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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

          Friday, July 10, 2026, Vol. 27, No. 137

                           Headlines



F R A N C E

ALBEA BEAUTY: S&P Affirms 'B-' ICR & Alters Outlook to Negative
BISCUIT HOLDING: S&P Raises LT ICR to 'CCC+', Outlook Negative
CHROME HOLDCO: S&P Upgrades ICR to 'CCC-', Outlook Negative
ILIAD HOLDING: S&P Raises Rating to 'BB+', Outlook Stable


G E O R G I A

BANK OF GEORGIA: Moody's Alters Outlook on 'Ba2' Rating to Stable


I R E L A N D

ARINI EUROPEAN X: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
CIFC EUROPEAN I: Fitch Hikes Rating on Class E Notes to 'BB+sf'
HARVEST CLO XXVI: Moody's Affirms B3 Rating on EUR13.25MM F Notes
HARVEST CLO XXXII: Fitch Affirms 'B-sf' Final Rating on Cl. F Notes
HARVEST CLO XXXII: S&P Assigns BB-(sf) Rating on Cl. E-R Notes

JUBILEE CLO 2021-XXV: Moody's Affirms B3 Rating on Class F Notes
PALMER SQUARE 2024-1: Moody's Ups Rating on Class E-R Notes to Ba2
VOYA EURO II: Fitch Affirms B+sf Rating on Class F-R Notes


I T A L Y

BANCA IFIS: Moody's Puts 'Ba3' Debt Rating on Review for Downgrade


N E T H E R L A N D S

SIGNATURE FOODS: Moody's Alters Outlook on 'B2' CFR to Stable


S P A I N

KRONOSNET CX 2022: Moody's Affirms 'B3' CFR, Outlook Neg.


T U R K E Y

TURKIYE HALK: Moody's Affirms Ba3 Deposit Ratings, Outlook Stable
TURKIYE HALK: Moody's Rates New $5BB Medium Term Notes '(P)Ba3'


U N I T E D   K I N G D O M

AUXEY BIDCO: S&P Puts 'B-' ICR on CreditWatch Positive
ENTAIN PLC: S&P Affirms 'BB-' ICR & Alters Outlook to Positive
FAST-FORM SYSTEMS: DSW Appointed as Administrators
GMP PROPERTY: Opus Restructuring Appointed as Administrators
HODSON DEVELOPMENTS: RSM Appointed as Administrators

IMPULSE GROUP: KBL Advisory Appointed as Administrators
RAGE LTD: BTG Begbies Appointed as Administrators
REGENCY TRADE: FRP Advisory Appointed as Administrators
VEDA FURNISHINGS: MHA MacIntyre Appointed as Administrators
WORLD WIDE: FTS Recovery Appointed as Administrators



X X X X X X X X

[] BOOK REVIEW: The Luckiest Guy in the World

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F R A N C E
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ALBEA BEAUTY: S&P Affirms 'B-' ICR & Alters Outlook to Negative
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S&P Global Ratings revised its outlook on its rating on Albea
Beauty Holdings S.A. (Albea) to negative from stable. At the same
time, S&P affirmed its 'B-' long-term issuer credit rating on Albea
Beauty Holdings S.A. S&P also affirmed its 'B-' issue rating and
'4' recovery rating on the $741 million senior secured term loan B
(TLB).

The negative outlook reflects a one-in-three chance of a downgrade
within the next six months if Albea fails to address its upcoming
debt maturities. S&P could also lower the rating if the group
pursued a restructuring that it viewed as distressed or if higher
cash interest burden led to further deterioration in FOCF.

Albea needs to address the approaching maturity of its $94.9
million revolving credit facility (RCF) and of its $741 million
senior secured TLB due in 2027.

S&P views the group's free operating cash flow (FOCF) generation as
weak for its debt burden and think that this could undermine its
refinancing efforts.

The negative outlook reflects the refinancing risk linked to its
upcoming debt maturities. Albea needs to refinance its $741 million
(EUR646 million) senior secured TLB before December 2027 and its
$94.9 million RCF before autumn 2027.

S&P said, "In our view, the track record of weak FOCF generation
could undermine the group's ability to secure favorable refinancing
terms. Over the last five years, Albea's FOCF was positive
once-only ($34 million in 2023); the group's EBITDA generation has
barely covered its cash interest, cash tax, and capital expenditure
(capex). For 2026, we forecast FOCF to be zero or slightly negative
(negative $10 million to $0) as adjusted EBITDA ($150 million-$160
million) will be almost entirely be used for the payment of cash
interest ($70 million), capex ($70 million), and cash taxes ($20
million), assuming broadly flat working capital needs. We view
Albea's FOCF generation as insufficient for its high debt burden
and think that this could weigh on refinancing discussions.

"We now view liquidity as less than adequate. Our assessment is
constrained by qualitative factors, despite a ratio of liquidity
sources over liquidity uses in excess of 1.2x on a 12-month
horizon. These factors include Albea's limited ability to absorb
high-impact, low-probability events without the need to refinance
its debt and its weak standing in credit markets. Our assessment
could come under further pressure if the group fails to secure a
refinancing in the next few months and its RCF or TLB became
current.

"While we expect an uplift in EBITDA in 2026 from the recent
acquisition, we do not anticipate any like-for-like growth in the
existing business. Industry conditions remain challenging; soft
demand for beauty products and input cost inflation continue to
weigh on Albea's earnings and EBITDA. We expect revenue to increase
by 7% in 2026, entirely driven by the full-year contribution of
Colombia-based Amfora Packaging (acquired in the third quarter
2025). Lower exceptional costs (by $13 million) and the
contribution of the more profitable Amfora business (lower-cost
domicile) will result in improved adjusted EBITDA margins of
11.5%-12.5% in 2026 (9.9% in 2025). This will translate into
adjusted EBITDA of $150 million-$160 million, up from $120 million
in 2025.

"The negative outlook reflects a one-in-three chance of a downgrade
within the next six months if Albea fails to address its upcoming
debt maturities. We could also lower the rating if the group
pursued a restructuring that we viewed as distressed or if higher
cash interest burden led to further deterioration in FOCF."

S&P could downgrade Albea within the next six months if:

-- The group does not address its upcoming debt maturities;

-- The group pursues a debt restructuring that S&P views as
distressed; or

-- FOCF generation is substantially weaker than anticipated.

S&P said, "We could revise the outlook to stable if Albea
successfully addresses its upcoming debt maturities. We consider a
rating upgrade as highly unlikely in the near term due its very
high debt burden and low cash generation."


BISCUIT HOLDING: S&P Raises LT ICR to 'CCC+', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Biscuit Holding S.A.S. to 'CCC+' from 'SD' (selective default), its
issue ratings on the group's senior debt instrument to 'CCC+' from
'D' (default), with the recovery rating at '3' (55%), and its issue
rating on the group's second-lien instrument to 'CCC-' from 'D',
with the recovery rating at '6' (0%).

The negative outlook reflects the risk of a downgrade if BI's
operating performance is weaker than expected, leading to a larger
FOCF after leases deficit and deteriorating liquidity, which would
increase the likelihood of a liquidity shortfall or payment default
in the next 12 months.

Despite limited visibility on trading, S&P expects Biscuit Holding
S.A.S.' (Biscuit International; BI) operating performance to
further deteriorate this year amid challenging market conditions,
weak consumer demand, and unfavorable geopolitical context.

S&P said, "We think BI's capital structure remains unsustainable,
and we expect leverage of about 16.0x and free operating cash flow
(FOCF) after leases of negative EUR40 million in 2026.

"We expect BI's operating performance to remain pressured in 2026,
as the group continues to face challenging market conditions and
weaker demand. The group's net sales decreased by 2.9% to EUR275
million in the first quarter of 2026 from EUR284 million in the
first quarter of 2025, while management adjusted EBITDA declined by
21.6% to EUR18.7 million from EUR23.8 million. This is due to a 1%
year-on-year decline in volumes, due to persisting market weakness
and muted demand, despite new business gains. Additionally,
contractual indexation clauses in France and the Netherlands amid
lower butter and flour prices, resulted in a 2% year-on-year
decline on average selling price. We expect market softness to
continue and anticipate that the pace and magnitude of BI's
business recovery will be uncertain. We revised down our base-case
assumptions and now expect that revenue in 2026 will decrease by
about 1%. Additionally, while raw material prices (mainly butter,
flour, and cocoa) are easing, we expect the current geopolitical
context could result in higher packaging, energy, and
transportation costs, which will further impact profitability this
year. Therefore, we forecast S&P Global Ratings-adjusted EBITDA to
decline to about EUR75 million in 2026 from EUR83 million in 2025,
and the S&P Global Ratings-adjusted EBITDA margin to decline to
6.5% in 2026 compared with 7.1% in 2025.

"We expect the group's FOCF after leases will remain negative over
the medium term, leading to deteriorating liquidity. Given the
expected EBITDA decline, we forecast FOCF after lease payments will
further decrease toward negative EUR40 million in 2026 compared to
negative EUR21 million in 2025, despite the lower interest expense
following its debt restructuring. Visibility on operating
performance recovery in the medium term is limited, and we think
that persistent FOCF after leases deficit could have a considerable
effect on BI's liquidity. As of March 31, 2026, the group had EUR32
million cash in the balance sheet and only EUR36 million available
under the EUR85 million revolving credit facility (RCF) maturing in
May 2030 (EUR41 million was drawn and EUR8 million used as
ancillary facilities). Although we deem this sufficient to assess
its liquidity as adequate for the next 12 months, persistent high
cash burn could lead to insufficient liquidity after 12 months,
absent any significant operating performance recovery.

"Despite the extension of debt maturities, we think that the
group's capital structure remains unsustainable. Despite the
extension of debt maturities following the restructuring
transaction, adjusted leverage remains very high. We estimate that
about EUR1.2 billion of S&P Global Ratings-adjusted debt will be
outstanding by year-end 2026. Given the expected decrease in EBITDA
generation, we forecast adjusted leverage will reach about 16.0x in
2026 from 14.1 x in 2025. We think that BI's capital structure
remains unsustainable and dependent on business recovery, which
remains uncertain, given the weak industry dynamics, muted consumer
demand, and unstable geopolitical context."

The negative outlook reflects the risk of a downgrade if BI's
operating performance is weaker than expected, leading to a larger
FOCF after leases deficit and deteriorating liquidity, which would
increase the likelihood of a liquidity shortfall or payment default
in the next 12 months.

S&P could lower its rating on BI if S&P envisions another default
as likely within 12 months due to:

-- Sustained cash flow deficits leading to heightened risk of a
payment default or covenant violation; or

-- S&P does not expect it will improve its operating performance
and EBITDA generation due to persistently challenging trading
environment and weak demand.

S&P could revise its outlook on BI to stable or raise the rating
if:

-- The group significantly improves its operating performance;
and

-- S&P expects it will generate sustained, positive FOCF after
leases sufficient to cover its fixed charges and maintain adequate
liquidity.


CHROME HOLDCO: S&P Upgrades ICR to 'CCC-', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
France-based laboratory Chrome HoldCo SAS (parent to Cerba
HealthCare) to 'CCC-' from 'SD' (selective default) and raised its
issue rating on the company's senior unsecured to 'C' from 'D'
(default). S&P's issue ratings on the senior secured notes remain
'CCC-'.

The negative outlook reflects that S&P could downgrade Chrome
HoldCo SAS within the next six months if it announces a debt
restructuring or misses another interest payment that it considers
to be equivalent to a default.

Cerba HealthCare recently entered a waiver agreement that allows it
to defer its interest payments on the senior unsecured notes until
August 2026, which S&P views as supportive for Cerba's liquidity.

S&P said, "That said, we continue to view the company's capital
structure as unsustainable given very high leverage, weak
fixed-charge coverage, and our expectation of continued free
operating cash outflows. The current operating environment
exacerbates these issues despite the company's ongoing turnaround
efforts. We understand the company is reviewing its capital
structure with several stakeholders.

"The 'CCC-' rating reflects our view that the company's capital
structure is unsustainable given our expectation of weak credit
metrics, increasing the likelihood of another default in the near
term. The agreement with lenders to postpone interest payment on
the senior unsecured notes, while the company remains current on
its other obligations, supports the upgrade. Cerba operates in the
capital-intensive private medical laboratory diagnostics market,
which is exposed to regulatory framework uncertainty notably in
France for the next three years and across Europe. This market is
experiencing subsequent inflation. The company's operations in the
research business continue to face significant challenges due to
weak market dynamics, which impede it in replenishing its backlog.
Therefore, we think the company depends on favorable business
conditions to improve its financial performance to generate free
cash flow and reduce leverage. We forecast Cerba's S&P Global
Ratings-adjusted leverage of about 14.5x in 2026, compared with at
14.7x leverage in 2025, and its fixed-charge coverage ratio to
remain stable at about 1.0x-1.2x." The deterioration of credit
metrics mostly stemmed from continued weak top line dynamics with
the volume-driven routine segment slowly growing while absorbing
tariff cuts, and research and specialty not fully offsetting
revenue decline. The company also experienced a
higher-than-expected level of nonrecurring costs which, despite
ongoing cost savings, led us to revise our base case downward in
April 2026.

