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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

          Tuesday, July 7, 2026, Vol. 27, No. 134

                           Headlines



F R A N C E

CHROME HOLDCO: S&P Lowers ICR to 'SD' on Deferred Interest Payment


G E R M A N Y

FORTUNA CONSUMER 2026-2: Moody's Assigns (P)B3 Rating to F Notes


I R E L A N D

PROVIDUS CLO III: Moody's Affirms B3 Rating on EUR11.3MM F-R Notes


K A Z A K H S T A N

MERZ LEASING: Fitch Alters Outlook on 'B-' LongTerm IDR to Positive
SAFE-LOMBARD LLP: Fitch Hikes Long-Term IDR to 'B', Outlook Stable


L U X E M B O U R G

SANI/IKOS GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable


N E T H E R L A N D S

BE SEMICONDUCTOR: Fitch Alters Outlook on 'BB+' IDR to Positive


P O L A N D

DL INVEST: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive


U N I T E D   K I N G D O M

HOME EXTON: BTG Begbies Appointed as Administrators
HOXTON CONSUMER 2026-1: Moody's Assigns (P)Ba3 Rating to E Notes
J LLOYD CONSTRUCTION: Marshall Peters Appointed as Administrators
MONEVIUM LTD: Funds Claim Submission Deadline Set for Aug. 13
OMER & COMPANY: FRP Advisory Appointed as Administrators

SGA REALISATIONS (2026): Sanderlings Appointed as Administrators
SMILE MANCHESTER: Hall Chadwick Appointed as Administrators
UNITED TOOLING: Ernst & Young Appointed as Administrators

                           - - - - -


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F R A N C E
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CHROME HOLDCO: S&P Lowers ICR to 'SD' on Deferred Interest Payment
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Chrome
HoldCo SAS (parent to Cerba HealthCare) to 'SD' (selective default)
from 'CCC-', and its issue rating on its EUR525 million senior
unsecured notes to 'D' (default) from 'C'. S&P affirmed its 'CCC-'
issue rating on its senior secured debt.

Chrome HoldCo has received approval from its bondholders to defer
an interest payment of about EUR13 million, due May 29, 2026, on
its EUR525 million senior unsecured notes, which will mature in May
2029.

S&P Global Ratings defines this as a default, because the payment
has been deferred by more than 30 calendar days.

Chrome HoldCo has agreed to defer the interest payment on its
senior unsecured notes until August. S&P said, "Even though the
deferral of the interest payment resulted from a consensual
arrangement with the bondholders, we downgraded the issuer to 'SD'
because it did not pay the interest due May 29, 2026, within the 30
calendar days stipulated in our criteria. We consider the missed
interest payment to be a default because creditors will not receive
what they were initially promised, regardless of their subsequent
agreement to defer the payment." Discussions with creditors are
ongoing.

Declining revenue, marginally offset by cost-saving initiatives,
caused Cerba's S&P Global Ratings-adjusted EBITDA for 2025 to drop
to EUR337.4 million, from EUR344.2 million in 2024. Its adjusted
debt to EBITDA was about 14.7x in 2025. This incorporates:

-- The EUR450 million revolving credit facility (RCF) that matures
in November 2027;

-- A EUR600 million term loan C and EUR220 million term loan D,
both of which mature in February 2029; and

-- A EUR1,875 million term loan B that matures in June 2028.

The group has also a EUR720 million secured note maturing in May
2028 and a EUR525 million senior unsecured note maturing in May
2029.

S&P said, "The issuer credit rating on Chrome HoldCo is 'SD'
because we understand the company remains current on its other
obligations. We expect to reassess our ratings on the company
shortly, once we have been able to incorporate its next steps into
our ratings analysis and have more information on Cerba's plans to
address the default and its liquidity position."




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G E R M A N Y
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FORTUNA CONSUMER 2026-2: Moody's Assigns (P)B3 Rating to F Notes
----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to Notes to be
issued by Fortuna Consumer Loan ABS 2026-2 Designated Activity
Company:

EUR [ ]M Class A1 Floating Rate Asset Backed Notes due January
2038, Assigned (P)Aaa (sf)

EUR [ ]M Class A2 Floating Rate Asset Backed Notes due January
2038, Assigned (P)Aaa (sf)

EUR [ ]M Class B Floating Rate Asset Backed Notes due January
2038, Assigned (P)Aa1 (sf)

EUR [ ]M Class C Floating Rate Asset Backed Notes due January
2038, Assigned (P)Aa3 (sf)

EUR [ ]M Class D Floating Rate Asset Backed Notes due January
2038, Assigned (P)Baa2 (sf)

EUR [ ]M Class E Floating Rate Asset Backed Notes due January
2038, Assigned (P)Ba2 (sf)

EUR [ ]M Class F Floating Rate Asset Backed Notes due January
2038, Assigned (P)B3 (sf)

EUR [ ]M Class X Fixed Rate Asset Backed Notes due January 2038,
Assigned (P)Baa1 (sf)

Moody's have not assigned a rating to the EUR [ ]M Class G Floating
Rate Asset Backed Notes due January 2038.

RATINGS RATIONALE

The Notes are backed by a 15-month revolving pool of unsecured
consumer loans originated via the Auxmoney Investments Limited (not
rated) loan origination platform to obligors located in Germany.
These loans were brokered to Süd-West-Kreditbank Finanzierung
GmbH, as the initial lender, which subsequently transferred them to
a warehouse facility. Prior to the closing of this transaction, the
loans were sold to Auxmoney Investments Limited, which acts as the
seller in this transaction. CreditConnect GmbH (wholly owned
subsidiary of auxmoney GmbH) will act as the servicer of the
portfolio during the life of the transaction.

The portfolio consists of approximately EUR324.00 million of loans
as of May 31, 2026 pool cut-off date. The portfolio consists of
fixed rate amortizing loans (100%), which have equal instalments
during the life of the loan. The Reserve Fund will be funded to
1.5% of the initial balance of Class A to G Notes and the total
credit enhancement for the Class A Notes will be 24.5%.

According to us, the transaction benefits from various credit
strengths such as: (i) a granular portfolio, (ii) a simple product
mix with a portfolio of amortizing fixed rate loan products, and
(iii) excess spread at closing. Furthermore, the Notes benefit from
a cash and an amortising liquidity reserve sized at 1.5% of Class A
to G Notes balance. The reserve will mainly provide liquidity to
pay senior expenses, hedging costs and the coupon on the Class A to
F Notes.

However, Moody's notes that the transaction features some credit
weaknesses, such as: (i) an unrated originator, (ii) a revolving
period of 15 months, (iii) a pro-rata structure that allows for
periods of pro-rata payments under certain scenarios, and (iv) an
interest rate mismatch risk, which is mitigated via a
fixed-floating interest rate swap. Various mitigants have been
included in the transaction structure, such as a performance
trigger that will switch back the principal payment waterfall to
sequential if certain conditions are met.

Hedging: all the loans are fixed-rate loans, whereas Class A to G
Notes are floating-rate liabilities. As a result, the issuer is
subjected to a fixed-floating interest-rate mismatch. To mitigate
this mismatch, the issuer has entered into a swap agreement with
BNP Paribas. Under the swap agreement: (i) the issuer pays a fixed
rate of [ ]%, (ii) the swap counterparty pays 1M Euribor; and (iii)
the swap notional  follows a scheduled amortisation of the
portfolio.

Moody's analysis focused, among other factors, on (1) an evaluation
of the underlying portfolio of loans, (2) the macroeconomic
environment, (3) historical performance information, (4) the credit
enhancement provided by subordination, cash reserve and excess
spread, (5) the liquidity support available in the transaction
through the reserve fund, and (6) the legal and structural
integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
6.8%, expected recoveries of 25% and portfolio credit enhancement
("PCE") of 18% related to borrower receivables. The expected
defaults and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of a
severe recession scenario. Expected defaults and PCE are parameters
used by us to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in the ABSROM cash flow model to rate Consumer ABS.

