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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

          Thursday, July 2, 2026, Vol. 27, No. 131

                           Headlines



F R A N C E

BISCUIT HOLDING: S&P Lowers ICR to 'SD' on Distressed Exchange
GINGER HOLDING: S&P Assigns 'B' LongTerm ICR, Outlook Stable
ILIAD SA: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
POSEIDON BIDCO: S&P Lowers Rating on EUR278MM Secured RCF to 'D'
RAMSAY GENERALE: S&P Lowers Rating to B+ on Revised Group Support



G E R M A N Y

LIMPIO BIDCO: Fitch Rates EUR525MM Term Loan B 'BB-'


I R E L A N D

ARMADA EURO I: Fitch Assigns 'B-sf' Final Rating on Class F Notes
ARMADA EURO I: S&P Assigns B-(sf) Rating on Class F-R-R Notes
HENLEY CLO XVII: Fitch Assigns 'B-sf' Final Rating on Class F Notes
HENLEY CLO XVII: S&P Assigns B-(sf) Rating on Class F Notes
NASSAU EURO I: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes

NASSAU EURO I: S&P Assigns B-(sf) Rating to Class F-R Notes
VEHIS AUTO 2026: S&P Assigns BB(sf) Rating on Class B-Dfrd Notes


I T A L Y

AUTO ABS ITALIAN 2026-1: Fitch Rates Class E Notes 'BB+sf'
BANCA UBAE: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive


K A Z A K H S T A N

FREEDOM GROUP: S&P Raises ICR to 'BB-' on Stronger Risk Management


L U X E M B O U R G

ECARAT DE SA 2026-1: S&P Assigns B(sf) Rating on Cl. F-Dfrd Notes
LUNE HOLDINGS: Fitch Puts 'CCC-' LongTerm IDR on Watch Negative
PLT VII FINANCE: S&P Rates New EUR550MM Secured Notes Due 2031 'B'


M A L T A

FIMBANK PLC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


N E T H E R L A N D S

METINVEST BV: Fitch Affirms 'CCC-' LongTerm IDR, Off Watch Neg.
NEXENT BANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


P O R T U G A L

ARES LUSITANI 2026: Fitch Assigns BB+(EXP)sf Rating on Cl. E Notes


S P A I N

GRUPO ANTOLIN: S&P Downgrades ICR to 'CCC-' on Debt Restructuring


S W E D E N

VERISURE HOLDING: S&P Rates EUR750MM Secured Notes 'BB+'


T U R K E Y

ARAP TURK: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable


U N I T E D   K I N G D O M

ACACIUM GROUP: S&P Lowers ICR to 'CCC-' on Debt Restructuring
ALAN C. FORD: Greenfield Recovery Appointed as Administrators
BMB LOGISTICS: KBL Advisory Appointed as Joint Administrators
GEO QUARRIES: Leonard Curtis Appointed as Joint Administrators
HEREFORD GLASS: FRP Advisory Appointed as Administrators

JRL BRICKWORK: Marshall Peters Appointed as Joint Administrators
LX PROPERTY: Begbies Traynor & FRP Advisory Named as Administrators
PRECISION FACADES: RSM UK Appointed as Administrators
RODLIFFE ACCOUNTING: Quantuma Advisory Appointed as Administrators
TAMERTON SILVERHILL: Seneca IP Appointed as Administrator

VIKING PLYWOOD: Northpoint Associates Appointed as Administrator
WAGAMAMA (HOLDINGS): S&P Affirms 'B' ICR & Alters Outlook to Neg.

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F R A N C E
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BISCUIT HOLDING: S&P Lowers ICR to 'SD' on Distressed Exchange
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Biscuit Holding to 'SD' (selective default) from 'CCC-' and its
issue-level rating on its first- and second-lien debt instruments
to 'D' (default) from 'CCC-' and 'C', respectively.

S&P plans to reassess its ratings on Biscuit in the coming days,
incorporating its revised capital structure, cash flow outlook, and
its forward-looking assessment of its creditworthiness.

On June 16, 2026, Biscuit Holding S.A.S. completed its
restructuring transaction, which included extending the maturity of
all the debt in its capital structure by at least 3.5 years and
converting the interest on its second-lien debt so that it is
paid-in-kind.

Although S&P Global Ratings considers the transaction necessary to
enable Biscuit Holding to address its approaching maturities and
preserve its liquidity, we view the restructuring as distressed and
tantamount to a default under our methodology because lenders have
not received their original promise, and didn't get adequate
compensation to offset the changes.

Biscuit recently completed a restructuring transaction that amends
and extends its debt, as follows:

-- The maturity of all the debt subject to the senior facility
agreement was extended by 3.5 years; this includes the EUR85
million revolving credit facility (RCF) initially due August 2026
and the EUR695 million term loan B initially due February 2027, as
well as the EUR150 million second-lien term loan initially due
February 2028.

-- The maturity of the sponsor-owned notes was extended by a
further 91 days beyond the extended term loan B maturity and these
notes were subordinated to the RCF and term loan B facilities,
becoming 1.5 lien under the amended capital structure.

-- The extended second-lien term loan will pay interest in kind
for its extended term.

S&P said, "We acknowledge that the transaction improves Biscuit
Holding's liquidity and extended maturity. Also, the subordination
of the sponsor notes has positive implications for the future
recovery prospects of first-lien lenders, and we regard it as a
form of shareholder support. However, the restructuring constitutes
a distressed exchange under our criteria because lenders received
less than originally promised, without sufficient compensation for
extending the maturity of the debt facilities and converting the
interest on its second-lien debt so that it is paid-in-kind. The
absence of any fees or cash pay margin uplift indicates that no
cash or cash-equivalent compensation was put in place.

"We understand that Biscuit's factoring facilities, which represent
close to 10% of its capital structure, were not affected by the
recent transaction and remain current.

"We expect to reassess our issuer credit rating on the company over
the next few business days. Our ratings analysis will incorporate
the issuer's revised capital structure, cash flow outlook, and our
forward-looking assessment of its creditworthiness."


GINGER HOLDING: S&P Assigns 'B' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Ginger Holding S.A.S., as well as its 'B' issue rating to
Ginger's proposed EUR305 million senior secured term loan B (TLB)
facility, to which it also assigned a '3' recovery rating,
indicating its expectation of about 60% recovery in the event of a
default.

The stable outlook reflects S&P's view that Ginger will continue to
generate good operating performance and positive free operating
cash flow (FOCF), and follow a prudent capital allocation strategy,
with forecast adjusted EBITDA margin of about 14%-15%, adjusted
leverage around 5.0x-5.5x, funds from operations (FFO) to debt of
9%-12%, and FOCF to debt of about 6%-8% in next 12 months.

Ginger Holding S.A.S. specializes in geoscience, structural and
materials, environment, and international aid development,
supporting infrastructure development, safety, and regulatory
compliance. In 2025, it generated about EUR440.4 million in
revenue, and about EUR71.6 million in S&P Global Ratings-adjusted
EBITDA.

Ginger's market position is supported by favorable infrastructure
megatrends, a strong reputation, and an asset-light business model.
The company's well-diversified service offering and strategic focus
on regulated activities and maintenance mitigate exposure to
cyclical new-build construction. The company's relatively limited
size, an emerging international footprint, and a narrower order
backlog compared with larger industry peers offset the strengths.

Although S&P expects Ginger to manage its debt obligations and
credit metrics through prudent capital allocation, its leverage
remains elevated and sensitive to operating performance and
acquisition-related funding, given its relatively limited EBITDA
and cash flow base.

Ginger's operations are supported by favorable infrastructure
megatrends, a diverse service offering, and its recent strategic
acquisitions in the Canadian and German markets. The company holds
a leading market position in France, ranking first in geotechnics
and environmental remediation and second in diagnostics and
pathology by sales. Ginger enjoys strong brand recognition
domestically, and the company is well positioned to benefit from
significant tailwinds in the infrastructure engineering sector--an
addressable market exceeding EUR210 billion -- which is expected to
drive medium-term revenue growth. Furthermore, Ginger's good
reputation and diverse customer base could support its position
within the fragmented engineering, construction, and business
services markets. Approximately 85% of revenue is derived from
recurring or regulatory activities, driven by a focus on repair and
maintenance and a vertically integrated model that covers the full
infrastructure and building lifecycle. Notably, Ginger's limited
involvement in the construction phase significantly mitigates
construction risk, providing a competitive advantage over pure-play
construction firms. However, these competitive advantages are
tempered by the company's limited global market share and brand
presence, a developing international footprint, and a narrower
order backlog relative to its larger industry peers.

Ginger's scale and international footprint remain limited compared
with those of its industry peers, although this is partially
mitigated by its diverse service offerings and customer base. The
company provides a wide range of product and service offerings,
with its revenue distributed across engineering (35%), project
management (25%), diagnostic testing (20%), design (10%), and
compliance testing (10%) as of Dec. 31, 2025. The segment
diversification ensures the group is not overexposed to any
cyclical segment pattern. In addition, the company maintains a
balanced geographic footprint, with strong domestic integration in
France (49%), paired with growing international presence in Germany
(16%) and Canada (13%). While the company benefits from
international diversification, its footprint beyond France remains
limited and is still in a growth phase within international
markets. This expansion introduces new complexities, including
localized regulatory hurdles, regional workforce dynamics, and
foreign exchange volatility. Moreover, Ginger's client base is
highly diversified and stable; 57% of its 2025 consolidated revenue
was generated by clients who remained continuously active
throughout the 2023-2025 period and approximately 5,000 active
clients and the top 10 customers representing just 14% of 2025
revenue. With reported 2025 revenue of EUR440.4 million and an
EBITDA of EUR56.2 million, the company's size is considered limited
relative to global firms such as Egis S.A, Worley Ltd., or Arcadis
N.V. This smaller size restricts the group's ability to absorb
heavy upfront bidding costs and limits its capacity to compete for
massive international infrastructure projects.

The company's margins compare well with those of engineering and
construction market peers though they remain slightly below those
of specialized business service peers. S&P forecasts an EBITDA
margin of 14.0%-14.5% for 2026, a normalization from the 16.3%
reported in 2025 due to the absence of nonrecurring operating
income (an exceptional compensation, which the company received in
2025). The group maintains strong operational leverage and protects
its downside by anchoring 85% of revenue in noncyclical, regulatory
driven or recurring maintenance and diagnostics, supported by a
9.6-month contracted backlog. By focusing strictly on upstream
consulting, Ginger avoids the lump-sum turnkey and fixed-price
construction risks faced by traditional firms. However, Ginger's
margin profile differs from pure-play testing, inspection, and
certification leaders such as Soco 1 (S&P adjusted EBITDA margin
17.8%) and EM MidCo 2 Ltd. (our adjusted EBITDA margin 18.0%),
which leverage higher volumes or automated laboratory networks to
drive scale

S&P said, "We expect Ginger's credit metrics to remain commensurate
with the 'B' rating. We forecast S&P Global Ratings-adjusted
leverage to stabilize at 5.0x-5.5x in 2026 and 2027, following 5.5x
in 2025. FFO to debt is expected to be 9.0%-12.0% in 2026-2027,
compared with 10.9% in 2025. Furthermore, we expect FOCF to debt to
improve to approximately 6%-8% in 2026, up from 2.3% in 2025. We
treat put options to minority shareholders as debt in our
assessment and operating lease as finance lease in our adjusted
EBITDA and debt numbers. The company pursued extensive external
growth by completing six acquisitions in 2025 for a total cash
amount of about EUR118.5 million, with acquisitions partly financed
through additional debt. For 2026, we expect Ginger's business to
show strong growth with a revenue increase, including the effect of
its 2025 acquisitions, of about 15%-16%, primarily fueled by last
year's full-year contributions and expectations of good organic
growth, because we believe it could be supported by favorable
conditions in the infrastructure engineering sector and from the
backlog, for example, in repair and maintenance, water, and
international aid projects. The group has also indicated that it
will make fewer acquisitions compared with 2025, which should help
contain debt levels. The company's capital-light business model
supports its positive FOCF generation. Ginger has low capital
expenditure (capex) needs, at about 3% of gross revenue, enables
the company to achieve a high cash conversion cycle. We expect the
company will generate FOCF of EUR35 million-EUR40 million in
2026."

In recent years, Ginger has utilized a disciplined "buy-and-build"
business model, demonstrating a good track record of 12 strategic
acquisitions since Sagard entered as the majority shareholder. The
acquisitions include international platforms such as ABS Group in
Canada, HPC in Germany, and Sofreco. These acquisitions have been a
primary driver of gross revenue acceleration; for instance, mergers
and acquisitions (M&A) revenue contribution surged to EUR191.5
million in 2025 from EUR58.0 million in 2024. S&P believes M&A is
an integral element of Ginger's strategy, illustrated by a
successful ability to acquire smaller, local firms and optimize
them by unifying back-office infrastructure and scaling
cross-selling opportunities. While large platform acquisitions can
impact consolidated cost structures and potentially cause temporary
margin dilution--as seen with the integration of a different
businesses model--management expects to continue a selective
bolt-on M&A strategy targeting an average of EUR5 million-EUR10
million of acquired EBITDA per year. Regarding leverage, the
sponsor indicates that the financial policy will be maintained, and
these bolt-on acquisitions will be financed with cash or equity
injections and with limited debt issuances, therefore, S&P expects
leverage to remain stable.

S&P said, "We do not net cash from gross debt in our assessments,
given Sagard's 49% ownership and board control. Sagard MidCap, a
French private equity fund, provides the equity capital necessary
to support the development of midsize enterprises. We acknowledge
Ginger's prudent financial policies; the company's target net
leverage of 4.0x-4.5x over the next two years translates to a
projected gross leverage of 5.0x–6.0x under our methodology.
Furthermore, we understand that Ginger does not intend to
distribute dividends, instead prioritizing capital allocation
toward acquisitions and the strengthening of its cash reserves to
fund future growth. The potential for leverage expansion is
mitigated by the fact that Sagard can provide additional equity
support for future acquisitions.

"The stable outlook reflects our view that Ginger will continue to
generate strong operating performance and positive FOCF and follow
a prudent capital allocation strategy, with forecast adjusted
EBITDA margin of about 14%-15%, adjusted leverage below 5.0x-5.5x,
FFO to debt of 9%-12%, and FOCF to debt of about 6%-8% in
2026-2027.

"We could lower the rating if Ginger's operating performance is
weaker than anticipated, leading to a sustained increase in
leverage above 6.5x or FOCF moves toward neutral. Such a
deterioration could be driven by a significant economic downturn in
Europe or Canada, resulting in a slump in the infrastructure sector
or the postponement of projects from its current customers.
Additionally, we could lower the rating if the company pursues
large debt-funded acquisitions, undertakes material shareholder
distributions that elevate leverage, or experiences a substantial
weakening of its liquidity position.

"We could take a positive rating action if Ginger's gross debt to
EBITDA improves to well below 5.0x and the company maintains strong
FOCF generation. A positive rating action would also require a more
conservative financial policy from the sponsor, including a
long-term commitment to the company's investment plan."


ILIAD SA: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded Iliad SA's (Iliad) and Iliad Holding
S.A.S.'s Long-Term Issuer Default Ratings (IDRs) to 'BB+' from
'BB'. The Outlook are Stable. Fitch has also revised up Iliad's
Standalone Credit Profile to 'bbb-' from 'bb+'.

The upgrade reflects a step improvement in free cash flow (FCF)
generation, with EBITDA net leverage declining below its 3.8x
upgrade threshold at end-2025, and its expectation that cash flow
from operations (CFO) less capex/gross debt will trend towards a
'BB+' level by 2029.

The Stable Outlooks reflect its expectation that Iliad Holding's
leverage will increase only temporarily above the 3.8x threshold
following Iliad's acquisition of SFR assets and its customer base,
before declining to 3.7x within two years of the completion of the
transaction in 2H27. The transaction is, however, subject to
regulatory approval. Fitch expects Iliad Holding to manage its
company-defined leverage below its internal limit of 4.0x,
excluding potential M&A.

Key Rating Drivers

Improved FCF Generation: Iliad Holding's pre-dividend FCF turned
positive in 2025, reaching EUR896 million (9% of revenue). Fitch
expects pre-dividend FCF to average EUR980 million a year over
2026-2029, despite substantial costs to achieve synergies following
the SFR acquisition. This will be supported by lower capex
intensity, due mainly to the nearing completion of the fibre and 5G
network rollout in France and gradually improving scale in Italy.
FCF generation will also be supported by increased dividends from
affiliates and joint ventures (Millicom, Tele2, eircom and IFT),
averaging above EUR400 million a year over 2026-2029.

Solid Business Profile: Iliad Holding's ratings benefit from its
97% ownership of Iliad, an integrated telecom operator with a
presence in France, Poland and Italy. Its operating profile is
anchored in its French operations, which accounted for 65% of its
EBITDA after leases (EBITDAaL) in 2025, and is further supported by
Iliad's strong position in Poland and its 16% subscriber share of
the Italian mobile market.

At end-2025, Iliad Holding also held minority stakes in various
telecom companies, including 38% in Millicom, 32% in eircom and 20%
in Tele2 (which it intends to increase to 27%, in line with its
voting rights). The investments add to the company's FCF
diversification.

Strong Market Positions: Iliad is the second largest operator in
fixed broadband and the fourth-largest mobile operator in France,
with 23% and 19% subscriber market shares at end-2025,
respectively. In Poland, Iliad enjoys leadership in mobile and is
the second largest operator in fixed broadband. Its acquisition of
the Polish mobile operator, Play, in 2020 and cable operator, UPC
Poland in 2022 have enabled Iliad to create an integrated, fixed
and mobile operator in Poland.

SFR Acquisition Reinforces Market Share: Iliad's joint acquisition
of a portion of SFR, in a consortium with Orange S.A. (BBB+/Stable)
and Bouygues Telecom, will improve its subscriber market share to
30% in fixed broadband and 28% in mobile. About six million of the
approximately eight million SFR subscribers to be added to Iliad's
base are RED-brand subscribers, which fit well with Iliad's market
strategy.

SFR Enhances Scale in France: Iliad expects the SFR transaction to
add about EUR2 billion revenue and EUR0.9 billion of run-rate
operating free cash flow (OFCF), including around EUR0.5 billion of
opex and capex synergies. The transaction will improve the French
market structure by reducing the number of operators to three from
four and enhance economies of scale for investment and innovation.
The acquisition of 50MHz of additional spectrum across all band
ranges as part of the transaction will give Iliad greater
flexibility to improve network capacity and quality.

Robust Profitability: Iliad's Fitch-defined EBITDA margin of 36% is
commensurate with an 'a' score under Fitch's Telecoms Navigator.
The high margins are supported by the company's technology and
pricing innovation, alongside an industry-leading cost structure,
enabling it to build well-entrenched positions in France and Poland
and underscoring its strong cash flow generation.

Leverage Consistent with 'BB+': Iliad Holding's Fitch-defined
EBITDA net leverage declined to 3.5x at end-2025 (3.2x under the
company's definition) from 4.3x at end-2024, driven by growth in
EBITDA and positive FCF. Fitch expects leverage to increase to 4.1x
in 2027, pro-forma for the SFR acquisition, before declining to
3.7x in 2029, helped by Iliad's strong cash flow generation.