S&P thinks that another default is likely in the next six months,
given Cerba's tight liquidity position and weak cash flows. The
ratings also reflect Cerba's ongoing negotiations with lenders
regarding its existing capital structure, which could result in a
distressed exchange.

Operating performance over the first quarter of 2026 remains
flattish, despite Cerba's ongoing turnaround and cost-savings plan.
In the first quarter of 2026, Cerba reported revenue declining
slightly by about 0.5% undermined by low activity in research
compared to last year. The latter was partially offset by resuming
volume growth in the routine and specialty businesses. The group
reported an overall stable EBITDA compared with last year landing
at EUR112 million compared with EUR112.8 million. Continued cost
savings initiatives that are proving successful thanks to the
group's high operating leverage and resilient volume on routine and
specialty, also support stable EBITDA levels. S&P said, "We think
that the group will continue to benefit from recovering market
dynamics in both routine and specialty. Therefore, we now expect
S&P Global Ratings-adjusted EBITDA of about EUR350 million-EUR360
million in 2026, underpinned by the effort to turnaround operations
while the company will continue to burn cash of about EUR70
million-EUR80 million after lease payments."

S&P said, "The negative outlook indicates that we could downgrade
Cerba within the next six months if it announces a debt
restructuring or misses another interest payment that we consider
to be equivalent to a default."

S&P could lower the ratings if Cerba:

-- Pursues a debt restructuring or other transaction that S&P
views as tantamount to a default; or

-- Misses an interest payment or agrees to differ its next coupon
payment due in August as part of the negotiations with its
lenders.

S&P could take a positive rating action on Cerba if it thinks that
a default is less likely in the next six months. This could occur
if:

-- It secures alternative financing which S&P expects will provide
it with a comfortable liquidity cushion; and

-- It demonstrates improved EBITDA and cash flow prospects such
that S&P no longer believes a distressed debt restructuring is
likely in the next six months.


ILIAD HOLDING: S&P Raises Rating to 'BB+', Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its rating on Iliad Holding SAS (Iliad),
its subsidiary Iliad S.A., and on the unsecured debt issued by
Iliad S.A. to 'BB+' from 'BB'. S&P also raised its issue rating on
the senior secured debt issued by Iliad Holding to 'BB-' from
'B+'.

The stable outlook reflects S&P's expectation that Iliad will
demonstrate sustainable revenue and EBITDA growth, resulting in
leverage sustainably below 4.5x and free operating cash flow (FOCF)
to debt sustainably above 5%-6%.

Iliad Holding's leverage has gradually improved and S&P expects it
will remain sustainably below 4.5x, despite a temporary spike at or
slightly above 4.5x when the Altice France deal closes.

Iliad's unique business model, its asset and geographic diversity,
and its large scale and established position in each market support
further revenue and EBITDA growth in coming years.

S&P said, "We expect Iliad's business model will support continued
organic growth. Iliad has a long track record of growing faster
than competitors in its key markets of France, Poland, and Italy.
This follows high-quality mobile and fixed networks (including
fiber networks); a customer-centric approach resulting in high
levels of customer satisfaction; and innovation and differentiation
across various fields, including product and service offerings,
distribution, and marketing. Iliad is also developing new
initiatives, including data center capacity and AI computing. We
expect the organic growth rate will decelerate in coming years,
reflecting the current larger scale with established market
positions in most markets. In France, Iliad ranks No. 3 in mobile
and No. 2 in fixed, with a leading fiber-to-the-home (FTTH)
position. In Poland, it is No. 1 in mobile and No. 2 in fixed. In
nearly all nine Latin American markets, it holds a No. 1 or No. 2
position in mobile and fixed. In Italy, where Iliad started in
2018, it ranks only No. 4 in mobile with market share of about 16%
in 2025 and only holds a market share of about 7.5% in its FTTH
service, but we expect its position there will continue to
gradually expand."

Iliad's FOCF will grow over time, supported by its geographic
diversity, superior profitability and lower capital expenditure
(capex). S&P said, "Iliad is well diversified geographically. In
addition to consolidated operations in France, Poland, Italy, and
Latin America, Iliad holds minority stakes in Irish operator Eir
(32%) and Swedish operator Tele 2 (20%), from which we add cash
dividends received to Iliad's EBITDA. With an S&P Global
Ratings-adjusted EBITDA margin of about 47%-48%, Iliad has a higher
profitability than most rated European telecom operators, thanks to
its continual focus on cost control and efficiency, and a dynamic
approach to asset ownership and in-house developments. We also
expect capex intensity will continue to decline after previous
years of large investments in networks. Capex declined to 15% in
2025 from above 30% in 2020 and could decline a bit more in coming
years. As a result, we expect S&P Global Ratings-adjusted FOCF of
at least EUR2 billion annually in 2026-2027 (compared with negative
adjusted FOCF until 2022), corresponding to FOCF conversion to
revenue of at least 15%."

The potential market consolidation in France, through the Altice
France transaction, will gradually strengthen Iliad's business risk
profile. S&P said, "As part of the transaction, Iliad will take
over 8 million customers (of which 6 million mobile and 2 million
fixed) and we estimate its market share in France will grow to 28%
in mobile from 19%, and to 30% from 23% in fixed broadband. This
will add about EUR2 billion revenue and EUR400 million operating
cash flows at closing, and Iliad expects to generate synergies of
at least EUR500 million over five years after migrating the
acquired subscribers to its own mobile and fixed networks. Although
the technical complexity of the transaction poses some execution
risks, we believe Iliad has a good track record of successfully
integrating acquisitions."

Iliad's track record of deleveraging and financial policy supports
the upgrade, despite a temporary leverage spike in 2028 (assuming
the Altice France transaction closes in early 2028). S&P said, "We
expect S&P Global Ratings-adjusted debt to EBITDA will continue to
decline to about or below 4.0x in 2026-2027 (from 4.2x in 2025).
Including the Altice France transaction, leverage would increase to
about 4.6x in 2028, because of the addition of EUR6.5 billion debt
and the impact of integration costs. However, we expect leverage
will return to 4.1x, well below our 4.5x threshold for the 'BB+'
rating, already one year after closing. If the Altice France
transaction were to close in late 2027, we think pro forma leverage
could temporary exceed 4.6x in 2027 but would then also return
below 4.5x one year after closing in 2028. If the transaction does
not take place, we foresee ample rating headroom gradually
building."

S&P said, "We expect leverage will remain below 4.5x over time
because Iliad has a stated financial policy targeting a leverage
ratio below 4.0x for Iliad (Iliad's reported leverage will peak at
only 3.6x with the Altice deal, slightly below the maximum). S&P
Global Ratings-adjusted debt to EBITDA is higher than Iliad's
reported leverage by about 1x. Therefore, we consider that further
debt-funded acquisitions could potentially lead to some
releveraging up to 5x. However, if this happened, we expect Iliad's
leverage would rapidly return below 4.5x, supported by the addition
of EBITDA and FOCF from the acquired operations."

S&P adjusts Iliad's audited figures to account for its complex
legal structure and the variety of investments including a mix of:

-- Operations that are fully consolidated by the company and S&P
Global Ratings: France, Poland, and Italy.

-- Some joint ventures (JVs) that are not-consolidated by Iliad
but that S&P proportionally consolidates because they are key
assets that are, or can be, controlled by Iliad: the 49%-owned
Investissements dans la Fibre des Territoires, from which Iliad
leases all its fiber infrastructure in sparsely populated areas in
France; and the 50%-owned fiber company Polski swiatlowod Otwarty.
S&P's adjustments relating to these JVs impact its calculation of
Iliad's revenue, EBITDA, capex, and debt. Because financials of
these two JVs are not public, S&P cannot disclose its full
adjustments on Iliad's reported numbers.

-- Operations that are fully consolidated by the company but not
by S&P Global Ratings: S&P deconsolidates part of Millicom to
reflect Iliad's indirect stake (42% as of December 2025).

-- Equity investments not consolidated by Iliad or S&P Global
Ratings: S&P adds cash dividends received by Eir and Tele2 to its
EBITDA calculation for Iliad.

S&P said, "We revised upward our stand-alone credit profile (SACP)
assessment for Iliad S.A. to 'bbb-'. We view Iliad S.A.'s business
risk profile as relatively similar to that of Iliad Holding
(although the former excludes Millicom and half of Iliad Holding's
stake in Tele2). However, we assess Iliad S.A.'s SACP at 'bbb-'
because of the company's lower leverage. Reported leverage stood at
2.3x for Iliad S.A. on Dec. 31, 2025 (corresponding to 3.4x S&P
Global Ratings-adjusted). We expect Iliad's reported leverage will
peak at 3x with Altice, which is the company's maximum target. As a
result, S&P Global Ratings-adjusted debt to EBITDA will temporarily
spike to 4.0x but will return to 3.5x, our threshold for the 'bbb-'
SACP, already one year after closing. Nevertheless, since Iliad
S.A. is a core subsidiary of Iliad, we equalize our rating on Iliad
S.A. with our rating on Iliad.

"The stable outlook reflects our expectation that Iliad will
demonstrate sustainable revenue and EBITDA growth, resulting in
leverage sustainably below 4.5x and FOCF to debt sustainably above
5%-6%.

"We could downgrade Iliad if its FOCF to debt remains below 5% or
if S&P Global ratings-adjusted debt to EBITDA remains above 4.5x.
This could stem from a more aggressive financial policy, with an
increased appetite for debt-funded acquisitions, or if the Altice
transaction was not integrated as expected or in case of other
unforeseen operational setbacks or competitive pressures.

"We could revise downward our assessment of Iliad S.A.'s SACP from
'bbb-' if its adjusted debt to EBITDA surpasses 3.5x for a
prolonged period, or FOCF declined sustainably to less than 7%-8%.

"Although remote given Iliad's public financial policy, we could
upgrade Iliad by one notch if its FOCF to debt exceeds 7%-8% and
its S&P Global Ratings-adjusted debt to EBITDA reduces sustainably
below 3.5x.

"Also remote, we could revise upward our assessment of Iliad S.A.'s
SACP to 'bbb' if its adjusted debt to EBITDA reduces sustainably
below 3x and FOCF to debt expands well above 10%."




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BANK OF GEORGIA: Moody's Alters Outlook on 'Ba2' Rating to Stable
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Moody's Ratings has affirmed the Ba2 long-term deposit ratings of
JSC Bank of Georgia (BoG) and JSC TBC Bank (TBC Bank), the Ba2
senior unsecured ratings of BoG, as well as the Ba3 long-term
deposit ratings of Liberty Bank JSC (Liberty Bank). Concurrently
Moody's affirmed TBC Bank Group PLC's (TBC PLC), TBC Bank's UK
holding company's, Ba3 long-term issuer ratings. The outlook on all
these ratings was changed to stable from negative.

At the same time, Moody's affirmed all other ratings and
assessments of the four entities, where applicable, including BoG's
and TBC Bank's ba2 Baseline Credit Assessments (BCAs) and Adjusted
BCAs and Liberty Bank's b1 BCA and Adjusted BCA.

The rating action follows the outlook change to stable from
negative and the affirmation of the Ba2 issuer and senior unsecured
bond ratings of the Government of Georgia.

RATINGS RATIONALE

RATINGS AFFIRMATION

The affirmation of the banks' ratings and BCAs reflects their
financial performance including very strong profitability, strong
capital and good liquidity, and stable loan quality. These
characteristics balance elevated risks from a still high level of
foreign currency lending and deposit dollarisation, along with some
unseasoned risk in their loan portfolios and some reliance on more
confidence-sensitive non-resident deposits. The affirmation of TBC
PLC's ratings is driven by the affirmation of TBC Bank's BCA and
Adjusted BCA.

For TBC Bank and BoG Moody's continues to assume a high likelihood
of government support given their significant systemic importance
as the largest banks in the country, but this does not result in
rating uplift because their ba2 Adjusted BCAs are in line with the
sovereign rating.

