260714.mbx

260714.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, July 14, 2026, Vol. 27, No. 139 Headlines A Z E R B A I J A N XALQ BANK: Moody's Affirms 'Ba3' Deposit Ratings, Outlook Stable F R A N C E BOOST HOLDINGS: Moody's Affirms 'B1' CFR, Outlook Remains Stable G E R M A N Y ALPS PARTNERS 2026-1: Fitch Rates Class R Notes 'BB+(EXP)sf' ASTERIX INVESTMENTS: Moody's Assigns 'B1' CFR, Outlook Stable GOLDEN RAY 3: Moody's Assigns (P)Ba1 Rating to Class D Notes PROGROUP AG: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable I R E L A N D AURIUM CLO XV: Fitch Assigns 'B-sf' Final Rating on Class F Notes BLACK DIAMOND 2019-1: Moody's Ups Rating on EUR22MM E Notes to Ba2 SEABURY PARK: Fitch Assigns 'B-sf' Rating on Class F Notes SILVER POINT 2: Fitch Assigns 'B-sf' Final Rating on Class F Notes I T A L Y CARIBU SRL: July 27 Bid Submission Deadline Set for Business Lease FLOS B&B: Moody's Affirms 'B2' CFR & Alters Outlook to Stable FORTUNA CONSUMER 2024-2: Fitch Affirms BB-sf Rating on Cl. F Notes LA DORIA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable MUNDYS SPA: Fitch Affirms 'BB+' Rating on EUR5 Billion Programme L A T V I A AIRBALTIC CORP: Fitch Puts 'CCC-' IDR on Watch Negative L U X E M B O U R G CIRSA FINANCE: Fitch Rates EUR500MM Sr. Secured Notes 'BB+(EXP)' P O L A N D MLP GROUP: Moody's Rates New EUR100MM Unsecured Green Notes 'Ba2' P O R T U G A L TAGUS STC VIRIATO 2: Fitch Rates Class C Notes 'BB(EXP)' S P A I N BBVA CONSUMER 2024-1: Moody's Cuts Rating on EUR24MM D Notes to B2 U N I T E D K I N G D O M 35 WORSLEY CLOSE: BTG Begbies Appointed as Administrators 88 LYON: BTG Begbies Traynor Appointed as Administrators BGL CONTRACTS: Interpath Appointed as Administrators C.V. A.C LIMITED: Mackay Goodwin Appointed as Administrators CADENCE (2026) NUMBER 1: FRP Advisory Appointed as Administrators CADENCE (2026) NUMBER 2: FRP Advisory Appointed as Administrators E5 LIVING (MARKET RASEN): FRP Advisory Appointed as Administrators ELSTREE 2026-1: S&P Raises Class F-Dfrd Notes Rating to 'BB (sf)' FENCHURCH SPV 4: Quantuma Advisory Appointed as Administrators HEATHROW FINANCE: Fitch Rates New GBP350MM Notes 'BB+' KING HOLDCO: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable OSPREY ACQUISITIONS: Fitch Alters Outlook on 'BB+' IDR to Stable SAINSBURY'S FINANCIAL: Moody's Affirms Ba1 Subordinated Debt Rating - - - - - =================== A Z E R B A I J A N =================== XALQ BANK: Moody's Affirms 'Ba3' Deposit Ratings, Outlook Stable ---------------------------------------------------------------- Moody's Ratings has affirmed Azerbaijan-based XALQ BANK, OJSC's (XALQ BANK) Ba3 long-term local and foreign currency bank deposit ratings. The outlook on these ratings remains stable. At the same time, Moody's affirmed the bank's Baseline Credit Assessment (BCA) and Adjusted BCA at b1. Concurrently Moody's affirmed the NP short-term local and foreign currency bank deposit ratings, the bank's Ba2/NP long-term and short-term local and foreign currency Counterparty Risk Ratings (CRRs) and the Ba2(cr)/NP(cr) long-term and short-term Counterparty Risk Assessments (CR Assessments). RATINGS RATIONALE The affirmation of XALQ BANK's BCA and Adjusted BCA at b1 reflects continuing balance between strengths and challenges, particularly, the bank's strong capital position (albeit potential asset growth puts some pressure), solid profitability (also supported by provision releases), reasonable liquidity and a stable deposit base. These strengths are moderated by its vulnerable asset quality because of a substantial single-name credit concentration and significant dollarisation and single-name concentration in deposits. XALQ BANK's problem loans (PLs; defined as Stage 3 loans) remained broadly stable at 5.9% of gross loans as of year-end 2025 (year-end 2024: 5.9%). Significant concentrations make asset quality potentially volatile: top 20 loans accounted for over 40% of the loan book. Moody's expects that XALQ BANK will maintain control over its asset quality amid the ongoing favorable economic environment in Azerbaijan, with a PL ratio within a 5.5%-6.5% range over the next 12-18 months. Profitability has been solid with return on average assets over 2% during the last three years supported by good net interest margin and legacy problem loans recoveries boosting loan loss provision recoveries while costs of risks and administrative expenses remain under control. Moody's expects the bank's profitability to remain broadly stable over the next 12-18 months as lower provision releases will be offset by higher interest and fee income. The bank's capital position is very strong with Tangible Common Equity (TCE) to Risk