260521.mbx

260521.mbx 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 Thursday, May 21, 2026, Vol. 27, No. 101 Headlines F R A N C E RIVER GREEN 2020: DBRS Puts All Ratings on Review Negative SOLINA GROUP: Moody's Affirms B2 CFR & Rates Extended Facilities B2 I R E L A N D CARLYLE EURO 2017-1: Moody's Cuts Rating on Cl. E-R Notes to Caa1 DILOSK RMBS 7: DBRS Confirms 'Bsf' Rating on Class F Notes SMALL BUSINESS 2026-1: DBRS Gives '(P)BB(high)' on Cl. C Notes I T A L Y TELECOM ITALIA: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable K A Z A K H S T A N BANK RBK: Fitch Assigns BB Rating on $300MM Sr. Unsecured Eurobond P O R T U G A L ULISSES FINANCE 3: DBRS Confirms B(low) Rating on Cl. F Notes R O M A N I A AUTONOM SERVICES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable CEC BANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ROMANIA: DBRS Confirms BB(high) Issuer Ratings, Trend Stable S P A I N AUDAX RENOVABLES: Fitch Gives B+(EXP) LongTerm IDR, Outlook Stable U N I T E D K I N G D O M 12 TREVOR: BTG Begbies, FRP Advisory Named as Joint Administrators 48 GROSVENOR: FRP Advisory, BTG Appointed as Joint Administrators 9 ST MARY ABBOTS: BTG Begbies Appointed as Joint Administrators AIRSPRUNG GROUP: PricewaterhouseCoopers Appointed as Administrators ALDBROOK MORTGAGE 2026-1: Fitch Rates Class X Notes 'B-(EXP)sf' BICKENHALL STREET: FRP Advisory, BTG Named as Joint Administrators BLB SOLICITORS: Insolvency Company Named as Joint Administrators BRANTS BRIDGE 2023-1: Fitch Alters Outlook on BB+sf Rating to Neg. CALVERT CONSTRUCTION: Leonard Curtis Appointed as Administrators CLEMENT CT: BTG Begbies, FRP Appointed as Joint Administrators CLINICAL DESIGN: Moorfields & Finn Asso. Named as Administrators EMPIRE HOUSE: BTG Begbies, FRP Appointed as Joint Administrators EUROSAIL 2006-1: Fitch Alters Outlook on 'B-sf' Rating to Stable FOAMLIFE LTD: FTS Recovery Appointed as Joint Administrators HILL FL 2026-1: DBRS Gives '(P)BB(high)' Rating on Class E Notes KENSINGTON (HS): BTG Begbies, FRP Appointed as Administrators KINGSTON HOUSE (EG): BTG Begbies, FRP Named as Joint Administrators NORLAND PLACE: BTG Begbies, FRP Appointed as Joint Administrators PHAZE SCAFFOLDING: Leonard Curtis Appointed as Joint Administrators SATUS 2024-1 PLC: Moody's Affirms B3 Rating on GBP11.2MM E Notes SHIRLEY STREET: BTG Begbies, FRP Appointed as Joint Administrators SIMPLY MARVELLOUS: BTG Begbies, FRP Appointed as Administrators STANMORE HILL: BTG Begbies, FRP Appointed as Joint Administrators TOGETHER ASSET 2026-1: DBRS Gives (P)B(high) Rating on X Notes WARWICK ROAD: BTG Begbies, FRP Appointed as Joint Administrators ZEBRA GATE: BTG Begbies, FRP Appointed as Joint Administrators - - - - - =========== F R A N C E =========== RIVER GREEN 2020: DBRS Puts All Ratings on Review Negative ---------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) placed its credit ratings on the following classes of commercial mortgage-backed floating-rate notes (the Notes) due in January 2032 issued by River Green Finance 2020 DAC (the Issuer) Under Review with Negative Implications (UR-Neg.): -- Class A at BBB (sf) -- Class B at BB (sf) -- Class C at B (low) (sf) -- Class D at CCC (sf) CREDIT RATING RATIONALE The UR-Neg. credit rating actions follow Morningstar DBRS' review of the loan performance and recent developments reported by the servicer in April 2026. Specifically, a nonpayment loan event of default (EOD) occurred on 15 April 2026 in relation to the loan. Furthermore, the servicer granted a temporary short standstill period following the EOD, to allow discussions between the Issuer and the Borrowers to take place about next steps to address the EOD. Morningstar DBRS understands that the Special Servicer is currently engaged in discussions to determine the workout strategy for noteholders and is awaiting further proposals from the borrower for consideration. Accordingly, Morningstar DBRS expects to receive additional information regarding the borrower's workout strategy before taking any further credit rating actions. The transaction is a EUR 196.2 million securitisation of a floating-rate commercial real estate loan that is split into two different facilities (Facility A and Facility B), both advanced by Goldman Sachs International Bank in January 2020. The loan was originated for the purpose of acquiring the River Ouest office building by a group of investors led by LRC Real Estate Limited (the Sponsor). The loan is secured by River Ouest, a campus-style office complex built in 2009 on the right bank of the River Seine in the Bezons municipality in the western suburb of Paris. A major business district, La Défense, is approximately five kilometres southeast of the asset. The property comprises a seven-storey office building and an adjacent two-storey service/amenity building. The asset has served as the headquarters of Atos SE (Atos), which is currently the sole tenant following the expiry of the EMC2 lease in October 2025. At the January 2026 interest payment date (IPD), vacancy in the asset stood at 17.2%. As of the April 2026 IPD, the outstanding balance of the River Ouest loan stood at EUR 162.2 million, down from EUR 196.2 million at issuance. The latter has been primarily driven by the cash sweep amortisation implemented following the August 2024 loan restructuring, along with a EUR 10.0 million borrower paydown required to secure the loan extension. According to the latest valuation report prepared by Cushman & Wakefield (C&W) dated 31 March 2025, the property was valued at EUR 139.1 million, representing a 54.7% decline from the prior valuation of EUR 307.0 million reported by CBRE in January 2023 and a 59.5% decline from issuance. Based on the March 2025 valuation from C&W, the loan-to-value (LTV) ratio was 116.6% at the April 2026 IPD. Morningstar DBRS understands from the servicer that a more recent draft valuation has been instructed and is expected to be finalised in the upcoming weeks. As of the January 2026 IPD, the net rental income generated by the property was EUR 22.6 million, resulting in a debt yield (DY) of 12.9%, down from 14.0% reported at the April 2025 IPD. As at the January 2026 IPD, Morningstar DBRS notes that Atos continued to pay rent at contracted levels; however, the tenant had accumulated circa EUR 2.5 million of unpaid service charge and building management expense arrears, a decrease from the EUR 2.9 million registered at the April 2025 IPD. The River Ouest loan was initially structured as a three-year floating-rate loan scheduled to mature on 15 January 2023 with two one-year extension options. The second extension option was not exercised, and the loan matured on 15 January 2024, after which the loan transferred into special servicing. Subsequently, the special servicer consented to certain modifications to and waivers of the terms of the loan finance documents, including among others, the waiver of the loan covenants. Specifically, the DY covenant ceased to apply following the restructuring, while the LTV covenant was waived until April 2026. These loan amendments took effect on 6 August 2024 and included an extension of the loan maturity to April 2026 with one additional one-year extension option available until April 2027, provided that no loan default would continue or result from the extension. At the initial extended maturity date in April 2026, with the LTV loan covenant now reinstated and no updated valuation available to confirm compliance with the covenant, the extra one-year extension could not be granted. Following the borrower's failure to repay all amounts due, a payment EOD occurred on 15 April 2026. Morningstar DBRS maintained its underwriting assumptions as at the last review. Specifically, the Morningstar DBRS net cash flow (NCF) assumption remained at EUR 14.2 million, reflecting a 37.2% haircut to the Issuer-reported NCF as of the January 2026 IPD. Morningstar DBRS also maintained its capitalisation rate assumption at 10.0%, resulting in a Morningstar DBRS Value of EUR 141.6 million. The borrower pays an interest of three-month Euribor over a margin of 2.4% per annum (p.a.). A hedging agreement with a strike rate of 5.0% p.a. is in place until April 2027. The transaction benefits from a liquidity reserve facility provided by Crédit Agricole Corporate and Investment Bank. As of the January 2026 IPD, the facility balance stood at EUR 5.4 million and covered interest payments on the Class A through Class C notes as well as the issuer loan. Morningstar DBRS estimates the current facility balance provides approximately seven months of interest coverage based on the 5.0% Euribor strike rate. The final legal maturity of the Notes is on 22 January 2032, reflecting a shorter tail period of less than five years instead of the seven years at issuance, considering the loan extension agreed in August 2024. Morningstar DBRS believes this timeframe provides sufficient time to enforce on the loan collateral and ultimately repay the noteholders, given the security structure and the relevant jurisdictions involved in this transaction. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in euros unless otherwise noted. SOLINA GROUP: Moody's Affirms B2 CFR & Rates Extended Facilities B2 ------------------------------------------------------------------- Moody's Ratings has affirmed the B2 long-term corporate family rating and the B2-PD probability of default rating of Solina Group Holding (Solina), a leading France-based food industry ingredients and seasoning solutions provider. Concurrently, Moody's have assigned B2 ratings to the proposed amended and extended EUR1.8 billion equivalent (including a proposed EUR200 million equivalent add-on) senior secured term loan B due 2032 and to the upsized EUR304 million senior secured revolving credit facility (RCF) due 2032, both borrowed by Solina's subsidiaries Solina Group Services (the top entity of the restricted group) and Saratoga Food Specialties LLC. The B2 ratings for its existing EUR1.6 billion equivalent term loan B due in 2028 and 2029 and the EUR171.5 million senior secured RCF, due in December 2027, are not affected and will be withdrawn upon completion of the transaction. The outlook on all entities remains stable. The rating action reflects the proposed refinancing whereby Solina will increase its TLB by EUR200m to EUR1.8 billion equivalent and its RCF by EUR133 million to EUR304 million and extend their maturities to September 2032 and March 2032 respectively. Proceeds from the proposed add-on will be used to repay the drawings under the RCF and finance three bolt-on acquisitions. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE The affirmation of the ratings reflects Solina's continued solid operating performance and sustained positive free cash flow generation, alongside Moody's expectations that credit metrics will remain consistent with the current rating over the next 18-24 months. Pro forma for the acquisitions completed in the year, in 2025 Solina delivered EUR1,659 million of revenue (+3.2% year-on-year) and EUR296 million of EBITDA (+6.6% like-for-like), supported by pricing actions and volume growth, across most regions and technologies. The company's profitability remained robust, with EBITDA margins of around 17.8% in 2025, reflecting good cost pass-through and operational efficiency initiatives. Trading in early 2026 remains solid, with 2.5% revenue growth and modest EBITDA growth in the first quarter, supported by strong performance in the US and improving profitability driven by operational efficiencies. Moody's expects Solina to continue benefiting from solid organic growth, driven by innovation and a robust pipeline of new contracts, and ongoing cost savings initiatives, supporting margin expansion. Moody's forecasts Solina's Moody's-adjusted EBITDA will improve to more than EUR300 million in 2026, including the contribution of the planned acquisitions. In addition, Solina will likely continue to generate positive Moody's-adjusted FCF of roughly EUR40 million - EUR60 million per year on an ongoing basis. Credit metrics are expected to remain commensurate with the B2 rating. Pro forma for the contemplated transaction and acquisitions, Moody's expects leverage to remain around 6.5x in the next 12-18 months. Solina's rating is supported by the company's solid position in the savoury food solutions sector in Europe and the US, with a large and loyal customer base and good end-market diversification (Food processors, Food Service, Butchery) as well as strong presence in various types of customized and branded solutions (Dry blends, Sauces, Coating). The company's geographical diversification has been improving further, supported by recent additional acquisitions in North America and also Latin America and Asia. Solina's rating is constrained by its modest size compared with that of some of its global competitors and by the mature nature of the food industry, particularly across Europe, which requires constant innovation. However, the ingredients industry is growing at a higher rate than the food market and faces limited cyclicality. The company is also exposed to commodity price volatility, but has a good track record of managing ingredient price inflation, by changing its product formulation and passing on the raw material cost increases, supported by high customer stickiness. Solina's acquisition strategy entails execution risks, making the monitoring of underlying performance more difficult and delays leverage reduction. However, this risk is mitigated by the company's track record of successfully integrating acquisitions and generating positive free cash flow (FCF). LIQUIDITY Pro-forma for the refinancing, Solina's liquidity remains good, supported by around EUR90 million of cash on balance sheet as of March 2026 and the full availability under the increased EUR304 million RCF, whose maturity has been extended to March 2032. Moody's expects Solina to generate positive FCF of around EUR40 million - EUR60 million per year on an ongoing basis. The RCF includes a single net leverage covenant of 9.6x, only tested when drawings, corrected for net cash and cash equivalent, exceed 40%, and Moody's expects the company to maintain sufficient capacity under this covenant. STRUCTURAL CONSIDERATIONS The B2 ratings on the EUR1.8 billion equivalent senior secured TLB and the EUR304 million senior secured RCF reflect the fact that the two instruments are part of the same facility; rank pari passu, sharing the same ranking in the capital structure; and have the same guarantee and security package. Moody's have assumed a 50% family recovery rate, which is standard for capital structures that include first-lien bank debt with only a springing covenant. The security package is weak because the bank facilities are secured by share pledges, but they are guaranteed by subsidiaries representing at least 80% of the group's EBITDA. The company's adjusted financial leverage calculation excludes the preference shares and the convertible notes that meet Moody's criteria for equity treatment. The convertible notes' maturity has been extended to six months after the senior bank facility. RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectations that Solina will maintain its solid operating performance and generate positive FCF over the next 12-18 months, keeping its leverage well below 7.0x. The outlook also reflects Moody's assumptions that any debt-funded acquisition will be bolt-on in nature and will not lead to a sustained increase in the company's leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on the rating could materialize if Solina maintains its Moody's-adjusted EBITA margin in the mid- to high-teens on a sustained basis; its Moody's-adjusted debt/EBITDA declines sustainably below 5.5x; it maintains positive free cash flow and good liquidity. Negative rating pressure could occur in case of a deterioration in Solina's liquidity because of weakening operational performance, acquisitions or a change in financial policy; its Moody's-adjusted EBITA margin falls well below 10%; if Moody's-adjusted debt/EBITDA ratio remains above 7.0x on a sustained basis; or its free cash flow turns negative. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in France, Solina Group Holding is a seasoning solutions provider for the food industry. The company mainly provides culinary and functional solutions to improve the taste, texture, shelf life and stability of food products, primarily for the business-to-business (B2B) food industry. It is also a major company in the professional and food service markets (butchers, restaurants and catering). Lastly, its offering includes food supplements and healthy alternatives, focusing on high-protein and low-calorie foods and beverages. Established in 1988, the group has grown both organically and through acquisitions. In 2025, the company generated revenue of EUR1.66 billion and company's reported EBITDA of EUR296 million, pro forma for the acquisitions completed in the year. The company was acquired by funds managed by Astorg Partners in May 2021, a European private equity group. ============= I R E L A N D ============= CARLYLE EURO 2017-1: Moody's Cuts Rating on Cl. E-R Notes to Caa1 ----------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Carlyle Euro CLO 2017-1 DAC: EUR30,000,000 Class A-2A-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aaa (sf); previously on Jul 6, 2021 Definitive Rating Assigned Aa2 (sf) EUR13,000,000 Class A-2B-R Senior Secured Fixed Rate Notes due 2034, Upgraded to Aaa (sf); previously on Jul 6, 2021 Definitive Rating Assigned Aa2 (sf) EUR25,000,000 Class B-R Senior Secured Deferrable Floating Rate Notes due 2034, Upgraded to A1 (sf); previously on Jul 6, 2021 Definitive Rating Assigned A2 (sf) EUR13,000,000 Class E-R Senior Secured Deferrable Floating Rate Notes due 2034, Downgraded to Caa1 (sf); previously on Jul 6, 2021 Definitive Rating Assigned B3 (sf) Moody's have also affirmed the ratings on the following notes: EUR243,000,000 (Current outstanding amount EUR214,931,907) Class A-1-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Jul 6, 2021 Definitive Rating Assigned Aaa (sf) EUR27,000,000 Class C-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Jul 6, 2021 Definitive Rating Assigned Baa3 (sf) EUR21,000,000 Class D-R Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Jul 6, 2021 Definitive Rating Assigned Ba3 (sf) Carlyle Euro CLO 2017-1 DAC, issued in June 2017 and reset in July 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by CELF Advisors LLP. The transaction's reinvestment period ended in January 2026. RATINGS RATIONALE The rating upgrades on the Class A-2A-R, Class A-2B-R and Class B-R notes are primarily a result the transaction having reached the end of the reinvestment period in January 2026. The downgrade on the rating on the Class E-R notes is primarily a result of the deterioration in over-collateralisation ratios in the last 12 months, following loss of par. The over-collateralisation ratios of the rated notes have deteriorated in the last 12 months. According to the trustee report dated April 2026[1] the Class A, Class B, Class C, Class D and Class E OC ratios are reported at 135.03%, 124.17%, 114.25%, 107.57% and 103.81% compared to April 2025[2] levels of 137.52%, 126.46%, 116.36%, 109.55% and 105.73%, respectively. Moody's notes that the April 2026 principal payments are not reflected in the reported OC ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR358.1m Defaulted Securities: EUR0 Diversity Score: 51 Weighted Average Rating Factor (WARF): 3038 Weighted Average Life (WAL): 4.29 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.57% Weighted Average Coupon (WAC): 3.63% Weighted Average Recovery Rate (WARR): 44.1% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in April 2026. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. DILOSK RMBS 7: DBRS Confirms 'Bsf' Rating on Class F Notes ---------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) took the following credit rating actions on the notes issued by Dilosk RMBS No. 7 DAC (the Issuer) and removed the Under Review with Positive Implications (UR-Pos.) status on the Class B to Class F notes: -- Class A confirmed at AAA (sf) -- Class B upgraded to AA (high) (sf) from AA (low) (sf) -- Class C upgraded to A (high) (sf) from A (sf) -- Class D upgraded to A (sf) from BBB (sf) -- Class E upgraded to BBB (low) (sf) from BB (sf) -- Class F confirmed at B (sf) CREDIT RATING RATIONALE The upgrades on the Class B to Class E notes, and the confirmation on the Class F notes resolve the UR-Pos. status that was placed on the relevant classes of notes following the publication of the updated "European RMBS Insight Methodology" and European RMBS Insight Model on February 18, 2026. Additionally, the credit rating actions are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults and losses, as of the 31 January 2026 (corresponding to the February 2026 payment date). -- Portfolio default rate (PD), loss given default (LGD) and expected loss assumptions on the remaining receivables. -- Current available credit enhancement (CE) to the notes to cover the expected losses at their respective credit rating levels as of the February 2026 payment date. The transaction is a securitisation of first-lien buy-to-let mortgage loans originated and serviced by Dilosk DAC (Dilosk), and granted to individuals, corporates, and pension trusts in the Republic of Ireland. All primary servicing activities are delegated to BCMGlobal under the Master Servicing Agreement with Dilosk. CSC Capital Markets (Ireland) Limited acts as the back-up servicer facilitator. The first optional redemption date is at the payment date in February 2027, coinciding with a step-up of the margins on the Class A to Class F notes. The legal final maturity date is at the payment date in November 2062. PORTFOLIO PERFORMANCE As of January 31, 2026, loans two to three months in arrears and loans more than three months in arrears both represented 0.1% of the outstanding portfolio balance, compared to 0.1% and 0.5%, respectively, at the last annual review. As of 31 January 2026, the cumulative losses were 0.0%. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and has updated its base case PD and LGD assumptions at the B (sf) credit rating level to 1.3% and 0.8% respectively. CREDIT ENHANCEMENT CE to the notes consists of the subordination of junior classes and the general reserve fund. As of the February 2026 payment date, CE to the rated notes increased as follows compared to the last annual review: -- Class A notes: to 15.5% from 14.4% -- Class B notes: to 11.3% from 10.5%; -- Class C notes: to 6.4% from 5.9%; -- Class D notes: to 3.6% from 3.3%; -- Class E notes: to 1.9% from 1.7%; and -- Class F notes: to 0.8% from 0.7%. As of the February 2026 payment date, the general reserve fund was at its target level of approximately EUR 1.2 million, equal to 1.25% of the original principal balance of the Class A to F notes, minus the liquidity reserve target amount. The general reserve fund is available to cover senior fees, interest, and principal via the principal deficiency ledgers (PDLs) on the rated notes. As of the February 2026 payment date, all PDLs were clear. As of the February 2026 payment date, the liquidity reserve fund was at its target level of approximately EUR 1.4 million, equal to 1.0% of the outstanding principal balance of the Class A notes and is available to cover senior fees and interest on the Class A notes. The Bank of New York Mellon, Dublin Branch (BNY Mellon Dublin) acts as the account bank for the transaction. Based on the Morningstar DBRS private credit rating of BNY Mellon Dublin, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit rating assigned to the Class A notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in euros unless otherwise noted. SMALL BUSINESS 2026-1: DBRS Gives '(P)BB(high)' on Cl. C Notes -------------------------------------------------------------- DBRS Ratings Limited (Morningstar DBRS) assigned provisional credit ratings to the following classes of notes (collectively, the Rated Notes) to be issued by Small Business Origination Loan Trust 2026-1 DAC (the Issuer): -- Class A Loan Note at (P) A (high) (sf) -- Class B Notes at (P) BBB (sf) -- Class C Notes at (P) BB (high) (sf) Morningstar DBRS will not rate the Class Z Notes or Class R Notes (together with the Rated Notes, the Notes), which it expects to also be issued in the transaction. The transaction is a cash flow securitisation of a portfolio of largely unsecured loans originated through the Funding Circle Ltd. (Funding Circle) lending platform to UK-based small and medium-size enterprises (SMEs) and sole traders. CREDIT RATING RATIONALE Morningstar DBRS determined its provisional credit ratings based on the principal methodology and the following analytical considerations: -- The nature of the provisional portfolio, which will be static and consists of unsecured loans with a maximum maturity of six years. All loans are amortising on a monthly basis following a French amortisation profile, contributing to a short weighted-average (WA) life of 2.7 years. -- The transaction capital structure's features, which provide for a pro rata amortisation until certain sequential switch events occur. -- The transaction's interest rate swap, which mitigates the interest rate risk between the floating-rate notes and the portfolio comprised solely of fixed-rate loans. -- The appointment of a back-up servicer, which reduces servicer continuity risk. -- The portfolio's significant excess spread, which can be used to cure any principal shortfalls via a principal deficiency ledger mechanism. The provisional portfolio's WA fixed interest rate stood at 13.5%. -- The expected consistency of the transaction's structure with Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. TRANSACTION STRUCTURE The transaction is expected to be static and there is no requirement for the Issuer to purchase new assets or to replace any asset comprised in the securitised portfolio. The transaction will amortise pro rata until certain sequential switch events occur, including (i) the aggregate outstanding principal balance of the Notes reducing to 45.0% or less of their balance at closing, (ii) cumulative defaults exceeding specified thresholds over time, or (iii) the date falling 21 months after closing. Following the occurrence of any such event, the amortisation will become sequential. Before the occurrence of an enforcement event, the transaction allocates collections in separate interest and principal priorities of payments. Upon the occurrence of an enforcement event, there will be one priority of payments for both principal and interest. The transaction will incorporate two reserves at closing. The cash reserve provides both liquidity and credit support in accordance with the applicable priority of payments. At closing, it will be funded at 1.75% of the initial portfolio balance. Thereafter, its target balance will the lower of (i) 2.75% of the initial portfolio balance and (ii) 5.5% of the outstanding principal balance of the Rated Notes. The non-amortising liquidity reserve of GBP 1.6 million will be available to cover any interest shortfalls on the most senior class of Rated Notes outstanding from time to time. Morningstar DBRS considers the interest rate risk for the transaction to be limited, as an interest rate swap is in place to reduce the mismatch between the fixed-rate collateral and the Rated Notes. PORTFOLIO ASSUMPTIONS The provisional portfolio consists of 3,558 loans granted to 3,541 borrowers. The average outstanding principal balance is GBP 92,727 and the maximum individual borrower concentration is 0.2% of the portfolio. The top five and top 10 obligors represent 1.2% and 2.3%, respectively, of the portfolio balance. The top three regions for borrower concentration are South-East, Midlands, and London, representing 25.8%, 14.8%, and 13.1%, respectively, of the portfolio balance. The historical data provided by Funding Circle reflects the portfolio composition, which includes unsecured loans for which Funding Circle internally categorises borrowers into seven credit risk bands (A+, A, A2, B, B2, C, and D). For the purpose of its analysis, Morningstar DBRS calculated the annual probability of defaults (PDs) for each risk band to capture any negative or positive pool selection. The assumed annual PDs for A (including A+ and A2), B (including B2), C, and D risk bands are 2.5%, 4.6%, 7.2%, and 9.9%, respectively. There are no loans under forbearance measures in the pool. TRANSACTION COUNTERPARTIES Citibank, N.A., London Branch is the Issuer account bank for the transaction. Morningstar DBRS privately rates Citibank, N.A., London Branch, which meets the criteria to act in such capacity. The transaction documents contain downgrade provisions consistent with Morningstar DBRS' criteria. J.P. Morgan SE is the initial interest rate swap counterparty for the transaction. Morningstar DBRS privately rates J.P. Morgan SE, which meets the criteria to act in such capacity. Morningstar DBRS notes that the downgrade provisions in the transaction documents are not fully consistent with its criteria and it will monitor the transaction based on its credit rating of J.P. Morgan SE or its replacement. Morningstar DBRS' credit ratings on the Rated Notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the related interest payment amounts and the related class balances. Morningstar DBRS' credit ratings do not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in British pound sterling unless otherwise noted. ========= I T A L Y ========= TELECOM ITALIA: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded Telecom Italia S.p.A.'s (TIM) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. The Rating Outlook is Stable. The upgrade reflects stronger cash flow generation and stabilising leverage following the disposal of TIM's fixed local access network and other non-core assets. TIM's free cash flow (FCF) and cash flow from operations (CFO) have improved gradually but steadily, supported by operational improvements, lower interest expense and stabilising capex. The upgrade also reflects the cash benefit from the resolution, in TIM's favour, of the 1998 concession charge dispute. The Stable Outlook reflects its expectations that cash flow and leverage will remain within its 'BB+' rating sensitivities. Cash flow headroom is limited but improving, while leverage headroom is comfortable. Further positive momentum could come from Italian market consolidation and sustained operating improvements at TIM. Key Rating Drivers FCF Improvements: TIM's cash flow metrics in 2025 - the first full financial year following the disposal of its fixed local access network assets - showed further improvement, extending the trend established in 2024. Better than- expected EBITDA margin performance, lower interest expense and efficiencies in capex and working capital improved Fitch-calculated CFO less capex to 1.8%, above its 0.7% forecast. Fitch expects improving profitability and lower extraordinary cash outflows to raise this metric to above 5% in 2026, with a further improving trend thereafter, in line with its upgrade sensitivity for the sector's 'BB+' category. Inwit Dispute: TIM's board served notice in March 2026 to terminate its master service agreement (MSA) with Infrastructure Wireless Italiane S.p.A. (Inwit; BBB-/Rating Watch Negative), following a similar move by Fastweb, Inwit's other anchor tenant. TIM's decision appears aimed at optimising infrastructure costs and is supported by contingency plans for alternative infrastructure deployment, including a joint-venture agreement with Fastweb/Vodafone Italia. TIM and Inwit have since entered a legal dispute. Fitch's base case rating scenario assumes that the most likely outcome will be a negotiated settlement between all parties. There is a high degree of interdependence between the parties, which is likely to support this approach. Accordingly, its capex and opex assumptions do not factor in the consequences of a full termination of the MSA or any savings that may transpire from the settlement. Leverage Reduction: TIM's Fitch-calculated net debt/EBITDA was 2.2x in 2025, better than its 2.8x expectation at the last annual review. Strong liquidity supported a faster reduction in gross debt than in cash, helped by the securitisation of proceeds related to the 1998 concession charge, following the final resolution of the long-running legal dispute in the company's favour. Fitch does not treat the securitised amount as debt, reflecting its non-recurring, non-operating nature and the substantial transfer of related credit risk to the facility arrangers. Fitch expects net leverage to remain broadly stable going forward. Poste Bid: In March 2026, Poste Italiane S.p.A. launched a tender offer for TIM, which TIM is currently evaluating. The offer period is set to begin in 2H26, subject to regulatory and shareholder approvals. According to management, Poste intends to integrate TIM into the group as a standalone entity, retaining its brand. However, Fitch continues to assess TIM on a standalone basis until there is greater visibility, including at the launch of the offer period. If the bid succeeds and the acquisition is completed, Fitch's rating approach will consider any positive uplift to TIM's credit profile from parent support from Poste Italiane. Governance Structure Further Stabilised: TIM's governance structure stabilised further after Poste Italiane became its main shareholder. The company completed the conversion of savings shares into ordinary shares and is undertaking a reverse stock split to simplify its equity capital structure. Fitch expects ordinary dividends to rise to about EUR600 million annually by 2029, with minority distributions increasing to about EUR300 million. Fitch also expects a share buyback of about EUR370 million in 2026, funded by asset sale proceeds. Enterprise Drives Growth: Fitch expects TIM's enterprise division to drive revenue growth over the rating horizon, with average annual growth of about 4% in 2026-2030, mainly supported by cloud services. Fitch expects the domestic consumer business to decline by about 1% in 2026 due to the phase-out of the Fastweb MVNO agreement, before returning to growth of less than 1% a year thereafter. Fitch forecasts Brazil to grow by 1%-2% a year on average. Domestic cost efficiencies following the fixed local access network disposal should gradually support expansion of TIM's Fitch-calculated EBITDA margin to 26%-27%. Peer Analysis TIM compares favourably with its peer group of predominantly domestic-focussed incumbent operators, such as Royal KPN N.V and BT Group Plc (both: BBB/Stable). Incumbent operators benefit from in-market scale derived from strong positions across multiple market segments, including consumer, SMEs, B2B and corporate. TIM's lack of ownership of a fixed local access network weakens its relative operating profile, resulting in lower debt capacity per rating band compared with its peer group. The company's Brazilian operations provide some geographic diversification, but this is offset by a degree of FX risk to leverage that results. TIM also compares favourably with asset-light operators such as TDC Brands A/S (B/Stable) and mobile-focussed operators such as Telefonica Deutschland Holding AG (BBB/Stable). TIM's operating profile is stronger than TDC Brands' due to its ownership of mobile networks, which drives stronger margins and cash flow. Telefonica Deutschland's higher rating (BBB/Stable, Standalone Credit Profile (SCP): bbb+) reflects a more conservative capital structure and its challenger profile in the mobile segment, despite limited scale in fixed resale and the corporate and B2B segments. Fitch’s Key Rating-Case Assumptions - Revenue growth averaging 1%-2% a year in 2026-2029 - EUR/BRL to average 6.2 for 2026, depreciating by 4% annually through 2029 - Fitch-defined EBITDA margin of about 26% in 2026, with minor gradual increases through 2029 - Capex at about 14% of revenue in 2026, decreasing to 12.5% in 2028 - Ordinary dividends of EUR650 million in 2026, EUR500 million in 2027-2028 and EUR600 million in 2029 - Cash outflow for share buy-backs of about EUR370 million in 2026 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb', Lower), market and competitive positioning ('bbb-', Higher), diversification and asset quality ('bbb', Moderate), company operational characteristics ('bb+', Moderate), profitability ('bb+', Lower), financial structure ('bb', Higher), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'bbb-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Slower improvement in operating conditions, leading to weaker profitability and FCF, with CFO less capex/gross debt remaining below 7% over the long term - EBITDA net leverage remaining above 2.7x - Sustained competitive pressure in domestic mobile, fixed and enterprise divisions, resulting in significant market share losses in domestic service revenue - Material EBITDA contribution from Brazil, substantially increasing the company's FX risk exposure Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - CFO less capex/gross debt reaching 10% through the cycle, reflecting a more dynamic revenue and profitability profile or lower capex without compromising its longer-term competitive position - EBITDA net leverage remaining below 2.2x - EBITDA contribution from domestic operations consistently above 50% with manageable exposure to Brazil, limiting FX risks Liquidity and Debt Structure As of end-1Q26, TIM's liquidity (consisting of cash and cash equivalents and securities other than investments) exceeded EUR3.5 billion, with more than EUR3 billion of undrawn committed facilities. Cash reserves cover maturities up to at least 2027. TIM has flexibility in managing its refinancing needs, supported by full coverage of 2026 and 2027 maturities and a staggered profile for debt maturities thereafter. Changes in future dividend plans may affect liquidity and, consequently, TIM's refinancing needs for the next 12-to-18 months. Issuer Profile TIM is the incumbent telecom carrier in Italy, with leading domestic market positions in both fixed-line and mobile. The company owns 67% of the third-largest mobile operator in Brazil, TIM Brazil. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Telecom Italia Capital senior unsecured LT BB+ Upgrade RR4 BB Telecom Italia S.p.A. LT IDR BB+ Upgrade BB senior unsecured LT BB+ Upgrade RR4 BB Telecom Italia Finance SA senior unsecured LT BB+ Upgrade RR4 BB =================== K A Z A K H S T A N =================== BANK RBK: Fitch Assigns BB Rating on $300MM Sr. Unsecured Eurobond ------------------------------------------------------------------ Fitch Ratings has assigned Bank RBK JSC's (RBK) USD300 million 7.7% five-year senior unsecured Eurobond issue a final long-term rating of 'BB'. The assignment of the final rating follows the completion of the issue and receipt of documents conforming to the information previously received. The final rating is the same as the expected rating assigned on 27 April 2026 (see Fitch Rates Bank RBK's Upcoming Senior Unsecured Eurobond 'BB(EXP)'. Key Rating Drivers The final rating is in line with RBK's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB'. The Eurobond represents direct, general, senior unsecured obligations, and ranks pari passu with all other unsubordinated, unsecured obligations of RBK. RBK's 'BB' Long-Term IDRs are driven by its intrinsic creditworthiness, as captured by its 'bb' Viability Rating. The latter incorporates the bank's reasonable asset quality, strong profitability, plus adequate capitalisation and liquidity. These are counterbalanced by a moderate domestic franchise, high single-name loan and deposit concentrations, and rapid lending growth. For more details on RBK's ratings and credit profile, see 'Fitch Rates Kazakhstan's Bank RBK 'BB'; Outlook Stable', dated 9 April 2026,. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of the IDR will result in a similar rating action on the debt rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of the IDR will result in a similar rating action on the debt rating. Date of Relevant Committee 16 April 2026 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Bank RBK JSC senior unsecured LT BB New Rating BB(EXP) USD 300 mln 7.7% bond/note 19-May-2031 06452PAA2 LT BB New Rating BB(EXP) =============== P O R T U G A L =============== ULISSES FINANCE 3: DBRS Confirms B(low) Rating on Cl. F Notes ------------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) confirmed its credit ratings on the rated notes issued by TAGUS - Sociedade de Titularização de Créditos, S.A., Ulisses Finance No.2 and Ulisses Finance No.3 (together, the Issuers), as follows: Ulisses Finance No.2 -- Class A Notes confirmed at AA (high) (sf) -- Class B Notes confirmed at AA (sf) -- Class C Notes confirmed at BBB (high) (sf) -- Class D Notes confirmed at BB (high) (sf) -- Class E Notes confirmed at B (high) (sf) Ulisses Finance No.3 -- Class A Notes confirmed at AA (sf) -- Class B Notes confirmed at A (high) (sf) -- Class C Notes confirmed at BBB (sf) -- Class D Notes confirmed at BB (sf) -- Class E Notes confirmed at B (sf) -- Class F Notes confirmed at B (low) (sf) CREDIT RATING RATIONALE The confirmations follow an annual review of the transactions and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the April 2026 payment date; -- Probability of default (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and -- Current available credit enhancement to the rated notes to cover the expected losses at their respective credit rating levels. The transactions are Portuguese securitisations of auto loan receivables granted and serviced by 321 Crédito - Instituiçao Financeira de Credito, S.A. (321 Crédito), a subsidiary of Banco CTT S.A., after the acquisition that closed in May 2019. Both transactions included an initial 12-month revolving period. PORTFOLIO PERFORMANCE As of the March 2026 portfolio cut-off date, loans that were one to two months and two to three months in arrears were as follows: -- Ulisses Finance No.2: 1.9% and 0.6%, respectively; and -- Ulisses Finance No.3: 1.7% and 0.6% respectively. Gross cumulative defaults as a percentage of the original portfolio balance, with cumulative recoveries were as follows: -- Ulisses Finance No.2: 3.9% and 30.0%, respectively; and -- Ulisses Finance No.3: 4.3% and 20.3% respectively. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and maintained its base case PD and LGD assumptions at 6.9% and 53.9%, respectively. CREDIT ENHANCEMENT The subordination of the junior obligations provides credit enhancement to the rated notes. As of the April 2026 payment date, credit enhancement to the rated notes remained stable from closing due to the pro rata amortisation mechanism and will remain stable unless a sequential redemption event occurs. The credit enhancement levels to the rated notes were as follows: -- Ulisses Finance No.2: Class A, Class B, Class C, Class D, and Class E Notes at 18.5%, 14.5%, 6.5%, 2.0%, and 0.5%, respectively; and -- Ulisses Finance No.3: Class A, Class B, Class C, Class D, Class E and Class F Notes at 16.0%, 12.0%, 6.0%, 3.0%, 0.5%, and 0.0% respectively. The cash reserve account is available to cover senior expenses and interest payments on the Class A Notes, and, the swap payments in Ulisses Finance No.3. The reserves also cover the interest payment on the more junior notes, if not deferred in the waterfall, in Ulisses Finance No.2 only the interest on the Class B and Class C Notes, and, in Ulisses Finance No.3, the interest on the Class D, Class E, and Class F Notes. The reserves were funded at closing with EUR 1.5 million and the target balances are set as follows: -- Ulisses Finance No.2: 0.6% of the rated notes balance, subject to a EUR 400,000 floor, as of the April 2026 payment date, the reserve was at its target of EUR 416,337.6; and -- Ulisses Finance No.3: 0.75% of the rated notes balance, subject to a floor of EUR 750,000. As of the April 2026 payment date, the cash reserve was at its floor level. Deutsche Bank AG (DB) acts as the account bank for the transactions. Based on Morningstar DBRS' reference rating of AA (low) on Deutsche Bank (one notch below its Long Term Critical Obligations Rating of AA), the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned to the rated notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. DB also acts as the cap counterparty for the Ulisses Finance No.2, while Crédit Agricole Corporate & Investment Bank (CACIB) acts as the swap counterparty for Ulisses Finance No.3. Morningstar DBRS' public and private credit ratings on the hedge counterparties are consistent with the credit ratings assigned to the rated notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in euros unless otherwise noted. ============= R O M A N I A ============= AUTONOM SERVICES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Romania-based Autonom Services S.A.'s Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also affirmed Autonom's senior unsecured debt rating at 'B', with a Recovery Rating of 'RR5'. Key Rating Drivers Resilient Business Model; High Leverage: Autonom's Long-Term IDR reflects its adequate profitability through the cycle, reasonable asset quality, and experienced management team, with a sufficiently controlled approach to leverage and liquidity. Swift repossession, low concentration by counterparty, good margins, and the secured nature of operating leasing help mitigate the higher credit risk of Romanian SMEs. The rating is constrained by Autonom's high leverage and small scale in an international context. Sound Franchise in Romania: Autonom provides long-term car rental to SMEs and short-term car rental to corporates and individuals in Romania, making it the third-largest fleet lessor in the country (end-2025: close to 18,000 vehicles). Autonom has a considerable domestic market share of around 20% at end-2024 but remains small by international standards. Declining Profitability: Autonom's core profitability ratio (pre-tax income/average assets) decreased to 1.9% in 2025 (2024: 3.5%), mainly due to lower net gains on disposal of used cars and increasing FX losses. The depreciation of the Romanian leu in 2025 resulted in losses as financial debt is mainly in euro versus leu-based receivables. Fitch believes that the impact of currency is temporary as receivables are also indexed to euro, but adjustment will take time due to the long maturity of receivables. Macroeconomic spillovers from Romania's political tensions could weigh negatively on Autonom's profitability limiting upside for the Long-Term IDR. However, Fitch believes that Autonom's profitability will remain adequate for its current rating. Key Person Risk, Adequate Management: Autonom is a family-owned company, founded and owned by brothers Marius and Dan Stefan who remain the company's sole shareholders. A long-standing management team, a well-articulated medium-term strategy, and the adoption of managerial best practices mitigate the key person risk in relation to its founders and Autonom's less developed corporate governance framework. High Leverage: Autonom's gross debt/tangible equity ratio marginally improved to 5.3x at end-2025 from 5.5x at end-2024, but remains high. Fitch also believes that large loans to related parties, equaling 26% of tangible equity is a negative factor for Autonom's capitalisation. Fitch expects leverage to increase modestly in 2026, should the company realise its plan for low double-digit growth. A bond covenant, which constrains Autonom's net debt/EBITDA ratio at below 4x (actual at end-2025 -3.6x), guides its leverage appetite. Mainly Secured Funding: A high share of secured debt (71% at end-2025; 72% at end-2024) and mostly encumbered assets limit funding flexibility but also translate into weaker recoveries in case of default, which leads Fitch to notch down Autonom's senior unsecured debt rating from its Long-Term IDR. Autonom has simplified its funding structure by consolidating its funding into two large, syndicated facilities in late 2025 (in addition to the existing unsecured bonds). The syndicated facilities are committed, providing flexibility for liquidity management. Management plans to refinance a smaller portion of maturing unsecured bonds with cheaper secured funding. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A gross debt/tangible equity ratio sustainably above 6.5x, a substantial increase in the related-party loans to tangible equity ratio or the use of funding for purposes other than acquiring additional fleet. A consistent deterioration in Autonom's pre-tax income/average assets ratio below 2%, in conjunction with structural weakening in franchise strength, asset quality, earnings and access to funding could also lead to negative rating action, especially if the deterioration was putting pressure on Autonom's EBITDA-based financial covenants. Weaker funding flexibility or higher refinancing risk would also lead to a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A gross debt/tangible equity ratio sustainably below 5x or further improvements of Autonom's funding profile, including especially a higher share of unsecured debt. Maintaining sound profitability, continued franchise growth and a more formalised governance structure. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Senior Unsecured Debt Notched Down: Fitch rates Autonom's senior unsecured debt one notch below the Long-Term IDR, reflecting below-average recoveries for senior unsecured creditors, due to the large share of secured funding, to which senior unsecured creditors are contractually subordinated. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior unsecured debt rating is mainly sensitive to changes in Autonom's Long-Term IDR. Therefore, an upgrade or downgrade of the latter would be mirrored in similar action on the former. The senior unsecured debt rating could be upgraded following an upward revision of recovery expectations, for example due to a materially lower share of secured debt (significantly below 50%). This would lead to an equalisation of the senior unsecured debt rating with Autonom's Long-Term IDR. A materially higher share of secured debt could lead to a downgrade of the senior unsecured debt rating, reflecting lower recovery expectations. ADJUSTMENTS The Standalone Credit Profile has been assigned below the implied Standalone Credit Profile due to the following adjustment reason: weakest link - capitalization & leverage (negative). The sector risk operating environment score has been assigned below the implied score due to the following adjustment reasons: macroeconomic stability (negative), regulatory and legal framework (negative). The asset quality score has been assigned below the implied score due to the following adjustment reason: Loan charge-offs, depreciation or impairment policy (negative). The capitalization & leverage score has been assigned below the implied score due to the following adjustment reason: size of capital base (negative). ESG Considerations Autonom has an ESG Relevance Score of '4' for Governance Structure due to key person risk. The longstanding management team, well-articulated medium-term strategy, and intention to adopt managerial best practices mitigate key-person risk in relation to its founders and less developed corporate governance, which is in line with other privately held peers. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other rating factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on Autonom, either due to their nature or the way in which they are being managed by Autonom. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Autonom Services S.A. LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ LC ST IDR B Affirmed B senior unsecured LT B Affirmed RR5 B CEC BANK: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ----------------------------------------------------------- Fitch Ratings has taken rating actions on four Bulgarian banks, three Romanian banks and three Hungarian banks, two Czech banks, and one Croatian bank, and their obligations. The rating actions follow the publication on May 8, 2026 of its updated Bank Rating Criteria. The key changes in the updated criteria relate to banks in jurisdictions with developed resolution regimes, with senior resolution debt (senior non-preferred debt in Europe) now excluded from Issuer Default Rating (IDR) reference obligation and greater notching differentiation for deposits, senior unsecured (senior preferred in Europe) and senior resolution debt ratings as well as Derivative Counterparty Ratings (DCRs). A summary of the changes introduced by the new criteria is available at Fitch Ratings Publishes Updated Bank Rating Criteria. Key Rating Drivers BULGARIA United Bulgarian Bank AD (UBB) UBB's Short-Term IDR was upgraded to 'F1+' from 'F1', due to a similar upgrade of the parent's Short-Term IDR (KBC Bank NV, AA-/Stable/F1+). UBB benefits from the group's resolution debt buffer and the down-streaming of the internal buffer that protects the subsidiary's external creditors. The support-driven Long-Term IDR was affirmed at 'A' with Stable Outlook as the rating remains constrained at two notches above the Bulgarian sovereign rating, due to country risk considerations. Fitch has assigned long- and short-term deposit ratings of 'A+' and 'F1+' to UBB. The long-term rating is one notch above the bank's Shareholder Support Rating (SSR) of 'a', reflecting its revised view of increased depositor protection stemming from depositor preference in Bulgaria, the internal resolution debt buffer and country risk considerations. UBB's short-term deposit rating of 'F1+' is the higher of the two options mapping to an 'A+' long-term deposit rating and is in line with its parent's Short-Term IDR. DEPOSITS Unicredit Bulbank AD (Bulbank) Bulbank's long- and short-term deposits ratings were assigned at 'A+'/'F1', two notches above the bank's SSR of 'a-', reflecting its revised view of increased depositor protection stemming from depositor preference in Bulgaria. This, combined with the internal resolution debt buffer from parent UniCredit S.p.A. (A-/Stable/F2), reduces the probability of default for Bulbank's deposits. Bulbank's short-term deposit rating of 'F1' is the lower of the two options mapping to an 'A+' long-term deposit rating. Allianz Bank Bulgaria (ABB) ABB's long- and short-term deposit ratings were assigned at 'A'/'F1'. ABB's long-term deposit rating is two notches above its SSR of 'bbb+', reflecting its revised view of increased depositor protection from depositor preference in Bulgaria and the bank's compliance with resolution debt