For Liberty Bank, the Ba3 long-term deposit ratings continue to
incorporate a one notch of rating uplift from Moody's assumptions
of a moderate likelihood of government support in case of need
given its role in distributing state pensions and welfare payments
in the country and its market position as the third-largest bank in
Georgia.

STABLE OUTLOOK

The stable outlook on the banks' long-term deposit ratings and TBC
PLC's long-term issuer ratings is driven by Moody's expectations
that their financial performance will be broadly stable.

The stable outlook on the long-term deposit and issuer ratings is
also driven by the stable outlook on the sovereign rating. Because
the banks operate predominantly in Georgia their standalone
creditworthiness is interlinked with that of the sovereign and
Liberty Bank's deposit ratings benefit from rating uplift from
government support.

BANK-SPECIFIC RATING DRIVERS

BoG

The affirmation of BoG's Ba2 long-term deposit ratings and ba2 BCA
reflects its very strong profitability, net income-to-tangible
banking assets (TBAs) of 4.1% during 2025, driven by its entrenched
domestic market position and strong capitalisation with a tangible
common equity (TCE)/risk-weighted assets (RWAs) ratio of 19.5% at
end-2025. These strengths are balanced by elevated asset risks from
the bank's considerable foreign currency lending along with high
credit growth, high deposit dollarisation and some reliance on
non-resident deposits, although mitigated by good liquidity with
Basel HQLAs amounting to 20% of TBAs end-2025.

TBC Bank and TBC PLC

The affirmation of TBC Bank's Ba2 long-term deposit ratings and the
ba2 BCA reflects the bank's very strong profitability, net
income-to-TBAs of 3.4% during 2025, underpinned by its dominant
market position and strong capitalisation with a TCE/ RWAs of 17.3%
at end-2025. These strengths are balanced by elevated asset risks
from lending in foreign currency coupled with rapid credit growth,
while a high level of deposit dollarisation and moderate reliance
on more confidence-sensitive non-resident deposits constrain the
bank's funding structure, although mitigated by good liquidity with
Basel HQLAs amounting to 17% of TBAs end-2025.

The affirmation of TBC PLC's issuer ratings is driven by the
affirmation of TBC Bank's BCA given that the bank makes up the bulk
of TBC PLC's assets and revenues and their financial metrics are
broadly similar. Moody's positions TBC PLC's issuer ratings one
notch lower than TBC Bank's ba2 Adjusted BCA because of the
structural subordination of TBC PLC's senior unsecured creditors to
those of TBC Bank and limited double leverage.

Liberty Bank

The affirmation of Liberty Bank's Ba3 long-term deposit ratings and
b1 BCA reflects its good profitability with net income-to-TBAs at
2.2% for 2025, although constrained by a still-high operating cost
base, a more diversified business profile over time, a relatively
stable funding structure mostly from retail deposits and
substantial liquidity whereby Basel HQLAs amounted to 18% of TBAs
end-2025. These drivers are moderated by high asset risks from a
large consumer and micro lending portfolio, rapid credit growth
that drives unseasoned risk particularly given Georgia's developing
economy, and some exposure to currency-induced credit risk. Moody's
also sees funding risks from a moderate level of deposits
denominated in foreign currency, although this is below the system
average and the bank's more limited market access compared to
larger peers. Capital is increasing in line with higher
requirements, TCE/ RWAs of 14.3% at end-2025.

Liberty Bank was acquired by JSC BasisBank, Georgia's
fourth-largest bank by assets in April 2026. Moody's expects
Liberty Bank to continue operating independently in the near term,
maintaining its operating model, as well as its funding, capital
structure, and financial policies.

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

BoG's and TBC Bank's ratings could only be upgraded if the
Government of Georgia's rating is upgraded given that their ratings
are already aligned with the sovereign. TBC PLC's ratings are
linked to TBC Bank's Adjusted BCA and an upgrade would also
therefore be contingent on an upgrade of the sovereign's ratings.

Liberty Bank's ratings could be upgraded following a combination of
a further diversification along with healthy seasoning of its loan
book, demonstrated improved performance through the economic cycle,
sustained recurring profitability along with improved cost
efficiency, and stronger capitalisation.

The three banks' and TBC PLC's ratings could be downgraded in case
the Government of Georgia's rating is downgraded. Ratings could
also be downgraded if operating conditions weaken, as reflected in
the country's Macro Profile, or if the their solvency and liquidity
deteriorate materially. This could result from a sharp rise in
problem loans, significant capital outflows and a material increase
in deposit dollarisation, and/or a large depreciation of the
Georgian lari. For Liberty Bank there could also be pressure on the
bank's ratings if capital adequacy does not increase in line with
higher capital requirements.

TBC PLC's ratings could additionally be downgraded if its double
leverage increases beyond 115% leading us to consider a further
downward notch to holding company obligations, or in case
operations outside of Georgia become a more significant part of the
group's assets and revenues, increase risk and lead to a
deterioration in the consolidated creditworthiness of the holding
company, particularly if not compensated by enhanced buffers.

LIST OF AFFECTED RATINGS

Issuer: JSC Bank of Georgia

Affirmations:

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1

LT Counterparty Risk Rating (Local Currency), Affirmed Ba1

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Bank Deposits (Foreign Currency), Affirmed Ba2, outlook changed
to STA from NEG

LT Bank Deposits (Local Currency), Affirmed Ba2, outlook changed
to STA from NEG

ST Bank Deposits (Foreign Currency), Affirmed NP

ST Bank Deposits (Local Currency), Affirmed NP

LT Counterparty Risk Assessment, Affirmed Ba1(cr)

ST Counterparty Risk Assessment, Affirmed NP(cr)

Baseline Credit Assessment, Affirmed ba2

Adjusted Baseline Credit Assessment, Affirmed ba2

Senior Unsecured (Foreign Currency), Affirmed Ba2, outlook changed
to STA from NEG

Senior Unsecured (Local Currency), Affirmed Ba2, outlook changed
to STA from NEG

Preferred Stock Non-cumulative (Foreign Currency), Affirmed B2
(hyb)

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: TBC Bank Group PLC

Affirmations:

LT Issuer Rating (Foreign Currency), Affirmed Ba3, outlook changed
to STA from NEG

LT Issuer Rating (Local Currency), Affirmed Ba3, outlook changed
to STA from NEG

ST Issuer Rating (Foreign Currency), Affirmed NP

ST Issuer Rating (Local Currency), Affirmed NP

Outlook, NOO

Issuer: JSC TBC Bank

Affirmations:

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba1

LT Counterparty Risk Rating (Local Currency), Affirmed Ba1

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Bank Deposits (Foreign Currency), Affirmed Ba2, outlook changed
to STA from NEG

LT Bank Deposits (Local Currency), Affirmed Ba2, outlook changed
to STA from NEG

ST Bank Deposits (Foreign Currency), Affirmed NP

ST Bank Deposits (Local Currency), Affirmed NP

LT Counterparty Risk Assessment, Affirmed Ba1(cr)

ST Counterparty Risk Assessment, Affirmed NP(cr)

Baseline Credit Assessment, Affirmed ba2

Adjusted Baseline Credit Assessment, Affirmed ba2

Preferred Stock Non-cumulative (Foreign Currency), Affirmed B2
(hyb)

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Liberty Bank JSC

Affirmations:

LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2

LT Counterparty Risk Rating (Local Currency), Affirmed Ba2

ST Counterparty Risk Rating (Foreign Currency), Affirmed NP

ST Counterparty Risk Rating (Local Currency), Affirmed NP

LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to STA from NEG

LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to STA from NEG

ST Bank Deposits (Foreign Currency), Affirmed NP

ST Bank Deposits (Local Currency), Affirmed NP

LT Counterparty Risk Assessment, Affirmed Ba2(cr)

ST Counterparty Risk Assessment, Affirmed NP(cr)

Baseline Credit Assessment, Affirmed b1

Adjusted Baseline Credit Assessment, Affirmed b1

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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

Liberty Bank's "Assigned BCA" of b1 is set three notches below the
"Financial Profile" initial score of ba1 to reflect the bank's
elevated asset risk from sector concentrations, unseasoned risk and
moderate exposure to currency-induced credit risk, as well as
limited market access and a share of foreign-currency deposits.

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




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

ARINI EUROPEAN X: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Arini European CLO X DAC's notes final
ratings.

   Entity/Debt              Rating           
   -----------              ------           
Arini European
CLO X DAC

   A XS3363458806        LT AAAsf   New Rating

   B XS3363458988        LT AAsf    New Rating

   C XS3363459010        LT Asf     New Rating

   D XS3363459283        LT BBB-sf  New Rating

   E XS3363459440        LT BB-sf   New Rating

   F XS3363459523        LT B-sf    New Rating

   Subordinated Notes
   XS3363459796          LT NRsf    New Rating

Transaction Summary

Arini European CLO X DAC is a European cash flow CLO backed
predominantly (at least 90%) by senior secured obligations, with a
component of senior unsecured obligations, second-lien loans,
mezzanine obligations and high-yield bonds. Net proceeds from the
issuance of the notes have been used to fund a portfolio with a
target par amount of EUR425 million. The portfolio is actively
managed by Arini Loan Management US LLC. The CLO has a 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL)
test covenant.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor (Fitch WARF) of the identified
portfolio is 23.4.

High Recovery Expectations (Positive): At least 90% of the
identified 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 (Fitch WARR) of the identified
portfolio is 65.1%.

Diversified Portfolio (Positive): The transaction sets out various
portfolio concentration limits, including a cap of 20% for the top
10 largest obligors, and a maximum exposure to the top three
largest Fitch-defined industries of 40%. These covenants help
ensure the portfolio is not excessively concentrated.

Portfolio Management (Neutral): The transaction features a 4.5-year
reinvestment period, scheduled to expire on 15 January 2031 and
with reinvestment criteria broadly consistent with other European
CLOs. The legal documents include two sets of matrices (set A and
set B). Each set contains two matrices with fixed-rate limits of 5%
and 10%, for a total of four matrices. All matrices correspond to a
top 10 largest obligor concentration limit at 20%.

Set A applies at the effective date and is linked to an 8.5-year
WAL test covenant. Beginning 12 months after the closing date, the
collateral manager may switch to set B, which references a 7.5-year
WAL test covenant. The switch to set B is conditional on the Fitch
test matrix switch condition being satisfied - specifically, that
(i) each of the Fitch collateral quality tests is satisfied and
(ii) the collateral principal amount (measured with defaults at
Fitch collateral value) meets or exceeds the reinvestment target
par balance.

Cash Flow Modelling (Positive): Fitch's analysis relies on a
stressed-case portfolio to test the robustness of the structure
against its covenants and portfolio guidelines. The WAL used for
the transaction's Fitch-stressed portfolio analysis was reduced by
12 months to reflect the strict post-reinvestment period
conditions, which include (i) passing all coverage tests, (ii)
passing the Fitch 'CCC' obligations portfolio profile test, which
is capped at 7.5%, and (iii) a WAL test covenant that progressively
steps down over time. In Fitch's opinion, these conditions reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would result in no rating impact on the notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B
notes have a rating cushion of two notches, the class C and D notes
each have four notches, and the class E and F notes each have five
notches, due to the better metrics and shorter life of the
identified portfolio than the Fitch-stressed portfolio. The class A
notes are at the highest achievable rating and therefore have no
rating cushion.

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of two notches each for the class B and C notes, three
notches each for the class D and F notes, and four notches for the
class E notes. The 'AAAsf' notes are at the highest level on
Fitch's scale and cannot be upgraded.

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


CIFC EUROPEAN I: Fitch Hikes Rating on Class E Notes to 'BB+sf'
---------------------------------------------------------------
Fitch Ratings has upgraded CIFC European Funding CLO I DAC class
B-1-R, B-2-R, C-R, D-R and E notes and affirmed the others.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
CIFC European Funding
CLO I DAC

   A-R XS2370635463      LT AAAsf  Affirmed    AAAsf      
   B-1-R XS2370636271    LT AAAsf  Upgrade     AAsf
   B-2-R XS2370636867    LT AAAsf  Upgrade     AAsf
   C-R XS2370638301      LT AA+sf  Upgrade     Asf
   D-R XS2370638566      LT Asf    Upgrade     BBBsf
   E XS2020693987        LT BB+sf  Upgrade     BBsf
   F XS2020694100        LT B-sf   Affirmed    B-sf

Transaction Summary

CIFC European Funding CLO I DAC is a cash flow CLO comprising
senior secured obligations. The transaction is actively managed by
CIFC CLO Management II LLC and exited its reinvestment period in
January 2024.