Portfolio expected defaults of 6.8% are higher than the German
Consumer Loan ABS average and are based on Moody's assessments of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative considerations,
such as the revolving period.

Portfolio expected recoveries of 25% are higher than the German
Consumer Loan ABS average and are based on Moody's assessments of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 18% is in line with the German Consumer Loan ABS average and
is based on Moody's assessments of the pool which is mainly driven
by: (i) evaluation of the underlying portfolio, complemented by the
historical performance information as provided by the originator,
(ii) the relative ranking to originator peers in the German
Consumer loan market and (iii) the replenishment period of the
transaction. The PCE level of 18% results in an implied coefficient
of variation ("CoV") of 33.5%.

The principal methodology used in these ratings was "Consumer Loan
Securitizations" published in May 2026.

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

Factors that would lead to an upgrade of the ratings include a
better than expected performance of the pool together with an
increase in credit enhancement of the Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions or (b) increased
swap linkage due to a downgrade of swap counterparty ratings; and
(ii) economic conditions being worse than forecast resulting in
higher arrears and losses.




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I R E L A N D
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PROVIDUS CLO III: Moody's Affirms B3 Rating on EUR11.3MM F-R Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Providus CLO III Designated Activity Company:

EUR27,500,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Jul 23, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Jul 23, 2021 Definitive
Rating Assigned Aa2 (sf)

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

EUR232,500,000 (Current outstanding amount EUR221,275,974) Class
A-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on Jul 23, 2021 Definitive Rating Assigned Aaa (sf)

EUR26,300,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on Jul 23, 2021
Definitive Rating Assigned A2 (sf)

EUR23,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Jul 23, 2021
Definitive Rating Assigned Baa3 (sf)

EUR18,700,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Jul 23, 2021
Definitive Rating Assigned Ba3 (sf)

EUR11,300,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Jul 23, 2021
Definitive Rating Assigned B3 (sf)

Providus CLO III Designated Activity Company, issued in August 2019
and refinanced in July 2021, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Permira Credit Group
Holdings Limited. The transaction's reinvestment period ended in
January 2026.

RATINGS RATIONALE

The upgrades on the ratings on the Class B-1-R and Class B-2-R
notes are primarily a result of the benefit of the transaction
having reached the end of the reinvestment period in January 2026.

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

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

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

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

Performing par and principal proceeds balance: EUR358.5m

Defaulted Securities: EUR1.9m

Diversity Score: 57

Weighted Average Rating Factor (WARF): 3009

Weighted Average Life (WAL): 4.15 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.57%

Weighted Average Coupon (WAC): 3.91%

Weighted Average Recovery Rate (WARR): 43.44%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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




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K A Z A K H S T A N
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MERZ LEASING: Fitch Alters Outlook on 'B-' LongTerm IDR to Positive
-------------------------------------------------------------------
Fitch Ratings has revised Merz Leasing Ltd's (ML) Outlooks to
Positive from Stable, while affirming its Long-Term Issuer Default
Rating (IDR) at 'B-' and National Long-Term Rating at 'BB-(kaz)'.

The Positive Outlooks reflect growth and diversification, which
should reduce present business concentration over the medium term,
and a broadening funding base. These trends could lead to an
upgrade, if sustained without associated new business risks
damaging asset quality or profitability.

Key Rating Drivers

Niche but Diversifying Franchise: ML is a modestly sized, privately
owned leasing company operating mainly in Kazakhstan. It has
historically focused on agricultural equipment leasing but has
recently expanded into road construction and other machinery
leasing, which Fitch expects to grow to about 50% of volumes in
2027. The rating remains constrained by ML's concentrated business
model, small franchise and still limited funding diversification,
but Fitch views recent developments positively, alongside Merz's
only moderate leverage and adequate asset quality and
profitability.

Regulated Leasing Company: ML is registered and based in
Kazakhstan's Astana International Financial Centre (AIFC) and is
regulated by the Astana Financial Services Authority (AFSA). It is
subject to prudential requirements covering capital adequacy,
liquidity coverage, concentration and market risks.

Solid Asset Quality: ML has maintained healthy asset quality since
its establishment in 2020, supported by prudent underwriting, low
loan-to-value ratios and government support for Kazakhstan's
agricultural sector. In Fitch's view, delinquency risk remains
meaningful, given ML's concentrated agricultural portfolio and
infrequent repayment schedules typical for the sector. This risk is
mitigated by subsidised leases, which support payment discipline,
and by prudent downpayment requirements. Diversification into road
construction machinery should reduce concentration risk.

Profitable Business Model: Profitability, measured as pre-tax
income/average assets, declined to 6% in 2025 from 8% in 2024 and a
high of 15% in 2023. This was driven by higher operating costs
linked to the expansion of the machinery leasing business, and
higher funding costs from increased borrowing. Nevertheless,
profitability remains sufficient for the rating, supported by
limited credit losses, a still healthy net interest margin and
ancillary income from fees and dealer cash-back.

Limited Equity, Growing Leverage: ML's capital base remains modest,
at about USD23 million at end-2025. Gross debt/tangible equity
increased to 1.8x at end-2025 (end-2024: 1x), and Fitch expects it
to rise further as the company grows. However, leverage remains
moderate for the rating and has headroom within covenant limits.

Intermittent Dividends: ML paid its first dividend in 2024, equal
to 11% of 2023 earnings, but made no distribution in 2025. Fitch
expects ML to resume dividend distributions in 2026 at a payout
ratio broadly similar to the 2024 level. Fitch expects shareholder
support to be forthcoming to maintain leverage within prudent
levels.

Diversifying Funding Profile: ML is funded mainly by local banks,
supplemented by foreign banks and government institutions and Fitch
expects the lender base to broaden over the next 2 years. About 13%
of funding was in foreign currency at end-2025, exposing ML to FX
risk as it does not hedge its open position. Liquidity is adequate
for the rating, supported by broadly matched asset and liability
maturities and an unrestricted cash balance of KZT2.2 billion at
end-2025.

RATING SENSITIVITIES

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

- Material asset-quality deterioration, in particular if it erodes
ML's modest capitalisation and the buffer above statutory capital
adequacy requirement

- A sustained increase in ML's leverage ratio (gross debt/tangible
equity) to above 5.0x

- Indication of refinancing challenges, weakened liquidity or an
uncured breach of funding covenants

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

- Further growth in scale, leading to a strengthened franchise
without increasing business risk, and successful funding
diversification, while maintaining adequate financial performance
and only moderate leverage

- A longer record of profitable operations and reduced exposure to
market risk, particularly FX risk

ADJUSTMENTS

The 'b-' standalone credit profile is below the 'b' implied
standalone credit profile due to the following adjustment
reason(s): business profile (negative).

The 'b' asset quality score is below the 'bbb' implied score due to
the following adjustment reason(s): risk profile and business model
(negative).

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

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

The 'b-' funding, liquidity and coverage score is above the 'ccc'
implied score due to the following adjustment reason(s): historical
and future metrics (positive).

ESG Considerations

ML has an ESG Relevance Score of '4' for Exposure to Environmental
Impacts due to its large exposure to the agricultural sector, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ML has an ESG Relevance Score of '4' for Governance Structure due
to significant dependence in decision-making on its sole
shareholder, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Merz Leasing Ltd     LT IDR       B-  Affirmed   B-
                     ST IDR       B   Affirmed   B
                     LC LT IDR    B-  Affirmed   B-
                     Natl LT BB-(kaz) Affirmed   BB-(kaz)


SAFE-LOMBARD LLP: Fitch Hikes Long-Term IDR to 'B', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Kazakhstan-based Safe-Lombard LLP's (SL)
Long-Term Issuer Default Rating (IDR) to 'B' from 'B-' and National
Long-Term Rating to 'BB(kaz)' from 'BB-(kaz)'. The Outlooks are
Stable.