Improved CFO Less Capex/Gross Debt: Its rating case, including the
SFR transaction, envisages CFO less capex/gross debt at about 6%-7%
in 2026-2028 and 8% in 2029, in line with its revised upgrade
threshold of 8% (previously 8.5%), aligned with peers'. CFO less
capex/gross debt was 6% in 2025, a considerable improvement on the
historically negative trend driven by high network investments in
France and Italy.

Restricted Perimeter Basis: Fitch rates Iliad Holding in line with
its restricted perimeter basis as detailed in its debt indenture.
Millicom International Cellular S.A. (BB+/Stable) and Atlas
Investissement (through which Iliad Holding owns 42% of Millicom)
are designated as unrestricted subsidiaries under Iliad Holding's
documentation. Hence, in the event of a Millicom sale, the proceeds
can be upstreamed to Iliad Holding shareholders and will not be
accessible to its debtholders. Millicom's operations are ringfenced
from Iliad and Atlas, and there are no cross-default provisions or
guarantees between Iliad Holding and Millicom or between Iliad
Holding and Atlas.

Consolidated Rating Approach: Fitch sees a strong linkage between
Iliad Holding and Iliad, its stronger subsidiary, based on its
Parent Subsidiary Linkage (PSL) Criteria. Iliad Holding's ownership
and control of Iliad lead to 'open' access and control, while
covenant restrictions in its bank loan indentures are not strong
enough on their own to establish effective ringfencing. Iliad's SCP
is one notch higher than the consolidated rating profile at 'bbb-',
due to lower leverage at the operating subsidiary.

Peer Analysis

Iliad's operating profiles in France and Poland are broadly in line
with those of other alternative telecoms operators with
well-entrenched domestic positions and varying degrees of ownership
of both fixed- and-mobile network assets. They are The Sunrise
Holding Group (BB-/Positive), Telenet Group Holding N.V
(BB-/Negative), prior to the separation of Wyre, and VMED O2 UK
Limited (B+/Stable). Iliad owns only 50% of its fixed-line network
in Poland, compared with the above peers, which fully own their
networks. Iliad Holding and Iliad have a slightly higher debt
capacity per rating band than those peers due to its scale and
geographic diversification.

Iliad Holding's and Iliad's debt capacity is on a par with that of
NOS, S.G.P.S., S.A. (BBB/Stable) for any given rating category. NOS
has a stronger market position (it is Portugal's second-largest
telecoms operator by revenue in a mature convergent market) and
full ownership of its fixed and mobile infrastructure. Iliad is
more geographically diversified than NOS, but it operates in the
more competitive French (before the SFR acquisition) and Italian
markets, and it is a mobile-only operator in Italy, where it is
still building scale.

Iliad's operating profile is weaker than that of domestically
focused incumbent operators, such as Royal KPN N.V. (BBB/Stable).
The stronger operating profile of incumbent operators reflects
their higher service revenue market share in mobile and fixed,
network infrastructure ownership, network scale economics of
servicing all subsectors and a market structure dominated by two to
three overlapping mobile or local loop network infrastructures.

Fitch’s Key Rating-Case Assumptions

- Organic revenue growth in the low single-digits in 2026-2029.
Double-digit overall revenue growth in 2027 on a reported basis,
reflecting the SFR transaction

- Fitch-defined EBITDA margin of 36% in 2026-2027, before
increasing to 37% in 2029

- Consolidated (restricted perimeter) net dividends received from
associates less dividends paid to minority shareholders averaging
at EUR370 million a year in 2026-2029

- Capex including spectrum at about 19% of revenue in 2026, before
gradually declining to about 15% by 2029

- Dividends paid by Iliad Holding at EUR500 million a year in
2026-2029

- Increase in Tele2 economic stake to 27% in 2026, accompanied by
appropriate related cash outflow

- Acquisition of SFR assets in 2027

Corporate Rating Tool Inputs and Scores

Fitch scored Iliad Holding as follows, using its Corporate Rating
Tool (CRT) to produce the SCP:

Business and financial profile factors (assessment, relative
importance): management ('bbb', Lower), sector characteristics
('bbb', Lower), market and competitive positioning ('bbb', Higher),
diversification and asset quality ('bbb+', Moderate), company
operational characteristics ('bbb', Moderate), profitability ('a-',
Lower), financial structure ('bb-', Higher), and financial
flexibility ('bbb-', Moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 30% weight for the forecast year 2027,
30% for the forecast year 2028 and 40% for the forecast year 2029.

The Governance assessment of 'Good' has no impact.

The Operating Environment assessment of 'a' has no impact.

The SCP is 'bb+'.

To derive the Long-Term IDR:

Application of Fitch's PSL Rating Criteria results in a
consolidated approach.

RATING SENSITIVITIES

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

- Consolidated Fitch-defined EBITDA net leverage above 3.8x on a
sustained basis

- Consolidated CFO less capex consistently at or below 8% of gross
debt

- Iliad Holding's EBITDA (excluding Iliad, including interest
earned from inter-company loans) below 2x gross interest

- A major erosion of Iliad's market share in mobile or fixed
broadband in France and Poland and operating FCF

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

- Consolidated Fitch-defined EBITDA net leverage below 3.3x on a
sustained basis, accompanied by a corresponding revision to Iliad
Holding's-defined target leverage

- Consolidated CFO less capex consistently at or above 10% of gross
debt

Liquidity and Debt Structure

Iliad has comfortable liquidity, with cash and cash equivalents of
about EUR1.8 billion and undrawn revolving credit facilities (RCF)
of EUR2 billion at Iliad and EUR500 million at Play at end-2025.
This is more than sufficient to cover approximately EUR3 billion
debt maturing in 2026-2027. In June 2026, Iliad increased its RCF
to EUR3 billion from EUR2 billion and extended the maturity to 2031
from 2029. It also refinanced EUR500 million of its EUR1 billion
term loan, extending the maturity to 2031 from 2027, while repaying
the rest.

Iliad Holding had cash and cash equivalents of EUR230 million at
end-2025 and an undrawn EUR300 million RCF maturing in January
2028. Fitch expects Iliad Holding to receive EUR500 million-700
million annual dividends from Iliad over 2026-2029, and more than
EUR200 million annual dividends from Tele2 and Atlas. This
comfortably covers annual interest payments and other net company
outflows over this period. These compare well with a well-spread,
long-dated maturity profile, with the nearest bond maturities
falling in 2028.

Fitch-defined consolidated gross debt was EUR16.3 billion at
end-2025, of which EUR11.2 billion was at Iliad and the rest at
Iliad Holding. The concentrated debt at Iliad structurally
subordinates Iliad Holding's debt. Iliad Holding's debt rating is
therefore one notch lower than its IDR.

Issuer Profile

Iliad Group is one of Europe's leading telecoms operators, with 52
million subscribers in France, Poland and Italy and EUR10.3 billion
in revenue in 2025.

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 Iliad Holding.

ESG Considerations

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

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
Iliad SA              

                       LT IDR  BB+   Upgrade              BB
   senior unsecured    LT      BB+   Upgrade     RR4      BB

Iliad Holding S.A.S.  

                       LT IDR  BB+   Upgrade              BB
   senior secured      LT      BB    Upgrade     RR5      BB-


POSEIDON BIDCO: S&P Lowers Rating on EUR278MM Secured RCF to 'D'
----------------------------------------------------------------
S&P Global Ratings lowered its issue rating on France-based payment
terminal company Poseidon BidCo S.A.S.'s  EUR278 million senior
secured RCF to 'D' (default) from 'CCC-'.

S&P's 'SD' long-term issuer credit rating on Poseidon BidCo and its
'D' issue rating on its EUR1.1 billion term loan B are unchanged.

S&P Global Ratings downgraded the issue rating on the senior
secured RCF because Poseidon BidCo's liquidity was under pressure
and it missed the May 2026 interest payment on the RFC. The
company, which operates under the name Ingenico, therefore made the
decision to preserve liquidity during its restructuring
negotiations. The 30-calendar-day grace period has now passed.

S&P said, "We understand that Ingenico is in talks with its lenders
to defer the payment, but no agreement had been reached at the time
of publication. We view the missed interest payment on the senior
secured RCF as a default under our criteria, given that it is a
failure on the debt's original promise. Therefore, we lowered our
issue rating on the RCF to 'D'. However, we affirmed the 'SD'
long-term issuer rating on Ingenico because we understand that the
company is current on its other obligations, which include priority
factoring facilities.

"As soon as we have further information regarding Ingenico's plans
to address the default and its liquidity position, we expect to
reassess our ratings on the company and on its debt."


RAMSAY GENERALE: S&P Lowers Rating to B+ on Revised Group Support
-----------------------------------------------------------------
S&P Global Ratings downgraded Ramsay Generale de Sante to 'B+' from
'BB-' and assigned a 'B+' rating to the proposed debt with a
recovery rating of '3,' reflecting S&P's expectation of a
meaningful recovery (rounded estimate: 60%) in the event of a
default.

The stable outlook reflects S&P's view that Ramsay Sante will be
able to improve its operating performance over the next 12-24
months, with organic revenue growth, an S&P Global Ratings-adjusted
EBITDA margin of about 12%, an adjusted debt-to-EBITDA ratio of
5.5x-6.5x, and a fixed-charge coverage ratio of 1.5x-2.0x.

S&P Global Ratings expects Ramsay Sante to receive diminished
support from RHCL on a sustained basis. This follows an
announcement by RHCL in February 2026 that it plans to distribute
its entire stake in Ramsay Sante to its shareholders, meaning that
Ramsay Sante will no longer receive support from its largest
shareholder. S&P said, "We acknowledge that the deal is still
uncertain and won't be finalized before the fourth quarter of 2026.
However, the downgrade reflects RHCL's statement of intent to
either distribute the shareholding or seek alternative options,
including selling to third party. Our rating on Ramsay Sante
previously incorporated one positive notch due to potential support
from RHCL, which we have now removed. The downgrade also reflected
Ramsay Sante's plan to refinance its existing capital structure to
avoid triggering the change of control clause. The proposed
distribution would be implemented through a scheme of arrangement
under Australian law and would be subject to the approval of RHCL's
board of directors, its shareholders, and the necessary court and
regulatory authorizations. Predica, a long-term shareholder of
Ramsay Sante and a subsidiary of Credit Agricole Assurances, has
reiterated its commitment to Ramsay Sante, but Credit Agricole
Assurances has confirmed that it does not intend to increase its
share of the company or take control of it. The downgrade was not
driven by the company's performance, which remains in line with our
expectations."

S&P said, "We think RHCL's share distribution will have limited
impact on Ramsay Sante's operations, while the refinancing will
address its existing funding needs and lengthen the debt maturity.
Ramsay Sante already operates as a fully independent entity with a
dedicated management team, a separate governance framework, and
separate funding sources from RHCL. We see limited synergies
between RHCL and Ramsay Sante, which has already proven its ability
to execute its own strategy through investments. These include
innovations for patients and operational efficiencies to improve
its margins, including a cost savings plan for personnel and
procurement. The company is seeking to refinance its existing
senior secured debt instruments, comprising of a EUR1.45 billion
TLB due in 2031, a EUR100 million revolving credit facility (RCF)
due in 2029, a EUR100 million capex facility due in 2029, and a
EUR100 million aggregate amount of the Sustainability-Linked Senior
Secured European Private Placement notes issued in 2021 (EUR40
million due December 2028 and EUR60 million due December 2029). We
understand Ramsay Sante will issue like-for-like new debt
instruments with the new EUR1.55 million, seven-year TLB and a
6.5-year new RCF of EUR200 million for general corporate purposes,
merging the previous EUR100 million RCF and EUR100 million capex
facility. This transaction will not involve additional debt. We
expect the transaction to have a neutral impact on leverage and
business prospects to remain resilient, with adjusted debt to
EBITDA decreasing to 6.1x in fiscal 2026 ending June 30 and 5.7x in
fiscal 2027, from 6.3x in 2025, and the fixed charge coverage ratio
rising to 1.5x in fiscal 2026 and 1.9x in fiscal 2027 (from 1.3x in
2025).

"Ramsay Sante is well-funded for the next 12 months, in our view,
with significant liquidity sources to fund its investments and
limited working capital needs. We anticipate that free operating
cash flow (FOCF) before lease expenses will be EUR205 million in
2026, supported by prudent growth capex and limited working capital
needs. FOCF before lease expenses is expected to be EUR150
million–EUR200 million in fiscal 2026 and EUR300 million–EUR350
million in fiscal 2027, boosted by a gradual recovery in
profitability but squeezed by a slight increase in growth-related
capex. We expect limited working capital annual outflows in fiscals
2026 and 2027 due to planned inventory optimization and improved
payables management, in addition to its factoring line. The company
has built large cash balances of EUR384 million (as of June 30,
2025) and a EUR200 million fully undrawn RCF post-transaction,
ensuring adequate funding of potential capital requirement.

"Profitability is likely to be challenged by persistent inflation
and higher personnel and energy costs, combined with the phased
removal of state support mechanisms. In the near term, we expect
higher volumes to improve fixed-cost absorption and margins to
benefit from cost management, productivity plans, and digital
improvements. We forecast that the adjusted EBITDA margin will be
about 12% in 2026 and 2027 (11.6% in 2025). We think that political
instability and budgetary challenges in France will continue to
affect regulatory and pricing visibility in the French private
hospital sector. This mainly stems from a tariff freeze for 2026,
while we expect cost inflation to persist, undermining
profitability in the sector. We factor this uncertainty into our
credit metrics and acknowledge that future legislative changes or
delays could materially weaken profitability and cash flow
management. Nonetheless, we expect the French government to support
the private hospital sector, given its essential role within the
healthcare system. In addition, we think that Ramsay Sante's strong
market position, diversification, and healthy operating performance
across the Nordics will continue to underpin its steady cash flow
generation.

"We expect Ramsay Sante's revenue to see sustained organic growth,
despite political uncertainties. We project that annual revenue
will reach EUR5.4 billion-EUR5.6 billion in fiscals 2026 and 2027,
reflecting moderate annual growth of 2%-4%. Revenue growth will
benefit from positive momentum in medicine, surgery, and mental
health services, as well as solid contributions from Ramsay Sante's
recent acquisitions and its expansion in imaging and primary care
facilities. Strong operations in the Nordics, especially at St
Göran Hospital, combined with growth in elderly and primary care
and the impact of favorable foreign exchange movements, offer
further support. That said, the discontinuation of the French
government's minimum revenue guarantees and the lack of
tariff-based growth for 2026 (0.5% in 2025) will partially
constrain revenue growth.

"The stable outlook indicates that we expect Ramsay Sante to
preserve its credit quality, despite a decrease in profitability
over the next 12-24 months, thanks to a prudent financial policy
and cash containment measures. In our base case, we assume that
Ramsay Sante will generate sufficient cash flow to fund its
operations without raising additional debt, enabling it to maintain
leverage at 5.5x-6.0x and an adjusted fixed-charge coverage ratio
of 1.5x-2.0x over the next 12-24 months."

S&P could consider lowering its rating if:

-- The group's operating performance deteriorated, such that its
cash flow generation was hampered by substantial working capital
outflows or higher-than-forecast capex, which increased leverage;

-- Its fixed-charge coverage ratio fell below 1.5x. The most
likely cause of such a deterioration would be if the group failed
to achieve forecast growth and realize the productivity gains
necessary to cover its fixed cost base or if the operating
environment deteriorated and this reduced margins further; or

-- Ramsay Sante pursued a predominantly debt-funded acquisition
strategy so that adjusted debt to EBITDA rose to more than 7.0x
over the next 12 months.

S&P could raise its rating if leverage were materially reduced,
such that adjusted debt to EBITDA was below 5.0x, and the group's
servicing of its fixed obligations, which include interest and rent
payments, strengthened sustainably above 2.0x. An upgrade would
also depend on the group committing to maintaining credit metrics
at these levels in the future.




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

LIMPIO BIDCO: Fitch Rates EUR525MM Term Loan B 'BB-'
----------------------------------------------------
Fitch Ratings has assigned Limpio BidCo GmbH's EUR525 million
senior secured term loan B (TLB) a final 'BB-' rating with a
Recovery Rating of 'RR3'. Proceeds from the new issuance have been
used to refinance existing debt, fund cash to the balance sheet and
pay transaction fees.

The 'B+' Long-Term Issuer Default Rating (IDR) of Limpio BidCo
GmbH, which owns the Schuelke Group, reflects Schuelke's limited
scale, narrow product diversification and some geographic
concentration relative to rated sector peers. These constraints are
partly offset by the defensive nature of its operations, supported
by resilient demand fundamentals, healthy EBITDA margins, expected
sustainably positive free cash flow (FCF) generation, and a
moderate leverage profile.

The Stable Outlook reflects Fitch's expectation that the group will
continue to benefit from stable demand in the infection prevention
market, with steady margin expansion supporting deleveraging
following the refinancing.

Key Rating Drivers

Niche But Defensive Operations: Schuelke's small scale, narrow
product diversification and geographic concentration are partly
offset by the defensive nature of its operations. It operates in a
highly regulated sector with barriers of entry in the form of
lengthy validation processes, despite the fairly low innovation
content of its products. The group also benefits from strong and
well-diversified customer relationships in a market characterised
by resilient, non-cyclical demand, which supports revenue
stability.

Healthy Profitability: Schuelke's healthy Fitch-defined EBITDA
margins of about 25% are comparable with much larger peers,
underscoring the group's competitive product offering and
entrenched strong market position. Sustainably healthy
profitability is supported by the ability to pass on cost increases
to customers, mitigating volatility in raw material prices.
Nevertheless, during extended periods of high inflation,
profitability margins could come under pressure. Fitch forecasts
the EBITDA margin to expand slightly to 26% by 2029.

Sustainably Positive FCF: Schuelke's strong financial profile is
supported by its view of sustainably positive FCF generation with
FCF margins of about 5%-7% during 2026-2029. This reflects its
assumption of solid EBITDA margins and moderate capex of about 6%
of revenue to 2029, in the absence of dividend payments.
Mid-single-digit FCF margins support the group's financial
flexibility and provide a cash cushion for potential bolt-on
acquisitions to complement organic growth. Fitch incorporates these
acquisitions in its rating case.

Moderate Leverage: Fitch expects the TLB to increase Fitch-defined
EBITDA leverage to 4.7x at end-2026 (or to 4.4x pro-forma for
acquisitions in 2026), from 4.1x at end-2025. Positive FCF
generation and the absence of material debt-only-funded
acquisitions will support the group's leverage improvement from
2027 towards 4.0x and below 4.0x in 2028-2029, which Fitch views as
adequate for Schuelke's business risk profile and rating. Its
projection of deleveraging underpins the Stable Outlook.

Product Concentration; Single Supply Exposure: Fitch believes
concentration in Schuelke's business profile creates execution
risks, although they are being managed adequately at present. The
group has four business units, which provide some diversification
through distribution channels. However, about one-third of revenue
is concentrated on Octenidine-based products (antiseptic active
pharmaceutical ingredients; API). It has 18 registered products
containing this antiseptic API. The group relies on a single
supplier for some important raw materials but it is diversifying
its supplier base and has safety stocks.