KEY RATING DRIVERS

Amortisation Benefits Senior Notes: The class A-R notes have paid
down by EUR87 million since the last review in August 2025. This
amortisation has significantly increased the credit enhancement for
all classes of notes, which has driven the upgrades.

Stable Performance: Since Fitch's last rating action in August
2025, the portfolio's performance has been stable, with all
coverage tests passing. The transaction is below par by 2% as
reported by the trustee and no defaulted obligations were reported
in the latest trustee report. Exposure to assets with a
Fitch-derived rating of 'CCC+' and below is 6.4%, according to the
trustee, versus a limit of 7.5%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average factor
has risen to 26.2 as calculated by Fitch under its latest criteria,
from 25.6 at the last review.

High Recovery Expectations: Senior secured obligations comprise
99.2% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 65.4%.

Transaction Out of Reinvestment Period: The manager stopped
reinvesting in November 2025 due to breaches of some tests,
including the weighted average life (WAL) test. The manager's
barriers to reinvesting mean Fitch's downgrade analysis is based on
the current portfolio, and the upgrade analysis is based on a
stressed portfolio in which Fitch has notched down assets on
Negative Outlook and floored the WAL at four years.

Deviation from MIRs: The class C-R and D-R notes are one notch
below their model-implied ratings (MIRs), the class E are three
notches below and the class F notes are two notches below. The
notes show limited default-rate cushions at their MIRs combined
with increasing exposure to assets maturing close to the maturity
date, which may increase the transaction's exposure to long-dated
assets, currently representing 0.5% of the portfolio.

RATING SENSITIVITIES

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

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

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

Upgrades may occur on 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

CIFC European Funding CLO I DAC

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for CIFC European
Funding CLO I DAC.

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


HARVEST CLO XXVI: Moody's Affirms B3 Rating on EUR13.25MM F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Harvest CLO XXVI Designated Activity Company:

EUR27,750,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Aug 3, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aaa (sf); previously on Aug 3, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR34,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Aug 3, 2021
Definitive Rating Assigned A2 (sf)

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

EUR236,000,000 (Current outstanding amount EUR232,859,736) Class A
Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf);
previously on Aug 3, 2021 Definitive Rating Assigned Aaa (sf)

EUR26,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Aug 3, 2021
Definitive Rating Assigned Baa3 (sf)

EUR19,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Aug 3, 2021
Definitive Rating Assigned Ba3 (sf)

EUR13,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Aug 3, 2021
Definitive Rating Assigned B3 (sf)

Harvest CLO XXVI Designated Activity Company, issued in Aug 2021,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European and US loans. The
portfolio is managed by Investcorp Credit Management EU Limited.
The transaction's reinvestment period ended in January 2026.

RATINGS RATIONALE

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

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

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

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

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

Performing par and principal proceeds balance: EUR389,882,605

Defaulted Securities: EUR0

Diversity Score: 53

Weighted Average Rating Factor (WARF): 2978

Weighted Average Life (WAL): 4.18 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.63%

Weighted Average Coupon (WAC): 4.36%

Weighted Average Recovery Rate (WARR): 43.84%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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


HARVEST CLO XXXII: Fitch Affirms 'B-sf' Final Rating on Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXXII DAC's refinancing
notes final ratings and affirmed the class F notes.

   Entity/Debt               Rating                Prior
   -----------               ------                -----
Harvest CLO XXXII DAC

   A XS2793712592         LT PIFsf  Paid In Full   AAAsf
   A-R XS3364788128       LT AAAsf  New Rating
   B XS2793712915         LT PIFsf  Paid In Full   AAsf
   B-R XS3364788557       LT AAsf   New Rating
   C XS2793713053         LT PIFsf  Paid In Full   Asf
   C-R XS3364790967       LT Asf    New Rating
   D XS2793713210         LT PIFsf  Paid In Full   BBB-sf
   D-R XS3364791007       LT BBB-sf New Rating
   E XS2793713483         LT PIFsf  Paid In Full   BB-sf
   E-R XS3364788987       LT BB-sf  New Rating
   F XS2793713640         LT B-sf   Affirmed       B-sf

Transaction Summary

Harvest CLO XXXII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. The transaction
is actively managed by Investcorp Credit Management EU Limited. The
refinancing note proceeds have been used to redeem the outstanding
notes other than the class F and subordinated notes. The CLO has a
remaining reinvestment period of about 2.5 years and a
weighted-average life (WAL) covenant of 5.5 years as of the
refinancing closing date.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-' The weighted average
rating factor (WARF), as calculated by Fitch, is 24.5.

High Recovery Expectations (Positive): At least 98.5% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the current portfolio is
65%.

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

Portfolio Management (Neutral): The transaction includes four
updated Fitch matrices, corresponding to a 7.5-year WAL test and
6.5-year WAL test, fixed-rate asset limits at 5% and 10% and a top
10 obligor concentration limit at 20%. The manager is to apply the
matrix set corresponding to a 6.5-year WAL test (set B) on or after
closing of the refinancing and this has no impact on its rating
analysis.

Weighted Average Life Step-up (Neutral): The transaction has a WAL
step-up provision such that the transaction can step up the WAL
test by one year if the transaction is at least at reinvestment
target par balance and the collateral quality tests are satisfied.

Transaction Inside Reinvestment Period (Neutral): The transaction
is within its reinvestment period, which expires in December 2028,
and the manager can reinvest principal proceeds and sale proceeds
subject to compliance with the reinvestment criteria. Given the
manager's ability to reinvest, Fitch's analysis is based on a
stressed portfolio, which tested the notes' achievable ratings
across the matrices, since the portfolio can still migrate to
different collateral quality tests.

Cash Flow Analysis (Positive): The WAL used for the Fitch-stressed
portfolio analysis was reduced by 12 months and floored at six
years. This is to account for the strict reinvestment conditions
envisaged after the reinvestment period. These include passing the
coverage tests and the Fitch 'CCC' maximum limit, and a WAL
covenant that progressively steps down over time, both before and
after the end of the reinvestment period. These conditions would,
in Fitch's opinion, reduce the effective risk horizon of the
portfolio during stress periods.

Affirmation of Class F Notes (Neutral): The affirmation of the
class F notes reflects the portfolio performance being in line with
its rating case assumption.

RATING SENSITIVITIES

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

A 50% increase in the mean default rate (RDR) and a 50% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would lead to downgrades of two notches each for the class A-R,
B-R, C-R, D-R notes and below 'B-sf' for the class E-R and F
notes.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of two notches
each for the class A-R, B-R, C-R, D-R notes and below 'B-sf' for
the class E-R and F notes.

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

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

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

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

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

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

DATA ADEQUACY

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 Harvest CLO XXXII
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.


HARVEST CLO XXXII: S&P Assigns BB-(sf) Rating on Cl. E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Harvest CLO XXXII
DAC's class A-R, B-R, C-R, D-R, and E-R notes. At the same time,
S&P affirmed its rating on the existing class F notes and withdrew
its ratings on the original class A, B, C, D, and E notes. At
closing, the issuer had unrated subordinated notes outstanding from
the existing transaction.

The replacement notes are largely subject to the same terms and
conditions as the original notes, except that the replacement notes
will have a lower spread over Euro Interbank Offered Rate (EURIBOR)
than the original notes.

The ratings 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   2,821.58
  Default rate dispersion                                521.76
  Weighted-average life (years)                            4.52
  Obligor diversity measure                              156.09
  Industry diversity measure                              20.82
  Regional diversity measure                               1.33

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          2.96
  Actual 'AAA' weighted-average recovery (%)              35.99
  Actual weighted-average spread (net of floors; %)        3.75
  Actual weighted-average coupon (%)                       4.73

Rating rationale

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 payments.

The portfolio's reinvestment period will end on Dec. 27, 2028.

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

S&P said, "In our cash flow analysis, we used a EUR498.14 million
adjusted target par collateral principal amount, which is lower
than the target par amount of EUR500.0 million. This takes into
account the negative cash balance as of the May 2026 trustee
report.

"We used the portfolio's actual weighted-average spread (3.75%),
actual weighted-average coupon (4.73%), and the actual portfolio
weighted-average recovery rates for all rated notes.

"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 counterparty criteria.

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

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

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

"For the class A-R notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with the assigned rating.

"The class F notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. 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 reflects several
factors, including:

-- Their available credit enhancement 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 BDR at the 'B-' rating level is 24.60% versus a portfolio
default rate of 14.46% if it was to consider a long-term
sustainable default rate of 3.2% for a portfolio with a
weighted-average life of 4.52 years.

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class
A-R to F notes.

"In addition to our standard analysis, to provide an indication of
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-R to E-R
notes based on four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F 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 or limit assets from being
related to certain industries. 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."

  Ratings assigned

                              Replacement Original
                              Notes       notes         Credit
                    Amount    interest    interest  enhancement
  Class  Rating*  (mil. EUR)  rate§       rate          (%)†

  A-R    AAA (sf)   306.50    Three-month Three-month
                              EURIBOR     EURIBOR
                              + 1.21%     + 1.45%       38.42

  B-R    AA (sf)     53.50    Three-month Three-month
                              EURIBOR     EURIBOR
                              + 1.75%     + 2.05%       27.73

  C-R    A (sf)      35.00 Three-month Three-month
                              EURIBOR     EURIBOR
                              + 1.95%     + 2.50%       20.71

  D-R    BBB- (sf)   32.50 Three-month Three-month
                              EURIBOR     EURIBOR
                              + 3.00%     + 3.60%       14.18

  E-R    BB- (sf)    22.50 Three-month Three-month
                              EURIBOR     EURIBOR
                              + 5.50%     + 6.62%        9.67

  Rating affirmed

  Class   Rating*   Amount (mil. EUR)   Notes interest rate§
  
  F       B- (sf)        16.25         Three-month EURIBOR + 8.24%
  
*The ratings assigned to the class A-R and B-R notes address timely
interest and ultimate principal payments. The ratings on the class
C-R, D-R, E-R, and F notes address ultimate interest and principal
payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

†Based on a target par collateral principal amount of EUR498.14
million.
EURIBOR--Euro Interbank Offered Rate.


JUBILEE CLO 2021-XXV: Moody's Affirms B3 Rating on Class F Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Jubilee CLO 2021-XXV DAC:

EUR23,500,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Upgraded to Aa1 (sf); previously on Dec 8, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR16,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Upgraded to Aa1 (sf); previously on Dec 8, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR18,000,000 Class C-1 Deferrable Mezzanine Floating Rate Notes
due 2035, Upgraded to A2 (sf); previously on Dec 8, 2021 Definitive
Rating Assigned A3 (sf)

EUR10,000,000 Class C-2 Deferrable Mezzanine Fixed Rate Notes due
2035, Upgraded to A2 (sf); previously on Dec 8, 2021 Definitive
Rating Assigned A3 (sf)

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2035, Affirmed Aaa (sf); previously on Dec 8, 2021 Definitive
Rating Assigned Aaa (sf)

EUR25,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2035, Affirmed Baa3 (sf); previously on Dec 8, 2021 Definitive
Rating Assigned Baa3 (sf)

EUR20,000,000 Class E Deferrable Junior Floating Rate Notes due
2035, Affirmed Ba3 (sf); previously on Dec 8, 2021 Definitive
Rating Assigned Ba3 (sf)

EUR11,750,000 Class F Deferrable Junior Floating Rate Notes due
2035, Affirmed B3 (sf); previously on Dec 8, 2021 Definitive Rating
Assigned B3 (sf)

Jubilee CLO 2021-XXV DAC, issued in December 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Benefit Street Partners Limited (previously named
Alcentra Limited). The transaction's reinvestment period ended in
May 2026.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, C-1 and C-2 notes are
primarily result of the transaction having reached the end of the
reinvestment period in May 2026.

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

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

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

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

Performing par and principal proceeds balance: EUR390.27m

Defaulted Securities: EUR3.21m

Diversity Score: 58

Weighted Average Rating Factor (WARF): 2933

Weighted Average Life (WAL): 4.62 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.56%

Weighted Average Coupon (WAC): 3.74%

Weighted Average Recovery Rate (WARR): 43.93%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

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

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

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


PALMER SQUARE 2024-1: Moody's Ups Rating on Class E-R Notes to Ba2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Palmer Square European Loan Funding 2024-1 Designated
Activity Company:

EUR25,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Aa1 (sf); previously on Nov 6, 2025
Upgraded to Aa3 (sf)

EUR20,900,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to A2 (sf); previously on Nov 6, 2025
Upgraded to Baa1 (sf)

EUR21,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Ba2 (sf); previously on Nov 6, 2025
Affirmed Ba3 (sf)

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

EUR254,911,315 (Current outstanding amount EUR96,407,638) Class
A-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Nov 6, 2025 Affirmed Aaa (sf)

EUR45,000,000 Class B-R Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Nov 6, 2025 Upgraded to Aaa
(sf)

Palmer Square European Loan Funding 2024-1 Designated Activity
Company, originally issued in April 2024 and later refinanced in
April 2025 is a static collateralised loan obligation (CLO) backed
by a portfolio of mostly high-yield senior secured European loans.
The portfolio is serviced by Palmer Square Europe Capital
Management LLC. The servicer may sell assets on behalf of the
Issuer during the life of the transaction. Reinvestment is not
permitted and all sales and unscheduled principal proceeds received
will be used to amortize the notes in sequential order.

