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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 9, 2026, Vol. 27, No. 136

                           Headlines



F R A N C E

SEQUANS COMMUNICATIONS: CFO Brodt Reports 600,000 RSU Holdings


G E R M A N Y

FOXTROTT HOLDCO: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable


I R E L A N D

ARINI EUROPEAN X: S&P Assigns B-(sf) Rating on Class F Notes
CVC CORDATUS IV: Fitch Assigns 'B-sf' Final Rating on Two Tranches
FAIR OAKS VII: S&P Assigns B-(sf) Rating on Class F Notes
GROSVENOR PLACE 11: S&P Assigns B-(sf) Rating on Class F Notes
JUBILEE CLO 2013-X: Fitch Assigns B-sf Rating on Cl. F-R-R-R Notes



R U S S I A

KAFOLAT INSURANCE: Fitch Hikes Insurer Fin. Strength Rating to BB-
UZBEKISTAN MORTAGE REFINANCING: Fitch Gives 'BB' Long-Term IDRs


S P A I N

JERONIMO FUNDING: Fitch Hikes Rating on Class F Notes to 'B+sf'


S W E D E N

POLESTAR AUTOMOTIVE: $640MM Debt-to-Equity Conversions Completed


U N I T E D   K I N G D O M

ENTAIN PLC: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
IMPALA BIDCO: Moody's Lowers CFR to Ca & Alters Outlook to Stable
SENIOR GLASS: RSM Appointed as Administrators
STEAMA COMPANY: Administrators' Proposals Available to Members
VALARIS PLC: Alvarez & Marsal Liquidators Issue Final Report Notice


                           - - - - -


===========
F R A N C E
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SEQUANS COMMUNICATIONS: CFO Brodt Reports 600,000 RSU Holdings
--------------------------------------------------------------
Norman Brodt, Chief Financial Officer (CFO) of Sequans
Communications (SQNS), disclosed in a Form 3 filed with the U.S.
Securities and Exchange Commission that as of July 1, 2026, he
reports no direct or indirect holdings of non-derivative
securities. In derivative securities, he holds directly 600,000
Restricted Share Units (RSUs), with a final vesting date of August
5, 2028, underlying Ordinary Shares of Sequans -- with no exercise
or conversion price applicable. Each American Depositary Share
represents 100 ordinary shares. The RSUs vest over time, with the
date reported representing the final vesting date, and once vested,
the RSUs do not expire.

Mr. Brodt may be reached through:

     Norman Brodt
     Sequans Communications S.A.
     15-55 Blvd Charles de Gaulle
     Les Portes de la Defense
     Colombes, 92700, France
     Tel: +33 170 721 600

A full text copy of the SEC Report is available at
https://tinyurl.com/pzxseb4

                   About Sequans Communications

Colombes, France-based Sequans Communications S.A. is a fabless
semiconductor company that designs, develops, and markets
integrated circuits and modules for 4G and 5G cellular IoT
devices.

Ernst & Young Audit, Sequans' independent registered public
accounting firm for the fiscal year ended December 31, 2025, has
included an explanatory paragraph in their opinion that accompanies
the audited consolidated financial statements as of and for the
year ended December 31, 2025, indicating that the Company has
suffered recurring losses from operations, has a working capital
deficiency, and has stated that substantial doubt exists about the
Company's ability to continue as a going concern.

As of December 31, 2025, the Company had $243.6 million in total
assets, $11.3 million in total non-current liabilities, $104.6
million total current liabilities, and $127.7 million in total
equity.



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

FOXTROTT HOLDCO: S&P Assigns Prelim. 'B' LT ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Foxtrott HoldCo GmbH (dba Flender) and its 'B'
issue rating to its proposed term loan B (issued by Foxtrott Bidco
GmbH, its direct subsidiary), with a preliminary recovery rating of
'3' (rounded recovery estimate: 55%). S&P also affirmed its ratings
on Zephyr German TopCo Gmbh, which we will withdraw once the
transaction is complete.

S&P said, "The stable outlook reflects our expectation that Flender
will continue to generate moderate revenue growth and improve
profitability, supported by service expansion and operational
efficiency measures. We expect S&P Global Ratings-adjusted debt to
EBITDA to stand below 6.0x in 2026 and funds from operations (FFO)
to cash interest of below 3.0x. Meanwhile, we expect it will
continue to generate positive free operating cash flow (FOCF) in
2026."

Private-equity sponsor Triton is acquiring 100% of Foxtrott HoldCo
GmbH (dba Flender) from Carlyle.

Flender, which posted sales of about EUR2.222 billion in fiscal
2025 ended Sept. 30, is a leading niche manufacturer and servicer
of mechanical drive technologies including gearboxes, couplings,
and generators, with a strong position in wind and industrial
markets, and well-established customer relationships with many
original equipment manufacturers (OEMs).

Triton will fund the transaction through a EUR1.670 billion term
loan B and sponsor equity. The company also plans to arrange a
EUR350 million revolving credit facility (RCF), which will be
undrawn at the transaction close.

S&P said, "Under the proposed capital structure, we anticipate S&P
Global Ratings-adjusted debt to EBITDA of 5.5x-6.0x in 2026 and
less than 5.5x in 2026, driven by higher debt pro forma the
transaction.

"We expect the company to benefit from increasing contributions
from its higher-margin service business, supported by Flender's
considerable installed base."

S&P Global Ratings expects adjusted debt to EBITDA of 5.5x-6.0x in
2026 under the new capital structure following the ownership
change. The financing package includes a EUR1.670 billion
equivalent term loan B borrowed by Foxtrott BidCo GmbH. S&P said,
"The RCF will increase to EUR350 million from EUR205 million and
will mature six months prior to the notes, and we expect it to be
fully undrawn at the transaction's close. The equity capital
provided will comprise common equity and preference shares. We
exclude controlling-shareholder financing from our adjusted debt
and coverage metrics because we expect the instruments would act as
loss-absorbing capital and the documentation does not have
contractual provisions that would cause us to treat them as
debt-like (subject to review of the final documentation at the
transaction's closing). We anticipate the company's pro forma S&P
Global Ratings-adjusted debt to EBITDA will be 5.5x-6.0x in 2026
upon the transaction's completion and decline to about 5.5x in
fiscal 2027. FFO to cash interest coverage will weaken after the
transaction to about 2.8x in 2026 and improve toward 3.0x in
2027."

Flender is a leading provider of drivetrain technologies and
services, holding the No. 1 position in wind globally, excluding
China. It also shares top-two leading positions in industrial
gearboxes across its multiple-end markets. The company benefits
from competitive strength, including strong technology and
footprint, high barriers to entry, long-standing customer
relationships requiring long qualification cycles, and significant
switching costs due to the mission-critical nature of its products.
The business risk profile is supported by a sizable installed base
of more than 450 gigawatts (GW) in wind and approximately 600,000
industrial gearboxes installed, underpinning a relatively
high-margin recurring service business. The company also benefits
from exposure to structurally supportive trends in renewable energy
and electrification demand. However, Flender remains exposed to
cyclical industrial end markets, fluctuations in wind installation
activity (though this is mitigated by its diversification across
distinct demand pools, which are at different points in their
respective cycles), customer concentration in certain segments,
supply chain disruptions, and increasing competitive pressures. S&P
also considers the company's history of restructuring. While
restructuring measures and operational initiatives have contributed
to improving performance, the durability of these improvements
remains to be tested across market cycles.