The upgrade reflects SL's growing franchise and Fitch's view that
governance risks have reduced in 2025 following a change in
ownership, which had previously capped the rating at 'B-'.

Key Rating Drivers

Low Leverage Mitigates Business Risks: SL's ratings reflect its
concentrated business model, with a focus on micro-loans secured by
gold (78% of total portfolio at end-1Q26) and used cars (22%), and
its still fairly basic underwriting standards and risk controls.
The ratings also factor in SL's low leverage and solid capital
buffers, the benefits of a granular, mostly short-term secured loan
portfolio backed by high-quality liquid collateral, and the
company's historically limited credit losses.

Growing Scale: SL operates as a pawn shop extending secured loans
to underbanked borrowers with limited credit histories. Portfolio
growth averaged about 45% annually in 2022-2025, driven by
expansion in its existing lending segments. SL is one of the
largest companies in the domestic pawnbroker market, but its
franchise is smaller, and its product offering is more concentrated
than those of larger micro-lenders.

Regulatory Risk: The company's largely monoline business model in a
single jurisdiction means it relies heavily on the stability of
high-cost lending regulation in Kazakhstan. The tightening of caps
on interest and commission income in 2025 has had a significant
effect on most micro-finance companies, and any further regulatory
restrictions in respect of loan affordability, for example, could
add pressure to the business.

Adequate Asset Quality: SL's impaired loans ratio increased to 6.7%
at end-1Q26 from 5% at end-2024, as its portfolio continued to
season following rapid growth. Loan loss provision coverage of
impaired loans decreased to 39% at end-1Q26 (48% at end-2024),
which was mitigated by the secured nature of almost all loans and a
record of sound recoveries.

Solid Profitability, Non-Core Profit: Recent profitability has been
solid, with pre-tax income/average assets averaging about 22.5% in
2022-2025. This ratio decreased to an annualised 19% in 1Q26,
driven by lower commission income and slower portfolio growth. In
Fitch's view, SL is subject to potential earnings and business
model volatility due to its sensitivity to Kazakhstan's operating
environment and to regulatory actions on lending to higher-risk,
more socially vulnerable, borrowers.

Modest Leverage: Capitalisation is supported by solid internal
equity generation and only modest dividend payouts, with the
company's tangible leverage ratio (gross debt/tangible equity) at
only 0.5x at end-1Q26. SL aims to maintain comfortable
capitalisation headroom above regulatory limits, but Fitch believes
the rating has headroom for some increase in leverage, provided SL
secures stable funding access to support business expansion.

Equity Dominates Asset Funding: SL's balance sheet is largely
equity-funded (62% of total assets), with non-equity finance
comprising local-currency bonds (87% of total debt at end-1Q26) and
a local bank loan (13%). SL's liquidity profile benefits from its
cash-generative business model with high portfolio turnover, which
should allow swift deleveraging.

RATING SENSITIVITIES

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

- Material asset-quality deterioration and weaker profitability
undermining capital buffers, or a regulatory or loss event
affecting the stability and viability of SL's business model

- Signs of funding or refinancing problems, leading to inability to
grow or loss of market share, a material governance event
threatening SL's access to funding markets or a sharp deterioration
of the company's capital position, with gross debt/tangible equity
exceeding 4x

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

Upside is limited in the medium term following the upgrade;
however, sustained expansion of SL's franchise and scale and
gradual diversification into products less sensitive to lending
caps, could support positive rating action in the long term. This
is provided exposure to regulatory risk is reduced or funding is
diversified further through the addition of new third-party
sources, while maintaining funding access to banks and
international financial institutions.

ADJUSTMENTS

The 'bb-' sector risk operating environment is below the 'bbb'
category implied score due to the following adjustment reason:
regulatory and legal framework (negative).

The 'b-' business profile score is below the 'bb' category implied
score due to the following adjustment reason: business model
(negative).

The 'b+' asset quality score is below the 'bb' category implied
score due to the following adjustment reason: risk profile and
business model (negative).

The 'b+' earnings and profitability score is below the 'bbb'
category implied score due to the following adjustment reason:
portfolio risk (negative).

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

ESG Considerations

SL has an ESG Relevance Score of '4' for Exposure to Social Impacts
due to risks arising from a business model focused on extending
credit at high rates, which could give rise to consumer and market
disapproval, and to regulatory changes and conduct-related risks
that could affect the company's franchise and performance metrics.
This has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.

SL has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to its exposure to
higher-risk, underbanked borrowers with limited credit history and
variable income. This highlights social risks arising from
increased regulatory scrutiny and policies to protect more
vulnerable borrowers (such as lending caps) regarding its lending
practices, pricing transparency and consumer data protection. This
has a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

SL has an ESG Relevance Score of '4' for Governance Structure due
to heightened sanction risk and key-person risk arising from
decision-making dependence on the sole shareholder. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Safe-Lombard LLP     LT IDR       B  Upgrade     B-
                     ST IDR       B  Affirmed    B
                     LC LT IDR    B  Upgrade     B-
                     LC ST IDR    B  Affirmed    B
                     Natl LT BB(kaz) Upgrade     BB-(kaz)




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

SANI/IKOS GROUP: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Sani/Ikos Group Newco S.C.A.'s Long-Term
Issuer Default Rating (IDR) at 'B-' with a Stable Outlook and its
senior secured debt at 'B-' with a Recovery Rating of 'RR4'.

The rating reflects Sani/Ikos's smaller scale and weaker financial
profile than peers', with free cash flow (FCF) consistently under
pressure from its development programme and an asset-heavy business
model. Leverage is persistently high due to the time gap between
debt-funded capex and operational cash inflows. The group also has
an aggressive financial policy, as evident in its distributions to
shareholders in 2022 and 2023.

The weak financial profile is balanced by the group's robust
performance and strong niche position in the luxury lodging
business, which typically enjoys lower demand sensitivity to
economic cycles compared with the overall sector.

The Stable Outlook reflects the solid performance of the group's
newly opened hotels that allow it to maintain strong profitability
despite aggressive growth.

Key Rating Drivers

Aggressive Growth, High leverage: Fitch projects high leverage over
the next four years, driven by the development of three hotel
projects. Fitch expects leverage peak at 8.6x in 2027, after an
estimated 8.3x for 2026. The three hotels under development are
scheduled to open throughout 2028-2029, gradually contributing to
organic deleveraging. The rating affirmation reflects its
expectations of sustained positive free cash flow (FCF) generation
from operating assets, which will account for 70% of Sani Ikos's
hotel expected room count once all committed new developments are
completed. The Stable Outlook reflects deleveraging capacity in the
absence of material development projects.

Growth Pipeline Erodes FCF Generation: Growth capex needs are large
at EUR900 million over 2026-2029 for the hotel projects. The timing
of the hotel openings will lead to a sharp increase in negative FCF
at 22%-37% of sales in the next two years, before slowing to the
high negative single digits by 2028.

Sani Ikos generates sustained positive FCF from its operating
assets and Fitch anticipates it will achieve near break-even FCF in
2026-2027, excluding development projects but including EUR70
million refurbishment projects. However, the material expansion
cost represents higher business and execution risk, which,
alongside high leverage and low liquidity headroom, could put the
rating under pressure.

Contribution from Ikos Kissamos: In April 2026, Sani/Ikos
successfully opened its new hotel, Ikos Kissamos, located on the
island of Crete in Greece, bringing its operating portfolio to 13
hotels. Kissamos adds 414 rooms, increasing the group room count by
12%. By 1 June 2026, Kissamos had achieved 87% occupancy at an
average daily rate (ADR) that was broadly in line (1.5% below) with
the rest of the Ikos portfolio. The hotel has potential for further
value-enhancing expansion and Sani/Ikos plans to add more than 100
rooms by 2028.