RATINGS RATIONALE

The rating upgrades on the Class C-R, D-R and E-R notes are
primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the last
rating action in November 2025.

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

The Class A-R notes have paid down by approximately EUR89.8 million
(35.2%) since the last rating action in November 2025 and EUR158.5
million (62.2%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated June 2026[1] the
Class A/B, Class C, Class D and Class E OC ratios are reported at
166.5%, 141.5%, 125.7% and 113.0% compared to October 2025[2]
levels of 141.1%, 127.4%, 117.8% and 109.5%, respectively.

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

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

Performing par and principal proceeds balance: EUR235.4m

Defaulted Securities: EUR0.7m

Diversity Score: 41

Weighted Average Rating Factor (WARF): 2945

Weighted Average Life (WAL): 3.47 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.48%

Weighted Average Coupon (WAC): 3.93%

Weighted Average Recovery Rate (WARR): 44.60%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

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

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

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


VOYA EURO II: Fitch Affirms B+sf Rating on Class F-R Notes
----------------------------------------------------------
Fitch Ratings has revised the Outlook on Voya Euro CLO II DAC's
class F-R notes to Negative from Stable and affirmed all notes'
ratings. Fitch has also removed all classes from Under Criteria
Observation (UCO).

   Entity/Debt              Rating            Prior
   -----------              ------            -----
Voya Euro CLO II DAC

   A-R XS2357476691      LT AAAsf  Affirmed   AAAsf
   B-1-R XS2357476931    LT AA+sf  Affirmed   AA+sf
   B-2-R XS2357477152    LT AA+sf  Affirmed   AA+sf
   C-R XS2357477079      LT A+sf   Affirmed   A+sf
   D-R XS2357477236      LT BBB+sf Affirmed   BBB+sf
   E-R XS2357478556      LT BB+sf  Affirmed   BB+sf
   F-R XS2357478473      LT B+sf   Affirmed   B+sf

Transaction Summary

Voya Euro CLO II DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine and second-lien loans. The portfolio is actively managed
by Voya Alternative Asset Management LLC. The transaction exited
its reinvestment period in January 2026.

KEY RATING DRIVERS

CLO Criteria Update: The rating affirmations incorporate the
combined effect of Fitch's updated CLOs and Corporate CDOs Rating
Criteria published on 1 June 2026 and portfolio performance. The
positive impact from the updated criteria, which brought about an
increase in the weighted average recovery rate (WARR) from 61.3% to
65.5% as calculated by Fitch, was offset by deteriorating
performance.

Performance Deterioration: The transaction is currently 1.65% below
par (calculated as the current par difference below the original
target par), down from 0.4% above par as of 31 July 2025. Exposure
to assets with a Fitch-derived rating of 'CCC+' or lower is of
5.5%, according to the latest trustee report dated 30 April 2026,
whereas obligors with a Fitch-derived rating on Negative Outlook
account for 17.2%.

The revision of the Outlook on the class F-R notes to Negative
stems from the portfolio's deteriorating performance metrics and
reflects their reduced protection against further losses.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor of the current portfolio is 25.7, as calculated by Fitch
under its latest criteria.

High Recovery Expectations: Senior secured obligations comprise
99.5% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated WARR of the current
portfolio is 65.5%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 10.8%, and no obligor
represents more than 1.2% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is 26.8% as calculated by
Fitch. Fixed-rate assets as reported by the trustee are at 4.9%,
currently complying with the limit of 5.0%.

Transaction Out of Reinvestment Period: The transaction exited its
reinvestment period in January 2026. However, the manager is
allowed to reinvest unscheduled principal proceeds and sale
proceeds from sale of credit impaired obligations and credit
improved obligations, subject to the reinvestment criteria. Fitch
tested the ratings for upgrades based on a stressed portfolio, with
a weighted average life floor of four years under its criteria,
across the Fitch test matrix set out in the documentation.

Deviation from MIRs: The class B-1-R and B-2-R notes are rated one
notch below their model-implied ratings (MIR) due to insufficient
break-even default-rate cushion at the MIRs.

RATING SENSITIVITIES

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

Downgrades may occur if the loss expectation is larger than
assumed, due to unexpectedly high levels of default and portfolio
deterioration, based on the current portfolio.

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

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

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 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 Voya Euro CLO II
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.




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

BANCA IFIS: Moody's Puts 'Ba3' Debt Rating on Review for Downgrade
------------------------------------------------------------------
Moody's Ratings has placed all ratings and assessments of Banca
Ifis S.p.A. (Ifis) and illimity Bank S.p.A. (Illimity) on review
for downgrade, including, for Ifis: Baseline Credit Assessment
(BCA) and Adjusted BCA of ba2, long-term (LT) and short-term (ST)
deposit ratings of Baa2/Prime-2, LT issuer and senior unsecured
debt ratings of Baa3, subordinate debt rating of Ba3, commercial
paper rating of Prime-3, LT and ST Counterparty Risk Ratings (CRR)
of Baa2/Prime-2, LT and ST Counterparty Risk (CR) Assessments of
Baa2(cr)/Prime-2(cr); for Illimity: BCA and Adjusted BCA of ba2, LT
and ST deposit ratings of Baa2/Prime-2, LT issuer and senior
unsecured debt ratings of Baa3, subordinate debt rating of Ba3, LT
and ST Counterparty Risk Ratings (CRR) of Baa2/Prime-2, LT and ST
Counterparty Risk (CR) Assessments of Baa2(cr)/Prime-2(cr).

Previously the outlooks on the LT deposit, LT issuer and senior
unsecured debt ratings of Ifis and Illimity were stable.

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

The rating action was triggered by Ifis' announcement on June 26,
2026 that, following a supervisory inspection by the Bank of Italy,
the bank reported additional loan loss provisions of EUR30 million
(amounting to around 0.2% of the banks' total lending assets). This
provision adds to EUR40 million of additional provisions on its
fully-owned subsidiary Illimity which it plans to merge and
integrate before the end of 2026, mainly relating to lower recovery
expectations on its securitized loan exposures. Ifis has
simultaneously announced the launch of a competitive process for
the deconsolidation of its non-performing loans (NPL) business
carried out by subsidiaries Ifis Npl Servicing S.p.A. and Ifis NPL
Investing S.p.A., through which Ifis manages a portfolio of EUR1.5
billion net book value of NPLs, to refocus its business model on
commercial banking. As a result of these actions, Ifis has also
reviewed downwards its net profit guidance for 2026 to EUR100-
EUR110 million, from EUR170–190 million previously.

The review for downgrade will primarily focus on the implications
of potential additional impacts from the Bank of Italy's inspection
process and of the disposal of Ifis' NPL business. During the
review period, Moody's will in particular assess the potential
impacts that additional loan losses could bring on Ifis' and
Illimity's capital ratios and profitability. Moody's will also
assess the bank's access to wholesale funding, the resilience of
its retail deposit base, and its liquidity position. The review
will also assess the implication of the bank's renewed strategy, as
well as the financial impacts and execution risks associated with
the repositioning of its business model toward commercial banking.

Under Moody's environmental, social and governance (ESG) framework,
Moody's have lowered the governance issuer profile score (IPS) of
Ifis and Illimity to G-3 from G-2 previously, and the ESG credit
impact scores to CIS-3 from CIS-2 previously, indicating the
material impact of elevated strategy and governance risks on the
current ratings.

Given the ongoing review for downgrade, there is currently no
positive pressure on the ratings of Ifis and Illimity. The banks'
ratings and assessments could be confirmed at their current level
if the banks disposed the NPL business without impacts on capital,
medium-term profitability profile and overall risk appetite
stemming from the new business model of the banks. Ratings could
also be confirmed if the banks maintain strong market confidence
and access to funding, with stable loss absorption levels in its
liability structure, and if the impact of additional provisions
does not lead to capital-eroding losses.

The ratings and assessments of Ifis and Illimity could be
downgraded, potentially by more than one notch, if the group
reported material additional provisions; if the disposal of the NPL
business was either unsuccessful or led to material capital
erosion; or if the group experienced material retail funding
outflows and materially weakened its access to wholesale funding,
leading to a decrease in the pool of loss-absorbing liabilities.

PRINCIPAL METHODOLOGY

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




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

SIGNATURE FOODS: Moody's Alters Outlook on 'B2' CFR to Stable
-------------------------------------------------------------
Moody's Ratings has affirmed the B2 long-term corporate family
rating and B2-PD probability of default rating of Signature Foods
B.V. (Signature Foods or the company), a leading producer of
chilled convenience food in the Benelux region. Concurrently,
Moody's assigned the B2 ratings to the proposed amended and
extended EUR350 million senior secured term loan B due 2031 and the
EUR62 million senior secured revolving credit facility (RCF) due
2030 both borrowed by Signature Foods. The B2 ratings for its
existing EUR341 million senior secured term loan B due 2028 and the
EUR62 million senior secured RCF due 2027 both borrowed by
Signature Foods, are not affected and are expected to be withdrawn
upon completion of the transaction. The outlook has been changed to
stable from negative.

The proposed transaction will amend and extend the company's
existing EUR341 million term loan B and upsize it by EUR9 million,
with the additional proceeds to transaction related fees and
expenses.

"The outlook change to stable reflects Moody's expectations of
steady improvement in operating performance and credit metrics,
along with positive free cash flow generation and an extended debt
maturity profile to 2030-2031" says Valentino Balletta, a Moody's
Ratings AVP-Analyst and lead analyst for Signature Foods.

RATINGS RATIONALE    

The rating actions reflect ongoing improvement in Signature Foods'
operating performance and the extended debt maturity profile of the
term loan B from 2028 to 2031, which will allow more time for
management to focus on executing its strategy.

The company's operating performance in fiscal 2026 recovered from
the weak operating performance in the prior year, with a gradual
recovery in volumes and EBITDA, and sequential improvement more
pronounced in the last 6-7 months. Nevertheless, the recovery has
been slower than expected, because of continued underperformance in
Belgium, an unfavourable channel mix, and elevated one-off costs
related mainly to the ERP implementation (EUR6.2 million in FY 2026
and EUR5.8 million in FY 2027). The highly profitable Belgium
business continues to face challenges from increasing market
competition and lower volumes, particularly in the retail segment.
Meanwhile, the Tapas business, although recovering from last year's
shortfall, has not yet fully rebounded. As a result, in fiscal
2026, Moody's-adjusted EBITDA improved modestly by 3% to EUR58
million, driven by top-line growth and cost control, although this
still reflects higher one-off costs, with Moody's-adjusted leverage
declining to 6.1x (around 5.4x excluding ERP-related exceptional
costs).

Nevertheless, over the next 12-18 months, Moody's expects credit
metrics to further improve to a more commensurate level with its B2
rating. Moody's estimates that Signature Foods' Moody's-adjusted
gross debt/EBITDA will reduce below 5.5x over the next 12-18 months
supported by modest EBITDA growth and lower one-off costs, while
interest coverage, measured by Moody's-adjusted EBITA/interest
expense, remains above 1.9x, with the excess cash on balance sheet
expected to be applied to accretive initiatives to the business,
including potential bolt-on acquisitions.

Signature Foods' reduction in leverage depends on sustained margin
improvement and EBITDA growth. Moody's expects revenue growth to be
supported by modest volume increases, driven by higher penetration
in existing markets and brands, accelerated expansion in the US,
continued product innovation in core categories and the ongoing
pass-through of cost inflation to customers. Earnings should also
benefit from the company's focus on cost control and savings
initiatives, including procurement savings, recipe optimization,
automation and other efficiency measures that reduce production
costs. In addition, a faster increase in branded sales than in
private-label sales should improve the revenue mix and support
margin expansion despite a low-volume growth environment.

Signature Foods' rating position continues to be supported by the
company's strong market presence in niche categories such as
spreads and dips across the Benelux region; a robust portfolio of
locally recognised brands; and superior product development
capabilities. It also benefits from supportive long-term market
fundamentals; and Moody's expectations for positive free cash flow
(FCF).