S&P said, "We expect a stronger operating performance on Flender's
improving profitability and increasing contributions from the
service business. We expect Flender's profitability to continue
improving over the forecast period, with EBITDA margins
strengthening toward 13.0%-13.5% in 2026 and 14% in 2027. These
improvements are mainly supported by a growing service business,
accounting for 31% of revenue and 49% of EBITDA as of fiscal year
2025. Increasing contributions from this business should continue
to strengthen earnings quality, reduce volatility, and improve
profitability. Factors impacting profitability include procurement
optimization, manufacturing efficiencies, and the continued
execution of operational initiatives. We incorporate reduced
one-off costs of about EUR25 million annually for the next two
years.

"We forecast moderate revenue growth, supported by tailwinds in
wind and certain industrial end markets. We expect revenue to
increase gradually by 2%-4% in 2026 and 1%-3% in 2027. We expect
revenue growth to continue benefiting from favorable long-term
trends in the wind sector, supported by increasing global
electricity demand, energy security requirements, and ongoing
investment in renewable generation capacity. Industry forecasts
indicate annual wind capacity additions increasing over the medium
term, supported by regulatory incentives, improving permitting
activity, especially in Germany, and wind's competitive cost
position. We also expect demand to benefit from gradual growth in
repowering activity, as a larger portion of the installed base
approaches end-of-life and requires replacement or upgrades.
Industrial growth will primarily stem from select markets like
minerals and mining, power generation, and metals. Flender benefits
from its focus on mission-critical components that rely on
uninterrupted operations.

"We expect strong cash flow generation due to efficient working
capital management and sustained capital expenditure (capex)
requirements. We expect Flender to continue generating solid FOCF,
supported by strong profitability. The company thinks the heavy
investment cycle under previous ownership is largely complete
following substantial investments in manufacturing footprint
expansion, digital capabilities, and product development.
Consequently, we expect capex requirements to normalize over the
forecast period, allowing for stronger FOCF generation. We project
working capital will stabilize as steady volumes and improved
margins reduce demand volatility. This stability will enable more
effective order execution and minimize seasonal cash swings. Hence,
we expect the company to reduce its factoring needs to about EUR20
million per year. However, this will depend on how working capital
develops at quarter-ends; for the full-year 2025 the company's
factoring outstanding stood at zero. As a result, FOCF will stand
at EUR80 million-EUR85 million in 2026 and EUR120 million-EUR130
million in 2027.

"The stable outlook reflects our expectation that Flender will
continue to generate moderate revenue growth and maintain improving
profitability, supported by service expansion and operational
efficiency measures, which will improve its EBITDA margin to
13.2%-13.5% in 2026. We expect S&P Global Ratings-adjusted EBITDA
of 5.5x-6.0x in 2026 and FFO to cash interest of about 2.8x. We
also expect it will continue to generate positive FOCF in 2026."

S&P could lower the rating if FFO to cash interest coverage trends
sustainably below 2.5x and S&P Global Ratings-adjusted debt to
EBITDA exceeds about 6.0x without prospects of short-term recovery.
This could materialize if:

-- Flender is not able to cement profitability improvements or
raise further incremental debt to distribute dividends;

-- Metrics deteriorate due to shareholder-friendly actions or
sizable acquisitions by raising more debt; or

-- S&P's expectation of Flender's FOCF weakens.

S&P said, "We could consider upside if Flender sustains its
profitability improvements beyond 13%, coupled with sound FOCF. We
would also need to think that Flender will improve its S&P Global
Ratings-adjusted debt to EBITDA below 5.0x and FFO to cash interest
coverage comfortably above 3.0x."




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

ARINI EUROPEAN X: S&P Assigns B-(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Arini European
CLO X DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued EUR32.000 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 will pay quarterly
interest unless a frequency switch event occurs. 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   2,678.42
  Default rate dispersion                                541.02
  Weighted-average life (years)                            5.24
  Obligor diversity measure                              145.71
  Industry diversity measure                              26.85
  Regional diversity measure                               1.27

  Transaction key metrics

  Total par amount (mil. EUR)                               425
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             171
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          0.00
  Target 'AAA' weighted-average recovery (%)              36.40
  Actual weighted-average spread net of floors (%)         3.44
  Actual weighted-average coupon (%)                       5.20

Rating rationale

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

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

"In our cash flow analysis, we used the EUR425.00 million target
par amount, the actual weighted-average spread of 3.44%, the
covenanted weighted-average coupon of 4.50%, 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 to E 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 notes can withstand stresses commensurate with the
assigned rating.

The class F 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, it 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 24.72% (for a portfolio with a
weighted-average life of 5.24 years) versus 16.77% if it was to
consider a long-term sustainable default rate of 3.2% for 5.24
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.

"Considering 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, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A to E notes, based on four
hypothetical scenarios.

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

Environmental, social, and governance

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

Arini European CLO X 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. Arini
Loan Management US LLC manages the transaction.

  Ratings

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

  A      AAA (sf)  263.500    38.00     Three/six-month EURIBOR
                                        plus 1.28%

  B      AA (sf)    46.750    27.00     Three/six-month EURIBOR
                                        plus 1.85%

  C      A (sf)      25.50    21.00     Three/six-month EURIBOR
                                        plus 2.20%

  D      BBB- (sf)  30.825    13.75     Three/six-month EURIBOR
                                        plus 3.10%

  E      BB- (sf)   18.050     9.50     Three/six-month EURIBOR
                                        plus 5.25%

  F      B- (sf)    12.750     6.50     Three/six-month EURIBOR
                                        plus 8.42%

  Sub notes  NR     32.000      N/A     N/A

*The ratings assigned to the 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.


CVC CORDATUS IV: Fitch Assigns 'B-sf' Final Rating on Two Tranches
------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund IV DAC reset
notes final ratings.

   Entity/Debt                Rating           
   -----------                ------           
CVC Cordatus Loan
Fund IV DAC

   A-R XS3385520179        LT AAAsf  New Rating

   B-1-R XS3385520336      LT AAsf   New Rating

   B-2-R XS3385520500      LT AAsf   New Rating

   C-R XS3385520765        LT Asf    New Rating

   D-R XS3385520922        LT BBB-sf New Rating

   E-R XS3385521144        LT BB-sf  New Rating

   F-1-R XS3385521490      LT B-sf   New Rating

   F-2-R XS3393887099      LT B-sf   New Rating

   Subordinated Notes
   XS3433874073            LT NRsf   New Rating

Transaction Summary

CVC Cordatus Loan Fund IV DAC is a securitisation of mainly (at
least 90%) senior secured obligations with a component of senior
unsecured, mezzanine, second lien loans and high-yield bonds. Note
proceeds have been used to redeem the existing notes (except the
subordinated notes) and to fund the existing portfolio with a
target par of EUR375 million.

The portfolio is actively managed by CVC Credit Partners Investment
Management Limited. The CLO will have a five-year reinvestment
period and a 7.5-year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-weighted
average rating factor of the identified portfolio is 24.5.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise 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 62.6%.

Diversified Portfolio (Positive): The reset transaction includes
one matrix set at closing. The matrix set comprises two matrices
with fixed-rate asset limits of 5% and 12.5%, respectively. The
transaction includes various portfolio concentration limits,
including a top 10 obligor concentration limit of 20% and a maximum
exposure to the three-largest Fitch-defined industries of 40%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Wal Step-Up Feature (Neutral): The transaction can extend its WAL
by 12 months on or after the step-up date, which is 12 months after
closing. The WAL extension is subject to conditions including the
satisfaction of the collateral quality tests and the aggregate
collateral balance being at least equal to the reinvestment target
par amount. If a switch to the seven-year WAL matrix set occurs
before the WAL step-up determination date, no step-up may occur
until 18 months after the issue date.

Portfolio Management (Neutral): The transaction has a five-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 for the transaction's
Fitch-stressed portfolio analysis is 12 months shorter than the WAL
covenant. This is to account for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period, which
include passing the coverage tests and the Fitch 'CCC' bucket
limitation test after reinvestment as well as a WAL covenant that
gradually 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 impact on the class A-R, C-R and D-R notes
and would lead to downgrades of one notch each for the class B-1-R,
B-2-R and E-R notes. It would also lead to downgrades to below
'B-sf' for the class F-1-R and F-2-R notes.

Downgrades are based on the identified portfolio. They may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of default and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the rated notes each
display a rating cushion of up to three notches for the class
B-1-R, B-2-R, D-R, E-R and F-1-R notes and of one notch for the
class F-2-R notes.

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 of the Fitch-stressed portfolio
across all ratings would lead to a downgrade of up to three notches
for the class A-R and D-R notes, two notches for class B-1-R, B-2-R
and C-R notes, and to below 'B-sf' for the class E-R, F-1-R and
F-2-R notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to four notches for the
notes, except for the class A-R notes, which are at the highest
level on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades 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. After the end of the reinvestment period, upgrades
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
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 CVC Cordatus Loan
Fund IV 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.


FAIR OAKS VII: S&P Assigns B-(sf) Rating on Class F Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Fair Oaks Loan
Funding VII DAC's A-1 and A-2 Loans and the class B, C, D, E, and F
notes. At closing, the issuer also issued EUR43.500 million unrated
subordinated notes and unrated class Z and M notes.

The reinvestment period will be approximately 4.55 years, while the
noncall period will be 1.5 years after closing.

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

The ratings assigned to the notes and loans 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   2,692.13
  Default rate dispersion                                529.42
  Weighted-average life (years)                            5.29
  Obligor diversity measure                              142.48
  Industry diversity measure                              23.68
  Regional diversity measure                               1.38

  Transaction key metrics

  Total par amount (mil. EUR)                               350
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             156
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          0.44
  Target 'AAA' weighted-average recovery (%)              36.26%
  Actual weighted-average spread net of floors (%)         3.40
  Actual weighted-average coupon (%)                       8.00

The class F notes is a delayed draw tranche, which has a maximum
notional amount of 11.375 million and a spread of three/six-month
Euro Interbank Offered Rate (EURIBOR) plus 8.50%. The class F notes
can only be issued once and only during the reinvestment period
with an issuance amount totaling EUR11.375 million. The issuer will
use the full proceeds received from the sale of the class F notes
to redeem the subordinated notes. Upon issuance, the class F notes'
spread could be subject to change, and, if higher, is subject to
rating agency confirmation.

Rating rationale

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

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

"In our cash flow analysis, we used the EUR350.00 million target
par amount, the target weighted-average spread of 3.40%, the
covenanted weighted-average coupon of 3.80%, and the target
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO 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-1 and A-2 Loans and class A notes can withstand
stresses commensurate with the assigned ratings.

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

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs 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 24.55% (for a portfolio with a
weighted-average life of 5.29 years) versus 16.94% if we were to
consider a long-term sustainable default rate of 3.2% for 5.29
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 the class F notes is commensurate with the
assigned 'B- (sf)' rating.

"Considering our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all rated
classes of notes and the class A-1 and A-2 Loans.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on A-1 and A-2 Loans and class A to E
notes, based on four hypothetical scenarios.

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

Environmental, social, and governance

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

Fair Oaks Loan Funding VII 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. Fair Oaks Capital Ltd. manages the transaction.

  Ratings

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

  A        AAA (sf)  117.000   38.00    Three/six-month EURIBOR
                                        plus 1.30%

  A-1 Loan AAA (sf)   50.000   38.00    Three/six-month EURIBOR
                                        plus 1.30%

  A-2 Loan AAA (sf)   50.000   38.00    Three/six-month EURIBOR
                                        plus 1.30%

  B        AA (sf)    37.975   27.15    Three/six-month EURIBOR
                                        plus 1.80%

  C        A (sf)     20.125   21.40    Three/six-month EURIBOR
                                        plus 2.10%

  D        BBB- (sf)  25.375   14.15    Three/six-month EURIBOR
                                        plus 3.05%

  E        BB- (sf)   15.400    9.75    Three/six-month EURIBOR
                                        plus 5.25%

  F†       B- (sf)    11.375    6.50    Three/six-month EURIBOR
                                        plus 8.50%

  Z        NR          8.000     N/A

  M        NR          2.000     N/A

  Sub notes   NR      43.500     N/A    N/A

*The ratings assigned to the A-1 and A-2 Loans and the class A
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.

†The class F notes is a delayed drawdown tranche, which was not
issued at closing.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


GROSVENOR PLACE 11: S&P Assigns B-(sf) Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Grosvenor Place
CLO 11 DAC's class A Loan and class A, B, C, D, E, and F notes. At
closing, the issuer also issued EUR30.80 million unrated
subordinated notes.

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

Under the transaction documents, the rated notes and loan will pay
quarterly interest unless 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    2,545.61
  Default rate dispersion                                 617.88
  Weighted-average life (years)                             5.08
  Obligor diversity measure                               146.43
  Industry diversity measure                               23.95
  Regional diversity measure                                1.25

  Transaction key metrics

  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              168
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.00
  Actual 'AAA' weighted-average recovery (%)               36.92
  Actual weighted-average spread net of floors (%)          3.47

Rationale

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

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread of 3.47%, the covenanted
weighted-average coupon of 3.80%, and the actual 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 and F notes could withstand stresses
commensurate with the assigned ratings.

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 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 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 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.

Grosvenor Place CLO 11 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. CQS (UK) LLP manages the transaction.

  Ratings

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

  A      AAA (sf)   134.40    38.00    Three/six-month EURIBOR
                                       plus 1.29%

  A Loan AAA (sf)   113.60    38.00    Three/six-month EURIBOR
                                       plus 1.29%

  B      AA (sf)     44.00    27.00    Three/six-month EURIBOR
                                       plus 1.80%

  C      A (sf)      24.00    21.00    Three/six-month EURIBOR
                                       plus 2.15%

  D      BBB- (sf)   28.00    14.00    Three/six-month EURIBOR
                                       plus 3.00%

  E      BB- (sf)    18.00     9.50    Three/six-month EURIBOR
                                       plus 5.70%

  F      B- (sf)     12.00     6.50    Three/six-month EURIBOR
                                       plus 8.50%

  Sub notes  NR      30.80      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.


JUBILEE CLO 2013-X: Fitch Assigns B-sf Rating on Cl. F-R-R-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2013-X DAC notes final
ratings.

   Entity/Debt                Rating                Prior
   -----------                ------                -----
Jubilee CLO 2013-X DAC

   A-1-R-R XS2332241111    LT PIFsf  Paid In Full   AAAsf
   A-2-R-R XS2332242515    LT PIFsf  Paid In Full   AAAsf
   A-R-R-R XS3391765313    LT AAAsf  New Rating
   B-R-R XS2332241897      LT PIFsf  Paid In Full   AAsf
   B-R-R-R XS3391765586    LT AAsf   New Rating
   C-R-R XS2332243166      LT PIFsf  Paid In Full   Asf
   C-R-R-R XS3391765743    LT Asf    New Rating
   D-R-R XS2332243836      LT PIFsf  Paid In Full   BBB-sf
   D-R-R-R XS3391766048    LT BBB-sf New Rating
   E-R-R XS2332244560      LT PIFsf  Paid In Full   BBsf
   E-R-R-R XS3391766394    LT BB-sf  New Rating
   F-R-R XS2332244727      LT PIFsf  Paid In Full   B-sf
   F-R-R-R XS3391766550    LT B-sf   New Rating

Transaction Summary

Jubilee CLO 2013-X 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. The portfolio
has a target par of EUR375 million.

