260528.mbx

260528.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 28, 2026, Vol. 27, No. 106 Headlines B O S N I A A N D H E R Z E G O V I N A BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Issuer Credit Ratings G E R M A N Y LIMPIO BIDCO: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable REVOCAR 2021-2: Moody's Ups Rating on EUR3.8MM D Notes from Ba1 VEONET LENSE: S&P Affirms 'B' ICR & Alters Outlook to Negative I R E L A N D BLACK DIAMOND 2017-2: S&P Affirms 'B-(sf)' Rating on Class F Notes DILOSK RMBS 10: Moody's Affirms B3 Rating on EUR1.95MM Cl. F Notes L U X E M B O U R G BOLUDA TOWAGE: Fitch Assigns BB(EXP) LongTerm IDR, Outlook Positive BOLUDA TOWAGE: Moody's Assigns 'Ba3' CFR, Outlook Stable R U S S I A ALOQABANK: Fitch Rates USD300MM 7% Unsec. Eurobonds Due 2031 'BB' T U R K E Y ERDEMIR: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable U N I T E D K I N G D O M ASTON MARTIN: Fitch Lowers Rating on Sr. Secured Debt to 'CCC+' GA&A DESIGN: Turpin Barker Appointed as Administrators HAWKSMOOR MORTGAGE 2026: S&P Assigns B-(sf) Rating on F-Dfrd Notes HCRG MEDICAL: RSM UK Appointed as Joint Administrators HDDL LIMITED: KR8 Advisory Appointed as Joint Administrators ION PLATFORM: Moody's Alters Outlook on 'B2' CFR to Negative KCH (ASHFORD): Grant Thornton Appointed as Administrators LAVVAL RESTAURANTS: BTG Begbies Appointed as Joint Administrators MAINLINE PRIVATE: Ideal Corporate Appointed as Administrator SIMPSON-PARTNERS LTD: Yin Lie Lee Named Replacement Administrator SOPHOS INTERMEDIATE: S&P Affirms 'B-' ICR & Alters Outlook to Neg. TEC PARTNERS (SOUTH EAST): RSM UK Appointed as Administrators TITCHFIELD FESTIVAL: FRP Advisory Appointed as Administrators TOGETHER ASSET 2026-1-CRE-6: Fitch Rates Class X Notes 'BB+sf' VALUECARE LTD: RSM UK Appointed as Joint Administrators WINPOS UK: KRE Corporate Appointed as Joint Administrators - - - - - =========================================== B O S N I A A N D H E R Z E G O V I N A =========================================== BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Issuer Credit Ratings ---------------------------------------------------------------- On May 22, 2026, S&P Global Ratings affirmed its 'B+/B' long- and short-term issuer credit ratings on the Federation of Bosnia and Herzegovina (FBiH), a constituent entity of Bosnia and Herzegovina (BiH; B+/Stable/ B). The outlook remains negative. S&P also affirmed its 'B+' senior unsecured issue rating. Outlook The negative outlook reflects S&P's view that FBiH's new government may fail to consolidate its budget over 2027-2028, resulting in a persistently high debt burden and a strained liquidity position. Downside scenario S&P said, "We could lower the long-term rating if, over the next 12-24 months, management does not materially and rapidly improve the entity's budgetary performance after the elections, leading FBiH to maintain tax-supported debt ratios well above 120% of its consolidated operating revenue. In addition, we could lower the rating if access to external funding deteriorates, placing further pressure on FBiH's already weakening liquidity coverage ratio." Upside scenario S&P could revise the outlook to stable if, over the next 12-24 months, management used its financial flexibility to reduce budget deficits in line with its base-case assumptions, containing debt accumulation and strengthening its liquidity. Rationale S&P said, "We anticipate continued fiscal pressures in the near term, with improvements expected from 2028. The FBiH's spending budget is heavily skewed toward social benefits and pensions, accounting for 70% of total spending. Following parliament's decision to reduce the social contribution fee in 2025 and raise the state pension by 17% in 2026, we now project the deficit after capital accounts will widen substantially to nearly 20% of total revenue in 2026. However, we foresee a gradual narrowing of fiscal deficits after the election period, contingent on the government's commitment to budget consolidation. FBiH possesses large fiscal autonomy. It can adjust direct tax bases and rates (currently among the lowest in the region) and manage spending responsibilities. Moreover, it benefits from EU financial support programs. We expect that steady economic development, coupled with elevated inflation driven by the Middle East war, will also contribute to revenue growth in the short to medium term. As a result, we forecast FBiH's debt burden will temporarily increase, before subsiding thereafter. Tax-supported debt, including the indebtedness of its companies and municipalities, will jump to 140% of consolidated revenue in 2026, but drop below a moderate 120% through 2028-2029." FBiH's long-term economic development is limited by adverse demographic trends, including an aging population and ongoing geopolitical risks. S&P's ratings on FBiH are constrained by regular escalations of political tension between the constituent entities--FBiH and Republika Srpska--and the country's central authorities. The subtle political balance between the federation government and parliament complicates decision-making in the budget sphere, leading to its delayed approval and implementation, and poor spending discipline, including at state-owned companies. Political instability delays the country's progress toward EU accession and reduces investor appetite for federation projects. S&P said, "Although FBiH's cash position remains relatively low compared to annual debt service, we think the government retains good access to funding. We anticipate FBiH will continue to issue Eurobonds, place domestic bonds, and borrow from international financial institutions. Moreover, we take into account that the national indirect tax authority ensures the regular servicing of most FBiH's debt." Frequent internal political stalemates are an obstacle to economic growth and effective fiscal policy planning The institutional framework in which BiH's constituent entities operate is constrained by frequent political tension, which challenges the delicate balance of power between the various authorities outlined in the Dayton Accord and the constitution. S&P assesses the institutional framework, under which the constituent entities of BiH operate, as volatile and unbalanced. While there is broad consensus among governments on the need for institutional and economic reform--and the EU membership process has encouraged this view--implementation is slow. While the risk of secession remains low, previous regional conflicts--such as those related to BiH's court decisions against the political leadership of Republika Srpska--have created political tension and hindered economic potential. While FBiH possesses large financial autonomy, its budgetary policy is volatile and largely follows the political cycle. Moreover, FBiH's political scene is very fragmented, leading to protracted decision-making. Following the 2022 general election, the new coalition government took nearly eight months to form and needed intervention by the internationally appointed High Representative, ending with an amendment to the constitution. General elections to elect the presidency of Bosnia and Herzegovina, as well as entity, and cantonal governments, are scheduled for Oct. 4, 2026. FBiH's economy is relatively poor compared with Eastern European peers and faces significant demographic challenges. S&P said, "We expect regional GDP per capita to remain below $12,500 until 2028, in line with the BiH's national average. Since we project real GDP growth between 1.5%-2.7% annually over 2026-2028, GDP per capita will remain well below that of European developed economies." The regional economy is diversified, with trade and manufacturing leading economic activities. Inflation will stay elevated in 2026 at above 4%, driven by the Middle East war and high budgetary spending, but will likely decline to slightly above 2% by 2028. FBiH's demographic challenges are significant, with a declining and rapidly aging population. A significant portion of the working-age and high-skilled population is migrating in search of better opportunities. The government has not yet implemented medium-term policies to address this issue but has focused on long-term policies to support families with children. S&P said, "We project weak financial performance in 2026 before a material recovery thereafter, with a moderate debt burden by 2028. We forecast operating deficits for the current and the next two years, driven by increased social and pension payments, before gradually approaching a balanced operating budget. An increase in pensions from the beginning of 2026, combined with lower social contribution rates from 2025 will, in our view, materially worsen FBiH's budgetary performance in 2026, before improving in 2027. However, we anticipate a gradual recovery in financial indicators from 2028 due to sound economic development and the government's commitment to financial discipline. "We anticipate that relatively slow capital project implementation, combined with strong revenue growth, will contain FBiH's debt burden at a moderate level in the medium term. We assume FBiH's tax-supported debt will return to below 120% of consolidated operating revenue by 2028. In our tax-supported debt figures, we include FBiH's direct debt, as well as debt contracted for lending to public entities, specifically the road company JP Ceste Federacije BiH (JP Ceste FBiH) and highway company JP Autoceste Federacije BiH (JP Autoceste FBiH), which represent lower government tiers. "In our view, FBiH is moderately exposed to capital market risks. More than 75% of its tax-supported debt is denominated in foreign currencies--primarily the euro, to which the domestic konvertibilna marka is pegged--with more than half of this debt carrying fixed interest rates. FBiH's interest burden remains modest, with interest payments below 5% of operating revenue. However, global uncertainty and rising interest rates could pose potential upward pressure. We view the potential risks associated with FBiH's contingent liabilities as moderate. FBiH owns two banks, which exposes the government to potential recapitalization risks in the event of material losses, while ongoing litigation may result in additional budgetary outlays. "Although we anticipate FBiH's debt-service coverage ratio will substantially decrease in 2026, its liquidity position benefits from satisfactory access to financing from multilateral organizations (including the World Bank, Germany's promotional bank KfW, European Bank for Reconstruction and Development, European Investment Bank, and IMF), capital markets, and commercial banks. Over the next 12 months, we project FBiH's average cash position will cover less than 40% of its annual debt service and budget deficit. We understand FBiH maintains a cash buffer of at least 30 days of operating expenditure and prioritizes debt service payments. In July 2025, FBiH successfully issued a EUR350 million Eurobond on the London Stock Exchange and plans to issue another Eurobond in the second quarter of 2026, alongside continuing to place domestic bonds. Moreover, a special mechanism via BiH facilitates the timely servicing of all FBiH's external debt owed to international financial institutions--covering nearly 80% of FBiH's adjusted total debt. The state's Indirect Taxation Authority, which collects indirect taxes across the country, transfers external debt payments to the central government on behalf of the constituent entities." ============= G E R M A N Y ============= LIMPIO BIDCO: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned Limpio BidCo GmbH, an entity owning the Schuelke Group, a Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable. Fitch has also assigned an expected senior secured rating of 'BB-(EXP)' with a Recovery Rating of 'RR3' to the planned term loan B (TLB) to be issued by Limpio Bidco GmbH. The 'B+' rating reflects Schuelke's limited scale, narrow product diversification and some geographic concentration relative to rated sector peers. These constraints are partly offset by the defensive nature of its operations, supported by resilient demand fundamentals, healthy EBITDA margins, expected sustainably positive free cash flow (FCF) generation, and a moderate leverage profile. The Stable Outlook reflects Fitch's expectation that the group will continue to benefit from stable demand in the infection prevention market, with steady margin expansion supporting deleveraging from a moderate level following the planned TLB. Key Rating Drivers Niche But Defensive Operations: Schuelke's small scale, narrow product diversification and geographic concentration are partly offset by the defensive nature of its operations. It operates in a highly regulated sector with barriers of entry in the form of lengthy validation processes, despite the fairly low innovation content of its products. The group also benefits from strong and well-diversified customer relationships in a market characterised by resilient, non-cyclical demand, which supports revenue stability. Healthy Profitability: Schuelke's healthy Fitch-defined EBITDA margins of about 25% are comparable to much larger peers, underscoring the group's competitive product offering and entrenched strong market position. Sustainably healthy profitability is supported by the group's ability to pass on cost increases to customers, mitigating volatility in raw material prices. Nevertheless, during extended periods of high inflation, profitability margins could come under pressure. Fitch forecasts the EBITDA margin to expand slightly to 26% by 2029. Sustainably Positive FCF: Schuelke's strong financial profile is supported by its view of sustainably positive FCF generation with FCF margins of about 5% during 2026-2029. This reflects its assumption of solid EBITDA margins and moderate capex of about 6% of revenue to 2029, in the absence of dividend payments. Low-to-mid single-digit FCF margins support the group's financial flexibility and provide a cash cushion for potential bolt-on acquisitions to complement organic growth; Fitch incorporates such acquisitions in its rating case. Moderate Leverage: Fitch expects the TLB to lift Fitch-defined EBITDA leverage to 4.7x at end-2026 (or to 4.4x pro-forma for acquisitions in 2026), from 4.1x at end-2025. Positive FCF generation and the absence of material debt-funded acquisitions will support the group's leverage improvement from 2027 towards 4.0x and to below 4.0x in 2028-2029, which Fitch views as adequate for Schuelke's business risk profile and rating. Its projection of deleveraging underlines the Stable Outlook. Product Concentration; Single Supply Exposure: Fitch believes concentration in Schuelke's business profile creates execution risks, although they are being managed adequately at present. The group has four business units, which provide some diversification through distribution channels. However, about one third of revenue is concentrated on Octenidine-based products (antiseptic active pharmaceutical ingredients (API)). It has 18 registered products containing this antiseptic API. The group relies on a single supplier for some important raw materials but it is in the process of diversifying its supplier base and has safety stocks. M&A Pipeline to Support Growth: Its rating case assumes that M&A will supplement the group's growth trajectory with acquisitions totaling EUR200 million during 2026-2029. Fitch expects them to be funded from available credit lines and cash and to be comfortably absorbed under the 'B+' IDR. Fitch assumes these acquisitions to be bolt-on, enabling gradual business growth with limited execution risks. Fitch does not envisage transformative M&A in the medium term, which Fitch would treat as event risk. Resilient Market Demand: Schuelke operates in a resilient end-market with secular growth drivers and high regulatory requirements. Demand is supported by an ageing population, rising hospitalisation rates and disinfectant consumption, greater awareness of healthcare-associated infections in both developed and developing markets, increasing use of single-use disinfectant products for disease prevention, and higher hygiene standards. Schuelke is well positioned to capitalise on these trends, supported by its well-established legacy brands. This should allow the group to grow at least in line with the market while maintaining its competitiveness. Peer Analysis Fitch rates Schuelke using its Medical Devices, Diagnostics and Products Navigator. Its rating is constrained by its small scale, concentrated products portfolio and the less innovative nature of its products compared with higher rated peers. Higher-rated peers in the 'BBB' category include companies with a certain exposure to wound management like Convatec Group Plc (BBB/Stable), Solventum Corporation (BBB/Stable) and Smith&Nephew plc (BBB+/Stable). The business profile of investment-grade peers is much stronger with larger scale, greater product and geographical diversification and higher barriers to entry. The leverage profile of these peers is also stronger. Schuelke compares well with leveraged finance medical devices and products companies such as Curium Bidco S.a r.l. (B/Stable) and LGC Science Group Holdings Limited (B/Stable). Schuelke has similar healthy EBITDA margins but its business profile is weaker due to smaller scale and weaker product diversification. However, Schuelke's leverage lower than Curium and LGC and its financial profile benefits from comparable positive FCF generation with investment-grade peers. Fitch’s Key Rating-Case Assumptions - Organic sales growth averaging about 6% over 2026-2029 - EBITDA margin improving to 26% by 2029 from 24.6% in 2025 - Working capital outflow at 2% of sales in 2026-2029 - Total capex at 6% of revenue in in 2026-2029 - Cumulative M&A of around EUR200 million in 2026-2029 with an assumed average EBITDA margin of 20% and a multiple of around 8.0x, to be funded with a combination of internally generated cash and committed debt - No dividends or share buybacks over 2026-2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Moderate), sector characteristics ('bb', Lower), market and competitive positioning ('b+', Higher), diversification and asset quality ('b', Moderate), company operational characteristics ('b', Higher), profitability ('bb', Moderate), financial structure ('bb+', Moderate), and financial flexibility ('b+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and have no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Fitch expects that Schulke would most likely be sold or restructured as a going concern (GC) in a bankruptcy rather than liquidated. Fitch estimates a post-restructuring GC EBITDA at about EUR90 million. Fitch applies a distressed enterprise value/EBITDA multiple of 5.0x, given the small size and relatively low barriers to entry for the industry against more specialised technology-driven medical product peers. After deducting 10% for administrative claims, the allocation of value in the liability waterfall results in a Recovery Rating of 'RR3' for the new senior secured debt, comprised the EUR500 million TLB and EUR100 million new RCF. Fitch assumes the RCF to be fully drawn prior to distress. This indicates a 'BB-(EXP)' instrument rating, one notch above the IDR. The company has EUR3 million of local facilities as prior-ranking debt, which Fitch treats as super senior in the structure. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage consistently above 5.0x - FCF margin sustainably below 5% - Interest coverage ratio sustainably below 3.0x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Further upgrade is subject to operating expansion, including but not limited to geographical expansion, leading to higher revenue and EBITDA generation at or above EUR200 million - FCF sustainably in high-single-digit territory - Interest coverage sustainably above 4.0x - EBITDA leverage below 3.5x for a sustained period Liquidity and Debt Structure At end-2025, Schuelke had readily available cash of EUR35 million (after adjustment for Fitch-restricted cash of EUR10 million). Its forecast of sustainably positive FCF generation further supports the group's liquidity. The planned new TLB of EUR500 million with maturity in 2033 provides adequate debt maturity headroom with no short-term debt repayments. The group plans to issue an RCF of EUR100 million with a maturity of six and a half years, providing additional cash buffer. Schuelke expects to partly draw the RCF and use cash on its balance sheet to fund M&A and subsequently repay the RCF drawing from internal cash generation. Its sources of funding are not diversified. Issuer Profile Schuelke is a leading infection prevention and treatment provider based in Germany. Date of Relevant Committee 18-May-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Schuelke. 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 ----------- ------ -------- Limpio BidCo GmbH LT IDR B+ New Rating senior secured LT BB-(EXP) Expected Rating RR3 REVOCAR 2021-2: Moody's Ups Rating on EUR3.8MM D Notes from Ba1 --------------------------------------------------------------- Moody's Ratings has upgraded the ratings of four Notes in RevoCar 2021-2 UG (haftungsbeschränkt), RevoCar 2022 UG (haftungsbeschraenkt) and RevoCar 2023-1 UG (haftungsbeschraenkt). The rating action reflects the increased levels of credit enhancement for the affected Notes. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. Issuer: RevoCar 2021-2 UG (haftungsbeschränkt) EUR460.7M Class A Notes, Affirmed Aaa (sf); previously on Aug 25, 2025 Affirmed Aaa (sf) EUR25.5M Class B Notes, Affirmed Aa1 (sf); previously on Aug 25, 2025 Upgraded to Aa1 (sf) EUR7.5M Class C Notes, Upgraded to Aa2 (sf); previously on Aug 25, 2025 Upgraded to A2 (sf) EUR3.8M Class D Notes, Upgraded to Baa3 (sf); previously on Aug 25, 2025 Affirmed Ba1 (sf) Issuer: RevoCar 2022 UG (haftungsbeschraenkt) EUR452.4M Class A Notes, Affirmed Aaa (sf); previously on Aug 25, 2025 Affirmed Aaa (sf) EUR21M Class B Notes, Affirmed Aa1 (sf); previously on Aug 25, 2025 Affirmed Aa1 (sf) EUR5M Class C Notes, Affirmed Aa1 (sf); previously on Aug 25, 2025 Upgraded to Aa1 (sf) EUR6.5M Class D Notes, Upgraded to Aa1 (sf); previously on Aug 25, 2025 Upgraded to Aa2 (sf) Issuer: RevoCar 2023-1 UG (haftungsbeschraenkt) EUR455M Class A Notes, Affirmed Aaa (sf); previously on Aug 25, 2025 Affirmed Aaa (sf) EUR21.4M Class B Notes, Affirmed Aa1 (sf); previously on Aug 25, 2025 Upgraded to Aa1 (sf) EUR6.6M Class C Notes, Upgraded to Aa2 (sf); previously on Aug 25, 2025 Upgraded to A1 (sf) EUR8.1M Class D Notes, Affirmed Ba1 (sf); previously on Aug 25, 2025 Affirmed Ba1 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranches. For RevoCar 2022 UG (haftungsbeschränkt) and RevoCar 2023-1 UG (haftungsbeschränkt), although collateral quality has weakened, as reflected in the observed performance metrics, this deterioration is offset by the increase in available credit enhancement. 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. RevoCar 2021-2 UG (haftungsbeschränkt) Total delinquencies have increased in the past year, with 90 days plus arrears currently standing at 1.34% of current pool balance up from 1.23% a year earlier. Cumulative defaults currently stand at 1.58% of original pool balance up from 1.13% a year earlier. Moody's maintained the default probability assumption at 1.59% based on the current portfolio balance, which translates to a default probability assumption of 1.78% based on the original portfolio balance. Moody's increased the recovery rate assumption to 35.00% from 30.00% and have maintained the Portfolio Credit Enhancement (PCE) at 8.00%. RevoCar 2022 UG (haftungsbeschraenkt) Total delinquencies have increased in the past year, with 90 days plus arrears currently standing at 2.13% of current pool balance up from 1.63% a year earlier. Cumulative defaults currently stand at 1.91% of original pool balance up from 1.02% a year earlier. Moody's have increased the default probability assumption to 2.10% from 1.70% based on the current portfolio balance, which translates to a default probability assumption of 2.28% based on the original portfolio balance. Moody's maintained the recovery rate assumption at 35.00% and PCE at 8.00%. RevoCar 2023-1 UG (haftungsbeschraenkt) Total delinquencies have increased in the past year, with 90 days plus arrears currently standing at 1.45% of current pool balance up from 1.27% a year earlier. Cumulative defaults currently stand at 2.06% of original pool balance up from 0.92% a year earlier. For this transaction, Moody's have increased the default probability assumption to 2.30% from 1.80% based on the current portfolio balance, which translates to a default probability assumption of 2.77% based on the original portfolio balance. Moody's maintained the recovery rate assumption at 35.00% and PCE at 8.00%. Increase in Available Credit Enhancement Sequential amortization led to the increase in the credit enhancement available in these transactions. The benefits of deleveraging have outweighed the adverse impact from the rising principal deficiencies in RevoCar 2022 UG (haftungsbeschränkt) and RevoCar 2023-1 UG (haftungsbeschränkt). For RevoCar 2021-2 UG (haftungsbeschränkt), the credit enhancement for the most senior tranche affected by upgrade action, the Class C Notes, increased to 6.31% from 3.16% since the last rating action in August 2025. For RevoCar 2022 UG (haftungsbeschraenkt), the credit enhancement for the most senior tranche affected by upgrade action, the Class D Notes, increased to 12.67% from 8.70% since the last rating action in August 2025. For RevoCar 2023-1 UG (haftungsbeschraenkt), the credit enhancement for the most senior tranche affected by upgrade action, the Class C Notes, increased to 8.33% from 6.44% since the last rating action in August 2025. The principal deficiency increased to 3,776,407.83 as of April 2026, and the Class E principal deficiency event test has been in breach since December 2025, which resulted in the deferral of interest for this unrated note. Counterparty Exposure The rating actions took into consideration the notes' exposure to relevant counterparties, such as servicer, account banks or swap providers. Moody's considered how the liquidity available in the transactions and other mitigants support continuity of note payments, in case of servicer default (servicer is Bank11 fuer Privatkunden und Handel GmbH, not rated). While Class A benefits from liquidity in the form of a reserve fund, there is no liquidity support for Classes B to D notes in these transactions. Consequently, the ratings of the Class B notes in RevoCar 2021-2 UG (haftungsbeschränkt), the Class B, C and D notes in RevoCar 2022 UG (haftungsbeschränkt), and the Class B notes in RevoCar 2023-1 UG (haftungsbeschränkt) are constrained by operational risk. 