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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, July 1, 2026, Vol. 27, No. 130

                           Headlines



F I N L A N D

AMER SPORTS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable


F R A N C E

RAMSAY GENERALE: Moody's Rates New Term Loan & Revolver 'B1'


G E R M A N Y

ASK CHEMICALS: Moody's Affirms 'B3' CFR, Outlook Remains Stable


I R E L A N D

MADISON PARK IX: Moody's Affirms B3 Rating on EUR12.1MM F Notes
NOURYON FINANCE: Moody's Rates New Senior Secured Notes 'B2'


S P A I N

ALMIRALL SA: Moody's Upgrades CFR to 'Ba1', Outlook Stable
OPEN BANK: Moody's Affirms 'Ba1(hyb)' Preference Stock Rating


S W I T Z E R L A N D

ROSEN INT'L: Moody's Alters Outlook on 'Ba3' CFR to Negative
VERISURE HOLDING: Moody's Rates New EUR750MM Secured Notes 'Ba1'


U N I T E D   K I N G D O M

ARDMORE CONSTRUCTION: Begbies Traynor Appointed as Administrators
ARDMORE HOTELS: Begbies Traynor Appointed as Joint Administrators
ARDMORE MAJOR: Begbies Traynor Appointed as Joint Administrators
AZURE FINANCE 3: Moody's Cuts Rating on GBP3.7MM F Notes to Caa2
DILMOOR ESTATES: Oury Clark Appointed as Joint Administrators

GLOBAL ACADEMIC: Moody's Cuts CFR to B2, Outlook Remains Stable
LEBANESE FOOD: Oury Clark Appointed as Joint Administrators
MALLOCK LIMITED: Exigen Group Appointed as Joint Administrators
MAROUSH II COMPANY: Oury Clark Appointed as Joint Administrators
PROJECT GOAL: Cornerstone Business Appointed as Administrator

RANOUSH COMPANY: Oury Clark Appointed as Joint Administrators
SUCKERS LIMITED: Oury Clark Appointed as Joint Administrators
VEDANTA RESOURCES II: Fitch Rates Senior Unsecured Notes 'BB'
VEDANTA RESOURCES II: Moody's Rates New Senior Secured Bonds 'Ba3'
VINYL (GB): Creditors' Virtual Meeting Set for July 9

ZAKARY LIMITED: Oury Clark Appointed as Joint Administrators

                           - - - - -


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F I N L A N D
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AMER SPORTS: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings affirmed Amer Sports, Inc.'s (Amer Sports) Ba1
corporate family rating and Ba1-PD probability of default rating.
At the same time, Moody's upgraded the rating for the backed senior
secured revolving credit facility issued by the company's
subsidiary Amer Sports Corporation to Baa3 from Ba1. The
speculative grade liquidity rating remains unchanged at SGL-1. The
outlooks for Amer Sports, Inc. and Amer Sports Corporation remain
stable.

The upgrade of the senior secured revolving credit facility rating
to Baa3 from Ba1 reflects governance considerations, specifically
the company's significant debt repayment funded with equity
issuance proceeds, and the resulting improvement in recovery
prospects for the revolver, supported by lower secured debt in the
capital structure.

The company's credit metrics have materially improved following its
2026 secured notes repayment, with Moody's-adjusted debt/EBITDA
declining to 0.9x as of March 31, 2026, positioning the rating
strongly in the Ba1 category. Amer Sports continues to benefit from
strong demand for its brands, which together with store expansion
is driving growth across regions and channels. Over the next 12-18
months, Moody's projects high-teen to low-20 percent revenue growth
and modestly higher EBITDA margin. Moody's expects Moody's-adjusted
debt/EBITDA to remain in the 1x range over the next 12-18 months,
assuming no debt incurrence other than increasing operating
leases.

RATINGS RATIONALE

Amer Sports' Ba1 CFR reflects its leading positions in the premium
outdoor apparel, trail footwear and sports equipment categories and
strong operating performance. Arc'teryx and Salomon, each
generating over $2 billion in revenue, account for the majority of
operating profit, while Wilson and the company's smaller sports
equipment brands provide additional diversification. Core technical
franchises at Arc'teryx and Salomon differentiate the brands in an
increasingly competitive premium performance apparel and footwear
market. Brand strength is also reinforced by the company's
disciplined execution, including controlled wholesale distribution,
a focus on direct-to-consumer channels with limited outlet
exposure, ongoing innovation in core technical products, and
limited promotional activity. In addition, Amer Sports' Greater
China business benefits from the local expertise of ANTA Sports
Products Limited, which provides market knowledge, retail execution
capabilities and brand-building support in the region. The
company's strong credit metrics also provide key rating support,
including Moody's-adjusted debt/EBITDA of 0.9x and EBITA/interest
expense of 20x (pro forma for the full-year impact of lower
interest expense). Moody's expects liquidity to be very good over
the next 12-18 months, including its cash balance, solid free cash
flow despite sizable capital expenditures for store expansion, and
access to the $710 million undrawn revolving credit facility.

At the same time, the rating is constrained by the execution risks
of managing the company's high growth and fashion risk in a
competitive marketplace. Moody's estimates that a majority of
Arc'teryx revenue and a meaningful portion of Salomon revenue is
derived from lifestyle use that does not require performance
characteristics. Demand for lifestyle outdoor-inspired apparel and
footwear has recently benefited from fashion-driven tailwinds that
may prove cyclical. The company has limited operating history at
its current scale, after more than doubling its operating profit
since 2023, and its ability to manage store expansion, inventory
and merchandising through a fashion cycle or economic downturn
remains untested. Amer Sports also has relatively limited brand
awareness outside its strongest markets and core enthusiast
consumers, increasing execution risk as it seeks to broaden demand
in highly competitive categories.

While Amer Sports is publicly traded, its ownership structure
results in concentrated control and decision-making, with ANTA
Sports owning roughly 40% of outstanding shares and other pre-IPO
shareholders owning about 30% collectively. ANTA has the right to
nominate five board directors as long as its ownership remains
above 30% of outstanding shares. Moody's expects ANTA to continue
to support a conservative financial policy at Amer Sports.  Amer
Sports is operating well below its public net leverage target of
1.5x or below, which creates some capacity for incremental debt;
however, Moody's expects leverage to remain below 2x over the
intermediate term.

The stable outlook reflects Moody's expectations for continued
strong operating performance, low leverage and very good
liquidity.

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

The ratings could be upgraded if Amer Sports sustains good
operating execution, including organic revenue and EBITDA growth,
while continuing to diversify its product franchises and increase
consumer awareness of its brands. An upgrade would also require a
commitment to financial strategies consistent with an
investment-grade profile, including Moody's-adjusted debt/EBITDA is
sustained at or below 2.0x and a more flexible debt structure with
less reliance on secured debt. Remediating the weakness in internal
control over financial reporting would also be required for an
upgrade.

The ratings could be downgraded if Amer Sports' operating
performance deteriorates as a result of factors such as weaker
consumer spending or a shift in consumer sentiment away from the
company's brands. Moody's-adjusted debt/EBITDA sustained above
2.5x, a decline in the EBIT margin towards a high-single-digit
percentage range, or deterioration in liquidity could also lead to
a downgrade.

The principal methodology used in these ratings was Retail and
Apparel published in September 2025.

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

Amer Sports Inc. is a global sporting goods company focused on
premium outdoor technical apparel, footwear, sports equipment and
accessories. Its brand portfolio includes Arc'teryx, Salomon and
Wilson, with mountaineering, hiking, skiing, and running among its
largest categories, as well as products for sports such as tennis,
baseball, American football and golf. In the twelve months ended
March 31, 2026, Amer Sports generated revenue of about $7.0
billion.




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RAMSAY GENERALE: Moody's Rates New Term Loan & Revolver 'B1'
------------------------------------------------------------
Moody's Ratings has assigned B1 ratings to the proposed EUR1.55
billion senior secured term loan B and EUR200 million senior
secured revolving credit facility (RCF), both due 2033, issued by
Ramsay Generale de Sante S.A. (Ramsay Santé or the company).
Ramsay Santé's B1 corporate family rating and B1 PD probability of
default rating are unaffected.

RATINGS RATIONALE

Ramsay Santé has launched a refinancing of its existing EUR1.45
billion senior secured term loan B, EUR100 million senior secured
capital spending and acquisition facility, EUR100 million senior
secured RCF and EUR100 million euro private placement notes. The
transaction does not result in an increase in gross debt and is
largely credit neutral while it extends the debt maturity profile.

The debt refinancing occurs in the context of the ownership
transition announced in February 2026, under which Ramsay Health
Care Limited (RHCL) intends to distribute its 52.79% stake in the
company to its shareholders. This proposed distribution introduces
uncertainty regarding Ramsay Santé's future ownership structure
and may lead to a more fragmented shareholder base over time, with
potential implications for governance.

In this context, the debt refinancing proactively addresses the
potential implications of the change of control clause embedded in
the existing senior secured term loan B and the euro private
placement notes. The refinancing mitigates this risk by replacing
the existing debt instruments.

The ratings are unaffected because of the absence of incremental
debt, the largely unchanged financial profile, and Moody's
expectations that credit metrics will remain broadly consistent
with those considered at the time of the most recent periodic
review of the ratings in May 2026. At the same time, the B1 rating
continues to reflect the company's high leverage, weak interest
coverage and the ongoing governance uncertainty associated with the
ownership transition. Moody's will continue to monitor developments
regarding the completion of the ownership transition and any
resulting changes in the company's shareholder structure and
financial policy.

More generally, Ramsay Santé's B1 ratings reflect (1) its large
scale, strong reputation and leading position in the private
hospital market, namely in France and the Nordic countries, in
particular Sweden; (2) the historical supportive regulatory
framework of the French healthcare system; (3) and favorable
secular trends for private hospitals, driven by an ageing
population with a higher life expectancy resulting in an increased
demand for medical care.

At the same time the ratings are constrained by (1) the leveraged
financial profile, as evidenced by expected Moody's-adjusted gross
debt to EBITDA ratio of about 6.5x and Moody's-adjusted EBITA to
interest expense ratio of about 1.1x for the 12 months ending June
2026; (2) the exposure to adverse regulatory changes, particularly
in France due to the lack of visibility in tariff adjustments
beyond one year; (3) high fixed cost structure which may reduce
short-term flexibility in the face of operational regulatory
pressures, despite cost control and efficiency actions.