The rating also reflects the company's modest scale; a niche focus
and geographical concentration, with 65% of sales in the
Netherlands (Aaa stable) and 20% in Belgium (A1 stable); a degree
of execution risk in growing its earnings given the maturity of its
product categories; exposure to volatile raw material prices.

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

LIQUIDITY

Signature Foods' liquidity is good, supported by an expected cash
balance of EUR15 million post-closing of the transaction, and
access to an undrawn EUR62 million revolving credit facility (RCF)
due in 2030. The company is also contemplating a modest upsizing of
the RCF, which, if completed, would further enhance its committed
liquidity. Moody's also expects the company to generate positive
Moody's-adjusted FCF of around EUR14 million in fiscal 2027 and
more than EUR18 million thereafter.

Covenant headroom is ample, with a springing senior secured net
leverage not exceeding 9.25x, tested only when the RCF is drawn
beyond 40%.

Assuming no RCF utilisation, the company will have no significant
debt maturities until 2031, when its term loan B is due.

STRUCTURAL CONSIDERATIONS

The B2 ratings on the EUR350 million senior secured Term Loan B and
the EUR62 million senior secured RCF, both borrowed by Signature
Foods B.V., are in line with the CFR. This reflects the fact that
these two instruments rank pari passu and represent substantially
all of the company's financial debt. The Term Loan and the RCF
benefit from pledges over the shares of the borrower and
guarantors, as well as bank accounts and intragroup receivables,
and are guaranteed by the group's operating subsidiaries,
representing at least 80% of the consolidated EBITDA. Moody's
considers the security package weak, in line with Moody's standard
approach for share-only pledges.

The B2-PD probability of default rating assigned to Signature Foods
reflects Moody's assumptions of a 50% family recovery rate because
of the weak security package and the limited set of financial
covenants, comprising only a springing covenant on the RCF.

Moody's notes the presence of a EUR303 million vendor loan sitting
outside the restricted group due in 2033 borrowed by Signature
Foods Group B.V. and around EUR139 million PIK facility extended
from 2029 to 2032 borrowed by PHM SF Dutch Holdco B.V., both of
which are sitting outside the restricted group. These instruments
were downstreamed into the restricted group as equity, and
therefore Moody's do not include them in Moody's leverage
calculations.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company's
key credit metrics will gradually improve in the next 12-18 months,
such that its leverage decreases below 5.5x. The stable outlook
also captures Moody's expectations that the company will maintain
at least adequate liquidity over the next 12 to 18 months.

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

Positive pressure on the ratings could arise if the company
increases its scale and enhances its business profile, including a
more diversified product range and geographical presence; reduces
its Moody's-adjusted gross debt/EBITDA below 4.0x on a sustained
basis; continues to generate solid positive FCF, while maintaining
at least good liquidity.

Given the presence of a payment-in-kind (PIK) instrument outside of
the restricted group, there is a risk that it could be refinanced
inside the restricted group once sufficient financial flexibility
develops, thus limiting upward pressure on the rating.

The ratings could be downgraded if the company fails to reduce and
maintain its Moody's-adjusted gross debt/EBITDA below 5.5x as a
result of softer sales, erosion of profit margin, or significant
debt-financed acquisitions or shareholder distributions, while its
Moody's-adjusted EBITA/interest drops below 2.0x; the company's FCF
turns negative on a sustained basis; or its liquidity
deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in February 2026.

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

COMPANY PROFILE

Signature Foods B.V., headquartered in the Netherlands, is the
leading producer of chilled convenience food in the Benelux region,
with sales concentrated in the Netherlands, Belgium and Germany.
The company primarily produces spreads and dips; a range of meal
solutions, such as salads, bread spreads and pasta sauces; and
bites, including tapas and savoury snacks. For fiscal 2026,
Signature Foods reported net sales of around EUR459 million and
management-adjusted EBITDA of EUR70 million.




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

KRONOSNET CX 2022: Moody's Affirms 'B3' CFR, Outlook Neg.
---------------------------------------------------------
Moody's Ratings has changed the outlook on KronosNet CX Bidco 2022,
S.L. (Konecta, or the company) to negative from stable.
Concurrently, Moody's affirmed Konecta's B3 corporate family
rating, B3-PD probability of default rating, and B3 instrument
ratings of its EUR945 million guaranteed senior secured term loan
(TL) due October 2029 and EUR200 million guaranteed senior secured
revolving credit facility (RCF) due April 2029.

"The rating action reflects high execution risks in delivering the
substantial profit increase needed to improve Moody's adjusted free
cash flow (FCF) towards break-even over the next 12-18 months and
to preserve Konecta's liquidity position after a prolonged period
of significant cash burn", says Sarah Nicolini, a Moody's Ratings
Vice President – Ratings and the lead analyst for Konecta.

RATINGS RATIONALE

The B3 rating and negative outlook reflect Moody's expectations
that, although Konecta's earnings should improve over the next
12-18 months, the pace and magnitude of the improvement may not be
sufficient for the company to move towards break-even or positive
FCF over the same period. A sustained negative FCF generation
increases pressure on liquidity due to reliance on external funding
and is a key indicator of an unsustainable capital structure,
rising refinancing risk for the company's credit facilities due
2029.

Moody's expects Konecta to moderately grow its revenue over the
next 12-18 months, supported by new contract wins and strong growth
in its margin-accretive digital solutions business. This should
translate into a gradual increase in Moody's-adjusted EBITDA to
slightly above EUR270 million by 2027, from around EUR211 million
in 2025. This increase will be supported also by the benefit of the
significant AI-related investments over the past few years, ongoing
cost-efficiency initiatives and Moody's expectations that
restructuring costs will start declining from elevated levels over
the last three years. Moody's expects these factors to support
Moody's adjusted EBITDA growth as soon as from the second half of
2026.

Achieving this improvement carries high execution risk, given i)
the intense sector competition, ii) the accelerating adoption of
GenAI solutions that is reshaping the customer relationship
management industry and attracting new competitors from adjacent
sectors, iii) the need to maintain a hybrid service model that
combines automation with human interaction, iv) uncertain
macroeconomic conditions.

Moody's currently expects the company's Moody's-adjusted FCF to
remain negative over the next 12-18 months, although sequentially
improving toward break-even, as earnings rise. Moody's indeed
expect that interest payments, capital expenditure and other cash
outflows, including working-capital-related ones, will continue to
absorb EBITDA over this period. Konecta has already experienced
material FCF burn over the past three years, averaging around
EUR100 million per year, to support the integration of Comdata and
more recently to execute the Katalyst program, aimed at
implementing AI innovation and driving digital transformation. This
negative FCF has progressively weakened liquidity.

Moody's expects the company's Moody's adjusted debt/EBITDA to
decrease towards 6x over the next 12-18 months from 7.5x in 2025,
supported by profit increase. Moody's believes that further
de-leveraging will be required to support refinancing well ahead of
maturities.

Konecta's B3 rating continues to be supported by its scale and
geographic diversification, its longstanding relationship with
blue-chips clients and its leading market position in the
Spanish-speaking customer relationship management market.

LIQUIDITY

Konecta's liquidity is weak. The company had around EUR83 million
of cash on balance at the end of March 2026 and around EUR57
million available under its EUR200 million RCF. Moody's forecasts
that this liquidity cushion will further diminish as FCF remains
negative before sequentially improving towards break-even over the
next 12-18 months.

The RCF is subject to a springing financial covenant on net
leverage, tested when 40% or more of the facility is drawn. Moody's
expects the company to maintain comfortable headroom under this
covenant.

The company has a sizable amount of short-term debt facilities at
the level of operating subsidiaries, which need to be permanently
rolled over. Konecta also has a factoring program which was used at
around EUR191 million as of December 2025, out of a total EUR303.5
million.

Apart from the short-term debt at operating companies, which needs
to be periodically rolled over, the company does not have any debt
maturity before April and October 2029, when the RCF and the TL
will respectively mature.

STRUCTURAL CONSIDERATIONS

The TL and RCF are rated B3, in line with the CFR, because they
rank pari passu, are secured by pledges over shares, bank accounts
and intercompany receivables, and are guaranteed by a group of
subsidiaries representing at least 80% of the consolidated group's
adjusted EBITDA (as defined in the senior facilities agreement).
Moody's typically views debt with this type of security package as
akin to unsecured.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook incorporates Moody's expectations that the
company will continue to burn FCF over the next 12-18 months
diminishing its liquidity cushion, amid high execution risks in
delivering a substantial and rapid increase in profit. The negative
outlook also incorporates very limited leeway for operating
underperformance over the next few quarters in order to support
de-leveraging from a high level.

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

Although unlikely at present, Konecta's rating could be upgraded if
the company reduces its Moody's-adjusted gross leverage towards
5.0x and increases its Moody's-adjusted FCF/debt towards mid-single
digits in percentage terms, both on a sustained basis. Positive
rating momentum would require Konecta to continue to increase its
customer and sector diversification while demonstrating sustainable
earnings growth, and improving liquidity.

The rating could be downgraded if the company's performance
deviates from its transformation business plan targets, if its
EBITDA fails to improve such that its Moody's-adjusted
EBITA/interest is likely to be maintained below 1.0x, or if it
appears unlikely that Konecta will generate a breakeven level of
free cash flow generation in the next 12-18 months. Downward rating
pressures would also materialise if Konecta's Moody's-adjusted
gross leverage remains above 6.0x, its FCF remains negative for a
sustained period, or if the group's liquidity deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Konecta is a leading pan-European and Latin American customer
relationship management company, with revenue of around EUR1.9
billion in 2025. The company has around 105,000 employees who
provide services in 26 countries. Konecta is 80% owned by
Intermediate Capital Group PLC (ICG), and 20% by management.




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

TURKIYE HALK: Moody's Affirms Ba3 Deposit Ratings, Outlook Stable
-----------------------------------------------------------------
Moody's Ratings has affirmed the long/short-term local and foreign
currency deposit ratings of Turkiye Halk Bankasi A.S. (Halkbank) at
Ba3/NP and upgraded the bank's Baseline Credit Assessment (BCA) and
Adjusted BCA to b3 from caa1. Concurrently, Moody's affirmed
Halkbank's long/short-term Counterparty Risk Ratings at Ba3/NP as
well as the bank's long/short-term Counterparty Risk Assessments at
Ba3(cr)/NP(cr). The outlook on the bank's long-term deposit ratings
remains stable.

RATINGS RATIONALE

BCA UPGRADE

Moody's have upgraded Halkbank's BCA to b3 from caa1, reflecting
the resolution of the bank's long-standing US legal proceedings. On
June 17, 2026, a US federal judge formally dismissed the criminal
case related to alleged Iran sanctions violations after the bank
satisfied the conditions of a deferred prosecution agreement,
including an independent compliance review that identified no
findings of non-compliance and did not require any financial
penalty or admission of wrongdoing. This development conclusively
eliminates a key source of uncertainty that had weighed on
Halkbank's standalone credit profile with the removal of the
qualitative negative adjustment from the bank's BCA scorecard,
particularly given the potential for severe financial penalties,
operational restrictions, and reputational damage had the case
proceeded unfavorably. Moody's also notes that Halkbank has
enhanced its compliance risk management framework and governance
throughout this litigation.

The upgrade of the BCA also reflects Moody's expectations that the
resolution of the case will enhance the bank's access to foreign
funding. The removal of this overhang strengthens Halkbank's
financial flexibility and paves the way to enhance its external
funding profile. The bank exhibits robust core banking liquidity
(32.2% of tangible banking assets as of March 2026) that
comfortably mitigates its less-stable funds ratio (32.1% of
tangible banking assets as of the same period).

The BCA remains constrained by the bank's relatively tight core
capital with tangible common equity at 7.5% of risk weighted assets
as of March 2026 while reported CET1 ratio at 8.13% as of March
2026 presents a thin buffer against a regulatory threshold at
8.10%. Also, the bank's weak asset quality (problem loans at 4.0%
of gross loans) will continue to be pressured given a high exposure
to the SME segment while profitability will remain modest (net
income at 0.9% of tangible assets) as lower cost of funding from
regained access to external funding will only gradually
counterbalance higher cost of risk in the context of a slower
disinflation environment weighing on asset quality.

RATINGS AFFIRMATION

The affirmation of Halkbank's long-term deposit ratings at Ba3
reflects the bank's upgraded BCA at b3 and Moody's continued
assessment of a very high probability of support from the
Government of Türkiye (Ba3, stable), which now translates into a
three-notch rating uplift from four notches, previously, bringing
the bank's deposit ratings at par with the sovereign rating level.
Moody's views is underpinned by (1) Halkbank's 91.5% ownership by
the Türkiye Wealth Fund; and (2) the bank's significance to the
Turkish banking system, which is supported by its large market
share of deposits and loans.