Weighted Assets (RWA) ratio at 22.9% as of year-end 2025 (18.5% in 2024). While the local currency is currently de facto pegged to the US dollar, the bank is still exposed to potential changes in monetary policy because its significant share of foreign currency denominated assets may increase leverage in case of local currency devaluation. Moody's expects the bank's TCE/RWA ratio to slightly decline over the next 12-18 months amid ongoing dividend payouts and accelerating RWA growth which is somewhat offset by good internal capital generation. Funding is challenged by significant depositor concentration, with its largest 20 depositors accounting for around 50% of its total deposits as of year-end 2025. These concentration risks are mitigated by a stable customer base and well-established relationships with the largest customers. XALQ BANK's liquidity buffer was over 30% of its total assets as of year-end 2025, which is sufficient to cover any immediate liquidity needs. XALQ BANK's long-term deposit ratings of Ba3 are based on the bank's BCA of b1 and Moody's assessments of a moderate probability of government support for the bank in the event of need, reflecting its position as the fourth-largest bank in Azerbaijan, with a market share of around 5.6% by total assets as of year-end 2025. This support provides one notch of rating uplift to XALQ BANK's long-term deposit ratings. RATIONALE FOR THE STABLE OUTLOOK The outlook on XALQ BANK's Ba3 long-term local- and foreign-currency deposit ratings is stable, reflecting Moody's expectations that the bank's credit fundamentals will remain broadly stable over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A stronger operating environment, also reflected in improvement in XALQ BANK's key credit metrics, including asset quality, profitability and reduction in its single-name credit concentration, could lead to a rating upgrade. A sharp erosion in XALQ BANK's recurring revenue or increase in asset risk could trigger a rating downgrade or exert negative pressure on its ratings and outlook. Moody's could also downgrade the bank's deposit ratings if the Government of Azerbaijan appears less likely to continue to support the bank, which is not currently anticipated. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. =========== F R A N C E =========== BOOST HOLDINGS: Moody's Affirms 'B1' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings has affirmed Boost Holdings 2's (Bruneau or the company) B1 corporate family rating and B1-PD probability of default rating. At the same time, Moody's affirmed the issuer's B1 ratings on the EUR305 million backed senior secured term loan B (TLB) and EUR60 million backed senior secured revolving credit facility (RCF). The outlook remains stable. "Moody's decisions to affirm Bruneau's ratings reflects its solid credit metrics and resilient performance despite a subdued macroeconomic environment, and weak demand in the office equipment supply industry" says Juvereya Shoab, a Moody's Ratings AVP - Ratings and lead analyst for Bruneau. "Although revenue growth prospects are sluggish for the next 12 to 18 months, Bruneau's margins and free cash generation remain healthy, and the company has the capacity to absorb temporary weakness in revenue and earnings" adds Ms. Shoab. RATINGS RATIONALE The rating reflects the company's good credit metrics, supported by moderate Moody's adjusted debt/EBITDA (leverage) of 4x as of 2025 and a solid EBITDA margin of 18%, as well as its asset-light business model that supports consistently positive free cash flow (FCF) to debt of 13% in 2025. Moody's expects Moody's adjusted leverage to remain stable around 4.0x in 2026, mainly reflecting higher lease liabilities. Despite this, the company's credit metrics remain in line with the B1 rating, supported by resilient margins and a solid interest coverage of around 3.4x. The rating also reflects Bruneau's established position in the B2B office equipment supply market in France and Benelux, supported by its strong digital platform, diversified product offering and efficient logistics infrastructure. The company benefits from an asset-light operating model, which translates into low capital expenditure requirements and sustained positive free cash flow, averaging around EUR40 million annually over recent years. At the same time, the rating is constrained by the company's limited scale and geographic concentration, with a significant share of revenues generated in France. The office equipment market is mature and highly competitive, with low growth prospects and structural pressure from digitalisation and changing workplace trends. Bruneau is also exposed to macroeconomic cycles