Profitable Hotels Funding Developments: Fitch estimates the group's
operational hotels generated around EUR80 million cash flow, after
maintenance and refurbishment capex, in 2025, which Sani/Ikos has
reinvested into developing new hotels and extensions. Sani/Ikos
first amortises debt secured on its operational hotels before
raising cash for its new developments by borrowing against
properties that are lightly leveraged. It then raises additional
development funding before starting the project. The group has a
good record of delivering new projects in the premium segment as
illustrated by its 2026 Kissamos and 2023 Odisia (Corfu) and Porto
Petro (Mallorca) openings.

Niche Positioning, Small Scale: Sani Ikos's rating is constrained
to 'B' rating category, given its small asset portfolio of 13
upscale resorts, of which eight are luxury all-inclusive hotels.
Its business scale remains modest versus Accor SA or Hyatt Hotels
Corporation and EBITDA is more comparable with smaller operators,
like FIVE Holdings (BVI) Limited. However, high hotel density per
resort (300 rooms or more with low break-even occupancy) and
above-average revenue per available room (RevPAR) make Sani Ikos
operationally more efficient than peers. Niche positioning within
its luxury subsector and limited price sensitivity support organic
ADR growth.

Resilient Performance of Luxury Segment: Luxury lodging tends to
have higher resilience to economic slowdown due to high-net-worth
individuals representing a larger part of its customer base than
the overall sector. Sani Ikos's performance in 2026 seasons remains
solid and Fitch forecasts mid-single digit increases in RevPAR
across its brands. The new hotel openings will also support revenue
growth over 2026-2029, leading to CAGR 17% in revenue under Fitch
rating case.

Seasonal Operations, High Profitability: Sani Ikos's resorts
operate six-to-seven months a year, with occupancy close to 95% in
the holiday season (annualised occupancy of 50%-60%). Such high
density allows for material cost optimisation, but this business
model is difficult to scale and results in highly variable costs
outside peak season. This results in profitability that is higher
than close peers, like Mandarin Oriental, and comparable with its
strongest peers, such as Whitbread PLC (BBB-/Stable). Fitch expects
Sani Ikos's EBITDA margins to improve slightly only to 32%-33% in
2029 as the ramp-up of new sites is partly mitigated by the impact
of its hotel opening on profitability.

Fully Owned but Encumbered Assets: Sani Ikos directly manages and
mostly fully owns its hotel portfolio, which allows control over
asset development and day-to-day operations. This approach helps
ensure consistently high levels of service and efficiency. Fitch
estimates that the fairly new real estate portfolio should allow
the group to keep maintenance capex at 5%-8% of revenue on average,
including refurbishment projects, which is low for the luxury
segment. All of Sani Ikos's owned operating real estate is
mortgaged at the operating company (opco) level.

Peer Analysis

Sani/Ikos is far smaller in number of rooms and business size than
higher-rated, globally diversified peers, such as Accor SA
(BBB/Stable), Hyatt Hotels Corporation (BBB-/Stable), and Wyndham
Hotels & Resorts Inc. (BB+/Stable). It also has a weaker financial
structure, with higher leverage and more limited financial
flexibility. This results in significant rating differential with
these peers.

It is also notably smaller than Whitbread (BBB-/Stable) in room
number and revenue, and although both have limited country
diversification, Whitbread is well diversified within the countries
it operates. Fitch expects Whitbread to have high capex and,
similarly to Sani/Ikos, negative FCF, albeit in smaller quantum at
10%-16% of their sales for the next two years. This compares with
Sani/Ikos's forecast negative FCF at 22%-37% of sales.

Whitbread's investment is funded with cash and sales and lease
back, while Sani/Ikos is financed with cash and substantial debt,
resulting in a high leverage profile. Fitch anticipates Whitbread
to return to positive FCF generation from FY29 (year-end February),
while Fitch anticipates Sani/Ikos will continue with its expansion
strategy, which is likely to keep FCF negative for the next five
years.

Sani Ikos's decision to continue expanding its asset portfolio
results in significant capex and provides limited financial
flexibility as its assets are encumbered.

Fitch’s Key Rating-Case Assumptions

- ADR to rise 5% in 2026, followed by a 4% increase a year in
2027-2030. Average occupancies to remain stable across 2025-2029,
with only a slight decline for Ikos hotels in 2028-2029 to 91% from
92%, following new hotel openings

- EBITDA margin to improve slightly to 32.6% on average in
2026-2029, with capex for three hotels openings in 2028-2029
mitigating part of the improvement from the ramp-up of recently
opened hotels and renovation and extensions

- Total capex, including secured new development and acquisition
cost, extension and renovation projects, at about EUR900 million
over 2026-2029

- Additional net debt proceeds of EUR440 million to fund expansion
plans in 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 ('b+', Moderate), sector characteristics
('bb-', Moderate), market and competitive positioning ('b+',
Moderate), diversification and asset quality ('b+', Moderate),
company operational characteristics ('bb', Lower), profitability
('bb-', Higher), financial structure ('ccc-', Moderate), and
financial flexibility ('b-', Higher).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2025, 20% for the forecast year 2026, 20% for the forecast year
2027, 20% for the forecast year 2028 and 20% for the forecast year
2029.

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

The Governance assessment of 'Some Deficiencies' has no impact.

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

The SCP is 'b-'.

Recovery Analysis

- A bespoke recovery analysis for Sani/Ikos creditors reflects a
'traded asset valuation', which is similar to a liquidation
process, backed by a substantial asset base, although senior
secured noteholders have no direct recourse to ring-fenced assets.
Senior noteholders could seize ownership of its main operating
entities by exercising share pledges, and attempt to sell the
special purpose vehicles that hold the assets (net of asset-backed
debt that would need to be redeemed on change of control)

- A 10% administrative claim

- Fitch assumes assets could be sold either individually or in
aggregate even though opco creditors in a liquidation could seize
their respective assets and obtain full recovery before the rest of
the proceeds is distributed among noteholders

- Real estate value, externally estimated at EUR3.5 billion at
end-2025 (excluding sites under development, except for Ikos
Kissamos that opened in April 2026), has an advance rate of 55%

- Asset-backed opco debt of EUR1,518 million (including all
committed financings including undrawn capex facility lines but
excluding drawn amount from the acquisition line that will be
repaid with new financing in 2026) ranks first, followed by a EUR50
million revolving credit facility (RCF), which Fitch assumes to be
fully drawn in the event of distress, then EUR19 million vendor
financing and a EUR6 million shareholder loan from the Ikos Pinomar
minority shareholder issued at opco level, which Fitch anticipates
to rank ahead of holding company (holdco)-level senior secured
notes. All of Sani/Ikos's operating real estate that it owns is
currently mortgaged at the opco level

- The waterfall-generated recovery computation for the holders of
the new senior secured notes results in average recovery prospects
on default, leading to an unchanged debt instrument rating of
'B-'/'RR4'

RATING SENSITIVITIES

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

- Material underperformance with occupancy and ADR deterioration in
the portfolio or from newly opened hotels, resulting in EBITDA
margin falling below 30%

- No visibility of EBITDAR gross leverage trending below 7.5x
within the next four years

- Sustained deterioration in FCF margin before growth capex

- EBITDAR fixed-charge cover below 1.5x.

- Liquidity deterioration with minimal available liquidity to cover
business requirements, interest and committed capex over the next
24 months

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

- Visibility on EBITDAR gross leverage trending below 6x.

- Sustained positive FCF margin before growth capex and more
limited negative FCF generation after growth capex, with the margin
trending towards low negative single digits under current capex
assumptions

- EBITDAR fixed-charge cover above 2.0x on a sustained basis.

Liquidity and Debt Structure

Sani/Ikos had about EUR50 million in readily available cash at
end-1Q26 (excluding EUR10 million of restricted cash) in addition
to EUR112 million in undrawn capex facility and RCFs. Sani/Ikos's
EUR200 million acquisition facility was temporarily partly drawn
for the Ikos Kassandra acquisition.

In May 2026, the group doubled its RCF to EUR50 million and signed
a new EUR240 million bond loan facility for its Ikos Kassandra
development. The group is in advanced negotiations to procure
additional financing to fund its developments.

Fitch expects operational cash flow, capex lines and new secured
debt to cover the planned capex and debt maturities over the next
12 months only, underscoring its limited liquidity position. The
group has a record of raising new asset-backed debt, which partly
alleviates liquidity risk should building cost inflation increase
its capex.

Sani/Ikos has long-dated maturities, apart from its bridge loan
where any drawdown needs to be repaid within 18 months. Its EUR350
million senior secured notes mature in 2030, while most opco debt
matures in 2031. The EUR50 million RCF matures in 2029. In
addition, EUR93 million remains available under their acquisition
line, which matures in 2031.

Issuer Profile

Sani Ikos is an integrated owner and hotel operator in the luxury
subsector focused on key leisure destinations. It owns a portfolio
of 13 resorts (11 in Greece and two in Spain) and three secured
developments in the pipeline in Greece, Portugal and Spain.

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 Sani/Ikos.

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
   -----------                ------           --------   -----
Sani/Ikos Group
Newco S.C.A.            LT IDR B-  Affirmed               B-

Sani/Ikos Financial
Holdings 1 S.a r.l.

   senior secured       LT     B-  Affirmed     RR4       B-




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N E T H E R L A N D S
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BE SEMICONDUCTOR: Fitch Alters Outlook on 'BB+' IDR to Positive
---------------------------------------------------------------
Fitch Ratings has revised BE Semiconductor Industries N.V.'s (BESI)
Outlook to Positive from Stable, while affirming its Long-Term
Issuer Default Rating (IDR) at 'BB+'. It has also affirmed the
company's senior unsecured rating at 'BB+' with a Recovery Rating
of 'RR4'.

The Positive Outlook reflects Fitch's expectation of a
semiconductor market recovery in 2026-2027, underpinned by strong
demand for artificial intelligence (AI)-related advanced packaging
and recovery in mobile and automotive applications. Combined with
reduced debt, Fitch may upgrade the rating if performance is not
weaker than its rating case.

The affirmation reflects BESI's strong market share in
semiconductor assembly equipment manufacturing, long-standing
customer relationships, high profitability and low leverage. These
strengths are balanced by its high exposure to the inherently
cyclical industry, small scale of operations with limited
diversification and a reliance on key markets and major customers.

Key Rating Drivers

Solid 1Q26 Results: BESI reported solid 1Q26 results. Revenue rose
28.3% to EUR184.9 million, from EUR144.1 million in 1Q25, driven by
higher shipments for high-end mobile and 2.5D AI computing,
photonics and datacenter applications. Orders increased to EUR269.7
million from EUR131.9 million, notably in hybrid bonding, mobile
and photonics. Fitch expects the current cycle upturn to continue
in the near term, supported by strong demand for hybrid bonding
systems and a rising order backlog.

EBITDA Margins Resilient: BESI has maintained strong profitability
despite recent industry declines, with average EBITDA margins at
about 40% due to effective cost management. Fitch expects EBITDA
margins to improve to about 44% at end-2026 from a Fitch-calculated
34% at end-2025, and to average 45% through 2030, supported by
revenue growth from the next technology cycle and an improved
product mix. Fitch expects revenue to grow at an annual average
rate of 20% for 2026-2030, reflecting a recovering assembly market
and BESI's sustained market share.

AI Demand Supports Growth: AI demand should continue to support
BESI's revenue growth in 2026 and 2027 and partly offset weaker
conditions in some mainstream mobile, automotive and industrial
end-markets. BESI is firmly positioned to benefit from this trend,
supported by strong orders for advanced packaging equipment,
including hybrid bonding systems.

Strong Position in Niche Market: BESI's advanced packaging
platforms, including hybrid bonding, are firmly placed to meet
rising demand for sophisticated assembly solutions in the next
technology cycle. Fitch expects the group to maintain a stable
share in the niche semiconductor assembly equipment market,
supported by strong brand recognition and longstanding
relationships with major customers, which create barriers to entry
for competitors. BESI's focus on high-value applications - even
though this is a small subsector of the semiconductor industry -
stands to benefit from industry trends moving toward advanced
packaging.

Unique Business Model: BESI's business model strength is its
asset-light structure, which leads to lower capex and investment
relative to peers, by using a global supply chain. This increases
financial flexibility and resilience in downturn by allowing for
faster reduction in costs and is reflected in the group's higher
earnings margins.

Conservative Capital Allocation: BESI's cash deployment has been
relatively conservative considering its target to maintain net
leverage below 1-1.5x in the medium term. Fitch expects the group
to continue balancing the needs of its business and shareholders,
while maintaining a conservative capital structure after redeeming
in June 2026 its EUR175 million 1.875% senior unsecured convertible
bonds due 2029, using available cash resources. BESI also targets a
net cash position of over 10% of revenue which Fitch views as
achievable over 2026-2029 and supportive of rating upside.

Limited Diversification: BESI's ratings are constrained by its high
exposure to the inherently cyclical industry, a fairly
undiversified product portfolio and significant dependence on key
markets and major customers. At end-2025, 76% of revenue was
derived from Asia, while the top 10 customers contributed over 40%
of total revenue for the past four years. This is not uncommon in
the sector but is a rating constraint compared with broader global
diversified industrial groups. Both geographic and customer
concentration remain a major risk to the rating but are mitigated
by longstanding customer relationships.

Peer Analysis

BESI's business risk profile is comparable with that of many
industrial peers rated in the 'BB' category. The group is
positioned less favourably than semiconductor manufacturing peers
due to its niche focus on the wider semiconductor assembly market.
BESI's conservative balance sheet, historically low leverage ratios
and strong profitability place it ahead of peers in its rating
category.

ASML Holding N.V. (A+/Stable) and NXP Semiconductors N.V.
(BBB+/Stable) are also involved in the semiconductor market, with
ASML focusing on the front end of equipment manufacturing, while
NXP is a leading integrated device manufacturer. Both have leading
shares in their respective markets, supported by high barriers to
entry from cumulative investments and better end-market
diversification. BESI specialises in the back end of the
semiconductor business and its business profile is limited by size
compared with ASML and NXP. However, its profitability has been
relatively stronger.

The diversified industrials peer group includes ams-OSRAM AG
(B/Positive), which despite high technology content in its
end-products, has a much weaker financial profile. Other
higher-rated peers in the diversified industrials sector, such as
KION GROUP AG (BBB/Stable) is larger and more diversified, with
less exposure to cyclical markets. However, these companies also
have much lower EBITDA margins at typically between 10% and 13%.

Fitch’s Key Rating-Case Assumptions

- Revenue to increase an annual average 20% in 2026-2030, driven by
an expanding market

- Average annual EBITDA margin at 45% to 2030, driven by a
favourable product mix and revenue growth

- Capex, including capitalised research and development
expenditure, at 4.6% of revenue on average

- A continued balance between treasury buybacks and dividends
distribution, in line with historical trends

- Completion of EUR60 million share repurchase plan in 2026

- No large M&A

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

The quantitative financial subfactors are based on custom CRT
financial period parameters: 30% weight for the historical year
2025, 40% for the forecast year 2026 and 30% for the forecast year
2027.

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:

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

RATING SENSITIVITIES

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

- Loss of major customer contracts leading to EBITDA margin
trending towards 30% on a sustained basis

- Reduced customer and market diversification

- Sharp increase in debt or a decline in EBITDA, driving EBITDA
leverage to around 2.0x on a sustained basis

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

- Increased share of aftermarket services in overall sales on a
sustained basis and broader product and customer diversification

- Cash flow from operations less capex/debt above 80% on a
sustained basis

- Net cash position on a sustained basis

Liquidity and Debt Structure

BESI maintains a strong liquidity profile, supported by a
substantial Fitch-adjusted cash balance of EUR531 million and an
undrawn committed revolving credit facility (RCF). In January 2026
BESI's RCF facility was replaced by a EUR40 million committed RCF
with an option to increase to EUR80 million. This new facility
matures in 2031 with the option to extend by two years.

At end-2025, BESI's total debt was EUR525 million, primarily
comprising EUR175 million of outstanding senior unsecured
convertible notes (which were redeemed early in June 2026) and
EUR350 million senior notes due 2031.

Issuer Profile

BESI is engaged in the development, manufacturing, marketing, sales
and service of semiconductor assembly equipment for the global
semiconductor and electronics industries.

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 BESI.

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
   -----------               ------           --------   -----
BE Semiconductor
Industries N.V.        LT IDR BB+  Affirmed              BB+

   senior unsecured    LT     BB+  Affirmed    RR4       BB+




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P O L A N D
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DL INVEST: Fitch Affirms 'BB-' LongTerm IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed DL Invest Group PM S.A.'s (DLIG) Long
Term Issuer Default Rating (IDR) at 'BB-' with a Positive Outlook.
Fitch has also affirmed its senior unsecured rating at 'BB-' with a
Recovery Rating of 'RR4'.

The ratings reflect DLIG's EUR0.9 billion (end-2025: PLN3.8
billion) group portfolio of predominantly modern logistic
properties, supplemented by offices and retail parks, all in
Poland. The 97%-occupied portfolio benefits from annual
inflation-linked rental uplifts, which provide stable cash flow,
although it has asset and tenant concentrations.

The Positive Outlook reflects Fitch-calculated net debt/EBITDA at
13.1x for the group in 2026 (2025 annualised-equivalent: 15.0x,
including financing from Emira Property Fund), which should
gradually improve to about 10x by 2029 as completed property
developments start contributing rental income. Fitch expects
rental-derived EBITDA net interest cover of 1.4x-1.7x during
2026-2029.

Key Rating Drivers

Acquisitions Supplement Development-Led Growth: In 2025, DLIG
completed logistics development projects, all in Poland, valued at
about PLN100 million, complemented by the acquisition of three
standing assets totalling about PLN540 million. These investments
represent over 160,000 sqm of additional rental space, which is
nearly fully occupied, with a weighted average lease to
earliest-break (WALB) of four-nine years, contributing about PLN35
million in rental income.

Currently, the group is also developing other projects totalling
around 110,000 sqm, mainly comprising 100% pre-let logistics units
with a WALB of seven-10 years. Fitch expects these logistics
projects, with a total expected cost of over PLN450 million, to
have a yield-on-cost of 8.6%-8.7%, adding about PLN41 million in
rent during 2026-2027.

Data Center Market Exploration: DLIG's EUR0.9 billion portfolio
includes the Bielsko-Biała III project (267,000 sq m), an
income-producing and a partially vacated asset ahead of it being
redeveloped into a data centre AI campus. The group is
investigating further market opportunities to provide
infrastructures for digital processing and cloud computing
activities. In 2025, it entered a joint venture (JV) with
Boosteroid, which will operate the data centre and provide
computing power to Argentum AI. DLIG's assets in the Silesia region
benefit from good access to post-industrial power infrastructure,
supported by its own switchgear units.

The JV with Boosteroid, a cloud gaming and data centre operator,
will rent space in Bielsko-Biała III from DLIG and redevelop the
project with cash committed by Argentum AI, a provider of computer
systems and AI solutions. When the project starts its operations,
Argentum AI will renumerate the JV for provided computing power. In
addition to the rental income, DLIG may receive dividends from the
JV; if these become recurring, Fitch may add them to the group's
Fitch-calculated EBITDA in the future years.

Stable Operational Performance: Occupancy in the group's portfolio
was 97% at end-2025 (2021-2024: above 95%). The WALB of 5.2 years
reflects a mix of longer logistics leases (six years) and shorter
office and retail leases (below four years). Like-for-like rental
growth in 2025 was driven mostly by the 2.9% inflation-linked
indexation of leases.

Asset and Tenant Concentration: The group's end-2025 portfolio was
concentrated. Its top 10 assets (70% of the portfolio) include
Psary (EUR210 million market value), Bielsko-Biała III (EUR86
million) and, acquired in December 2025, Platan (EUR81 million)
logistic parks. Tenant concentration is high, with the top 10
tenants representing 53% of rental income, including Inditex (18%,
retailer), Stokrotka (7%, grocer), InPost S.A. (5%; parcel delivery
company), Hutchinson (4%, car parts supplier) and DHL at 3%.

Capital Support from Emira: During 4Q24-1Q25, Emira Property Fund,
a South African REIT, invested EUR100 million in DLIG's Luxembourg
parent entity (LuxCo). This investment is structured as preferred
shares and loan notes that are linked together. The linked
instrument is undated but, after five years (plus one year under
LuxCo's extension option), Emira may exercise a redemption option
at EUR178 million (end-2025) indexed at euro area HICP. LuxCo has
an option to repay the Emira investment in cash at any time at the
same price. The instrument requires an annual cash return, with a
7.2% minimum interest coupon, routed from DLIG.

Analytical Approach to Emira Investment: Fitch treats Emira's
investment, injected into DLIG as equity to fund portfolio growth,
as subordinated debt because DLIG-generated cash flow is required
to service payments on the linked instrument. Fitch has added the
repurchase price of EUR178 million as subordinated debt to DLIG's
end-2025 senior debt, and Fitch includes the cash-pay requirement
in DLIG's cash interest expense. Fitch also views this capital as
debt because Emira has contractual repayment mechanisms, including
the ability to instruct asset disposals from LuxCo's property
companies, which could trigger change of control-linked debt
repayment requirements at the DLIG level.

Expansion-Driven Leverage: Fitch forecasts DLIG's 2026 net
debt/EBITDA at 13.1x, incorporating its development and acquisition
targets. Fitch expects this to reduce to about 10x in 2029,
reflecting rental income coming on stream from pre-let
developments. Fitch expects this ratio to be below its 11.5x
upgrade rating sensitivity by 2027. Fitch expects EBITDA interest
cover of 1.4x-1.7x during 2026-2029 (2025: 1.2x). The subordinated
debt instrument of Emira adds 3.6x to Fitch's calculation of DLIG's
2025 net debt/EBITDA.

ASLI Investment Wind-Down: In 2025, DLIG extended its exposure
outside Poland by acquiring 18% of Abrdn European Logistics Income
plc (ASLI), a London Stock Exchange-listed real estate company
owning logistic assets across Europe. ASLI is currently following a
disposal strategy, which DLIG proposed to discontinue, while also
offering to become the portfolio's new manager. However, in
February 2026, shareholders supported the managed wind-down. Fitch
expects DLIG to recover the full amount of its PLN130 million
investment in ASLI.

Governance Structure Limitations: DLIG is controlled by Dominik
Leszczynski, the group's co-founder and chief executive officer.
Its concentrated private ownership means that corporate governance
is not comparable to those of listed companies.

Peer Analysis

DLIG's closest peer is MLP Group S.A. (BB+/Stable), which has a
EUR1.3 billion Poland-focused, mostly modern, logistics and
industrial portfolio. Both have portfolios with asset and tenant
concentrations, due to their limited size. This distinguishes them
from higher-rated continental European logistic peers, which have
larger, less-concentrated, portfolios.

DLIG and MLP have comparable operating metrics with high occupancy
(DLIG's logistics: 97%; MLP: 95%) and WALB (DLIG's logistics
assets: six years, MLP: seven years). DLIG's financial profile is
weaker than MLP's - its 2026 net debt/EBITDA is 13.1x versus MLP's
about 10x, although Fitch forecasts it will improve to about 10x in
2029.

Fitch-rated western European logistic peers are not directly
comparable, as their assets are in countries with lower
interest-rate environments than Poland.

Fitch’s Key Rating-Case Assumptions

- Rents modelled on an annualised cash flow basis

- Annual rent increases of 25%-55% during 2026-2027, driven by
rental income from completed new developments and acquisitions
coming on-stream. Like-for-like rental growth, including CPI
indexation and rent increases on renewals, is limited to 2%-3% a
year

- Almost PLN1 billion of construction capex and over PLN700 million
of income-producing assets acquisitions by end-2029

- No ordinary dividends paid over the next four years

- Emira's investment is treated as DLIG's subordinated debt, adding
EUR178 million and about EUR7.5 million in interest expense a year

- Average cost of debt of about 5.7% during 2026-2029

- Constant EUR/PLN exchange rate of 4.3

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 ('bbb-', Moderate), access to capital
('bb-', Moderate), liability profile ('bb+', Moderate), property
portfolio ('bb+', Higher), rental income risk profile ('bbb-',
Moderate), profitability ('bbb-', Lower), financial structure ('b',
Higher), and financial flexibility ('bb+', Moderate).

Assessments of the quantitative financial subfactors include
bespoke calculations.

The governance assessment of 'good' has no impact.

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

The SCP is 'bb-'.

RATING SENSITIVITIES

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

- Net debt/EBITDA consistently above 12.5x

- EBITDA interest cover consistently below 1.1x

- Loan-to-value above 65%

- The 12-month liquidity score below 1.0x

- For the senior unsecured rating: unencumbered investment property
assets-to-unsecured debt ratio below 1x

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

- Expansion of the portfolio, reducing asset and tenant
concentration, while maintaining portfolio quality and an occupancy
rate above 95%

- Net debt/EBITDA less than 11.5x on a sustained basis

- EBITDA interest cover above 1.25x on a sustained basis

- Unencumbered investment property assets/unsecured debt ratio
trending towards 1.5x

Liquidity and Debt Structure

At end-2025, DLIG had PLN386 million (EUR91.3 million) of readily
available cash. This cash covers the next 12 months' debt
repayments and amortisations of PLN366 million (EUR86.7 million).
The Fitch-forecast negative free cash flow of about PLN770 million
(EUR179 million; including committed and uncommitted capex) will be
funded by new debt issuance (including a two-year revolving credit
facility of EUR10 million procured in May 2026), debt extensions
that DLIG is currently negotiating or additional equity. DLIG's
policy is to commit to capex only when a project's pre-let is in
place and debt funding (at up to 65% loan-to-cost) is arranged.

Of the group's debt, 83% is either hedged or fixed, with an average
hedge maturity of about 2.9 years. Fitch estimates the average
weighted cost of debt at about 5.7% during 2026-2029 (including
financing from Emira) and EBITDA net interest coverage at
1.4x-1.7x. Following the repayment of the European Bank for
Reconstruction and Development loan in 1Q26, about 41% of the
group's assets are unencumbered, resulting in an unencumbered
assets/unsecured debt ratio of 1.0x relative to the rated EUR350
million bond.

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 DLIG.

ESG Considerations

DLIG has an ESG Relevance Score of '4' for Governance Structure,
reflecting the lack of corporate governance attributes that would
mitigate key person risk from the majority beneficial owner and
chief executive officer of the group Dominik Leszczynski. This has
a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt                   Rating           Recovery   Prior
   -----------                   ------           --------   -----
DL Invest Group PM S.A.  

                           LT IDR  BB-   Affirmed             BB-
   senior unsecured        LT      BB-   Affirmed    RR4      BB-




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

HOME EXTON: BTG Begbies Appointed as Administrators
---------------------------------------------------
Home Exton 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-2026-004864.
Gary Paul Shankland and Paul Appleton of BTG Begbies Traynor
(London) LLP were appointed as Joint Administrators on June 22,
2026.

The company engaged in the development of building projects.  The
company's registered office and principal trading address is 99
Preston Drove, Brighton, BN1 6LD.

The Joint Administrators can be contacted at:

    Gary Paul Shankland
    Paul Appleton
    BTG Begbies Traynor (London) LLP
    Level 33, One Canada Square
    London E14 5AB

Further details:

     Paul Boutonnet
     Email: paul.boutonnet@btguk.com
     Tel: 020 8159 9261


HOXTON CONSUMER 2026-1: Moody's Assigns (P)Ba3 Rating to E Notes
----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to Notes to be
issued by Hoxton Consumer Loan Funding 2026-1 DAC:

GBP [ ]M Class A Asset-Backed Floating Rate Notes due June 2037,
Assigned (P)Aaa (sf)

GBP [ ]M Class B Asset-Backed Floating Rate Notes due June 2037,
Assigned (P)Aa2 (sf)

GBP [ ]M Class C Asset-Backed Floating RateNotes due June 2037,
Assigned (P)A2 (sf)

GBP [ ]M Class D Asset-Backed Floating Rate Notes due June 2037,
Assigned (P)Baa2 (sf)

GBP [ ]M Class E Asset-Backed Floating Rate Notes due June 2037,
Assigned (P)Ba3 (sf)

Moody's have not assigned a rating to the subordinated GBP [ ]M
Class F Asset-Backed Variable Rate Notes due June 2037 and GBP [ ]M
Class X Notes due June 2037.

RATINGS RATIONALE

The Notes are backed by a static pool of UK unsecured consumer
loans originated by Lendable Ltd (NR), the transaction's original
lender. Lendable Ltd also acts as the servicer in this transaction.
This represents the first public securitisation issuance of loans
originated by Lendable Ltd.

The portfolio consists of approximately GBP500 million of unsecured
consumer loans as of June 01, 2026 pool cut-off date extended to
private individuals in the UK. The weighted average remaining
maturity of the provisional portfolio is 3.6 years and the weighted
average seasoning is 0.65 years. All the loans are fixed-rate
loans.

The reserve fund is 1.25% of outstanding balance of Class A to E
notes floored at 0.25% of outstanding balance of Class A to E notes
at closing. 80.0% of reserve fund required amount is allocated to
senior reserve fund which will be available to pay interest on
Class A and B and senior expenses, and 20.0% to junior reserve fund
available to pay interest on the Class A to E notes and senior
expenses.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to us, the transaction benefits from various credit
strengths such as a granular portfolio, the static structure, the
simple product mix and the credit enhancement provided via
subordination of the Notes. However, Moody's notes that the
transaction features some credit weaknesses, such as an unrated
servicer and some complexity given multiple principal paydown
structures under certain scenarios. Various mitigants have been
included in the transaction structure, such as a back-up servicer,
Lenvi Servicing Limited, and explicit asset performance trigger
events respectively.

Principal amortisation is initially sequential and switches to pro
rata only once the Class A support ratio reaches its 27% target;
thereafter, the structure reverts to sequential amortisation upon
the breach of specific triggers, including PDL accumulation and
cumulative default levels.

All the loans are fixed-rate loans, whereas the Class A-E Notes are
floating-rate liabilities. As a result, the issuer is subjected to
a fixed-floating interest-rate mismatch. To mitigate the
fixed-floating rate mismatch, the issuer has entered into a swap
agreement with Barclays Bank PLC (A1(cr)/P-1(cr)). Under the swap
agreement, the issuer will pay a fixed swap rate of [ ]% and will
receive SONIA on a notional linked to a fixed swap schedule.

Moody's determined the portfolio lifetime expected defaults of
7.90%, expected recoveries of 20% and portfolio credit enhancement
("PCE") of 22% related to borrower receivables. The expected
defaults and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of a
severe recession scenario. Expected defaults and PCE are parameters
used by us to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in the ABSROM cash flow model to rate Consumer ABS.

Portfolio expected defaults of 7.90% are in line with the UK
Consumer Loan ABS average and are based on Moody's assessments of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

Portfolio expected recoveries of 20% are higher than the UK
Consumer Loan ABS average and are based on Moody's assessments of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 22% is in in line with the UK Consumer Loan ABS average and
is based on Moody's assessments of the pool which is mainly driven
by: (i) evaluation of the underlying portfolio, complemented by the
historical performance information as provided by the originator,
and (ii) the relative ranking to originator peers in the EMEA
Consumer loan. The PCE level of 22% results in an implied
coefficient of variation ("CoV") of 31.61%.

The principal methodology used in these ratings was "Consumer Loan
Securitizations" published in May 2026.

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

that would lead to an upgrade of the ratings include significantly
better than expected performance of the pool together with an
increase in credit enhancement of Notes.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
the transaction counterparties; or (3) an increase in sovereign
risk.


J LLOYD CONSTRUCTION: Marshall Peters Appointed as Administrators
-----------------------------------------------------------------
J Lloyd Construction Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Manchester,
Insolvency and Companies List (ChD), Court Number CR2026MAN000917.
Lee Morris and John Thompson of Marshall Peters were appointed as
Joint Administrators on June 16, 2026.

The company engaged in other specialised construction activities.
The company's registered office is Medina House, 2 Station Avenue,
Bridlington, East Yorkshire, YO16 4LZ.  The company's principal
trading address is Unit 2, Spencer Industrial Estate, Copenhagen
Road, Hull, HU7 0XQ.

The Joint Administrators can be contacted at:

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

Further details:

      Zoe Cunningham
      Email: ZoeCunningham@Marshallpeters.co.uk
      Marshall Peters
      Tel: 01257 452021



MONEVIUM LTD: Funds Claim Submission Deadline Set for Aug. 13
-------------------------------------------------------------
Pursuant to Regulation 20 of The Payment and Electronic Money
Institution Insolvency Regulations 2021 and Rule 110 of The Payment
and Electronic Money Institution Insolvency (England and Wales)
Rules 2021, Adam Stephens and Christopher Allen, the Joint Special
Administrators ("JSAs") of Monevium Ltd (in Special
Administration), disclosed that:

1. The JSAs consider it necessary to set a soft bar date of
   August 13, 2026 for the submission of relevant funds claims.

2. A relevant funds claim:

   (a) is a claim that Customers may have in respect of funds that
       were received by Monevium for the execution of a payment
       transaction and which Monevium was required to safeguard
       prior to the commencement of the special administration
       on June 8, 2026; and

   (b) does not relate to any other type of claim that you may
       have against Monevium.

Once the Bar Date has passed, and following court approval of a
distribution plan, the JSAs shall, subject to time periods set out
in legislation, make a distribution from the relevant funds asset
pool to the Company's customers who have a relevant funds claim
that has been admitted by the JSAs.

If you believe that you have a relevant funds claim, please submit
details of your claim by using the Customer Claim Form available at
www.swgroup.com/services/restructuring-servicesimonevium/. This
should be returned:

   * by email: monevium@swgroup.com,

   * Monevium (in administration), c/o S&W Restructuring,
     45 Gresham Street, London EC2V 7BG

The Joint Special Administrators can be reached at:

      Adam Stephens
      Christopher Allen
      c/o Restructuring
      S&W Partners LLP
      45 Gresham Street
      London, EC2V 7BG

The Joint Special Administrators were appointed on June 18, 2026.

The Company's principal trading address is at:

      3rd Floor Waverley House,
      7-12 Noel Street
      London W1F 8GQ

Contact details:

      Tel No: 020 4617 5500
      Email: monevium@swgroup.com


OMER & COMPANY: FRP Advisory Appointed as Administrators
--------------------------------------------------------
Omer & Company Accountants Ltd was placed into administration in
the High Court of Justice, Business and Property Courts, Court
Number CR-2026-004800.  Nedim Ailyan and Glyn Mummery of FRP
Advisory Trading Limited were appointed as Joint Administrators on
June 22, 2026.

The company engaged in accountancy services.

The company's registered office is c/o FRP Advisory Trading
Limited, Centre Block, 4th Floor, Central Court, Knoll Rise,
Orpington, BR6 0JA. It was previously 10a High Street, Chislehurst,
BR7 5AN.

The company's principal trading address is 310 Stafford Road,
Wallington, CR0 4NH.

The Joint Administrators can be contacted at:

    Nedim Ailyan
    Glyn Mummery
    FRP Advisory Trading Limited
    Centre Block
     4th Floor, Central Court
    Knoll Rise
    Orpington BR6 0JA

Further details:

      The Joint Administrators
      Tel: 020 8302 4344
      Email: cp.orpington@frpadvisory.com


SGA REALISATIONS (2026): Sanderlings Appointed as Administrators
----------------------------------------------------------------
SGA Realisations (2026) Ltd was placed into administration in the
High Court of Justice, Birmingham Business and Property Courts,
Court Number CR-2026-BHM-000303.  Sandra Fender of Sanderlings was
appointed as Administrator on June 16, 2026.

The company was previously known as AGS Support Facilities Ltd.
The company engaged in human resources provision and management of
human resource functions.

The company's registered office and principal trading address is 10
Towerfield Road, Shoeburyness, Southend-On-Sea, SS3 9QE.

The Administrator can be contacted at:

  Sandra Fender
   Sanderlings
   Becketts Farm
   Alcester Road
   Birmingham B47 6AJ

Further details:

    Oliver Fender
    Tel: 01564 700 052
    Email: info@sanderlings.co.uk


SMILE MANCHESTER: Hall Chadwick Appointed as Administrators
-----------------------------------------------------------
Smile Manchester Ltd was placed into administration in the High
Court of Justice, Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number CR-2026-000927.
Deviesh Ramesh Raikundalia of Hall Chadwick (UK) Limited was
appointed as Administrator on June 18, 2026.

The company was into dental practice.  The company's registered
office is 331 Washway Road, Sale, M33 4EE. It was formerly 37
Petworth Close, Manchester, Greater Manchester, M22 4YQ.  The
company's principal trading address is 331 Washway Road, Sale, M33
4EE.

The Administrator can be contacted at:

  Deviesh Ramesh Raikundalia
  Hall Chadwick (UK) Limited
  Suite 060, Unit 2
  94A Wycliffe Road
  Northampton NN1 5JF

Further details:

   Luca Crevacore
   Email: LCrevacore@hallchadwick.com


UNITED TOOLING: Ernst & Young Appointed as Administrators
---------------------------------------------------------
United Tooling Solutions Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-004548.  Kristopher Aspin, Samuel Woodward, and Lucy
Winterborne of Ernst & Young LLP were appointed as Joint
Administrators on June 18, 2026.

The company engaged in the wholesale of machine tools.

The company's registered office is c/o Ernst & Young LLP, One
Colmore Square, Birmingham, B4 6HQ.  It was formerly Unit 4
Westleigh Business Park, Winchester Avenue, Blaby, Leicester, LE8
4EZ.

The principal trading address is Unit 4 Westleigh Business Park,
Winchester Avenue, Blaby, Leicester, LE8 4EZ.

The Joint Administrators can be contacted at:

     Kristopher Aspin
     Ernst & Young LLP
     One Colmore Square
     Birmingham B4 6HQ

      Samuel Woodward
      Ernst & Young LLP
     2 St Peter's Square
     Manchester M2 3EY

      Lucy Winterborne
      Ernst & Young LLP
     The Paragon
     Counterslip
     Bristol BS1 6BX

Further details:

      The Joint Administrators
      Email: utsadmin@uk.ey.com
      Alternative contact: Catriona Lynch



                           *********


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-
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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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