STABLE OUTLOOK

The stable outlook on Halkbank's long-term deposit ratings reflects
the balance between strong funding and liquidity as well as a very
high probability of government support against relatively tight
capital, modest profitability and weakening asset quality amid a
slower disinflation process. The stable outlook on the long-term
deposits also considers the stable outlook on the Government of
Türkiye.

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

Halkbank's ratings could be upgraded if (1) Turkiye's sovereign
rating of Ba3 is upgraded; and (2) the bank's financial
fundamentals materially improve, particularly from sustainably
higher core capital.

Halkbank's ratings could be downgraded if (1) the bank's solvency
and funding profile deteriorate beyond anticipated asset quality
and profitability weakening amid a slower disinflation process; (2)
the authorities revert to unorthodox policies; and/or (3) Turkiye's
sovereign rating of Ba3 is downgraded.

PRIMARY METHODOLOGY

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

Halkbank's "Assigned BCA" score of b3 is set two notches below the
"Financial profile" score of b1 to reflect the bank's concentration
around the SME segment while profitability and capital remain
modest.


TURKIYE HALK: Moody's Rates New $5BB Medium Term Notes '(P)Ba3'
---------------------------------------------------------------
Moody's Ratings has assigned provisional senior unsecured local and
foreign-currency program ratings of (P)Ba3 to the USD5 billion
Global Medium Term Note (GMTN) program of Turkiye Halk Bankasi A.S.
(Halkbank), in line with the bank's Ba3 long-term deposit ratings.
Securities issued under the program will constitute direct,
unconditional, unsubordinated and unsecured obligations of
Halkbank.

RATINGS RATIONALE

PROVISIONAL SENIOR UNSECURED RATINGS ARE IN LINE WITH HALKBANK'S
LONG-TERM DEPOSIT RATINGS

The (P)Ba3 local and foreign-currency program ratings assigned to
the senior unsecured class of notes of the Halkbank's new GMTN
program are aligned with the bank's Ba3 long-term deposit ratings,
reflecting that the instruments issued under the program will be
direct, unconditional, unsubordinated and unsecured obligations of
Halkbank and rank equally with all other unsecured and
unsubordinated obligations of Halkbank.

As Moody's issues provisional ratings in advance of issuance under
the program, these ratings only represent Moody's preliminary
credit opinion. Moody's will endeavor to assign definitive ratings
to actual issuances from the GMTN program. A definitive rating may
differ from a provisional rating if the terms and conditions of the
issuance are materially different from those of the program
reviewed.

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

Given the alignment described above, the provisional senior
unsecured program ratings assigned to the GMTN program will reflect
any rating actions taken on Halkbank's deposit ratings.

Halkbank's ratings could be upgraded if (1) Turkiye's sovereign
rating of Ba3 is upgraded: and (2) the bank's financial
fundamentals materially improve, particularly from sustainability
higher core capital.

Halkbank's ratings could be downgraded if (1) the bank's solvency
and funding profile deteriorate beyond anticipated asset quality
and profitability weakening amid a slower disinflation process; (2)
the authorities revert to unorthodox policies; and/or (3) Turkiye's
sovereign rating of Ba3 is downgraded.

PRIMARY METHODOLOGY

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

Halkbank's "Assigned BCA" score of b3 is set two notches below the
"Financial profile" score of b1 to reflect the bank's concentration
around the SME segment while profitability and capital remain
modest.




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

AUXEY BIDCO: S&P Puts 'B-' ICR on CreditWatch Positive
------------------------------------------------------
S&P Global Ratings placed all its ratings on Auxey Bidco Ltd.
(trading as Alexander Mann Solutions [AMS]) on CreditWatch with
positive implications. This includes S&P's 'B-' issuer credit
rating and its 'B-' issue rating on the senior secured GBP352
million equivalent term loan B (TLB).

S&P said, "We expect to resolve the CreditWatch placement once the
transaction closes, which we anticipate in the second quarter of
Korn Ferry's fiscal year (ending April 30), and following our
assessment of AMS' future status within the Korn Ferry group."

On June 29, 2026, Korn Ferry (BB+/Stable/--) announced it has
agreed to acquire AMS for approximately GBP850 million.

S&P expects AMS' creditworthiness to benefit from the superior
credit quality of its 'BB+' rating on Korn Ferry and the improved
foothold in North America, which will complement its investments in
the region's sales and marketing capabilities over recent years.

The CreditWatch positive placement follows Korn Ferry's
announcement that it has agreed to acquire AMS. The acquisition is
pending regulatory approval and is expected to close in the second
quarter of Korn Ferry's fiscal year (ending April 30), by which
point AMS' debt will have been repaid. S&P said, "That said, we
still need to assess AMS' role within Korn Ferry's overall strategy
and status within the combined group. In our view, AMS'
creditworthiness could benefit from the superior credit quality of
our 'BB+' rating on Korn Ferry and its notable presence in North
America (58% of fee revenue in the first half of fiscal year 2026),
depending on our assessment of the level of integration and support
expected from the group."

S&P expects to resolve the CreditWatch placement once the
transaction closes, and following its assessment of AMS' future
status within the Korn Ferry group.


ENTAIN PLC: S&P Affirms 'BB-' ICR & Alters Outlook to Positive
--------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based Entain PLC to
positive from stable and affirmed its ratings on the group and its
senior secured debt at 'BB-'. The recovery rating on the senior
secured debt is unchanged at '3', indicating its expectation of
about 60% recovery for debtholders in the event of a default.

The positive outlook reflects potential rating upside in the coming
12 months as Entain completes the transaction and repays debt, in
parallel to navigating regulatory headwinds in various
jurisdictions and mitigating increased U.K. online gaming and sport
betting taxes over 2026-2027.

Entain announced on June 25, 2026, that it had launched a phased
exit of its 67.5% stake in the joint venture (JV), Entain CEE (CEE)
with a divestment of a 20% stake to one of the JV's existing
minority shareholders, EMMA Capital.

The transaction will likely be completed in the last quarter of
2026, subject to regulatory approvals, leaving the group with a
47.5% stake and its right to receive cash dividends from 2027,
after deconsolidating CEE. The group intends to use around GBP366
million gross proceeds from the initial divestment to repay part of
its outstanding debt.

S&P said, "We view the transaction and subsequent debt repayment as
credit-positive by accelerating the improvement of credit metrics.
We now expect S&P Global Ratings-adjusted leverage of about 4x in
2026-2027 versus our previous forecast of about 5x, as well as free
operating cash flow (FOCF) to debt above 11% versus our previous
forecast of below 10%.

"We expect Entain's divestment of a 20% stake in CEE (from its
current 67.5% stake) and subsequent debt repayment to accelerate
Entain's deleveraging trajectory. The group will receive about
GBP366 million gross disposal proceeds--including GBP341 million
expected in the last quarter of 2026 and about GBP25 million in
early 2027, depending on CEE's financial performance--which will be
used to repay debt. The transaction, which is subject to regulatory
approval, will support S&P Global Ratings-adjusted net debt
reduction to about GBP4.4 billion in 2026, which is significantly
lower than our earlier forecast of GBP5.3 billion. We previously
assumed drawdown of the GBP500 million bridge facility secured by
the group in August 2025 to support the acquisition of the minority
interests of CEE. Without the incurrence of new debt (from the
bridge facility) and following debt repayment with cash proceeds
from the stake disposal, we now expect S&P Global Ratings-adjusted
debt to EBITDA to improve significantly to around 4.0x in 2026 from
4.8x in 2025.

"In 2027, we calculate S&P Global adjusted debt to EBITDA will
remain at about 3.9x as it benefits from reducing net debt and
dividend inflow from Entain's 47.5% stake in CEE which will
partially offset the deconsolidation of EBITDA contribution from
CEE in 2027. Our adjusted EBITDA calculation includes the dividend
inflow from unconsolidated entities, including CEE, which we
estimate at around GBP70 million starting in 2027, and cash returns
from Entain's joint venture, BetMGM, at about GBP100 million in
2026 and marginally growing in 2027." S&P Global Ratings-adjusted
FOCF to debt at Entain should improve at about 10%-15% in
2026-2027, further supported by about GBP20 million annualized
interest savings from the planned debt repayment.

Entain's geographic diversity and growth prospects will slightly
reduce after the CEE divestiture. Post-transaction, the U.K. and
Ireland (U.K.&I) will account for nearly 50% of the group's
revenue, from 41% before CEE's deconsolidation. S&P said, "We also
note that CEE's higher profitability than the group's average, with
its reported EBITDA margin of about 35% over 2024-2025, will lower
underlying margins for the group. However, that will largely be
offset by the group's right to dividend distribution with its 47.5%
stake. We assume CEE will remain profitable in the future and
demonstrate good cash flow conversion, given the limited amount of
capital expenditure (capex) requirement supported by its relatively
higher exposure to the scalable online business, accounting for
around 84% of its revenue in 2025 compared with a 16% exposure to
retail. We expect CEE's dividend policy to remain consistent with
its current status; In 2025 we calculate CEE distributed about
GBP150 million total dividends to shareholders, representing
roughly 82% of the group's underlying EBITDA. We expect the
dividend to increase in line with the EBITDA growth of the business
and to support ongoing cash inflow to Entain."

S&P said, "We continue to expect the group's execution and market
share gains amid regulatory changes in various jurisdictions will
support revenue and EBITDA growth, outside of CEE. We still believe
that Entain maintains a diverse and defensive portfolio, comparable
with that of peers in similar rating categories, thanks to its
scale and podium market position in most markets. Entain operates
in more than 30 regulated jurisdictions, where we expect market
share gains supported by positive underlying online demand and its
solid product appeal and innovation. After CEE deconsolidation it
should still maintain its omnichannel strategy with a revenue split
of approximately 70% from online and 30% from retail, mostly in the
U.K.&I market. We still expect revenue growth of 3% in 2026, driven
by the online portfolio, before a 7% decline in 2027, due to the
deconsolidation of CEE, and a return to growth in 2028. In our
view, the underlying growth is underpinned by Entain's proprietary
technology and the strength of its brand portfolio, offsetting
slight revenue decline in the retail business as the group closes
less-profitable locations and customers' shift to the online
offering.

"We think that Entain's performance is subject to its execution of
player retention and acquisition strategy amid regulatory updates,
as well as materialization of cost-mitigation efforts against
gaming tax hike in the U.K. U.K. remote gaming taxes have increased
to 40% from 21% since April 1, 2026, and a new 25% remote betting
duty will be imposed from April 1, 2027, adding roughly GBP200
million annual costs without any mitigation. Entain expects to
mitigate approximately 25% of the impact in 2026 and over 50% from
2027, thanks to a step-up in cost optimization initiatives and
disciplined marketing strategy. We will also continue to monitor
the potential pilot program of safer gambling measures in Spain in
2026 and tax headwinds--albeit more stabilized--and overall tighter
regulatory pressure in Brazil and the Netherlands.

"Our base case does not assume further portfolio changes in Entain
beyond the 20% divestment of CEE. We understand that the put
options held by minority interests and the call option held by
Entain will be extinguished when the transaction is completed in
2026. We also note that the group may consider a full exit of CEE,
but we do not factor that scenario in our base case without
certainty or visibility on the timing of that. Further proceeds
will be used to additionally reduce the group's leverage to below
3x according to management's definition and return excess capital
to shareholders. We also note the recent takeover bid from Barry
Diller's People Inc. to buy MGM Resorts International, Entain's
partner in joint venture, BetMGM. We will continue to assess any
business and financial implications on Entain's creditworthiness
should any changes to BetMGM's ownership occur."

The positive outlook reflects the possibility of an upgrade in the
next 12 months if the group successfully executes on its plan to
mitigate the U.K. remote gaming tax increase and reduce debt
through the proceeds from the announced disposal of a 20% stake in
CEE. Under this scenario, S&P expects S&P Global Ratings-adjusted
EBITDA margins to soften but still remain above 20% in 2026 and
2027 pro forma for the deconsolidation of CEE and the positive
impact of dividends received for its remaining 47.5% stake in the
business. This should support S&P Global Ratings-adjusted FOCF to
debt consistently above 10% and debt to EBITDA reducing toward 4x
in 2026-2027.