affecting small and medium-sized enterprises, which represent its core customer base. In addition, the rating incorporates the company's private equity ownership, which has resulted in regular shareholder distributions of around EUR140 million in total in the form of repayments of a convertible bond which is outside of the restricted group. Moody's expects dividend payments to continue at around EUR30 million annually, supported by the company's strong cash generation. LIQUIDITY Bruneau's liquidity is strong, supported by a cash balance of around EUR63 million as of April 2026, full availability under its EUR60 million revolving credit facility, and positive free cash flow generation. The company's term loan B matures in October 2028 and its RCF in April 2028, which Moody's expects the company will refinance in a timely manner. The TLB and the RCF are subject to a maintenance senior net leverage covenant, with ample capacity, despite some testing step-downs every quarter. STRUCTURAL CONSIDERATIONS Boost Holdings 2's capital structure consists of a senior secured TLB for a total outstanding amount of EUR284 million and a EUR60 million senior secured RCF. The TLB and RCF benefit from the same maintenance guarantor package, including upstream guarantees from guarantor subsidiaries, representing around 85% of the company's consolidated EBITDA. Both instruments are secured, on a first-priority basis, by share pledges in each of the guarantors; security assignments over intercompany receivables; and security over material bank accounts. However, there are significant limitations on the enforcement of the guarantees and collateral under Belgian and French laws. The senior secured bank debt instruments are rated B1, in line with the CFR, reflecting the fact that these represent the only financial debt in the company's capital structure. Bruneau's PDR is B1-PD, reflecting the use of a 50% family recovery rate, consistent with a debt structure which is composed of senior bank debt only with a relatively weak financial maintenance covenant. OUTLOOK The stable outlook reflects Moody's expectations that Bruneau will sustain its current credit metrics despite very soft revenue growth, and broadly stable operating margins, leading to Moody's adjusted leverage of around 4.0x in the next 12-18 months. Moody's also expects the company to continue to generate positive FCF and maintain at least good liquidity. Finally, the stable outlook incorporates Moody's assumptions that the company will not make any significant debt-funded shareholder distributions or acquisitions and that it will refinance its upcoming debt maturities in a timely manner. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure is currently limited mainly by Bruneau's low growth prospects, limited scale and geographic concentration. As the company has already good credit metrics, any positive rating migration in a longer term would be a function of Bruneau's ability to gain scale through customer acquisition, and increase business diversification outside France, while maintaining current margins and building a further track record of a business model resilient to market troughs. In addition to the qualitative improvements mentioned above, any further upward pressure should be supported by sustained growth in sales and earnings, Moody's-adjusted debt/EBITDA ratio of below 3.0x and Moody's-adjusted FCF/Debt ratio of at least mid-teens (in percentage terms). An upgrade would also require Bruneau to display a good liquidity profile while demonstrating balanced and transparent financial policies. Conversely, negative pressure on the rating could materialise if Moody's adjusted debt/EBITDA ratio exceeds 4.0x on a sustained basis, and/or the company's operating or financial performance – including margins and customer base - contracts meaningfully. Downward rating pressure could also arise if FCF or Bruneau's interest cover weakens significantly; if the company does not maintain at least adequate liquidity at all times or if it does not refinance its debt maturities in a timely manner. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. COMPANY PROFILE Headquartered in Villebon-sur-Yvette, France, Boost Holdings 2 (Bruneau) is an online distributor of office supplies. The company primarily focuses on the B2B market in France and Benelux, targeting mostly SMEs. In 2025, Bruneau reported EUR462 million in net sales and EUR83 million in Moody's adjusted EBITDA. In September 2021, Towerbrook, a private equity firm, acquired Bruneau from Equistone in a leveraged buyout. Towerbrook owns a majority stake in Bruneau (57%), while Equistone retains a 17% stake, and management and employees own the remainder (26%). ============= G E R M A N Y ============= ALPS PARTNERS 2026-1: Fitch Rates Class R Notes 'BB+(EXP)sf' ------------------------------------------------------------ Fitch Ratings has assigned Alps Partners Germany ABS 2026-1 S.a r.l.'s asset-backed notes expected ratings. The assignment of final ratings is contingent on the receipt of final documents conforming to information already reviewed. Entity/Debt Rating ----------- ------ Alps Partners Germany ABS 2026-1 S.