M&A Pipeline to Support Growth: Its rating case assumes that M&A
will supplement the group's growth trajectory with acquisitions
totaling EUR200 million during 2026-2029. Fitch expects them to be
funded from available credit lines and cash and to be comfortably
absorbed under the 'B+' IDR. Fitch assumes these acquisitions to be
bolt-on, enabling gradual business growth with limited execution
risks. Fitch does not envisage transformative M&A in the medium
term, which Fitch would treat as event risk.

Resilient Market Demand: Schuelke operates in a resilient
end-market with secular growth drivers and high regulatory
requirements. Demand is supported by an ageing population, rising
hospitalisation rates and disinfectant consumption, greater
awareness of healthcare-associated infections in both developed and
developing markets, increasing use of single-use disinfectant
products for disease prevention, and higher hygiene standards.
Schuelke is well positioned to capitalise on these trends,
supported by its well-established legacy brands. This should allow
the group to grow at least in line with the market while
maintaining its competitiveness.

Peer Analysis

Fitch rates Schuelke using its Medical Devices, Diagnostics and
Products Navigator. Its rating is constrained by its small scale,
concentrated products portfolio and the less innovative nature of
its products compared with higher rated peers.

Higher-rated peers in the 'BBB' category include companies with a
certain exposure to wound management like Convatec Group Plc
(BBB/Stable), Solventum Corporation (BBB/Stable) and Smith&Nephew
plc (BBB+/Stable). The business profile of investment-grade peers
is much stronger with larger scale, greater product and
geographical diversification and higher barriers to entry. The
leverage profiles of these peers are also stronger.

Schuelke compares well with leveraged finance medical devices and
products companies such as Curium Bidco S.a r.l. (B/Stable) and LGC
Science Group Holdings Limited (B/Stable). Schuelke has similar
healthy EBITDA margins but its business profile is weaker due to
smaller scale and weaker product diversification. However,
Schuelke's leverage is lower than Curium and LGC and its financial
profile benefits from comparable positive FCF generation with
investment-grade peers.

Fitch’s Key Rating-Case Assumptions

- Organic sales growth averaging about 6% over 2026-2029

- EBITDA margin improving to 26% by 2029 from 24.6% in 2025

- Working capital outflow at 2% of sales in 2026-2029

- Total capex at 6% of revenue in 2026-2029

- Cumulative M&A of around EUR200 million in 2026-2029 with an
assumed average EBITDA margin of 20% and a multiple of around 8.0x,
to be funded with a combination of internally generated cash and
committed debt

- No dividends or share buybacks over 2026-2029

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

Business and financial profile factors (assessment, relative
importance): management ('bb', Moderate), sector characteristics
('bb', Lower), market and competitive positioning ('b+', Higher),
diversification and asset quality ('b', Moderate), company
operational characteristics ('b', Higher), profitability ('bb',
Moderate), financial structure ('bb+', Moderate), and financial
flexibility ('b+', Moderate).

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the historical year
2025, 40% for the forecast year 2026 and 40% for the forecast year
2027.

B+ to CC considerations apply in its analysis and have no impact.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'a+' has no impact.

The SCP is 'b+'.

To derive the Long-Term IDR: Fitch made no adjustments to the SCP,
resulting in an IDR of 'B+'.

Recovery Analysis

Fitch expects that Schulke would most likely be sold or
restructured as a going concern (GC) in a bankruptcy rather than
liquidated. Fitch estimates a post-restructuring GC EBITDA at about
EUR90 million. Fitch applies a distressed enterprise value/EBITDA
multiple of 5.0x, given the small size and relatively low barriers
to entry for the industry against more specialised
technology-driven medical product peers.

After deducting 10% for administrative claims, the allocation of
value in the liability waterfall results in a Recovery Rating of
'RR3' for the new senior secured debt, comprised the EUR525 million
TLB and EUR100 million new revolving credit facility (RCF). Fitch
assumes the RCF to be fully drawn prior to distress. This indicates
a 'BB-' instrument rating, one notch above the IDR. The company has
EUR3 million local facilities as prior-ranking debt, which Fitch
treats as super senior in the structure.

RATING SENSITIVITIES

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

- EBITDA leverage consistently above 5.0x

- FCF margin sustainably below 5%

- Interest coverage ratio sustainably below 3.0x

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

- An upgrade is subject to operating expansion, including but not
limited to geographical expansion, leading to higher revenue and
EBITDA generation at or above EUR200 million

- FCF sustainably in high-single-digit territory

- Interest coverage sustainably above 4.0x

- EBITDA leverage below 3.5x for a sustained period

Liquidity and Debt Structure

At end-2025, Schuelke had readily available cash of EUR35 million
(after adjustment for Fitch-restricted cash of EUR10 million). Its
forecast of sustainably positive FCF generation further supports
the group's liquidity.

The new EUR525 million TLB with maturity in 2033 provides adequate
debt maturity headroom with no short-term debt repayments. The
group has also issued a EUR100 million RCF with maturity in
December 2032, providing an additional cash buffer. Schuelke
expects to partly draw the RCF and use cash on its balance sheet to
fund M&A and subsequently repay the RCF drawing from internal cash
generation. Its sources of funding are not diversified.

Issuer Profile

Schuelke is a leading infection prevention and treatment provider
based in Germany.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Schuelke.

ESG Considerations

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Limpio BidCo GmbH

   senior secured       LT BB-  New Rating   RR3       BB-(EXP)




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

ARMADA EURO I: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Armada Euro CLO I DAC reset notes final
ratings.

   Entity/Debt                Rating           
   -----------                ------           
Armada Euro CLO I DAC

   A XS3399007791          LT AAAsf  New Rating

   B XS3399008096          LT AAsf   New Rating

   C XS3399008336          LT Asf    New Rating

   D XS3399008500          LT BBB-sf New Rating

   E XS3399008765          LT BB-sf  New Rating

   F XS3399008922          LT B-sf   New Rating

   Subordinated Notes
   XS1650075903            LT NRsf   New Rating

Transaction Summary

Armada Euro CLO I DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
were used to redeem the existing notes and to fund a portfolio with
a target par of EUR400 million. The portfolio is actively managed
by Brigade Capital Europe Management LLP. The CLO has an about
4.5-year reinvestment period and approximately an 8.6-year weighted
average life (WAL) test limit.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the current portfolio to be
in the 'B' category. The Fitch-weighted average rating factor
(WARF) of the current portfolio is 24.

Strong Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. The recovery
prospects for these assets are more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate (WARR) of the indicative portfolio is 66.3%.

Diversified Asset Portfolio (Positive): The transaction includes
six Fitch matrices, each based on a top 10 obligor concentration
limit of 20%. Two matrices are effective at closing, corresponding
to fixed-rate asset limits at 5% and 12.5% and to an 8.6-year WAL
test covenant. The remaining four matrices are effective 12 and 18
months after closing and correspond to a 7.6-year and a 7.1-year
WAL test covenant, with the same fixed-rate asset limits as the
closing matrices. The forward matrices can be elected by the
collateral manager if the collateral principal amount (with
defaults carried at Fitch collateral value) is at least equal to
the reinvestment target par balance.

The transaction includes additional covenants, including a maximum
exposure to the three largest Fitch-defined industries in the
portfolio at 40%. These covenants ensure the asset portfolio will
not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
test covenant, to account for strict reinvestment conditions after
the reinvestment period, including the satisfaction of
over-collateralisation test and Fitch's 'CCC' limit tests,
alongside a consistently decreasing WAL test covenant. These
conditions reduce the effective risk horizon of the portfolio
during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the class A-R to E-R notes. It would also
lead to a downgrade to below 'B-sf' for the class F-R note, subject
to the erosion of any margin of safety supporting the 'B-sf'
rating.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class E-R
and F-R notes each have a rating cushion of five notches; the class
C-R and D-R notes each have four notches; and the class B-R notes
have two notches, due to the better metrics and shorter life of the
current portfolio than the Fitch-stressed portfolio. The class A-R
notes do not have any rating cushion as they are already at the
highest achievable rating.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of two notches
each for the class C-R and D-R notes; three notches each for the
class A-R and B-R notes; and below 'B-sf' for the class E-R and F-R
notes.

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

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to five notches each for the rated notes, except for the 'AAAsf'
rated notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority- registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Armada Euro CLO I
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


ARMADA EURO I: S&P Assigns B-(sf) Rating on Class F-R-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Armada Euro CLO I
DAC 's class A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes. At
closing, the issuer had unrated subordinated notes outstanding from
the existing transaction.

This transaction is a reset of the already existing transaction
which S&P rates. The existing classes of notes were fully redeemed
with the proceeds from the issuance of the replacement notes on the
reset date. The ratings on the original notes have been withdrawn.
The existing transaction had begun to amortize the most senior
class of notes. The target par of this transaction has increased
back to EUR360 million from almost EUR340 million (i.e. in line
with the target par of the existing transaction).

The reinvestment period will be approximately 4.6 years, while the
noncall period will be 1.5 years after closing.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payment.

The ratings assigned to the reset notes reflect S&P's assessment
of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,775.85
  Default rate dispersion                                 615.29
  Weighted-average life (years)                             4.38
  Obligor diversity measure                                98.10
  Industry diversity measure                               20.41
  Regional diversity measure                                1.47
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.58

  Transaction key metrics

  Total par amount (mil. EUR)                                360
  Defaulted assets (mil. EUR)                            787,517
  Number of performing obligors                              126
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.69
  Target 'AAA' weighted-average recovery (%)               37.02%
  Actual weighted-average spread net of floors (%)          3.46
  Actual weighted-average coupon (%)                        3.35

Rating rationale

S&P's ratings reflect its assessment of the collateral portfolio's
credit quality, which has a weighted-average rating of 'B'.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and bonds.
Therefore, S&P conducted our credit and cash flow analysis by
applying its criteria for corporate cash flow CDOs.

S&P said, "In our cash flow analysis, we used the EUR360million
target par amount, the covenanted weighted-average spread of 3.45%,
the actual weighted-average coupon of 3.35%, and the target
weighted-average recovery rate. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R-R to E-R-R notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO is still in its reinvestment phase
starting from the effective date, during which the transaction's
credit risk profile could deteriorate, we capped our ratings on
these notes."

The class A-R-R notes can withstand stresses commensurate with the
assigned rating.

The class F-R-R notes' current break-even default rate cushion is
negative at the assigned rating. Nevertheless, based on the
portfolio's actual characteristics and additional overlaying
factors, including S&P's long-term corporate default rates and
recent economic outlook, S&P believes this class can sustain a
steady-state scenario, in accordance with its criteria. S&P's
analysis further reflects several factors, including:

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

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.84% (for a portfolio with a
weighted-average life of 4.58 years) versus 14.67% if we were to
consider a long-term sustainable default rate of 3.2% for 4.58
years.

-- Whether the tranche is vulnerable to nonpayment.

-- If there is a one-in-two chance of this tranche defaulting.

-- If S&P envisions this tranche defaulting in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for this tranche is commensurate with the
assigned 'B- (sf)' rating.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all rated
classes of notes.

"In addition to our standard analysis, we also included the
sensitivity of the ratings on the class A-R-R to E-R-R notes, based
on four hypothetical scenarios."

Environmental, social, and governance

S&P said, "We regard the exposure to environmental, social, and
governance (ESG) credit factors in the transaction as being broadly
in line with our benchmark for the sector. Primarily due to the
diversity of the assets within CLOs, the exposure to environmental
credit factors is viewed as below average, social credit factors
are below average, and governance credit factors are average. For
this transaction, the documents prohibit assets from being related
to certain activities. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

Armada Euro CLO I DAC is a European cash flow CLO securitization of
a revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Brigade
Capital Europe Management LLP manages the transaction.

  Ratings

                      Amount    Credit
  Class   Rating*   (mil. EUR)  enhancement (%)  Interest rate§

  A-R-R   AAA (sf)    223.20    38.00    Three/six-month EURIBOR
                                         plus 1.29%

  B-R-R   AA (sf)     39.60     27.00    Three/six-month EURIBOR
                                         plus 1.75%

  C-R-R   A (sf)      21.60     21.00    Three/six-month EURIBOR
                                         plus 2.00%

  D-R-R   BBB- (sf)   26.10     13.75    Three/six-month EURIBOR
                                         plus 2.90%

  E-R-R   BB- (sf)    15.30      9.50    Three/six-month EURIBOR
                                         plus 5.55%

  F-R-R   B- (sf)     10.80      6.50    Three/six-month EURIBOR
                                         plus 8.85%

  Sub. notes   NR     34.50       N/A    N/A

  Additional
  sub. notes   NR      4.70       N/A    N/A

*The ratings assigned to the class A-R-R and B-R-R notes address
timely interest and ultimate principal payments. Our ratings
address ultimate interest and principal payments on the rest of the
other rated notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
Sub. notes--Subordinated notes.
NR--Not rated.
N/A--Not applicable.


HENLEY CLO XVII: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Henley CLO XVII DAC final ratings.

   Entity/Debt              Rating              Prior
   -----------              ------              -----
Henley CLO XVII DAC

   A XS3356042963        LT AAAsf  New Rating   AAA(EXP)sf

   A-L                   LT AAAsf  New Rating   AAA(EXP)sf

   B XS3356043938        LT AAsf   New Rating   AA(EXP)sf

   C XS3356043003        LT Asf    New Rating   A(EXP)sf

   D XS3356043342        LT BBB-sf New Rating   BBB-(EXP)sf

   E XS3356044159        LT BB-sf  New Rating   BB-(EXP)sf

   F XS3356043425        LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS3356043771          LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

Henley CLO XVII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bond. Net proceeds from
the notes were used to purchase a portfolio with a target par of
EUR500 million. The portfolio is actively managed by Napier Park
CMV LLC. The transaction has a 4.5-year reinvestment period and a
7.75-year weighted average life (WAL) test covenant at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 23.5.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 64.8%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits in the portfolio, including a maximum
exposure to the three largest Fitch-defined industries in the
portfolio at 40% and the top 10 obligor concentration limit of
17.5%. These covenants ensure the asset portfolio will not be
exposed to excessive concentration.

Portfolio Management (Neutral): The transaction includes four
matrices. Two matrices are effective at closing and correspond to
two fixed-rate asset limits of 5% and 12.5%, each subject to a
7.75-year WAL test. The other two matrices correspond to the same
two fixed-rate asset limits but are subject to a 7-year WAL test.
These can be selected by the manager nine months after closing, or
18 months after closing if the WAL step up condition is satisfied
on or after the WAL test step-up determination date.

The transaction has a 4.5-year reinvestment period, which is
governed by reinvestment criteria similar to those of other
European deals. Its analysis is based on a stressed-case portfolio
with the aim of testing the robustness of the transaction structure
against its covenants and portfolio guidelines.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by nine months on or after the step-up date, which is nine months
after closing. The WAL extension is subject to conditions including
the satisfaction of collateral quality tests and the collateral
balance (defaults at Fitch-calculated collateral value) being no
less than the reinvestment target par balance.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
test covenant at the issue date. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing the coverage tests and
the Fitch 'CCC' bucket limitation test and a WAL covenant that
progressively steps down before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no downgrade impact on the class A to F
notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.

Due to the better metrics and shorter life of the identified
portfolio than the stressed-case portfolio, the class B notes
display a rating cushion of two notches, the class C and D notes of
four notches and the class E and F notes of five notches. The class
A notes do not display any rating cushion as they are already at
the highest achievable rating.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of two notches
for the class A to C notes, one notch for the class D notes, three
notches for the class E notes and to below 'B-sf' for the class F
notes.

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

A 25% reduction of the RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades of up to five notches for the rated notes, except
for the 'AAAsf' rated notes.

During the reinvestment period, upgrades, which are based on the
stressed-case portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction.

After the end of the reinvestment period, upgrades, except for the
'AAAsf' notes, may occur in case of a stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread available to cover losses in the remaining
portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organisations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Henley CLO XVII
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


HENLEY CLO XVII: S&P Assigns B-(sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Henley CLO XVII
DAC's class A-Loan and class A, B, C, D, E, and F notes. At
closing, the issuer also issued EUR35.55 million unrated
subordinated notes.

The reinvestment period will be approximately 4.5 years, while the
noncall period will be 1.5 years after closing.

Under the transaction documents, the rated notes and loan will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes and loan will switch to semiannual
payments.

The ratings assigned to the notes and loan reflect S&P's assessment
of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes and loan through collateral
selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor 2,770.17
  Default rate dispersion                                 497.10
  Weighted-average life (years)                             5.35
  Obligor diversity measure                               143.15
  Industry diversity measure                               24.62
  Regional diversity measure                                1.32

  Transaction key metrics

  Total par amount (mil. EUR)                                500
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              169
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.60
  Target 'AAA' weighted-average recovery (%)               36.17
  Actual weighted-average spread net of floors (%)          3.73
  Actual weighted-average coupon (%)                        6.41

Rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'.

"The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and bonds.
Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR500 million target par
amount, the covenanted weighted-average spread of 3.65%, the
covenanted weighted-average coupon of 5.25%, and the target
weighted-average recovery rate. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C, D, and E notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from the effective date, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
assigned to the notes."

The class A Loan and class A notes could withstand stresses
commensurate with the assigned ratings.

The class F notes' current breakeven default rate cushion is
negative at the assigned rating. Nevertheless, based on the
portfolio's actual characteristics and additional overlaying
factors, including S&P's long-term corporate default rates and
recent economic outlook, it believes this class is able to sustain
a steady-state scenario, in accordance with its criteria. S&P's
analysis further reflects several factors, including:

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

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 27.11% (for a portfolio with a
weighted-average life of 5.35 years) versus 17.12% if it was to
consider a long-term sustainable default rate of 3.2% for 5.35
years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for all rated
classes of notes and loan.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes, based on four
hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance

S&P regards the exposure to environmental, social, and governance
(ESG) credit factors in the transaction as being broadly in line
with its benchmark for the sector.

Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average.

For this transaction, the documents prohibit assets from being
related to certain activities. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and S&P's ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities.

Henley CLO XVII DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Napier Park
Global Capital LTD manages the transaction.

  Ratings
                   Amount     Credit
  Class  Rating*  (mil. EUR)  enhancement (%)   Interest rate

  A      AAA (sf)   206.60    38.00    Three/six-month EURIBOR
                                       plus 1.28%

  A-Loan AAA (sf)   103.40    38.00    Three/six-month EURIBOR
                                       plus 1.28%

  B      AA (sf)     53.75    27.25    Three/six-month EURIBOR
                                       plus 1.85%

  C      A (sf)      30.00    21.25    Three/six-month EURIBOR
                                       plus 2.20%

  D      BBB- (sf)   36.25    14.00    Three/six-month EURIBOR
                                       plus 3.05%

  E      BB- (sf)    22.50     9.50    Three/six-month EURIBOR
                                       plus 5.25%

  F      B- (sf)     15.00     6.50    Three/six-month EURIBOR
                                       plus 8.58%

  Sub notes   NR     35.55      N/A     N/A

*The ratings assigned to the class A-Loan and class A and B notes
address timely interest and ultimate principal payments. S&P's
ratings address ultimate interest and principal payments on the
rest of the other rated notes. The payment frequency switches to
semiannual and the index switches to six-month EURIBOR when a
frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


NASSAU EURO I: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Nassau Euro CLO I DAC final ratings.