LIQUIDITY

Ramsay Santé has an adequate liquidity. Pro forma for the debt
refinancing, it has cash balance of EUR174 million and a committed
undrawn RCF of EUR200 million. Ramsay Santé has high capital
expenditure which constrain its free cash flow generation. At the
same time, these investments in medical equipment, real estate and
renovation, digitalization, and reinforcement of cybersecurity are
essential.

The RCF includes a springing net leverage covenant which is set at
6.8x, triggered only when the RCF is drawn by more than 40% (net of
cash and certain exclusions).

STRUCTURAL CONSIDERATIONS

The EUR1.55 billion senior secured term loan B and the EUR200
million senior secured RCF are issued by Ramsay Generale de Sante
S.A. The B1 instrument ratings reflect their pari passu ranking in
the capital structure, with upstream guarantees from material
subsidiaries.

Immobiliere Santé, the main holding company for the real estate
assets of Ramsay, entered into a EUR212 million (as of December 31,
2025) loan agreement within its security trust. This loan is
pledged by its security trust covering the shares of real estate
subsidiaries holding the buildings of nine private hospitals or
clinics.

The B1-PD probability of default rating reflects Moody's
assumptions of a 50% family recovery rate, typical for bank debt
structures with limited or loose set of financial covenants.

COVENANTS

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

Guarantor coverage will be at least 80% of consolidated EBITDA,
determined in accordance with the agreement. Wholly-owned
subsidiaries representing 5% or more of EBITDA and not incorporated
in South America, China, Turkey, Lebanon, UAE, Hong Kong, Russia
and India are required to provide guarantees and security. Security
will be granted over key shares, material intercompany receivables
and (for non-operational companies) material bank accounts.  

Additional pari passu debt is permitted up to 100% of EBITDA plus
unlimited amounts up to a senior secured net leverage ratio (SSNLR)
of 4.0x. Unlimited restricted payments are permitted if the net
leverage ratio (NLR) is 4.25x or lower (4.5x if funded from the
available amount) and unlimited junior debt repayments are
permitted up to a 4.5x NLR (4.75x if funded from the available
amount). Permitted investments are allowed if NLR is 5.25x or lower
(or if funded from the available amount). Asset sale proceeds are
required to be applied in full regardless of leverage.

Adjustments to consolidated EBITDA include run rate cost savings
and synergies, capped at 20% of EBITDA and anticipated to be
achieved within 18 months.

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

RATING OUTLOOK

The negative outlook reflects credit metrics that remain weak for
the B1 rating category. A return to a stable outlook would require
sustained improvement in revenue and profitability, leading to a
durable strengthening of credit metrics, including adjusted
interest coverage. Greater clarity on the company's future
ownership structure and associated financial policy would also be
supportive.

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

Upward rating pressure could arise if the adjusted gross debt to
EBITDA falls below 5.5x; the adjusted EBITA to interest expense
exceeds 2x; and the adjusted free cash flow to debt improves above
5% - all on a sustainable basis. In addition, an upgrade would
assume the absence of detrimental regulatory shifts or negative
changes in financial policy.

Downward rating pressure could develop if the company fails to
deleverage below adjusted gross debt to EBITDA of 6.5x; if the
adjusted EBITA to interest expense does not move towards 1.5x; or
adjusted free cash flow turns negative - all on a sustained basis.
Negative rating pressure could also occur in the event of large
debt-financed acquisitions, distributions to shareholders or if
liquidity materially deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in France, Ramsay Santé is one of the leading
private hospitals in Europe, with strong market positions in France
and the Nordics. Ramsay Santé offers a broad range of medical,
surgical and mental healthcare services. Ramsay Santé is majority
owned by Ramsay Health Care (UK) Limited (52.8%), a subsidiary of
Ramsay Health Care Limited, an Australian multinational healthcare
provider and hospital network. Other shareholders comprise Predica
(39.8%), a subsidiary of Credit Agricole S.A. (Aa3 stable)
specialising in insurance, and Groupe du Docteur Attia (6.6%).
Ramsay Santé is listed on the Euronext Paris.




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G E R M A N Y
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ASK CHEMICALS: Moody's Affirms 'B3' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings affirmed the B3 long term corporate family rating
and B3-PD probability of default rating of ASK Chemicals
International Holding GmbH (ASK Chemicals, ASK or the company). In
the same action Moody's affirmed the B3 rating on the company's
EUR325 million existing backed senior secured notes and assigned a
B3 rating to the additional EUR50 million backed senior secured
notes (together the senior secured notes), issued by ASK Chemicals
Deutschland Holding GmbH, a subsidiary of ASK Chemicals. The
outlook on both entities remains stable.

RATINGS RATIONALE

The affirmation of ASK's B3 corporate family rating reflects the
impact of the company's EUR50 million tap of its backed senior
secured notes, which is acceptable for the B3 rating. Proceeds, in
combination with some drawings on the RCF, will be used to repay a
EUR57 million PIK loan outside the restricted group. The
affirmation is supported by credit metrics that remain within
Moody's expectations for the B3 rating, adequate liquidity, and a
debt maturity profile with no material maturities before 2029.

Despite Moody's expectations that end-market demand will remain
weak in 2026, the EUR50 million increase in gross debt will
increase ASK's leverage to a still acceptable level. Moody's
forecasts leverage will rise to around 5.8x at year-end 2026 from
4.9x for the twelve months ended March 31, 2026. Moody's expects
only moderate profitability improvement in 2026, supported by cost
efficiencies implemented over the past 18 months. However, high
interest expense and modest EBITDA margins will continue to
constrain the company's ability to generate meaningful and
sustained free cash flow while end-market conditions remain
challenging.

ASK Chemicals' B3 CFR reflects (1) its leading market position in
the niche metal casting chemicals market, (2) the benefits from
high barriers to entry due to the company's technology protected by
a portfolio of more than 1,000 patents and long-term relationships
with customers due to its focus on quality, innovation and R&D, and
(3) low maintenance capex of around 2% of sales, creating some
capacity to generate free cash flow (FCF) in a downturn.

However, the company's (1) small scale and narrow product
portfolio, (2) exposure to cyclical end-markets, (3) limited
historical free cash flow (FCF) generation capability, and
relatively weak profitability, and (4) elevated Moody's adjusted
gross leverage, temper these strengths.

LIQUIDITY

ASK Chemicals' liquidity is adequate. At the end of May, the
company had around EUR25 million of cash on hand. The company has
access to EUR30 million of its EUR40 million super senior secured
revolving credit facility issued by ASK Chemicals Deutschland
Holding GmbH as end of May 2026 pro forma.

The company continues to have access to several factoring programs
in place amounting to between EUR45- EUR50 million, of which an
equivalent of EUR26 million was utilized at March 31, 2026.

OUTLOOK

The stable outlook reflects Moody's expectations that the company
will be able to maintain its credit metrics within Moody's
expectations for the B3 rating, absent any meaningful recovery in
its end markets.

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

Factors that could lead to a rating upgrade include: (i) gross
debt/EBITDA consistently below 5.0x; (ii) evidence of and
expectations for sustained positive FCF and maintenance of good
liquidity; and (iii) EBITDA/Interest cover consistently exceeding
2.0x.

Factors that could lead to a rating downgrade include: (i) the
company not executing on the refinancing of its RCF and TLB well in
advance of maturities or completing refinancing which results in an
unsustainable capital structure in Moody's views; (ii) gross
debt/EBITDA consistently at or well above 6.0x; (iii)
EBITDA/Interest cover below 1.5x; (iv) negative FCF or
deterioration of the company's liquidity profile; or (v) more
aggressive financial policies.

The principal methodology used in these ratings was Chemicals
published in February 2026.




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MADISON PARK IX: Moody's Affirms B3 Rating on EUR12.1MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the rating on the following notes
issued by Madison Park Euro Funding IX DAC:

EUR48,400,000 Class B Senior Secured Floating Rate Notes due 2035,
Upgraded to Aa1 (sf); previously on Jun 30, 2021 Definitive Rating
Assigned Aa2 (sf)

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

EUR269,500,000 (Current outstanding balance EUR269,205,225) Class
A Senior Secured Floating Rate Notes due 2035, Affirmed Aaa (sf);
previously on Jun 30, 2021 Definitive Rating Assigned Aaa (sf)

EUR26,125,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Affirmed A2 (sf); previously on Jun 30, 2021
Definitive Rating Assigned A2 (sf)

EUR28,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Affirmed Baa3 (sf); previously on Jun 30, 2021
Definitive Rating Assigned Baa3 (sf)

EUR24,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Affirmed Ba3 (sf); previously on Jun 30, 2021
Definitive Rating Assigned Ba3 (sf)

EUR12,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Affirmed B3 (sf); previously on Jun 30, 2021
Definitive Rating Assigned B3 (sf)

Madison Park Euro Funding IX DAC, issued in July 2017 and reset in
June 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by UBS Asset Management Credit Investments
Group (UK) Ltd. The transaction's reinvestment period ended in
January 2026.

RATINGS RATIONALE

The rating upgrade on the Class B notes is primarily a result of
the transaction having reached the end of the reinvestment period
in January 2026.

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

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

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

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

Performing par and principal proceeds balance: EUR430.6m

Defaulted Securities: EUR6.96m

Diversity Score: 65

Weighted Average Rating Factor (WARF): 3014

Weighted Average Life (WAL): 4.28 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.72%

Weighted Average Coupon (WAC): 5.03%

Weighted Average Recovery Rate (WARR): 42.66%

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

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

Moody's notes that the June 2026 trustee report was published at
the time Moody's were completing Moody's analysis of the May 2026
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


NOURYON FINANCE: Moody's Rates New Senior Secured Notes 'B2'
------------------------------------------------------------
Moody's Ratings has assigned a B2 rating to the proposed backed
senior secured notes borrowed by Nouryon Finance B.V. and
co-borrowed by Nouryon USA LLC, (indirect) subsidiaries of Nouryon
Limited (Nouryon or the company).

Proceeds from the notes, together with the previously announce
amend and extend transaction, will be used to refinance the
company's existing debt.

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

RATINGS RATIONALE

Nouryon's contemplated amend and extend transaction and notes
issuance is marginally credit positive because the company is
proactively addressing its maturity profile, a governance
consideration. There is no material impact on gross leverage or
interest coverage as the total debt quantum will not change, and
Moody's do not anticipate a material change in interest expense.

As of March 31, 2026 the company's Moody's adjusted gross debt
EBITDA was approximately 7.25x, elevated for the current rating
category. However, Moody's expects some improvement in EBITDA
generation in 2026 and 2027 as the company has passed through raw
material cost inflation and is beginning to see favorable volume
developments. Moody's expects the company to continue to generate
positive Moody's adjusted FCF in 2026 despite elevated leverage and
temporarily higher capex to accommodate growth projects.

Nouryon's significant scale and diversification in terms of
geographies, production footprint and end markets; leading
positions in certain products; high exposure to nonindustrial end
markets with more resilience compared to other rated chemical
companies; good profitability with EBITDA margin above 20%; and
good liquidity all support its B2 corporate family rating.

However, the company's relatively high point-in-time financial
leverage, as well as event and financial policy risks stemming from
the private equity ownership, continue to weigh on its credit
profile. The company paid dividends in 2022 and 2023 (total of $650
million) which were partly funded by additional debt.

LIQUIDITY

Nouryon's liquidity is good. As of March 2026, the company had $300
million of cash on balance. Nouryon's liquidity is supported by a
$900 million backed senior secured revolving credit facility. About
$665 million was available under the facility as of end March 2026,
with the remainder being used for guarantee commitments and cash
management. In addition, the company has access to a receivable
securitization program (on balance sheet, $278 million were used).
In combination with forecasted funds from operations, these funds
are sufficient to cover capital expenditures, working capital
swings and day-to-day cash management.

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

Moody's could consider upgrading Nouryon's rating with expectations
for gross leverage comfortably below 5.5x on a sustainable basis
and if the company provides more clarity on its future financial
policy. An upgrade would also require RCF/debt in excess of 10% and
adjusted EBITDA interest coverage to be around 2.5x on a
sustainable basis, and maintenance of a good liquidity profile.

Moody's could consider downgrading Nouryon's rating if adjusted
gross leverage remains above 6.5x for a prolonged period of time or
in case of negative FCF. A more aggressive financial policy
including dividend payouts or debt financed acquisitions would also
be negative for the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Chemicals
published in February 2026.

Nouryon's B2 corporate family rating is two notches below the
scorecard indicated rating as of the twelve months ended March 31,
2026. The difference reflects a greater emphasis on the company's
elevated leverage and uncertainties surrounding its financial
policy considering its history of dividends in 2022 and 2023.

COMPANY PROFILE

Nouryon, incorporated in Ireland, is a global specialty chemicals
company with dual headquarters in Amsterdam, Netherlands, and
Radnor (Pennsylvania), USA. The company serves a broad range of end
markets with a focus on nonindustrial markets. Its strong position
in certain niche markets is supported by its industry know-how, and
a global manufacturing footprint (with over 60 manufacturing
sites). In 2025, Nouryon generated revenue of around $5.1 billion.
The company is owned by the Carlyle Group Inc. (The) (majority
shareholder) and the Government of Singapore Investment
Corporation.




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ALMIRALL SA: Moody's Upgrades CFR to 'Ba1', Outlook Stable
----------------------------------------------------------
Moody's Ratings has upgraded Almirall, S.A.'s (Almirall or the
company) corporate family rating to Ba1 from Ba2 and its
probability of default rating to Ba1-PD from Ba2-PD. Concurrently,
the rating of the EUR250 million backed senior unsecured notes,
maturing in 2031, was upgraded to Ba1 from Ba2. The outlook remains
stable.  

RATINGS RATIONALE

The upgrade of the CFR to Ba1 reflects Moody's expectations that
Almirall will deliver high-single-digit to low-double-digit annual
revenue growth through 2030, with no significant patent expiries
over this period. Revenue growth is driven by the continued ramp-up
of its key dermatology drugs, Ebglyss and Illumetri. This growth
will support further profitability improvement and solid free cash
flow generation over the next 12 to 18 months. Free cash flow
should also benefit from gradually declining milestone payments and
investment needs for both products. Almirall expects their combined
peak sales to reach at least EUR800 million, compared with EUR345
million in 2025, below market consensus of around EUR900 million.
Line extensions and additional clinical studies should help sustain
this revenue growth, ahead of patent expiries for both products,
which are not expected before 2033. The pipeline includes also two
new phase 2 assets: an anti-IL-1RAP antibody for hidradenitis
suppurativa and IL-2muFc for alopecia areata. Moody's also expects
Almirall to complement internal development with bolt-on
acquisitions if needed.

Governance considerations were central to the rating action,
reflecting Almirall's long-standing prudent financial policy, as
evidenced by moderate leverage and ample cash balances.
Moody's-adjusted debt/EBITDA was 1.8x and Moody's-adjusted net
debt/EBITDA was 0.3x in 2025, while net leverage has remained low
over the past five years, peaking at 1.2x in 2022. The company's
conservative financial policy was also evidenced by the EUR200
million capital increase completed in 2023 and the EUR50 million
senior debt repayment in 2025 during a refinancing. Moody's expects
net leverage to remain around zero over the next 12 to 18 months,
excluding bolt-on acquisitions.

Almirall's rating also takes into account the company's small size,
with revenue of EUR1.1 billion in 2025; its high geographical
concentration in Europe, notably in Spain and Germany; and its
substantial exposure to dermatology, which accounts for about 62%
of revenue.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Almirall's
Moody's-adjusted gross debt/EBITDA will trend towards 1.5x in the
next 12-18 months and the company will continue to grow sales,
EBITDA and free cash flows. The stable outlook assumes that
in-licensing transactions and any acquisitions over the next 12-18
months will be mainly funded with cash.

LIQUIDITY

Almirall's liquidity is excellent, supported by a cash balance of
EUR311 million as of March 31, 2026 and access to a EUR275 million
undrawn revolving credit facility maturing in February 2028.
Almirall successfully refinanced its EUR300 million senior
unsecured notes at the end of 2025 with a new EUR250 million senior
unsecured notes maturing in June 2031. Moody's expects the company
to generate around EUR90 million Moody's-adjusted Free Cash Flow
over the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The Ba1 rating of the EUR250 million senior unsecured notes
maturing in 2031 issued by Almirall is in line with its Ba1 CFR,
reflecting their pari passu ranking with the company's other debt
instruments, which are all unsecured and include a European
Investment Bank (EIB) loan, under which EUR35 million was
outstanding as of December 31, 2025, and a EUR275 million revolving
credit facility.

All of Almirall's debt instruments are issued at the level of the
parent company, Almirall, S.A., which is also an operating company.
While the EIB loan and the revolving credit facility are not
guaranteed by any other operating subsidiaries, the senior
unsecured notes are guaranteed by several operating companies and
therefore have a better guarantee coverage. Overall, the issuer and
the guarantors of the notes represent about 80% of consolidated
EBITDA.

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

A positive pressure on the rating could be built over time if the
company materially enhances its pipeline, its product
diversification and expands its market share in dermatology; it
maintains prudent liquidity management, strong credit metrics and
conservative financial policies; and achieves growth in its FCF
(after milestone payments) and EBITDA on a sustainable basis.

Moody's could downgrade Almirall's ratings if its Moody's-adjusted
gross debt/EBITDA increases towards 2.5x or its Moody's Adjusted
Net Debt/EBITDA exceeds 1.5x, for a prolonged period. A
deterioration in the company's operating performance and cash flow
generation or a shift towards a more aggressive financial policy,
with significant debt-financed acquisitions, could also result in a
downward pressure on rating or outlook.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Headquartered in Barcelona, Spain, Almirall, S.A. is a
pharmaceutical company that researches, develops, produces and
markets a diverse portfolio of in-house developed and in-licenced
drugs in different therapeutic areas, with an increasing focus on
dermatology. In 2025, Almirall generated revenue of EUR1,108
million. The Gallardo family is the company's largest shareholder,
with a 59.9% stake as of June 2026.


OPEN BANK: Moody's Affirms 'Ba1(hyb)' Preference Stock Rating
-------------------------------------------------------------
Moody's Ratings has affirmed Open Bank, S.A.'s (Open Bank) deposit
ratings at A1/Prime-1, its senior unsecured debt ratings at A1 and
the Commercial Paper rating at Prime-1. Moody's have also affirmed
(1) the bank's Baseline Credit Assessment (BCA) and Adjusted BCA at
baa2 and baa1 respectively; (2) the senior unsecured MTN programme
rating at (P)A1; (3) the junior senior unsecured rating at Baa1;
(4) the subordinated debt rating and subordinated MTN programme
rating at Baa2 and (P)Baa2 respectively; and (5) its preference
stock non-cumulative rating at Ba1(hyb). Open Bank's Counterparty
Risk Ratings (CRR) and Counterparty Risk Assessment (CR Assessment)
have been affirmed at A1/Prime-1 and A2(cr)/Prime-1(cr)
respectively. The outlook on the long-term deposit and senior
unsecured debt ratings remains stable.

RATINGS RATIONALE

-- RATIONALE FOR AFFIRMING THE BCA AND ADJUSTED BCA

The affirmation of Open Bank's baa2 BCA reflects its
long-established leading position in auto and consumer finance
across several European countries, supporting a stable stream of
recurring revenues. The bank maintains low asset risk relative to
its business profile, underpinned by prudent risk management and
active control of asset quality across products, markets and
vintages. Although recent economic headwinds in some of its core
markets and deterioration of certain run-off portfolios have
contributed to an increase in the cost of credit (measured as loan
loss provisions over total loans) to around 100 bps in 2025,
Moody's expects provisioning needs to normalize, with the bank's
cost of credit stabilising at levels around 80-85 bps. The higher
cost of credit has also weighed on the bank's bottom-line
profitability, with its return on assets - calculated as net income
over tangible assets - having steadily declined in recent years.
Going forward Moody's anticipates some recovery in profitability,
supported by ongoing loan repricing, stronger auto finance
activity, and a gradual decline in credit costs.

The BCA affirmation also reflects stability in the bank's capital
position, which is largely prescribed by Banco Santander's group
policy. The group establishes a Common Equity Tier 1 (CET1) ratio
target of 12%-12.5% for the subsidiary, with any excess capital
being distributed to its parent. This limits the bank's tangible
common equity (TCE) ratio – Moody's preferred capital measure –
to levels around 11%, with the difference with the CET1 ratio
largely explained by Moody's treatment of minority interest, which
Moody's do not consider a capital component. The bank's extensive
use of credit risk transfer instruments such as significant risk
transfer securitisations also weighs in Moody's capital assessment,
as Moody's believes they offer less protection to creditors
compared to equity.

The affirmation further incorporates Open Bank's improved funding
profile following the merger of Santander Consumer Finance, S.A.
with Banco Santander, S.A. (Spain)'s (Banco Santander) subsidiary
Open Bank, S.A.U. in May 2026. The transaction substantially
increased the bank's retail deposit base, reducing its
traditionally elevated loan-to-deposit ratio from above 200% to
around 160%. Open Bank also benefits from limited refinancing risk
despite its continued reliance on market funding, supported by a
well-managed maturity profile, and from access to additional
liquidity resources provided by the parent.

Open Bank's BCA also reflects the bank's business model
concentration in consumer finance. While this concentration
represents a structural constraint, it is mitigated by the bank's
broad geographic diversification across multiple European markets.
Although Open Bank intends to expand its product offering following
the merger, Moody's do not expect this strategy to result in a
material diversification of its portfolio beyond consumer finance
over the outlook period.

-- RATIONALE FOR AFFIRMING OPEN BANK'S SENIOR UNSECURED DEBT AND
DEPOSIT RATINGS

The affirmation of Open Bank's long-term senior unsecured debt and
deposit ratings at A1 reflects: (1) the affirmation of the bank's
BCA; (2) a very high probability of support from its parent Banco
Santander, resulting in an unchanged one-notch uplift and an
Adjusted BCA of baa1; (3) the outcome of Moody's Advanced Loss
Given Failure (LGF) analysis of Banco Santander, which leads to
three notches of uplift for both rating classes; and (4) Moody's
assessments of a low probability of government support given the
bank's non-systemic nature in the Spanish market.

Because Open Bank belongs to Banco Santander's resolution group,
Moody's apply the Advanced LGF analysis of its parent company,
which translates into a very low loss given failure for Open Bank's
deposits and senior unsecured debt.

-- RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on Open Bank's long-term deposit ratings is
driven by the stable outlook on the Government of Spain (A3
Stable), despite upward pressure on the bank's Adjusted BCA should
the BCA of its parent, Banco Santander, be upgraded.

The stable outlook on Open Bank's senior unsecured debt ratings
reflects a balance between downward pressure from the higher loss
severity implied by Moody's Advanced LGF analysis following the
introduction of depositor preference in the European Union in March
2026, and potential upward pressure on the bank's Adjusted BCA of
baa1 should the BCA of Banco Santander be upgraded.

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

An upgrade of Open Bank's baa2 BCA would require a significant
improvement in its financial indicators, principally stronger
solvency levels, improved asset risk and profitability and lower
reliance on market funding. An upgrade of the BCA would bring the
bank's standalone creditworthiness to the same level as that of its
parent Banco Santander, therefore not affecting its Adjusted BCA of
baa1.

An upgrade of Open Bank's long-term deposit and senior unsecured
ratings is contingent on an upgrade of its Adjusted BCA together
with an upgrade of Spain's government bond rating as these ratings
are currently positioned two notches above the sovereign.

Open Bank's ratings could be downgraded if Banco Santander's BCA
was to be downgraded, or if the bank's BCA was to be downgraded
combined with a lower assumption of parental support being
provided. Open Bank's BCA could be downgraded if its asset quality
or profitability deteriorates from its current levels, or its
funding structure becomes more reliant on short-term instruments.

The bank's senior unsecured debt ratings could be downgraded if its
Adjusted BCA is not upgraded and the reduction in equal ranking
liabilities resulting from the introduction of depositor
preference, as per Banco Santander's liability structure, is not
offset by sufficient subordination or senior unsecured debt
volume.

A downgrade of Spain's government rating would also lead to a
downgrade of Open Bank's deposit and senior unsecured debt
ratings.

PRINCIPAL METHODOLOGY

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




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

ROSEN INT'L: Moody's Alters Outlook on 'Ba3' CFR to Negative
------------------------------------------------------------
Moody's Ratings has affirmed the Ba3 corporate family rating and
Ba3-PD probability of default rating of Rosen International S.a
r.l. ("Rosen"), a leading provider of diagnostic services to
pipeline operators and energy suppliers. Concurrently, Moody's
affirmed the Ba3 ratings on the senior secured first lien term loan
due 2031 (TLB) issued by Rosen and the senior secured first lien
revolving credit facility (RCF) issued by Rosen US Holdings, LLC, a
fully owned subsidiary of Rosen. The outlook on all entities was
revised to negative from stable.

Rosen is raising $480 million incremental term loan fungible into
the existing $1.5 billion senior secured first lien term loan.
Proceeds from the issuance together with some available cash on
balance sheet will be used to fund a $600 million distribution to
shareholders.

The change of Rosen's rating outlook to negative from stable
reflects the material releveraging impact of the distribution to
shareholders, which increases the company's Moody's-adjusted
debt/EBITDA to 6.4x from 4.8x as of March 2026. Governance
considerations were a key driver of the rating action because the
transaction marks the second dividend recap since Partners Group
acquired a majority stake of the company in March 2024, indicating
a more aggressive financial policy than Moody's previously
anticipated.

RATINGS RATIONALE

The change in outlook to negative from stable reflects Moody's
assessments of the weaker financial profile of the company
following the transaction and the risk that Moody's-adjusted
debt/EBITDA will remain above the 5.0x threshold set for the Ba3
CFR for a prolonged period of time if the company continues to
perform large shareholder distributions. This is balanced by
Rosen's track record of strong organic growth in recent years, and
Moody's expectations of further positive earnings momentum over the
next 12-18 months that will support de-leveraging.

Moody's anticipates Rosen's top-line growth to remain in the high
single digits in 2026-27, primarily due to ongoing strong demand
for EMAT diagnostics. The company's robust EBITDA margins, reduced
cost of debt after two repricing transactions, and continued focus
on working capital management will continue to sustain its cash
conversion, even amid significant, but stable product development
costs.

However, pro forma for the transaction, Moody's estimates that
Moody's-adjusted debt/EBITDA will increase to 6.4x as of March
2026, a level which is high for the Ba3 rating category and
significantly exceeds the leverage at closing of the LBO. While
Moody's anticipates a rapid reduction in leverage driven by
earnings growth, Moody's foresees the risk that it could remain
outside of Moody's requirements for the rating category for a
prolonged period of time due to the company's appetite for
debt-funded shareholder distributions.

The Ba3 CFR continues to be supported by: Rosen's leadership
position in the pipeline testing, inspection and certification
(TIC) market, bolstered by strong technological advantages; strict
and recurring regulatory maintenance requirements for pipeline
operators, which ensure steady revenue visibility; the company's
strong profitability margins and improved cash flow generation; and
its very good liquidity with long dated debt maturities.

Counterbalancing these credit strengths are: the company's focus on
a relatively narrow segment of the pipeline inspection market; the
substantial investments required to sustain and advance
cutting-edge technology and uphold its reputation; its reliance on
a limited customer based due to its niche focus on oil & gas
pipelines; and its aggressive financial policy, which occasionally
involves increasing leverage to distribute significant dividends to
shareholders.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

The rating action reflects corporate governance considerations
associated with the company's financial strategy and risk
management. The incremental debt and the $600 million dividend
represent the second sizable debt-funded distribution in less than
two years, indicating a more aggressive financial policy than
Moody's previously expected. The company's concentrated ownership
and absence of leverage targets leave open the possibility of
additional re-leveraging events and dividend payouts in the future.
However, these risks are partially mitigated by a more diversified
board of directors compared to typical LBOs.

LIQUIDITY

Rosen's liquidity is very good. Pro forma for the transaction,
Moody's anticipates the company to have $55 million of cash
available at the end of March 2026, and access to a fully undrawn
$300 million revolving credit facility (RCF) due in September 2030.
Rosen's liquidity is also supported by Moody's expectations of
positive free cash flow generation before dividends and Moody's
assumptions that there will be no M&A activity.

The RCF has a springing senior secured net leverage covenant tested
if drawings reach or exceed 40% of facility commitments. Should it
be tested, Moody's expects Rosen to retain ample headroom against a
test level of 9.1x (March 2026: 4.7x pro forma for the
transaction). The group has no debt maturities in the near term,
with the $2 billion term loan maturing in March 2031.

STRUCTURAL CONSIDERATIONS

The Ba3-PD PDR reflects Moody's assumptions of a 50% family
recovery rate given the covenant-lite structure of the term loan.
The Ba3 instrument ratings on the senior secured first lien term
loan and the RCF are in line with the CFR, reflecting the pari
passu capital structure of the company.

The security package primarily consists of share pledges,
intercompany loan receivables and bank accounts.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the weaker financial profile of the
company following the transaction and the risk that Rosen's key
credit metrics will exceed Moody's requirements for the Ba3 rating
for longer than currently expected. Following the second
debt-funded distribution to shareholders in less than two years,
Rosen is weakly positioned in its rating category. The outlook
could be changed stable if Moody's-adjusted debt/EBITDA reduces
below 5x in the next 12-18 months and the company demonstrates a
commitment to more conservative financial policies.

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

A ratings upgrade would require:

--Moody's adjusted debt to EBITDA below 3.75x; and

--A commitment by the company to a leverage target consistent with
the above; and

--Moody's adjusted Retained Cash Flow to Net Debt above 15%; and

--Moody's adjusted EBITA margins trending towards 30%; and

--At least good liquidity

Conversely, the ratings could be downgraded if:

--Moody's adjusted debt to EBITDA remains sustainably above 5.0x;
or

--Moody's adjusted Retained Cash Flow to Net Debt falls below 10%;
or

--Moody's adjusted Free Cash Flow to Debt weakens towards 5%; or

--Additional dividend recapitalization before Rosen has reached
strong credit metrics for the rating category

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Rosen offers mission-critical diagnostic services to pipeline
operators and energy suppliers, which are integral to the asset
owners' compliance with regulatory and safety standards. The
company is headquartered in Switzerland, with most of its research
and development (R&D) operations based in Lingen, Germany.

Partners Group acquired a majority stake in Rosen in March 2024.
The company's founder and owner, Hermann Rosen, reinvested into the
transaction to retain a significant minority shareholding. In the
12 months ending March 2026, Rosen reported revenue of $944 million
and company adjusted EBITDA of $407 million.



VERISURE HOLDING: Moody's Rates New EUR750MM Secured Notes 'Ba1'
----------------------------------------------------------------
Moody's Ratings has assigned a Ba1 rating to the planned EUR750
million senior secured notes issued by Verisure Holding AB, a
wholly owned subsidiary of Verisure Midholding AB's (Verisure or
the company).

Verisure's Ba1 long-term corporate family rating and its Ba1-PD
probability of default rating are unaffected by its planned
refinance.

The Ba1 ratings of the backed senior secured bank credit facilities
and the backed senior secured notes issued by Verisure Holding AB
are also unaffected. Furthermore, the Ba3 ratings of the senior
unsecured notes issued by Verisure Midholding AB are unaffected.

The stable outlook on both entities is also unaffected.

RATINGS RATIONALE

The proposed refinancing is largely leverage neutral. The company
will use the EUR750 million raised from the new issuance to
partially or fully repay EUR1 billion outstanding of senior
unsecured notes due in February 2029. Moody's views the addressing
of upcoming maturities well ahead of schedule and extending the
weighted average debt maturity profile as credit positive.

The company upsized its term loan A by EUR570 million on April 24,
2026 to redeem the EUR450m senior secured notes due 2028 and partly
redeem the EUR1.175 billion senior unsecured notes due 2029.

ESG CONSIDERATIONS

Governance considerations include Verisure's adoption of a
conservative financial policy following its IPO. The company aims
to reduce its net leverage to approximately 2.50x to 2.75x by the
end of 2026, and plans to maintain net leverage around 2.5x
thereafter. The company's Moody's adjusted debt-to-EBITDA ratio was
3.46x as of March 31, 2026. Verisure intends to uphold a
progressive dividend policy, targeting ordinary dividend payouts of
about 30 to 40 per cent of adjusted net profit. The company plans
to initiate its dividend in the second half of 2026.

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

Moody's could upgrade the ratings if Verisure establishes a track
record as a public company with solid performance and consistent
EBITDA growth while maintaining a Moody's-adjusted debt-to-EBITDA
ratio below 2.75x. An upgrade would also require demonstrating
adherence to its financial policy and consistently generating
substantial positive Moody's-adjusted free cash flow. For an
upgrade, Verisure would need a capital structure consistent with an
investment-grade rating and a significantly reduced influence of
existing shareholders on the board.

The ratings could be downgraded if Verisure's revenue and EBITDA
deteriorate, or if the company pursues an overly aggressive
customer acquisition strategy that causes the Moody's-adjusted
debt-to-EBITDA ratio to exceed 3.5x on a sustained basis.
Consistently negative Moody's-adjusted free cash flow or weak
liquidity could also prompt a downgrade.

PRINCIPAL METHODOLOGY

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

PROFILE

Headquartered in Versoix, Switzerland, Verisure is the global
leader by customers served in professionally monitored security
services, with a market-leading presence across Europe and Latin
America. The company designs, sells, and installs alarm systems,
offering ongoing monitoring services to residential and small
business customers across 18 countries in Europe and Latin America.
Verisure generated approximately EUR3.75 billion in revenue in
2025.




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

ARDMORE CONSTRUCTION: Begbies Traynor Appointed as Administrators
-----------------------------------------------------------------
Ardmore Construction Group Ltd was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Court Number CR-2026-004551.  Dominik Thiel-Czerwinke
and Jamie Taylor of BTG Begbies Traynor (Central) LLP together with
Jason Callender of Panos Eliades Callender & Co were appointed as
Joint Administrators on June 11, 2026.

The company specialized in building construction.  Its registered
office is 1066 London Road, Leigh On Sea, Essex, SS9 3NA.

The Joint Administrators can be contacted at:

     Dominik Thiel-Czerwinke  
     Jamie Taylor  
     BTG Begbies Traynor (Central) LLP  
     1066 London Road  
     Leigh-on-Sea  
     Essex SS9 3NA  

     Jason Callender  
     Panos Eliades Callender & Co  
     Olympia House  
     Armitage Road  
     London NW11 8RQ  

Further details:

     Contact: Rosie Thurwood  
     Tel: 01702 467255  
     Email: SouthendTeamD@btguk.com  


ARDMORE HOTELS: Begbies Traynor Appointed as Joint Administrators
-----------------------------------------------------------------
Ardmore Hotels & Commercial Ltd was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Court Number CR-2026-004605.  Dominik Thiel-Czerwinke
and Jamie Taylor of BTG Begbies Traynor (Central) LLP together with
Jason Callender of Panos Eliades Callender & Co Ltd were appointed
as Joint Administrators on June 12, 2026.

The company specialized in building construction.  Its registered
office is 1066 London Road, Leigh On Sea, Essex, SS9 3NA.

The Joint Administrators can be contacted at:

     Dominik Thiel-Czerwinke  
     Jamie Taylor  
     BTG Begbies Traynor (Central) LLP  
     1066 London Road  
     Leigh-on-Sea  
     Essex SS9 3NA  

     Jason Callender  
     Panos Eliades Callender & Co Ltd  
     Olympia House  
     Armitage Road  
     London NW11 8RQ  

Further details:

     Contact: Rosie Thurwood  
     Tel: 01702 467255  
     Email: SouthendTeamD@btguk.com  


ARDMORE MAJOR: Begbies Traynor Appointed as Joint Administrators
----------------------------------------------------------------
Ardmore Major Projects Ltd was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Court Number CR-2026-004552.  Dominik Thiel-Czerwinke and
Jamie Taylor of BTG Begbies Traynor (Central) LLP and Jason
Callender of Panos Eliades Callender & Co Ltd were appointed as
Joint Administrators on June 11, 2026.

The company specialized in building construction.  Its registered
office is 1066 London Road, Leigh On Sea, Essex, SS9 3NA.

The Joint Administrators can be contacted at:

    Dominik Thiel-Czerwinke  
    Jamie Taylor  
    BTG Begbies Traynor (Central) LLP  
    1066 London Road  
    Leigh-on-Sea  
    Essex  
    SS9 3NA  

    Jason Callender  
    Panos Eliades Callender & Co Ltd  
    Olympia House  
    Armitage Road  
    London  
    NW11 8RQ  

Further details:

    Contact: Rosie Thurwood  
    Tel: 01702 467255  
    Email: SouthendTeamD@btguk.com  


AZURE FINANCE 3: Moody's Cuts Rating on GBP3.7MM F Notes to Caa2
----------------------------------------------------------------
Moody's Ratings has downgraded the rating of one note in Azure
Finance No.3 plc.

The notes are backed by loan contracts originated and serviced by
Blue Motor Finance Limited (Blue).

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.

GBP18.4M Class C Notes, Affirmed Aaa (sf); previously on Mar 16,
2026 Upgraded to Aaa (sf)

GBP9.2M Class D Notes, Affirmed Aa2 (sf); previously on Mar 16,
2026 Upgraded to Aa2 (sf)

GBP6.1M Class E Notes, Affirmed Ba2 (sf); previously on Mar 16,
2026 Affirmed Ba2 (sf)

GBP3.7M Class F Notes, Downgraded to Caa2 (sf); previously on Mar
16, 2026 Affirmed B1 (sf)

GBP17.2M Class X Notes, Affirmed Caa1 (sf); previously on Mar 16,
2026 Affirmed Caa1 (sf)

RATINGS RATIONALE

The rating action reflects a decline in excess spread available to
support the affected tranche, driven by higher than expected
prepayment rates and the expectation that the transaction will
continue to amortise past its optional clean up call date.

Deterioration in Available Excess Spread

High prepayments have led to a significant increase in credit
enhancement for the senior notes as a result of the accelerated
deleveraging of the transaction. However, the same dynamic has
resulted in a continued erosion of excess spread, which has
negatively affected the support available to the junior notes and
is expected to continue to decline as the transaction further
amortises and credit losses materialise. The annualized repayment
rate observed over the last quarter was on average 28% and the
annualized gross excess spread currently stand at 6.64% down from
7.67% a year ago. The transaction is expected to continue
amortising past its optional clean up call date, which is scheduled
to occur once the notes have amortised below 10% of their original
balance.

Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's expected
default rate and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has remained stable since last
rating action. 60 days plus arrears currently stand at 1.31% of
current pool balance showing a stable trend over the past year.
Cumulative losses currently stand at 1.54% of original pool balance
up from 1.05% a year earlier. Cumulative defaults stand at 8.01% of
original balance, excluding voluntary terminations which currently
represent approximately 3% of the original balance on a gross
basis.

Moody's maintained the expected default rate assumption at 10% as a
percentage of current pool balance, corresponding to a default rate
assumption of 9.05% on original balance. Moody's also maintained
the fixed recovery rate assumption at 40% and the Portfolio Credit
Enhancement (PCE) assumption at 28%.

Counterparty Exposure

Moody's considered how the liquidity available in the transaction
and other mitigants support continuity of note payments, in case of
servicer default (servicer is Blue Motor Finance Limited, not
rated). The junior reserve fund which provides liquidity support to
classes C to F is currently funded at its floor and together with
other mitigants, including independent cash manager Citibank N.A.,
London Branch (Aa3(cr)/P-1(cr) and warm back up servicer Lenvi
Servicing Limited (formerly Equiniti Gateway Limited), is
sufficient to support payments on the senior note in the event of
servicer disruption. However, the rating of the Class D notes
remains 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, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

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.


DILMOOR ESTATES: Oury Clark Appointed as Joint Administrators
-------------------------------------------------------------
Dilmoor Estates Limited was placed into administration in the High
Court of Justice, Court Number CR-2026-004614.  Nick Parsk and
Carrie James of Oury Clark Chartered Accountants were appointed as
Joint Administrators on June 12, 2026.

The company traded as Ranoush Juice - King's Road and is a licensed
restaurant.  Its registered office is c/o Oury Clark Chartered
Accountants, Herschel House, 58 Herschel Street, Slough, SL1 1PG.
Its principal trading address is 338 King’s Road, London, SW3
5UR.