The portfolio is actively managed by Benefit Street Partners
Limited. The CLO has a 4.5 year reinvestment period and an 8.5-year
weighted average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the identified portfolio as
in the 'B' category. The Fitch weighted average rating factor of
the identified portfolio is 23.95.

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 64.9%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 10%, a top 10 obligor concentration limit at
20%, and 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 three
matrix sets, each based on a top 10 obligor limit of 20%. One
matrix set is effective at closing, corresponding to fixed-rate
asset limits of 5% and 10.0%, and to an 8.5-year WAL test. The
forward matrices set corresponds to a 7.5-year and 7.0-year WAL
test, with the same fixed-rate asset limits as the closing
matrices, can be elected by the manager 12 and 18 months after
closing, respectively. Matrix switch is subject to the reinvestment
target par condition.

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 is 12 months less than the WAL covenant,
floored at six years, to account for structural and reinvestment
conditions after the reinvestment period. These conditions include
passing the over-collateralisation and Fitch 'CCC' limit tests, and
a WAL covenant that gradually 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 in the mean rating default rate (RDR) across all the
ratings and a 25% decrease in the rating recovery rate (RRR) across
all the ratings of the current portfolio would have no impact on
the class A, B, C, D and E notes. The class F notes would be
downgraded below 'B-sf'.

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
current portfolio having better metrics and a shorter life than the
stressed-case portfolio, the class B to F notes show rating
cushions of up to five notches.

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 in the mean RDR
across all the ratings, and a 25% decrease in the RRR across all
the ratings of the stressed-case portfolio, would lead to
downgrades of up to three notches for the class A to D notes. The
class E and F notes would be downgraded below 'B-sf'.

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

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

After the end of the reinvestment period, upgrades may occur on
stable portfolio credit quality and deleveraging, leading to higher
credit enhancement and excess spread being 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

Jubilee CLO 2013-X 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 Jubilee CLO 2013-X
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.




===========
R U S S I A
===========

KAFOLAT INSURANCE: Fitch Hikes Insurer Fin. Strength Rating to BB-
------------------------------------------------------------------
Fitch Ratings has upgraded Uzbekistan-based Kafolat Insurance
Company JSC's Insurer Financial Strength (IFS) Rating to 'BB-' from
'B+' with a Positive Outlook.

The upgrade reflects Kafolat's improved company profile, as
evidenced by better geographical diversification, an improved risk
profile and the company's capital position. The rating also
considers the company's conservative investment strategy, good but
volatile financial performance, enhancements in reserving practices
and improvements in natural catastrophe risk modelling.

The Positive Outlook reflects the potential for further improvement
in the company profile and in investment and asset risk
assessments, particularly if the industry profile and operating
environment (IPOE) range and sovereign rating are upgraded, both of
which are currently on Positive Outlook.

Key Rating Drivers

Established Franchise; Improved Diversification: Fitch assesses
Kafolat's business profile as strong relative to other Uzbek
insurers, reflecting its established domestic franchise, meaningful
participation in inward reinsurance and improved geographical
diversification. The company's diversification benefits from its
exposure to inward reinsurance, particularly following the
reduction in US risk exposure in 2024 and 2025. Kafolat also writes
liability, motor, accident and health, and financial risks business
in addition to its core property portfolio, while its life
insurance subsidiary provides a modest contribution to group
diversification.

Improved Capital Position: Kafolat's capital position is solid and
improved further in 2025, as reflected in a Prism score of 'Strong'
at end-2025, up from 'Adequate' at end-2024 and 'Somewhat Weak' at
end-2023. The company's low net leverage of 2.8x and gross leverage
of 5.8x, as well as comfortable regulatory solvency of 195% at
end-1Q26, further support its assessment of its capital position.
Fitch also views the company's capital as sufficient to support
compliance with Uzbekistan's increasing minimum capital
requirements for reinsurers.

Good, but Volatile, Financial Performance: Kafolat's financial
performance remains good by local standards, although earnings are
volatile. Net income return on equity was 14% in 2025, down from an
exceptionally strong 64% in 2024, reflecting FX losses, higher
underwriting volatility and the impact of insurance finance
expenses under IFRS 17. Profitability continued to be supported by
good underwriting performance, with a combined ratio of 74% in
2025.

Asset Quality Commensurate with Rating: Kafolat's investment
portfolio is concentrated in cash and bank deposits placed mainly
with state-owned or large private domestic banks, most of which are
rated close to, or in line with, the sovereign. Risky assets
remained low at 2.6% of capital at end-2025. However, the domestic
investment market remains narrow, and the portfolio includes a
concentrated exposure to an unrated mid-tier local bank, which
constrains Fitch's assessment of asset quality.

Improved Reserving Practices: Kafolat is among a limited number of
insurers in its market to prepare a best-estimate valuation of
non-life insurance reserves. As part of IFRS 17 reporting,
liabilities for incurred claims are measured using expected future
cash flow, discounting and an explicit risk adjustment for
non-financial risk. Both the company's internal actuarial model and
IFRS 17-based reserve calculations indicated redundant reserves
under local accounting standards.

Reliance on Reinsurance: Kafolat benefits from treaty protection
with highly rated European reinsurers for property and construction
risks above UZS1,300 billion, and since early 2026 has also
increased the use of facultative reinsurance with international
reinsurers rated in the 'A' category. However, a majority of
reinsurers remain domestic companies with low credit quality,
exposing Kafolat to counterparty credit risk. The reinsurance
programme proved effective in 2024 and 2025 in protecting the
company from individual large losses and supporting positive
underwriting results, which Fitch views positively.

Catastrophe Risk Better Managed: Kafolat is one of the few insurers
in the region that prepare probable maximum loss estimates and
actively manage catastrophe risk exposure. The company's 2025
catastrophe risk modelling reflects a comprehensive assessment of
potential losses from natural catastrophe perils, including
earthquakes, storms and floods. Based on this analysis, Fitch
estimates that a net loss from a one-in-250-year catastrophe event
would erode about 30% of the company's capital at end-2025.

RATING SENSITIVITIES

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

- A weaker business risk profile, reflected, for example, by higher
business concentration or an inability to maintain the current
capital position and financial performance, could lead us to revise
the Outlook to Stable

- A sustained deterioration in the capital position, as measured by
the Prism score falling below 'Adequate', could lead to a
downgrade

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

- A stronger assessment of Kafolat's company profile, while
maintaining good financial performance and capitalisation

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
   -----------             ------           -----
Kafolat Insurance
Company JSC          LT IFS BB- Upgrade     B+


UZBEKISTAN MORTAGE REFINANCING: Fitch Gives 'BB' Long-Term IDRs
---------------------------------------------------------------
Fitch Ratings has published JSC Mortgage Refinancing Company of
Uzbekistan's (UzMRC) Foreign- and Local-Currency Long-Term Issuer
Default Ratings (IDRs) of 'BB'. The Outlooks are Positive,
reflecting those on the Uzbekistani sovereign.

Key Rating Drivers

Direct Linkage to Sovereign: UzMRC benefits from explicit and
implicit government support. Its Long-Term IDRs and Government
Support Rating (GSR), which is at 'bb', are directly linked to the
sovereign's, based on Fitch's view of direct financial support from
the state if needed. This view is underpinned by UzMRC's
substantial state ownership (90% direct and indirect), a
demonstrated record of government support, including regular equity
injections and sovereign-backed funding (about 60% of funding), the
quasi-sovereign status of its bonds on the local market and its
increasing systemic importance as the country's sole mortgage
refinancing institution.

Fitch's assessment of support propensity also considers the low
cost of potential support for the sovereign, relative to its
reserves, and the reputational risk to the state in the event of a
UzMRC default.

Risk-Averse Business Model: UzMRC helps to develop Uzbekistan's
mortgage market by refinancing residential mortgages originated by
local banks. Its business model entails limited credit and market
risks. UzMRC's absolute size is moderate, despite recent rapid
growth, which constrains its assessment of its standalone credit
profile (SCP) at 'b'.

Rising Share in Growing Market: UzMRC has been operational since
late 2020 and has benefited from technical and financial support
from the Asian Development Bank (ADB; AAA/Stable). Its market share
increased to 8.3% at end1Q26 from 5.3% at end-2023, after having
refinanced 11% of residential mortgages originated in Uzbekistan in
2025. Fitch expects UzMRC's assets to expand by about 30% annually
in 2026-2027, benefiting from solid growth of the local mortgage
market.

Conservative Underwriting Mitigates Risks: UzMRC refinances prime
mortgages, with a maximum loan-to-value ratio of 75% and a
debt-to-income cap of 50%, based on verified income. Partner banks
must substitute any overdue loans with performing mortgages and
maintain collateral equal to 115% of the refinanced exposure. In
its view, this mitigates concentration risk stemming from partner
banks, which is inherent in UzMRC's business model.

Exposed to Uzbek Banks: As of end-2025, about 80% of UzMRC's assets
comprised loans to commercial banks, secured with granular
residential mortgages, with the rest mostly in sovereign securities
and deposits at major banks. Most exposures are consistent with a
'BB' credit profile. The company reported no impaired loans, as
overdue mortgages are promptly replaced by banks, which also
mitigates seasoning risk amid rapid portfolio growth.

Modest Margins; Low Costs: UzMRC operates without a
profit-maximisation objective. Net interest margin was about 4% in
2025. The company maintained a low cost of risk (0.3% of average
portfolio) and a strong cost/income ratio (15%), supporting its
adequate profitability with pre-tax income/average assets ratio of
3.4% in 2025.

Government Support Fuels Growth: UzMRC has expanded rapidly in line
with its policy mandate, supported by 14x increase in its capital
base between end2021 and end2025, mainly driven by government
equity injections. Presidential decrees envisage further capital
strengthening, with a doubling in 2026 and a fourfold increase by
2030 relative to the end2025 level.

Fitch expects continued rapid growth to be underpinned by ongoing
equity injections, resulting in capitalisation and leverage metrics
that are adequate but potentially volatile. At end2025, the
regulatory capital ratio remained very strong at 190% (end2024:
184%), while debt-to-tangible equity improved to 3.7x (end2024:
4.2x).

Sound Funding Access: UzMRC benefits from its quasi-sovereign
status in the domestic debt market, and access to funding from
international financial institutions (IFIs), a large portion of
which are sovereign-backed. Its bonds are attractive to banks due
to their preferential regulatory treatment, including low risk
weights (about 20% versus the standard 100%), tax-exempt status and
repo eligibility as collateral with the Central Bank of Uzbekistan.
This underpins UzMRC's sound funding access, as reflected in its
role as a major issuer in the domestic bond market - accounting for
27% of outstanding corporate bonds at end1Q26.

RATING SENSITIVITIES

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

A negative rating action on Uzbekistan's sovereign rating will be
mirrored in UzMRC's Long-Term IDRs and Outlooks.

A material reduction in the share of refinanced residential
mortgages by UzMRC, implying its reducing importance for the
domestic capital market or a weakening of its policy role, would
result in a downgrade of the GSR and IDR.

A material increases in UzMRC's external unhedged FX debt without
state guarantees, indicating a weakened propensity of sovereign
support, could result in a downgrade of the GSR and IDR.

A sharp deterioration in underwriting standards or capitalisation,
(eg with debt/tangible equity exceeding 7x) could result in a
weaker SCP.

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

A positive rating action on Uzbekistan's sovereign rating would
likely be mirrored in UzMRC's Long-Term IDRs and Outlook.

A material increases in scale, while controlling leverage and
maintaining ample regulatory capital buffers, could result in a
stronger SCP.

ADJUSTMENTS

The SCP of 'b' is below the implied score of 'b+' due to the
following adjustment reason(s): business profile (negative).

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

Date of Relevant Committee

24-Jun-2026

Public Ratings with Credit Linkage to other ratings

UzMRC's IDRs are directly linked to Uzbekistan's ratings.

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           
   -----------                             ------           
Mortgage Refinancing
Company of Uzbekistan    LT IDR              BB   Publish
                         ST IDR              B    Publish
                         LC LT IDR           BB   Publish
                         LC ST IDR           B    Publish
                         Government Support  bb   Publish




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

JERONIMO FUNDING: Fitch Hikes Rating on Class F Notes to 'B+sf'
---------------------------------------------------------------
Fitch Ratings has upgraded five tranches of Jeronimo Funding DAC
and removed them from Rating Watch Positive (RWP). The other
tranche has been affirmed.

   Entity/Debt                Rating            Prior
   -----------                ------            -----
Jeronimo Funding DAC

   Class A XS2956114727    LT AAAsf  Affirmed   AAAsf
   Class B XS2956118637    LT AAsf   Upgrade    AA-sf
   Class C XS2956118801    LT Asf    Upgrade    A-sf
   Class D XS2956119106    LT BBBsf  Upgrade    BBB-sf
   Class E XS2956119361    LT BB+sf  Upgrade    BB-sf
   Class F XS2956119528    LT B+sf   Upgrade    Bsf

Transaction Summary

Jeronimo Funding DAC is a cash-flow securitisation of residential
mortgages originated in Spain by Unicaja Banco, S.A.
(BBB+/Stable/F2) and other financial entities integrated into
Unicaja. At the latest reporting date, the current pool balance was
equivalent to around 82% of that at closing in January 2025.

KEY RATING DRIVERS

Updated HPI for Spain: The rating actions reflect the updated
assumptions driving Fitch's recovery rates under its European RMBS
Rating Criteria. Since the previous house price index (HPI) update
in October 2024, the data indicates that Spain has recorded strong
house price growth. This has positively affected the weighted
average indexed current loan-to-value ratio of the transaction,
which has reduced to around 39% from 45% (see "Fitch Places 42
European RMBS Tranches on Rating Watch Positive on House Price
Decline Update" dated 3 March 2026).

CE Build-up: Credit enhancement (CE) has increased for all classes
since closing due to amortisation of the principal balance of the
notes. Fitch deems CE for the notes as sufficient to fully
compensate the credit and cash flow stresses associated with the
ratings and substantiating the upgrades. Fitch expects structural
CE to continue increasing across all transactions, driven by the
ongoing sequential amortisation.

Volatile Asset Performance Outlook: The transaction is exposed to
asset performance volatility due to the high share of restructured
loans and loans in arrears over three months (excluding defaults)
equivalent to 69% and 9.4% of the pool balance as of the latest
reporting date. As a result, Fitch has maintained a 1.2x
transaction adjustment when calibrating the portfolio default
rates. The balance of defaulted mortgages (defined by Fitch as
loans with more than 12 missed monthly instalments) has increased
to 2.8% relative to current portfolio balance as of the latest
reporting date from 1.5% as of September 2025.

Ratings Sensitive to Recovery Rates: Fich's model-implied rating is
sensitive to small deteriorations in the assumed recovery rate, as
at the most recent reporting period the transaction had no sold
repossessions with which to compare its assumptions. Fitch expects
ratings may be constrained by eventual reductions in the
portfolio's recovery rates upon default in future model updates,
with more junior notes having the greatest potential to be
affected. The rating actions represent a one-notch deviation from
the model output for the class B to C notes, a one category
deviation for the class D to E notes, and a four-notch deviation
for the most junior class.