à r.l. A XS3431849721 LT AAA(EXP)sf Expected Rating B XS3431849994 LT AA-(EXP)sf Expected Rating C XS3431850067 LT A-(EXP)sf Expected Rating D XS3431850141 LT NR(EXP)sf Expected Rating R XS3431850224 LT BB+(EXP)sf Expected Rating Transaction Summary Alps Partners Germany ABS 2026-1 S.a r.l. is a securitisation of unsecured consumer loans originated by PayPal (Europe) S.a r.l. et Cie, S.C.A. (A-/Stable). It is the first public securitisation by this originator. It is also the first securitisation, rated by Fitch, of a buy-now-pay-later (BNPL) platform of consumer loans with short tenors of three, six, 12 or 24 months. The transaction has a 24-month revolving period, before it amortises sequentially until class A over-collateralisation reaches 20%, unless an early amortisation event occurs that would end the revolving period early. Thereafter the class A to D notes will pay down pro-rata until a performance or another trigger is breached. The class R notes are paid according to a 23-month amortisation schedule from closing, using excess spread through the interest priority of payments. KEY RATING DRIVERS Pro-Rata Length Key to Repayment: The class A-D notes will amortise pro-rata, once class A credit enhancement (CE) reaches 20%. Amortisation will revert to sequential following a breach of certain triggers, of which Fitch views the early delinquency trigger as the most likely to be breached. The transaction is particularly sensitive to the timing of a sequential trigger breach due to the short weighted average life of the portfolio. Low Loss Expectations: The originator is an experienced provider of payment solutions and launched its BNPL product in 2021. All the loans are used for online checkout payments. In Fitch's view, the originator applies adequate origination and servicing standards, making it a capable servicer for the transaction. Defaults and losses on the originator's book are low, in Fitch's view, driven by the short duration of the loans and robust underwriting practices. This is reflected in Fitch's comparatively low default expectations of 1.6% and small base-case losses of 1.1%. Its 'AAA' default multiple is at 6.2x while the recovery 'AAA' haircut is at 50%, resulting in a 'AAA' loss of 8.4%. Seller-Related Risks Partially Covered: Dilution risk is mainly linked to refunds, after a borrower returns a purchase, with the originator required to make an anti-dilution payment for the affected loans. Dilution losses may arise if the originator becomes insolvent, with newly originated loans the most exposed due to the timing of refunds. The eligibility criteria reduce this risk by requiring the first payment to be made for the 12-month and 24-month sub-pools, though some risk remains. Fitch tested a dilution loss of 1.1% in the cash flow modelling. Commingling is a primary risk and, given the lack of sufficient mitigants, results in Fitch testing a commingling loss of 2.4%. An amortising cash reserve provides adequate protection against payment interruption risk. Hedging Structure Exposed to Mismatches: Interest-rate risk is hedged using an interest-rate swap with a fixed schedule. The issuer will enter into a new interest-rate swap with each purchase during the revolving period. The actual amortisation profile of the portfolio and the hedged notes could differ from the fixed schedule, depending on default rates and prepayments. High defaults and prepayments would expose the structure to over-hedging, which reduces excess spread in an environment with negative interest rates, as is the case in its cash flow modelling. Class C Linked to Servicer: A servicer default will end pro-rata amortisation and lead to a sequential redemption event. Fitch has tested two scenarios, one with pro-rata amortisation without a servicer default and the second with sequential amoritsation following a servicer default the expected ratings are based on the more conservative result of the two scenarios. The second scenario incorporates a loss due to commingling and dilution and would result in the class C notes being rated below the servicer's Issuer Default Rating (IDR). As Fitch considers a servicer default in a scenario below its IDR as sufficiently remote, Fitch has linked the class C notes' rating to the servicer's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults or decreases in recovery rates could produce larger losses than the base case and could result in negative rating action on the notes. Expected impact on the notes' ratings of increased defaults (class A/B/C/R) Increase default rates by 10%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf' Increase default rates by 25%: 'AAsf'/'Asf'/'A-sf'/'BB+sf' Increase default rates by 50%: 'A+sf'/'BBB+sf'/'A-sf'/'BB+sf' Expected impact on the notes' ratings of reduced recoveries (class A/B/C/R) Reduce recovery rates by 10%: 'AA+sf'/'AA-sf'/'A-sf'/'BB+sf' Reduce recovery rates by 25%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf' Reduce recovery rates by 50%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf' Expected impact on the notes' ratings of increased defaults and reduced recoveries (class A/B/C/R) Increase default rates by 10% and reduce recovery rates by 10%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf' Increase default rates by 25% and reduce recovery rates by 25%: 'AA-sf'/'A-sf'/'A-sf'/'BB+sf' Increase default rates by 50% and reduce recovery rates by 50%: 'Asf'/'BBBsf'/'A-sf'/'BB+sf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Unanticipated decreases in the frequency of defaults or increases in recovery rates could produce smaller losses than the base case and could result in positive rating action on the notes. Expected impact on the notes' ratings of reduced defaults (class B/C) Reduce default rates by 10%: 'AAsf'/'A-sf' Reduce default rates by 25%: 'AA+sf'/'A-sf' Reduce default rates by 50%: 'AAAsf'/'AA-sf' Expected impact on the notes' ratings of increased recoveries (class B/C) Increase recovery rates by 10%: 'AA-sf'/'A-sf' Increase recovery rates by 25%: 'AA-sf'/'A-sf' Increase recovery rates by 50%: 'AAsf'/'A-sf' Expected impact on the notes' ratings of reduced defaults and increased recoveries (class B/C) Reduce default rates by 10% and increase recovery rates by 10%: 'AAsf'/'A-sf' Reduce default rates by 25% and increase recovery rates by 25%: 'AA+sf'/'A-sf' Reduce default rates by 50% and increase recovery rates by 50%: 'AAAsf'/'AAsf' The class A notes are rated at the highest achievable rating 'AAAsf' and cannot be upgraded. The class R notes are rated with a cap at 'BB+sf' and cannot be upgraded in the near future. 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 expects to receive a third-party assessment conducted on the asset portfolio information prior to the closing of the transaction. Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ASTERIX INVESTMENTS: Moody's Assigns 'B1' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings has assigned a B1 long-term corporate family rating and a B1-PD probability of default rating to Asterix Investments S.à r.l., the ultimate parent company of The Quality Group GmbH (TQG), a German producer and direct seller of sports and dietary nutrition products. Concurrently, Moody's have assigned B1 ratings to the proposed EUR950 million senior secured term loan B due in 2033 and the proposed EUR80 million senior secured revolving credit facility (RCF) due in 2033, both borrowed by Asterix Acquisition S.à r.l. The outlook on all entities is stable. Moody's have also withdrawn the B1 CFR, the B1-PD PDR and stable outlook of Asterix HoldCo SE. The B1 ratings on the existing EUR600 million backed senior secured term loan B due in 2032 and on the EUR60 million backed senior secured revolving credit facility (RCF), both borrowed by Asterix AcquiCo GmbH, have been reviewed and remain unaffected, and they will be withdrawn upon repayment. Proceeds from the proposed EUR950 million new term loan, together with EUR127 million of cash on balance sheet, will be used to refinance the existing debt, fund a dividend to its shareholders, and pay related transaction fees. "The rating action reflects the change in the group's financing structure and Moody's expectations that TQG's credit metrics will remain solid for the B1 rating category, despite the sponsor's decision to use the financial flexibility created by robust earnings to pursue a shareholder-friendly financial policy and relever," says Valentino Balletta, Moody's Ratings AVP Ratings and lead analyst for TQG. RATINGS RATIONALE Despite the refinancing transaction being credit negative because it will relever TQG to 3.7x based on last twelve months ending June 2026 EBITDA of EUR274 million compared to 2.5x prior to the transaction and 2.8x in 2025, Moody's adjusted leverage will remain well within the guidance for the B1 CFR. Furthermore, Moody's expects that the company will continue to