The Joint Administrators can be contacted at:

      Nick Parsk  
      Carrie James  
      Oury Clark Chartered Accountants  
      Herschel House  
      58 Herschel Street  
      Slough SL1 1PG  

Further details:

      Contact: James Langston  
      Tel: 01753 551 111  
      Email: IR@ouryclark.com  


GLOBAL ACADEMIC: Moody's Cuts CFR to B2, Outlook Remains Stable
---------------------------------------------------------------
Moody's Ratings has downgraded the long-term corporate family
rating to B2 from B1 and the probability of default rating to B2-PD
from B1-PD of Global Academic Holdings Ltd (GAHL or the company).
Moody's have also downgraded to B2 from B1 the ratings of the
EUR375 million and GBP110 million backed senior secured term loans
B (TLB) due 2032 and GBP50 million backed senior secured revolving
credit facility (RCF) due 2032 issued by the company's subsidiary
GAH Finco Ltd. The outlook on both entities remains stable.

The rating action reflects:

-- Significantly weaker than expected trading driven by reduced
allocation of international student visa letters (Provincial
Attestation Letters - "PALs") in Canada

-- High Moody's-adjusted leverage of 4.8x as at March 2026

-- Expectations that Canada will continue to decline over the next
12-18 months, partially offset by growth elsewhere, leading to
higher leverage and weaker cash flows

-- Solid performance across the rest of the business with positive
demand drivers and good earnings visibility

RATINGS RATIONALE

The Canadian government capped international student visas from
2023, reducing them from 555,000 in 2023 to 155,000 by 2026,
reflecting a social consideration as governments look to curb
immigration. The impact on GAHL was initially limited due to its
focus on postgraduates, who were exempt until 2025. However, in
2026, visa allocations (PALs) shifted toward public universities,
cutting GAHL's allocation by 80% versus 2025. This has driven a
significant drop in enrolments, which will reduce student numbers
over the next two to three years.

While Moody's expected lower international student visas in fiscal
2025, the prioritisation of public institutions was unexpected and
has led to a significant deviation in performance to Moody's base
case. Moody's-adjusted EBITDA for the last 12 months to March 2026
is GBP147 million down from GBP185 million at May 2026 and compared
to Moody's forecasts of GBP196 million. Moody's-adjusted leverage
is 4.8x at March 2026 compared to Moody's forecasts of 3.5x.
Moody's expects EBITDA to decline further through May 2026 and
remain above 5x and free cash flows of around breakeven over the
next 12-18 months.

Moody's leverage metric is based on gross debt because there is a
relatively low level of balance sheet cash at May 2026, breakeven
cash flows and the potential for cash to be utilised for
acquisitions or business development spending.

The company has made GBP58 million adjustments to March 2026 EBITDA
in relation to India profit repatriation, restructuring costs,
start-up losses and annualisation of cost savings, which weigh on
reported EBITDA and cash flow. Moody's include GBP24 million of
these adjustments in Moody's-adjusted EBITDA.

Outside Canada the business is performing strongly with revenue and
company-adjusted EBITDA growing by 14% and 27% respectively, driven
by positive market fundamentals and development initiatives.
Moody's expects Canada to stabilize gradually, driven by a gradual
pivot to domestic students, expansion of new institutions and
reduction in cost base. This should lead to a return to overall
profit growth, although not likely to occur before 2028 at the
earliest.

The B2 long-term CFR additionally reflects the company's: (1)
strong track record of growth for entities within the GAHL
perimeter prior to fiscal 2026 (ending May 2026); (2) growing
demand for private higher education globally; (3) relatively high
earnings visibility supported by existing and new enrolments and
applications; and (4) relatively high barriers to entry through
regulation, access to real estate and brand reputation.

The rating also reflects: (1) relatively high concentration, with
the top four institutions representing over 90% of company-adjusted
EBITDA in fiscal 2025; (2) risks of other adverse regulatory
changes, or in relation to profit extraction from institutions in
India; (3) recent rapid growth in some institutions which may not
be sustained or may impact quality standards; and (4) governance
risk related to the concentration of power around the founder.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

As a provider of private higher education the company has limited
exposure to environmental risk. Social risks beyond the
developments in Canada relate to the importance of the group's
academic reputation which is a key factor for its institutions'
success and its continued need to attract and retain highly skilled
personnel. This is balanced by favourable exposure to societal
trends such as the increasing demand for quality education.

GAHL's ratings factor in certain governance considerations such as
its ownership structure with the founder having significant
control, creating a degree of key man risk. The company's six
member board includes three non-executive directors. In addition
there is strong governance at institutional level which is also
underpinned by regulatory frameworks. Moody's governance assessment
also considers the company's financial policy which targets modest
leverage and is focused on organic growth projects rather than
significant debt-funded M&A.

LIQUIDITY

GAHL's liquidity is adequate. It has a moderate degree of liquidity
headroom, which is vulnerable to further outflows from working
capital unwinding. At February 2026, the company held cash of GBP85
million and a GBP50 million revolving credit facility (RCF), drawn
by GBP14 million. However Moody's expects total available liquidity
to decline to around GBP60 million during the seasonal trough in
May 2026. The decline in Canada is expected to lead to further
working capital outflows as advance tuition fee balances reduce,
putting additional strain on working capital in fiscal 2027.

The RCF is subject to a springing covenant test set at a senior
secured net leverage ratio of 5x, applicable when drawn by at least
35%, under which Moody's expects substantial headroom. Working
capital is seasonal with a low point in May and peak around August
when the highest level of advance fees are collected at the start
of the academic year.

STRUCTURAL CONSIDERATIONS

The backed senior secured TLB and backed senior secured RCF are
rated B2, in line with the CFR. There are no shareholder loans
entering the restricted group.

OUTLOOK

The stable outlook assumes that trading performance will stabilise
in fiscal 2027, with smaller reductions in Canada offset by growth
across the rest of the business, leading to a return to EBITDA
growth thereafter. It also assumes that the company will maintain
around breakeven Moody's-adjusted free cash flow/ debt over the
next 12-18 months. The outlook also assumes that the company will
follow a balanced financial policy and any acquisitions will not
lead to material re-leveraging from current levels.

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

The ratings could be upgraded if the company stabilises performance
in Canada and returns to a sustainable growth profile; and its
Moody's-adjusted Debt/EBITDA reduces sustainably below 4.5x; and
its Moody's-adjusted EBITA/Interest increases above 2.5x; and its
Moody's-adjusted Free Cash Flow/Debt is maintained in the high
single digit percentages; and liquidity remains solid.

The ratings could be downgraded if the company fails to stabilise
performance or there are further adverse regulatory changes; or
Moody's-adjusted Debt/EBITDA increases above 5.5x; or its
Moody's-adjusted EBITA/Interest decreases towards 1.5x; or its
Moody's-adjusted Free Cash Flow/Debt does not turn positive; or
liquidity weakens.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Global Academic Holdings Ltd is a private higher education provider
offering accredited academic under- and postgraduate degrees,
vocational and professional qualifications both on campus and
online. The company operates 11 institutions focused mainly in
Canada, the UK, Germany and India, enrolling approximately 70,000
students. During the financial year ended May 31, 2025, businesses
within the GAHL perimeter generated GBP663 million of revenue and a
company-adjusted EBITDA of GBP176 million. The company is a
subsidiary of Global University Systems Holding B.V. which is
ultimately controlled by its founder and majority shareholder Aaron
Etingen.


LEBANESE FOOD: Oury Clark Appointed as Joint Administrators
-----------------------------------------------------------
Lebanese Food Market Ltd was placed into administration in the High
Court of Justice, Court Number CR-2026-004611, and Nick Parsk and
Carrie James of Oury Clark Chartered Accountants were appointed as
Joint Administrators on June 12, 2026.

The company traded as Maroush Market & Restaurant and specialized
in retail sale of fruit and vegetables in specialised stores;
retail sale of meat and meat products in specialised stores; retail
sale of beverages in specialised stores; and licensed restaurants.

The company's registered office is c/o Oury Clark Chartered
Accountants, Herschel House, 58 Herschel Street, Slough, Berkshire,
SL1 1PG.

The company's principal trading address is 5 McNicol Drive, London,
NW10 7AJ.

The Joint Administrators can be contacted at:

     Nick Parsk  
     Carrie James  
     Oury Clark Chartered Accountants  
     Herschel House  
     58 Herschel Street  
     Slough  
     Berkshire SL1 1PG  

Further details:

     Contact: James Langston  
     Tel: 01753 551 111  
     Email: IR@ouryclark.com  


MALLOCK LIMITED: Exigen Group Appointed as Joint Administrators
---------------------------------------------------------------
Mallock 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-2026-004329.
David Kemp and Richard Hunt of Exigen Group Limited were appointed
as Joint Administrators on June 12, 2026.

The company was into freight transport by road.  The company's
registered office is Warehouse W, 3 Western Gateway, Royal Victoria
Docks, London, E16 1BD.  The company's principal trading address is
Unit D1 Winchester Avenue, Blaby, Leicester, Leicestershire, LE8
4GZ.

The Joint Administrators can be contacted at:

    David Kemp  
    Richard Hunt  
    Exigen Group Limited  
    Warehouse W  
    3 Western Gateway  
    Royal Victoria Docks  
    London E16 1BD  

Further details:

    Contact: Daniel Kemp  
    Tel: 0207 538 2222  


MAROUSH II COMPANY: Oury Clark Appointed as Joint Administrators
----------------------------------------------------------------
Maroush II Company Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-004610, and Nick Parsk
and Carrie James of Oury Clark Chartered Accountants were appointed
as Joint Administrators on June 12, 2026.

The company traded as Maroush Beauchamp Place and is a licensed
restaurant.  The company's registered office is c/o Oury Clark
Chartered Accountants, Herschel House, 58 Herschel Street, Slough,
Berkshire, SL1 1PG.  Its principal trading address is 38 Beauchamp
Place, London, SW3 1NU.

The Joint Administrators can be contacted at:

     Nick Parsk  
     Carrie James  
     Oury Clark Chartered Accountants  
     Herschel House  
     58 Herschel Street  
     Slough  
     Berkshire SL1 1PG  

Further details:

     Contact: Emma Admans  
     Tel: 01753 551 111  
     Email: IR@ouryclark.com  


PROJECT GOAL: Cornerstone Business Appointed as Administrator
-------------------------------------------------------------
Project Goal Limited was placed into administration in the High
Court of Justice, No 4567 of 2026.  Engin Faik of Cornerstone
Business Turnaround and Recovery Limited was appointed as
Administrator on June 11, 2026.

The company traded as Ballerz and operated sports facilities.  Its
registered office is Leytonstone House, 3 Hanbury Drive,
Leytonstone, London, England, E11 1GA.  Its principal trading
address is Ballerz Air Dome, Bluewater, Greenhithe, Kent, DA9 9RL.

The Administrator can be contacted at:

     Engin Faik  
     Cornerstone Business Turnaround and Recovery Limited  
     136 Hertford Road  
     Enfield  
     Middlesex EN3 5AX  

Further details:

    Contact: Eren Faik  
    Tel: 020 3793 3338  
    Email: info@cornerstonerecovery.co.uk  


RANOUSH COMPANY: Oury Clark Appointed as Joint Administrators
-------------------------------------------------------------
Ranoush Company Limited was placed into administration in the High
Court of Justice, Court Number CR-2026-004615.  Nick Parsk and
Carrie James of Oury Clark Chartered Accountants were appointed as
Joint Administrators on June 12, 2026.

The company traded as Ranoush Juice Edgware Road and is a licensed
restaurant.  The company's registered office is c/o Oury Clark
Chartered Accountants, Herschel House, 58 Herschel Street, Slough,
SL1 1PG.  The company's principal trading address is 43 Edgware
Road, London, W2 2JE.

The Joint Administrators can be contacted at:

     Nick Parsk  
     Carrie James  
     Oury Clark Chartered Accountants  
     Herschel House  
     58 Herschel Street  
     Slough SL1 1PG  

Further details:

     Contact: Emma Admans  
     Tel: 01753 551 111  
     Email: IR@ouryclark.com  


SUCKERS LIMITED: Oury Clark Appointed as Joint Administrators
-------------------------------------------------------------
Suckers Limited was placed into administration in the High Court of
Justice, Court Number CR-2026-004618, and Nick Parsk and Carrie
James of Oury Clark Chartered Accountants were appointed as Joint
Administrators on June 12, 2026.

The company traded as Ranoush Juice High Street Kensington and is a
licensed restaurant.  The company's registered office is c/o Oury
Clark Chartered Accountants, Herschel House, 58 Herschel Street,
Slough, SL1 1PG.  The company's principal trading address is 86
High Street, Kensington, London, W8 4SG.

The Joint Administrators can be contacted at:

     Nick Parsk  
     Carrie James  
     Oury Clark Chartered Accountants  
     Herschel House  
     58 Herschel Street  
     Slough SL1 1PG  

Further details:

     Contact: Emma Admans  
     Tel: 01753 551 111  
     Email: IR@ouryclark.com  


VEDANTA RESOURCES II: Fitch Rates Senior Unsecured Notes 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned the proposed senior notes to be issued
by Vedanta Resources Finance II Plc (VRF2) a rating of 'BB' and
expects at least average recovery prospects for noteholders. The
proposed notes will be unconditionally and irrevocably guaranteed
by VRF2's parent, Vedanta Resources Limited (VRL, BB/Stable),
Accordingly, the proposed notes are rated at the same level as
VRL.

The proposed notes will be secured by VRL's brand fee receivables,
and the proceeds will be used primarily to repay its US dollar
notes. The proposed notes will be amortising and will extend VRL's
debt maturity profile.

VRL's rating reflects Fitch's expectation that higher commodity
prices, healthy volumes and lower cost of debt will support robust
EBITDA and an improvement in VRL's financial profile. The Stable
Outlook reflects its expectation that VRL's proportionately
consolidated credit metrics and holding company (holdco) capital
structure - comprising VRL and its other offshore investment
holdcos - will remain consistent with the rating over the next few
years.

VRL's rating also incorporates its large, diversified,
market-leading and low-cost positions in several key segments,
balanced against a moderate financial profile and a one-notch
impact from governance and group structure risks. Management's
commitment to reduce holdco debt also supports the rating.

Key Rating Drivers

Higher EBITDA From Increased Prices: Fitch expects VRL's fully
consolidated EBITDA to rise and average around USD8 billion over
the financial year ending March 2027 (FY27) and FY28 (FY26E: USD6.8
billion), which is 18% above its previous estimates and driven by
higher aluminium, zinc and silver prices. Higher EBITDA is also
aided by healthy demand for VRL's key commodities, including
value-added products, and lower costs.

Fitch expects cost reductions from increased backward integration
in aluminium and greater use of renewable power in zinc to be
better than anticipated, providing upside to the EBITDA estimates.

Lower Leverage, Higher Coverage: Fitch expects VRL's
proportionately consolidated EBITDA net leverage to fall to about
2.1x in FY27 and FY28 (FY26E: 2.9x), compared with its previous
forecast of 2.7x and 2.6x, respectively, and its revised negative
sensitivity of 2.5x. Fitch also expects EBITDA interest coverage to
improve to 4.5x (FY26E: 3.6x), aided by robust EBITDA, lower gross
debt and its expectation of lower debt funding cost. However,
lower- than-expected commodity prices or higher-than-expected cost
inflation could delay deleveraging.

Lower Debt Funding Cost, After Refinancing: Fitch expects VRL's
average interest rate, on a consolidated basis, to fall to around
9% (FY26E: 10.5%), which will reduce its cash interest expenses to
around USD1.2 billion by FY28 from USD1.6 billion in FY26. Material
reduction in debt funding cost is driven by VRL's plans to
refinance its higher-cost US dollar notes. On 9 June 2026, VRL
announced a tender and consent solicitation on USD2.1 billion of
its outstanding US dollar notes that mature between 2030 to 2033.

Improved Strategic and Financial Discipline: Fitch believes
proposed refinancing demonstrates improved strategic and financial
discipline, and will result in smoother debt maturities and lower
borrowing costs at the holdco. VRL also aims to extend its holdco's
debt maturity schedule. Fitch expects brand fees and operating
companies (opco) dividends to cover USD0.8 billion-1.0 billion of
annual holdco debt service in FY26-FY29. Fitch expects holdco debt
to gradually reduce to around USD4.5 billion in FY29 from USD5.2
billion in FY26.

Governance and Group Structure Risks: Fitch's governance assessment
leads to a one-notch negative impact on VRL's rating. Two of the
small three-member board are from the same family, which may limit
independent oversight and creditor protection. The group structure
is also complex with structurally subordinated cash flows, opcos
held through multi-jurisdiction intermediate subsidiaries, and
limited clarity on contagion risk from other shareholder-owned
businesses.

Adverse regulatory rulings, including restrictions on brand fee
payments due to adverse findings or penalties from regulatory
investigations like recent searches by ED and crystallisation of
material contingent liabilities are event risks.

High Capex and Dividends: Fitch expects VRL's capex to rise to
about USD2.4 billion a year in FY27-FY28 (FY26E: INR2.6 billion),
and dividends to increase to USD250 million from FY27 (FY26E: USD50
million; FY19-FY22 average: USD236 million; dividends in recent
years not significant). This will be aided by an improved credit
profile. Fitch expects any additional investing or financing cash
outflows to be within the scope of VRL's deleveraging plans.
Significant deviation from these assumptions, particularly if it
coincides with weaker EBITDA, could present credit risks.

Strong Business Profile; Cyclical Industry: VRL's rating benefits
from its large scale, leading position in some segments, and
commodity diversification, with zinc, aluminium, and oil and gas
contributing around 40%, 40% and 7%, respectively, to FY26 EBITDA.
However, the prices of most of these minerals tend to move sharply
and in the same direction. The rating also reflects benefits from
the generally low-cost position of VRL's zinc mining assets in
India. The assets have a modest weighted-average reserve mine life
of around 10 years.

Peer Analysis

VRL's is rated a notch higher than that of Capstone Copper Corp.
(BB-/Stable) and Hudbay Minerals Inc.(BB-/Stable). VRL has a larger
EBITDA scale and broader commodity diversification than Capstone,
which is largely concentrated in copper and operates four mines.
Hudbay's EBITDA scale is also smaller, and its diversification
across copper and gold remains weaker than VRL's.

VRL's mining assets - mostly held through Vedanta Limited - also
benefit from an attractive cost position, with most in the first or
second quartile of their respective cost curves. Capstone's cost
position is higher, though improving, while Hudbay's low-cost
profile is broadly comparable to VRL's. This along with its
expectation of improvement in VRL's EBITDA net leverage to around
2.1x and reduction in its debt funding cost results in one notch
higher rating, despite VRL's higher governance risks.

Fitch’s Key Rating-Case Assumptions

- London Metal Exchange prices for zinc of USD3,200/tonne,
USD2,825/tonne and USD2,613/tonne in FY27, FY28and FY29,
respectively. Aluminium prices of USD3,300/tonne, USD2,900/tonne
and USD2,600/tonne in FY27, FY28 and FY29 respectively.

- Brent crude oil prices of USD81.5/barrel in FY27, USD63.8/barrel
in FY28 and USD60/barrel in FY29, respectively.

- Capex of USD2.3 billion-2.4 billion per year over FY27-FY29.

- Volume growth across various segments based on capex-led new
capacity ramping up.

- Dividends received by VRL from opcos' profit of around USD0.7
billion per year over FY27-FY29. Common dividend payments by VRL of
USD0.25 billion per year from FY27.

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+, moderate), market and competitive positioning (bbb,
moderate), diversification and asset quality (bbb-, higher),
company operational characteristics (bbb, moderate), profitability
(bb+, moderate),financial structure (bb+, higher), and financial
flexibility (bb-, moderate).

Assessments of the quantitative financial subfactors include
bespoke calculations.

The governance assessment of 'some deficiencies' results in an
adjustment of -1 notch.

The operating environment assessment of 'bbb-' has no impact.

The SCP is 'bb'.

To derive the Long-Term IDR:

Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'.

RATING SENSITIVITIES

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

VRL's proportionately consolidated EBITDA net leverage increases
above 2.5x for a sustained period.

Signs of weakening financial discipline, liquidity, and/or funding
access.

Adverse regulatory action including restrictions on brand fee
payments and/or materialisation of contingent liabilities.

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

VRL's proportionately consolidated EBITDA net leverage decreases
below 1.5x for a sustained period, driven by both EBITDA growth and
gross debt reduction.

The credit metrics represent proportionate consolidation of VRL's
opcos Vedanta Limited (effective ownership 56.4%), Hindustan Zinc
Limited (34.2%), and Bharat Aluminium Corporation Limited (28.8%).

Liquidity and Debt Structure

Fitch believes VRL's liquidity is comfortable. It had around USD2.6
billion in ready cash and USD4 billion of unused term loans and
working capital lines as of FYE26, against USD4.6 billion debt
maturing in FY27. The maturity includes factoring of USD1.3 billion
and short-term working capital debt of USD0.5 billion, which Fitch
expects will be rolled over, given VRL's strong business profile.
Its forecast of USD2.2 billion in free cash flow in FY27, and
potential capex flexibility and stake sales in operating entities
provide additional buffer.

Issuer Profile

UK-based VRL acts as a group financing vehicle and a holding
company for diversified metal and mining businesses held under its
56.4% stake in Vedanta Limited. Zinc, aluminium, and oil and gas
segments contributed almost 90% of VRL's Fitch-adjusted
consolidated EBITDA of USD6.8 billion in FY26.

Date of Relevant Committee

12 June 2026

Sources of Information

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

VRL's 66% parent, Vedanta Inc, is a private company for which Fitch
does not have financial information. Therefore, Fitch is unable to
assess risk of support from VRL for Vedanta Inc, in case of
financial difficulty.

VRL has not paid any substantial dividends to Vedanta Inc and
instead focused on debt reduction. Nonetheless, Fitch assumes
higher dividends, which Fitch thinks reasonably incorporates the
risk of higher payouts. This has enabled us to rate VRL despite the
lack of detailed information on the parent.

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 VRL.

ESG Considerations

VRL has an ESG Relevance Score of '4' for Group Structure due to
its complex group organisation, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

VRL has an ESG Relevance Score of '4' for Governance Structure due
to its smaller board of directors than peers, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           
   -----------              ------           
Vedanta Resources
Finance II Plc

   senior unsecured      LT BB  New Rating


VEDANTA RESOURCES II: Moody's Rates New Senior Secured Bonds 'Ba3'
------------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to the proposed senior
secured bonds to be issued by Vedanta Resources Limited's (VRL)
wholly-owned subsidiary, Vedanta Resources Finance II Plc, which
are guaranteed by VRL.

The outlook is positive.

VRL plans to use the proceeds to refinance its outstanding bonds of
$3.6 billion through a tender and optional redemption exercise
announced on June 09, 2026. At the same time, the company will also
refinance its bank loans at the holding company level.

The Ba3 rating on the proposed notes is in line with VRL's
corporate family rating and Moody's rating on Vedanta Resources
Finance II Plc's existing backed senior unsecured bonds.

"The proposed refinancing, if completed, will lower funding costs
and extend debt maturities at the holding company level, while the
amortizing structure of the new notes and bank loans supports VRL's
commitment to reduce holding company debt to around $3 billion over
time," says Nidhi Dhruv, a Moody's Ratings Vice President and
Senior Credit Officer.

"The new notes will also result in a well-laddered debt maturity
profile at the holding company, limiting maturities to no more than
$600 million in any fiscal year," adds Dhruv, also Moody's Ratings
lead analyst for VRL.

Proforma for the refinancing, VRL intends to secure all outstanding
debt against brand fee receivables.

RATINGS RATIONALE

The rating reflects VRL's large-scale, diversified and low-cost
operations, with exposure to a broad range of commodities including
zinc, aluminium, iron ore, oil and gas, steel and power. The
company's strong positions in key markets support pricing premia
and contribute to relatively stable margins through commodity
cycles. These strengths are counterbalanced by the group's complex
organizational structure, including less than full ownership of key
operating subsidiaries, and its historically weak financial
management and liquidity.

Moody's expects VRL's consolidated gross debt to reduce to $15.5
billion by FY2028 from $16.5 billion in FY2025, driven by strong
operating cash flow generation and continued deleveraging. At the
holding company level, debt has reduced to $5.2 billion as of March
2026, down from $9.1 billion as of March 2022. Following this
exercise, debt at the holding company will increase to $5.6
billion, including redemption premiums, but can be accommodated at
the current rating level.

Lower debt at VRL holding company has reduced its reliance on
dividend inflows from the operating subsidiaries. Moody's expects
the holding company to receive annual dividends of under $500
million in FY2027, down from $1.2 billion in FY2025. Despite lower
dividends, coverage of dividend income and management fees over
holding company interest expense will remain above 2x.

This rating action reflects Moody's baseline expectation of a
contained impact on energy markets despite ongoing oil supply
disruption and limited damage to production or infrastructure.
However, VRL remains exposed to a more adverse conflict scenario
through the energy supply chains and macro-financial conditions
transmission channels.

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

OUTLOOK

The positive outlook reflects Moody's expectations that VRL will
maintain resilient operations that support strong credit metrics,
while sustaining good liquidity through proactive refinancing and
the extension of debt maturities. The outlook also incorporates
Moody's expectations that debt at the holding company will trend
towards $3.0 billion over time.

LIQUIDITY

VRL's consolidated liquidity is good over the next 12-18 months,
supported by sufficient liquidity buffers at both the holding
company and the operating companies. This reflects the group's
liability management initiatives and the availability of multi-year
committed credit facilities across the group.

VRL is a pure holding company, with operations held at various
subsidiaries and step-down subsidiaries. Its cash sources comprise
dividends and management fees for the use of the Vedanta brand from
its subsidiaries, which Moody's expects will be sufficient to cover
its cash needs through March 2028.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Vedanta's governance risk considerations (G-4) largely reflect its
concentrated ultimate ownership by Volcan Investments Ltd, and
historically aggressive financial risk management practices.
However, there have been significant improvements as the company
has proactively managed its liabilities.

Vedanta's CIS-4 reflects Moody's views that ESG attributes are
considered to have negatively impacted VRL's current ratings, which
is mainly driven by the company's exposure to environmental (E-5),
social (S-5) and governance (G-4) considerations.

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

Moody's could upgrade VRL's ratings if the company continues to
reduce costs and build its reserves while maintaining strong
financial metrics. This would include (1) adjusted debt/EBITDA
staying below 3.0x; and (2) (EBITDA-capex)/interest coverage above
4.0x on a sustained basis. A reduction in consolidated gross debt,
coupled with a consistent track record of proactive refinancing and
effective liquidity management at both the consolidated and holding
company levels, would also be important considerations for an
upgrade.

The outlook could return to stable if VRL's credit metrics or
liquidity weaken. Rating pressure could also emerge if commodity
prices soften materially, leading to weaker EBITDA and free cash
flow generation and a sustained deterioration in credit metrics,
such that adjusted debt/EBITDA remains above 4.0x or
(EBITDA-capex)/interest coverage below 3.0x on a sustained basis.
In addition, any difficulties faced by the holding company in
accessing upstream cash flows from operating subsidiaries, or a
decline in the coverage of operating subsidiary dividends and
management fees to holding company interest expense below 2.0x,
would likely lead to a downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in February 2026.

Vedanta's ratings are more than one-notch below the scorecard
output of Baa3. The final Ba3 rating reflects the company's complex
organizational structure with less than full ownership of its
operating subsidiaries and a developing track record of liquidity
management.

COMPANY PROFILE

Vedanta Resources Limited (VRL) is headquartered in London and is a
diversified resources company with interests mainly in India.
Through VRL's various operating subsidiaries, the group produces
oil and gas, zinc, lead, silver, aluminum, iron ore, steel and
power.

In May 2026, VRL's main operating company, Vedanta Limited
completed its demerger into five separately listed entities.
Shareholders will receive one share in each of the five companies,
and VRL will hold a 56.4% stake in these entities.

VRL delisted from the London Stock Exchange in October 2018 and is
now wholly owned by Vedanta Incorporated (erstwhile Volcan
Investments Limited) and its subsidiary, Volcan Investments Cyprus
Limited.  Vedanta Incorporated is owned and controlled by the Anil
Agarwal Discretionary Trust. VRL's founder and chairman Anil
Agarwal and his family are deemed to have beneficial ownership of
the shares. For the first six months ended September 2025, VRL
reported revenue of $9.4 billion and an EBITDA of $2.8 billion.


VINYL (GB): Creditors' Virtual Meeting Set for July 9
-----------------------------------------------------
Grace Jones and David Perkins of Parker Andrews Limited, Joint
Administrators of Vinyl (GB) Limited, disclosed that a virtual
meeting of the creditors of the Company will be held on July 9,
2026 at 11.30 a.m.

The purpose of the July 9 meeting is, to consider resolutions to
establish a Creditors' Committee, to discharge the Joint
Administrators from liability, to fix the basis of the Joint
Administrators' remuneration, and to approve unpaid
pre-administration costs.

In order for their votes to be counted, creditors must attend the
virtual meeting and vote either personally or by proxy, and must
also have submitted proof of their debt (if not already lodged)
at:

     Parker Andrews Limited
     5th Floor, The Union Building
     51-59 Rose Lane
     Norwich NR1 1BY

by no later than 4:00 p.m. on July 8, 2026 and their proxy in
advance of the meeting. Failure to do so will lead to their vote(s)
being disregarded.

Vinyl (GB) Limited (Company Number 05056778) was placed in
administration proceedings in the High Court of Justice, Court
Number: CR-2025-001529, on Nov. 17, 2025.

The Joint Administrators can be reached at:

     Grace Jones
     David Perkins
     Parker Andrews Limited
     5th Floor, The Union Building
     51-59 Rose Lane
     Norwich NR1 1BY

For further details, contact:

     Andy Barron
     Tel No: 01603 284284
     Email: andy.barron@parkerandrews.co.uk


ZAKARY LIMITED: Oury Clark Appointed as Joint Administrators
------------------------------------------------------------
Zakary Limited was placed into administration in the High Court of
Justice, Court Number CR-2026-004620.  Nick Parsk and Carrie James
of Oury Clark Chartered Accountants were appointed as Joint
Administrators on June 12, 2026.

The company traded as Maroush and is a licensed restaurant.  Its
registered office is c/o Oury Clark Chartered Accountants, Herschel
House, 58 Herschel Street, Slough, SL1 1PG.  Its principal trading
address is 131 – 135 Earls Court Road, London, SW5 9RG.

The Joint Administrators can be contacted at:

     Nick Parsk  
     Carrie James  
     Oury Clark Chartered Accountants  
     Herschel House  
     58 Herschel Street  
     Slough SL1 1PG  

Further details:

     Contact: Emma Admans  
     Tel: 01753 551 111  
     Email: IR@ouryclark.com  



                           *********


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

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

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

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