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. VEONET LENSE: S&P Affirms 'B' ICR & Alters Outlook to Negative -------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit and senior secured ratings on pan-European ophthalmology group Veonet Lense GmbH, assuming significant deleveraging in the next two fiscal years. The negative outlook assumes a freeze on discretionary spending, the benefit of a streamlined cost base, opportunities in out-of-pocket segments and, next year, the reversal of the temporary volume trough in the U.K. Based on this, S&P expects leverage to improve to about 8.25x in 2026. Further deleveraging to below 7x in 2027 is contingent on a disciplined approach to mergers and acquisitions (M&A) and growth capital expenditure (capex). Absent a significant cut in discretionary spending, ratings would come under pressure. The U.K.'s National Health Service (NHS) has proposed a tariff cut for cataract surgery from April 1, 2026. The NHS cataract tariff reduction of 17%/18% applies from April 2026 and is now reflected in Veonet's 2026 plan and related mitigation actions. Furthermore, the integrated care boards, a subregional level of the NHS administration, are simultaneously extending the waiting lists for eyecare surgery. Veonet's U.K. subsidiary, SpaMedica, is consequently affected by a loss in volumes and an erosion of tariffs. The U.K. is Veonet's most important market, accounting for about one-third of sales, ahead of Germany. S&P notes, however, that the waiting list impact is expected to create a temporary volume trough in 2026, with underlying demand remaining supported by demographic trends and expected to normalize over time. Veonet has proactively endeavored to reduce its cost base and adapt to the new U.K. tariff environment. Since 2025, it has implemented a comprehensive program to reduce both clinical and head-office costs. About 180 full-time equivalent positions have been removed since the third quarter of 2025. Veonet is targeting approximately EUR25 million in run-rate cost savings, with a meaningful in-year benefit in 2026 and full run-rate effect from 2027, including procurement and operating cost initiatives. Discretionary spending has also been considerably reduced in the U.K., but Veonet is expanding its out-of-pocket and private-pay offering through Freedom Vision, supported by existing hospital coverage, patient finance, PMI, and targeted marketing. Veonet is still opening new clinics, including recently in Ireland, and could consider M&A transactions in more favorable regions such as Spain and Portugal. S&P said, "We expect other regions will increase their contribution in 2026. Specifically, we expect Veonet's German subsidiary (its second largest) to improve in 2026, supported by continued revenue growth and a focused operational improvement plan, including staffing mix optimization, productivity measures, procurement, and action on overhead costs. We expect the Netherlands to grow most this year, contributing close to a forecast 20% of the group's EBITDA in 2026. However, Switzerland remains more mixed, with tariff and mix changes creating some pressure, partly offset by consultation tariff increases and management actions. Overall, we continue to see rising volume trends for eye surgery in Europe, driven by aging populations." Veonet's S&P Global Ratings-adjusted leverage has been consistently well above 7x since 2022 and exceeded 9x in 2025. This reflects the substantial growth in capex and discretionary spending over the past few years that has led to an increase in debt, as well as periodic tariff cuts affecting EBITDA, as was already the case in the U.K. in 2024. In 2025 and 2026, EBITDA has been further dented by one-off restructuring charges. S&P anticipates adjusted leverage will improve in 2026, despite the headwinds in the U.K., thanks to the ramp-up of the asset base, the initial benefits of cost savings, robust performance in other regions, and a decrease in growth investments. Free operating cash flow (FOCF) after leases was negative in 2025 and net cash flow was negative by about EUR100 million after discretionary spending. Although growth investments have been considerably reduced, they will remain significant in 2026 and should only decrease to about EUR20 million in 2027, which will eventually allow FOCF after leases to turn positive, supporting the deleveraging trajectory. The outlook is negative, reflecting elevated leverage ratios, strong headwinds in the core U.K. market, and the need to significantly cut discretionary spending to reduce leverage to below 7x by year-end 2027. In 2026, EBITDA will benefit from a decrease in the U.K. cost base, growth in all regions apart from the U.K., and an increased asset base, as the group only recently decelerated its rate of site openings. S&P said, "We foresee adjusted leverage dropping to about 8.25x in 2026 and improving further in 2027 with the unwinding of the waiting list effect in the U.K. and the full effect of all previous initiatives, cost savings, and the asset base ramp-up, which will only impact 2026 on a run-rate basis. We have no liquidity concerns. Debt maturities are due in 2029, the company's cash balance was close to EUR30 million at year-end 2025, and about EUR115 million is available under the revolving credit facility (RCF), only a little of which is drawn." Failure to deleverage to below 7x within 18 months could compromise the refinancing initiatives expected to start well before 2029, when the group's senior debt matures. This would jeopardize current ratings. This scenario could occur if unexpected new tariff cuts arose in other regions, mirroring the NHS, and/or if the group did not significantly cut growth investments. Veonet's growth strategy has so far significantly prioritized new site openings, and the group might be tempted to boost volumes as the pricing environment will likely remain subdued at best over the next few years. EBITDA cash interest coverage of below 2x would also put pressure on the ratings. Substantial topline and EBITDA growth combined with disciplined M&A and growth investment policy would bring the group's leverage down to below 7x and enable FOCF, after leases, to turn positive. This scenario would lead S&P to revise the outlook to stable. ============= I R E L A N D ============= BLACK DIAMOND 2017-2: S&P Affirms 'B-(sf)' Rating on Class F Notes ------------------------------------------------------------------ S&P Global Ratings raised its credit ratings on Black Diamond CLO 2017-2 DAC's class C notes to 'AAA (sf)' from 'AA+ (sf)', class D notes to 'AA+ (sf)' from 'A+ (sf)', and class E notes to 'BBB+ (sf)' from 'BB+ (sf)'. At the same time, S&P affirmed its 'B- (sf)' rating on the class F notes. The rating actions follow the application of our global corporate CLO criteria and S&P's credit and cash flow analysis of the transaction based on the April 2026 trustee report. S&P's ratings address ultimate payment of interest and principal on the class C to F notes. Since S&P reviewed the transaction in December 2024: -- The portfolio's weighted-average rating is unchanged at 'B'. -- The portfolio has become less diversified (the number of performing obligors has decreased to 43 from 81). -- The portfolio's weighted-average life has decreased to 3.13 years from 3.30 years. -- The percentage of 'CCC' rated assets has increased to 18.53% from 15.03%. The scenario default rates have increased for all rating scenarios, mainly due to the portfolio's reduced obligor and industry diversification. Table 1 Portfolio benchmarks Current Previous SPWARF 3221.37 3,097.80 Default rate dispersion (%) 720.80 784.78 Weighted-average life (years) 3.13 3.30 Obligor diversity measure 28.876 55.64 Industry diversity measure 16.08 16.71 Regional diversity measure 1.57 1.61 SPWARF--S&P Global Ratings' weighted-average rating factor. On the cash flow side: -- The transaction's reinvestment period ended in January 2022. Since then, the class A-1, A-2, A-3, A-4, and B notes have been completely paid down. -- Credit enhancement has increased due to deleveraging. No class of notes is deferring interest. -- All coverage tests are passing as of the April 2026 trustee report. Table 2 Transaction key metrics Current Previous Total collateral amount (mil. EUR)* 91.47 201.59 Defaulted assets (mil. EUR) 0.28 0.19 Number of performing obligors 43 81 Portfolio weighted-average rating B B 'CCC' assets (%) 18.53 15.03 'AAA' SDR (%) 67.09 61.29 'AAA' WARR (%) 36.93 37.62 US$ denominated assets (%) 7.42 8.86 *Performing assets plus cash and expected recoveries on defaulted assets. SDR--Scenario default rate. WARR--Weighted-average recovery rate. Table 3 Credit enhancement Current (%) (based on the Current April 2026 Class amount (EUR) trustee report) Previous (%) A-1 Paid down N/A 76.83 A-2 Paid down N/A 76.83 A-3 Paid down N/A 76.83 A-4 Paid down N/A 76.83 B Paid down N/A 49.05 C 26,651,543 70.86 33.73 D 23,000,000 45.72 22.32 E 18,000,000 26.04 13.39 F 12,100,000 12.81 7.38 M-1 Sub 21,500,000 N/A N/A M-2 Sub 21,495,5 N/A N/A Credit enhancement = [Performing balance + cash balance + recovery on defaulted obligations (if any) – tranche balance (including tranche balance of all senior tranches)]/ [Performing balance + cash balance + recovery on defaulted obligations (if any)]. N/A--Not applicable. S&P said, "In our view, the portfolio is now less diversified across obligors, industries, and asset characteristics. The aggregate exposure to the top 10 obligors is now 47.52%. The CLO has a smoothing account that helps to mitigate any frequency timing mismatch risks. "Our base-case credit and cash flow analysis indicates the available credit enhancement for the class C notes is sufficient to withstand the credit and cash flow stresses that we apply at the 'AAA' rating level. We therefore raised to 'AAA (sf)' from 'AA+ (sf)' our ratings on the class C notes. "Our cash flow analysis indicates the available credit enhancement for the class D notes is commensurate with a higher rating. However, the rating is capped by our supplement tests and we also considered the portfolio's concentrated nature, along with the increased 'CCC' concentration. We also considered the level of cushion between our break-even default rates (BDRs) and scenario default rates (SDRs) for these notes at their passing rating level, as well as current macroeconomic conditions and their relative seniority. We therefore raised to 'AA+ (sf)' from 'A+ (sf)' our rating on the class D notes. "Our credit and cash flow analysis indicates the available credit enhancement for the class E notes is sufficient to withstand the credit and cash flow stresses at a higher rating level. We therefore raised to BBB+ (sf)' from 'BB+ (sf)' our rating on the class E note. "Our credit and cash flow analysis indicates the available credit enhancement for the class F notes is sufficient to withstand the current rating level. However, our supplement tests indicates the class E notes' available credit enhancement could withstand stresses commensurate with a lower rating and the application of our 'CCC' rating criteria resulted in a 'B- (sf)' rating on this tranche." The ratings uplift for the class F notes reflects several key factors, including: -- The notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality is similar to other recent CLOs. -- S&P's model generated BDR at the 'B-' rating level of 25.09% (for a portfolio with a weighted-average life of 3.13 years), versus if it was to consider a long-term sustainable default rate of 3.2% for 3.13 years, which would result in a target default rate of 10.40%. -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. -- S&P therefore affirmed its 'B- (sf)' rating on the class F notes -- Counterparty, operational, and legal risks are adequately mitigated in line with S&P's criteria. S&P said, "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns only exceed the diversification thresholds outlined in our criteria for French assets by 3.49%, which we incorporated in our SDR analysis." Black Diamond CLO 2017-2 is a multi-currency cash flow CLO transaction that securitizes loans granted to primarily speculative-grade corporate firms. The transaction is managed by Black Diamond CLO 2017-2 Advisor, LLC. DILOSK RMBS 10: Moody's Affirms B3 Rating on EUR1.95MM Cl. F Notes ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings of three Classes of Notes in Dilosk RMBS No.10 DAC. The rating action reflects the increased levels of credit enhancement for the affected Notes. Moody's affirmed the ratings of the Notes that had sufficient credit enhancement to maintain their current ratings. EUR202.06M Class A Notes, Affirmed Aaa (sf); previously on Sep 23, 2024 Definitive Rating Assigned Aaa (sf) EUR100M Class A Loan Notes, Affirmed Aaa (sf); previously on Sep 23, 2024 Definitive Rating Assigned Aaa (sf) EUR4.88M Class B Notes, Upgraded to Aa1 (sf); previously on Sep 23, 2024 Definitive Rating Assigned Aa3 (sf) EUR4.89M Class C Notes, Upgraded to A1 (sf); previously on Sep 23, 2024 Definitive Rating Assigned A2 (sf) EUR4.88M Class D Notes, Upgraded to Baa1 (sf); previously on Sep 23, 2024 Definitive Rating Assigned Baa3 (sf) EUR4.07M Class E Notes, Affirmed Ba2 (sf); previously on Sep 23, 2024 Definitive Rating Assigned Ba2 (sf) EUR1.95M Class F Notes, Affirmed B3 (sf); previously on Sep 23, 2024 Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement available for the affected Notes. Increase in Available Credit Enhancement Sequential amortization and the increased balance of the general reserve fund led to the increase in the credit enhancement available in this transaction. For instance, the credit enhancement of the Classes B, C and D Notes increased to 9.17%, 7.28% and 5.40% from 7.75%, 6.25% and 4.75%, respectively, since closing in September 2024. Key Collateral Assumptions Maintained As part of the rating action, Moody's reassessed Moody's lifetime loss expectation for the portfolio reflecting the collateral performance to date. The performance of the transaction has continued to be stable since closing. Arrears of 90 days or more currently stand at 2.68% of current pool balance, showing a decreasing trend from 3.51% in March 2025. Total delinquencies are currently 8.59% of the current pool balance down from 12.87% in March 2025. Moody's maintained the expected loss assumption at 0.70% as a percentage of the original pool balance due to the stable performance. This expected loss assumption corresponds to 0.88% as a percentage of the current pool balance. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolio to incur in a severe economic stress. As a result, Moody's have maintained the MILAN Stressed Loss assumption at 4.70%. The principal methodology used in these ratings was "Residential Mortgage-Backed Securitizations" published in October 2024. The analysis undertaken by Moody's at the initial assignment of ratings for RMBS securities may focus on aspects that become less relevant or typically remain unchanged during the surveillance stage. 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. =================== L U X E M B O U R G =================== BOLUDA TOWAGE: Fitch Assigns BB(EXP) LongTerm IDR, Outlook Positive ------------------------------------------------------------------- Fitch Ratings has assigned Boluda Towage Luxembourg S.à r.l. (BTL) an expected Long-Term Issuer Default Rating (IDR) of 'BB(EXP)' with a Positive Outlook. Fitch has also assigned BTL's EUR2,150 million senior secured term loan B (TLB) an expected rating of 'BB(EXP)' with a Positive Outlook. The assignment of final ratings is contingent on the receipt of the post-syndication TLB documentation conforming to the information already received. BTL's ratings reflect its leading global position in towage, strong growth and margins, and a proven acquisition and integration record. The rating also factors in temporarily higher gross leverage following its reorganisation, an acquisitive strategy (over 10 acquisitions in the past seven years) and a single-bullet debt structure that creates significant refinancing risk. The Positive Outlook is supported by a stronger enlarged rating scope as recent acquisitions are integrated, adding scale and geographic diversification, alongside management's stated commitment to deleveraging. Fitch views integration risk as limited by BTL's record and financial flexibility. KEY RATING DRIVERS Revenue Risk - Volume - High Midrange Diversified and Resilient Volumes: BTL operates in 39 countries and has more than 180 ports and terminals, following its reorganisation. Its rating scope, including MedTug and Smit Lamnalco, will lift revenue and EBITDA by more than 40% and broaden exposure to stable markets including Italy, Singapore and Australia. Volumes are more stable where BTL is the sole operator (about 71% of EBITDA). Revenue has been solid since 2008, with peak-to-trough declines of 9%-13% in Spain, France and Africa. Key risks include measures facilitating competition in sole-operator markets and industry consolidation attracting large, well-resourced competitors to bigger ports. Revenue Risk - Price: Midrange Limited Flexibility on Tariffs: BTL has limited pricing flexibility, as tariffs are usually capped under its licences and concession agreements, and because of competition in some ports. BTL signs global or regional agreements with most of its clients that include discounts on tariffs to encourage the use of its services in ports where it faces competition. These agreements account for about 55% of revenue. The average discount differs by client and type of contract and could be renegotiated if there are significant tariff reductions, giving BTL some further price flexibility. Infrastructure Dev. & Renewal: Stronger Young Fleet, Self-Funded Capex: BTL has a well-maintained and modern fleet, with about 760 tugboats after reorganisation with an average life of around 16 years compared with 50 years of useful life. Maintenance needs, timing and capital planning are well-defined, based on its long-term experience. Capex is self-funded and includes the acquisition of new boats. BTL has also shown significant capex flexibility during downturns. Debt Structure - 1: Weaker Refinancing and Interest Rate Risk: BTL's floating-rate TLB exposes it to rising interest rates. It has no hedging policy, but it is considering hedging about one third of its exposure to reduce volatility. Its single-bullet maturity in 2033 also creates material refinancing risk. The covenant package is looser than in a traditional project-finance debt structure. It has no financial default covenants. It only has a 9.0x springing consolidated net leverage covenant for the protection of revolving credit facility (RCF) lenders, which is tested only when its usage is above 40%. BTL has flexibility on incurring additional debt up to EUR465 million or 1.0x consolidated EBITDA as calculated under the finance documentation at closing, with a basket of other permitted financial debt. Peer Analysis Fitch compares BTL to Radar Topco SARL (Swissport; BB-/Stable) which is a global niche leader in business services. Swissport has strong positions in ground and cargo handling, a global footprint and a diversified customer base. However, it operates in the volatile aviation sector and is exposed to flight-volume risk. Three-to-five-year contracts limit inflation risk. Swissport's business profile is slightly weaker than BTL's. BTL benefits from higher barriers to entry, sole-operator status in 80 ports (71% of EBITDA) and an EBITDA margin of about 30%. Swissport has a similar leveraged-finance debt structure, including EUR1.3 billion (equivalent) TLB due 2031 issued by its subsidiary Radar Bidco SARL, which is rated two notches above the IDR at 'BB+'. Fitch's sensitivities for Swissport are based on gross leverage of 3.8x-4.8x EBITDAR. Within the port sector, Fitch views DP World (DPW; BBB+/Stable) and Adani International Container Terminal Private Limited (AICTPL; BBB-/Stable) as relevant peers for BTL. DPW has a 'Stronger' volume risk assessment, supported by scale, an essential role in the global supply chain, and a diversified portfolio under long-dated concessions (about 32 years). AICTPL benefits from origin-and-destination cargo and long-term arrangements with Mediterranean Shipping Company (over 70% of throughput). Reliance on one primary port of call and concentrated counterparty exposure keep its volume risk assessment at 'High Midrange'. AICTPL has a 'Stronger' debt structure assessment due to amortisation, covenants and security features. These enhance creditor protection and reduce refinancing risk. BTL's assessment is 'Weaker', reflecting mainly bullet, corporate-like and generally uncovenanted debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Evidence of slower deleveraging than the Fitch base case (FBC) would trigger an Outlook revision to Stable. A downgrade would occur if Fitch gross debt/EBITDA increases above 6.0x on a sustained basis due, for example, to large, debt-funded acquisitions. A downgrade could result if the business profile deteriorates due to decreasing weighted average concession and licence life to below five years. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch-defined cross debt/EBITDA sustained below 5.0x would be positive for the rating. Financial Profile The FBC and Fitch rating case (FRC) expect BTL's average gross debt/EBITDA in 2026-2028 to be 5.2x and 5.5x, respectively. Fitch estimates pro-forma gross leverage to increase to about 5.5x at TLB closing, before gradually declining to below the positive sensitivity of 5.0x by 2028 under the FBC and by 2029 under the FRC. Fitch also expects a meaningful cash build-up to support acquisition flexibility while remaining consistent with the deleveraging trajectory. The duration and scale of the Middle East conflict and its potential effects on energy prices, supply chains, economic growth and credit conditions remain highly uncertain. BTL has low direct exposure to the conflict, with no operations in the Persian Gulf. Fuel represents about 10% of the cost base, with about 67% of contracts containing pass-through mechanisms that take between one to three months to implement. Nonetheless, macroeconomic spillover effects from a prolonged conflict could be moderately negative in 2026, resulting in gross leverage of 5.9x under the FRC. TRANSACTION SUMMARY BTL's reorganisation will consolidate all towage businesses under Boluda Towage S.L. (Spain), fully owned by BTL. BTL plans to issue EUR2.15 billion seven-year bullet TLB and increase its revolving credit facility (RCF) to EUR300 million from EUR110 million. Proceeds will be used to refinance the existing EUR1.1 billion TLB and MedTug's EUR120 million syndicated loan, repay a drawn EUR32 million RCF, fund the recent acquisition of Smit Lamnalco and bolt-on deals (EUR740 million), pay EUR50 million in dividends, and retain EUR87 million of cash for opportunistic M&A. Its analysis and ratings reflect the enlarged BTL scope. Fitch will withdraw the instrument ratings on Boluda Towage, S.L.'s existing TLB when the proposed transaction closes. SECURITY The TLB and RCF are guaranteed and secured, ranking pari-passu in payment and security enforcement proceeds. Guarantor coverage will be at least 80% of consolidated EBITDA and include material subsidiaries representing 5% or more of consolidated EBITDA while excluding subsidiaries generating negative EBITDA as well as certain jurisdictions. Security will be granted over shares, intercompany loans and material bank accounts. Summary of Financial Adjustments Fitch adjusts EBITDA by treating operating leases as operating expenses. Fitch also excludes minorities and adds cash distributions received from non-consolidated interests. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for BTL. 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 ----------- ------ Boluda Towage Luxembourg S.a.r.l. LT IDR BB(EXP) Expected Rating Boluda Towage Luxembourg S.a.r.l./ Project Revenues – Senior Secured Debt - Expected Ratings /1 LT EUR 2.15 bln Floating Euribor Term Loan B LT BB(EXP) Expected Rating BOLUDA TOWAGE: Moody's Assigns 'Ba3' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings has assigned a Ba3 corporate family rating and a probability of default rating of Ba3-PD to Boluda Towage Luxembourg S.a.r.l. (Boluda or the company). Moody's have also withdrawn the B1 CFR and the B1-PD PDR assigned to Boluda Towage S.L. Concurrently, Moody's have assigned Ba3 instrument ratings to the proposed EUR2,150 million equivalent senior secured term loans B and EUR300 million senior secured revolving credit facility (RCF) issued by Boluda Towage Luxembourg S.a.r.l. Once the transaction closes, Moody's will withdraw the B1 instrument ratings on the existing backed senior secured term loan B and RCF issued by Boluda Towage S.L., as per Moody's practices. The outlook on Boluda Towage Luxembourg S.a.r.l. is stable. "The rating action reflects Boluda's new expanded operations with the addition of MedTug and Boluda Australia, which will not only increase its scale and earnings but also enhance its business profile in terms of revenue diversification" says Daniel Harlid, Boluda's lead analyst and Vice President – Senior Credit Officer at Moody's Ratings. RATINGS RATIONALE Boluda's Ba3 CFR is supported by the company's market-leading position as the world's largest provider of towage services and its strong track record, with long dated relationships with some of Europe's largest cargo ports. With the inclusion of MedTug and Boluda Australia, over 70% of the group's EBITDA will be generated in ports where it acts as sole operator, often under long-term concessions or contracts. In addition, a large share of turnover is derived from global contracts with global shipping companies, providing revenue visibility. The rating continues to benefit from the critical nature of the services it provides to its customers and ports as well as its history of relatively low sensitivity to economic cycles, reflected by its historically stable profitability. However, the rating is constrained by the company's weak credit metrics such as a Moody's-adjusted debt / EBITDA ratio of 5.4x and net / debt to EBITDA ratio of 5.1x, both on a pro forma basis as of FY2025. In addition, the company has a relatively high fixed cost base because of contracts with ports stipulating minimum capacity. The company will also from time to time go through period of negative or very low free cash flow given the need to constantly invest in new tugboats as well as replacing older ones. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. ESG CONSIDERATIONS Governance is a key consideration for the assigned Ba3 rating. Boluda's governance risks reflects a concentrated ownership in the Boluda Fos family and MSC Group, which indirectly controls 50% each of the company's shares. Also adding to governance related risks is the low board independence, where only two out of seven members are independent to the company. This is somewhat mitigated by the Boluda Fos family's very long track record in the Spanish maritime industry as well as its dedication to reinvesting profits in the company. RATIONALE FOR STABLE OUTLOOK The stable outlook is based on Moody's expectations of continued revenue growth of 2%-3%, supporting a Moody's-adjusted EBITA margin of around 20% over the next 12-18 months. This will lead to strengthened key credit ratios such as gross and net leverage moving toward 5.0x and 4.4x withing the next 12-18 months. This, however, leaves limited room for shareholder distributions beyond the projected annual dividend of EUR10 million. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive ratings pressure would continue to build if the company sustains a Moody's-adjusted debt / EBITDA below 4.0x, an EBITA/Interest Coverage Ratio maintained above 3.0x and at the same time shows an EBITA margin maintained above 20% and RCF / net debt approaching 20%. Negative ratings pressure could be the result of a debt / EBITDA ratio above 5.0x on a sustained basis, an EBITA margin below 15% or an EBITA / Interest Coverage Ratio not being sustained comfortably above 2.0x. A weakening liquidity profile and free cash flow moving toward zero would also cause negative ratings pressure. LIQUIDITY PROFILE Boluda's liquidity is good, supported by a cash balance of EUR212 million pro forma for the proposed transaction and the proposed revolving credit facility (RCF) of EUR300 million maturing in 2032. Working capital swings are limited and Moody's expects the company to generate around EUR300 million in annual funds from operations (per Moody's projections), the majority of which will be applied towards capital spending for dry docking and new vessels. The terms of the RCF require compliance with one springing covenant, which needs to be tested when the facility is drawn by more than 40% with a defined covenant level at 9.0x, recently providing ample headroom. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Madrid, Spain, Boluda is the world's largest providers of maritime towage and related services. Its origins date back to the early 19th century and the company has since the start been owned by the same family, Boluda Fos. The company's fleet of more than 750 vessels generates the bulk of its revenue in Europe, Australia, Asia, Africa and Latin America. In 2025 the company reported revenue of EUR1.2 billion and EBITDA of EUR426 million on pro forma basis (excluding contributions from joint ventures). =========== R U S S I A =========== ALOQABANK: Fitch Rates USD300MM 7% Unsec. Eurobonds Due 2031 'BB' ----------------------------------------------------------------- Fitch Ratings has assigned Uzbekistan-based Joint-Stock Commercial Aloqabank's (Aloqa) USD300 million 7.7% senior unsecured Eurobonds due May 18, 2031 a final long-term rating of 'BB' and a final long-term rating (xgs) of 'B(xgs)'. The assignment of final ratings follows the receipt by Fitch of the final documentation conforming to the information already received from the issuer. The final ratings are the same as expected ratings. Key Rating Drivers The notes' long-term ratings are in line with Aloqa's 'BB' Long-Term Issuer Default Rating (IDR) and Long-Term IDR (xgs), as all settlements are in US dollars. The notes represent direct, unconditional and senior unsecured obligations of the bank, which rank equally with its other senior unsecured obligations. Aloqa's 'BB' Long-Term IDR reflects a moderate probability of support from the government of Uzbekistan, as captured by its 'bb' Government Support Rating. This reflects the bank's majority state ownership, a solid record of capital and funding support from the state and its new policy role as the government's agent bank for subsidised development lending to young entrepreneurs. Fitch also considers a low cost of potential support relative to the sovereign's international reserves. The ex-government support IDR excludes assumptions of extraordinary government support from the underlying rating on the international scale and is at the level of the bank's 'b' Viability Rating (VR). The terms of the Eurobond include financial covenants relating to Aloqa's compliance with regulatory capital ratios and dividend payments. A put option gives bondholders the right to seek early repayment in the event that the national government ceases to control at least 50% plus one share of the bank's issued and outstanding voting common stock, unless the issuer is acquired by an entity with the rating at least equal to the rating of the Republic of Uzbekistan. The terms also contain provisions for a call option that can be exercised by the issuer at any time prior to the maturity date. For more details on Aloqa, see 'Fitch Upgrades JSC Aloqabank to 'BB'; Outlook Stable' published 1 July 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The notes' long-term rating will be downgraded if the bank's Long-Term IDR is downgraded. The notes' long-term rating (xgs) will be downgraded if the bank's Long-Term IDR (xgs) is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The notes' long-term rating will be upgraded if the bank's Long-Term IDR is upgraded. The notes' long-term rating (xgs) will be upgraded if the bank's Long-Term IDR (xgs) is upgraded. Date of Relevant Committee 01-May-2026 Public Ratings with Credit Linkage to other ratings Aloqa's Long-Term IDRs are directly linked to Uzbekistan's IDRs. ESG Considerations Aloqa has an ESG Relevance Score of '4' for Governance Structure as the state of Uzbekistan is highly involved in the banks at board level and in the business. This factor has a negative impact on the bank's 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. Entity/Debt Rating Prior ----------- ------ ----- Joint-Stock Commercial Aloqabank senior unsecured LT BB New Rating BB(EXP) senior unsecured LT (xgs) B(xgs) New Rating B(xgs)(EXP) =========== T U R K E Y =========== ERDEMIR: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed Eregli Demir ve Celik Fabrikalari T.A.S.'s (Erdemir) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BB-'. The Outlook on the IDR is Stable. Erdemir's rating reflects its position as the largest steel producer in Turkiye with almost 10 million tonnes (mt) of crude steel capacity produced through its basic oxygen furnaces and high-capacity utilisation, which support resilient performance through the cycle. However, the company has low raw-material self-sufficiency and a high proportion of low-grade steel products in total output. Fitch expects Erdemir's leverage to rise from historically low levels due to its large investment programme and therefore expect negative free cash flow (FCF) over the next four years. Nevertheless, Fitch forecasts EBITDA net leverage to remain below its negative sensitivity of 3.0x. Key Rating Drivers Large but Flexible Capex: Fitch expects Erdemir's capex to remain high at about USD1.0 billion annually, driven by expansion and sustainability investments. Significant projects completed recently include a new blast furnace at Isdemir and coke oven batteries at Erdemir in 2025, alongside automation and modernisation initiatives. Capex was lower than forecast in 2025, as the group rescheduled modernisation investments in solar power capacity and the iron ore enrichment facility to 2028 in response to weaker-than-expected EBITDA. Planned capacity additions include over 3.9 mt through new electric arc furnace (EAF) investments by 2030 and a 3 mt pelletising plant, with completion anticipated in 2028. Fitch forecasts negative FCF over 2026-2029, as robust operating cash flow is offset by high capex, although Erdemir is likely to retain flexibility in capex in response to EBITDA generation. Leverage Headroom to Reduce: EBITDA net leverage decreased to 1.7x in 2025 despite EBITDA declining to USD535 million, supported by a USD949 million working-capital release and about USD500 million lower-than-planned capex. Fitch expects only modest margin improvement in 2026 with EBITDA net leverage remaining slightly below the negative rating sensitivity of 3.0x in 2027-2028, leaving limited headroom. Fitch expects capex to start contributing meaningfully to earnings as investments are completed over 2027-2028, supporting a recovery in EBITDA margins to USD120/t-USD130/t. Supportive Financial Policy: Erdemir's dividend policy is linked to net income and has historically resulted in high payouts. Over the past three years, management has suspended or reduced dividends to USD40 million-50 million annually from more than USD1 billion in 2022. Fitch expects dividends of USD100 million-200 million over the next three years, while the company undertakes large capex. Erdemir targets net debt/EBITDA below 2.0x. Limited Impact from Iran War: The closure of the Strait of Hormuz has no direct impact on Erdemir, as neither its feedstock procurement nor sales are routed through it. Erdemir estimates that higher oil and energy prices at current levels have increased costs by about USD7/t. Protectionism in Export Markets: The EU plans to tighten steel-sector safeguards from July 2026, when the current regime expires. Proposed measures include a 47% cut in tariff-free import quotas, an increase in tariffs to 50% from 25% and implementing origin-traceability procedures. The Carbon Border Adjustment Mechanism is also likely to make European markets more restrictive. Europe accounts for half of Erdemir's exports, although exports make up only 10%-15% of total sales. Turkish steel imports to the US have been subject to a 25% duty since Section 232 was introduced in 2018. Turkiye Steel Market: Turkish steel demand increased by 2.6% in 2025, amidst rising interest rates, import inflows and falling steel prices. The Turkish Steel Producers Association expects demand growth of 7% in 2026. Fitch expects GDP growth of 3.6% in 2026, broadly in line with 2025, while inflation and interest rates are expected to gradually decline. Turkiye's government is contemplating further measures, like tightening the inward processing regime or introducing import quotas, to support domestic producers. Erdemir also benefits from the domestic flat steel supply deficit. Robust Regional Cost Position: Wood Mackenzie ranks Erdemir's Eregli and Iskenderun plants above the mid-range of the global HRC cost curve, while Erdemir's production costs are among the most competitive for deliveries to Europe, following sanctions on Russian finished steel. The company sells 80%-85% of its production in Turkiye, mainly to export-oriented industries, where it benefits from the lowest domestic production costs and lower transport costs than international peers. Turkish lira depreciation also supports Erdemir's competitiveness. Net Zero Strategy: Erdemir is in the middle of a USD3.2 billion investment programme to cut emissions by 25% by 2030 and 40% by 2040 from 2022 levels, and to achieve net zero by 2050. Existing blast furnace capacity, recently upgraded, will remain operational, while new EAF will add 3.9 mt of capacity by 2030. These investments should help keep Erdemir's export competitive as the EU rolls out its adjustment mechanism. Country Ceiling: Erdemir's IDR of 'BB-' is at the same level as Turkiye's Country Ceiling. The IDR would be capped at the Country Ceiling if the latter were revised downwards, due to the company's high concentration of domestic sales and low EBITDA contribution from direct export sales, at no more than 15%-20%. Rating on a Standalone Basis: Erdemir is indirectly 49.5% owned by Ordu Yardimlasma Kurumu (BB-/Stable), a second-tier pension fund for military personnel in Turkiye. Treasury shares account for 4% of Erdemir's equity. Fitch rates Erdemir on a standalone basis, as Fitch views Ordu Yardimlasma Kurumu primarily as a financial investor. Peer Analysis Erdemir's peers include flat steel producers Usinas Siderurgicas de Minas Gerais S.A. (Usiminas; BB/Stable) and JSW Steel Limited (BB/Rating Watch Positive), long steel Celsa Opco, S.A.U. (BB-/Stable) and JSC Uzbek Metallurgical Plant (UMK; B+/Stable). Erdemir has higher capacity utilisation and margins than its Brazilian peer, Usiminas. Both companies hold about one-third of their domestic steel markets, focusing on domestic sales. Erdemir benefits from the Turkish flat steel market's supply deficit, whereas the Brazilian market is in surplus. Usiminas benefits from a higher share of value-added products and is 100% self-sufficient in iron ore. Fitch expects Usiminas to maintain low debt, with EBITDA net leverage of about 0.6x. JSW is larger than Erdemir and has higher profit margins. It is exposed to the fast-growing Indian market and is investing to capture this growth, constraining FCF. Fitch expects JSW's EBITDA net leverage to reduce to 2.1x by FY27. Celsa is a vertically integrated European long steel player that is smaller than Erdemir. It has a leading position in western Europe, with EAF-based production supported by 35% scrap self-sufficiency and low logistics cost. Fitch expects Celsa's EBITDA net leverage to decline to 2.6x by 2027, broadly comparable with Erdemir's. UMK's credit profile is weaker than Erdemir's due to its smaller scale, lower self-sufficiency and rising costs. UMK's production is concentrated in low value-added steel; its EBITDA net leverage is higher, at 5.4x in 2024. Fitch’s Key Rating-Case Assumptions - EBITDA at USD73/t in 2026 before recovering to about USD135/t by 2029 - Low-single-digit growth in production volumes over 2026-2029 - Capex broadly in line with management guidance, averaging about USD1 billion per year over 2026-2029 - Dividend payouts to reduce to USD45 million in 2026, gradually increasing to USD200 million in 2029 - Average USD/TRY exchange rate of 46.44 in 2026, 52.58 in 2027 and thereafter Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management ('bb+', Moderate), sector characteristics ('bbb', Lower), market and competitive positioning ('bb', Moderate), diversification and asset quality ('b+', Moderate), company operational characteristics ('bb-', Higher), profitability ('bb', Moderate), financial structure ('b+', Higher), and financial flexibility ('b+', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' has no impact. - The Operating Environment assessment of 'bb' has no impact. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in the macroeconomic and financial environment in Turkiye, leading to a downward revision of the Country Ceiling - Weaking steel market conditions, inability to implement the investment programme or shareholder-friendly actions, resulting in EBITDA net leverage above 3.0x on a sustained basis - Deterioration in liquidity, weakening Erdemir's ability to fund operations and meet short-term maturities Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upward revision of Turkiye's Country Ceiling, together with sustained EBITDA net leverage below 2.0x and EBITDA margins consistently above 16% Liquidity and Debt Structure At end-March 2026, Erdemir held USD2.8 billion of cash and cash equivalents, up from USD1.9 billion at end-2025, against unchanged short-term maturities of USD0.8 billion. Erdemir does not have committed credit facilities, like other Turkish corporates. Fitch expects its existing facilities to be rolled over. Fitch expects capex to average about USD1 billion per year over the next four years, resulting in negative FCF after dividends. Erdemir has successfully raised USD950 million through Eurobond issuance in the past to support its capex programme. The company is also arranging funding for its sustainability programme and plans to raise long-term facilities from domestic and international banks. Its longstanding relationships with banks and export credit agencies support its liquidity profile. Issuer Profile Erdemir is the largest steel producer in Turkiye, with almost 10 mt of liquid steel and 8.4 mt of flat steel capacity. Its two production sites are located on the Black Sea and Mediterranean coasts. 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 Erdemir's Climate.VS for 2035 is 53, which is average for blast furnace/basic oxygen furnace-based steel companies. This does not affect the current ratings, as Erdemir continues to make progress on its decarbonisation initiatives. Any rating impact may differ from the illustrative impact under the Climate.VS framework, reflecting the evolution of Fitch's assessment of global risks, actions the entity may take to adapt to or mitigate those risks and other relevant factors. 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 ----------- ------ -------- ----- Eregli Demir ve Celik Fabrikalari T.A.S. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- =========================== U N I T E D K I N G D O M =========================== ASTON MARTIN: Fitch Lowers Rating on Sr. Secured Debt to 'CCC+' --------------------------------------------------------------- Fitch Ratings has downgraded Aston Martin Capital Holdings Limited's senior secured debt rating to 'CCC+' from 'B-' and revised its Recovery Rating to 'RR4' from 'RR3'. Fitch has also affirmed Aston Martin Lagonda Global Holdings PLC's (AML) Long-Term Issuer Default Rating (IDR) at 'CCC+'. The downgrade reflects a new GBP50 million financing facility, which ranks higher in Fitch's waterfall recovery structure under its criteria, as it is deemed to rank above the debt in the existing restricted group and is secured against a key, previously unencumbered, operating asset, reducing recovery prospects for the senior secured notes. The IDR affirmation reflects ongoing liquidity support and Fitch's expectation of a material reduction in negative free cash flow (FCF) in 2026 driven by Valhalla deliveries, improved product mix and cost optimisation. It also reflects AML's continued negative FCF, tight liquidity and dependence on shareholder support or additional debt financing. Key Rating Drivers Liquidity Remains Tight: AML's liquidity remains tight despite recent supportive measures. Total reported liquidity fell to GBP178 million at end-1Q26 from GBP250 million at end-2025, after reported negative FCF of GBP117 million. This was partly offset by GBP50 million in gross proceeds from the completed sale of the Aston Martin F1 naming rights. The new GBP50 million committed facility will lift pro forma reported liquidity to about GBP230 million, but available facilities were minimal at end-1Q26. Cash Burn to Continue: Fitch expects negative FCF in 1Q26 to account for most of the full-year outflow. An enhanced product mix, including about 500 Valhalla deliveries, a more balanced production cadence following the first quarter's front-loaded inventory builds, reduced capex of about GBP300 million in 2026 (2025: GBP341 million) and the ongoing transformation programme will support a material reduction in Fitch-calculated negative FCF to about GBP180 million for the full-year 2026, from GBP422 million in 2025. Persistent challenges from the US tariff quota mechanism, subdued demand in China and Asia-Pacific and broader geopolitical uncertainty, including the Middle East conflict, weigh on volume and pricing assumptions. As a result, Fitch has revised upwards its cash burn expectations for 2026-2028. Shareholder Support Vital: Shareholder support remains vital given AML's continued negative FCF and tight liquidity. The new GBP50 million committed facility from members of the Yew Tree Consortium reflects ongoing sponsor commitment, following the 2025 capital increase. Fitch expects AML to need significant cash injections over the next four years to meet shortfalls. AML will likely require continued shareholder support or additional debt financing in the short-to-medium term, and which Fitch incorporates into its rating case. Margins Improve in 1Q26: AML's stronger product mix and cost-savings measures supported improved financial performance in 1Q26. Gross margin rose to 34.7% in 1Q26 from 27.9% in 1Q25, driven by 102 Valhalla deliveries, transformation benefits and a 17% increase in total average selling price. Management maintained its 2026 guidance, targeting gross margin in the high-30s% and adjusted EBIT margin improving materially towards break even. Fitch expects gradually lower negative FCF from ongoing cost optimisation. Order Book Visibility Remains Low: AML lacks meaningful revenue visibility, unlike its leading luxury peers. The core orderbook remained stable as of 1Q26, providing visibility of up to five months, while Valhalla orders extend into 4Q26. AML has made progress in aligning production with demand, with core retail volumes outpacing wholesale by over 50% in 1Q26. Fitch expects the expanded model range, including DBX S, Vantage S and DB12 S, to support demand. Peer Analysis AML is the car manufacturer with the highest leverage and weakest FCF generation among Fitch-rated auto original equipment manufacturers (OEMs). Its leverage and cash generation compare unfavourably with those of OEMs in the premium and mass-market subsectors. Fitch expects FCF generation to progressively improve, but remain negative until 2029 as the company navigates challenges from the US tariff quota mechanism, subdued demand in China and Asia-Pacific, and broader geopolitical uncertainty including the Middle East conflict AML's brand is well recognised in the luxury sector. However, management's focus on creating product scarcity and desirability with special editions and model variants has not yet translated into order books and pricing power aligned with that of leading peers in the industry. AML is also one of the smallest Fitch-rated auto manufacturers. Its business depends on the manufacturing and sale of a limited number of models, similar to McLaren Holding's. This dependence could result in greater cash flow volatility than at peers. Fitch’s Key Rating-Case Assumptions - Strong revenue growth of about GBP1.5 billion in 2026, led by deliveries of specials, with a modest contribution from core models, followed by a CAGR of 2.1% in 2027-2029 - Fitch-calculated EBITDA margin improving to 21% in 2029 from 18.8% in 2026, driven by higher gross margins from specials and off-platform models, as well as by efforts to rationalise the cost base - Net working capital outflows averaging 1% of revenue over 2026-2029 - Annual capex averaging about GBP300 million over 2026-2029 - Significant cash capital injections in 2027-2029 to cover FCF shortfall - Restricted cash at about 2.5% of sales Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Lower), sector characteristics ('bbb-', Lower), market and competitive positioning ('bb-', Moderate), diversification and asset quality ('b', Moderate), company operational characteristics ('ccc+', Moderate), profitability ('ccc+', Higher), financial structure ('ccc-', Moderate), and financial flexibility ('b-', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'ccc+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC+'. Recovery Analysis The recovery analysis assumes that AML would be reorganised as a going concern in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. Fitch ranks the senior secured notes (GBP565 million and USD1,050 million) and other bank debt as subordinated to the new GBP50 million committed facility, GBP170 million super senior revolving credit facility and the GBP40 million inventory finance facility. Fitch uses Fitch-adjusted EBITDA of GBP250 million to reflect its view of a sustainable, post-reorganisation EBITDA on which Fitch bases the enterprise valuation. Fitch uses a multiple of 4.0x to estimate the going-concern EBITDA to reflect the company's post-reorganisation enterprise value. The multiple incorporates AML's brand value and engineering expertise as a luxury auto manufacturer. The multiple is broadly in line with that of niche OEM peers, which have solid business profiles but continued negative FCF generation. These assumptions result in a Recovery Rating for the senior secured notes within the 'RR4' (previously 'RR3') range, with the notes rated 'CCC+', in line with the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further liquidity deterioration due to continued negative FCF generation or lack of shareholder support - EBITDA leverage above 5.0x for a sustained period - EBITDA interest coverage consistently below 2x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Break-even FCF generation - EBITDA leverage sustainably below 4.0x Liquidity and Debt Structure AML's liquidity weakened in 1Q26 due to negative FCF generation. Reported total liquidity declined to GBP178 million at end-March 2026 from GBP250 million at end-2025. The GBP50 million gross proceeds from the completed sale of the Aston Martin F1 naming rights partially offset the decline. The GBP170 million revolving credit facility, maturing in December 2028, also remains almost fully drawn, leaving limited headroom. Fitch expects future liquidity needs are likely to be met via off-market financing options. Fitch expects negative FCF in 1Q26 to account for most of the full-year outflow, with improvement from 2Q26 onwards. In May 2026, AML agreed a new GBP50 million committed facility with certain members of the Yew Tree Consortium, increasing pro forma liquidity to about GBP230 million at end-1Q26 The majority of the company's debt consists of USD1,050 million and GBP565 million senior secured notes maturing in March 2029. Issuer Profile AML is the ultimate Holdco of Aston Martin Investment Ltd and subsidiaries Aston Martin Lagonda Group Ltd and Aston Martin Capital Holdings Ltd, collectively known as Aston Martin. AML is a world-renowned manufacturer of luxury, high-performance sports cars and supercars. 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 Climate. VS for AML is 52 at 2035, in line with auto manufacturer peers. Most of the company's revenue is from sales of petrol-powered vehicles. It faces large transition risks from the industry's shift towards electrification in response to increasingly stringent emissions regulations aimed at phasing out internal combustion engine models in major advanced economies. Ultra-low-volume carmakers, such as AML, are exempt from many emissions-reduction regulations, particularly in Europe, but they still face regulatory requirements. Its rating case considers the impact of this shift on the company's financial and operational metrics. AML has not set an electrification target or timeline to end production of internal combustion engine models and does not offer a model powered by alternative fuels. However, it is developing alternatives to the internal combustion engine through a blended powertrain strategy for 2025-2030, including plug-in hybrid and battery electric vehicles. The company has begun production of its the first plug-in hybrid electric vehicles model, Valhalla, in 2025, but has delayed the launch of its first battery electric vehicles to the latter part of the decade from 2025, due to weak consumer interest. It aims to have carbon-neutral manufacturing facilities by 2030. The rating incorporates its assumption of investments in hybrid and battery electric vehicles technologies, including production facility reconfiguration, R&D in high-performance powertrains and costs associated with external partnerships for selected technological updates. 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 ----------- ------ -------- ----- Aston Martin Lagonda Global Holdings PLC LT IDR CCC+ Affirmed CCC+ Aston Martin Capital Holdings Limited senior secured LT CCC+ Downgrade RR4 B- GA&A DESIGN: Turpin Barker Appointed as Administrators ------------------------------------------------------ GA&A Design Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-003507. Andrew R Bailey and Martin C Armstrong of Turpin Barker Armstrong, were appointed as Joint Administrators on May 6, 2026. The company is involved in architectural activities. Its registered office is 10–14 Bath Road, Slough, SL1 3SA. The Joint Administrators can be contacted at: Andrew R Bailey Turpin Barker Armstrong 15 Horizon Business Village 1 Brooklands Road Weybridge Surrey KT13 0TJ -- and -- Martin C Armstrong Turpin Barker Armstrong 15 Horizon Business Village 1 Brooklands Road Weybridge Surrey KT13 0TJ Further information: Contact: Chris Haggitt Tel: 01932 336149 Email: chris.haggitt@turpinba.co.uk HAWKSMOOR MORTGAGE 2026: S&P Assigns B-(sf) Rating on F-Dfrd Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Hawksmoor Mortgage Funding 2026 PLC's class A1, A1 NRR loan notes, A2, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, G-Dfrd, and X-Dfrd notes. At closing, the issuer also issued unrated class Z and VRR notes, and S1, S2, RC1, and RC2 certificates. The transaction is a refinancing of the Stratton Hawksmoor 2022-1 PLC transaction, which closed in August 2022. The loans are secured on owner-occupied and buy-to-let properties in England, Wales, Scotland, and Northern Ireland. They were originated between 1989 and 2016, primarily by GE Money Home Lending Ltd. (69.1%) and GE Money Mortgages Ltd. (11.5%), along with other originators. The loans were previously securitized in Stratton Hawksmoor 2022-1 PLC, which we previously rated. All the pool's mortgage loans are first-lien residential, and the portfolio is well-seasoned, with a weighted-average seasoning of 150 months. In our view, more seasoned performing loans exhibit lower risk profiles than less seasoned loans. Kensington Mortgage Company Ltd. and BCM Global Mortgage Services Ltd. will continue to service the assets in the portfolio. The ratings are not constrained by counterparty, operational, or sovereign risks under our relevant criteria. S&P considers the issuer to be bankruptcy remote. Ratings Class size Class Rating (mil. GBP) A1 NRR loan notes* AAA (sf) N/A A1* AAA (sf) 828.869 A2 AAA (sf) 103.609 B-Dfrd§ AA (sf) 51.804 C-Dfrd§ A (sf) 34.536 D-Dfrd§ BBB (sf) 34.536 E-Dfrd§ BB (sf) 23.024 F-Dfrd§ B- (sf) 23.024 G- Dfrd§ CCC (sf) 11.512 Z NR 40.292 X-Dfrd§ CCC (sf) 8.634 VRR loan notes† N/A N/A S1 certificates NR N/A‡ S2 certificates NR N/A‡ RC1 certificates NR N/A RC2 certificates NR N/A *The class A1 notes and class A1 NRR loan notes are, together, the "class A1 notes", and rank pro rata and pari passu among themselves. §S&P's rating on this class considers the potential deferral of interest payments. †The VRR loan notes are issued for risk retention. ‡Class size will be the aggregate current balance of the loans calculated as of the calculation day immediately preceding the relevant interest payment date. NR--Not rated. N/A--Not applicable. HCRG MEDICAL: RSM UK Appointed as Joint Administrators ------------------------------------------------------ HCRG Medical Services Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-003443. Joe Barry and Damian Webb of RSM UK Restructuring Advisory LLP, were appointed as Joint Administrators on May 1, 2026. The company engaged in human health activities. Its registered office is RSM UK Restructuring Advisory LLP, 103 Colmore Row, Birmingham, B3 3AG. Its principal trading address is Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH. The Joint Administrators can be contacted at: Joe Barry RSM UK Restructuring Advisory LLP 10th Floor, 103 Colmore Row Birmingham B3 3AG -- and -- Damian Webb RSM UK Restructuring Advisory LLP 25 Farringdon Street London EC4A 4AB Further information: Contact: Samir Akram Tel (case manager): 0203 201 8000 Tel (Joe Barry): 0121 214 3100 Tel (Damian Webb): 020 3201 8000 HDDL LIMITED: KR8 Advisory Appointed as Joint Administrators ------------------------------------------------------------ HDDL Limited (previously Harbinger Darlington Developments Ltd) was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-000727. Mark Blackman and Lauren Wentworth of KR8 Advisory Limited were appointed as Joint Administrators on May 11, 2026. The company leased and operated own or leased real estate. Its registered office is c/o KR8 Advisory Limited, The Lexicon, 10–12 Mount Street, Manchester, M2 5NT. Its principal trading address is Whiteleaf Business Centre, 11 Little Balmer, Buckingham, Buckinghamshire, MK18 1TF. The Joint Administrators can be contacted at: Mark Blackman Lauren Wentworth KR8 Advisory Limited The Lexicon 10–12 Mount Street Manchester M2 5NT Further information: Email: caseenquiries@kr8.co.uk ION PLATFORM: Moody's Alters Outlook on 'B2' CFR to Negative ------------------------------------------------------------ Moody's Ratings have affirmed ION Platform Investment Group Limited's (ION Platform or the company) B2 long term corporate family rating and B2-PD probability of default rating, as well as the B2 ratings of the backed senior secured notes and senior secured first lien term loans issued by ION Platform Finance US, Inc. and the B2 ratings of the backed senior secured notes issued by ION Platform Finance S.a r.l. The outlook of all entities has been changed to negative from stable. RATINGS RATIONALE The rating action reflects the potential that the company's credit metrics will remain weak and worse than the expectations of the B2 rating for a prolonged period of time. The rating action balances expected realisation of cost synergies and improving operating performance as evidenced in the first quarter of 2026 against elevated distributions during 2026 that will reduce free cash flow (FCF) and less favorable credit markets that may lead to higher interest payments if the company refinances debt maturing in 2028. ION Platform's credit metrics are currently weaker than forecast at the time of the rating assignment in May 2025, outside the expectations for the B2 rating. As of December 2025, Moody's-adjusted leverage and FCF before distributions / debt were 8.7x and 1.9%, respectively, compared with Moody's estimates of 7.5x and 4.4%. Weaker metrics reflect higher debt quantum due to the company raising incremental debt following the rating assignment and unfavourable foreign exchange movements, as well as lower than forecast Moody's-adjusted EBITDA of $1.26 billion ($1.36 billion forecast). Moody's expects realization of synergies and a lower amount of company-defined non-recurring costs to lead to a significant improvement of Moody's-adjusted EBITDA during 2026, as highlighted by meaningful improvement during first quarter of 2026, which would translate to leverage improving towards 7.5x. However, execution risks exist, in particular considering AI disruption risks, though Moody's believes ION Platform's business is defensible considering mission critical nature of the products, relatively long-term contracts, low churn and high switching costs. Furthermore, distributions will be high in 2026 and reduce FCF generation. The company is now guiding to around $500 million distributions during 2026, significantly higher than previous guidance of around $300 million. ION Platform has expressed its intention to repay 2028 maturities with organic FCF generation over the next two years. However, if refinancing would be necessary and done at significantly higher rates it would weaken FCF generation and interest coverage and could create further rating pressure. ION Platform's B2 CFR takes into account a solid business profile, potential for cost savings and operational leverage to improve margins, as well as its capacity to generate solid free cash flow (FCF). In addition, the B2 CFR also incorporates Moody's expectations that financial policy will become more prudent in coming years compared with the historical pattern of regular debt add-ons. Conversely, the company's B2 CFR also considers the high leverage, as well as the group's aggressive financial policy, which was historically marked by recurring debt add-ons to fund distributions that constrained leverage reduction. Furthermore, the ratings also reflect relatively limited disclosure and complex corporate governance structures. RATING OUTLOOK The negative outlook balances potential for continued improvement in ION Platform's operating performance to bring credit metrics to levels commensurate with the B2 CFR guidance over the next 12 months, with execution risk and the company's aggressive financial policy that may prevent a sustained leverage reduction to inside the expectations of the B2 CFR. LIQUIDITY ION Platform's liquidity is adequate, supported by cash on balance of $129 million as of March 2026, and Moody's expectations of positive FCF before distributions in 2026 and 2027. The company's liquidity is further supported by $394 million undrawn revolving credit facility (RCF) as of March 2026. The RCF is subject to a springing financial covenant, which Moody's expects good cushion if tested. STRUCTURAL CONSIDERATIONS The B2 instrument ratings are in line with the company's CFR, a reflection that at all instruments issued within ION Platform rank pari passu. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade: -- ION Platform continues to grow its revenue and EBITDA, reflecting solid competitive position -- Moody's-adjusted leverage improves to below 6.0x on a sustained basis -- Moody's-adjusted FCF/debt improves towards 10% on a sustained basis -- Moody's-adjusted (EBITDA – capital expenditures) / interest expense improves above 2.0x on a sustained basis -- A financial policy commitment to maintaining the stronger credit metrics and at least adequate liquidity Factors that could lead to a downgrade: -- ION Platform's revenue and EBITDA growth is weaker than expected -- Continued aggressive financial policy decisions -- Moody's no longer forecast Moody's-adjusted leverage (R&D capitalised) to improve towards 7.0x on a sustained basis -- Moody's-adjusted FCF before dividends / debt weakening below 3% on a sustained basis -- Moody's-adjusted FCF after dividends and other forms of cash distributions to holding companies (incl. intra-group loans) is negative on a sustained basis -- Moody's-adjusted (EBITDA – capital expenditures)/ interest expenses remaining below 1.5x on a sustained basis -- Deterioration of liquidity ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS Governance was a consideration to the rating action. The company's decision to raise incremental debt and pay higher than expected distributions following the rating assignment, thereby increasing leverage and weakening FCF generation, is a negative governance consideration that goes against Moody's expectations that gross debt would be at least stable (excl. FX related movements). PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Software published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE ION Platform is a provider of trading software across asset classes (ION Markets), software and services for treasury risk management, foreign exchange processing, and energy and commodity trading risk management applications (ION Corporates), and data, content and other software solutions to global capital markets participants (ION Analytics). ION Platform generated $2.4 billion revenue and $1.3 billion Moody's-adjusted EBITDA during the last twelve months to March 2026. KCH (ASHFORD): Grant Thornton Appointed as Administrators --------------------------------------------------------- KCH (Ashford) Limited was placed into administration in the Business & Property Court, Insolvency & Companies List, Case Number 003439 of 2026. Oliver Haunch and Shane R Smith of Grant Thornton UK Advisory & Tax LLP were appointed as Joint Administrators on May 6, 2026. The company is into the development of building projects. Its registered office is c/o Grant Thornton UK Advisory & Tax LLP, 11th Floor, Landmark St Peter's Square, 1 Oxford Street, Manchester, M1 4PB. Its principal trading address is 11 Cheveral Road, Bedworth, Warwickshire, CV12 8HH. The Joint Administrators can be contacted at: Oliver Haunch Shane R Smith Grant Thornton UK Advisory & Tax LLP 8 Finsbury Circus London EC2M 7EA Further information: Tel: 0161 953 6906 Email: cmusupport@uk.gt.com Contact: CMU Support LAVVAL RESTAURANTS: BTG Begbies Appointed as Joint Administrators ----------------------------------------------------------------- Lavval Restaurants Limited (trading as Spaghetti House) was placed in administration in the High Court of Justice, Business and Property Courts, Insolvency & Companies List, Court Number CR-2026-003114. Asher Miller and Stephen Katz of BTG Begbies Traynor (London) LLP were appointed as Joint Administrators on May 6, 2026. The company is a licensed restaurant. Its registered office is Pearl Assurance House, 319 Ballards Lane, Finchley, London, N12 8LY. The Joint Administrators can be contacted at: Asher Miller Stephen Katz BTG Begbies Traynor (London) LLP Pearl Assurance House 319 Ballards Lane London N12 8LY Further information: Contact: Scott Bennett Tel: 020 8343 5900 Email: MG-Team@btguk.com MAINLINE PRIVATE: Ideal Corporate Appointed as Administrator ------------------------------------------------------------ Mainline Private Hire Limited was placed into administration in The Business & Property Courts of England & Wales, Case Number 2026 of 2770. Andrew David Rosler of Ideal Corporate Solutions Limited was appointed as Administrator on May 6, 2026. The company was involved in taxi operations. Its registered office and principal trading address is Cumberland House, Lissadel Street, Salford, M6 6GG. The Administrator can be contacted at: Andrew David Rosler Ideal Corporate Solutions Limited Lancaster House 171 Chorley New Road Bolton, Greater Manchester BL1 4QZ Further information: Contact: Lee Counsill Tel: 01204 663000 Email: lee.counsill@idealcs.co.uk SIMPSON-PARTNERS LTD: Yin Lie Lee Named Replacement Administrator ----------------------------------------------------------------- Yin Lie Lee of YLA has been appointed as replacement joint administrator on May 6, 2026 in the administration proceedings of Simpson-Partners Ltd. PKF Smith Cooper was previously named as administrators of Simpson-Partners in July 2024. Simpson-Partners Ltd (often operating as Simpson & Partners) is a British manufacturer that specializes in designing and building premium home Electric Vehicle (EV) charging stations. The Replacement Joint Administrator can be contacted at: Yin Lie Lee YLA 29–30 Frith Street Third Floor London W1D 5LG Further information: Email: info@yinleeassociates.com Simpson-Partners was placed in administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2024-004339. The Company's principal trading address is at Unit 8 Kemble Business Park, Crudwell, Malmesbury, Wiltshire, SN16 9SH. SOPHOS INTERMEDIATE: S&P Affirms 'B-' ICR & Alters Outlook to Neg. ------------------------------------------------------------------ S&P Global Ratings revised its outlook on global cybersecurity provider Sophos Intermediate I Ltd. (Sophos) to negative from positive. S&P said, "At the same time, we affirmed our 'B-' long-term issuer credit rating on Sophos and our 'B-' rating on its senior secured debt. The '3' recovery rating on the debt facilities is unchanged, indicating our rounded recovery estimate of about 55% in the event of default. "The negative outlook reflects that we could lower our ratings on Sophos if it is unable to refinance its upcoming maturities in the next two months, or if it faces further delays in the process or refinances on terms where investors would receive less than initially agreed in the original debt documentation." Sophos faces elevated refinancing risks as its $2.4 billion term loans mature in March 2027. Sophos expects to complete a loan refinancing process by mid-July, but--given the significant debt amount and relatively tight deadline--any further delays increase the risk of a distressed exchange, in S&P's view. The negative outlook reflects elevated refinancing risks ahead of Sophos' upcoming March 2027 maturities. The company's $2.4 billion term loans became current in March 2026 and are due in March 2027. This weighs on the company's liquidity and represents heightened refinancing risk because of the tight timeframe and concentrated debt maturity profile. S&P said, "We also note that the current macroeconomic uncertainties may hinder access to capital markets to all market participants. We understand that Sophos has started looking at refinancing options and think it is generally well placed for refinancing based on its current debt trading and continued cash flow generation. However, the upcoming maturity wall remains a key risk to our credit rating, including the terms of any debt extension. We will closely monitor the company's progress in this regard; any further delays or challenges encountered in completing the refinancing, or unfavorable terms, could lead us to downgrade Sophos." S&P said, "Following a projected period of softer billings in fiscal 2026 (ending March 31, 2026), we think Sophos could see a return to growth in fiscal 2027. Our forecast for fiscal 2026 assumes a reduction of approximately 2% in pro-forma SecureWorks Corp. acquisition billings, driven by macroeconomic volatility and political uncertainty in the Americas, alongside integration complexities and sales team transitions. While these headwinds have depressed U.S. subscription expansion, upselling within the existing customer base remains a point of resilience. Should the macroeconomic environment ease and the post-acquisition product suite--specifically in the managed detection and response and extended detection and response segments--successfully drive cross-selling opportunities, Sophos could see billings stabilize and potentially trend toward 4%-5% growth in fiscal 2027. "We forecast that an improvement in the S&P Global Ratings-adjusted EBITDA margin to 25% in fiscal 2027 will help Sophos to reduce leverage, following an estimated contraction to 23% in fiscal 2026. The declining profitability in fiscal 2026 was mainly due to the soft topline performance, the first full year of consolidation of the less-profitable SecureWorks, a greater proportion of lower-margin hardware sales, and elevated restructuring costs. At the same time, moderate pressure from working capital outflow on the back of shrinking deferred revenue reduced cash flow generation, with S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt estimated at below 5%, although it remained positive. We expect restructuring costs and other exceptional items to materially decline from fiscal 2027. This, along with the expected organic improvement supported by the completion of the integration of SecureWorks could drive the EBITDA margin recovery in fiscal 2027 to 25% and fuel deleveraging toward 6.5x. At the same time, we project FOCF to debt increasing to above 5%, subject to Sophos being able to stabilize its performance in the U.S. “The negative outlook reflects the refinancing risks associated with Sophos' upcoming maturities in March 2027. Further delays in refinancing, or terms where investors would receive less than initially agreed in the original debt documentation, would likely lead us to downgrade Sophos to the 'CCC' category. "We could lower our rating on Sophos if it doesn't complete its refinancing during the next couple of months, we observe significant delays in the process, or the refinancing concludes in a way that we view as a distressed exchange. We could also lower the rating if Sophos were to experience high and prolonged material customer decline, leading to negative FOCF and EBITDA cash interest coverage falling to 1.0x. "We could revise the outlook to stable if Sophos successfully refinances its senior secured debt within the next two months." TEC PARTNERS (SOUTH EAST): RSM UK Appointed as Administrators ------------------------------------------------------------- TEC Partners (South East) Limited was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number CR-2026-000451. Lee Lockwood and James Miller of RSM UK Restructuring Advisory LLP were appointed as Joint Administrators on May 1, 2026. The company provided recruitment services. Its registered office and principal trading address is 9 Greyfriars Road, Reading, RG1 1NU. The Joint Administrators can be contacted at: Lee Lockwood James Miller RSM UK Restructuring Advisory LLP Central Square, 5th Floor 29 Wellington Street Leeds LS1 4DL Further information: Contact: Usman Sheikh Tel (case manager): 0113 285 5094 Tel (Joint Administrators): 0113 285 5000 TITCHFIELD FESTIVAL: FRP Advisory Appointed as Administrators ------------------------------------------------------------- Titchfield Festival Theatre Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Court Number CR-2026-003400. Alexander Kinninmonth, James Prior, and Philip David Reynolds of FRP Advisory Trading Limited were appointed as Joint Administrators on May 8, 2026. The company operated a theatre. Its registered office is The Lodge, Mill Lane, Titchfield, Fareham, Hampshire, PO15 5RB, and is in the process of being changed to 3rd Floor, 2 Charlotte Place, Southampton, SO14 0TB. Its principal trading address is The Lodge, Mill Lane, Titchfield, Fareham, Hampshire, PO15 5RB. The Joint Administrators can be contacted at: Alexander Kinninmonth James Prior Philip David Reynolds FRP Advisory Trading Limited 3rd Floor, 2 Charlotte Place Southampton SO14 0TB Further information: Tel: +44 (0)2381 448 200 Email: cp.southampton@frpadvisory.com TOGETHER ASSET 2026-1-CRE-6: Fitch Rates Class X Notes 'BB+sf' -------------------------------------------------------------- Fitch Ratings has assigned Together Asset Backed Securitisation 2026-1-CRE-6 PLC's (TABS 2026-1-CRE-6) notes final ratings. Entity/Debt Rating Prior ----------- ------ ----- Together Asset Backed Securitisation 2026-1 CRE-6 PLC A Loan Notes LT AAAsf New Rating AAA(EXP)sf A XS3349864200 LT AAAsf New Rating AAA(EXP)sf B XS3349864622 LT AAsf New Rating AA(EXP)sf C XS3349864895 LT A+sf New Rating A+(EXP)sf X XS3349865199 LT BB+sf New Rating BB+(EXP)sf Z XS3349865272 LT NRsf New Rating NR(EXP)sf Transaction Summary TABS 2026-1-CRE-6 is a securitisation of 67.5% commercial buy-to-let (BTL) and 32.5% commercial business-occupied (BO) or partially BO loans backed by commercial property in the UK originated by Together Commercial Finance Limited, a fully owned subsidiary of Together Financial Services Limited (Together; BB/Stable/B). The transaction includes recent originations up to February 2026. This is the sixth commercial mortgage loan transaction from Together and the first to be rated by Fitch. KEY RATING DRIVERS Granular Portfolio with Borrower Recourse: The portfolio contains 67.5% BTL and 32.5% BO or partially BO loans advanced to 2,056 borrowers and backed by 2,340 commercial properties with an average loan balance of GBP264,000 and average property value of GBP462,000. These small-balance loan products benefit from borrower recourse and similar certain features to residential mortgage loan products. Fitch views the borrower incentives and cash flow profile of the portfolio as comparable to those of granular loan receivables portfolios, while being exposed to the UK commercial property market. Fitch has therefore rated the transaction using a combination of criteria that address the key rating assumptions (see Criteria Variations below). Performance, LTVs Drive Loss Assumptions: Default rates for the BO sub-pool are derived based on Together's historical arrears and default performance. The BO sub-pool can be compared to SME financing, but its borrowers' default risk characteristics are closer to those of consumer loans, as they are less complex than standard SME loans. Fitch has set a base case default rate of 7.5% and a rating multiple of 6.0x, in line with its Consumer ABS Rating Criteria. Borrowers in the BTL sub-pool are viewed as real estate investment companies. The weighted average (WA) current loan-to-value (LTV) is 56.5%. Default and recovery rates are based on the stressed LTV approach set out in Appendix 11 of Fitch's Covered Bonds Rating Criteria. The commercial market value declines used in this analysis are also used to determine the recovery rates for the BO sub-pool. Rating Caps and Excess Spread: The pool pays a WA interest rate of 9.31% as of February 2026. About 73.6% of the loans pay a WA fixed rate of 9.33% that reverts to the Together Commercial Managed Rate (TCMR) plus a contractual margin (predominantly 3.25%). The TCMR was 8.39% in February 2026. This generates a significant amount of excess spread, which, when combined with credit enhancement (CE), provides each tranche with sufficient cushion to withstand Fitch's asset and cash flow stresses at the assigned ratings. The class C notes are capped at 'A+sf' by payment interruption risk, while the class X excess spread notes are capped at 'BB+sf'. 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 the economic environment. Weakening economic performance is strongly correlated with increasing levels of delinquencies and defaults, which could reduce CE available to the notes. In addition, unanticipated declines in recoveries could result in lower net proceeds, which may make certain 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 foreclosure frequency and a 15% decrease in the weighted average recovery rate would lead to downgrades of up to three notches each for the class A and C notes, and up to four notches for the class B 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 foreclosure frequency and a 15% increase in the weighted average recovery rate would lead to an upgrade of the class B notes by no more than one notch. The class A, C and X notes are at their maximum achievable ratings. CRITERIA VARIATION Fitch applied two criteria variations: The transaction has been rated under the Global Structured Finance (GFS) Rating Criteria. A transaction can be rated under the GSF criteria, without dedicated sector-specific or bespoke criteria, where all key rating drivers are addressed through a combination of different SF sector-specific criteria that can be combined into a cohesive rating approach. For the derivation of the default rate and recovery rate assumptions, Fitch applied the approach outlined in Appendix 11 of the Covered Bonds Rating Criteria. This constitutes a variation to the GSF Rating Criteria, which references only SF sector-specific criteria. For the recovery assumptions of the BO sub-pool, Fitch applied a criteria variation to the SME Balance Sheet Securitisation Rating Criteria by applying the market value decline assumptions outlined in Appendix 11 of the Covered Bonds Rating Criteria (Analysing Commercial Real Estate Loans Securing Covered Bonds) instead of the commercial property collateral haircuts in the SME Balance Sheet Securitisation Rating Criteria. 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 originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the rating agency about the asset portfolio. 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. VALUECARE LTD: RSM UK Appointed as Joint Administrators ------------------------------------------------------- Valuecare Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number CR-2026-000465. Lee Van Lockwood and James Miller of RSM UK Restructuring Advisory LLP were appointed as Joint Administrators on May 7, 2026. The Company took care of residential care facilities. Its registered office is Central Square, 5th Floor, 29 Wellington Street, Leeds, LS1 4DL. Its principal trading address is Lathbury Manor, Northampton Road, Lathbury, Newport Pagnell, MK16 8JX. The Joint Administrators can be contacted at: Lee Van Lockwood James Miller RSM UK Restructuring Advisory LLP Central Square, 5th Floor 29 Wellington Street Leeds LS1 4DL Further information: Case Manager: Ryan Marsh Tel: 0113 285 5000 WINPOS UK: KRE Corporate Appointed as Joint Administrators ---------------------------------------------------------- Winpos UK Limited was placed into administration in the High Court of Justice, Court Number CR-2026-003433. Paul Ellison and Christopher Errington of KRE Corporate Recovery Limited were appointed as Administrators on May 11, 2026. The Company was engaged software development, including business and domestic software development. Its registered office is 2 Old Brewery Lane, Tetbury, GL8 8LL. The Joint Administrators can be contacted at: Paul Ellison Christopher Errington KRE Corporate Recovery Limited Unit 8, The Aquarium 1–7 King Street Reading RG1 2AN Further information: Contact: Chloe Brown Tel: 01189 479090 Email: chloe.brown@krecr.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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