   Entity/Debt                Rating                Prior
   -----------                ------                -----
Nassau Euro CLO I DAC

   A XS2400033333          LT PIFsf  Paid In Full   AAAsf
   A-1-R XS3395951943      LT AAAsf  New Rating
   A-2-R XS3404467717      LT AAAsf  New Rating
   B-1 XS2400033507        LT PIFsf  Paid In Full   AA+sf
   B-2 XS2400033762        LT PIFsf  Paid In Full   AA+sf
   B-R XS3395952164        LT AAsf   New Rating
   C XS2400033929          LT PIFsf  Paid In Full   Asf
   C-R XS3395952594        LT Asf    New Rating
   D XS2400034141          LT PIFsf  Paid In Full   BBBsf
   D-R XS3395952750        LT BBB-s  New Rating
   E XS2400034497          LT PIFsf  Paid In Full   BB-sf
   E-R XS3395953055        LT BB-sf  New Rating
   F XS2400034653          LT PIFsf  Paid In Full   B-sf
   F-R XS3395953212        LT B-sf   New Rating
   X XS3395951786          LT AAAsf  New Rating

Transaction Summary

Nassau Euro CLO I DAC is a securitisation of mainly senior secured
obligations with a component of senior unsecured, mezzanine,
second-lien loans and high-yield bonds. Note proceeds were used to
purchase a portfolio with a target par of EUR350 million. The
portfolio is actively managed by Nassau Corporate Credit (UK) LLP.
The CLO has a 4.5-year reinvestment period and a seven-year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.0.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 65.3%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits, including a maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction includes four
matrices corresponding to fixed-rate limits of 5% and 10%, two of
which are effective at closing and based on a top 10 obligor
concentration limit of 20% and an 8.5-year WAL test covenant. The
transaction includes reinvestment criteria similar to those of
other European transactions. Fitch's analysis is based on a
stressed-case portfolio, with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio and matrices analysis is reduced by 12 months from
the WAL covenant. This reduction accounts for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include, among others, passing both the
coverage tests and the Fitch 'CCC' test post reinvestment as well
as a WAL covenant that progressively steps down before and after
the end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no downgrade impact on the class
X-R, A-1-R, A-2-R, B-R, C-R and D-R notes and lead to a downgrade
of one notch for the class E-R notes and to below 'B-sf' for the
class F-R notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
stressed-case portfolio, the class C-R, D-R and E-R notes display
rating cushions of three notches and the class B-R and class F-R
notes of two notches. The class X-R, A-1-R and A-2-R notes do not
display any rating cushion as they are already at the highest
achievable rating.

Should the cushion between the current portfolio and the
stressed-case portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed-case portfolio would have no impact on the class
X-R notes and lead to downgrades of two notches for the class
A-1-R, A-2-R, B-R, C-R and D-R notes and to below 'B-sf' for the
class E-R and F-R notes.

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

A 25% reduction of the RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades of up to two notches for the rated notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded. During the reinvestment
period, based on the stressed-case portfolio, upgrades may occur on
better-than-expected portfolio credit quality and a shorter
remaining WAL test, leading to the ability of the notes to
withstand larger-than-expected losses for the remaining life of the
transaction.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Nassau Euro CLO I DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Nassau Euro CLO I
DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.


NASSAU EURO I: S&P Assigns B-(sf) Rating to Class F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Nassau Euro CLO I
DAC's class X, A-1-R, A-2-R, B-R, C-R, D-R, E-R, and F-R notes. At
closing, the issuer had unrated subordinated notes outstanding from
the existing transaction and also issued additional subordinated
notes equalling EUR26.0 million. Subject to an extraordinary
resolution from the existing subordinated noteholders, both the
existing and the additional subordinated notes are to be exchanged
for EUR28.2 million of subordinated notes.

This transaction is a reset of the already existing transaction,
that S&P did not rate. The existing classes of notes were fully
redeemed with the proceeds from the issuance of the replacement
notes.

The reinvestment period will be approximately 4.56 years, while the
noncall period will be two years after closing.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,744.14
  Default rate dispersion                                588.84
  Weighted-average life (years)                            4.17
  Obligor diversity measure                              149.07
  Industry diversity measure                              25.96
  Regional diversity measure                               1.28
  Weighted-average life (years) extended
  to cover the length of the reinvestment period           4.56

  Transaction key metrics

  Total par amount (mil. EUR)                               350
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             183
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.29
  Actual 'AAA' weighted-average recovery (%)             36.50%
  Actual weighted-average spread net of floors (%)         3.58
  Actual weighted-average coupon (%)                       4.35

Rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'.

"The portfolio is well diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and bonds.
Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR350.0 million target par
amount, the covenanted weighted-average spread of 3.56%, the actual
weighted-average coupon of 4.35%, and the covenanted
weighted-average recovery rate at the 'AAA' level and the actual
recovery rates for the other rating levels. We applied various cash
flow stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

"The transaction's legal structure and framework is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R to D-R notes could withstand
stresses commensurate with higher ratings than those assigned.
"However, as the CLO will be in its reinvestment phase starting
from the effective date, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes."

The class X, A-1-R, A-2-R, and E-R notes can withstand stresses
commensurate with the assigned ratings.

The class F-R notes' current break-even default rate cushion is
negative at the assigned rating. Nevertheless, based on the
portfolio's actual characteristics and additional overlaying
factors, including its long-term corporate default rates and recent
economic outlook, S&P believes this class is able to sustain a
steady-state scenario, in accordance with its criteria. S&P's
analysis further reflects several factors, including:

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.61% (for a portfolio with a
weighted-average life of 4.56 years) versus 14.59% if we were to
consider a long-term sustainable default rate of 3.2% for 4.56
years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

Following this analysis, we consider that the available credit
enhancement for the class F-R notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
ratings are commensurate with the available credit enhancement for
all rated classes of notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class X to E-R notes, based on
four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R notes."

Environmental, social, and governance

S&P regards the exposure to environmental, social, and governance
(ESG) credit factors in the transaction as being broadly in line
with our benchmark for the sector.

Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average.

For this transaction, the documents prohibit assets from being
related to certain activities. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and S&P's ESG benchmark for the
sector, no specific adjustments have been made in its rating
analysis to account for any ESG-related risks or opportunities.

Nassau Euro CLO I DAC is a European cash flow CLO securitization of
a revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Nassau
Global Credit (UK) LLP manages the transaction.

  Ratings

                    Amount    Credit
  Class  Rating*  (mil. EUR)  enhancement (%)  Interest rate

  X      AAA (sf)      3.2 N/A      Three/six-month EURIBOR
                                       plus 0.90%

  A-1-R  AAA (sf)    215.2 38.51    Three/six-month EURIBOR
                                       plus 1.29%

  A-2-R  AAA (sf)      5.0 37.09    Three/six-month EURIBOR
                                       plus 1.65%

  B-R    AA (sf)      35.3 27.00    Three/six-month EURIBOR
                                       plus 1.80%

  C-R    A (sf)       21.0 21.00    Three/six-month EURIBOR
                                       plus 2.20%

  D-R    BBB- (sf)    24.5 14.00    Three/six-month EURIBOR
                                       plus 3.20%

  E-R    BB- (sf)     15.8  9.49    Three/six-month EURIBOR
                                       plus 5.65%

  F-R    B- (sf)      10.5     6.49    Three/six-month EURIBOR
                                       plus 8.93%

  Sub. Notes  NR      28.2     N/A     N/A

*The ratings assigned to the class X, A-1-R, A-2-R, and B-R notes
address timely interest and ultimate principal payments. S&P's
ratings address ultimate interest and principal payments on the
other rated notes. The payment frequency switches to semiannual and
the index switches to six-month EURIBOR when a frequency switch
event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


VEHIS AUTO 2026: S&P Assigns BB(sf) Rating on Class B-Dfrd Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'AA- (sf)' credit rating to Vehis
Auto Leasing 2026 DAC's class A floating-rate notes, and its 'BB
(sf)' rating to the class B-Dfrd floating-rate notes. At closing,
the issuer also issued unrated asset-backed floating-rate class Z
notes.

At closing, Vehis Auto Leasing 2026 purchased a portfolio of Polish
auto lease receivables originated by Vehis.

This is the second public transaction originated by Vehis that S&P
has rated -- the first closed in July 2025.  Unlike the first
transaction, the notes are indexed to three-month WIBOR instead of
one-month WIBOR, with quarterly payment dates instead of monthly
payment dates.

S&P said, "Our ratings address the timely payment of interest on
the class A notes and ultimate payment of interest on the class
B-Dfrd notes until they become the most senior class of notes, with
timely payments thereafter. For all classes, our ratings address
ultimate payment of principal by the legal final maturity date."

Vehis is an auto leasing company established in Poland in 2019. Its
management team has long expertise in the Polish leasing market.

The transaction securitizes receivables arising from leasing
contracts over new and used vehicles granted to small and micro
companies, and a small portion of consumer clients in Poland. The
residual values of the leased vehicles corresponding to the lease
receivables was sold to the issuer at closing, so the transaction
will carry direct market value risk.

The transaction does not feature any revolving period. The notes
amortize sequentially from the first payment date.

There is no swap. Even if both the notes and the assets are indexed
to three-month WIBOR, the reset dates are different. This mismatch
exposes the issuer to basis risk.

A combination of note subordination, the general reserve, and
excess spread provides the rated notes credit enhancement.

The transaction has a split waterfall, one for interest and one for
principal collections. Liquidity for the rated notes is available
in the form of the general reserve as well as the use of principal
collections if the most senior class of notes experiences any
shortfall in payments of senior costs and interest on the most
senior class of notes.

Sovereign, counterparty, and operational risks do not constrain the
ratings.

The issuer is an Irish company limited by shares, which is
bankruptcy remote, in line with our legal criteria.

  Ratings

  Class     Rating*   Amount (mil. PLN)

  A         AA- (sf)       745.0
  B-Dfrd    BB (sf)        148.1
  Z         NR              62.1

*S&P's rating on the class A notes addresses the timely payment of
interest and ultimate payment of principal, while its rating on the
class B-Dfrd notes addresses the ultimate payment of principal and
interest until they become the most senior class of notes, with
timely payments thereafter.
PLN--Polish zloty.
NR--Not rated.




=========
I T A L Y
=========

AUTO ABS ITALIAN 2026-1: Fitch Rates Class E Notes 'BB+sf'
----------------------------------------------------------
Fitch Ratings has assigned Auto ABS Italian Stella Loans S.r.l.
(Series 2026-1) final ratings.

The class C and D notes' final ratings are one notch higher than
the expected ratings, due to the revised margins on all classes of
notes.

   Entity/Debt             Rating              Prior
   -----------             ------              -----
Auto ABS Italian
Stella Loans S.r.l.
(Series 2026-1)

   A1 IT0005707887      LT  AA+sf   New Rating   AA+(EXP)sf
   A2 IT0005707895      LT  AA+sf   New Rating   AA+(EXP)sf
   B IT0005707903       LT  AAsf    New Rating   AA(EXP)sf
   C IT0005707911       LT  Asf     New Rating   A-(EXP)sf
   D IT0005707929       LT  BBBsf   New Rating   BBB-(EXP)sf
   E IT0005707945       LT  BB+sf   New Rating   BB+(EXP)sf

Transaction Summary

The transaction is a six-month revolving period securitisation of
Italian balloon or amortising auto loans originated by Stellantis
Financial Services Italia (SFS), a captive lender resulting from a
joint venture between Stellantis Financial Services Europe (not
rated) and Santander Consumer Bank S.p.A. (not rated).

The securitised portfolio has been increased to EUR1.2 billion,
from EUR1.0 billion at the time of the expected ratings. The
portfolio is broadly unchanged, with a slightly lower share of
balloon loans than of those with flexible and standard
amortisation.

KEY RATING DRIVERS

Low Expected Defaults: Historical default rates for SFS are lower
than for other captive auto loan lenders operating in Italy. The
portfolio comprises loans advanced to private borrowers (91.2%) and
commercial borrowers (8.8%). Fitch derived separate asset
assumptions for different products, reflecting varying performance
expectations and products. Fitch has assumed a weighted average
(WA) base-case lifetime default and recovery rate of 2.1% and
29.3%, respectively, for the total portfolio.

Balloon Loans Risk Addressed: The portfolio consists partly of
balloon loans (43.2% of the pool balance), while the remainder
comprises amortising auto loans. Balloon loan borrowers may face a
payment shock at maturity if they cannot refinance the balloon
amount or return or sell their car. Fitch has considered this
additional default risk by applying a higher default multiple. The
WA default multiple of the portfolio is 5.3 x at 'AA+sf'.

Limited Data for Multi-Step Loans: Multi-step loans make up 9.1% of
the portfolio, with no restrictions during the revolving period.
Multi-step loans feature two repayment phases, whereby the
instalment amount for the first phase is lower than that of the
second phase. SFS began originating these loans in 2021, and the
data history is currently shorter than for other products it
offers. Fitch has factored this into the default multiples for
sub-pools with a significant proportion of multi-step loans, such
as private used and private new standard loans.

No Servicing Fees Modelled: The deal envisages an amortising
replacement servicer fee reserve that will be funded on certain
triggers being breached. The reserve is adequate to cover its
stressed servicer fees at the notes' maximum achievable rating
throughout the transaction's life. Therefore, no servicing fees are
modelled in its cash flow analysis, resulting in the availability
of higher excess spread for the structure.

Excess Spread Notes' Rating Constrained: The class E notes are not
collateralised and their interest and principal are paid from
available excess spread. The class E notes start amortising from
the issue date and during the six-month revolving period. Fitch
constrained the excess spread notes' ratings at 'BB+sf', in line
with its Global Structured Finance Rating Criteria.

'AA+sf' Sovereign Cap: Italian structured finance transactions are
capped at six notches above Italy's Issuer Default Rating (IDR,
BBB+/Stable/F1), which is the case for the class A notes. The
Stable Outlook on these notes reflects that on the sovereign.

RATING SENSITIVITIES

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

The class A notes' ratings, at the applicable rating cap, are
sensitive to changes to Italy's Long-Term IDR. A downgrade of
Italy's IDR and the related rating cap for Italian structured
finance transactions, currently 'AA+sf', could trigger a downgrade
of the class A notes' ratings.

Unexpected increases in the frequency of defaults or decreases in
recovery rates that could produce loss levels larger than the base
case could result in negative rating action on the notes. For
example, a simultaneous increase in the default base case by 25%
and decrease in the recovery base case by 25% would lead to
downgrades of up to two notches for the class B and D notes and
three notches for the class C notes.

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

An upgrade of Italy's IDR and revision of the related rating cap
for Italian structured finance transactions could trigger an
upgrade of the class A notes.

An unexpected decrease in the frequency of defaults or an increase
in the recovery rates could produce loss levels lower than the base
case. For example, a simultaneous decrease in the default base case
by 25% and an increase in the recovery base case by 25% would lead
to upgrades of up to three notches for the class C and D notes and
up to one notch for the class B notes, provided there were no
qualitative arising elements that could limit the ratings.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Auto ABS Italian Stella Loans S.r.l. (Series 2026-1)

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

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


BANCA UBAE: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed Banca UBAE S.p.A.'s Long-Term Issuer
Default Rating (IDR) at 'B+' and Viability Rating (VR) at 'b+'. The
Outlook on the Long-Term IDR is Positive.

Key Rating Drivers

Niche Franchise, Recovering Financials: UBAE's ratings reflect its
small trade finance franchise, which exposes it to material country
and single-name concentration risks. They also reflect improving
profitability due to growing business diversification and volumes,
but still weaker asset quality than its peers'. Capitalisation,
funding and liquidity are generally stable but vulnerable to
risks.

Positive Outlook: The Positive Outlook reflects its expectation
that UBAE will continue to strengthen its profitability, risk
profile and asset quality, ultimately leading to a sustainably
improved business model. Fitch expects this to be achieved through
disciplined business growth and proactive management of
non-performing assets (NPAs, including both on- and off-balance
exposures, which represent a better indicator of trade finance
banks' asset quality than impaired loans).

Resilient Performance amid Geopolitical Tensions: The first half of
2026 has been marked by heightened geopolitical tensions,
especially in the Middle East, which have disrupted trade routes
and pushed up commodity prices. These developments are likely to
weigh on global growth and trade volumes for the rest of 2026.
Fitch believes that the performance of rated European trade finance
banks should be resilient to a moderate shock in the volatile
environment, as they generally have limited direct exposure to the
region, tend to benefit from higher commodity prices, and have
strengthened their risk control frameworks in recent years.

Improving Business Model Resilience: UBAE's strategic focus on
disciplined business origination and increased geographic and
product diversification should allow the bank to generate higher
and more stable earnings, while controlling risks. However, its
limited franchise and small capital base limit its pricing power
and ability to grow significantly.

Tightened Risk Appetite Untested: UBAE has been improving its risk
governance framework over the past three years, in line with its
strategic goals for reduced risk concentration and more prudent
business origination. This should result in a risk governance that
is more adequate for its business model than in the past. However,
this is yet to be tested over a full economic cycle and to
translate into sustainably stronger asset quality. Operational and
interest -rate risks are moderate and adequately managed.

Weaker-Than-Average Asset Quality: The NPA ratio of 6.8% at
end-2025 (end-2024: 4.8%) is above the average of trade finance
peers and has increased in the past 12 months due to the
deterioration of a few large exposures. UBAE is proactively
managing new and legacy NPAs, and Fitch expects the NPA ratio to
fall below 5% within the next 12 months. However, asset quality
remains vulnerable to the bank's above-average concentrations and
exposure to volatile countries, including Libya.

Improving Profitability Record: UBAE's operating profit/risk
weighted assets (RWAs) ratio of 2% in 2025 (2024: 1.8%) benefited
from sustained improvements in revenue generation and net
write-backs on the bank's securities investments. Fitch expects the
ratio to stabilise at about 2% over the next three years, which
would be commensurate with UBAE's business model and small size.
Fitch expects profitability to be driven by increased revenue
diversification, growing business volumes, sound cost control and
further measures to reduce risks.

Moderate Capital Buffer, Small Size: The common equity Tier 1
(CET1) ratio of 18.8% at end-2025 had a moderate buffer over its
regulatory minimum requirement. Fitch expects capitalisation to
benefit from sustainably stronger internal capital generation in
2026-2028 and the bank's improving risk profile. However,
capitalisation remains exposed to above-average risks inherent in
the bank's business and risk profiles.

High Reliance on Parent Funding: UBAE sourced about 45% of its
funding at end-2025 from the Libyan Foreign Bank, its majority
shareholder, the Central Bank of Libya and other affiliated banks.
Fitch expects this reliance to continue, despite the bank's
improved funding diversification through online deposits and repo
transactions. Liquidity benefits from the self-liquidating and
short-term nature of trade finance transactions and a large pool of
liquid assets.

Rating Sensitivities

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

A downgrade is unlikely, given the Positive Outlook on the
Long-Term IDR. The Outlook could be revised to Stable if Fitch no
longer expects the improvements in the overall financial profile
achieved to date to be durable.

UBAE's ratings would likely be downgraded if its NPA ratio
deteriorated materially above 7% on a sustained basis, especially
if this translated into a CET1 ratio below 15%. Rating pressure
could also arise if the bank's operating profit/RWAs ratio falls
below 1% on a sustained basis, or if its funding and liquidity
become unstable.

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

An upgrade of UBAE's ratings would require a longer record of
improved risk appetite, resulting in an NPA ratio sustainably below
5%. It would also require a stronger and more diversified business
profile capable of structurally generating an operating profit/RWAs
ratio of about 2%, while maintaining current capital levels. A more
diversified funding profile and a reduction of parent financing
could also support an upgrade.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
DEPOSITS

UBAE's long-term deposit rating of 'BB-' is one notch above the VR,
which is the anchor rating, to reflect full depositor preference in
Italy. The short-term deposit rating of 'B' is the only option
mapping to the 'BB-' long-term deposit rating.

GOVERNMENT SUPPORT RATING (GSR)

UBAE's GSR of 'no support' reflects Fitch's view that although
external extraordinary sovereign support is possible, it cannot be
relied on. Senior creditors can no longer expect to receive full
extraordinary support from the sovereign if the bank becomes
non-viable. This is because the EU's Bank Recovery and Resolution
Directive and the Single Resolution Mechanism for eurozone banks
provide a framework for resolving banks that requires senior
creditors to participate in losses ahead of a bank receiving
sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The deposit ratings are sensitive to changes to UBAE's VR. The
long-term deposit rating could also be upgraded if UBAE becomes
subject to resolution buffer requirements.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'a' category
implied score due to the following adjustment reason: geographical
scope (negative).

The earnings and profitability score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason:
revenue diversification (negative).

The funding and liquidity score of 'bb-' is above the 'b & below'
category implied score due to the following adjustment reason:
liquidity coverage (positive).

ESG Considerations

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

   Entity/Debt                         Rating           Prior
   -----------                         ------           -----
Banca UBAE S.p.A.    

                       LT IDR          B+   Affirmed    B+
                       ST IDR          B    Affirmed    B
                       Viability       b+   Affirmed    b+
                       Gov't Support   ns   Affirmed    ns
long-term deposits    LT              BB-  Affirmed    BB-
short-term deposits   ST              B    Affirmed    B




===================
K A Z A K H S T A N
===================

FREEDOM GROUP: S&P Raises ICR to 'BB-' on Stronger Risk Management
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings to
'BB-' from 'B+' on Freedom Finance JSC, Freedom Finance Europe
Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC.


The outlooks on these entities are stable. At the same time, S&P
affirmed its 'B' short-term issuer credit ratings on these
subsidiaries.

S&P said, "We also affirmed our 'B-' long-term rating on
nonoperating holding company FRHC (Freedom Holding Corp.) and
maintained the stable outlook.

"We raised our Kazakhstan national scale ratings on Freedom Finance
JSC and Freedom Bank Kazakhstan JSC to 'kzA-' from 'kzBBB+'. Our
national scale ratings do not carry outlooks."

S&P does not rate any debt issued by these entities.

The upgrade reflects Freedom Group's three-year track record of
consolidated risk management and compliance and strengthening of
these functions at its financial subsidiaries. S&P said, "We
believe that consolidation of risk management and compliance
functions is vital for Freedom Group, which we consider to be a
relatively complex organization. The group has multiple financial
and nonfinancial subsidiaries in various countries and further
plans for rapid growth, both organically and through acquisitions.
In our view, consolidating risk management and compliance will also
enable the group to closely monitor and control risks at the group
level, including sanctions, cybersecurity, reputation, regulatory,
and crypto risks, which are gaining in importance."

Group risk management and compliance policies have been implemented
and are being synchronized in subsidiaries, with ongoing
enhancements. The group conducts a global risk assessment annually
and group stress tests biannually and develops mitigation plans. As
a technology-driven company, the group pays a lot of attention to
IT and information security risks. Risk management and compliance
cover both financial and nonfinancial subsidiaries and are rolled
out to new and acquired subsidiaries on a timely basis. An
established groupwide risk-based and principles-driven compliance
framework enables Freedom Group to manage sanction risks in22
countries, where it operates with over 40 regulators. S&P said, "We
continue to monitor the group's compliance with sanctions. Several
customers--individuals and companies--have been sanctioned over the
past four years. We understand that Freedom Group quickly
identified sanctioned clients and blocked or closed their
restricted transactions." In its 10K report for the year ended
March 31, 2026, the group disclosed customer liabilities relating
to sanctioned individuals and entities of $188 million (about 3% of
total customer liabilities).

The group continues to face elevated regulatory and legal risks,
which could hurt its reputation. FRHC and its operating
subsidiaries have been subject to multiple regulatory penalties and
fines in the past. The group has cooperated with various regulators
and remains committed to maintaining constructive and fully
compliant dialogue with supervisory authorities. On March 11, 2026,
FRHC and its controlling shareholder and CEO Timur Turlov received
a Wells Notice from SEC staff that highlighted possible civil
enforcement action due to alleged violation of certain provisions
of U.S. federal securities laws. A Wells Notice is neither a formal
charge of wrongdoing nor a formal determination of law violation.
S&P considers it too early to conclude whether this will result in
any adverse judgment, settlement, or fine. Nevertheless, its base
case is that it would not have a meaningful impact on Freedom
Group's franchise or financial position.

S&P said, "We expect the group's capitalization will remain strong
over the next 12-24 months, despite ongoing investments in telecom
and lifestyle businesses. In our base-case scenario, we expect the
group's risk-adjusted capital (RAC) ratio to remain higher than 10%
over that period on the back of planned moderation of balance-sheet
growth to 20%-25%, strong profitability from financial
subsidiaries, and planned equity injections. The RAC ratio was
12.1% as of March 31, 2026. Net income at the three financial
businesses--brokerage, bank, and insurance--increased to $479
million in the year ended March 31, 2026, from $240 million the
previous year. However, significant investments in telecom and
nonfinancial business led to mounting losses in the "Other"
segment. We still consider Freedom Group's earnings to be strong,
with the three-year average (March 2024-March 2026) ratio of core
earnings to risk-weighted assets at 2.2%, which is still high in an
international context."

Freedom Group has become one of the leading digital fintech
ecosystems in Kazakhstan. The group estimates it has more than 8.1
million customers, of which about 7 million are financial clients,
in its ecosystem. The group's mobile application, SuperApp,
consolidates all essential financial services into one platform,
allowing clients to manage their finances without the need for
multiple apps and services. Monthly active users totaled about 2.6
million in March 2026. However, this is still considerably smaller
than the two leading financial ecosystems in Kazakhstan, Kaspi and
Halyk. Customer acquisition takes place through various services,
followed by cross-selling of Freedom Group's other products and
services. Customer retention is helped by the Freedom brand's
loyalty program.

S&P said, "Our rating on FRHC continues to reflect FRHC's
structural subordination as a nonoperating holding company. We rate
FRHC three notches lower than the group's 'bb-' stand-alone credit
profile, since we consider that this captures potential default
risk. Debt at the holding company increased to $1.26 billion as of
March 31, 2026, to finance the expansion of nonfinancial
businesses, primarily telecom. As a result, double leverage at the
holding company increased to 289% as of March 31, 2026, from 167% a
year earlier, which is very high in the international context. If
the equity increase proceeds, this should lead to a reduction of
double leverage to less than 200% over the next 18 months. The
holding company relies on dividends, mainly from brokerage
business, for its income. FRHC's financial commitments appear
sustainable currently. However, we understand creditors' claims on
FRHC--a nonoperating holding company--are structurally subordinated
to those on the operating subsidiaries, and that such high double
leverage has accentuated this risk.

"We expect that FRHC will proactively refinance its upcoming debt
maturities and pay related interest payments. Over 2026-2027, the
group faces the maturities of bonds totaling about $600 million,
previously issued by Freedom SPC to fund FRHC's activities, of
which $265 million falls due in September-October 2026. The group
placed new three-year bonds of $400 million in March-May 2026 and
plans to continue tapping the bond markets during next 18 months.
The group aims to finance the development of its telecom business
increasingly from Kazakhstan's government and development
institutions.

"The stable outlooks on FRHC and its core operating subsidiaries
over the next 12 months reflect balanced risks at this rating level
and our view that strengthened risk management and compliance at
the group level and at operating subsidiaries will enable the group
to adequately monitor and control risks.

"In addition, we believe Freedom Group will continue expanding its
financial and nonfinancial businesses, funded by equity injections,
without straining its capitalization. We assume that the pending
Wells Notice is unlikely to have material reputational, financial,
or business impact on the group."

S&P would lower the ratings on the operating subsidiaries over the
next 12 months if:

-- S&P sees an increase in the risk profile of the subsidiaries or
the group, namely through higher legal and reputational risks; or

-- Freedom Group did not maintain strong capitalization, as
measured by S&P's RAC ratio, which could result from further
material acquisitions, rapid growth of proprietary securities
portfolio, a faster-than-expected expansion of client operations,
lower capital injections than planned, or low earnings.

A negative rating action on FRHC would follow a further material
increase in double leverage and an increased likelihood that the
holding company would be unable to refinance its maturing debt.

An upgrade of the operating subsidiaries is unlikely over the next
12 months.

An upgrade of FRHC would require a material decrease in double
leverage, which is not our base-case scenario over the next 12
months, and credible plans to refinance upcoming debt maturities.

Environmental, social, and governance (EG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Risk management, culture, and oversight




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

ECARAT DE SA 2026-1: S&P Assigns B(sf) Rating on Cl. F-Dfrd Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit rating to the class A and
B-Dfrd to F-Dfrd notes issued by ECARAT DE S.A., acting on behalf
and for the account of its Compartment Lease 2026-1. At closing,
the issuer also issued unrated asset-backed class G notes.

At closing, the issuer purchased directly from Stellantis Bank
S.A., German branch a portfolio of German auto lease receivables
and residual value receivables. Stellantis Bank, German branch is
the captive finance company for all Stellantis brands in Germany.

The transaction securitizes receivables (comprising residual
values) arising from auto financial lease contracts of Stellantis
group or Leapmotors-branded vehicles granted to German private and
commercial lease customers. The transaction will revolve for 12
months, during which the portfolio characteristics might change,
within certain documented limits. The portfolio purchase price is
calculated on a discounted cash flow basis using a discount rate,
which is the actual internal rate of return as applied by the
seller to each single lease contract. The vehicles' residual values
are securitized.

S&P said, "Our rating on the class A notes addresses the timely
payment of interest. Our ratings on class B-Dfrd to F-Dfrd notes
address ultimate payment of interest until they become the most
senior class of notes, and timely payment of interest afterward.
Any unpaid interest before they become the most senior class of
notes are due by legal maturity and we modelled this accordingly.

"In our view, the most relevant risk for the transaction is a
decline in the vehicles' market value. The portfolio comprises
about 74.6% in direct residual values, that can increase up to
75.0% during the revolving period, which are subject to market
value decline risk. We have accounted for the additional losses
resulting from a market value decline of the underlying vehicles
under our ratings scenarios."

The transaction allows pro rata redemption of all classes of notes
unless a sequential payment trigger is hit. Pro rata redemption of
the junior class of notes would cause the available credit
enhancement for the senior noteholders to reduce in absolute terms.
The transaction features various performance triggers for principal
deficiency ledger and cumulative gross ratios, mitigating the risk
derived from pro rata amortization. S&P said, "Our cash flow model
incorporates those triggers, testing the effect of a change in the
type of amortization of the notes. In addition, we have run several
scenarios to test the effect of a sequential payment trigger being
hit at different stages of the life of the transaction."

The issuer is a typical Luxembourgian special-purpose entity (SPE)
with a standard setup.

Sovereign, counterparty, and operational risks do not constrain the
ratings.

  Ratings

  Class      Rating*    Amount (mil. EUR)

  A          AAA (sf)    700.0
  B-Dfrd     AA+ (sf)     75.0
  C-Dfrd     AA (sf)      56.5
  D-Dfrd     A (sf)       51.5
  E-Dfrd     BB (sf)      81.0
  F-Dfrd     B (sf)       26.0
  G          NR           10.0

*S&P's rating on the class A notes addresses the timely payment of
interest and ultimate payment of principal, while its ratings on
the other classes address the ultimate payment of interest until
they become the most senior class of notes, and timely payment of
interest afterward. Any unpaid interests before they become the
most senior class of notes are due by legal maturity. Payment of
principal is no later than the legal final maturity date.
NR--Not rated.


LUNE HOLDINGS: Fitch Puts 'CCC-' LongTerm IDR on Watch Negative
---------------------------------------------------------------
Fitch Ratings has placed Lune Holdings S.a r.l.'s (Kem One)
Long-Term Issuer Default Rating (IDR) and senior secured 'CCC-'
rating on Rating Watch Negative (RWN) following the announced
recapitalisation. The Recovery Rating is 'RR4'.

Kem One recently announced it has entered into a recapitalisation
agreement with certain creditors and shareholder pursuant to which
the company proposes to reduce gross debt by EUR720 million. The
transaction, if implemented, would be a significant reduction in
terms of the existing debtholders and executed to avoid a default.
It would therefore meet Fitch's criteria for a distressed debt
exchange (DDE). Once the DDE has been agreed with investors and a
date for the exchange has been set, Fitch would downgrade the IDR
to 'C', as signalled by the RWN.

Key Rating Drivers

Near-Term DDE Highly Probable: The RWN is driven by the heightened
probability of a debt restructuring following the proposed
recapitalisation agreement, which Fitch would likely view as a
DDE.

Senior Notes to be Extinguished: According to the proposed terms
the existing delayed draw note and interim bridge liabilities will
be restructured with the EUR120 million reinstated as secured debt
maturing April 2031; EUR130 million converted into preferred shares
carrying a 12.5% cumulative annual dividend; and the balance
converted into ordinary shares. The EUR450 million senior secured
notes (SSN) are fully discharged and released.

SSN holders are offered the option to participate in the EUR30
million ordinary shares capital increase, representing
approximately 26% of total ordinary shares at completion. If more
than 50.1% of SSN holders by value agree to the proposed terms,
supporting holders receive warrants giving access to 10% of
ordinary shares, exercisable only upon an exit within five years of
completion.

Financial Information Not Disclosed: Kem One ceased to announce
financial information in anticipation of the reorganisation. Fitch
understands from the company that interest due has been paid in a
timely manner, and Fitch understands that financial results remain
very weak. The company estimates it requires at least EUR75 million
of additional funding through end-2028 to support operations,
reflecting material execution risk in the business turnaround.

New Funding: The recapitalisation aims to provide Kem One with
EUR100 million of new liquidity. This comprises EUR30 million fresh
ordinary equity, EUR25 million preferred equity, EUR15 million new
debt and EUR30 million incremental revolving credit facility. An
additional bridge facility of EUR52.5 million would be available
ahead of transaction close to support near-term liquidity needs.
After the transaction, the company expects funded debt of
approximately EUR154 million on day one. Of this, EUR135 million
will be held by shareholders as reinstated debt priced at Euribor
plus 700bp, paid in kind (PIK) for the first two years and on a
pay-if-you-can basis thereafter.

Peer Analysis

Kem One's EMEA chemical peers are Petkim Petrokimya Holdings A.S.
(CCC), Root Bidco S.a.r.l. (B-/Stable), and AI Plex (Luxembourg)
S.a r.l. (Roehm, B-/Stable).

Petkim shares Kem One's asset concentration and commodity focus.
The latter has smaller production scale and weaker end-market
diversification. However, it has a stronger market position and
benefits from a more stable economic environment.

Root Bidco is a manufacturer of crop protection, bio-nutrition and
bio-control products. It generates higher margins, benefits from a
more diversified portfolio of products and raw materials and
operates in fast-growing markets, serving a resilient agriculture
industry.

Roehm is a partly integrated producer of methyl methacrylates
(MMA). It is larger, more geographically diversified and more
profitable than Kem One. However, it is also exposed to cyclical
end-markets, and to volatility in raw material and MMA prices.

Fitch’s Key Rating-Case Assumptions

- An average of 1 million tonnes of PVC and caustic soda sold each
year in 2026-2028

- EBITDA margin gradually improving to 12% by 2028

- Capex at EUR65 million-70 million each year to 2028

- No dividends or M&As to 2028

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 ('b-', Moderate), sector characteristics
('bb', Lower), market and competitive positioning ('b+', Moderate),
diversification and asset quality ('b', Moderate), company
operational characteristics ('b', Moderate), profitability ('ccc-',
Moderate), financial structure ('ccc-', Higher), and financial
flexibility ('ccc-', Higher).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 50% weight for the forecast year 2026
and 50% for the forecast year 2027.

B+ to CC considerations apply in its analysis and has no impact.

The governance assessment of 'some deficiencies' has no impact.

The operating environment assessment of 'a+' has no impact.

The SCP is 'ccc-'.

To derive the Long-Term IDR:

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

Recovery Analysis

Its recovery analysis is based on the liquidation of Kem One in
bankruptcy, which yields a higher value than in a reorganisation as
a going concern.

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidated
during a bankruptcy or insolvency proceedings and distributed to
creditors. Fitch have applied:

- A 100% discount to cash held.

- A 20% discount to account receivables based on the analysis of
Kem One's receivables portfolio and peer analysis.

- A 50% discount to inventory in line with peers.

- A 50% discount to net property, plant and equipment based on the
quality of the company's assets and peer analysis.

- After a deduction of 10% for administrative claims, its waterfall
analysis generated a waterfall-generated recovery computation in
the 'RR4' band, indicating a 'CCC-' instrument rating.

RATING SENSITIVITIES

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

- Failure to service debt obligations, the issuer entering a grace
period

- Steps to completion of the proposed debt restructuring that Fitch
would view as a DDE. Fitch would downgrade the IDR to 'C' once the
DDE has been agreed with investors and a date for the exchange has
been set. The IDR would remain at this level until the DDE was
executed, at which point the IDR would be downgraded to 'RD'.

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

- The ratings are on RWN and therefore positive rating action is
unlikely at least in the short term. Upon successful completion of
recapitalisation, Fitch may upgrade the company to the rating that
reflects the post-DDE credit profile.

Liquidity and Debt Structure

Fitch expects Kem One to complete the refinancing and
recapitalisation transaction before the next coupon due November
2026. However, absent a sharp improvement in market conditions or
recapitalisation, continued debt servicing remains uncertain.

Issuer Profile

Kem One is an integrated producer of PVC, caustic soda and
chloromethanes based in France.

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 Lune Holdings S.a r.l..

ESG Considerations

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

   Entity/Debt         Rating                 Recovery   Prior
   -----------         ------                 --------   -----
Lune Holdings S.a r.l.       

                 LT IDR  CCC-  Rating Watch On           CCC-
senior secured  LT      CCC-  Rating Watch On   RR4     CCC-


PLT VII FINANCE: S&P Rates New EUR550MM Secured Notes Due 2031 'B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to PLT VII Finance
S.a r.l.'s (Bite; B/Stable/--) proposed EUR550 million of senior
secured floating-rate notes due 2031. S&P expects Bite will use the
proceeds, together with cash on hand, to effectively reprice its
outstanding EUR550 million senior secured floating-rate notes due
2031 by redeeming it in full, and pay transaction costs of about
EUR3 million. S&P expects Bite could save 75 basis points of
interest costs (about EUR4 million per year) on its senior secured
floating-rate notes.

Although marginally strengthening Bite's credit quality by reducing
interest expenses, the proposed transaction does not affect our
ratings on Bite or its existing senior secured fixed-rate notes due
2031. Other than lower interest costs, our base case for Bite
remains broadly unchanged compared to that published in "PLT VII
Finance S.a r.l." on May. 22, 2026.

S&P said, "We anticipate Bite will continue to report solid
performance, with annual revenue growth of about 5%-6% in
2026-2027, similar to that in 2025. We believe this will stem from
strong growth in broadband and pay-TV, driven by price increases
and higher revenue generating units, as well as a stable mobile
market share in Lithuania and Latvia, both three-player markets.

"We forecast a slight improvement in the EBITDA margin to about 36%
in 2026-2027, from 35% in 2025, benefiting from the sale of
TeleTower, including all of its tower infrastructure in Lithuania
and Latvia in May this year. This transaction had a slightly
positive impact on EBITDA (approximately EUR5 million per year).
However, a shift toward over-the-top platforms and rising content
costs will slightly offset this. We still estimate Bite's S&P
Global Ratings-adjusted gross debt to EBITDA at 6.0x in 2026 before
declining gradually to 5.7x in 2027, primarily driven by top-line
and EBITDA growth. We forecast free operating cash flow to debt
will exceed 5% in 2026, slightly higher than in 2025."




=========
M A L T A
=========

FIMBANK PLC: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed FIMBank p.l.c.'s (FIM) Long-Term Issuer
Default Rating (IDR) at 'B+' and Viability Rating (VR) at 'b+'. The
Outlook on the Long-Term IDR is Stable.

Key Rating Drivers

Small Specialised Bank, Limited Performance: FIM's ratings reflect
its small trade finance business model with a moderate franchise in
its niche lending, adequate asset quality and stable funding and
liquidity. Its profitability remains subject to considerable
variability and its capitalisation is exposed to above-average
risks.

Resilient Performance amid Geopolitical Tensions: The first half of
2026 has been marked by heightened geopolitical tensions,
especially in the Middle East, which have disrupted trade routes
and pushed up commodity prices. These developments are likely to
weigh on global growth and trade volumes for the rest of 2026.
Fitch believes that the performance of rated European trade finance
banks should be resilient to a moderate shock in the volatile
environment, as they generally have limited direct exposure to the
region, tend to benefit from higher commodity prices, and have
strengthened their risk control frameworks in recent years.

Niche Franchise, Focus on Growth: FIM operates a niche trade
finance business with adequate expertise and a geographically
diversified reach. Its forfaiting business and real estate
financing provide some business diversification compared with other
peers but also heighten earnings volatility. Improved asset quality
and restored capital buffers should support growth and strengthen
profitability over time. Persistent trade and geopolitical tensions
pose execution risks, considering the bank's variable operating
performance.

Above-Average Risk Profile: FIM has tightened its underwriting
standards over the past five years by reducing country and client
limits and exiting weaker credits and some higher-risk geographies.
However, its risk profile remains above the sector average, owing
to its exposure to emerging markets, substantial trading activities
at its forfaiting subsidiary and structurally above-average loan
concentrations. The bank is also expanding domestic corporate
lending, which could improve business diversification over time,
although its still limited domestic franchise may constrain pricing
power and increase execution risk.

Improved Asset Quality, Resilience Untested: The non-performing
assets (NPAs; which include on- and off-balance-sheet exposures and
are a better indicator of the bank's asset quality) ratio further
improved to about 1.2% at end-2025 (end-2022: 11%) due to large
write-offs and satisfactory recoveries. Asset quality has benefited
from disciplined underwriting, which has resulted in very limited
NPA inflows over the past five years.

Fitch expects FIM's NPA ratio to remain broadly stable in
2026-2027. However, rapid balance-sheet growth could lead to higher
impaired assets, while the resilience of asset quality through a
stronger origination cycle remains partly untested. FIM's business
model also entails concentration risks, meaning NPAs can increase
materially if a large exposure default occurs.

Sluggish Profitability Recovery: FIM's restored credit profile
should support profitability on a sustained basis. However, the
operating profit/RWAs of 0.7% (excluding a USD5.8 million one-off
fair-value loss) in 2025 was slightly below Fitch's expectations
due to modest business volumes. The bank's small size and continued
investment needs constrain its ability to materially improve
operating efficiency. Spillover effects from geopolitical tensions
in the Middle East could challenge its ability to raise its
operating profit/RWAs ratio close to 1% by 2027.

Moderate but Vulnerable Capital Buffers: The common equity Tier 1
(CET1) ratio decreased to 17.5% at end-2025 (end-2024: 21.3%) on
RWAs growth but is still comfortably above its regulatory minimum
requirement. Fitch expects the CET1 ratio to remain broadly stable
in 2026-2027 as stronger internal capital generation should
mitigate RWAs growth. However, capital remains vulnerable to risks
stemming from FIM's exposure to emerging markets and asset
concentrations. Capitalisation is also constrained by weak internal
capital generation and a small capital base.

Funding Reliant on Online Deposits: Customer deposits are the
primary source of funding and have been stable throughout the
cycle. However, these are more price-sensitive than at traditional
commercial banks since FIM sources deposits mostly online,
including outside Malta through third-party platforms. Its gross
loans/customer deposits ratio is structurally below 100% (end-2025:
53.4%), resulting in limited funding needs. The short-term nature
of FIM's activities and adequate liquid assets underpin liquidity.

Rating Sensitivities

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

The ratings could be downgraded if FIM's NPA ratio rises above 5%
on a sustained basis or if operating profit falls structurally well
below 1% of RWAs. A fall in the CET1 ratio towards 15% due to
losses, resulting in tight buffers over regulatory requirements, or
evidence of funding instability would also be negative for the
ratings.

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

An upgrade would require a further strengthening of FIM's business
profile that would help lift its operating profit/RWAs ratio
towards 1.5% on a sustained basis, supported by higher business
volumes, well-managed costs and manageable loan impairment charges.
An upgrade would also require the NPA ratio to remain below 2% on a
sustained basis, underlining the effectiveness of the bank's
risk-management framework, while maintaining adequate capital
buffers and a stable funding profile.

SHAREHOLDER SUPPORT RATING (SSR): KEY RATING DRIVERS AND
SENSITIVITIES

FIM's SSR of 'b-' is three notches below the Long-Term IDR of its
indirect majority shareholder Kuwait Projects Company Holding
K.S.C.P. (KIPCO, BB-/Stable), mainly reflecting its view of FIM's
limited role in the group. This is due to the bank's limited
synergies with the group and business activities that are mostly
outside the group's main markets and that the subsidiary's likely
sale would not materially alter the group's profile.

The SSR also reflects FIM's record of weak financial performance
and Fitch's view that support for FIM could be significant for
KIPCO given FIM's size. The SSR is underpinned by evidence of
support provided in the past and some management integration.

Fitch expects FIM to be sold to Jordan Kuwait Bank (JKB;
B+/Stable/b+), a majority-owned subsidiary of KIPCO, by end-2026.
Fitch would then likely base FIM's SSR on the ability and
propensity of the new shareholder to support the bank. The SSR
would likely reflect that FIM and JKB are both banking entities and
FIM's role for its new shareholder, as it would strengthen JKB's
presence in Europe. The transaction completion is subject to
regulatory approvals from the relevant authorities in Jordan and
Malta.

FIM's SSR is primarily sensitive to a change in Fitch's view of
KIPCO's ability to support FIM, which could be indicated by a
change in KIPCO's ratings. The SSR is also sensitive to changes in
its assessment of KIPCO's propensity to provide support to the
bank. Upon the sale of FIM to JKB, the SSR could be upgraded if
Fitch concludes that JKB's propensity to support the bank is
stronger than KIPCO's. The SSR would be downgraded if Fitch's JKB's
ability and propensity to support FIM are weaker than KIPCO's, for
example, potentially due to FIM's large size relative to JKB's.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'aa' category
implied score due to the following adjustment reason: geographical
scope (negative).

The asset quality score of 'bb-' is above the 'b & below' category
implied score due to the following adjustment reason: historical
and future metrics (positive).

The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reasons:
internal capital generation and growth (negative), and size of
capital base (negative).

Public Ratings with Credit Linkage to other ratings

FIM's SSR is linked to KIPCO's Long-Term IDR.

ESG Considerations

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

   Entity/Debt                       Rating           Prior
   -----------                       ------           -----
FIMBank p.l.c.     LT IDR              B+ Affirmed    B+
                   ST IDR              B  Affirmed    B
                   Viability           b+ Affirmed    b+
                   Shareholder Support b- Affirmed    b-



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

METINVEST BV: Fitch Affirms 'CCC-' LongTerm IDR, Off Watch Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed Metinvest B.V.'s Long-Term Issuer
Default Rating (IDR) and senior unsecured rating at 'CCC-' and
removed them from Rating Watch Negative (RWN). The Recovery Rating
is 'RR4'.

The removal of the RWN follows the full settlement of Metinvest's
USD428 million senior notes by maturity, which removed the imminent
refinancing risk that led to the RWN being assigned on 27 February
2026.

The IDR affirmation at 'CCC-' reflects Metinvest's reduced
liquidity headroom following the notes repayment, still-high
refinancing risk within the next 15 months ahead of the October
2027 notes maturity and continued exposure to operating disruptions
and FX restrictions related to the Russia-Ukraine war. Metinvest
has USD332 million notes due October 2027 and USD500 million notes
due October 2029 outstanding.

Key Rating Drivers

April 2026 Bond Repaid: Metinvest settled the USD428 million senior
notes due April 2026 using available cash, after no agreement
reached on amend-and-extend negotiations with the ad-hoc group of
bondholders in February 2026. The company has suspended a
contemplated new bond issuance ahead of the maturity amid
heightened global market volatility. In its view, the successful
repayment of the 2026 notes does not resolve broader funding
constraints.

Liquidity Pressure: Liquidity has weakened following the repayment
of the 2026 notes from internal resources, reducing Metinvest's
liquidity headroom. The repayment was supported mainly by working
capital measures, which may not be fully repeatable and therefore
do not eliminate near-term refinancing pressure. Fitch expects
Metinvest will need additional funding within the next 15 months
ahead of the October 2027 maturity and to restore liquidity
headroom.

Refinancing Risk Remains High: Fitch understands that Metinvest is
considering a potential bond issuance to secure long-term funding,
which could support liquidity. However, execution risk remains
high, given limited capital market access and persistent
geopolitical uncertainty. As a result, Metinvest's financial
flexibility remains constrained, and its ability to meet the
October 2027 notes will depend on a combination of cash flow
generation, liquidity rebuilding and access to external funding.

FCF Support Remains Limited: Metinvest's Fitch-adjusted EBITDA fell
35% to USD589 million in 2025, reflecting the gradual suspension of
operations at Pokrovske Coal starting from end-2024. Fitch
forecasts EBITDA to recover modestly to about USD630 million in
2026, supported by favourable near-term prices, before declining to
about USD510 million in 2027 as prices moderate. Fitch expects
positive free cash flow (FCF) generation in 2026 and 2027,
supported by neutral-to-slightly positive working-capital inflows,
although this is unlikely on its own to materially strengthen
financial flexibility.

FX Restrictions Limit Liquidity: Metinvest has relied on offshore
cash to service past debt principal repayments and has used surplus
cash to repurchase outstanding bonds early, supported in part by
20%-25% of EBITDA being generated outside Ukraine. Under the
National Bank of Ukraine's moratorium on cross-border FX payments,
companies may transfer cash abroad to cover coupon payments on
international bonds. Principal repayments and dividend
distributions are allowed only in limited circumstances and subject
to transfer restrictions. These restrictions continue to limit
Metinvest's ability to deploy onshore cash for offshore debt
servicing.

Power Supply Stability Efforts: Electricity supply has been one of
the major operational disruptions and uncertainties since the start
of the Russia-Ukraine war. From 2H25, several power outages
following attacks on electricity infrastructure led to high tariffs
on imported electricity. Metinvest currently has about 80 MW of own
installed power generation capacity, which could support basic
plant readiness but not full production capacity.

Strategic Project: Metinvest is considering investing in a green
steel investment in Italy through a partnership, although no final
investment decision has been made yet. Should it proceed, the
project would require some equity contributions over the coming
years. Fitch has not included this project in its rating case.

Peer Analysis

The ratings in the 'CCC' category and below for most corporate
issuers in Ukraine reflect heightened operational and financial
risks.

Interpipe Holdings plc's 'CCC-' ratings reflect the high risk of
damage to or disruption at its main facilities, as well as its
constrained liquidity profile. Ferrexpo plc's 'CC' rating reflects
weakened operational liquidity, despite the absence of external
debt.

Fitch’s Key Rating-Case Assumptions

- Commodities prices in line with Fitch's price deck

- Average annual sales volumes of 3.1 million tonnes (mt) of steel
products, 14.3mt of iron ore products from own production and 10mt
of resale volumes in 2026-2027

- EBITDA margin of 8.5% 2026, declining to about 7.5% in 2027

- Annual capex averaging USD230 million in 2026-2027

- No dividends in 2026-2027

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

Business and financial profile factors (assessment, relative
importance): management ('bb', Lower), sector characteristics
('bb+', Lower), market and competitive positioning ('b+',
Moderate), diversification and asset quality ('ccc', Higher),
company operational characteristics ('b+', Moderate), profitability
('b+', Lower), financial structure ('bb', Moderate), and financial
flexibility ('ccc-', Higher).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 70% for the forecast year 2026 and 20% for the forecast year
2027.

B+ to CC considerations apply in its analysis and results in an
adjustment of -1 notch(es).

The Governance assessment of 'Good' has no impact.

The Operating Environment assessment of 'ccc+' has no impact.

The SCP is 'ccc-'.

To derive the Long-Term IDR:

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

Recovery Analysis

The recovery analysis assumes Metinvest would be considered a going
concern in bankruptcy and would be reorganised rather than
liquidated.

Metinvest's going-concern EBITDA of USD400 million reflects
war-related disruption to exports and local operations.

Fitch uses an enterprise value/EBITDA multiple of 3.0x to calculate
a post-reorganisation valuation, reflecting the presence of key
assets in a territory with ongoing Russia-Ukraine war.

Fitch's analysis results in a waterfall-generated recovery
computation in the 'RR4' band after deducting 10% for
administrative claims and taking into account its Country-Specific
Treatment of Recovery Ratings Criteria. This indicates a 'CCC-'
instrument rating for Metinvest's senior unsecured notes.

RATING SENSITIVITIES

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

- Default of some kind appears probable

- A default or default-like process has begun, including the issuer
entering into a grace or cure period following non-payment of a
material financial obligation or the formal announcement by the
issuer or their agent of a distressed debt exchange

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

- Successful refinancing of near-term maturities (including the
October 2027 notes), while retaining sufficient liquidity headroom
for timely coupon payment and working-capital funding

- De-escalation of Russia's military operations, leading to lower
operating risks, and easing of FX and cross-border payment
controls, reducing liquidity and refinancing risks

Liquidity and Debt Structure

As of early May 2026, Metinvest had about USD200 million of cash,
the majority of which was held offshore. Fitch expects available
liquidity, together with positive FCF generation, to be sufficient
to service coupon payments in 2026 and 2027. However, Metinvest's
capacity to address the October 2027 notes maturity will depend on
generating cash flow, rebuilding liquidity and securing external
funding.

Issuer Profile

Metinvest is a vertically integrated Ukrainian mining and steel
company, with operations in Ukraine (steel and iron ore asset) and
other European countries (re-rolling facilities in the UK, Italy,
Romania and Bulgaria).

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The Climate.VS for 2035 for Metinvest is 50.

This captures the large technological shift in steelmaking
affecting metallurgical coal consumption from 2035 but robust
demand for iron ore over the long term to allow for sufficient
steel output to progress with vital infrastructure and renewables
projects in support of the energy transition. These risks do not
have an immediate impact on the rating, given the long-term
timescale over which the transition may take place, and uncertainty
regarding the extent and nature of the changes.

Any potential future impact on the rating may differ from the
illustrative rating impact in the Climate.VS framework, reflecting
the evolution of Fitch's assessment of the global risks, action the
entity might take to adapt to or mitigate the exposure, and any
other relevant factors

ESG Considerations

Metinvest has an ESG Relevance Score of '4' for Group Structure due
to historically large related-party transactions, which has a
negative impact on the credit profile, and is relevant to the
rating[s] 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          Recovery   Prior
   -----------               ------          --------   -----
Metinvest B.V.   

                   LT IDR     CCC-     Affirmed         CCC-
                   ST IDR     C        Affirmed         C
                   LC LT IDR  CCC-     Affirmed         CCC-
                   LC ST IDR  C        Affirmed         C
                   Natl LT    BB+(ukr) Affirmed         BB+(ukr)
                   Natl ST    B(ukr)   Affirmed         B(ukr)
senior unsecured  LT         CCC-     Affirmed   RR4   CCC-


NEXENT BANK: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed bank holding company CEG N.V.'s and its
fully owned bank subsidiary Nexent Bank N.V.'s (NXB) Long-Term
Issuer Default Ratings (IDRs) at 'BB'. The Outlooks are Stable.
Fitch has also affirmed CEG's and NXB's Viability Ratings (VRs) at
'bb'.

Key Rating Drivers

Moderately Diversified Trade Finance Bank: NXB's ratings reflect
its established niche trade finance franchise, with diversification
into corporate lending and retail banking in Romania. The bank's
risk control framework is commensurate with its business model and
partly mitigates its exposure to emerging markets and
concentrations. The ratings are underpinned by the bank's adequate
capitalisation, which benefits from stable earnings generation and
limited impairment inflows.

Resilient Performance amid Geopolitical Tensions: The first half of
2026 has been marked by heightened geopolitical tensions,
especially in the Middle East, which have disrupted trade routes
and pushed up commodity prices. These developments are likely to
weigh on global growth and trade volumes for the rest of 2026.
Fitch believes that the performance of rated European trade finance
banks should be resilient to a moderate shock in the volatile
environment, as they generally have limited direct exposure to the
region, tend to benefit from higher commodity prices, and have
strengthened their risk control frameworks in recent years.

Controlled Risk Appetite: NXB's risk appetite is higher than that
of most retail and commercial banks, reflecting borrower
concentration and exposure to emerging markets, which are inherent
in its trade finance activities. However, the bank's risk appetite
is more conservative than some of its trade finance peers, with
adequate underwriting standards.