S&P said, "We could revise the outlook to stable if the divestment
of the group's 20% stake in CEE and the subsequent debt repayment
did not go through according to plan, or if the group significantly
underperforms our base case because of further regulatory headwinds
or operational challenges, leading to adjusted debt to EBITDA
remaining at or above 5x for a sustained period and adjusted FOCF
to debt remaining below 10%.

"We could raise the rating over the next 12 months if the group
completes and repays debt as per its guidance, while simultaneously
showing a track record of solid execution around its initiatives to
mitigate the increased U.K. remote gaming and sport betting taxes
in 2026-2027, leading to credit metrics in line with our
expectations, with leverage reducing toward 4x and FOCF to debt
consistently above 10%."


FAST-FORM SYSTEMS: DSW Appointed as Administrators
--------------------------------------------------
Fast-Form Systems Ltd was placed into administration in the High
Court of Justice, Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number CR-2026-MAN-000901.
Lisa Marie Moxon and Christopher Benjamin Barrett of Dow Schofield
Watts Business Recovery LLP were appointed as Joint Administrators
on June 22, 2026.

The company engaged in formwork hire and sales.

The company's registered office is 7400 Daresbury Park, Daresbury,
Warrington, Cheshire, WA4 4BS (formerly Unit 1 Omega Business Park
Estate Road 6, South Humberside Industrial Estate, Grimsby, South
Humberside, DN31 2TG).

The company's principal trading address is Unit 1 Omega Business
Park Estate Road 6, South Humberside Industrial Estate, Grimsby,
South Humberside, DN31 2TG.

The Joint Administrators can be contacted at:

   Lisa Marie Moxon
   Christopher Benjamin Barrett
   Dow Schofield Watts Business Recovery LLP
   7400 Daresbury Park
   Daresbury
    WarringtonWA4 4BS

Further details:

    Alternative contact: Annmarie O'Brien
    Email: annmarie@dswrecovery.com
    The Joint Administrators
    Tel: 01928 378014


GMP PROPERTY: Opus Restructuring Appointed as Administrators
------------------------------------------------------------
GMP Property Holdings Ltd was placed into administration in the
High Court of Justice, Court Number CR-2026-004908.  Mark Boast and
Ben Stanyon of Opus Restructuring LLP were appointed as Joint
Administrators on June 23, 2026.

The company operates in the letting and operating of its own or
leased real estate and acts as a holding company for an asset-run
business.  The company's registered office and principal trading
address is Northdown Croft, Pilgrims Way, Hollingbourne, Kent, ME17
1RB.

The Joint Administrators can be contacted at:

    Mark Boast
    Opus Restructuring LLP
    73 Park Lane
    Croydon
    Surrey CR0 1JG

       -- and --

    Ben Stanyon
    Opus Restructuring LLP
    First Floor, Milwood House
    36B Albion Place
    Maidstone
    Kent ME14 5DZ

Further details:

     Alternative contact: Niraj Patel
     Email: niraj.patel@opusllp.com


HODSON DEVELOPMENTS: RSM Appointed as Administrators
----------------------------------------------------
Hodson Developments (CG Three) Limited was placed into
administration in the High Court of Justice, The Business &
Property Courts of England & Wales, Insolvency and Companies List
(ChD), Court Number CR-2026-004986.  Lee Van Lockwood and Gordon
Thomson of RSM UK Restructuring Advisory LLP were appointed as
Joint Administrators on June 25, 2026.

The company engaged in the construction of domestic buildings.  The
company's registered office and principal trading address is Office
Suite 9, 55 Park Lane, London, W1K 1NA.

The Joint Administrators can be contacted at:

  Lee Van Lockwood
   RSM UK Restructuring Advisory LLP
   Central Square, 5th Floor
   29 Wellington Street
   Leeds LS1 4DL

  Gordon Thomson
   RSM UK Restructuring Advisory LLP
   25 Farringdon Street
   London EC4A 4AB

Further details:

     Oliver Anderson
     RSM UK Restructuring Advisory LLP
     Tel: 0113 285 5000

      Alternatively, contact the Joint Administrators:

      Lee Van Lockwood – Tel: 0113 285 5000
      Gordon Thomson – Tel: 020 3201 8000



IMPULSE GROUP: KBL Advisory Appointed as Administrators
-------------------------------------------------------
The Impulse Group Limited was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-LDS-000667.  Steve Kenny and Richard Cole of KBL Advisory
Ltd were appointed as Joint Administrators on June 23, 2026.

The company engaged in engineering-related scientific and technical
consulting activities.

The company's registered office is in the process of being changed
to c/o KBL Advisory Limited, Building 5, Carrwood Park, Selby Road,
Leeds, LS15 4LG.  The previous registered office was Unit 3, The
Old Stables, Morpeth, Northumberland, NE61 1QD.

The company's principal trading address is Unit 3, The Old Stables,
Morpeth, Northumberland, NE61 1QD.

The Joint Administrators can be contacted at:

  Steve Kenny
   KBL Advisory Ltd
   Building 5, Carrwood Park
   Selby Road
   Leeds LS15 4LG

      -- and --

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

Further details:

    Lucy Fowler
    Email: lucy.fowler@kbl-advisory.com
    Tel: 0113 547 2407

Alternative contact:

    Melissa Smithers
    Email: melissa.smithers@kbl-advisory.com
    Tel: 0113 547 2408


RAGE LTD: BTG Begbies Appointed as Administrators
-------------------------------------------------
Rage Ltd was placed into administration in the Leeds District
Registry, Case Number 685 of 2026, and Amie Helen Johnson and
Constantinos Pedhiou of BTG Begbies Traynor (Central) LLP were
appointed as Joint Administrators on June 26, 2026.

The Company engaged in facilities management services.  The
company's registered office is Suite 501, Unit 2, 94A Wycliffe
Road, Northampton, NN1 5JF.  The principal trading address is Nexus
Building, Maypole Boulevard, Harlow Innovation Park, Harlow, CM17
9TX.

The Joint Administrators can be contacted at:

    Amie Helen Johnson
   Constantinos Pedhiou
   BTG Begbies Traynor (Central) LLP
   Suite 501, Unit 2
   94A Wycliffe Road
   Northampton NN1 5JF

Further details:

     Peter Odell
     Email: peter.odell@btguk.com
     Tel: 020 8370 7250


REGENCY TRADE: FRP Advisory Appointed as Administrators
-------------------------------------------------------
Regency Trade Finance Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-004642.  Geoffrey Paul
Rowley and Patrick Donnan of FRP Advisory Trading Limited were
appointed as Joint Administrators on June 15, 2026.

Regency Trade Finance was into financial intermediation,
specifically focusing on providing invoice finance solutions and
other business support services.  The company's registered office
at Regency Trade Finance Limited, 2 Regency Chambers, Jubilee Way,
Bury, BL9 0JW is to be changed to c/o FRP Advisory Trading Limited,
110 Cannon Street, London, EC4N 6EU.  The company's principal
trading address is Regency Trade Finance Limited, 2 Regency
Chambers, Jubilee Way, Bury, BL9 0JW.

The Joint Administrators can be contacted at:

  Geoffrey Paul Rowley
  Patrick Donnan
  FRP Advisory Trading Limited
  110 Cannon Street
   London EC4N 6EU

Further details:

    The Joint Administrators
    Tel: 020 3005 4000

Alternative contact:

    Megan Sanghera
    Email: cp.london@frpadvisory.com


VEDA FURNISHINGS: MHA MacIntyre Appointed as Administrators
-----------------------------------------------------------
Veda Furnishings Ltd was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-004865.  Georgina Marie Eason and Steven Illes of MHA
MacIntyre Hudson LLP were appointed as Joint Administrators on June
22, 2026.

The company operates as a recognized vendor supplying a diverse
range of furniture, vintage pieces, and lighting fixtures.  The
company's registered office and principal trading address is 1 Oak
Court, 67–72 Bethel Road, Sevenoaks, Kent, TN13 3UE.

The Joint Administrators can be contacted at:

  Georgina Marie Eason
  Steven Illes
  MHA MacIntyre Hudson LLP
  6th Floor, 2 London Wall Place
  London EC2Y 5AU

Further details:

    The Joint Administrators
    Tel: 020 7429 4100

Alternative contact:

    Clara Groves
    Email: clara.groves@mha.co.uk


WORLD WIDE: FTS Recovery Appointed as Administrators
----------------------------------------------------
World Wide Generation Ltd was placed into administration in the
High Court of Justice, Business and Property Courts in England and
Wales, Insolvency and Companies List, Court Number CR-2026-004925
of 2026.  Rachel Elizabeth Ennis and Marco Piacquadio of FTS
Recovery Limited were appointed as Joint Administrators on June 24,
2026.

World Wide Generation is a London-based sustainability fintech
company.  The company's registered office and principal trading
address is Summit House, 170 Finchley Road, London, NW3 6BP.

The Joint Administrators can be contacted at:

  Rachel Elizabeth Ennis
  FTS Recovery Limited
  Alma Park
  Woodway Lane
  Lutterworth
  Leicestershire LE17 5FB

      -- and --

  Marco Piacquadio
   FTS Recovery Limited
  Ground Floor, Baird House
  Seebeck Place
  Knowlhill
   Milton Keynes MK5 8FR

Further details:

     Dwani Patel
     Email: dwani.patel@ftsrecovery.co.uk
     Tel: 01908 754 666




===============
X X X X X X X X
===============

[] BOOK REVIEW: The Luckiest Guy in the World
---------------------------------------------
Author:  Boone Pickens
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at:
http://www.beardbooks.com/beardbooks/the_luckiest_guy_in_the_world.html


"This is the story of a man who turned a $2,500 investment into
America's largest independent oil company in thirty years and along
the way discovered that something is terribly wrong with corporate
America.  Mesa Petroleum is the company, and I'm the man."  Thus
begins the autobiography of Boone Pickens, who prefers to be
referred to without his first initial, "T."

Mr. Pickens' autobiography was originally published in 1987, at the
end of the rollercoaster years when he was one of the most famous
(or infamous, depending on your point of view) and most-feared
corporate raiders during a decade known for corporate raiding.  For
the 2000 Beard Books edition, Pickens wrote an additional five
chapters about the subsequent, equally tumultuous, 13 years, during
which time he suffered corporate raiders of his own, recapitalized,
and retired, only to see his beloved company merge with Pioneer.
One of his few laments is being remembered mainly for the
high-profile years, rather than for the company he built from
virtually nothing.

Of the takeover attempts, he says:

"I saw undervalued assets in the public marketplace.  My game plan
with Gul, Phillips, and Unocal wasn't to take on Big Oil. Hell,
that wasn't my role. My role was to make money for the stockholders
of Mesa.  I just saw that Big Oil's management had done a lousy job
for their stockholders."

He would prefer to be known as a champion of the shareholder rights
movement, which prompted big corporations to become more responsive
to the needs and demands of their stockholders.  He founded the
United Shareholders Association, a group that successfully lobbied
for changes in corporate governance.  In a memorable interview in
the May/June 1986 Harvard Business Review, Pickens said, "Chief
executives, who themselves own few shares of their companies, have
no more feeling for the average stockholder than they do for
baboons in Africa."

Boone Pickens was born in 1928 in Holdenville, Oklahoma.  His
grandfather was Methodist missionary to the Indians there; his
father was a lawyer and small player in the oil business. People in
Holdenville worked hard and used such expressions as "Root hog or
die," meaning "Get in and compete or fail."

The family later moved to Amarillo, Texas, where Pickens went to
Texas A&M for one year, but graduated from Oklahoma State
University in 1951 with a degree in geology.  He worked at Phillips
Petroleum for three years, and then, despite growing family
obligations, struck out on his own.  His wife's uncle told him,
"Boone, you don't have a chance.  You don't know anything."

This book is a wonderful read.  Pickens pulls no punches, and is as
hard on himself as anyone else.  He talks about proxy fights,
Texas-Oklahoma football games, his three marriages, poker, takeover
strategies, and unfair duck hunting practices, all in the same easy
tone.  You feel like he's sitting right there in the room with
you.

Pickens ends the introduction to this story with this:

"How I got from a little town in Eastern Oklahoma to the towers of
Wall Street is an exciting, unlikely, sometimes painful story. And,
if you're young and restless, I'm hoping you'll make a journey
similar to mine."

Root hog or die!

Thomas Boone Pickens Jr. -- https://boonepickens.com/ -- was an
American business magnate and financier. Among his lengthy
accolades, Time magazine has identified him one of it 100 most
influential people, Financial World named him CEO of the Decade in
1989 and Oil and Gas Investor identified him as one of the "100
Most Influential People of the Petroleum Century."  He was born in
May 1928.  He died September 11, 2019.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *