260604.mbx

260604.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, June 4, 2026, Vol. 27, No. 111 Headlines I R E L A N D ANCHORAGE CAPITAL 12: S&P Assigns B-(sf) Rating on Cl. F Notes CVC CORDATUS XXIII: Moody's Gives B3 Rating to EUR15.2MM F-R Notes KINBANE 2024-RPL 1: S&P Raises Cl. F-Dfrd Notes Rating to 'B(sf)' L U X E M B O U R G PLT VII FINANCE: Moody's Affirms 'B2' CFR, Outlook Remains Stable N E T H E R L A N D S ENSTALL GROUP: S&P Upgrades ICR to 'CCC+' on Debt Recapitalization P O R T U G A L SILK FINANCE 5: Moody's Ups Rating on EUR55MM Cl. C Notes from Ba1 S P A I N ALTADIA GROUP: Moody's Alters Outlook on 'B3' CFR to Negative U N I T E D K I N G D O M OBAN CARDS 2026-1: S&P Assigns Prelim. BB+(sf) Rating on E Notes OCEAN VIEWS: Quantuma & Opus Restructruring Named Administrators PROJECT TOKYO: Interpath Advisory Appointed as Administrators SFM TECHNOLOGY: FRP Advisory Appointed as Joint Administrators SIMPLY MARVELLOUS: BTG Begbies & FRP Named as Administrators TS TRAVEL: Moorfields Appointed as Joint Administrators - - - - - ============= I R E L A N D ============= ANCHORAGE CAPITAL 12: S&P Assigns B-(sf) Rating on Cl. F Notes -------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Anchorage Capital Europe CLO 12 DAC's A Loan and class A, B, C, D, E, and F notes. At closing, the issuer also issued EUR28.150 million unrated subordinated notes. The reinvestment period will be approximately 4.6 years, while the noncall period will be 1.5 years after closing. Under the transaction documents, the rated notes and loan will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will switch to semiannual payments. The ratings assigned to the notes and loan reflect our assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,623.00 Default rate dispersion 675.52 Weighted-average life (years) 4.99 Obligor diversity measure 137.59 Industry diversity measure 20.85 Regional diversity measure 1.29 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 159 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.48 Target 'AAA' weighted-average recovery (%) 36.08% Covenanted weighted-average spread net of floors (%) 3.51 Covenanted weighted-average coupon (%) 5.78 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400.00 million target par amount, the target weighted-average spread of 3.51%, the target weighted-average coupon of 5.78%, and the target weighted-average recovery rates. We applied a rampup haircut based on the total principal balance the issuer committed to purchase at closing. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we capped our ratings assigned to the notes." The class A Loan and class A notes can withstand stresses commensurate with the assigned ratings. The class F notes' current BDR cushion is negative at the assigned rating. S&P said, "Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class can sustain a steady-state scenario, in accordance with our criteria." S&P's analysis further reflects several factors, including: -- The class F 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. -- S&P's model-generated portfolio default risk, which is at the 'B-' rating level at 22.72% (for a portfolio with a weighted-average life of 4.99 years) versus 15.98% if it was to consider a long-term sustainable default rate of 3.2% for 4.99 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance of this tranche defaulting. -- If S&P envisions this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all rated classes of notes and the class A Loan. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A to E notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Anchorage Capital Europe CLO 12 DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Anchorage CLO ECM, L.L.C. manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 194.00 39.00 Three/six-month EURIBOR plus 1.32% A Loan AAA (sf) 50.00 39.00 Three/six-month EURIBOR plus 1.32% B AA (sf) 44.00 28.00 Three/six-month EURIBOR plus 2.05% C A (sf) 25.50 21.63 Three/six-month EURIBOR plus 2.50% D BBB- (sf) 29.50 14.25 Three/six-month EURIBOR plus 3.60% E BB- (sf) 17.50 9.88 Three/six-month EURIBOR plus 6.40% F B- (sf) 13.50 6.50 Three/six-month EURIBOR plus 7.85% Sub notes NR 28.15 N/A N/A *The ratings assigned to the A Loan and the class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. CVC CORDATUS XXIII: Moody's Gives B3 Rating to EUR15.2MM F-R Notes ------------------------------------------------------------------ Moody's Ratings announced that it has assigned the following definitive ratings to refinancing notes issued by CVC Cordatus Loan Fund XXIII Designated Activity Company (the "Issuer"): EUR310,000,000 Class A-R Senior Secured Floating Rate Notes due 2036, Assigned Aaa (sf) EUR39,500,000 Class B-1-R-R Senior Secured Floating Rate Notes due 2036, Assigned Aa2 (sf) EUR27,500,000 Class C-R-R Senior Secured Deferrable Floating Rate Notes due 2036, Assigned A2 (sf) EUR35,500,000 Class D-R-R Senior Secured Deferrable Floating Rate Notes due 2036, Assigned Baa3 (sf) EUR26,800,000 Class E-R-R Senior Secured Deferrable Floating Rate Notes due 2036, Assigned Ba3 (sf) EUR15,200,000 Class F-R Senior Secured Deferrable Floating Rate Notes due 2036, Assigned B3 (sf) At the same time, Moody's affirmed the outstanding notes which have not been refinanced: EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2036, Affirmed Aa2 (sf); previously on Aug 19, 2024 Affirmed Aa2 (sf) RATINGS RATIONALE The rationale for the ratings is based on a consideration of the risks associated with the CLO's portfolio and structure as described in Moody's methodologies. The rating affirmation of the Class B-2 notes is a result of the refinancing, which has no impact on the rating of the notes. As part of this refinancing, the Issuer has amended the base matrix that Moody's have taken into account for the assignment of the definitive ratings. CVC Credit Partners Investment Management Limited ("CVC") will continue to manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's remaining approximately five-month reinvestment period. Thereafter, subject to certain restrictions, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk obligations and credit improved obligations. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in April 2026. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Moody's methodologies. Moody's used the following base-case modeling assumptions: Performing par and principal proceeds balance: EUR494.03 million Defaulted Par: EUR1.6 million as of April 15, 2026 Diversity Score: 61 Weighted Average Rating Factor (WARF): 2968 Weighted Average Spread (WAS): 3.65% Weighted Average Coupon (WAC): 4.53% Weighted Average Recovery Rate (WARR): 42.74% Weighted Average Life (WAL): 4.5 years Moody's have addressed the potential exposure to obligors domiciled in countries with local currency ceiling (LCC) of A1 or below. As per the portfolio constraints and eligibility criteria, exposures to countries with LCC of A1 to A3 cannot exceed 10% and obligors cannot be domiciled in countries with LCC below A3. KINBANE 2024-RPL 1: S&P Raises Cl. F-Dfrd Notes Rating to 'B(sf)' ----------------------------------------------------------------- S&P Global Ratings raised its credit ratings on Kinbane 2024-RPL 1 DAC's class C-Dfrd notes to 'AA- (sf)' from 'A+ (sf)', D-Dfrd notes to 'A- (sf)' from 'BBB+ (sf)', E-Dfrd notes to 'BB+ (sf)' from 'BB (sf)', and F-Dfrd notes to 'B (sf)' from 'B- (sf)'. At the same time, S&P affirmed its 'AAA (sf)' and 'AA+ (sf)' ratings on the class A and B-Dfrd notes, respectively. The rating actions reflect S&P's full analysis of the most recent transaction information and the transaction's structural features. Over 78% of the loans in the transaction had been previously restructured at closing, and 56.6% were at least one month in arrears. Since our previous review in April 2025, reported arrears have decreased to 37.9% from 51.1%, of which 29.9%, were 90+ days past due as of January 2026. The class A notes are rapidly amortizing, with 34% principal repaid since closing, thereby enhancing available credit enhancement. As of the January 2026 interest payment date, the general reserve fund is at its EUR2.58 million target, though some drawings have been made since closing. The liquidity reserve fund remains at its target with no drawings since closing. Deferred interest is accumulating on the class F-Dfrd notes, which began accruing in July 2024. The class E-Dfrd notes previously accrued interest but have now cleared all outstanding amounts. Payment rates (paid/amount due) remain stable, especially for loans in severe arrears (more than three months in arrears). S&P said, "At closing, we applied a 100% weighted-average foreclosure frequency (WAFF) assumption at the 'AAA' and 'AA' rating levels for these loans. At all rating levels from 'A' to 'B', we gave credit to their payment rate and instead applied a 5x adjustment to the WAFF when loans exceeded the 80% average payment rate and the servicer identified them for permanent restructuring. We continue to give benefit to the payment rate for loans in severe arrears, as payment rates are expected to be stable." The transaction documents contain a contractual floor of the one-month Euro Interbank Offered Rate plus 2.0% for variable rate loans. S&P gives credit to the floor in its analysis and applied it from closing for the loans serviced by Pepper and a year after closing for loans serviced by Mars. S&P said, "After applying our global RMBS criteria, our credit coverage has decreased across all rating categories the last review in April 2025, primarily due to lower arrears leading to the lower WAFF and updated house price indexation in our model mainly impacting the weighted-average loss severity (WALS) assumption On April 27, 2026, we updated our under- and overvaluation assessments for European residential real estate markets. The updated indexation is up to Q3 2025 for Ireland, reducing the WALS across all rating categories." Portfolio WAFF and WALS Rating level WAFF (%) WALS (%) Credit coverage (%) AAA 61.25 14.17 8.68 AA 52.25 11.89 6.21 A 48.97 8.15 3.99 BBB 42.09 6.43 2.70 BB 34.15 5.38 1.84 B 32.52 4.59 1.49 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. S&P said, "We consider that the transaction remains vulnerable to additional stresses to some key variables, in particular defaults and loss severity, to determine our forward-looking view. In our view, borrowers' ability to repay their mortgage loans will be highly correlated to macroeconomic conditions, particularly the unemployment rate, consumer price inflation, and interest rates. "We expect policy interest rates in the eurozone to rise later this year and anticipate the European Central bank to increase rates by 25 basis points in Q2 and Q3 2026. Our unemployment rate estimates for Ireland in 2025 and forecasts for 2026 and 2027 are 4.3%, 4.5%, and 4.5%, respectively. Most borrowers in this transaction pay variable interest rates, which are vulnerable to rising rates, cost of living, and inflationary pressures. We considered these factors in our credit and cash flow analyses. "Inflation rate estimates have risen due to the ongoing Middle East conflict. Our inflation rate forecast for the eurozone is 3.2% for 2026, which we expect to decrease to between 2.0% and 2.5% in 2027. Additional risks could arise if inflationary pressures materialize more quickly or more severely than currently expected. "Most borrowers in this transaction, initially classified as prime, saw their performance decline, leaving them less resilient to economic shocks. In 2025, Irish house prices increased by 8.9%, surpassing most European averages. Typically, a fall in house prices leads to lower realized recoveries, and a general slowdown in the housing market downturn can further delay recoveries. Therefore, we also ran extended recovery timings to assess the transaction's sensitivity to liquidity risk. "We affirmed our 'AAA (sf)' rating on the class A notes because our credit and cash flow results indicate their available credit enhancement remains commensurate with the assigned rating. "Our cash flow analysis indicates that the class, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes can withstand stresses commensurate with ratings higher than those assigned. However, we limited our upgrades on these notes, given their relative positions in the capital structure, their sensitivity to higher default rates, and lower asset recovery rates. We also consider current heightened geopolitical risk and the potential for further volatility in macroeconomic conditions. We therefore raised our ratings on the class C-Dfrd notes to 'AA- (sf)' from 'A+ (sf)', D-Dfrd notes to 'A- (sf)' from 'BBB (sf)', E-Dfrd notes to 'BB+ (sf)' from 'BB (sf)', and F-Dfrd notes to 'B (sf)' from 'B- (sf)'." Kinbane 2024-RPL 1 DAC is a static RMBS transaction that securitizes a portfolio of reperforming owner-occupied and buy-to-let mortgage loans, secured on residential properties in Ireland. The transaction closed in April 2024, with the first optional redemption date in April 2027. =================== L U X E M B O U R G =================== PLT VII FINANCE: Moody's Affirms 'B2' CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed PLT VII Finance S.a.r.l.'s (Bite or the company) B2 long-term corporate family rating and B2-PD probability of default rating. Concurrently, Moody's have affirmed the B2 instrument ratings of the EUR1,120 million guaranteed senior secured global notes due 2031 issued by PLT VII Finance S.a.r.l. The outlook remains stable. The ratings affirmation follows the company's announcement that the previously announced sale of Tele Tower is expected to close on May 29, 2026. The company aims to use the proceeds from the sale to redeem EUR100 million in principal amount of the company's senior secured notes due 2031 at par plus accrued and unpaid interest and make a EUR405 million distribution to shareholders. "The affirmation of the B2 ratings reflects the company's strong track record of deleveraging with its Moody's-adjusted leverage returning towards 5.5x over the next 12–18 months," says Pilar Anduiza, Moody's Ratings lead analyst for Bite "However, the transaction points to a more aggressive financial policy, as a significant portion of the proceeds will be used for shareholder remuneration, and will increase the company's Moody's-adjusted leverage by around 0.8x, including lease liabilities associated with the towers" adds Ms. Anduiza. RATINGS RATIONALE Moody's views the transaction as overall credit negative because a significant portion of the proceeds has been distributed to shareholders, resulting in an increase in Moody's-adjusted leverage of around 0.8x. The affirmation of the B2 ratings and the stable outlook reflects Moody's expectations that the company's Moody's-adjusted debt/EBITDA will remain close to 5.5x over the next 12–18 months. It also reflects the company's strong track record of deleveraging, which has consistently exceeded Moody's expectations. Bite reported revenue and adjusted EBITDA growth of 6% and 9%, respectively, in Q1 2026. Moody's expects the company to continue delivering organic revenue and EBITDA growth in the low- to mid-single-digit range over the next 12–18 months. Although Bite's financial policy targets company-reported net leverage below 5.0x, Moody's notes that this metric excludes tower lease liabilities, which are included in Moody's adjusted leverage calculation. On a Moody's-adjusted basis, which incorporates lease liabilities for towers as well as an adjustment for capitalised content costs, leverage is equivalent to approximately 6.25x, compared with around 5.75x before the sale of towers. Bite's B2 CFR continues to reflect its strong position in the mobile and TV segments in the Baltic region; its high-quality mobile network and leading free-to-air TV channels and content; Moody's expectations of continued growth in revenue and EBITDA; successful track record of deleveraging; and its positive free cash flow (FCF) generation capacity before dividends. The ratings are constrained by Bite's high Moody's-adjusted gross leverage; relatively modest scale and scope of operations; its geographical concentration in the Baltic region, mainly in Lithuania (A2 stable) and Latvia (A3 stable); and its exposure to cyclical and volatile advertising revenue. LIQUIDITY The transaction has reduced the pools of assets available for monetization. However, Bite's liquidity remains good. The company had cash and cash equivalents of EUR41 million as of March 2026. Liquidity is also supported by full availability under the EUR100 million committed super senior revolving credit facility (SSRCF); and expected positive FCF before dividends of around EUR40 million and EUR55 million in 2026 and 2027, respectively. Moody's expects Bite to distribute most of its excess cash generated via dividends. STRUCTURAL CONSIDERATIONS Pro forma for the partial repayment, Bite's capital structure will comprise of EUR1,020 million guaranteed senior secured global notes maturing in 2031 and the EUR100 million SSRCF maturing in 2030. The B2-rated bonds and the unrated SSRCF benefit from the same security and guarantee structure. Bite's bonds are secured against share pledges, bank accounts and intercompany receivables of key operating subsidiaries, and benefit from guarantees from operating entities accounting for around 98% of group EBITDA (excluding guarantors and non-guarantors with negative EBITDA) and over 85% of group assets. The unrated SSRCF ranks ahead of the notes in an enforcement scenario. Because of the relatively small size of the SSRCF, the notes are rated B2 which is at the same level as the CFR. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's expectations that Bite will continue to report solid operating performance while maintaining gross leverage, as measured by Moody's-adjusted gross debt to EBITDA, below 5.5x over the next 12-18 months. The outlook assumes that Bite will not embark on any large debt-funded acquisitions or shareholder distributions and that it will manage its liquidity in a prudent manner. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if Bite delivers on its business plan, such that its Moody's-adjusted debt/EBITDA declines below 4.5x on a sustained basis; generates positive FCF (after dividends) on a sustained basis; and maintains a track record of prudent liquidity management. The rating could be downgraded if Bite's operating performance weakens, or deb-funded M&A or shareholder distribution increases its Moody's-adjusted debt/EBITDA well above 5.5x on a sustained basis. The rating could also be downgraded if FCF before dividends deteriorates, weakening the company's liquidity. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Bite is a leading converged mobile, fixed broadband, pay-TV and media company in the Baltics, with unique media content and strong free-TV market shares. Bite is mostly owned by Providence Equity Partners. The company generated pro forma revenue of EUR613 million and company-adjusted EBITDA of EUR263 million in 2025. ===================== N E T H E R L A N D S ===================== ENSTALL GROUP: S&P Upgrades ICR to 'CCC+' on Debt Recapitalization ------------------------------------------------------------------ S&P Global Ratings raised its ratings on solar mounting solutions provider Enstall Group B.V. to 'CCC+' from 'D' (default). S&P will rate Enstall's new debt instruments upon implementation of the debt recapitalization plan and receipt of documentation. The negative outlook reflects the risks that Enstall's activity and end markets may not recover as promptly as expected, which could result in more severe underperformance and cash consumption. All Enstall's lenders have contractually agreed to vote in favor of (or abstain) the consent request that will be launched in due course to implement the debt recapitalization. S&P said, "We believe the transaction will improve Enstall's free operating cash flow (FOCF) profile, interest coverage, and liquidity position after it is fully implemented on a consensual basis in June 2026. "However, in our view, the group's capital structure remains unsustainable, with adjusted debt to EBITDA well above 10.0x and FOCF staying under pressure in 2026-2027." Enstall's lenders have contractually agreed to vote in favor of (or abstain) the consent request that will be launched in due course to implement the recapitalisation in June 2026. We believe Enstall has the ability and willingness to service its debt under the new capital structure. After the transaction, Enstall's debt structure will mainly comprise: -- About EUR710 million of senior debt at the operating company (Enstall Group B.V.), maturing in August 2030, with automatic extension to August 2031 if certain conditions are met; -- About EUR436 million of subordinated debt, held by a new holding company, maturing in August 2029, with automatic extension to August 2030 if certain conditions are met; -- A new EUR100 million shareholder loan, fungible with the subordinated debt, to support the company's liquidity after the recapitalization; and -- About EUR30 million of lease liabilities and other debt. S&P said, "We expect to rate Enstall's new debt instruments upon implementation of the debt recapitalization plan and receipt of the final documentation. "Enstall's liquidity will improve after the transaction. The proceeds of the new EUR100 million shareholder loan will boost Enstall's liquidity position. After the transaction, we forecast that liquidity sources will exceed liquidity uses by about 1.8x over the next 12 months. We note that 40% of Enstall's debt will no longer pay cash interest, which will alleviate the pressure on its cash flow profile. We understand that Enstall will have no contractual debt maturities until 2029. However, we note that the company no longer has committed revolving credit facilities, with all the undrawn revolving commitments now fully drawn and residing on the balance sheet. "However, we still see the capital structure as unsustainable. The company's S&P Global Ratings-adjusted debt will increase due to the addition of the EUR100 million shareholder loan, as well as the accrued interest on the holding company's debt. As a result, we forecast S&P Global Ratings-adjusted leverage to remain well above 15.0x in 2026 and exceed 10.0x in 2027. We expect S&P Global Ratings-adjusted EBITDA to increase to about EUR60 million-EUR70 million in 2026 from EUR30 million in 2025, mainly as a result of lower restructuring costs than in 2025. However, we still forecast negative FOCF of EUR20 million-EUR30 million in 2026 due to a still low EBITDA base, lower cash contribution from working capital, and material cash outflows from overdue tax payments. In 2027, we forecast FOCF to be broadly neutral." The recovery of Enstall's end markets remains uncertain in 2026-2027. The solar photovoltaic (PV) energy market and related solar mounting solutions remain challenging in 2026. In the U.S., important changes to tax-incentive schemes were terminated in December, therefore demand accelerated toward the end of 2025 and declined materially this year. In Europe, tax incentives to install solar PV panels are limited, and demand has declined following the normalization of energy prices in recent years. In the medium to long term, solar energy markets could benefit from the electrification megatrend, continued cost improvements in solar and energy storage, and increased energy demand stemming from data centers. The recent price increase in fossil fuels could also boost demand for solar and electrical products. However, the magnitude and timing of the markets' recovery remain uncertain. Enstall also continues to integrate Schletter, a provider of solar mounting systems acquired in 2025, which could result in additional restructuring costs. In S&P's view, the sustainability of Enstall's capital structure in the medium term depends on favorable developments in the company's end markets, as well as the company's ability to turn Schletter around. The negative outlook reflects the risks that Enstall's activity and end markets may not recover as promptly as expected, which could result in more severe underperformance and cash consumption. S&P could lower its rating if: -- S&P believes there was an increased risk of Enstall defaulting in the next 12 months. This could occur if Enstall's performance is much weaker than expected, due for example to a lack of market recovery or operational issues and material exceptional costs, leading to a deterioration of liquidity. -- Enstall announced any measure that S&P would consider a default under its criteria, such as a debt exchange offer below par, debt restructuring, or missed interest payment. S&P could revise its outlook to stable if: -- Enstall's performance gradually improves from more supportive solar end markets and successful turnaround of Schletter's operations; and -- The company builds a track record of improving FOCF, trending toward a neutral position. =============== P O R T U G A L =============== SILK FINANCE 5: Moody's Ups Rating on EUR55MM Cl. C Notes from Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings of three notes in Silk Finance No.5. The rating action reflects the increased levels of credit enhancement for the affected notes, better than expected collateral performance and reduced linkage to the eligible investments criteria. EUR466.1 million Class A Notes, Upgraded to Aaa (sf); previously on Nov 23, 2023 Affirmed Aa2 (sf) EUR65.9 million Class B Notes, Upgraded to Aa2 (sf); previously on Nov 23, 2023 Upgraded to A2 (sf) EUR55 million Class C Notes, Upgraded to A3 (sf); previously on Nov 23, 2023 Upgraded to Ba1 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranches, decreased key collateral assumptions and reduced linkage to the eligible investments criteria. Revision of Key Collateral Assumptions As part of the rating action, Moody's reassessed Moody's expected default rate and recovery rate assumptions for the portfolio reflecting the collateral performance to date. The transaction has continued to perform better than expected. 60 days plus arrears currently stand at 0.30% of current pool balance showing a stable trend over the past year. Cumulative defaults currently stand at 3.49% of original pool balance, slightly up from 3.34% a year earlier. Moody's have decreased the current default probability assumption to 6.0% from 7.0% of the current portfolio balance, which corresponds to a default probability assumption of 4.36% based on original portfolio balance. Moody's have increased the recovery rate assumption to 45% from 35%. Moody's reassessed Moody's Portfolio Credit Enhancement ("PCE") assumption for this transaction. PCE reflects the credit enhancement consistent with the highest rating achievable in Portugal. As a result, Moody's have decreased the PCE assumption to 16% from 18%. Increase in Available Credit Enhancement The reserve fund amortised amounts were used to pay down the collateralised notes, which resulted in a build-up of overcollateralization. Although the notes are amortising pro rata, the available credit enhancement for the notes is increasing as the transaction amortises. For instance, the credit enhancement for the Class B and Class C increased respectively to 15.95% and 7.14% from 12.43% and 3.27% since closing. Eligible Investments Criteria The Issuer is permitted to invest cash balances held in the transaction accounts, only by a resolution of the most senior noteholders, in instruments with a minimum rating of Baa1. As per Moody's criteria, this leads to a rating cap of Aa2 for the Class A Notes and A1 for the Class B Notes. In the last rating action, the ratings of the Class A Notes were constrained due to the linkage to eligible investments criteria. Moody's views the increase in credit enhancement of the rated notes in this rating action combined with the high credit quality of counterparties, in particular the servicer Santander Consumer Finance S.A., Sucursal em Portugal, a branch of Santander Consumer Finance S.A. (A2(cr) / P-1(cr)) as a strong mitigant to this risk. Furthermore, the Issuer has not reported any proceeds from eligible investments since closing. Therefore, Moody's determined that temporarily invested cash balances are immaterial to the ratings of the notes and Moody's applied no rating cap to the Class A and Class B Notes. 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. ========= S P A I N ========= ALTADIA GROUP: Moody's Alters Outlook on 'B3' CFR to Negative ------------------------------------------------------------- Moody's Ratings has affirmed Altadia Group Corporate, S.A.U.'s (Altadia or the company) long term corporate family rating and probability of default rating at B3 and B3-PD, respectively. Concurrently Moody's affirmed the instrument ratings of Altadia's senior secured term loan B (TLB) and senior secured revolving credit facility (RCF) at B3. The outlook has changed to negative from stable. RATINGS RATIONALE The rating action reflects expectations that Altadia's gross leverage will remain elevated and worse than guidance for the B3 rating, with limited deleveraging during 2026 due to subdued market demand and ongoing cost pressures. Moody's estimates Moody's-adjusted gross leverage of around 10x for the last 12 months ended March 2026. Altadia's product demand is closely tied to ceramic tile production volumes, which in turn depend on the broader construction sector - a market that has faced significant headwinds over the last several years and will remain under pressure given the Middle East conflict. During Q1 2026, the company experienced weaker demand in markets such as Algeria due to pre-buying in Q4 2025 and customer shut downs in India due to limited gas availability stemming from the Middle East conflict. Additionally, certain ceramic manufacturers in Spain and the Maghreb region have reduced production driven by higher energy prices and lower demand from end customers in the Middle East region. To counteract these negative pressures, the company has been implementing broad based pricing increases across geographies and has hedged a portion of its European gas needs. Moody's expects these factors to at least partially mitigate margin compression during this period of cost inflation. Despite its high leverage, Moody's forecasts that the company could achieve modest positive Moody's-adjusted FCF in 2026, supported by some modest working capital benefits, similar capex levels to 2025 and that volumes remain stable. More generally, Altadia's CFR reflects positively the company's global production footprint, strong position in niche segments, no immediate refinancing needs for its term loan and historical ability to generate free cash flow despite high leverage. However, the company's credit profile is constrained by its high gross leverage with only at best modest demand recovery over the next 12-18 months; narrow product focus with a high exposure to the residential construction market; competitive pressures in some product groups and regions; exposure to volatile input costs and broader input cost and demand challenges stemming from the ongoing Middle East conflict. OUTLOOK The negative outlook on Altadia highlights the company's weak rating positioning. It also reflects uncertainty regarding the impact of the ongoing Middle East conflict on Altadia's end customer demand and the absence of a clear catalyst for material operating improvement in 2026. It also reflects the expectation that the company will need to address its September 2028 RCF maturity and March 2029 TLB maturities well in advance of going current, during a period of uncertain market recovery. LIQUIDITY Altadia's liquidity is adequate. As of March 2026, the company had around EUR57 million of cash on balance and access to an undrawn EUR175 million RCF. In combination with forecasted funds from operations, Moody's expects these sources to sufficiently cover the company's capital spending, short-term debt and day to day cash needs. Altadia has access to other credit lines and a factoring programme to manage working capital swings. The company's factoring program is EUR46 million and Moody's estimates around 50% utilization. These facilities are typically committed for a short-term time horizon. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Altadia's ratings include: (1) Moody's-adjusted leverage below 6.0x on a sustained basis; (2) EBITDA interest coverage above 2.0x; (3) maintenance of adequate liquidity profile and positive Moody's adjusted FCF. Factors that could lead to a downgrade of Altadia's ratings include: (1) Moody's adjusted leverage remains above 7.0x; (2) Moody's adjusted EBITDA interest coverage remains below 1.5x; (3) the company generates negative Moody's adjusted FCF or liquidity deteriorates; or (4) the company does not address its September 2028 RCF and March 2029 TLB maturities well in advance of going current. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals 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 DESCRIPTION Headquartered in Villarreal, Spain, Altadia Group Corporate, S.A.U. (Altadia or the company) is a global manufacturer of intermediate products for the ceramic tile industry. The group's offering comprises a full range of products related to the key properties of floor and wall tiles, including surface colours, glazing products and body colouring materials. The company generated management adjusted EBITDA of EUR173 million for the 12 months that ended March 2026. Altadia is majority owned by the private equity firm, the Carlyle Group. =========================== U N I T E D K I N G D O M =========================== OBAN CARDS 2026-1: S&P Assigns Prelim. BB+(sf) Rating on E Notes ---------------------------------------------------------------- S&P Global Ratings has assigned its preliminary credit ratings to Oban Cards 2026-1 PLC's asset-backed floating-rate class A, B, C, D, and E notes. Subordinated to the class E notes is an unrated class Z notes, which, together with the class A, B, C, D, and E notes, represent the collateralized debt. The transaction has an initial scheduled revolving period of three years during which principal collections will be reinvested to purchase additional receivables, subject to early amortization upon the occurrence of certain events including performance-based tests. Vanquis Bank Ltd. (Vanquis) can extend the revolving period for an additional 12 months with no change to the notes' original terms and conditions. The rated notes will pay a floating rate of interest plus a margin. If they are not redeemed by the original scheduled redemption date the margin will increase to a higher step-up margin. A combination of note subordination and available excess spread provides credit enhancement on the rated notes. Principal collections from subordinated classes is available as liquidity support, while the class A, B, C, and D notes also benefit from liquidity provided by an amortizing reserve fund. Amounts exceeding the required reserve fund amount are released to the revenue priority of payments. Vanquis will remain the initial