, it has substantially
increased staff and upgraded policies and procedures in key
functions of risk management and compliance, collections, cyber
security, and IT. This should put Ipoteka Bank at the forefront of
best practices in the Uzbeki banking system. S&P said, "We consider
Ipoteka Bank a moderately strategic subsidiary of OTP group. Given
Ipoteka Bank's high level of integration into the group and OTP's
commitment to support its subsidiary, we include one notch of
support in our rating on Ipoteka Bank."

S&P said, "The stable outlook reflects our expectation that, over
the next 12 months, Ipoteka Bank will maintain stable financial and
business profiles, benefiting from its ownership by OTP Bank, while
continuing its strong capitalization and making gradual progress
with reducing legacy corporate NPLs.

"We could take a negative rating action over the next 12 months if
the bank grows aggressively or starts paying large dividends that
deplete its capital, with our RAC ratio declining sustainably below
10%. Stalled progress in the recovery of NPLs and/or a
deterioration in asset quality in the retail segment could also
prompt a negative rating action."

A positive rating action on Ipoteka Bank over the next 12 months is
unlikely.




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

VALENCIA: S&P Upgrades LongTerm ICR to 'BB+' on Stronger Economy
----------------------------------------------------------------
On May 15, 2026, S&P Global Ratings raised its long-term issuer
credit rating on the Spanish Autonomous Community of Valencia to
'BB+' from 'BB' and affirmed its 'B' short-term issuer credit
rating on the region. The outlook is stable.

The Spanish Autonomous Community of Valencia's economic performance
has exceeded the eurozone average, driving an annual average
increase in revenue from the regional financing system of 9% from
2023-2026.

Improved tax revenue collection, coupled with proactive expenditure
control measures, has led to a moderation of Valencia's
historically large budgetary deficits. This improvement is more
pronounced excluding reconstruction costs related to the 2024
flooding.

The central government provides consistent financial support to
Valencia, even during periods of political fragmentation,
mitigating risks associated with both the region's structural
underfinancing and refinancing challenges owing to its large debt
burden.

Outlook

S&P said, "The stable outlook reflects our view that, despite
Valencia's very weak budgetary performance and increasing
tax-supported debt, we expect the Spanish central government to
continue to provide sufficient financial support, mitigating the
risk that the region's very high tax-supported debt ratio would
otherwise imply."

Downside scenario

S&P said, "We could lower the rating on Valencia if we thought the
central government's willingness or ability to provide financial
support was in question or insufficient, or we had doubts about its
timeliness and effectiveness. We could also lower the rating on the
region's if the regional government's willingness to improve
budgetary performance metrics waned, leading to a weaker
performance than we forecast."

Upside scenario

S&P said, "We could raise the rating on Valencia if we expected a
structural improvement in the region's budgetary metrics, for
example through a meaningful reform of the regional financing
system, or with an increase of recurrent ad hoc revenue for
Valencia that would address its underfinancing. In this context,
the region's deleveraging path would accelerate beyond our
expectations."

Rationale

The upgrade to 'BB+' reflects Valencia's robust economic
performance, which has driven strong tax revenue growth and
facilitated a moderate reduction in the region's persistent
budgetary deficits--which is even more pronounced excluding the
one-off costs associated with the 2024 severe floods (DANA).
Regional management has demonstrated a commitment to fiscal
discipline through initiatives like the commission to control
health care expense and the adoption of more realistic budgeting
practices. However, Valencia's high deficit levels and substantial
debt burden continue to constrain its credit profile. Meaningful
progress toward fiscal rebalancing will likely require
comprehensive reform of the regional financing system, increased
resource allocation, or an absorption of debt by the central
government. While these reforms have been proposed, S&P does not
know if or when they'll be enacted given Spain's political
deadlock.

The upgrade also reflects our expectation of continued and
significant financial support from the central government, even
amid periods of political volatility at the national level. Central
government liquidity mechanisms can cover 100% of Valencia's annual
financial needs, and about 86% of the region's total debt is held
by the central government. This support has been seen in recent
years, which have been marked by political disruption, periods of
financial distress, and the significant impact of the DANA. While
delays in the disbursement of regional financing system revenues
have created intra-year liquidity pressures, the central government
has consistently provided Valencia with advanced payments and
accelerated settlement payments to address these challenges.
Furthermore, it is financing reconstruction costs stemming from the
DANA through zero-interest loans with a four-year grace period,
highlighting a strong commitment to supporting the region. S&P
thinks this level of consistent support justifies a rating
alignment closer to that of the sovereign.

Ongoing central government support mitigates refinance and
underfinancing risks, while reforms remain overdue
Despite the political complexity and fragmentation at the central
government, Valencia continues to receive consistent financial and
budgetary support. S&P views the institutional framework governing
Spanish regions as generally supportive, albeit with increasing
unpredictability. Delays in central government budget approval
since 2023 have led to delays in the disbursement of advances from
the regional financing system, resulting in temporarily reduced
revenue and intrayear liquidity pressures, which are typically
resolved by summer. However, the region consistently receives
advance payments on its settlement when requested, preventing
liquidity shortfalls and ensuring timely payment to suppliers and
creditors. Therefore, central government support for Valencia
remains secure despite the political uncertainty. Continuous
dialogue between the central government and Valencia makes the
region's financing needs clear.

The central government has proposed significant reforms to the
regional financing framework, which would be transformative for
Valencia. These proposals include an estimated EUR3.7 billion in
additional resources for the region and potential debt absorption
of EUR11.2 billion, translating to an 12% increase in operating
revenue and 18% reduction to Valencia's debt burden. S&P said,
"However, given the political fragmentation in the national
parliament, securing the necessary absolute majority for approval
remains uncertain, so our forecasts do not incorporate these
potential benefits. However, we understand that discussions are
underway regarding potential additional resources for Valencia
through a transition fund, intended to provide supplementary
support to underfunded regions pending a comprehensive reform of
the financing system."

Additionally, the central government plans to transform its
liquidity mechanisms so that regions in a relatively strong
financial position and complying with fiscal rules can finance
themselves autonomously in the market. Spanish regions will be able
to make use of central government liquidity facilities only if they
encounter difficulties accessing the market. However, for regions
that have very high levels of debt, such as Valencia, access to
market will be limited to 10% of their financing needs. Therefore,
S&P continues to expect the region to finance most of its needs
through central government loans, absent the reform of the
financing system and debt absorption measures. In this context,
central government support is not in question.

Valencia's economy has grown robustly, aligning with national
trends and exceeding the eurozone average in 2025. Nevertheless,
socioeconomic indicators remain somewhat weaker than the national
average, with the region's GDP per capita lagging due to higher
population growth. S&P anticipates continued strong economic growth
in 2026, driven by substantial infrastructure investment related to
DANA recovery and accelerating absorption of EU funds. Tourism
performance also remains robust, with arrivals reaching record
levels of 12.4 million foreign tourists in 2025, a 4.2% increase
over 2024.

S&P said, "We assess Valencia's financial management as weaker than
that of its peers, primarily due to its persistent fiscal
challenges, although we recognize some improvements. We view the
current administration's approach to budgeting as being more
realistic. Unlike previous budgets, the current one does not
include claims for increased funding based on potential regional
financing system reform--projections that previously allowed for
spending commitments unsupported by guaranteed revenue. While we
acknowledge recent efforts to improve cost control, such as the
establishment of a health care cost control commission, we expect
recent fiscal incentives related to real estate, wealth, and
donation taxes to constrain revenue growth and limit the potential
for further deficit reduction."

Deficits will remain large and debt will continue to accumulate
absent additional transfers from the central government
Valencia's budgetary performance in 2025 remained weak, although
operating deficits were slightly lower than anticipated due to
higher revenue growth and lower expenditures. Revenue increased by
8.1%, reflecting the region's strong economic performance.
Excluding EUR1.62 billion in reconstruction costs related to the
DANA, we estimate Valencia's operating deficit could have reached
3.6% of operating revenue (compared with 8.7% with these costs).

S&P said, "We forecast Valencia will continue to post large
operating deficits over the next three years without additional
recurring transfers from the central government or a reform to the
current regional financing system. However, we expect these
deficits to average about 5.9%, declining from 10% in 2023. This
deficit reduction will come from continued revenue growth linked to
economic performance, ongoing expenditure control efforts, and ad
hoc transfers from the EU Solidarity Fund (up to EUR500 million).
Furthermore, we anticipate that one-off DANA costs will gradually
diminish over the forecast period, contributing to deficit
reduction.

"Valencia's capital accounts are heavily influenced by its high
infrastructure investment needs resulting from the DANA and
Recovery and Resilience Mechanism (RRF). We expect spending related
to these initiatives to peak in 2026. To date, the region has spent
approximately 70% of allocated RRF funds, with the rest largely
planned for disbursement in 2026, as the program concludes.
Valencia's execution rate is above average, demonstrating effective
prioritization and supporting economic performance. We expect
capital expenditure to stabilize after 2027 as the region
implements EU regular funds from the 2021-2027 framework, which
must be spent by 2030.

"We estimate Valencia's tax-supported debt will increase to 292% of
consolidated operating revenue by 2028 due to deficit accumulation.
DANA costs will be financed through central government loans at 0%
interest rates, further contributing to debt accumulation. We
forecast Valencia's financing needs to reach approximately EUR11.6
billion in 2026, with approximately 90% covered through central
government liquidity facilities and the rest through national bank
loans. Valencia's tax-supported debt encompasses debt at the
regional administration, public entities, public-private
partnerships, and guaranteed debt. Valencia's interest payment also
constrains the region's deficits due to its large debt burden. At
year-end 2025, interest stood at 5.1% of operating revenue. We
expect interest could reach 5.4% of operating revenue by 2028 due
to our expectations that interest rates could rise due to higher
inflation caused by the Middle East war and our expectation that
Valencia's debt will continue to rise. Nevertheless, the region's
exposure to interest rate volatility is limited because 85.4% of
its debt is at fixed rates."

Valencia's liquidity remains weak, with available cash at the
beginning of the year covering less than 40% of its needs over the
next 12 months. However, the region benefits from EUR730 million in
available credit lines and strong access to external liquidity,
supported by its consistent access to central government support
and established track record of securing bank loans. In recent
years, Valencia has refinanced part of its loans with the central
government via bank loans that have better financing costs, with
the aim of reducing its interest burden. For example, in 2025,
Valencia refinanced EUR1.8 billion of central government loans with
Spanish banks. Despite weak liquidity and high debt ratios, S&P
thinks Valencia's recurrent access to central government liquidity
mechanisms, which could cover all of the region's needs, mitigates
refinancing risk.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Upgraded; Short-Term Rating Affirmed  

                                  To             From
  Valencia (Autonomous Community of)  

  Issuer Credit Rating       BB+/Stable/B      BB/Stable/B
  Senior Unsecured           BB+               BB

  Ratings Affirmed  

  Valencia (Autonomous Community of)  

  Commercial Paper           B




===========
S W E D E N
===========

DOMETIC GROUP: Moody's Alters Outlook on 'Ba3' CFR to Negative
--------------------------------------------------------------
Moody's Ratings has affirmed the Ba3 corporate family rating and
Ba3-PD probability of default rating of Swedish mobile leisure
products manufacturer Dometic Group AB (Dometic or the group).
Concurrently, Moody's affirmed the Ba3 instrument ratings on the
group's EUR300 million senior unsecured bonds due 2028 and 2030,
respectively. The outlook has been changed to negative from stable.
             

RATINGS RATIONALE

Moody's change in outlook to negative reflects Dometic's continued
weak operating performance which positions the company's credit
metrics weakly for the Ba3 rating. Moody's expects management's
portfolio and cost reduction initiatives to boost EBITDA and
Moody's notes positively that the company reported a return to
neutral organic growth in the first quarter of 2026. However,
Moody's sees continued uncertainty over demand for Dometic's
products, given that about 40% of Dometic's products are sold
through its OEM sales channel, driven by big-ticket items such as
recreational vehicles (RVs), commercial passenger vehicles (CPVs)
and marine.

Moody's expects continued weak sales development through the OEM
channel due to a continued challenging macroeconomic environment.
On the other hand, Moody's expects a slightly positive development
in Dometic's other distribution channels, leading to neutral
organic revenue growth for 2026. The geopolitical tensions in the
Middle East represent a material uncertainty to Moody's forecasts,
with risks of higher interest rates, fuel prices and consumer
spending to remain depressed for longer.

For LTM Q1 2026, Dometic's gross leverage was 5.8x, as adjusted by
us. Moody's expects Dometic to largely sustain its margins in 2026
as higher raw material prices and cost inflation across the value
chain offset savings from the cost reduction program and price
increases enacted in early 2026.  Dometic repaid a SEK2.2 billion
bond in April 2026, using cash on hand and intends to repay another
SEK750 million bond using cash later in 2026. As such, Moody's
expects Dometic to deleverage to under 5.0x by the end of 2026.

The company has historically carried a large amount of cash on
balance sheet, which Moody's have qualitatively factored into
Moody's assessments of gross leverage. The cash repayment of debt
is inherently credit positive as it reduces gross leverage and
interest expense, and alleviates refinancing risk. However, it also
means that Dometic will operate with a lower cash balance (c. SEK3
billion compared to levels around SEK4.5 billion for the past five
years) than historically. This leaves Dometic with less financial
flexibility to pursue growth enhancing acquisitions without raising
incremental debt, or to repay additional debt in case performance
weakens.  

Dometic generated a positive Moody's free cash flow (FCF) of SEK693
million in 2025, supported by the company's asset-light business
model and inventory reduction. Moody's forecasts FCF of around
SEK900 million (c. 6% of debt)in 2026 as the company has announced
the omission of its 2026 dividend due to the current market
environment, as well as lower interest costs following the debt
repayments.

Further credit strengths reflected in Dometic's ratings are the
favorable long-term trends of outdoor living, leisure and mobility
activities and its operational track record of turning its leading
market positions into high profitability, with an average
Moody's-adjusted EBITA margin of over 12% in the last five years.
Dometic's increased distribution channel and end-market
diversification over the past ten years also improved credit
quality, although the company continues to have exposure to
economic cyclicality and consumer recreational spend.

Other factors that continue to constrain the ratings relate to
Dometic's 40% sales exposure to original equipment manufacturers
(OEMs) of RVs, boats, and commercial and passenger vehicles (CPVs)
in 2025 and its exposure to foreign currency effects (mainly
translational) due to a significant portion of revenue being
generated in currencies other than the group's functional currency
Swedish krona.

LIQUIDITY

Dometic's liquidity is good. As of March 31, 2026, the group had
SEK4.8 billion of cash and cash equivalents and its committed
EUR300 million revolving credit facility (RCF, maturing in 2028)
was fully available. Moody's expectations of Moody's-adjusted free
cash flow (FCF) of SEK900 million continue to support liquidity,
but Dometic will now operate with a lower cash balance than before
(around SEK3 billion) after debt repayments of around SEK3 billion
during 2026.

Dometic's bank credit facilities contain maintenance financial
covenants. The current Ba3 rating is contingent on Dometic being
compliant with such covenants.

Management targets to divest certain businesses with annual net
sales of SEK1.5 to SEK3.0 billion in the coming quarters. While
Moody's do not incorporate any cash proceeds in Moody's
assessments, these would help further bolster Dometic's liquidity
and near-term de-leveraging capacity.

OUTLOOK

The negative outlook reflects an uncertain macroeconomic
environment and Moody's expectations of Dometic's credit metrics
remaining weak for the Ba3 rating over the next 12-18 months. The
current rating assumes maintenance of good liquidity.

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

Moody's would consider an upgrade of the ratings if: i) Dometic's
Moody's adjusted EBITA-margin recovers sustainably to at least 13%,
ii) Moody's adjusted debt/EBITDA is sustained well below 4.0x, iii)
Moody's adjusted FCF/debt sustained at 5% or above, and if iv) the
group maintains at least good liquidity.

Moody's would consider downgrading the ratings if: i) Dometic's
Moody's adjusted EBITA margin remains sustainably below 10%, ii)
Moody's adjusted debt/EBITDA continues to remain well above 4.5x,
iii) Moody's adjusted FCF/debt decreased to the low single digits
in percentage terms, or if iv) its liquidity started to weaken.

STRUCTURAL CONSIDERATIONS

Dometic's debt structure includes US dollar-denominated senior
unsecured term loans, euro-denominated senior unsecured bonds and
unsecured SEK bonds. Its undrawn EUR300 million RCF, maturing in
2028, is unsecured as well. All of the group's debt ranks
pari-passu and is not guaranteed by operating subsidiaries. The
lack of guarantees from the operating entities means that the bonds
rank behind operating liabilities at OpCos (such as pensions,
leases and payables) in Moody's waterfall analysis. The bonds are
rated Ba3, in line with the corporate family rating. In the event
of material deterioration in Dometic's credit quality, Moody's
could consider notching the bonds down.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Dometic Group AB (Dometic), headquartered in Solna, Sweden, is a
leading global manufacturer of various products in the areas of
Food & Beverage, Climate, Power & Control and Other Applications.
Dometic operates in the Americas, EMEA and Asia Pacific, providing
products for use in recreational vehicles, trucks and premium cars,
pleasure and workboats, and for a variety of other uses. The group
manufactures its products across 22 manufacturing and assembly
sites in 11 countries under various brands, including its core
Dometic and other supporting brands.

In the 12 months through March 2026, Dometic generated revenue of
about SEK20 billion and reported EBITDA before items affecting
comparability of SEK3.0 billion. The group is listed on the
Stockholm Stock Exchange with a market capitalization of SEK10
billion as of May 2026.




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

BECON (PRECISION): Quantuma Advisory Appointed as Administrators
----------------------------------------------------------------
Becon (Precision) Engineering Manufacturers Limited was placed into
administration in the High Court of Justice, Business and Property
Courts, Court Number CR-2026-002929. Chris Newell and Jo Leach of
Quantuma Advisory Limited were appointed as Joint Administrators on
April 28, 2026.

The company trades as Becon Precision Engineering and engaged in
manufacturing.

Its registered office is Unit 9 Chertsey Road, Byfleet, West
Byfleet, KT14 7AX, and is in the process of being changed to c/o
Quantuma Advisory Limited, 2nd Floor, Arcadia House, 15 Forlease
Road, Maidenhead, SL6 1RX.

Its principal trading address is Unit 9 Chertsey Road, Byfleet,
West Byfleet, KT14 7AX.

The Joint Administrators can be contacted at:

  Chris Newell  
  Jo Leach  
  Quantuma Advisory Limited  
  2nd Floor, Arcadia House  
  15 Forlease Road  
  Maidenhead SL6 1RX  

Further information:

  Tel: 01628 478 100  
  Email: david.easto@quantuma.com  
  Contact: David Easto  


BENLOWE GROUP: BTG Begbies Appointed as Joint Administrators
------------------------------------------------------------
Benlowe Group Limited was placed into administration in the High
Court of Justice, Business and Property Courts in Birmingham,
Insolvency & Companies List (ChD), Court Number CR-2026-206. Thomas
Mark Harris and Martin Richard Buttriss of BTG Begbies Traynor
(Central) LLP were appointed as Joint Administrators on April 30,
2026.

The Company is engaged in the manufacture of other builders'
carpentry and joinery.

Its registered office is c/o BTG Begbies Traynor, 2 Harcourt Way,
Meridian Business Park, Leicester, LE19 1WP.

Its principal trading address is Park Road, Ratby, Leicester, LE6
0JL.

The Joint Administrators can be contacted at:

  Thomas Mark Harris  
  Martin Richard Buttriss  
  BTG Begbies Traynor (Central) LLP  
  2 Harcourt Way  
  Meridian Business Park  
  Leicester  LE19 1WP  

Further information:

  Tel: 0116 406 2965  
  Email: Adrienne.Savidge@btguk.com  
  Contact: Adrienne Savidge  


CAASA HOMES: Kroll Advisory Appointed as Joint Administrators
-------------------------------------------------------------
Caasa Homes Eastbourne 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-2026-003368. Geoffrey Wayne Bouchier and Benjamin John Wiles of
Kroll Advisory Ltd were appointed as Joint Administrators on April
30, 2026.

The company, fka Stonegate Homes (Eastbourne) Limited, engaged in
the letting and operating of own or leased real estate.

Its registered office is 3 Coldbath Square, London, EC1R 5HL.

Its principal trading address is 2000 Cathedral Square, Cathedral
Hall, Guildford, GU2 7YL.

The Joint Administrators can be contacted at:

  Geoffrey Wayne Bouchier  
  Benjamin John Wiles  
  Kroll Advisory Ltd  
  The News Building, Level 6  
  3 London Bridge Street  
  London SE1 9SG  

Further information:

  Tel: 020 7029 5063  
  Contact: Judah Jackson  


CFC GROUP: Moody's Upgrades CFR to B2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings has upgraded by one notch to B2 from B3 the
corporate family rating and to B2-PD from B3-PD the probability of
default rating on CFC Group Limited, the top holding company of the
CFC group (CFC or the group). The rating on the $1.27 billion
backed first lien senior secured term loan B issued by CFC Bidco
2022 Limited, was also upgraded by one notch to B1 from B2. The
outlook on all entities changed to stable from positive.

CFC Group Limited is the direct parent of CFC Midco Limited, the
top holding company of the restricted group, which acts as the
intermediate holding company for the group's insurance generating
managing agents (MGAs) with subsidiaries located in the UK, the
USA, Canada, Belgium, Australia and other jurisdictions. CFC Midco
Limited is also the direct parent of CFC Bidco 2022 Limited, the
primary issuer of the group's term loans.

RATINGS RATIONALE

---Corporate Family Rating---

The one notch upgrade of CFC Group Limited's CFR to B2 reflects the
group's sustained strong organic earnings growth, underpinned by
its leading position and specialist capabilities in attractive
niches of the specialty insurance market, including cyber, and
diversified global footprint, which has driven - and is expected to
continue to drive - a rapid and material reduction in leverage and
enhanced financial resilience.

Following the May 2025 debt raise of $1.67 billion through a
combination of public and private placements, CFC refinanced its
existing $635.5 million debt, with the remaining proceeds
distributed to shareholders. Leverage initially increased, peaking
at an estimated 8.5x debt to EBITDA post refinancing.

However, accelerating earnings growth and stronger cash generation
in the second half of 2025 led to a rapid deleveraging, with
adjusted debt-to-EBITDA declining below 7.5x as at year-end 2025.
When factoring in the stronger pro forma income profile arising
from revised commercial arrangements agreed in 2025, alongside
surplus cash on balance sheet, pro-forma debt-to-EBITDA, net of
cash, has reduced to around 6.5x.

Moody's expects leverage to continue declining over the coming
12-18 months, supported by ongoing robust organic growth. CFC will
benefit from a leading position in the cyber insurance market,
which is characterised by relatively high barriers to entry. The
group's focus on SME and micro customers, specialist underwriting
expertise in emerging risks, broad geographic footprint,
market-leading data and analytics capabilities, integrated cyber
security services, and lean cost structure will underpin its robust
EBITDA margins, strong cash flow generation, and continued growth.

These strengths are, however, partially countered by CFC's limited
scale relative to the global specialty insurance market, as well as
a high debt burden, which together with material non-cash
amortization costs will constrain bottom line profitability and
earnings coverage of interest over the outlook period.

---Probability of Default Rating and Term Loan Ratings---

The B2-PD PDR is in line with the CFR reflecting Moody's
assumptions of a 50% family recovery rate, which is standard for
covenant-lite loan structures.

The B1 rating on the backed senior secured first lien term loan B
is one notch above the B2 CFR. The notching differential reflects
the relative size of the second lien term loan and its ranking
within the group's capital structure.

---Outlook---

The stable outlook reflects Moody's expectations that CFC will
continue to deliver robust organic revenue growth while maintaining
strong EBITDA margins and free cash flow generation, consistent
with its recent track record.

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

Factors that could lead to an upgrade include: (1) debt-to-EBITDA
below 4.5x; (2) (EBITDA - capex) coverage of interest above 3.5x;
and (3) free-cash-flow-to-debt ratio above 7%.

Factors that could lead to a downgrade: (1) debt-to-EBITDA above
6.0x ; (2) (EBITDA - capex) coverage of interest below 2.5x; (3)
free-cash-flow-to-debt ratio below 4%; and/or (4) a sustained
material deterioration in the group's profit commission income.

PRINCIPAL METHODOLOGY

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

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


EMBANKMENT (GH): BTG Begbies Appointed as Joint Administrators
--------------------------------------------------------------
Embankment (GH) Limited was placed into administration in the High
Court of Justice, Business and Property Courts in Manchester,
Insolvency & Companies (ChD), Court Number CR-2026-MAN-002670. Paul
Cooper of BTG Begbies Traynor (London) LLP and David Paul Hudson
and Simon Baggs of FRP Advisory Trading Limited were appointed as
Joint Administrators on April 2, 2026.

The Company was into property services.

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

The Joint Administrators can be contacted at:

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  Level 33, One Canada Square  
  London E14 5AB  

  -- and --

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

Further information:

  Tel: 0161 837 1700  
  Email: MFS-Manchester@btguk.com  
  Contact: Sam Shaw  


MARYLEBONE (BC): BTG Begbies Appointed as Joint Administrators
--------------------------------------------------------------
Marylebone (BC) 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-2026-002666.  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 April 2, 2026.

The Company engaged in the business of buying and selling of its
own real estate and other letting and operating of own or leased
real estate.

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

The Joint Administrators can be contacted at:

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  Level 33, One Canada Square  
  London  E14 5AB  

  -- and --

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

Further information:

  Tel: 0161 837 1700  
  Email: MFS-Manchester@btguk.com  
  Contact: Abigail Smith  



MAYFAIR (HS): BTG Begbies Appointed as Joint Administrators
-----------------------------------------------------------
Mayfair (HS) 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-2026-002665.  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 April 2, 2026.

The Company engaged in the buying and selling its own real estate
and other letting and operating of own or leased real estate.

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

The Joint Administrators can be contacted at:

   Paul Cooper  
   BTG Begbies Traynor (London) LLP  
   Level 33, One Canada Square  
   London E14 5AB  

     -- and --

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

Further information:

  Tel: 0161 837 1700  
  Email: MFS-Manchester@btguk.com  
  Contact: Abigail Smith  


POLARIS 2026-2: S&P Assigns Prelim. CCC(sf) Rating on Cl. X-2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Polaris
2026-2 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd,
X1-Dfrd, and X2-Dfrd notes. At closing, the issuer will also issue
unrated RC1 and RC2 residual certificates.

The originator, UK Mortgage Lending Ltd., is a specialist
buy-to-let and owner-occupied mortgage lender with 11 years'
lending experience. S&P said, "This is the 13th Polaris transaction
we have rated. The lender's mortgage book has performed relatively
well to date, with total arrears generally below 6.0% for
owner-occupied mortgages. Arrears have largely remained below our
U.K. nonconforming index for originations after 2014. Of the loans
in the pool, 6.96% are shared ownership mortgages, which is lower
than 8.78% in Polaris 2026-1 PLC. We considered this risk in our
analysis."

S&P said, "We stress the transaction's cash flows to test the
credit and liquidity support provided by the assets, subordinated
tranches, and reserves. Our preliminary ratings address the timely
payment of interest and ultimate payment of principal on the class
A notes, and they reflect the ultimate payment of interest and
principal on all other rated notes. Our standard cash flow analysis
indicates that the available credit enhancement for the class
E-Dfrd and F-Dfrd notes is commensurate with higher ratings than
those currently assigned. However, the preliminary ratings on these
notes also reflect the notes' sensitivities to higher defaults,
product switches, and prefunding, as well as to reduced excess
spread from prepayments.

"The class X1-Dfrd notes did not pass any of the rating scenario
stresses in our driving cash flow run, which incorporates higher
prepayments, but they passed our steady state scenarios. However,
because our rating on these notes addresses ultimate payment of
principal and interest, we believe default is not likely, as the
notes can continue to defer interest until maturity. In line with
our 'CCC' ratings criteria, the class X1-Dfrd notes are not
dependent on favorable economic conditions to repay their
obligations at maturity. We therefore assigned our 'B- (sf)'
preliminary rating to these notes.

"The class X2-Dfrd notes did not pass any of the rating scenario
stresses in our driving cash flow run, which incorporates higher
prepayments, or our steady state scenarios. However, because our
ratings on these notes address ultimate payment of principal and
interest, we believe default is not likely, as the notes can
continue to defer interest until maturity. In line with our 'CCC'
ratings criteria, the class X2-Dfrd notes are dependent on
favorable economic conditions to repay their obligations at
maturity. We therefore assigned our 'CCC (sf)' preliminary rating
to these notes."

The capital structure's application of principal proceeds is fully
sequential, allowing credit enhancement to accumulate for the rated
notes, and ensuring the capital structure's capacity to withstand
performance shocks. The provisional pool has a low current indexed
loan-to-value (LTV) ratio of 70.54%, which is less likely to incur
severe losses if the borrower defaults. The preliminary pool
contains legacy loans from the Polaris 2022-1 transaction, which
were paid down on the March 2026 payment date. Accounting for
nearly 40% of the preliminary pool, these loans show minimal
defaults and severe arrears (more than 12 months).

The liquidity reserve fund will be unfunded at closing and is
expected to accumulate using available principal receipts until it
reaches the higher of 1% of the class A or B-Dfrd notes'
outstanding balances. As a result, the class A notes will remain
exposed to liquidity risk until the reserve is fully funded. S&P
considered this in its cash flow analysis, as well as the liquidity
coverage available to each class. In our stressed cash flow
modelling, the liquidity reserve fund is fully funded shortly after
closing.

The transaction includes a prefunded amount of up to 12%, where the
issuer can purchase loans until the first interest payment date.
The addition of these loans could adversely affect the pool's
credit quality. Portfolio limitations mitigate this risk. Product
switches are permitted, subject to certain conditions being met.
S&P performed additional sensitivities that capture the risk of
margin deterioration, and the preliminary ratings reflect the
results of these sensitivities.

In addition to the prefunding, the transaction features a short
revolving period ending on the February 2027 interest payment date,
intended to replace the legacy loans, which are approaching the end
of their fixed interest rate period. The revolving portfolio
condition mitigates the risk of deterioration in the pool's credit
quality. Moreover, these borrowers may opt for a product switch, a
risk S&P captured in its credit analysis.

S&P said, "Pepper (UK) Ltd., the servicer, is an established and
leading U.K. servicer, and we consider the team experienced, having
serviced several transactions that we have rated. It has
well-established, fully integrated servicing systems and policies
and provides third-party servicing.

"The issuer is an English special-purpose entity, which we expect
to be bankruptcy remote, subject to our review of the relevant
transaction documents and legal opinions."

Citibank N.A., London Branch is the transaction account provider,
Barclays Bank PLC is the collection account provider, and Crédit
Agricole Corporate and Investment Bank is the swap counterparty.
Although S&P has not reviewed the swap documentation, our analysis
assumes that the replacement mechanisms documented at closing will
be consistent with its counterparty criteria.

  Preliminary ratings

  Class           Prelim. Rating   Prelim. class size (%)

  A                   AAA (sf)          90.00
  B-Dfrd*             AA (sf)            4.00
  C-Dfrd*             A (sf)             3.75
  D-Dfrd*             BBB+ (sf)          1.00
  E-Dfrd*             BB (sf)            0.75
  F-Dfrd*             B (sf)             0.50
  X1-Dfrd*            B- (sf)            2.50
  X2-Dfrd*            CCC (sf)           0.50
  RC1 Residual Certs   NR                 N/A
  RC2 Residual Certs   NR                 N/A

*S&P's preliminary rating on this class considers the potential
deferral of interest payments.
NR--Not rated.
N/A--Not applicable.


REGENTS PARK HOUSE: BTG Begbies Appointed as Joint Administrators
-----------------------------------------------------------------
Regents Park House (PR) 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-2026-002669. 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 April 2, 2026.

The Company was into property services.

Its registered office and principal trading address is at 134
Buckingham Palace Road, London, SW1W 9SA.

The Joint Administrators can be contacted at:

   Paul Cooper  
   BTG Begbies Traynor (London) LLP  
   Level 33, One Canada Square  
   London E14 5AB  

    -- and --

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

Further information:

   Tel: 0161 837 1700  
   Email: Mahnoor.Ahmed@btguk.com  
   Contact: Mahnoor Ahmed  


RICHMOND CONTRACTS: Leonard Curtis Appointed as Joint Administrator
-------------------------------------------------------------------
Richmond Contracts Projects Limited was placed into administration
in the High Court of Justice, Business and Property Courts in
Newcastle-upon-Tyne, Insolvency & Companies List (ChD), Court
Number CR-2026-NCL-000043. Iain David Nairn and Sean Williams, both
of Leonard Curtis, were appointed as Joint Administrators on April
17, 2026.

The Company engaged in building completion and finishing.

Its registered office and principal trading address is at 2 Tennant
Close, Standard Way Business Park, Northallerton, DL6 2XL.

The Joint Administrators can be contacted at:

  Iain David Nairn  
  Sean Williams  
  Leonard Curtis  
  Unit 13, Kingsway House  
  Kingsway Team Valley Trading Estate  
  Gateshead NE11 0HW  

Further information:

  Tel: 0191 933 1560  
  Email: recovery@leonardcurtis.co.uk  
  Contact: Simra Banaras  




VANTAGE ROOFING: KBL Advisory Appointed as Joint Administrators
---------------------------------------------------------------
Vantage Roofing NE Ltd was placed into administration in the High
Court of Justice, Business and Property Courts in
Newcastle-upon-Tyne, Insolvency & Companies List (ChD), Court
Number CR-2026-0049. Steven Brown and Steve Kenny, both of KBL
Advisory Ltd, were appointed as Joint Administrators on April 30,
2026.

The Company was into roofing activities.

Its registered office and principal trading address is at Office
207, 2nd Floor, The Quadrus Centre, Woodstock Way, Boldon Business
Park, Boldon Colliery, South Shields, NE35 9PF.

The Joint Administrators can be contacted at:

    Steven Brown  
    Steve Kenny  
    KBL Advisory Ltd  
    Stamford House  
    Northenden Road  
    Sale, Cheshire M33 2DH  

Further information:

    Email: Charlene.heslop@kbl-advisory.com  


WALDORF CNS I: Plan Effective Date Occurred May 7
-------------------------------------------------
On May 7, 2026, a certified copy of an order of the Court of
Session, Edinburgh, Scotland dated May 5, 2026 (the "Order")
sanctioning a compromise or arrangement (the "Restructuring Plan")
under Part 26A of the Companies Act 2006 and between Waldorf CNS
(I) Limited, a private limited company incorporated under the
Companies Acts (Company No. SC278868) and with its registered
office at 40 Queens Road, Aberdeen AB15 4YE (the "Plan Company")
and three classes of creditors (the "Plan Creditors"), was
delivered to the Registrar of Companies for Scotland, together with
a certified copy of the Restructuring Plan. On delivery of the
Order, the Plan Effective Date occurred. As more fully described in
the Explanatory Statement in relation to the Restructuring Plan
(which is required by section 901D of the Companies Act 2006), the
Restructuring Effective Date will occur only once all of the
Restructuring Conditions have been satisfied or waived. Capitalised
terms used but not defined in this notice have the meanings given
to them in the Explanatory Statement.

The Company's Advisers can be reached at

Burness Paull LLP
50 Lothian Road
Edinburgh EH3 9WJ
Email: projectgreengage@burnesspaull.com


ZEUS BIDCO: Moody's Affirms 'Caa1' CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed Zeus Bidco Limited's (Zenith)
Corporate Family Rating of Caa1 and Zenith Finco Plc's (Zenith
Finco) long-term senior secured rating of Caa2. The issuers'
outlooks were changed to stable from negative.  

The rating action follows Zenith's announcements on May 1, 2026
that it completed a recapitalisation transaction, which involved
the extension of the maturities of its credit facilities and Zenith
Finco's GBP475 million senior secured notes [1] [2].

Moody's considers this transaction a distressed exchange,
reflecting Moody's views that the maturity extensions were
undertaken to avoid a potential default, given the company's
unsustainable capital structure, with high leverage and a
significant tangible common equity deficit.

RATINGS RATIONALE

The outlook change to stable from negative reflects a material
reduction in Zenith's refinancing risk, following the four-year
extension of maturities on the GBP475 million senior secured notes
and GBP65 million revolving credit facility to 2031.

The stable outlook also incorporates the extension of the revolving
period of Zenith's GBP1 billion Exhibition Finance plc (EFP)
securitisation facility by two and a half years, to February 2029,
supported by an approximately GBP100 million equity contribution
from majority shareholder Bridgepoint. Part of this injection was
used to recollateralise the facility, mitigating the impact of
lower fleet residual values.

The affirmation of Zenith's Caa1 CFR reflects the company's high
leverage, modest interest coverage and a significant tangible
equity deficit. The CFR also incorporates Zenith's weak
profitability, exacerbated by high volatility in used car prices,
particularly for electric vehicles.

The affirmation of Zenith Finco's Caa2 senior secured rating
reflects the company's CFR, and the very high asset encumbrance.

Moody's reflects the risks arising from Zenith's untenable capital
structure, with high leverage and a significant tangible common
equity deficit, under Financial Strategy and Risk Management within
the Governance Issuer Profile Score (IPS) of G-5, which Moody's
lowered from G-4, under Moody's Environmental, Social and
Governance (ESG) framework. Accordingly, Moody's also lowered the
Credit Impact Score (CIS) to CIS-5 from CIS-4, reflecting the
pronounced negative impact of ESG considerations on the current
ratings, primarily driven by very high governance risks.

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

Zenith's ratings could be upgraded if the company demonstrates
sustained improvement in profitability, interest coverage and
leverage, as well as strengthening of its liquidity, as evidenced
by ample availability under its credit facilities.

Zenith's ratings could be downgraded if its leverage and debt
servicing capacity materially weaken, or if liquidity and funding
deteriorate, resulting in constrained ability to finance fleet
acquisitions.

PRINCIPAL METHODOLOGY

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

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


                           *********


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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Editors.

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

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