Sound Asset Quality Metrics: The non-performing assets (NPA) ratio,
which includes on- and off-balance-sheet risks, declined to below
1% at end-2025, and Fitch expects it to remain at or below 1% over
the medium term. Concentrations in the credit portfolio are
mitigated by the short-term nature of trade finance transactions.

Lower Interest Margins, Resilient Profitability: Net interest
income represents about 70% of total revenue on average, one of the
highest levels among trade finance peers, due to a more significant
share of corporate and retail lending than its peers. Despite a
marked contraction in net interest margins over the past two years,
NXB maintained an operating profit at 2% of risk-weighted assets
(RWAs) in 2025, supported by tighter cost control and the absence
of loan impairment charges (LICs). Fitch expects the ratio to
remain about 2% in 2026-2027.

Adequate Capital Buffers: The common equity Tier 1 (CET1) ratio has
remained stable at 15%-16% over the past five years (end-2025:
15.6%), as sound earnings generation has offset RWA growth. The
bank's capital buffers over regulatory minimum requirements are
sufficient to absorb unexpected losses and support future growth.

Granular, Price-Sensitive Deposit Franchise: NXB is mainly funded
by granular retail deposits, which are collected online mostly in
Germany and the Netherlands. Corporate and interbank deposits are
generated by its trade finance and corporate-banking operations.
The bank has a large liquidity buffer comprising central bank
deposits and sovereign bonds. The short-term nature of its balance
sheet also supports its capacity to meet its commitments.

CEG's Ratings Equalised with NXB's: CEG is the parent holding
company of NXB, the group's main operating company and core bank.
Their ratings are equalised, due to low double leverage at holding
company level, and Fitch believes that the risk of failure of the
two entities is substantially the same.

Rating Sensitivities

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

The ratings have adequate rating headroom. However, the ratings
would be downgraded, following material asset-quality deterioration
resulting in an NPA ratio of consistently above 3%, operating
profit falling below 1% of RWAs on a sustained basis or a CET1
ratio below 13%.

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

An upgrade would require a strengthened business profile, alongside
further evidence that NXB's conservative risk profile can deliver
an operating profit sustainably above 2% of RWAs through the cycle,
while maintaining a CET1 ratio materially above 14%. An upgrade
would also require a stable risk profile, reflected by an NPA ratio
sustainably below 2%.

GOVERNEMENT SUPPORT RATING: KEY RATING DRIVERS AND SENSITIVITIES

NXB's Government Support Rating (GSR) of 'no support' reflects
Fitch's view that, although external extraordinary sovereign
support is possible, it cannot be relied on. Senior creditors can
no longer expect to receive full extraordinary support from the
sovereign in the event the bank becomes non-viable. This is because
the EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for
resolving banks that requires senior creditors participating in
losses, ahead of a bank receiving sovereign support.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely.

VR ADJUSTMENTS

The operating environment score of 'bbb' is below the 'aa' category
implied score due to the following adjustment reason: geographical
scope (negative).

The asset quality score of 'bb' is below the 'bbb' category implied
score due to the following adjustment reason: concentrations
(negative).

The earnings and profitability score of 'bb' is below the 'bbb'
category implied score due to the following adjustment reason:
revenue diversification (negative).

The capitalisation and leverage score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason: risk
profile and business model (negative).

The funding and liquidity score of 'bb' is below the 'bbb' category
implied score due to the following adjustment reason: non-deposit
funding (negative).

ESG Considerations

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Nexent Bank N.V.    LT IDR             BB Affirmed   BB
                    ST IDR             B  Affirmed   B
                    Viability          bb Affirmed   bb
                    Government Support ns Affirmed   ns

CEG. N.V.           LT IDR             BB Affirmed   BB
                    ST IDR             B  Affirmed   B
                    Viability          bb Affirmed   bb
                    Government Support ns Affirmed   ns




===============
P O R T U G A L
===============

ARES LUSITANI 2026: Fitch Assigns BB+(EXP)sf Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned Ares Lusitani - STC, S.A. / Thetis
Finance Auto 2026 expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.

   Entity/Debt                Rating           
   -----------                ------           
Ares Lusitani - STC,
S.A. / Thetis Finance
Auto 2026

   Class A PTLSNAOM0016    LT AAA(EXP)sf  Expected Rating
   Class B PTLSNBOM0015    LT AA+(EXP)sf  Expected Rating
   Class C PTLSNCOM0014    LT A+(EXP)sf   Expected Rating
   Class D PTLSN4OM0007    LT BBB(EXP)sf  Expected Rating
   Class E PTLSN5OM0006    LT BB+(EXP)sf  Expected Rating

Transaction Summary

The transaction is a six-month revolving securitisation of a
portfolio of fully amortising vehicle loans originated and serviced
in Portugal by Banco Credibom, S.A. (unrated), a specialist lender
wholly owned by Credit Agricole Consumer Finance S.A. (CACF;
Fitch-rated entity is Credit Agricole Personal Finance and
Mobility, AA-/Stable/F1+, the trading name).

KEY RATING DRIVERS

Asset Assumptions Reflect Mixed Portfolio: Fitch has assumed
base-case lifetime default and recovery rates of 5.0% and 50.0% for
the total portfolio, given the historical data provided by
Credibom, Portugal's economic outlook, and the originator's
underwriting and servicing strategies. The portfolio includes loans
for the acquisition of passenger cars (new and used), and a
residual share of motorcycles and tractors, but the pool is mainly
linked to used car loans with an exposure that can reach 90% volume
during the revolving period.

Short Revolving Period: The transaction features a six-month
revolving period, shorter than typical in comparable European
securitisations. Fitch considers the risk of portfolio migration to
weaker attributes to be residual as less than 12% of the pool is
expected to be replenished, a feature that Fitch deems sufficiently
captured by the default multiples calibrated for the rating
analysis (e.g. 5x for the 'AAA' rating case).

Hybrid Pro Rata Amortisation: After the revolving period, the class
A to E notes have an initial sequential amortisation period until
their credit enhancement (CE) ratios increase by around 30% from
their initial levels (except for class E for which CE will remain
zero). The notes will then be repaid pro-rata unless a sequential
amortisation event occurs, primarily linked to performance triggers
such as cumulative balance of defaults or entries to the principal
deficiency ledger.

Fitch views these triggers as sufficiently robust to prevent the
pro rata amortisation from continuing on early signs of performance
deterioration. Fitch believes the tail risk posed by the pro rata
pay-down is mitigated by the mandatory switch to sequential
amortisation when the outstanding pool balance falls below 10% of
the initial balance.

Adequate Counterparty Arrangements: Counterparty arrangements are
compatible with a maximum achievable rating of 'AAAsf' on the
notes, including minimum eligibility ratings for the transaction
account bank and interest-rate swap provider. Commingling is a
secondary risk for the transaction as the servicer will transfer
collected funds to the transaction account bank at least once a
month, mitigated by minimum eligibility ratings on its parent
entity, CACF, and remedial actions including increasing the
frequency of cash sweeps to every day.

Servicing disruption risk is mitigated by a dedicated liquidity
reserve that would cover senior costs, net swap payments and
interest on class A to C notes for over three months, a period
Fitch deems sufficient to implement alternative arrangements if
needed. As the class D and E notes are excluded from this liquidity
arrangement, and their interest payments are timely when most
senior, their maximum achievable rating is equivalent to the
servicer credit profile that is established from the parent entity
rating in accordance with Fitch's Structured Finance and Covered
Bonds Counterparty Rating Criteria.

RATING SENSITIVITIES

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

- Long-term asset performance deterioration, such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape.

- For the class D and E notes, a deterioration in the servicer's
credit profile as these ratings are capped at the servicer's credit
profile due to unmitigated payment interruption risk.

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

- The class A notes are rated at the highest level on Fitch's scale
and cannot be upgraded.

- For the remaining classes, increasing CE ratios as the
transaction deleverages to fully compensate for the credit losses
and cash flow stresses commensurate with higher rating scenarios.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Ares Lusitani - STC, S.A. / Thetis Finance Auto 2026

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

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




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

GRUPO ANTOLIN: S&P Downgrades ICR to 'CCC-' on Debt Restructuring
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit and issue-level
ratings on Grupo Antolin-Irausa S.A.U. (Antolin) and its senior
secured notes (SSNs) to 'CCC-' from 'CCC+'. The recovery rating on
the notes is unchanged at '3', indicating its estimate of about 55%
recovery in a hypothetical payment default scenario.

The negative outlook reflects the risk of a potential downgrade to
'D' or 'SD' (selective default) if the company implements the
transaction as presented.

Antolin has announced a debt restructuring proposal to address the
capital structure and extend maturities. The group is seeking
consent from its SSN holders, as well as the reminder of the ICA
lenders, to take on one of two alternative options. Alternative 1
for both the ICA lenders and SSN holders includes the extension of
maturities to 2035 with a coupon of 7% and second-ranking pledges
over shares and intercompany loans and third-ranking pledges over
bank accounts. In alternative 2, ICA lenders could choose to roll
over at par with a new maturity of 2032 and a margin of EURIBOR +
2.5% with a first-ranking pledge over shares and intercompany loans
as well as second ranking over bank accounts. Also under
alternative 2, SSN holders could choose to exchange their SSNs for
67.5 cents on the dollar and extend maturities to 2030 and a coupon
of 8% (with a 200 basis points step up, annually) with the same
security package as ICA lenders that choose alternative 2. ICA
lenders that choose alternative 2 will provide a new money
commitment of up to EUR220 million, which will rank super senior in
the ICA and will have first ranking over bank accounts.

S&P said, "We consider the proposed transaction as a distressed
exchange and therefore, tantamount to default. If the transaction
closes as proposed, both the SSN holders and the ICA lenders would
receive less than originally promised, in our view." In the case of
the SSN holders and ICA lenders, if they were to choose alternative
1, they would be primed by those who choose alternative 2 and the
new money lenders and could receive a lower coupon than they
currently do. If they were to choose alternative 2, the SSN holders
would be exchanging the notes for 67.5 cents on the dollar. As for
the ICA lenders, despite rolling over at par, in the alternative 2,
they will be primed by the new money facility and will receive a
lower margin despite extended maturity to 2032.

S&P said, "We expect the transaction to close over the upcoming
months and thus, a distressed exchange appears inevitable within
six months. We understand that both the SSN holders and ICA lenders
are requested to vote on one of the two alternatives by July 22,
2026, and then the transaction will be ratified by a Spanish court.
We expect this to occur swiftly and thus, for the transaction to
close over the next six months.

"The negative outlook reflects the risk of a potential downgrade to
'D' or 'SD' if the company implements the transaction as presented,
as we will most likely view the refinancing transaction as a
distressed exchange and, therefore, tantamount to a default.

"We could lower our rating on Antolin if the company implements the
announced refinancing transaction as announced or fails to make its
interest or debt amortization payments.

"We could raise the rating if we no longer view a default as
possible over the next six months. This could occur if, for
instance, the company secures alternative financing transaction."




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

VERISURE HOLDING: S&P Rates EUR750MM Secured Notes 'BB+'
--------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to Verisure
Holding AB's proposed issuance of EUR750 million in senior secured
notes maturing in 2032. It also assigned a recovery rating of '3'
(estimated recovery: 60%) to the notes.

The proceeds will be used to partially refinance Verisure's
outstanding EUR1.0 billion senior unsecured notes issued by
Verisure Midholding AB maturing in 2029. Should Verisure raise more
funds than originally indicated, S&P expects the excess to be used
to refinance additional senior unsecured notes.

The transaction is leverage neutral and our base case for Verisure
remains broadly the same as the one published following its IPO in
October 2025. However, S&P expects the proposed refinancing
transaction to lower interest costs and improve the liquidity
position by extending the debt maturity profile.

Issue Ratings -- Recovery Analysis

Key analytical factors

-- The proposed EUR750 million senior secured notes due in 2032
are rated 'BB+', aligned with the outstanding senior secured notes,
with a recovery rating of '3', reflecting S&P's expectation of
meaningful recovery (estimated 60%) in a hypothetical default
scenario.

-- S&P has lowered its estimated recovery prospects for Verisure's
senior secured debt in a hypothetical default to a rounded estimate
of 60% from a rounded estimate of 65% previously. The decline
reflects the lower junior debt buffer and higher senior secured
priority debt in the capital structure following the refinancing of
the unsecured notes.

-- A limited amount of higher-ranking priority debt in the event
of default supports the recovery prospects for the senior secured
notes.

-- The senior secured payment-in-kind (PIK) toggle notes issued by
Aegis Lux 1 S.a.r.l. are rated 'BB-', in line with the senior
unsecured debt issued by Verisure Midholding AB (of which only
EUR250 million will remain following the proposed transaction). The
PIK toggle notes are only secured against Aegis Lux 1 S.a.r.l
shareholding in Verisure PLC, and are therefore structurally
subordinated to all debt issued by Verisure Holding AB.

-- S&P views the security package for the senior secured notes as
fairly weak given the asset-light nature of the business.

-- In S&P's hypothetical default scenario, a default could occur
in 2031, following increased customer attrition due to a disruptive
technological shift. This would prompt the company to invest in
acquiring new customers, leading to increased financial leverage
and a large interest burden.

-- S&P considers Verisure as a going concern, given its leading
position in the security services market for homes and small
businesses in Europe and Latin America, strong brand name, and
resilient growth from its portfolio of good quality customers.

Simulated default assumptions

-- Year of default: 2031
-- Jurisdiction: Sweden
-- Minimum capital expenditure (capex): 6%, assuming minimum capex
for the portfolio business

-- Cyclicality adjustment factor: 5% (standard assumption for the
technology, software, and software services sectors)

-- Implied enterprise value multiple: 6.0x

-- Emergence EBITDA: EUR706 million

Simplified waterfall

-- Gross enterprise value: EUR4.2 billion

-- Net recovery value after administrative expenses (5%): EUR4.0
billion

-- Estimated first-lien debt claim: EUR6.3 billion

-- Value available for second-lien debt claims: EUR0 million

-- Estimated second-lien debt claim: EUR0.3 billion

-- Recovery range: 50%-70% (rounded estimate 60%)

-- Recovery rating: 3

*This is a simulated default scenario. All debt amounts include six
months of prepetition interest that S&P assumes to be outstanding
at default. The RCF is assumed to be 85% drawn at default.




===========
T U R K E Y
===========

ARAP TURK: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Arap Turk Bankasi A.S.'s (ATB) Long-Term
Foreign-Currency (LTFC) and Local-Currency (LTLC) Issuer Default
Ratings (IDRs) at 'B+'. The Outlooks are Stable. Fitch has also
affirmed the bank's Viability Rating (VR) at 'b+'.

Key Rating Drivers

VR Drives Ratings: ATB's ratings reflect the bank's exposure to
Turkiye's improving, but challenging, operating environment, its
small niche franchise within trade finance, and high balance-sheet
concentration. The ratings also reflect improving but
below-sector-average profitability, contained asset-quality risks,
adequate capitalisation, and stable, but concentrated, funding.

Geopolitical Tensions Pressure Operating Environment: Fitch
considers macroeconomic stability risks and external financing
pressures to have risen following the outbreak of the Iran
conflict, leading to a marked fall in Turkiye's international
reserves. Turkish banks' financial and risk profiles face
challenges through higher-for-longer Turkish lira rates and
inflation.

Small Trade Finance Bank: ATB is a small trade finance bank that
specialises in facilitating trade between Turkiye and Libya, and,
to a lesser extent, the Middle East and North Africa. It has close
ties to its largest shareholder, Libyan Foreign Bank (LFB; 63%),
which provides it with low-cost, FC funding.

High Concentrations: ATB is exposed to high single-name
concentrations on both its on- and off-balance sheets. The share of
cash lending in FC is high (end-1Q26: 70% of gross loans). Loan
growth has accelerated in recent periods (1Q26: 17%; 2025: 101%;
2024: 62%), albeit from a small base, supported by capital
injections.

Negligible Impairments: ATB's asset quality benefits from its
short-term loan book and counter-guarantees from Turkish banks
covering a large share of the Libya country risk in its trade
finance operations. The bank's non-performing assets ratio,
including on- and off-balance-sheet risks, (which represents a
better indicator of asset quality) also remained negligible at
end-1Q26. High FC lending and single-obligor concentration present
risks to asset quality, alongside slowing economic growth, high
inflation and still high lira interest rates.

Improving Profitability: Operating profit at 2.8% of risk-weighted
assets (RWAs) in 1Q26 (2025: 2.9%; 2024: 1.6%) remained below the
Turkish banking sector average (1Q26: 4.6%), despite strong loan
expansion and above-sector net interest margin (NIM). This was due
to ATB's higher RWA density and high operating costs. ATB's NIM
remains above the sector average, supported by low-cost FC funding
from its parent.

Adequate Capitalisation: The bank's common equity Tier 1 (CET1)
ratio decreased to 13.4% at end-1Q26 from 18.7% at end-2025,
largely reflecting the impact of forbearance removal and high RWA
density. The equity/ assets ratio remained high at 17% at end-1Q26
(Turkish banking sector average: 8.7%). Capitalisation is sensitive
to lira depreciation and loan growth.

High Parent Funding: Wholesale funding (end-1Q26: 55% of non-equity
funding) is the main source of funding for ATB, similar to other
trade finance banks. It also relies heavily on FC funding from its
parent, which accounts for about 30% of total funding. The rest is
through customer deposits, including non-resident deposits from
Libyan clients. ATB is exposed to refinancing risk, due to its high
reliance on FC wholesale funding, although it is partly mitigated
by the short-term profile of the loan book, trade finance exposures
and access to parent funding.

Rating Sensitivities

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

ATB's VR and IDRs could be downgraded due to a weakening of its
operating environment that could follow a sovereign downgrade. A
substantial reduction in parent funding, prompting a large drop in
the bank's FC liquidity, or sustained deterioration in its
capitalisation as a result of a material decline in profitability
or asset quality, could also lead to a negative rating action.

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

An upgrade in ATB's ratings would require a material strengthening
of the bank's business profile, including a reduction in
concentration while maintaining adequate financial performance.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's National Long-Term Rating of 'A(tur)', which is on a
Stable Outlook, reflects ATB's LC creditworthiness relative to
other Fitch-rated Turkish issuers'.

ATB's 'no support' Government Support Rating (GSR) reflects Fitch's
view that support from the Turkish authorities cannot be relied on,
given the bank's small size and limited systemic importance.
Support from ATB's shareholders, while possible, cannot be relied
on.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The National Long-Term Rating is sensitive to a change in the
bank's creditworthiness in LC relative to that of other Turkish
issuers.

An upgrade of ATB's GSR is unlikely given its limited systemic
importance.

VR ADJUSTMENTS

The operating environment score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason(s):
sovereign rating (negative).

The asset quality score of 'b+' is below the 'bbb' category implied
score due to the following adjustment reason(s): concentrations
(negative).

The earnings and profitability score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason(s):
revenue diversification (negative).

The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason(s):
size of capital base (negative).

The funding and liquidity score of 'b+' is below the 'bb' category
implied score due to the following adjustment reason(s): deposit
structure (negative).

ESG Considerations

ATB has an ESG Relevance Score for Management Strategy of '4',
reflecting an increased regulatory burden on all Turkish banks.
Management ability across the sector to determine their own
strategy and price risk is constrained by the regulatory burden and
also by the operational challenges of implementing regulations at
the bank level. This has a moderately negative impact on the bank's
credit profile and is relevant to its ratings in combination with
other factors.

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

   Entity/Debt                     Rating          Prior
   -----------                     ------          -----
Arap Turk
Bankasi A.S.

                  LT IDR         B+     Affirmed   B+
                  ST IDR         B      Affirmed   B
                  LC LT IDR      B+     Affirmed   B+
                  LC ST IDR      B      Affirmed   B
                  Natl LT        A(tur) Affirmed   A(tur)
                  Viability      b+     Affirmed   b+
                  Gov't Support  ns     Affirmed   ns




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

ACACIUM GROUP: S&P Lowers ICR to 'CCC-' on Debt Restructuring
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-based health care and life sciences staffing and services
provider Acacium Group Ltd. to 'CCC-' from 'CCC'. S&P also lowered
its issue rating on the group's senior secured debt to 'CCC-' from
'CCC'.

The negative outlook reflects S&P's expectation that it will lower
its issuer credit rating to 'SD' (selective default) and its issue
rating on the existing TLB to 'D' (default) upon completion of the
proposed transaction.

On June 22, 2026, Acacium announced a restructuring of its term
loan B (TLB), which was due to mature in June 2028.

S&P views the proposed transaction as distressed and tantamount to
a default because the terms, already agreed with lenders
representing more than 75% of the TLB, imply investors will receive
less value than the promise of the original securities.

Acacium's shareholders have announced that a recapitalization of
the group's debt has been agreed with lenders that represent more
than 75% of the TLB. The transaction proposes a debt-to-equity swap
for approximately 60% of the outstanding term loans (including all
accrued and unpaid interest), while replacing the existing GBP375
million and $140 million TLBs with a new GBP200 million TLB due in
2032. Following the transaction's close, the TLB lenders will
control the group, owning 92.5% of Acacium's equity, while the
existing shareholders' ownership will shrink to 7.5%. The
transaction proposes additional liquidity measures, including the
nonpayment of the GBP21 million of cash interest due on July 31,
2026.

S&P said, "We view the proposed transaction as a distressed
exchange. The proposed transaction will materially reduce the
company's debt burden and boost liquidity. However, we view the
amendments to the term loans' size, tenor, and interest payments as
distressed and tantamount to a default, because, in our view,
investors will receive less than the promise of the original
securities without adequate compensation.

"If enacted as proposed, we would likely consider the transaction a
default and lower our ratings on the company accordingly. Upon
completion of the transaction, we will review our ratings based on
Acacium's updated capital structure, liquidity, operating
performance, and our forward-looking opinion of its
creditworthiness, which we expect to be significantly improved.

"The negative outlook reflects our expectation that we will lower
the issue rating on Acacium's TLB to 'D' and the issuer credit
rating to 'SD' once the company completes its proposed
recapitalization transaction. Subsequently, we expect to review our
issuer credit rating on Acacium and issue-level rating on its
updated debt facilities, focusing on a forward-looking assessment
of the company's credit profile, including liquidity, capital
structure, and business prospects."


ALAN C. FORD: Greenfield Recovery Appointed as Administrators
-------------------------------------------------------------
Alan C. Ford Limited was placed into administration in the High
Court of Justice, Business and Property Courts of England & Wales,
Court Number CR-2026-004401.  Nicholas Stratten and Michelle
Breslin of Greenfield Recovery Limited were appointed as Joint
Administrators on June 15, 2026.

The company specialized in construction activities.  The company's
registered office is Trinity House, 28-30 Blucher Street,
Birmingham, B1 1QH.  The company's principal trading address is
Primrose Cottage, Hill End Road, Harefield, UB9 6LH.

The Joint Administrators can be contacted at:

     Nicholas Stratten  
     Michelle Breslin  
     Greenfield Recovery Limited  
     Trinity House  
     28-30 Blucher Street  
     Birmingham B1 1QH  

Further details:

     Alternative contact: Cameron Young  
     Email: cameron.young@greenfieldrecovery.co.uk  
     The Joint Administrators  
     Tel: 0121 201 1720  


BMB LOGISTICS: KBL Advisory Appointed as Joint Administrators
-------------------------------------------------------------
BMB Logistics Ltd was placed into administration in the High Court
of Justice, Business and Property Courts in Newcastle-upon-Tyne,
Insolvency & Companies List (ChD), Court Number CR-2026-NCL-000063.
Steve Kenny of KBL Advisory Limited and Richard Cole of KBL
Advisory Ltd were appointed as Joint Administrators on June 12,
2026.

The company specialized in freight transport by road.

The company's registered office will be changed to c/o KBL Advisory
Limited, Building 5, Carrwood Business Park, Selby Road, Leeds,
LS15 4LG. It is currently Transfesa Road, Paddock Wood, Tonbridge,
England, TN12 6UT.

The company's principal trading address is Transfesa Road, Paddock
Wood, Tonbridge, England, TN12 6UT.

The Joint Administrators can be contacted at:

     Steve Kenny  
     KBL Advisory Limited  
     Building 5  
     Carrwood Business Park  
     Selby Road  
     Leeds LS15 4LG  

     Richard Cole  
     KBL Advisory Ltd  
     Stamford House  
     Northenden Road  
     Sale, Cheshire M33 2DH  

Further details:

     Contact: Zoe Cleghorn  
     Email: Zoe.cleghorn@kbl-advisory.com  
     Tel: 0113 547 7172  


GEO QUARRIES: Leonard Curtis Appointed as Joint Administrators
--------------------------------------------------------------
Geo Quarries Management Ltd was placed into administration in the
High Court of Justice, Business and Property Court in Manchester,
Company and Insolvency List, Court Number CR-2026-MAN000910.  Mike
Dillon and Hilary Pascoe of Leonard Curtis were appointed as Joint
Administrators on June 15, 2026.

The company specialized in the quarrying of ornamental and building
stone.  Its registered office is Prestige Court, Beza Road, Leeds,
LS10 2BD.

The Joint Administrators can be contacted at:

     Mike Dillon  
     Hilary Pascoe  
     Leonard Curtis  
     Riverside House  
     Irwell Street  
     Salford  
     Greater Manchester M3 5EN  

Further details:

     Contact: Nicola Carlton  
     Email: Creditors.Manchester@leonardcurtis.co.uk  


HEREFORD GLASS: FRP Advisory Appointed as Administrators
--------------------------------------------------------
Hereford Glass Fibre Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Bristol,
Insolvency & Companies List (ChD), Court Number CR-2026-BRS-000095.
Matthew Whitchurch and Jonathan Dunn of FRP Advisory Trading
Limited were appointed as Joint Administrators on June 16, 2026.

The company engaged in the manufacture of other plastic products.
The company's registered office is c/o FRP Advisory Trading
Limited, Kings Orchard, 1 Queen Street, Bristol, BS2 0HQ.  The
company's principal trading address is Unit 2, Tarsmill Court,
Rotherwas, Hereford, HR2 6JZ.

The Joint Administrators can be contacted at:

  Matthew Whitchurch
  Jonathan Dunn
  FRP Advisory Trading Limited
  Kings Orchard
  1 Queen Street
  Bristol
  BS2 0HQ

Further details:

  The Joint Administrators
  Tel: 0117 203 3700
  Alternative contact: Marius Pitulac
  Email: cp.bristol@frpadvisory.com


JRL BRICKWORK: Marshall Peters Appointed as Joint Administrators
----------------------------------------------------------------
JRL Brickwork Ltd was placed into administration in the High Court
of Justice, No CR-2026-MAN-000.  Lee Morris and John Thompson of
Marshall Peters were appointed as Joint Administrators on June 11,
2026.

The company specialized in construction of domestic buildings.  The
company's registered office and principal trading address is Unit
14 Withambrook Park, Grantham, NG31 9ST.

The Joint Administrators can be contacted at:

     Lee Morris  
     John Thompson  
     Marshall Peters  
     Heskin Hall Farm  
     Wood Lane  
     Heskin, Preston PR7 5PA  

Further details:

     Contact: Larissa Siebel  
     Email: larissasiebel@marshallpeters.co.uk  
     Tel: 0161 914 9256  


LX PROPERTY: Begbies Traynor & FRP Advisory Named as Administrators
-------------------------------------------------------------------
LX Property Ltd 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-2026-004152.
Paul Cooper of BTG Begbies Traynor (Central) LLP and David Paul
Hudson and Simon Baggs of FRP Advisory Trading Limited were
appointed as Joint Administrators on May 27, 2026.

The company specialized in buying and selling of own real estate;
other letting and operating of own or leased real estate; and
residents property management.  The Company's registered office is
134 Buckingham Palace Road, London, SW1W 9SA.

The Joint Administrators can be contacted at:

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

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

Further details:

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


PRECISION FACADES: RSM UK Appointed as Administrators
-----------------------------------------------------
Precision Facades Ltd was placed into administration in the High
Court of Justice, Business and Property Courts of Manchester,
Insolvency and Companies List (ChD), Court Number CR-2026-000869.
Christopher Ratten and Gareth Harris of RSM UK Restructuring
Advisory LLP were appointed as Joint Administrators on June 12,
2026.

The company engaged in other engineering activities.  The company's
registered office and principal trading address is Unit B Priory
Court, Chester Road, Preston Brook, Runcorn, Cheshire, WA7 3FR.

The Joint Administrators can be contacted at:

     Christopher Ratten  
     RSM UK Restructuring Advisory LLP  
     Landmark, St Peter’s Square  
     1 Oxford Street  
     Manchester M1 4PB  

     Gareth Harris  
     Central Square  
     5th Floor  
     29 Wellington Street  
     Leeds LS1 4DL  

Correspondence address & contact details of case manager:

     Michael Watkin  
     RSM UK Restructuring Advisory LLP  
     Landmark, St Peter's Square  
     1 Oxford Street  
     Manchester M1 4PB  
     Tel: 0161 830 4010  

Further details contact:

     Christopher Ratten  
     Tel: 0161 830 4000  

     Gareth Harris  
     Tel: 0113 285 5000  


RODLIFFE ACCOUNTING: Quantuma Advisory Appointed as Administrators
------------------------------------------------------------------
Rodliffe Accounting Limited was placed into administration in the
High Court of Justice, Business and Property Courts, Court Number
CR-2026-003815.  Gary Thompson and Michael Kiely of Quantuma
Advisory Limited were appointed as Joint Administrators on June 12,
2026.

The company engaged in accounting and auditing activities.  The
company's registered office is C/O Rodliffe Accounting Ltd, 1
Canada Sq, 37th Floor, Canary Wharf, London, E14 5AA.

The Joint Administrators can be contacted at:

  Gary Thompson
  Michael Kiely
  Quantuma Advisory Limited
  18a Capricorn Centre
  Cranes Farm Road
  Basildon, Essex SS14 3JJ

Further details:

  Tara Edwards
  Email: Tara.Edwards@quantuma.com
  Tel: 01202 059460


TAMERTON SILVERHILL: Seneca IP Appointed as Administrator
---------------------------------------------------------
Tamerton Silverhill Limited was placed into administration in the
High Court of Justice, Business and Property Court in Manchester,
Company and Insolvency List, No 000825 of 2026.  John Hedger of
Seneca IP Limited was appointed as Administrator on June 10, 2026.

The company specialized in development.  Its registered office is
11 Lansdowne Court, Bumpers Farm, Chippenham, SN14 6RZ, United
Kingdom.

The Administrator can be contacted at:

     John Hedger  
     Seneca IP Limited  
     74 Smedley Street  
     Matlock  
     Derbyshire DE4 3JJ  

Further details:

     Contact: James Annerson  
     Email: james.annerson@seneca-ip.co.uk  
     Tel: 01629 761700  


VIKING PLYWOOD: Northpoint Associates Appointed as Administrator
----------------------------------------------------------------
Viking Plywood & Timber Ltd was placed into administration in the
High Court of Justice, Newcastle-upon-Tyne, Court Number
CR-2026-69.  Greg Whitehead of Northpoint Associates Limited was
appointed as Administrator on June 15, 2026.

The company specialized in sawmilling and planing of wood;
manufacture of other products of wood; and manufacture of articles
of cork, straw and plaiting materials.

The registered office is c/o Northpoint Associates, Cobalt Business
Exchange, Cobalt Park Way, Newcastle upon Tyne, NE28 9NZ, formerly
of Portberry Street Industrial Estate, Off Commercial Road, South
Shields, Tyne and Wear, NE33 1QX.

The principal trading address is Portberry Street Industrial
Estate, Off Commercial Road, South Shields, Tyne and Wear, NE33
1QX.

The Administrator can be contacted at:

     Greg Whitehead  
     Northpoint Associates Limited  
     Cobalt Business Exchange  
     Cobalt Park Way  
     Wallsend  
     Newcastle upon Tyne NE28 9NZ  
     Email: greg@northpoint.co.uk  


WAGAMAMA (HOLDINGS): S&P Affirms 'B' ICR & Alters Outlook to Neg.
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable to
Wagamama (Holdings) Ltd. At the same time, s&P affirmed its 'B'
long-term rating on Wagamama and its 'B' rating on the senior
secured notes, with a recovery rating of '3'.

S&P said, "The negative outlook reflects our view that demand for
dine-out and takeaway will not rise enough to improve revenue or
profitability significantly for Wagamama, constraining leverage
headroom for the current rating. Furthermore, our forecast for
adequate liquidity could come under pressure if negative FOCF after
leases does not improve.

"Following a weaker performance in 2025 than we forecast, we
anticipate an unfavorable trading environment to persist. Wagamama
(Holdings) Ltd. will face relatively subdued demand, fierce
competition, and cost pressures well into 2026, falling short of
the improvement we expected when we assigned the initial rating.
As such, we expect higher leverage than previously estimated of
6.2x - 6.5x in 2026, from 6.9x in 2025, though with some
improvement in 2027 to 5.7x-6.1x. We also expect negative, albeit
improving, free operating cash flow (FOCF) after leases in 2026."
At the same time, Wagamama will likely maintain adequate liquidity
with support from a largely undrawn GBP55 million revolving credit
facility (RCF) maturing in 2030.

Wagamama's revenue will likely grow only marginally this year,
while S&P Global Ratings-adjusted EBITDA margins grow slightly
higher. S&P Global Ratings expects revenue to grow 3%-4% in 2026
and 4%-6% in 2027 after contracting 4.2% in 2025. In 2025, the
transfer of four airport sites to the TRG concessions business
depressed revenue by GBP25 million-GBP30 million. Excluding this,
revenue rose slightly by 1.5% to GBP480.5 million in 2025 despite a
1.7% annual decline in total like-for-like sales. Additionally,
average spend per head declined in the second half of 2025,
suggesting a positive impact from pricing actions and a robust
performance in new sites.

In 2026, transaction growth is declining, although market data
suggests that spend growth has risen so far. Wagamama's total
like-for-like sales declined slightly by 0.5% in the first quarter
and then rose by 0.9% in the second quarter through May 7, 2026,
with a solid performance for the rest of May anticipated. However,
like-for-like total average spend per head continued to decline in
the first quarter (by 0.5%) and will likely decline further in the
second quarter. Overall, transaction spending will weigh on revenue
growth despite our expectation of reasonable performance in
like-for-like sales and the anticipated success in trading at its
new sites. The revenue growth will likely be supported by an
agreement with Uber Eats to expand Wagamama's delivery options,
with 2027 benefitting from a full year impact of the agreement.

S&P said, "We expect S&P Global Ratings-adjusted EBITDA margin to
improve to 17%-17.5% in 2026 and 17.5%-18% in 2027 from 16.6% in
2025. This stems from investments in customer propositions leading
to new menu offerings, as well as pricing actions, some of which
offset input cost inflation, and lower one-off refinancing and
restructuring costs from 2025. The investments into product
offerings depressed profitability in 2025, which we expect to
reverse in 2026.

S&P Global Ratings-adjusted EBITDA generation is only expected to
improve slightly, and credit metrics are close to our downside
threshold. S&P expects adjusted debt to EBITDA of 6.2x-6.5x in
2026, and it expects Wagamama to draw on its revolving credit
facility to cover large payments through the year, including the
interest on its bond. EBITDAR interest coverage will likely be
1.4x-1.5x over the next two years.

The company's key metrics are sensitive to small movements in
EBITDA, so any slight underperformance in its operations could
increase debt to EBITDA above 6.5x, as it did in 2025. However,
adjusted debt will likely benefit from lease liabilities lowering
in 2026 to GBP190 million-GBP195 million, from GBP205.2 million in
2025, due to more expensive lease contracts expiring and closed
sites in the U.S.

Moreover, FOCF after leases will likely remain negative in 2026. In
2026, S&P expects that working capital outflows will continue to
weigh on FOCF, with outflows of GBP3 million-GBP5 million related
to a buildup of receivables due to the timing of receipts. Further,
capital expenditure (capex) will likely marginally step up to GBP28
million-GBP30 million as site presence expands. Five to six new
sites should open in the U.K. and Ireland in 2026 while sites
undergo remodeling in the U.S.

S&P said, "We expect negative FOCF after leases of GBP6
million-GBP10 million this year and neutral FOCF after leases in
2027. Total principal lease payments should rise gradually over the
next year from GBP17.7 million in 2025 to about GBP21 million in
2026 due to new openings and rising rent contract costs. In 2025,
FOCF after leases was negative by GBP20.8 million due to working
capital outflows, largely from rising receivables, as well as
outflows related to refinancing its capital structure in January
2025. In particular, GBP14.6 million of intercompany cash sweeps
and GBP2.6 million of outflows related to the restructuring,
including bonus payouts and turnover rent from the transfer of the
airport sites, were included. We do not expect these to persist
given the changes in the group structure post the refinancing.
Without the one-off impacts, FOCF after leases would have been
marginally negative.

"At this time, liquidity remains adequate. We do not think
Wagamama's liquidity position is currently strained, with sources
comfortably exceeding uses. Wagamama still has ample availability
to draw on its GBP55 million RCF, and any impact from working
capital changes will likely be small. However, any negative effect
on operational performance through the year could pressure metrics,
causing Wagamama to draw on its RCF further to fund cash uses and
potentially triggering covenant testing.

"The negative outlook reflects our view that subdued end-market
conditions in 2025 could persist through 2026, leading to adjusted
debt to EBITDA of 6.2x-6.5x while FOCF after leases remains
negative.

"We could lower the rating if operating performance deteriorates
relative to our current base case. This could come from an adverse
shift in consumer demand in the U.K., an inability to pass on
higher costs, ineffective working capital management, or more."
Specifically, S&P could lower the ratings if Wagamama:

-- Is unable to materially reduce leverage from the elevated
levels in 2025; or

-- Cannot materially improve its FOCF after leases, weakening its
liquidity position.

S&P could revise the outlook to stable if:

-- Operating performance strengthens enough to sustain an
improvement to leverage and cash flow generation, such that FOCF
after leases trends positive; and

-- Wagamama maintains ample headroom for adequate liquidity.



                           *********


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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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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