RATING SENSITIVITIES

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

- CE ratios unable to fully compensate the credit losses and cash
flow stresses associated with the current ratings, all else being
equal, will result in downgrades. For example, a 15% increase in
defaults combined with a 15% decrease in recoveries would result in
downgrades of approximately one-notch for the class A notes, one
category for the class B to C notes and multi-category downgrades
for the class D to F notes.

- Weaker than expected performance of restructured loans,
especially those with shorter clean payment history.

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.

- Increase in CE ratios as the transaction deleverages to fully
compensate for the credit losses and cash flow stresses
commensurate with higher rating scenarios. For example, a 15%
decrease in defaults combined with a 15% increase in recoveries
would result in upgrades of one category for the class C to D notes
and multi-category for the class E to F notes.

SUMMARY OF FINANCIAL ADJUSTMENTS

The principal sources of information used in the analysis are
described in the Applicable Criteria.

Fitch was not provided with loan-by-loan debt to income (DTI)
information. Fitch has assumed all loans to be class 3 DTI (i.e.
debt service representing between 30% and 40% of gross household
income), supported by the lending criteria applied by the
originators at the time of originating the mortgages and other
comparable RMBS transactions.
Moreover, employment data for 70% of the pool balance was missing
and therefore Fitch applied the same employment distribution data
from the observed positions. Fitch views the ResiGlobal model
output of this transaction as adequately capturing the risky
attributes of the portfolio, which is also influenced by the high
granularity of the portfolio and its static nature.

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

Jeronimo Funding 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.

Prior to the transaction closing, 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.

Prior to the transaction closing, 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 W E D E N
===========

POLESTAR AUTOMOTIVE: $640MM Debt-to-Equity Conversions Completed
----------------------------------------------------------------
Polestar Automotive Holding UK PLC announced that Geely Sweden
Holdings AB and Volvo Cars completed debt-to-equity conversions,
bringing the total debt converted into Polestar's equity to
approximately USD640 million since the beginning of 2026.

Approximately USD 300 million of the outstanding principal and
interest owed by Polestar to Geely Sweden Automotive Investment
B.V., an indirect subsidiary of Geely Sweden Holdings AB, under the
Term Facility Agreement dated November 8, 2023, was converted into
15,511,892 Class A American Depositary Shares, pursuant to the
Conversion Agreement dated December 19, 2025, between Polestar and
Geely. The conversion price for Geely's debt-to-equity conversion
was set at USD 19.34.

Approximately USD 66 million of the outstanding principal owed by
Polestar to Snita Holding B.V., a subsidiary of Volvo Car
Corporation, under the Term Facility Agreement dated November 3,
2022, as amended, was converted into 3,864,300 Class A ADS,
pursuant to the Conversion Agreement dated March 31, 2026, between
Polestar and Snita. The conversion price for Volvo Cars'
debt-to-equity conversion of approximately USD 340 million was set
at 95% of the 30-day volume-weighted average price in Polestar
shares up to March 27, 2026. The remaining approximately USD 660
million of Volvo Cars' shareholder loan matures in December 2031.

Shareholder Loan Extension

On June 3, 2026, Polestar and Geely Sweden Holdings AB agreed to
extend the term of the outstanding amount of the subordinated term
loan facility, which was initially provided to Polestar in December
2025, to June 30, 2027.

Green Trade Finance Facility Increase

Following the completion of the relevant loan documentation, on 5
June 2026, the Green Trade Finance Facility (TFF) was increased by
an additional EUR 50 million to EUR 450 million through the
addition of Fubon Bank (Hong Kong) Limited as a new member of the
TFF syndicate. Standard Chartered Bank continues to act as
Structuring Bank and Facility Agent for the TFF.

Management Commentary

Michael Lohscheller, Polestar CEO, said: "We are pleased to report
the completion of debt-to-equity conversions by Geely Sweden
Holdings AB and Volvo Cars. These transactions, together with
further extensions of existing facilities, improve Polestar's
capital structure and lengthen our debt maturity profile, as we
continue the ramp-up of our new product portfolio."

                     About Polestar Automotive

Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand with a focus on uncompromised design and innovation, and the
ambition to accelerate the change towards a sustainable future.
Headquartered in Gothenburg, Sweden, its cars are available in 27
markets globally across North America, Europe and Asia Pacific.

As of December 31, 2025, the Company had $3.93 billion in total
assets, $9.05 billion in total liabilities, and $5.12 billion in
total deficit.

Deloitte AB, the Company's independent registered public accounting
firm for the fiscal year ended December 31, 2025, has included an
explanatory paragraph in their opinion that accompanies the
Company's audited consolidated financial statements as of and for
the year ended December 31, 2025, indicating that the Company
requires additional financing to support operating and development
activities that raise substantial doubt about its ability to
continue as a going concern.



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

ENTAIN PLC: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable
---------------------------------------------------------------
Fitch Ratings has revised Entain plc's Outlook to Stable from
Negative, while affirming its Long-Term Issuer Default Rating (IDR)
at 'BB'. Fitch has also affirmed Entain's senior secured instrument
rating at 'BB+', with a Recovery Rating of 'RR3'.

The Outlook revision reflects Fitch's expectations that Entain's
recently announced disposal of stakes in its businesses in Poland
and Croatia (CEE) will reduce leverage and position it comfortably
within its 'BB' rating sensitivities. The Stable Outlook also
incorporates its expectation that Entain will focus on deleveraging
with no debt-funded M&A or increased shareholder remuneration over
the medium term.

However, its rating case remains sensitive to the impact of the
increase in online gaming taxation in the UK, Entain's main market,
or any other underperformance, including materially lower dividends
from BetMGM or higher-than-assumed legal claims.

Entain's 'BB' rating remains supported by its business profile,
with solid market positions and strong brands across its core
markets, moderate geographic diversification and large scale.

Key Rating Drivers

Disposal Reduces Leverage and Diversification: In June 2026, Entain
announced the sale of a 20% stake in its CEE segment (accounting
for about10% of group revenue and 18% EBITDA in 2025) for GBP366
million. The proceeds will be used for debt reduction. Entain will
deconsolidate this business, as its ownership will fall below 50%,
and will cancel the put option on its minority stake. The disposal
will remove direct exposure to the fast growing, less saturated and
more profitable markets in Poland and Croatia. However, Entain will
continue to receive regular dividends for its remaining minority
stake of 47.5%.

Leverage Headroom Restored: Fitch expects Entain to restore its
rating headroom following the disposal by reducing debt and
cancelling the put option on the minority stake in the CEE
business, which Fitch had previously assumed to be exercised and
debt-funded over the medium term. In its updated forecast, EBITDAR
net leverage will be comfortably below its negative rating
sensitivity of 4.3x, which Fitch reflects in the Outlook change to
Stable. The Outlook also assumes progressive cash dividends from
BetMGM, at least slow growth of Entain's core business and the end
of the payments for its deferred prosecution agreement settlement,
with the last one in 2027.

Event Risk from Regulation Materialised: Its rating case
incorporates shortfalls of GBP100 million EBITDAR in 2026 and up to
GBP150 million in 2027 due to an increase in UK gambling taxes,
above Entain's guidance, after incorporating mitigation by the
revision of its cost base. Fitch estimates that Entain's exposure
to the UK and Ireland will increase to 45% from 41% following the
deconsolidation of CEE. This leaves Entain's consolidated
performance and deleveraging vulnerable to regulatory and fiscal
pressures in the UK. Any material negative deviations from the
mitigation plan could put adverse pressure on the rating, while
larger mitigation measures could support rating.