buffer requirement. The short-term deposit rating is the lower of the two options mapping to an 'A' long-term deposit rating and is in line with the bank's Short-Term IDR. First Investment Bank AD (Fibank) Fibank's long- and short-term deposit ratings were assigned at 'BB-'/'B'. Fibank's long-term deposit rating is two notches above its VR of 'b', reflecting its revised view of increased depositor protection from depositor preference in Bulgaria and the bank's compliance with resolution debt buffer requirement. CROATIA Erste & Steiermarkische Bank d.d. (ESB) ESB's long- and short-term deposit ratings were assigned at 'A'/'F1'. The long-term deposit rating is one notch above the bank's SSR of 'a-' reflecting its revised view of increased depositor protection from the bank's ability to meet its minimum requirement for own funds and eligible liabilities (MREL) with its own small resolution debt buffer. The short-term deposit rating is at the lower of the two possible options mapping to an 'A' long-term deposit rating and is in line with the parent's (Erste Group Bank AG, A/Stable/F1) Short-Term IDR. CZECH REPUBLIC Ceska Sporitelna, a.s. (Ceska) Ceska's Long-Term IDR was upgraded to 'A+' from 'A', one notch above the bank's Viability Rating (VR) of 'a', reflecting the exclusion of senior resolution debt from IDR reference obligations, and its sustainably large resolution debt buffer. At end-2025, the bank's own resolution debt buffer was 14.4% of risk-weighted assets (RWAs) and Fitch expects it to remain sustainably between 10% and 15%. The Outlook on the Long-Term IDR is Stable. The Short-Term IDR was affirmed at 'F1', which is the lower of the two options mapping to an 'A+' Long-Term IDR as the bank's funding and liquidity score is not high enough to warrant a higher short-term rating. Ceska's long-term deposit rating was upgraded to 'AA-' from 'A+', two notches above the VR, and the short-term deposit rating was upgraded to 'F1+' from 'F1'. This reflects its revised view of increased depositor protection, due to the bank's large resolution debt buffer. Komercni Banka, a.s. (Komercni) Komercni's Long-Term IDR was upgraded to 'A+' from 'A', following a similar upgrade of its SSR to 'a+', due to the upgrade of the parent's (Societe Generale S.A., A+/Stable/F1) Long-Term IDR to 'A+'. Komercni benefits from the group's very large resolution debt buffer and the down-streaming of the internal buffer that protects the subsidiary's external creditors. The Outlook on the Long-Term IDR is Stable. The bank's Short-Term IDR was affirmed at 'F1', which is the lower of the two options mapping to an 'A+' Long-Term IDR and is in line with the parent's Short-Term IDR. HUNGARY Kereskedelmi es Hitelbank Zrt (K&H) K&H's long- and short-term deposit ratings were assigned at 'A-'/'F1'. The long-term deposit rating is one notch above the bank's SSR of 'bbb+', reflecting its revised view of increased depositor protection from depositor preference in Hungary, the internal resolution debt buffer from KBC Bank NV (AA-/Stable/F1+) and country risk considerations. The short-term deposit rating is the higher of the two options mapping to an 'A-' long-term deposit rating based on a high propensity of support that is more certain in the short term. Erste Bank Hungary Zrt (EBH) EBH's long- and short-term deposit ratings were assigned at 'A-'/'F1'. The long-term deposit rating is one notch above the bank's SSR of 'bbb+', reflecting its revised view of increased depositor protection from depositor preference in Hungary, the bank's ability to meet its resolution buffer requirement with its own small resolution debt buffer and country risk considerations. The short-term deposit rating is the higher of the two options corresponding to an 'A-' long-term deposit rating and is in line with the parent's (Erste Group Bank AG, A/Stable/F1) Short-Term IDR. CIB Bank Zrt (CIB Bank) CIB Bank's long- and short-term deposit ratings were assigned at 'A-'/'F2'. The long-term deposit rating is one notch above the bank's SSR of 'bbb+', reflecting its revised view of increased depositor protection stemming from depositor preference in Hungary, the internal resolution debt buffer from parent Intesa Sanpaolo S.p.A. (A-/Stable/F2) and country risk considerations. The short-term deposit rating is the lower of the two options corresponding to an 'A-' long-term deposit rating and is in line with the parent's Short-Term IDR. ROMANIA Banca Transilvania S.A. (BT) BT's Long-Term IDR was upgraded to 'BBB' from 'BBB-'. This reflects the exclusion of senior resolution debt from IDR reference obligations, the bank's very large resolution debt buffer and country risk considerations. At end-2025, the resolution debt buffer was 17% of RWAs, and Fitch expects it to remain sustainably above 15%; however, the Long-Term IDR and senior unsecured debt rating are constrained by country risk considerations and capped at one notch above Romania's 'BBB-' rating. The Outlook on the Long-Term IDR is Negative, mirroring the sovereign's. Fitch has assigned long- and short-term deposit ratings at 'BBB' and 'F3' to BT. The long-term deposit rating is one notch above the bank's VR of 'bbb-', reflecting its revised view of increased depositor protection, stemming from the bank's sustainably very large resolution debt buffer, and is constrained by country risk considerations at one notch above the Romanian sovereign rating. The Short-Term IDR, which was affirmed at 'F3', and the short-term deposit rating are the lower of the two options mapping to the corresponding 'BBB' long-term ratings as the bank's funding and liquidity score is not high enough to warrant higher short-term ratings. CEC Bank S.A. (CEC) CEC's Long- Term IDR was upgraded to 'BB+' from 'BB'. This reflects the exclusion of senior resolution debt from IDR reference obligations and the bank's large resolution debt buffer. Fitch estimates the resolution debt buffer was about 17% of RWAs at end-2025; however, Fitch expects the ratio to decline, raising uncertainty around the sustainability of the buffer at current levels, but to remain above 10%. The Outlook on the Long-Term IDR is Stable. Fitch has assigned long- and short-term deposit ratings at 'BBB-' and 'F3' to CEC. The long-term deposit rating is two notches above the bank's VR of 'bb', reflecting its revised view of increased depositor protection, stemming from the bank's sustainably large resolution debt buffer. Libra Internet Bank S.A. (Libra) Libra's long- and short-term deposit ratings were assigned at 'BB'/'B'. The long-term deposit rating is one notch above the bank's VR of 'bb-', reflecting its revised view of increased depositor protection from the bank's compliance with its resolution buffer requirement and applicable resolution strategy. For unaffected ratings and rating drivers, those defined in the latest rating action commentaries on each issuer continue to apply. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade United Bulgarian Bank AD (UBB) UBB's IDRs and long-term deposit rating would be downgraded if Bulgaria is downgraded. UBB's Short-Term IDR would also be downgraded if KBC's Short-Term IDR is downgraded. Unicredit Bulbank AD (Bulbank) Bulbank's long-term deposit rating would be downgraded if its SSR is downgraded or if Bulgaria is downgraded. Allianz Bank Bulgaria (ABB) ABB's long-term deposit rating would be downgraded if its SSR is downgraded or if the bank is no longer subject to regulatory resolution buffer requirements. First Investment Bank AD (Fibank) Fibank's long-term deposit rating would be downgraded if the VR is downgraded. Ceska Sporitelna, a.s. (Ceska) Ceska's Long-Term IDR would be downgraded if its VR is downgraded or if its resolution debt buffer falls sustainably below 10% of RWAs and the bank uses senior unsecured debt to comply with MREL. Ceska's deposit ratings would be downgraded for the same reasons as the Long-Term IDR. Komercni Banka, a.s. (Komercni) Komercni's IDRs and SSR would be downgraded if the parent's IDRs are downgraded. Erste & Steiermarkische Bank d.d. (ESB) ESB's long-term deposit rating would be downgraded if its SSR is downgraded. Kereskedelmi es Hitelbank Zrt (K&H) K&H's long-term deposit rating would be downgraded following a downgrade of the Hungarian sovereign rating or if its SSR is downgraded. Erste Bank Hungary Zrt (EBH) EBH's long-term deposit rating would be downgraded following a downgrade of the Hungarian sovereign rating or if its SSR is downgraded. CIB Bank Zrt (CIB Bank) CIB's long-term deposit rating would be downgraded following a downgrade of the Hungarian sovereign rating or if its SSR is downgraded. Banca Transilvania S.A. (BT) BT's Long-term IDR would be downgraded if the Romanian sovereign is downgraded, or if its resolution debt buffer falls sustainably below 10% of RWAs and the bank uses senior unsecured debt to comply with MREL. Its long-term deposit rating would be downgraded for the same reasons as the Long-Term IDR. CEC Bank S.A. (CEC) CEC's Long-Term IDR and deposit ratings would be downgraded if its VR is downgraded or if its resolution debt buffer fails to remain above 10% of RWAs and the bank uses its senior unsecured debt to comply with its MREL. Libra Internet Bank S.A. (Libra) Libra's long-term deposit rating would be downgraded if the VR is downgraded or if the bank is no longer subject to regulatory resolution buffer requirement. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade United Bulgarian Bank AD (UBB) An upgrade of Bulgaria's sovereign rating would likely lead to an upgrade of UBB's Long-Term IDR and long-term deposit rating, provided the probability of support from KBC is unchanged. Unicredit Bulbank AD (Bulbank) Bulbank's deposit ratings would be upgraded if both its SSR and Bulgaria's sovereign rating are upgraded. Allianz Bank Bulgaria (ABB) ABB's long-term deposit ratings would be upgraded if its SSR is upgraded. First Investment Bank AD (Fibank) Fibank's long-term deposit rating would be upgraded if the VR is upgraded. Ceska Sporitelna, a.s. (Ceska) Ceska's IDR's would be upgraded if the VR is upgraded or if its resolution debt buffer increases sustainably above 15% of RWAs. Ceska's long-term deposit rating would be upgraded if its VR is upgraded. Komercni Banka, a.s. (Komercni) Komercni's IDRs and SSR would be upgraded if the parent's IDRs are upgraded. Erste & Steiermarkische Bank d.d. (ESB) ESB's long-term deposit rating would be upgraded if the SSR is upgraded, if the bank's resolution debt buffer increases to above 10% of RWA, or if the bank no longer uses senior unsecured debt to meet its MREL. Kereskedelmi es Hitelbank Zrt (K&H) K&H's deposit ratings could be upgraded if the Hungarian sovereign rating is upgraded or if there is a positive change in Fitch's assessment of country risks resulting in an upgrade of K&H's SSR. Erste Bank Hungary Zrt (EBH) EBH's long-term deposit rating could be upgraded if the Hungarian sovereign rating is upgraded or if there is a positive change in Fitch's assessment of country risks resulting in an upgrade of EBH's SSR. CIB Bank Zrt (CIB Bank) CIB's deposit ratings could be upgraded if the Hungarian sovereign rating is upgraded or if there is a positive change in Fitch's assessment of country risks resulting in an upgrade of CIB's SSR. Banca Transilvania S.A. (BT) The Outlook for BT could be revised to Stable if the Outlook for the Romanian sovereign is revised to Stable. BT's Long-Term IDR and deposit ratings would be upgraded if the Romanian sovereign rating is upgraded, provided that the bank's resolution debt buffer remains sustainably above 15% of RWAs or its VR is upgraded, all else being equal. CEC Bank S.A. (CEC) CEC's Long-Term IDR and deposit rating could be upgraded if its VR is upgraded. The Long-Term IDR could also be upgraded if the resolution debt buffer is sustainably above 15% of RWAs. Libra Internet Bank S.A. (Libra) Libra's long-term deposit ratings would be upgraded if the VR is upgraded, if the bank's resolution debt buffer increases sustainably above 10% of RWAs, or if there is a positive change in its applicable resolution strategy. For unaffected ratings and rating sensitivities, those defined in the latest rating action commentaries on each issuer continue to apply. Public Ratings with Credit Linkage to other ratings The ratings of Bulbank are driven by support available from UniCredit S.p.A. The ratings of UBB and K&H are driven by support available from KBC Bank NV. The ratings of ABB are driven by support available from Allianz SE. The ratings of ESB and EBH are driven by support available from Erste Group Bank AG. The ratings of Komercni are driven by support available from Societe Generale S.A. The ratings of CIB Bank are driven by support available from Intesa Sanpaolo S.p.A. ESG Considerations The three Hungarian banks each have an ESG Relevance Score of '4' for Management Strategy, reflecting heightened government intervention risk in the Hungarian banking sector, which affects the banks' operating environment and their ability to define and execute their strategy. This has a negative impact on their credit profiles and is relevant to their ratings in combination with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not input in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Banca Transilvania S.A. LT IDR BBB Upgrade BBB- ST IDR F3 Affirmed F3 long-term deposits LT BBB New Rating short-term deposits ST F3 New Rating Komercni Banka, a.s. LT IDR A+ Upgrade A ST IDR F1 Affirmed F1 Shareholder Support a+ Upgrade a- UniCredit Bulbank AD long-term deposits LT A+ New Rating short-term deposits ST F1 New Rating CIB Bank Zrt long-term deposits LT A- New Rating short-term deposits ST F2 New Rating CEC Bank S.A. LT IDR BB+ Upgrade BB ST IDR B Affirmed B long-term deposits LT BBB- New Rating short-term deposits ST F3 New Rating Allianz Bank Bulgaria AD long-term deposits LT A New Rating short-term deposits ST F1 New Rating First Investment Bank AD long-term deposits LT BB- New Rating short-term deposits ST B New Rating Erste Bank Hungary Zrt. long-term deposits LT A- New Rating short-term deposits ST F1 New Rating United Bulgarian Bank AD LT IDR A Affirmed A ST IDR F1+ Upgrade F1 long-term deposits LT A+ New Rating short-term deposits ST F1+ New Rating Erste & Steiermarkische Bank d.d. long-term deposits LT A New Rating short-term deposits ST F1 New Rating Libra Internet Bank S.A. long-term deposits LT BB New Rating short-term deposits ST B New Rating Ceska Sporitelna, a.s. LT IDR A+ Upgrade A ST IDR F1 Affirmed F1 long-term deposits LT AA- Upgrade A+ short-term deposits ST F1+ Upgrade F1 Kereskedelmi es Hitelbank Zrt (K&H Bank Zrt) long-term deposits LT A- New Rating short-term deposits ST F1 New Rating ROMANIA: DBRS Confirms BB(high) Issuer Ratings, Trend Stable ------------------------------------------------------------ DBRS Ratings GmbH (Morningstar DBRS) confirmed Romania's Long-Term Foreign and Local Currency - Issuer Ratings at BB (high). At the same time, Morningstar DBRS confirmed Romania's Short-Term Foreign and Local Currency - Issuer Ratings at R-3. The trend on all ratings is Stable. KEY CREDIT RATING CONSIDERATIONS The Stable trend reflects Morningstar DBRS' view that Romania's elevated external and fiscal financing risks are adequately captured by the current rating. External and fiscal deficits have decreased but are likely to remain high over the medium-term. The adoption of fiscal consolidation measures in summer 2025 and early 2026 contributed to a decrease in budgetary pressures and dampened import demand. The IMF forecasts the general government budget deficit at 6.2% of GDP in 2026, down from 8.7% in 2024 and the current account deficit to narrow to 6.8% of GDP in 2026 from 8.2% in 2024. At the same time, fiscal and external pressures are projected to remain large in the absence of additional fiscal consolidation measures. On a current policy basis, the IMF forecasts the fiscal and the current account deficits both to average 5.7% of GDP between 2027 and 2029. Policy uncertainty has increased following the break-up of the four-party government coalition in early May 2026. Forming a new government coalition with a parliamentary majority is likely to be challenging as tensions between the two largest parties in the former coalition have increased markedly. Moreover, the large size of the projected deficits - in tandem with a strong reliance on unstable funding sources - is likely to keep public and external financing risks elevated in coming years. Borrowing from international capital markets is the largest funding source in fiscal and external accounts, which, in turn, renders Romania vulnerable to a potential shift in international investor sentiment. In this regard, Morningstar DBRS views the potential for prolonged political instability in Romania as a downside risk factor. Similar to other countries, potential higher-for-longer energy prices constitute a downside risk for external and fiscal accounts as they would raise the economy's energy import bill and might lead to a rising fiscal cost of energy subsidies. Romania's credit ratings are underpinned by its membership of the European Union (EU) and its still manageable, albeit rising, government debt-to-GDP ratio. The credit ratings also reflect the sound financial condition of the domestic banking sector. However, significant structural challenges weigh on the credit profile such as a low level of labour productivity, governance deficiencies, and the economy's small and open nature, which renders it vulnerable to external shocks. Moreover, Morningstar DBRS expects domestic political polarisation to remain elevated in coming years. CREDIT RATING DRIVERS The credit ratings could be upgraded if one or a combination of the following occur: (1) a durable and marked narrowing of external and fiscal imbalances; (2) a convergence of income and productivity levels to the EU average; or (3) a lasting improvement of institutional quality. The credit ratings could be downgraded if one or a combination of the following occur: (1) external and fiscal imbalances deteriorate in a lasting manner; (2) financing conditions become more challenging; or (3) there is a deterioration in institutional quality. CREDIT RATING RATIONALE The Break-Up of the Government Coalition in May 2026 Has Increased Policy Uncertainty Uncertainty over the future course of government policy has increased in recent days following the break-up of the four-party government coalition which had only been formed in June 2025. On 5 May 2026, the government lost a vote of no-confidence in parliament. This no-confidence motion was submitted by the largest opposition party, the far-right AUR, but was also supported by members of the Social Democratic Party (PSD) due to diverging policy priorities with other coalition parties. As a result, senior members from the center-right National Liberal Party (PNL) have ruled out the possibility of forming a new government coalition with the PSD. In Morningstar DBRS' view, the formation of a minority government without a parliamentary majority would most likely complicate the adoption of additional fiscal consolidation measures or structural reforms. Political polarisation in Romania has been elevated in recent years. Domestic political tensions increased markedly amid the cancellation of the first round of presidential elections in November 2024 by the Constitutional Court and the subsequent re-run of the elections in spring 2025. Taking into consideration the country's elevated domestic political polarisation, which has been reinforced by the recent political tensions and heighted policy uncertainty, Morningstar DBRS applies a negative qualitative adjustment to the `Political Environment' Building Block Assessment. While Romania's EU membership has strengthened institutional quality, substantial governance deficiencies remain. In particular, Romania's institutional quality suffers from relatively weak governance in the judicial system and weak control of corruption. The World Bank Group's governance indicators for Romania are weaker than those of most EU peers. Fiscal Deficit Has Narrowed but is Projected to Remain High in the Absence of Additional Fiscal Consolidation Measures Budgetary pressures have decreased over the past year but remain large. The general government budget deficit narrowed to 7.6% of GDP in 2025 from 8.7% in 2024 as fiscal accounts benefitted from rising inflows of EU investment grants and the first round of fiscal consolidation measures in August 2025 (e.g. increases of standard and reduced VAT rates, excise tax). The IMF forecasts a further decrease of the fiscal deficit to 6.2% of GDP in 2026 taking into the account the second round of fiscal consolidation measures which have been implemented in January 2026. On the revenue side, these measures included additional tax increases (dividend tax, property tax). On the expenditure side, the government extended the freeze in nominal public sector wages and pensions from 2025 to 2026. Downside risks to the short-term fiscal outlook have increased in recent weeks following the outbreak of the Iran war and the accompanying global disruption in energy supplies. Potential higher-for-longer energy prices might lead to a rising fiscal cost of energy subsidies and might weigh on tax revenues by weakening domestic economic activity. Uncertainty about the future path of fiscal policy has increased following the break-up of the government coalition in May 2026. While the government's medium-term budgetary plans project the fiscal deficit to narrow to 3.2% of GDP in 2029, this would require the adoption of additional fiscal consolidation measures. On a current policy basis, the IMF forecasts the general government budget deficit to average 5.7% of GDP between 2027 and 2029. Financing such high fiscal deficits in the coming years is likely to require continued large issuances of Eurobonds to international investors as the ability of the domestic banking sector to increase lending is constrained by the sector's comparatively small size and an already very high exposure towards the government. The issuance of Eurobonds has been an important funding source for the government in recent years, accounting for 43.3% of the increase in nominal public debt in 2025. The share of Eurobonds at total outstanding public debt stood at 34.9% in December 2025, up from 31.8% in December 2023. The reliance of the government on foreign capital markets for funding large public deficits renders Romania vulnerable to a potential shift in international investor sentiment. Public Debt is Still Manageable but Remains on an Upward Trend Public debt levels have increased markedly in recent years on the back of large fiscal deficits. General government debt amounted to a still manageable 59.3% of GDP in 2025 up from just 35.2% in 2019. Looking ahead, the public debt ratio is projected to continue to rise, albeit at a slower pace than in previous years. The IMF forecasts general government debt to rise to 65.3% of GDP in 2028 based on the expectations of lower, though still large, fiscal deficits. The government's interest expenditure increased to 2.8% of GDP in 2025 from 1.5% in 2022, driven by rising debt levels and higher borrowing costs particularly for local currency debt. The EC forecasts the interest burden to increase to 3.3% in 2027 as domestic interest rates have remained high and higher interest rates for foreign currency debt are projected to be increasingly passed through in the coming years. The government's foreign currency debt has a slower interest rate pass-through than local currency debt because of a comparatively long tenor. In December 2025, the average remaining maturity for Eurobonds stood at 8.8 years, compared with 4.1 years for local bonds. In terms of its debt stock, the government is exposed to foreign currency risk because of a rather large stock of foreign-denominated debt (primarily euro). In December 2025, foreign currency debt accounted for 46.1% of total government debt. While the RON-EUR exchange rate has been relatively stable in recent years, Morningstar DBRS notes that exchange rate volatility increased substantially between the two rounds of presidential elections in May 2025. External Funding Needs are Likely to Remain Large External pressures remained high over the past year. The current account deficit amounted to 7.9% of GDP in 2025, down from 8.2% in 2024, reflecting chronic deficits in the goods (- 8.6%) and primary income (-2.6%) balances which are only partly offset by a surplus in the services balance (3.3%). Looking ahead, the IMF forecasts the current account deficit to narrow to a still high 6.8% of GDP in 2026 as the adoption of recent fiscal consolidation measures is likely to weigh on import demand. Similar to the fiscal deficit, the external deficit is projected to remain large in coming years with the IMF forecasting the current account deficit to average 5.7% of GDP between 2027 and 2029. Higher-for-longer global energy prices are a downside risk for external accounts as Romania is a net importer of oil and gas. Net imports of oil and gas amounted to 1.1% of GDP in 2025, compared to 2.4% in 2022 during the recent energy shock. Financing large projected future current account deficits would most likely necessitate continued large inflows of rather unstable funding sources such as portfolio investment. Inflows of portfolio investment, a very large part of which relates to foreign purchases of government debt securities, were the most important external financing source in recent years. Net foreign purchases of Romanian government debt securities amounted to 3.4% of GDP in 2025. Instead, the financing shares of more stable external financing sources are markedly lower. Net inflows of foreign direct investment (FDI) stood at 2.0% of GDP over the same period and primarily comprised a reinvestment of earnings. Inflows in the capital account, primarily EU capital grants, amounted to 1.9% of GDP in 2025. In view of the large projected current account deficits, Morningstar DBRS regards a potential sudden stop or a reversal of portfolio investment flows as an important external risk for the Romanian economy. Furthermore, the external position is weakened by the economy's negative net international investment position which amounted to 44.6% of GDP in December 2025. The latter can primarily be ascribed to negative net asset positions in direct investment (33.4% of GDP) and portfolio investment (22.1%), whereas reserve assets amounted to 20.3% of GDP. In February 2026, the central bank's international reserves covered 168% of outstanding short-term external debt. Private Consumption is Weighed Down by Fiscal Consolidation Measures but Investment is Supported by Inflow of EU funds Economic growth has weakened since summer 2025 as the tightening in fiscal policy weighed on domestic demand. After growing by 1.0% on a quarter-on-quarter basis in Q2 2025, real GDP contracted by 0.1% in Q3 2025 and by 1.8% in Q4 2025, driven by a weakening in public and private consumption. The increase in VAT rates from August 2025 onwards has weighed on private consumption. Furthermore, the freezing of wages and pensions - in tandem with still elevated inflation rates - reduced household's purchasing power. At the same time, growth was supported by a recovery in goods exports and a pick-up in investment. While the monetary policy stance remains relatively tight, investment activity has been supported by the disbursement of the third tranche of NextGeneration-EU funds in June 2025. Looking ahead, the IMF forecasts real GDP growth at 0.7% in 2026 before accelerating to 2.5% in 2027 based on the expectation that the fiscal stance of the government is likely to become broadly neutral from next year onwards. Domestic investment activity is likely to be bolstered by additional inflows of EU funds, particularly in 2026. The outlook is exposed to downside risks such as an escalation of geopolitical risks or higher-for-longer energy prices which would likely weigh on domestic demand. In general, Romania's credit profile is constrained by a comparatively low level of labour productivity and the economy's small size which renders it vulnerable to global trade shocks. While the economic importance of skill-intensive service industries such as the information and communication technology industry and professional services has increased over the past decade, a significant portion of the domestic labour force remains employed in sectors with comparatively low levels of labour productivity. For example, the agricultural sector accounted for 18% of domestic employment but only 3% of gross valued added in 2025. Furthermore, demographic pressures and a comparatively low labour participation rate weigh on the economy's growth potential. Financial Condition of Banking Sector Is Sound but Vulnerabilities Might Arise from Large FX Corporate Loan Book The overall financial condition of the domestic banking sector is sound. The banking sector benefits from good capital buffers with the average CET1 ratio of Romanian banks standing at 20.3% in December 2025. Furthermore, banks' profitability is good, supported by still high interest rates. The banking sector's funding position is solid and highly reliant on domestic deposits from households and non-financial corporates whereas foreign liabilities are relatively low. Asset quality is sound. The stock of nonperforming loans stood at 3.1% of gross loans in December 2025. Looking ahead, pockets of vulnerability might result from still high domestic interest rates, which might strain the repayment capacity of some borrowers. Furthermore, banks' exposure to FX risk in their corporate loan books has increased over the past few years as corporate borrowers primarily took on EUR-denominated loans in order to lower their interest costs given the rising interest rate differential between domestic and euro area policy rates. In February 2026, 50.7% of MFI loans towards non-financial corporates were denominated in euro, compared to a share of 35.2% four years earlier. In case of a potential currency depreciation, asset quality risks might rise, particularly for those corporate borrowers who do not have natural hedges in the form of FX revenues. Furthermore, the domestic banking sector has a large concentration risk towards the domestic government. According to the European Central Bank (ECB), total credit to the domestic government accounted for 27.9% of the banking sector's total assets in February 2026, the highest share across EU countries. The size of the domestic banking sector is comparatively small. Total assets of domestic banks amounted to 52.0% of GDP in December 2025. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS ESG Considerations had a significant effect on the credit analysis. Social (S) Factors The following Social factor had a significant effect on the credit analysis: Human Capital and Human Rights. Romania's GDP per capita stood at USD 22,725 in 2025, which is relatively low when compared with EU peers mainly due to a still low labour productivity. Morningstar DBRS has taken this factor into account in the Economic Structure and Performance building block. Governance (G) Factors The following Governance factor had a significant effect on the credit analysis: Institutional Strength, Governance, and Transparency. According to the World Bank Group's Worldwide Governance Indicators, Romania's scores for Rule of Law (60th percentile) and for Government Effectiveness (65th percentile) were significantly lower than those of most other EU countries. The following factor had a relevant effect on the credit analysis: Bribery, Corruption and Political Risks. Romania's score in the Control of Corruption indicator remains significantly below the EU average. These factors have been taken into account in the Fiscal Management and Policy and Political Environment building blocks. There were no Environmental factors that had a relevant or significant effect on the credit analysis. Notes: All figures are in Romanian new leu (RON) unless otherwise noted. Public finance statistics reported on a general government basis unless specified. ========= S P A I N ========= AUDAX RENOVABLES: Fitch Gives B+(EXP) LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has published Audax Renovables, S.A.'s expected Long-Term Issuer Default Rating (IDR) of 'B+(EXP)' with a Stable Outlook, and its proposed EUR350 million five-year senior unsecured notes' expected rating of 'BB-(EXP)'/'RR3'. The proceeds will be used for debt repayment. The rating reflects Audax's limited scale in the competitive, volatile European utility supply sector, modest vertical integration in power generation, top customer concentration and high leverage expected over 2026-2028. The rating also factors in Audax's growth record, stable margins underpinned by robust risk governance and a cash flow-supportive market access agreement (MAA) with Shell plc (AA-/Stable) through 2028. The Stable Outlook reflects its expectation that funds from operations (FFO) net leverage will remain within 'B+' sensitivities through 2028 with largely prefunded 2030 plan, assuming the expected issuance. The final ratings are contingent on the planned refinancing, including a revolving credit facility (RCF) of up to EUR100 million. Key Rating Drivers Mid-Sized B2B Supplier; Limited Integration: Audax is a well‑established mid-sized European electricity (63% of 2025 volumes) and gas (37%) supplier serving B2B clients, with volumes of about 16 terawatt-hours (TWh) in 2025. Supply is the core business at about 90% of EBITDA. Vertical integration is limited, with a small 0.3 gigawatts (GW) operating renewable portfolio at end‑2025, mainly in Spain and largely contracted through internal power-purchase agreements, alongside a 0.7 GW development pipeline. Audax holds leading positions among independent B2B suppliers in Spain, the Netherlands and Hungary, supported by M&A-led international expansion during 2014-2020. Still, its overall scale is modest relative to large integrated incumbents, with a market share below 2% in Spain. The achievement of the targeted organic volume growth to 20 TWh by 2028 should enhance operating efficiency, reduce customer acquisition and servicing costs and support margin stability. Fairly High Leverage: Fitch-adjusted FFO net leverage improved to about 3.8x in 2025 from 7x-8x in 2021-2022, due to the successful integration and expansion of international businesses acquired (ie Main Energie and E.On Hungary). Fitch expects FFO net leverage to approach 4.2x on average in 2026-2028, following EUR215 million power generation-driven capex, with minimal associated returns before 2028. Fitch expects deleveraging from 2029 if capex normalises, with EBITDA benefiting from the new generation capacity. Growth capex and shareholder distributions are largely discretionary and flexible. Robust Risk Management Is Key: Gross margin visibility benefits from a balanced commercial strategy and prudent hedging. This mitigates the inherent volatility of the power and gas supply industry, characterised by intense competition, relatively low barriers to entry and high churn rates. Half of the volumes are sold under indexed contracts, where pricing requires minimum markups (EUR5-30/MWh, depending on the customer segment) to secure targeted profitability. The remaining fixed-price contracts are almost fully hedged when they are entered into, under a strict hedging policy. Resilient Margins: The contract mix and disciplined hedging limit exposure to sharp price movements, although margins may compress with declining prices or unexpected events (ie the Spanish blackout in April 2025). The company maintained stable Fitch-adjusted EBITDA at about EUR50 million at the peak of the energy crisis, followed by robust growth thereafter. Fitch-adjusted EBITDA was about EUR111 million in 2025, broadly flat yoy; Fitch expects it to remain above EUR100 million throughout 2028. Cyclical Exposure Eased by Diversification: Exposure to SMEs (about 44% of end-2025 volumes) and industrial clients (49%) introduces volume cyclicality, mitigated by the customer base's geographic diversification across the Netherlands (39%), Iberia (27%), Hungary (26%) and other European countries (8%), as well as by end-business diversification. Audax targets further expansion, beyond 2028, in Italy, Germany, Poland and Portugal, supported by the launch of an in-house designed IT platform and service bundling (ie telco), although visibility on these medium-term targets remains limited. Single-Name Customer Concentration: The largest industrial client represents about 9% of volumes, with counterparty risk mitigated by its investment-grade status, a contract through 2027 and a long-term power-purchase agreement under negotiation. Audax's single-name concentration is credit-negative, but it shows its ability to serve large blue-chip clients. The remaining almost 500,000 counterparties are highly granular, keeping concentration risk manageable beyond the top single-name customer. Cash Flow-Beneficial MAA: Shell plc's MAA, covering all energy procurement for its Spanish customers, is credit-positive for Audax. It enhances liquidity, as Shell fronts the market and provides required collateral, and improves working-capital efficiency through the reversal of the cash conversion cycle under the contract terms, in exchange for a fee. However, it creates single-counterparty dependence. Fitch's base case assumes the agreement will be renewed through 2031, with lower fees in Spain and extension to new geographies. Security provisions over trade payables with Shell stock are captured in its recovery analysis. Supply Drives Growth: Management targets EBITDA of about EUR180 million by 2030 (from EUR115 million in 2025 adjusted for the Spanish blackout). Growth is largely backloaded to 2029-2030, and should come mainly from the supply business, supported by deeper penetration in core markets and selective expansion into new ones. Renewable generation contributes modestly, with additional returns beyond 2028 as new assets are commissioned. Fitch focuses on 2025-2028, given limited longer-term visibility for the merchant businesses. Standalone Profile Drives Rating: Audax's IDR is based on its Standalone Credit Profile of 'b+'. Its ultimate parent is Excelsior Times SLU, a financial holding company ultimately controlled by Mr. Francisco José Elías Navarro, who founded the group in 2009. According to management, Audax has structural ring-fencing, with bondholders further protected by its listing status, and Excelsior Time SLU is debt-free. Peer Analysis Audax's supply-heavy business model and limited integration with generation mean it can only be loosely compared with larger Southern European pure renewable generators such as Corporacion Acciona Energias Renovables, S.A. (BBB-/Negative) and ERG S.p.A. (BBB-/Stable), as well as with smaller regional multi-utilities such as C.V.A. S.p.A. a s.u. (BBB+/Negative) and Alperia SpA (BBB/Positive). The four companies benefit from materially larger operating scale as electricity generators, higher earnings visibility from contracted or regulated generation and structurally stronger business risk profiles, resulting in higher debt capacity. ERG and Acciona Energia are rated below Alperia and C.V.A., reflecting higher leverage rather than weaker business risk profiles. Audax's business profile reflects its smaller scale and structurally higher exposure to the supply business, with working-capital volatility, albeit mitigated by disciplined risk governance. Audax's leverage is similar to that of the investment-grade pure renewable peers, at about 4.0x FFO net leverage, but its weaker business profile results in lower debt capacity and, ultimately, lower rating. Fitch’s Key Rating-Case Assumptions - Supply volumes rising to 20 TWh in 2028 (8% CAGR) from about 16 TWh in 2025 - Average unit gross margin at about EUR11.9/MWh in 2026-2028 - Average EUR14 million EBITDA contribution from generation in 2026-2028 - Net capex of EUR192 million for generation and capex of about EUR24 million for supply/IT in 2026-2028 - Dividend of EUR15 million in 2026; no dividends in 2027 and 2028 - Favourable working-capital effects from the MAA - Execution of the refinancing as proposed, with EUR350 million of note proceeds allocated to repay about EUR350 million of existing bonds and reduce promissory notes by about EUR56 million, with any remaining amount funded from available cash Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (b, Moderate), Profitability (b+, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the historical year 2025, 25% for the forecast year 2026, 25% for the forecast year 2027 and 25% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The calibration adjustment applies and results in an adjustment of -1 notch(es). - The SCP is 'b+'. Recovery Analysis The recovery analysis assumes that Audax would be considered a going concern (GC) in bankruptcy and would be reorganised rather than liquidated. Fitch assumes a 10% administrative claim. Its GC recourse EBITDA estimate of EUR79 million reflects a sustainable, post-reorganisation recourse EBITDA (ie excluding contribution from assets under project finance), on which Fitch bases the company's valuation. The estimate is about 20% below the Fitch-defined recourse EBITDA in 2025. Fitch uses an enterprise value multiple of 4.5x to calculate a post-reorganisation valuation, reflecting a medium-to-low distressed multiple based on industry dynamics defined by fairly low barriers to entry, earnings volatility, structurally low margins and high churn rates, as well as the company's moderate scale, single-name customer concentration. These are partly offset by earnings visibility derived from effective hedging and disciplined commercial policies. Fitch estimates recourse debt claims at EUR584 million, including the upcoming EUR350 million notes, the execution of the announced refinancing (including early debt repayment totalling EUR408 million), EUR73 million of remaining promissory notes (after its assumption of replacement of additional EUR25 million with the new RCF drawings), limited other senior unsecured debt at holdco for EUR17 million, full drawings on the available RCF assumed at EUR100 million, which ranks pari-passu with the rest of unsecured debt, and the execution of the pledge over EUR45 million estimated payables to Shell by end-2026. The full amount excludes about EUR85 million of project finance debt to its recourse-only approach. Fitch assumes use of factoring was limited by end-2025 and that would remain available under a distress scenario. Its recovery analysis for Audax's upcoming EUR350 million senior unsecured bond results in an instrument rating of 'BB-' and a Recovery Rating of 'RR3'. Its estimate of recoveries is close to threshold for 'RR4', which could be breached in the event of delayed execution of the debt repayment following the new bond issuance, or a higher amount under the upcoming bond or RCF that is not offset by greater debt repayment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - FFO net leverage consistently above 4.5x - FFO interest coverage below 2.5x on a sustained basis - Adverse changes in competitive conditions or non-renewal/adverse renegotiation of the Shell MAA that materially weaken operating trends and erode working-capital dynamics and cash flow stability Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - FFO net leverage sustainably below 3.0x - FFO interest coverage sustainably above 4.0x - Positive free cash flow generation, alongside a conservative financial policy supporting a higher rating - Increasing integration with generation and stronger supply market positioning Liquidity and Debt Structure Audax reported cash and cash equivalents of EUR325 million at end- 2025, with Fitch-adjusted readily available cash and cash equivalents and unpledged fixed-term deposits of EUR271 million. Following the proposed refinancing, the company will have a largely undrawn credit facility of up to EUR100 million maturing in 2031 and limited debt maturities over the next two years. Fitch expects the refinancing, including the issuance of the five-year EUR350 million senior unsecured notes with customary high-yield provisions, to be leverage neutral, to strengthen liquidity and enhance the company's ability to pursue organic growth, reducing near-term refinancing pressure. Successful issuance is an important consideration for the 'B+(EXP)' rating. Fitch expects the company to reduce short-term debt and optimise its large cash position after refinancing. Fitch expects the business to generate negative pre-dividend free cash flow in 2027-2028, averaging about EUR30 million, driven by high capex. Fitch expects Audax to maintain cash of more than EUR260 million through 2028, slightly reduced from historical levels, also reflecting lower use of commercial paper following the refinancing and a minimum distribution of EUR15 million in 2026. Issuer Profile Audax is a mid-size power and gas supplier and a small renewable generator with a strong B2B focus, operating across nine countries and mainly concentrated in Spain, the Netherlands and Hungary. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Audax. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Audax Renovables, S.A. LT IDR B+(EXP) Publish senior unsecured LT BB-(EXP) Publish RR3 =========================== U N I T E D K I N G D O M =========================== 12 TREVOR: BTG Begbies, FRP Advisory Named as Joint Administrators ------------------------------------------------------------------ 12 Trevor Place Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002074. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, together with David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. 12 Trevor Place Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Marcus Wright Tel: 0114 275 5033 Email: sheffield.north@btguk.com 48 GROSVENOR: FRP Advisory, BTG Appointed as Joint Administrators ----------------------------------------------------------------- 48 Grosvenor Square Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001853. David Hudson and Simon Baggs of FRP Advisory Trading Limited, and Paul Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed as Joint Administrators on March 11, 2026. 48 Grosvenor Square Limited carried on a business of buying and selling of own real estate. Its registered office is at 134 Buckingham Palace Road, London SW1W 9SA (to be changed to c/o FRP Advisory Trading Limited, Minerva, 29 East Parade, Leeds, LS1 5PS). Its principal trading address is 134 Buckingham Palace Road, London SW1W 9SA. The Joint Administrators can be contacted at: David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR For further information, contact: The Joint Administrators Tel: 0113 831 3555 Alternative contact: Jeff Da Costa Email: cp.leeds@frpadvisory.com 9 ST MARY ABBOTS: BTG Begbies Appointed as Joint Administrators --------------------------------------------------------------- 9 St Mary Abbots Place Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-001916. Paul Steven Cooper of BTG Begbies Traynor (London) LLP and David Hudson and Simon Baggs of FRP Advisory Trading Limited, were appointed as Joint Administrators on March 12, 2026. 9 St Mary Abbots Place Limited carried on a business of buying and selling of own real estate, and other letting and operating of own real estate. Its registered office is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street Canary Wharf London E14 5NR -- and -- David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further information: Tel: 0116 406 2965 Email: adam.herman@btguk.com AIRSPRUNG GROUP: PricewaterhouseCoopers Appointed as Administrators ------------------------------------------------------------------- Airsprung Group PLC was placed into administration in the High Court of Justice, Business and Property Courts in Bristol, Insolvency and Companies List (ChD), No. CR-2026-BRS-000057. Ross David Connock and Edward Williams, both of PricewaterhouseCoopers LLP, were appointed as Joint Administrators on May 1, 2026. The Company engaged in activities of head offices. Its registered office and principal trading address is Canal Road, Trowbridge, Wiltshire, BA14 8RQ. The Joint Administrators can be contacted at: Ross David Connock PricewaterhouseCoopers LLP 2 Glass Wharf Bristol BS2 0FR -- and -- Edward Williams PricewaterhouseCoopers LLP One Chamberlain Square Birmingham B3 3AX Further information: Tel: 0113 289 4000 Email: uk_airsprung_creditors@pwc.com ALDBROOK MORTGAGE 2026-1: Fitch Rates Class X Notes 'B-(EXP)sf' --------------------------------------------------------------- Fitch Ratings has published Aldbrook Mortgage Transaction 2026-1 plc notes' expected ratings. The assignment of final ratings is contingent on the receipt of final documents conforming to information already reviewed. Entity/Debt Rating ----------- ------ Aldbrook Mortgage Transaction 2026-1 plc Class A LT AAA(EXP)sf Publish Class B LT AA+(EXP)sf Publish Class C LT A+(EXP)sf Publish Class D LT BBB+(EXP)sf Publish Class E LT BB(EXP)sf Expected Rating Class X LT B-(EXP)sf Expected Rating Transaction Summary The transaction is a static securitisation of a mixed pool of owner-occupied (OO) (40.9%) and buy-to-let (BTL) loans (59.1%) originated by The Mortgage Lender (TML). TML remains the legal title holder and the servicer of the assets. The seller will be Shawbrook Bank plc, the ultimate parent of TML. KEY RATING DRIVERS Mixed Pool, Low-Seasoned Assets: The mortgage pool comprises OO and BTL loans, primarily originated after 2023, with a weighted average (WA) seasoning of 22 months. Within the OO market, TML focuses on borrowers who do not qualify for high street lenders' automated scorecard criteria. This can include borrowers with some adverse credit and complex incomes. TML's lending policies are in line with prime BTL lenders', requiring full valuation of all loans and applying loan-to-value (LTV) and interest cover ratio (ICR) tests for underwriting. Fitch therefore applied transaction adjustments of 1.1x and 1.0x to foreclosure frequencies (FF) for the OO and BTL sub-pools, respectively. Self-Employed Borrowers: Self-employed borrowers account for 35.3% of the OO sub-pool. Prime lenders assessing borrower affordability typically require a minimum of two years of income information and apply a two-year average, or, if income is declining, the lower income amount. TML's underwriting practices give underwriters discretion to accept borrowers with only one year's income verification within certain limits. Fitch therefore applied an increase of 30% to FF for self-employed borrowers with verified income, instead of the 20% increase typically applied under its UK RMBS Rating Criteria to the OO sub-pool. Unhedged Basis Risk: The pool will comprise fixed-rate loans that will revert to TML's standard variable rate (SVR) plus a contractual margin of 3.2% on a WA basis at closing. Fitch has stressed the transaction's cash flows for basis risk between the Bank of England base rate and SONIA, in line with its UK RMBS Rating Criteria as TML's SVR historically tracks Bank of England base rate movements closely. Fixed Interest Rate Swap Schedule: The transaction will feature a fixed-to-floating interest rate swap to hedge the interest rate risk between the fixed-rate mortgage assets and the SONIA-linked notes. The swap will have a defined notional schedule, calculated using a 0% constant prepayment rate and assuming no defaults. In Fitch's cash flow modelling, the combination of high prepayments and decreasing interest rates leads to the transaction being over-hedged with swap payments senior to notes interest. This combination is the driving scenario in its ratings. No Product Switches Permitted: No product switches may be retained in the pool and will be repurchased. This mitigates the potential for pool migration towards lower-yielding assets and the need for additional hedging. The repurchase of product switches supports the build-up of credit enhancement (CE), particularly for the senior notes but this could create a large increase in prepayments and compress the available excess spread in the transaction, leading to less CE protection for junior notes. Alternative Prepayment Rates: The transaction contains a high proportion of fixed-rate loans subject to early repayment charges. The point at which these loans are scheduled to revert from a fixed rate to the relevant follow-on rate will likely determine when prepayments will occur. Fitch has, therefore, applied an alternative high prepayment stress that tracks the fixed-rate reversion profile of the pool. The high prepayment rate applied is capped at 40% a year and floored at 5% during periods of minimal fixed-rate reversions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by adverse changes in market conditions and the economic environment. Weakening economic performance is strongly correlated to increasing delinquencies and defaults that could reduce the CE available to the notes. In addition, unexpected declines in recoveries could result in lower net proceeds, which may make some notes susceptible to negative rating action, depending on the extent of the decline in recoveries. Fitch found that a 15% increase in the weighted average FF and a 15% decrease in the weighted average recovery rate may lead to downgrades of one category each for all notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable-to-improved asset performance driven by stable delinquencies and defaults would lead to increasing CE and, potentially, upgrades. Fitch found that a 15% decrease in the weighted average FF and a 15% increase in the weighted average recovery rate would lead to upgrades of one category each for the class C, D and E notes. The class B notes would remain at their rating and the class A notes are at the highest achievable rating on Fitch's scale. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. BICKENHALL STREET: FRP Advisory, BTG Named as Joint Administrators ------------------------------------------------------------------ Bickenhall Street (BM) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-001834. David Hudson and Simon Baggs of FRP Advisory Trading Limited, and Paul Steven Cooper of BTG Begbies Traynor (London) LLP, were appointed as Joint Administrators on March 11, 2026. Bickenhall Street (BM) Limited carried on a business of buying and selling of own real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA (to be changed to c/o FRP Advisory Trading Limited, Minerva, 29 East Parade, Leeds, LS1 5PS). Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU -- and -- Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR Further information contact: The Joint Administrators Tel: 0113 831 3555 Alternative contact: Jeff Da Costa Email: cp.leeds@frpadvisory.com BLB SOLICITORS: Insolvency Company Named as Joint Administrators ---------------------------------------------------------------- BLB Solicitors Limited was placed into administration in the High Court of Justice, Business and Property Courts in Bristol, No. 000063 of 2026. Gareth Buckley and Steve Elliott, both of The Insolvency Company, were appointed as Joint Administrators on April 30, 2026. Its registered office and principal trading address is at Blackdown House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX. The Joint Administrators can be contacted at: Gareth Buckley The Insolvency Company Suite B, Blackdown House Blackbrook Park Avenue Taunton, Somerset TA1 2PX Tel: 01823 216156 -- and -- Steve Elliott The Insolvency Company Hermes House Fire Fly Avenue Swindon SN2 2GA Tel: 01793 818350 Further information: Tel: 01823 216156 Email: info@theinsolvencycompany.co.uk Contact: Kayleigh Bryant BRANTS BRIDGE 2023-1: Fitch Alters Outlook on BB+sf Rating to Neg. ------------------------------------------------------------------ Fitch Ratings has upgraded Aldbrook Mortgage Transaction 2025-1's plc class B notes and affirmed the rest. Fitch has also revised Brants Bridge 2023-1's PLC class E notes' Outlook to Negative from Stable. Entity/Debt Rating Prior ----------- ------ ----- Brants Bridge 2023-1 PLC Class A XS2642404250 LT AAAsf Affirmed AAAsf Class B XS2642404508 LT AAAsf Affirmed AAAsf Class C XS2642404763 LT A+sf Affirmed A+sf Class D XS2642405497 LT BBBsf Affirmed BBBsf Class E XS2642405737 LT BB+sf Affirmed BB+sf Aldbrook Mortgage Transaction 2025-1 plc A XS3059571516 LT AAAsf Affirmed AAAsf B XS3059571946 LT AA+sf Upgrade AAsf C XS3059572084 LT A+sf Affirmed A+sf D XS3059572241 LT BBB+sf Affirmed BBB+sf E XS3059572324 LT BB+sf Affirmed BB+sf Transaction Summary Aldbrook Mortgage Transaction 2025-1 plc is a static securitisation of a mixed pool of owner-occupied (OO) and buy-to-let (BTL) loans originated by The Mortgage Lender (TML), with TML retaining the legal title and servicing of the assets, and Shawbrook Bank plc, TML's ultimate parent, acting as the seller. Brants Bridge 2023-1 PLC is a securitisation of OO residential mortgage loans originated by Foundation Home Loans (FHL), the lending arm of Paratus AMC, and secured against properties in England, Scotland, and Wales. KEY RATING DRIVERS Credit Enhancement Build-Up: Credit enhancement (CE) continues to build in both Aldbrook and Brants Bridge, supported by high prepayments and pool amortisation. In Aldbrook, the increase in CE has enabled the upgrade of the class B notes to 'AA+sf' and affirmation of the other classes, with the class C notes already at their maximum rating of 'A+sf'. In Brants Bridge, CE has risen across the structure, supporting affirmations of all classes. Brants Bridge Negative Outlook: The Negative Outlook on Brants Bridge class E notes reflects a potential reduction in excess spread driven by a continued trend of high prepayments and a build-up in arrears. The current rating relies on excess spread being available, especially after turbo activation. Alternative Prepayment Rates: Both transactions contain a high proportion of fixed-rate loans subject to early repayment charges. The point at which these loans are scheduled to revert from a fixed rate to the relevant follow-on rate will likely determine when prepayments occur. Fitch has therefore applied an alternative high prepayment stress that tracks the fixed rate reversion profile of the pool. The high prepayment rate applied is capped at 40% a year. Payment Interruption Limits Upgrades: For both transactions, the lack of a dedicated liquidity reserve fund exposes the class C, D, and E notes to payment interruption risk (PIR) when they become senior. Non-payment of interest on the most senior notes would result in an event of default. The notes may be exposed to payment interruption if the issuer temporarily has insufficient funds to make interest payments, which could also lead to default. Fitch considers PIR to be mitigated up to 'A+sf' and therefore caps the class C, D, and E notes at 'A+sf'. Aldbrook Unhedged Basis Risk: The pool comprises solely fixed-rate loans that reverted to TML's standard variable rate (SVR) plus a contractual margin of 4.2% on a WA basis at closing. Fitch has stressed the transaction cash flows for basis risk between the Bank of England base rate and SONIA, in line with its UK RMBS Rating Criteria as TML's SVR historically tracks Bank of England base rate movements closely. Brants Bridge Self-Employed FF Adjustment: The portfolio has a high concentration of self-employed borrowers, at 53% by current balance. Unlike prime lenders, which generally require two years' income evidence, FHL allows for one year (with additional checks) and permits underwriter discretion, similar to specialist lenders. As a result, Fitch has applied a 30% increase to its foreclosure frequency (FF) assumption for self-employed borrowers with verified income, rather than the standard 20% increase under its UK RMBS Rating Criteria for OO borrowers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by changes in market conditions and economic environment. Weakening economic performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce CE available to the notes. Additionally, unanticipated declines in recoveries could result in lower net proceeds, making certain notes susceptible to negative rating action, depending on the extent of the decline in recoveries. Fitch found that an increase in the foreclosure frequency (FF) of 15% and a decrease in the recovery rate of 15% would produce the following model-implied ratings: Aldbrook Mortgage Transaction 2025-1 plc: Class A/B/C/D/E Ratings: 'AAAsf'/ 'AA-sf'/'Asf'/'BB+sf'/'BB+sf' Brants Bridge 2023-1 PLC: Class A/B/C/D/E Ratings: 'AAAsf'/'AAAsf'/'A+sf'/'BBBsf'/'Below Bsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance, driven by stable delinquencies and defaults, would lead to increasing CE levels and, potentially, upgrades. Fitch found that a decrease in the FF of 15% and an increase in the recovery rate of 15% would produce the following model-implied ratings: Aldbrook Mortgage Transaction 2025-1 plc: Class A/B/C/D/E Ratings: 'AAAsf'/'AA+sf'/'A+sf' /'Asf'/'BB+sf' Brants Bridge 2023-1 PLC: Class A/B/C/D/E Ratings: 'AAAsf'/'AAAsf'/'A+sf'/'A+sf'/'BB+sf' USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of a small, targeted sample of the originators' origination files and found the information contained in the reviewed files to be adequately consistent with the originators' policies and practices and the other information provided to the rating agency about the asset portfolios. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. CALVERT CONSTRUCTION: Leonard Curtis Appointed as Administrators ---------------------------------------------------------------- Calvert Construction Limited was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-000681. Anthony Milnes and Mike Dillon, both of Leonard Curtis, were appointed as Joint Administrators on May 1, 2026. The Company was into the construction of commercial buildings. Its registered office is 9th Floor, 7 Park Row, Leeds, LS1 5HD. The Joint Administrators can be contacted at: Anthony Milnes Leonard Curtis 9th Floor, 7 Park Row Leeds LS1 5HD -- and -- Mike Dillon Leonard Curtis Riverside House Irwell Street Manchester M3 5EN Further information: Tel: 0113 323 8890 Email: recovery@leonardcurtis.co.uk Contact: Sam Burden CLEMENT CT: BTG Begbies, FRP Appointed as Joint Administrators -------------------------------------------------------------- Clement Ct (F14) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002105. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Clement Ct (F14) Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Ben Kingham Tel: 0114 275 5033 Email: sheffield.north@btguk.com CLINICAL DESIGN: Moorfields & Finn Asso. Named as Administrators ---------------------------------------------------------------- Clinical Design Technologies Limited was placed into administration in the High Court of Justice, Business & Property Courts, No. 003395 of 2026. Michael Solomons of Moorfields and James Robinson of Finn Associates were appointed as Joint Administrators on April 30, 2026. Its registered office is Wessex House, Teign Road, Newton Abbot, TQ12 4AA. Its principal trading address is Unit 6 Treloggan Trade Park, Newquay, Cornwall, TR7 2QL. The Joint Administrators can be contacted at: Michael Solomons Moorfields 82 St John Street London EC1M 4JN Tel: 020 7186 1144 -- and -- James Robinson Finn Associates Tong Hall, Tong Lane Bradford, West Yorkshire BD4 0RR Tel: 020 7186 1144 Further information: Nicola Brown Moorfields 82 St John Street London EC1M 4JN Tel: 020 7549 2916 Email: Nicola.Brown@moorfieldscr.com EMPIRE HOUSE: BTG Begbies, FRP Appointed as Joint Administrators ---------------------------------------------------------------- Empire House (TP) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002072. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Empire House (TP) Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Ben Kingham Tel: 0114 275 5033 Email: sheffield.north@btguk.com EUROSAIL 2006-1: Fitch Alters Outlook on 'B-sf' Rating to Stable ---------------------------------------------------------------- Fitch Ratings has revised Eurosail 2006-1 Plc's (ES06-1) and Eurosail 2006-3 NC Plc (ES06-3) class E notes Outlooks to Stable from Negative, while affirming all ratings. Entity/Debt Rating Prior ----------- ------ ----- Eurosail 2006-1 Plc Class C1a 29880BAK5 LT AAAsf Affirmed AAAsf Class C1c 29880BAM1 LT AAAsf Affirmed AAAsf Class D1a 29880BAN9 LT BB-sf Affirmed BB-sf Class D1c 29880BAQ2 LT BB-sf Affirmed BB-sf Class E XS0253576630 LT B-sf Affirmed B-sf Eurosail 2006-3 NC Plc C1a 298807AM0 LT AAAsf Affirmed AAAsf C1c 298807AP3 LT AAAsf Affirmed AAAsf D1a 298807AQ1 LT BB-sf Affirmed BB-sf D1c 298807AS7 LT BB-sf Affirmed BB-sf E1c XS0271947375 LT B-sf Affirmed B-sf Transaction Summary The transactions comprise UK non-conforming owner-occupied and buy-to-let (BTL) mortgage loans originated by Southern Pacific Mortgages Limited and Southern Pacific Personal Loans Limited. KEY RATING DRIVERS Stable Outlooks: The Outlooks on the class E notes of ES06-1 and ES06-3 have been revised to Stable from Negative, primarily driven by non-amortising reserve funds and higher excess spread since the last review, particularly in ES06-3. BTL Recovery Rate Cap: The non-conforming sector has reported losses that exceed those implied by the indexed property values in the underlying pools. Fitch has therefore applied borrower-level recovery rate (RR) caps to the BTL loans in these transactions, in line with those applied to non-conforming loans: 85% at 'Bsf' and 65% at 'AAAsf'. Transaction Adjustment: Fitch applied its non-conforming assumptions, including an owner-occupied adjustment of 1.0x and a buy-to-let adjustment of 1.5x to foreclosure frequency (FF). Fitch would not typically apply an owner-occupied adjustment above 1.0x to UK non-conforming portfolios, as underperformance is generally captured through a late-stage arrears adjustment. The BTL adjustment reflects the weaker historical performance of loans more than three months in arrears for both transactions relative to Fitch's non-conforming index. Arrears Performance: The proportion of new loans entering arrears has generally stabilised across the transactions since the last review a year ago. The proportion of loans more than three months in arrears has increased since the last review for ES06-3. This is driven in part by the continued prepayment of performing collateral, causing the late-stage arrears ratio to rise. Fitch's analysis assumes that loans more than 12 months in arrears are defaulted loans for the purpose of its asset and cash flow modelling. Tail Risks: The transactions contain a high proportion of interest-only (IO) loans, resulting in material back-ended risk within the portfolios. IO loans represent 72.9% and 71.2% of the pools in ES06-1 and ES06-3, respectively, with maturities concentrated between 2026 and 2031. Loans past maturity currently account for 15% of ES06-1 and 10.5% of ES06-3, and, given the concentration of upcoming IO maturities, Fitch expects this proportion to increase. To address this risk, Fitch has modelled loans past maturity as restructured in its asset analysis, which attracts a higher FF. For ES06-1, the class D notes are able to withstand stresses consistent with a rating one notch above the assigned rating. However, the notes have not been upgraded, reflecting the increase in loans past maturity, which Fitch expects to continue. To capture this risk, Fitch tested for increased FF, under which the class D notes no longer passed the higher rating stresses. Fitch will constrain ratings where it believes a lower model-implied rating may result from a future model update. Decreasing Senior Fees: Both transactions have incurred high senior fees in recent years, due primarily to costs associated with the transition of the notes from LIBOR to SONIA. However, while Fitch has observed a decline in senior fees over the past 12 months relative to earlier periods, the trend has not been sufficiently consistent to warrant a change in assumptions. Accordingly, Fitch has maintained its fixed-fee assumption in line with the last review. If fees continue to decline, Fitch could revise its fixed-fee assumptions in its transaction analysis, which could positively affect the mezzanine notes. Rising Credit Enhancement (CE): CE has increased across all tranches since the last review, most notably for the senior notes, driven by sequential amortisation and non-amortising reserve funds. Trigger breaches have kept reserves from amortising and, at low pool factors (current asset balance/original asset balance), they now make up a growing share of total CE. The reserve fund represents less than 50% of CE for notes rated above the transaction account bank rating of 'A+' and therefore does not currently give rise to excessive counterparty exposure. However, as the transactions continue to deleverage, reserve-funded CE may become a constraint on ratings. Current CE provides strong protection for senior notes but offers more limited support to mezzanine and junior tranches. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transactions' performance may be affected by adverse changes in market conditions and the economic environment. Weakening economic performance is strongly correlated to increasing levels of delinquencies and defaults and could reduce the CE available to the notes. Fitch found that a 15% increase in the weighted average FF (WAFF) and a 15% decrease in the weighted average recovery rate (WARR) could lead to downgrades of one notch for ES06-3's class C notes, two notches for ES06-1's class D notes, and four notches for ES06-3's class D notes. No other notes would be affected. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing CE and, potentially, upgrades. Fitch found that a decrease in the WAFF of 15% and an increase in the WARR of 15% could lead to upgrades of six notches for ES06-1's class D notes and three notches for ES06-3's class D notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Fitch did not undertake a review of the information provided about the underlying asset pools ahead of the transactions' closing. The subsequent performance of the transactions over the years is consistent with the rating agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations ES06-1 and ES06-3 have ESG Relevance Scores of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the pools having an IO maturity concentration of legacy non-conforming owner-occupied loans of greater than 20%, which has a negative impact on the credit profiles, and is relevant to the ratings in conjunction with other factors. ES06-1 and ES06-3 have ESG Relevance Scores of '4' for Human Rights, Community Relations, Access & Affordability due to a significant proportion of the pools containing owner-occupied loans advanced with limited affordability checks, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. FOAMLIFE LTD: FTS Recovery Appointed as Joint Administrators ------------------------------------------------------------ Foamlife Ltd was placed into administration in the High Court of Justice, Court Number CR-2026-001864. Marco Piacquadio and Rachel Ennis of FTS Recovery Limited were appointed as Joint Administrators on March 11, 2026. Foamlife Ltd engaged in the manufacture of footwear. Its registered office and principal trading address is 145 Commercial Road, Poole, Dorset, BH14 0JD. The Joint Administrators can be contacted at: Marco Piacquadio Rachel Ennis FTS Recovery Limited Ground Floor, Baird House Seebeck Place Knowlhill Milton Keynes MK5 8FR -- and -- FTS Recovery Limited Alma Park Woodway Lane Lutterworth Leicestershire LE17 5FB Further information: Tel: 01908 754666 Email: mark.jones@ftsrecovery.co.uk HILL FL 2026-1: DBRS Gives '(P)BB(high)' Rating on Class E Notes ---------------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) assigned provisional credit ratings to the following classes of notes (collectively, the Rated Notes) to be issued by Hill FL 2026-1 B.V. (the Issuer): -- Class A Notes at (P) AAA (sf) -- Class B Notes at (P) AA (sf) -- Class C Notes at (P) A (high) (sf) -- Class D Notes at (P) BBB (sf) -- Class E Notes at (P) BB (high) (sf) Morningstar DBRS did not assign a provisional credit rating to the Class F Notes also expected to be issued in this transaction. The transaction is a securitisation of a portfolio of finance lease contracts granted by Hiltermann Lease Groep Holding B.V. (HLG or the Originator) to commercial borrowers residing or incorporated in the Kingdom of the Netherlands. Hiltermann Lease B.V. (Hiltermann Lease) will act as the initial servicer for the transaction. CREDIT RATING RATIONALE Morningstar DBRS based its provisional credit ratings on the following analytical considerations: -- The transaction's structure, including the form and sufficiency of the available credit enhancement to withstand stressed cash flow assumptions and repay the Issuer's financial obligations according to the terms under which the Rated Notes are expected to be issued; -- The credit quality of HLG's provisional portfolio, the characteristics of the collateral, its historical performance, and its Morningstar DBRS-projected behaviour under various stress scenarios; -- HLG's and Hiltermann Lease's capabilities with respect to originations, underwriting, and servicing, and their position in the market and financial strength; -- The operational risk review of HLG and Hiltermann Lease, which Morningstar DBRS deems a below-average originator and servicer, respectively; -- The transaction parties' financial strength with regard to their respective roles; -- The expected consistency of the transaction's structure with Morningstar DBRS' "Legal and Derivative Criteria for European and-Pacific Structured Finance Transactions"; and -- Morningstar DBRS' sovereign credit rating on the Kingdom of the Netherlands, currently at AAA with a Stable trend. TRANSACTION STRUCTURE The transaction includes an eight-month revolving period during which the Issuer may purchase additional receivables. During this period, the transaction will be subject to eligibility criteria, concentration limits, and additional portfolio criteria designed to limit the potential deterioration of the portfolio quality with which the Issuer will have to comply. The transaction incorporates a combined waterfall that facilitates the distribution of the available distribution amount. The Rated Notes will initially amortise sequentially until a pro rata trigger event occurs. On the breach of the pro rata trigger event, the Rated Notes will amortise pro rata until a sequential payment trigger event occurs, at which point the amortisation of the Rated Notes becomes irreversibly sequential. The pro rata payment trigger event is linked to the Class B Notes to Class E Notes comprising at least 19.5% of the aggregate principal amount outstanding on the Rated Notes. Sequential payment trigger events include, among others, the breach of performance-related triggers or the Originator not exercising the cleanup call option. The unrated Class F Notes have been used to fund the liquidity reserve as well as certain upfront costs and will be redeemed only through available excess spread. Morningstar DBRS does not consider the Class F Notes to provide meaningful subordination to the Rated Notes. The Rated Notes benefit from a fully funded, amortising liquidity reserve, which the Issuer can use to pay senior expenses, swap payments, and interest on the Rated Notes (in as far as the Class C Notes, Class D Notes, and Class E Notes' interest payment is not deferred). The reserve balance is equal to 1.0% of the Rated Notes' principal amount outstanding the closing date, that will amortise to the higher of (1) 0.15% of the principal amount outstanding of the Rated Notes as of the closing date and (2) 1.0% of the principal amount outstanding of the Rated Notes as of the immediately preceding settlement date. All underlying lease receivables are fixed rate while the Rated Notes are indexed to one-month Euribor. Interest rate risk for the Rated Notes is mitigated through an interest rate swap. COUNTERPARTIES ABN AMRO Bank N.V. (ABN Amro) is expected to be appointed as the Issuer's account bank for the transaction. Morningstar DBRS' Long-Term Issuer Rating on ABN AMRO is A (high) with a Stable trend. Morningstar DBRS concludes that ABN AMRO meets the minimum criteria to act in this capacity. The transaction documents are expected to contain downgrade provisions relating to the account bank consistent with Morningstar DBRS' legal criteria. The Issuer's accounts include the transaction account and the general reserve account. The Royal Bank of Canada - London branch (RBC-LB) is expected to be appointed as the swap counterparty for the transaction. Morningstar DBRS does not rate RBC-LB but has a public Long-Term Issuer Rating of AA (high) with a Stable trend on Royal Bank of Canada. The hedging documents are expected to contain downgrade provisions consistent with Morningstar DBRS' criteria. Morningstar DBRS' credit ratings on the Rated Notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations for each of the Rated Notes are the related interest amount and the related principal amount outstanding. Morningstar DBRS' credit ratings do not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction documents that are not financial obligations. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in euros unless otherwise noted. KENSINGTON (HS): BTG Begbies, FRP Appointed as Administrators ------------------------------------------------------------- Kensington (HS) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001878. Paul Cooper of BTG Begbies Traynor (Central) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Limited, were appointed as administrators on March 12, 2026. Kensington (HS) Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 44 Hartford Avenue, Kenton, Middlesex, HA3 8SY. The Administrators can be contacted at: Paul Cooper BTG Begbies Traynor (Central) LLP 340 Deansgate Manchester M3 4LY -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further information contact: Sam Shaw BTG Begbies Traynor (Central) LLP Tel: 0161 837 1700 Email: MFS@btguk.com KINGSTON HOUSE (EG): BTG Begbies, FRP Named as Joint Administrators ------------------------------------------------------------------- Kingston House (EG) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002108. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Kingston House (EG) Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Marcus Wrigh Tel: 0114 275 5033 Email: sheffield.north@btguk.com NORLAND PLACE: BTG Begbies, FRP Appointed as Joint Administrators ----------------------------------------------------------------- Norland Place (Flat 1) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002112. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Norland Place (Flat 1) Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Ben Kingham Tel: 0114 275 5033 Email: sheffield.north@btguk.com PHAZE SCAFFOLDING: Leonard Curtis Appointed as Joint Administrators ------------------------------------------------------------------- Phaze Scaffolding Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Court Number CR-2026-433. Ryan Holdsworth and Iain Nairn of Leonard Curtis were appointed as Joint Administrators on April 24, 2026. Phaze Scaffolding Ltd was into scaffold erection. Its registered office is in the process of being changed to 4th Floor, Fountain Precinct, Leopold Street, Sheffield, S1 2JA (formerly Former Tipping Gears, Haugh Lane, Stella, Blaydon-On-Tyne, Tyne and Wear, NE21 4SA). Its principal trading address is Former Tipping Gears, Haugh Lane, Stella, Blaydon-On-Tyne, Tyne and Wear, NE21 4SA. The Joint Administrators can be contacted at: Ryan Holdsworth Leonard Curtis 4th Floor, Fountain Precinct Leopold Street Sheffield S1 2JA -- and -- Iain Nairn Leonard Curtis 13 Kingsway House Kingsway Team Valley Trading Estate Gateshead NE11 0HW For further information: Tel: 0114 285 9500 Email: shannon.jones@leonardcurtis.co.uk SATUS 2024-1 PLC: Moody's Affirms B3 Rating on GBP11.2MM E Notes ---------------------------------------------------------------- Moody's Ratings has upgraded the rating of one note issued by Satus 2024-1 plc. The upgrade reflects the increased level of credit enhancement for the affected note. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. GBP332.4M Class A Notes, Affirmed Aaa (sf); previously on Oct 16, 2025 Affirmed Aaa (sf) GBP49.1M Class B Notes, Upgraded to Aaa (sf); previously on Oct 16, 2025 Upgraded to Aa1 (sf) GBP40.1M Class C Notes, Affirmed Baa3 (sf); previously on Oct 16, 2025 Affirmed Baa3 (sf) GBP13.4M Class D Notes, Affirmed Ba3 (sf); previously on Oct 16, 2025 Downgraded to Ba3 (sf) GBP11.2M Class E Notes, Affirmed B3 (sf); previously on Oct 16, 2025 Downgraded to B3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranche. Increase in Available Credit Enhancement: Sequential amortization led to the increase in the credit enhancement available in this transaction. For instance, the credit enhancement for the most senior tranche affected by the rating action increased to 47.16% from 30.40% since the last rating action. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed Moody's expected default rate and recovery rate assumptions for the portfolio reflecting the collateral performance to date. The performance of the transaction has continued to deteriorate since Moody's last review. Total arrears currently stand at 18.69% of current pool balance showing an increasing trend over the past year. Cumulative defaults currently stand at 10.75% of original pool balance, significantly up from 7.90% at the time of the last review in October 2025. The cumulative losses stand at 3.65% of original balance. On the other hand, the deal shows healthy recoveries representing 66% of cumulative defaults and a positive annualised gross excess spread averaging 12.20% over the past six months. The revised expected default rate assumption is 16% up from 13% of the current portfolio balance. This resulted in an increase in the default rate assumption, based on original balance, to 15.84% from 14.33%, compared to the previous rating action. However, the increase in credit enhancement has offset the negative impact of the higher DP assumption, supporting the rating of the upgraded note. Moody's kept the fixed recovery rate at 50% and the Portfolio Credit Enhancement (PCE) at 31%. The principal methodology used in these ratings was "Moody's Global Approach to Rating Auto Loan- and Lease-Backed ABS" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. SHIRLEY STREET: BTG Begbies, FRP Appointed as Joint Administrators ------------------------------------------------------------------ Shirley Street Properties Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002093. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Shirley Street Properties Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Ben Kingham Tel: 0114 275 5033 Email: sheffield.north@btguk.com SIMPLY MARVELLOUS: BTG Begbies, FRP Appointed as Administrators --------------------------------------------------------------- Simply Marvellous Properties 2 Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001876. Paul Cooper of BTG Begbies Traynor (Central) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Limited, were appointed as administrators on March 12, 2026. Simply Marvellous Properties 2 Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Administrators can be contacted at: Paul Cooper BTG Begbies Traynor (Central) LLP 340 Deansgate Manchester M3 4LY -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further information contact: Sam Shaw BTG Begbies Traynor (Central) LLP Tel: 0161 837 1700 Email: MFS@btguk.com STANMORE HILL: BTG Begbies, FRP Appointed as Joint Administrators ----------------------------------------------------------------- Stanmore Hill Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002094. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Stanmore Hill Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Marcus Wright Tel: 0114 275 5033 Email: sheffield.north@btguk.com TOGETHER ASSET 2026-1: DBRS Gives (P)B(high) Rating on X Notes -------------------------------------------------------------- DBRS Ratings Limited (Morningstar DBRS) assigned provisional credit ratings to the bonds to be issued by Together Asset Backed Securitisation 2026-1 CRE-6 PLC (the Issuer) as follows: -- Loan Notes at (P) AAA (sf) -- Class A Notes at (P) AAA (sf) -- Class B Notes at (P) AA (high) (sf) -- Class C Notes at (P) A (sf) -- Class X Notes at (P) B (high) (sf) Morningstar DBRS does not rate the Class Z Notes or the residual certificates also expected to be issued in this transaction. CREDIT RATING RATIONALE The transaction represents the issuance of mortgage-backed securities backed by small-balance commercial assets originated by Together Commercial Finance Limited (TCFL), which is part of Together Financial Group (Together), a UK specialist provider of property finance. TCFL will service the portfolio, while BCMGlobal Mortgage Services Limited will act as the standby servicer. This is the sixth public securitisation backed by small-balance commercial assets from Together. The initial mortgage portfolio consists of GBP 541.9 million of first- and second-lien mortgage loans secured by owner-occupied (OO) (fully or partially) or non-OO commercial, mixed-use, and residential properties in the UK. The portfolio contains fixed-rate loans with a compulsory reversion to a floating rate in the future (73.8%), with the remaining 26.2% paying a floating rate linked to the Together Commercial Managed Rate). To hedge the interest rate mismatch arising from the fixed-rate mortgage loans and the liabilities that pay a coupon linked to Sterling Overnight Index Average, the Issuer will enter into two fixed-to-floating interest rate swaps. The swap providers to be appointed at closing will be HSBC Bank plc and NatWest Markets Plc. Furthermore, Citibank N.A., London Branch shall act as the Issuer Account Bank, and National Westminster Bank Plc shall be appointed as the Collection Account Bank. A liquidity facility (LF) will be available from closing to cover shortfalls on senior expenses and interest payments on the Loan Notes and the Class A Notes (together, the Class A Debt) and, when most senior, the Class B Notes. The LF target will equal 1.7% of the Class A Debt at closing and will then amortise at the higher of 1.7% of the outstanding Class A Debt and 1% of the outstanding Class B Notes. The target will be zero after the Class B Notes have redeemed in full. After the step-up date, a liquidity reserve fund (LRF) will be funded via both the principal and revenue waterfalls. However, most of the funding is likely to come out of principal receipts since the funding of the LRF is more senior in the principal waterfall than it is in the revenue waterfall. Once the LRF starts to build up, the LF will start to decrease so that the sum of the LF and LRF will always be at target (i.e., the higher of 1.7% of the outstanding Class A Debt and 1% of the outstanding Class B Notes). The LRF will not be part of the available revenue funds in its entirety; however, it will be available to cover senior fees including the servicing fees, the swap payments, as well as the interest payments on the Class A Debt and, when most senior, the Class B Notes. Principal borrowing will also be envisaged under the transaction documentation and will be used to cover for interest shortfalls on the senior-most class of notes outstanding, in priority to the LF and LRF draws. Morningstar DBRS based its credit ratings on a review of the following analytical considerations: -- The transaction's capital structure, including the form and sufficiency of available credit enhancement; -- The credit quality of the mortgage portfolio and the servicer's ability to perform collection and resolution activities. Morningstar DBRS estimated stress-level probability of default (PD), loss given default (LGD), and expected losses (EL) on the mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as inputs into the cash flow engine. Morningstar DBRS analysed the mortgage portfolio in accordance with its "European RMBS Insight Methodology"; -- The transaction's ability to withstand stressed cash flow assumptions and repay the Loan Notes and the Class A, Class B, Class C, and Class X Notes according to the terms of the transaction documents; -- The structural mitigants in place to avoid potential payment disruptions caused by operational risk, such as a downgrade, and replacement language in the transaction documents; -- Morningstar DBRS' sovereign credit rating on the United Kingdom of Great Britain and Northern Ireland of AA with a Stable trend as of the date of this press release; and -- The expected consistency of the transaction's legal structure with Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology and the presence of legal opinions that are expected to address the assignment of the assets to the Issuer. Morningstar DBRS' credit ratings on the rated notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the related interest amounts and the related class balances. Morningstar DBRS' credit ratings on the Loan Notes, the Class A Notes, the Class B Notes, and the Class C Notes also address the credit risk associated with the increased rate of interest applicable to the respective notes if these are not redeemed on the Optional Redemption Date (as defined in and) in accordance with the applicable transaction documents. Morningstar DBRS' credit ratings do not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction documents that are not financial obligations. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in British pound sterling unless otherwise noted. WARWICK ROAD: BTG Begbies, FRP Appointed as Joint Administrators ---------------------------------------------------------------- Warwick Road (ECS) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002104. Paul Steven Cooper of BTG Begbies Traynor (London) LLP and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Warwick Road (ECS) Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Ben Kingham Tel: 0114 275 5033 Email: sheffield.north@btguk.com ZEBRA GATE: BTG Begbies, FRP Appointed as Joint Administrators -------------------------------------------------------------- Zebra Gate Property Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002103. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, and David Paul Hudson and Simon Baggs of FRP Advisory Trading Ltd, were appointed as Joint Administrators on March 16, 2026. Zebra Gate Property Limited carried on a business of buying and selling of own real estate, and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street Canary Wharf London E14 5NR -- and -- David Paul Hudson Simon Baggs FRP Advisory Trading Ltd 2nd Floor 110 Cannon Street London EC4N 6EU Further information contact: Marcus Wright Tel: 0114 275 5033 Email: sheffield.north@btguk.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. 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