servicer of the portfolio. S&P said, "Our preliminary ratings in this transaction are not constrained by our counterparty or operational criteria. We expect the legal opinions will adequately address any legal risk in line with our legal criteria." Ratings Class Prelim. rating* Prelim. amount (mil. GBP) A AAA (sf) TBD B AA- (sf) TBD C A- (sf) TBD D BBB (sf) TBD E BB+ (sf) TBD Z NR TBD *S&P's preliminary ratings address timely payment of interest and ultimate repayment of principal by legal final maturity on the rated notes. NR--Not rated. TBD--To be determined. OCEAN VIEWS: Quantuma & Opus Restructruring Named Administrators ---------------------------------------------------------------- Ocean Views Residence Ltd was placed into administration in the High Court of Justice, Court Number CR-2026-000760. Andrew Watling of Quantuma Advisory Limited and Timothy John Edward Dolder of Opus Restructuring LLP were appointed as Joint Administrators on May 15, 2026. The company engaged in the buying and selling of own real estate. Its registered office and principal trading address is 7 Church Street, Wellington, Telford, Shropshire, TF1 1DD. The Joint Administrators can be contacted at: Andrew Watling Quantuma Advisory Limited 25 Barnes Wallis Road Fareham Hampshire PO15 5TT -- and -- Timothy John Edward Dolder Opus Restructuring LLP 1 Radian Court Knowlhill Milton Keynes MK5 8PJ For further information, contact: Contact: Ellena Fairbrother Tel: 019087 52938 PROJECT TOKYO: Interpath Advisory Appointed as Administrators ------------------------------------------------------------- Project Tokyo Limited was placed into administration in the Court of Session, Court Number P530 of 26. James Alexander Dewar and Alistair McAlinden of Interpath Advisory were appointed as Joint Administrators on May 15, 2026. The company is a holding company for recruitment businesses. Its registered office is 7th Floor, 78 St Vincent Street, Glasgow, G2 5UB. The Joint Administrators can be contacted at: James Alexander Dewar Alistair McAlinden Interpath Advisory 5th Floor, 130 St Vincent Street Glasgow G2 5HF For further information, contact: Contact: Sarah Coyne Email: Sarah.Coyne@interpath.com Tel: 0141 648 4334 SFM TECHNOLOGY: FRP Advisory Appointed as Joint Administrators -------------------------------------------------------------- SFM Technology Limited was placed into administration in the High Court of Justice, Court Number CR-2026-002566. Andy John and Miles Needham of FRP Advisory Trading Limited were appointed as Joint Administrators on May 15, 2026. The company engaged in the manufacture of other general-purpose machinery. Its principal trading address is Unit 9, Bancombe Court, Martock Trading Estate, Martock, Somerset, TA12 6HB. Its registered office is Unit 9, Bancombe Court, Martock Trading Estate, Martock, Somerset, TA12 6HB (in the process of being changed to c/o FRP Advisory Trading Limited, 2nd Floor, Churchill House, 26-30 Upper Marlborough Road, St Albans, AL1 3UU). The Joint Administrators can be contacted at: Andy John Miles Needham FRP Advisory Trading Limited 2nd Floor, Churchill House 26-30 Upper Marlborough Road St Albans AL1 3UU For further information, contact: Contact: Oliver Mulvaney Email: cp.stalbans@frpadvisory.com Tel: 01727 811111 SIMPLY MARVELLOUS: BTG Begbies & FRP Named as Administrators ------------------------------------------------------------ Simply Marvellous Properties Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-002204. Paul Cooper of BTG Begbies Traynor (London) LLP, and David Hudson and Simon Baggs, both of FRP Advisory Trading Limited, were appointed as Joint Administrators on March 18, 2026. The company engaged in the owning and selling of real estate. Its registered office is Level 33, One Canada Square, London, E14 5AB. Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be contacted at: Paul Cooper BTG Begbies Traynor (London) LLP Level 33, One Canada Square London E14 5AB -- and -- David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU For further information, contact: Contact: Alex Nekaj Tel: 020 7400 7900 Email: MFS@btguk.com BTG Begbies Traynor (London) LLP TS TRAVEL: Moorfields Appointed as Joint Administrators ------------------------------------------------------- TS Travel Ltd was placed into administration in the High Court of Justice, Business & Property Courts of England & Wales, Insolvency & Companies List, Court Number 003739 of 2026. Michael Solomons and Andrew Pear, both of Moorfields, were appointed as Joint Administrators on May 14, 2026. The company engaged in travel agency activities. Its registered office and principal trading address is 4–6 Canfield Place, London, NW6 3BT. The Joint Administrators can be contacted at: Michael Solomons Andrew Pear Moorfields 82 St John Street London EC1M 4JN For further information, contact Contact: Tess Mitchell Email: tess.mitchell@moorfieldscr.com Tel: 020 7186 1144 ********* 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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