US Contribution to Support Leverage: BetMGM, a 50/50 joint venture
between Entain and MGM Resorts International (BB-/Stable), has
guided adjusted EBITDA towards the lower end of USD300 million-350
million in 2026, with adjusted EBITDA less about USD50 million
capex to be distributed to both partners. The GPB102 million cash
received by Entain in 2025, and its assumption of its progressive
increase from 2026, should support leverage and cash flow over the
medium term. However, the absence of distributions in 2026-2028 or
a material reduction versus current expectations, all else being
equal, would have a negative rating impact.

Muted Growth till 2029: Fitch forecasts Entain's net gaming revenue
(NGR) to grow about or just below 1% over 2026-2029, driven by the
online segment. Its forecast assumes the UK and Ireland online
sales to be flat or reduce slightly to 2029, while the
international segment will grow in the low-to-mid-single digits,
led by Brazil, despite the new taxation taking effect there since
2025. The faster growing CEE segment will be deconsolidated from
2027, but will contribute dividends, which Fitch includes into its
leverage calculation, as Entain will retain a 47.5% stake at least
in the short-to-medium term, until it gradually disposes of the
entire business.

Legal Settlement Weighs on FCF: A deferred prosecution agreement in
the UK will continue to erode Entain's cash flow until 2027 by
about GBP150 million annually, and a compliance failure claim by
Australian regulator AUSTRAC could result in additional
settlement-related cash outflows, most likely in 2026. The
financial outcome of the AUSTRAC case remains uncertain, but its
rating case assumes a related GBP100 million cash outflow for 2026.
A higher-than-forecast settlement payment would further affect its
high leverage, potentially affecting the IDR, while a lower payment
could help build up leverage headroom within the current
sensitivities.

Peer Analysis

Entain's business profile is solid for its rating, supported by its
large scale and diversification across geographies and online and
retail business segments. Its close peer Flutter Entertainment plc
(BBB-/Stable) is larger and better diversified, with a leading
position in the US and lower exposure to the UK as a share of
consolidated revenue. It also has wider business and customer
segment diversification through higher exposure to peer-to-peer
platforms, including betting exchanges, and the lottery.

Its peer evoke plc (B/Rating Watch Positive) also has strong brands
and retail presence in the UK through its acquired William Hill
operations, but has smaller scale, higher leverage and weaker
diversification than Entain. Fitch believes changes to UK gaming
and betting duties will considerably slow evoke's deleveraging,
justifying its recent rating downgrade to 'B'.

Entain's Fitch-projected EBITDAR margin, about 17% over the next
four years, is solid for its rating category, but reduced with the
deconsolidation of CEE. It is above evoke's and broadly in line
with Flutter's, which however will increase over time as Flutter's
US profitability ramps up. Entain has weaker profitability than
Allwyn AG (BB/Stable) and is more exposed to the increasingly
stringent regulation of sports betting and online betting but has
better diversification and a more conservative financial policy
record.

Fitch’s Key Rating-Case Assumptions

- Low-single digit organic online revenue growth in 2026 to 2029

- EBITDA margin of the online segment at 23% in 2026, and remaining
at 22% till 2029

- Organic low single-digit growth in the online international
segment

- On average EBITDAR margin of 19% (after Tab New Zealand gross
profit share payment) in 2026 and 16% from 2027 after CEE
deconsolidation

- US operations contributing to cash inflow of GBP100 million to
Entain in 2026 and progressively increasing in 2027-2029

- Working capital inflows of GBP10 million in 2026, followed by
neutral working capital in 2027-2029

- Capex at about 6% of revenue over 2026-2029

- Dividend payments of GBP128 million in 2026, and increasing 5% a
year in 2027-2029

- Legal payments of about GBP150 million a year in 2026-2027,
related to the deferred prosecution agreement settlement, and about
GBP100 million in 2026 related to the AUSTRAC claim settlement

- Sale of 20% stake in CEE in 4Q26 for GBP366 million, with all
proceeds used for debt repayment. No further stake disposals
assumed over 2027-2029

- Minority dividends of GBP55 million received in 2026, GBP70
million in 2027, before progressively increasing till 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-', Higher), market and competitive positioning ('bbb',
Moderate), diversification and asset quality ('bb+', Moderate),
company operational characteristics ('bbb-', Lower), profitability
('bb-', Moderate), financial structure ('bb+', Higher), and
financial flexibility ('bb+', Moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 30% for the forecast year
2027, 30% for the forecast year 2028 and 20% for the forecast year
2029.

The governance assessment of 'good' has no impact.

The operating environment assessment of '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'.

Recovery Analysis

Fitch rates Entain's senior secured term loans of USD2.2 billion,
USD1.1 billion and EUR765 million, GBP645 million revolving credit
facility (RCF) and the EUR500 million senior secured notes, all
ranking pari passu, using its generic approach for 'BB' rating
category issuers. The senior secured term loans are rated at 'BB+'
with a Recovery Rating of 'RR3'. This reflects its view of lower
collateral quality (only a share pledge from the guarantors and 47%
EBITDA coverage from guarantors) than other Fitch-rated issuers'
senior secured instruments, for which Fitch gives higher recovery
rating assessments of 'RR2'.

RATING SENSITIVITIES

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

- Weaker-than-forecast profitability due to increased competition
or more material impact from regulation, leading to EBITDAR margin
erosion

- EBITDAR net leverage above 4.3x

- EBITDAR fixed-charge coverage below 3.0x and a reducing liquidity
buffer

- Negative free cash flow (FCF), adjusted for non-recurring and
extraordinary items

- Shareholder-friendly financial policies that limit deleveraging
prospects

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

- Improvement in profitability in core markets and sustainable
increase in dividends from joint venture and associates

- EBITDAR net leverage trending towards 3.3x on a sustained basis

- EBITDAR fixed-charge coverage above 3.5x

- Consistently positive FCF

Liquidity and Debt Structure

At end-2025, Entain's liquidity remained solid with about GBP320
million Fitch-calculated available cash and an undrawn GBP485
million RCF. BetMGM has access to a separate USD150 million RCF
that will support its operations as profitability further improves
over 2026-2029. The closest maturity is July 2028, when the rest of
the EUR765 million term loan B comes due.

The RCF will mature in March 2028, unless Entain refinances or pays
down at least 75% of the existing term loans due in 2029-2032.

Issuer Profile

Entain is one of the world's largest online gaming operators with
licences in 34 markets and 26 US states, but its largest market
remains the UK (41% of revenue in 2025) and it is mainly present in
Europe. It has exposure to Australia, New Zealand, Brazil and a
joint venture in the US

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 Entain.

ESG Considerations

Entain has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy & Data Security due to increasing
regulatory scrutiny on the sector arising from greater awareness
around the social implications of gaming addiction and increasing
focus on responsible gaming, 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
   -----------                ------           --------   -----
Entain plc          

                        LT IDR  BB   Affirmed              BB
   senior secured       LT      BB+  Affirmed     RR3      BB+

Entain Holdings
(Gibraltar) Limited

   senior secured       LT      BB+  Affirmed     RR3      BB+


IMPALA BIDCO: Moody's Lowers CFR to Ca & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of
Impala Bidco 0 Limited (Acacium Group or the company) to Ca from
Caa2, and the company's probability of default rating to Ca-PD from
Caa2-PD. Concurrently, Moody's have also downgraded to Ca from Caa2
the ratings on the senior secured bank credit facilities
respectively borrowed by Impala Bidco 0 Limited and ICS US Holdings
Inc. (a wholly-owned subsidiary of the company). The outlook was
changed to stable from negative for both entities.

RATINGS RATIONALE

The downgrade of Acacium Group's CFR and PDR reflects Moody's views
that it is now very likely that the company's lenders will incur
losses in a balance sheet restructuring. This follows Acacium
Group's announcement made on June 22, 2026[1], which stated that
the company and its shareholders have agreed a recapitalisation
transaction with lenders representing over 75% of its term loan
debt via a binding transaction support agreement (TSA). The company
also announced the launch of a consent solicitation proposing for
the remaining term debt lenders to join the TSA.

As part of the proposed debt transaction, (i) 60% of the term loan
debt (including all accrued and unpaid interest) will be swapped
into equity; (ii) the maturity of the remaining GBP200 million of
term loans will be extended until June 2032, with the new term loan
debt including a PIK toggle provision in regards to interest for a
certain period of time; (iii) the maturity of the revolving credit
facility (RCF) will be extended to December 2031; (iv) a GBP25
million New Money facility will be available for the company to
draw for 9 months post-closing, providing the group with additional
liquidity to fully fund its business plan; and (v) the existing
shareholders will retain 7.5% of the pro forma equity in the group,
with an additional 15% through warrants, exercisable once the term
loan B (TLB) lenders have recovered an amount equal to the
principal amount of TLB equitised in connection with the
transaction.

The proposed debt restructuring remains subject to customary
regulatory approvals and is expected to conclude by the end of
August 2026. If the transaction is successfully executed as
proposed, Moody's would likely classify this transaction as a
distressed exchange per Moody's definitions and reflect the limited
default (LD) upon completion. At that time Moody's would also then
consider the impact of the new, lower leveraged, capital structure
on Acacium Group's ratings. A distressed exchange is defined as an
issuer offering creditors new or restructured debt, or a new
package of securities, cash or assets, which represents a
diminished financial obligation relative to the original terms,
with the effect of avoiding an eventual payment default. Moody's
considers distressed exchanges a form of default. Moody's views the
execution risk on the transaction as limited, as the new money debt
is backstopped by an ad hoc group of lenders and the parties have
entered into a legally binding agreement that formalises the
transaction.

ESG CONSIDERATIONS

Governance considerations were a key driver of the rating action,
reflecting the lack of explicit support offered by Acacium Group's
shareholders and the fact that creditors will incur a loss through
the debt restructuring. The CIS-5 Credit Impact Score (CIS)
indicates that the rating is lower than it would have been if ESG
risk exposures did not exist and that the negative impact is more
pronounced than for issuers scored CIS-4.

LIQUIDITY

Acacium's liquidity is weak, based on the current capital structure
and maturity profile, although it will improve should the
transaction be completed. The company had GBP18 million of cash on
its balance sheet as of the end of March 2026, alongside GBP28
million available under its RCF which matures in December 2027
prior to the impact of the recapitalisation. The RCF has a
springing first lien net leverage covenant, which is tested only
when the drawn amount, net of cash on balance sheet, exceeds 40% of
the commitment.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's views that the default
probability is high and appropriately captured at the current
rating level.

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

Positive rating pressure would likely arise following the
successful completion of the proposed restructuring.

Conversely, downward pressure could arise if expected recovery
rates for lenders are less than 35%.

PRINCIPAL METHODOLOGY

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

Acacium's Ca rating is positioned three notches below the Caa1
scorecard-indicated outcome given the higher likelihood of a
default and significant estimated losses for creditors, alongside
ongoing deterioration of operating performance and weak liquidity.

COMPANY PROFILE

Headquartered in London, Acacium Group is the leading healthcare
and life sciences staffing and services firm in the UK. The company
operates predominantly in the UK and in the US, with international
presence across Europe and Australia.

Acacium Group is majority-owned by Onex Partners, which acquired
Acacium Group from TowerBrook Partners in a leveraged buyout
transaction that closed in September 2020. For the fiscal year
ending in December, the group reported revenue of GBP712 million
and Company-reported EBITDA of GBP31 million.


SENIOR GLASS: RSM Appointed as Administrators
---------------------------------------------
Senior Glass Systems Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Leeds,
Insolvency & Companies List (ChD), Court Number CR-2026-LDS-000631.
James Miller and Gareth Harris of RSM UK Restructuring Advisory
LLP were appointed as Joint Administrators on June 18, 2026.

The company engaged in the manufacture of sealed glass units.  The
company's registered office and principal trading address is
Lakeside House, Hopper Hill Road, Scarborough, YO11 3YS.

The Joint Administrators can be contacted at:

  James Miller
   Gareth Harris
   RSM UK Restructuring Advisory LLP
   Central Square, 5th Floor
   29 Wellington Street
   Leeds LS1 4DL

Correspondence address & contact details of case manager:

    Ryan Marsh
    RSM UK Restructuring Advisory LLP
    Central Square, 5th Floor
    29 Wellington Street
    Leeds, LS1 4DL
    Tel No: 0113 285 5053

Alternative contact:

    The Joint Administrators
    Tel No: 0113 285 5000


STEAMA COMPANY: Administrators' Proposals Available to Members
--------------------------------------------------------------
Richard Cole and Steve Kenny of KBL Advisory Ltd, as joint
administrators of Steama Company Limited, disclosed that members of
the Company may request a copy of the Joint Administrators'
Statement of Proposals.

Pursuant to Paragraph 49(6) of Schedule B1 to the Insolvency Act
1986 and Rule 3.37(1) of the Insolvency (England and Wales) Rules
2016, that members of the Company can write to the Joint
Administrators at:

       C/O KBL Advisory Limited
       Stamford House
       Northenden Road
       Sale, M33 2DH

for a copy of the Joint Administrators' Statement of Proposals for
achieving the purpose of the Administration, which will be supplied
free of charge.

The Joint Administrators can be reached at:

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

For further details, contact:

       Email: freddie.pass@kbl-advisory.com

Steama Company Limited (Company Number 08081185) was placed in
administration proceedings in the High Court of Justice, Business
and Property Courts in Manchester, Insolvency & Companies List
(ChD), Court Number: CR-2026-MAN-0583, on April 22, 2026.


VALARIS PLC: Alvarez & Marsal Liquidators Issue Final Report Notice
-------------------------------------------------------------------
A notice has been released noting that pursuant to Section 146 of
the Insolvency Act 1986 and Rule 7.71 of the Insolvency (England
and Wales) Rules 2016, that copies of the Joint Liquidators'
combined progress report and final account in the case of Valaris
PLC can be requested free of charge by applying in writing to
INS_VALARF_WUC@alvarezandmarsal.com

In addition, the Joint Liquidators undertake to provide a copy of
their combined progress report and final account free of charge to
any member or creditor of the company who applies in writing to the
postal address of the office holders.

The Joint Liquidators can be contacted at:

  Jonathan Marston
   Mark Firmin
   Alvarez & Marsal Europe LLP
   Suite 3, Avery House
   69 North Street
  BrightonBN41 1DH
    Tel No: +44(0)20-7715-5200

For further information, contact:

    Greg Clifford
    Tel No: +44(0)20-7715-5223
    Email: INS_VALARF_WUC@alvarezandmarsal.com

Valaris PLC is in liquidation in the High Court of Justice,
Business and Property Courts of England and Wales, Insolvency &
Companies List (ChD), Court Number CR-2021-000772.  Jonathan
Marston and Mark Firmin of Alvarez & Marsal Europe LLP were
appointed as Joint Liquidators on April 24, 2023.

The company supports activities for petroleum and natural gas
extraction.  The company's registered office is Suite 3, Avery
House, 69 North Street, Brighton, BN41 1DH.



                           *********


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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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.

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