deliver a strong organic operating performance, for which it has already established a track record, strengthening further its credit metrics. Revenue growth will be underpinned by international expansion, broader offline distribution, growth in the B2B channel and ongoing product innovation, while profitability will benefit from favorable mix effects, operating leverage and continued efficiency gains, including increased manufacturing insourcing and procurement savings. Growth will be further supported by favorable consumer trends, including rising demand for healthy, convenient and protein-enriched food and beverage products. Moody's expects the company to reach EUR400 million of Moody's adjusted EBITDA by 2027. As a result, Moody's-adjusted leverage will decline to c.3.0x by the end of 2026, and to c.2.5x in 2027. At the same time, Moody's also expects that TQG will continue to pursue bolt-on acquisitions to complement organic growth and diversification, albeit it will entail some event and execution risks. TQG's free cash flow (FCF), excluding dividends under the proposed refinancing, will also remain robust in excess of EUR100 million in 2026-2027 owing to sustained earnings growth and a moderate increase in capacity expansion capital spending. Furthermore, Moody's EBITA/interest expense will remain solid at more than 5.0x over the same period. TQG's B1 CFR continues to reflect its leading market position of its two core brands, ESN and More Nutrition, in the sports and dietary nutrition market, which benefits from favourable demand dynamics. However, the rating is constrained by its modest scale, concentration in Germany and in a single manufacturing plant, narrow product and market focus, reliance on community-led marketing, and event risk from potential acquisitions. These factors could create operating volatility and require ongoing investment in product development and marketing, although the growing B2B channel partly mitigates some marketing-related risks. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. ESG CONSIDERATIONS Governance considerations are a key driver of the rating and primarily reflect TQG's ownership structure and financial policy. The company is controlled by CVC Capital Partners (CVC) with the founding shareholders holding a minority stake, resulting in relatively concentrated ownership and decision-making. The transaction and associated increase in leverage point to a shareholder-friendly financial policy. Nevertheless, Moody's expects TQG to maintain its stated commitment to operating with net debt/EBITDA below 3.5x and to support deleveraging through continued earnings growth, as demonstrated by its track record since CVC's acquisition of the business in 2022. Environmental and social considerations have a more limited influence on the rating. These factors are reflected in TQG's Credit Impact Score (CIS) of 4. LIQUIDITY Moody's views TQG's liquidity as very good for the next 12-18 months requirements. Pro forma for the transaction, TQG's liquidity will benefit from EUR95 million of balance sheet cash; full availability under the upsized EUR80 million multi-currency RCF due in 2033; lack of debt amortization until 2033 when its term loan B is due; and Moody's expectations for positive FCF. Moody's also expects the company to maintain ample capacity under the springing covenant of maximum net leverage of 6.4x (3.1x at closing, pro forma for the transaction), tested when the RCF is more than 40% drawn. STRUCTURAL CONSIDERATIONS The B1 CFR has been assigned to Asterix Investments S.à r.l., the parent of TQG as well as the reporting entity. The B1-PD PDR reflects Moody's assumptions of a 50% family recovery rate, customary for capital structures that include bank debt but lack of financial maintenance covenants. The B1 ratings assigned to the EUR950 million senior secured term loan B and the EUR80 million senior secured RCF, is in line with the CFR, reflecting the fact that these instruments rank pari passu and represent most of the company's debt. The term loan B and the RCF will benefit from pledges over the shares of the borrower and guarantors, as well as pledges over bank accounts and intragroup receivables, and are guaranteed by the group's operating subsidiaries representing at least 80% of consolidated EBITDA, determined in accordance with the agreement and subject to customary exceptions. COVENANTS Moody's have reviewed the marketing draft terms for the new credit facilities. Notable terms include the following: Guarantor coverage will be at least 80% of consolidated EBITDA, and include all wholly-owned subsidiaries representing more than 5% of consolidated EBITDA, in each case determined in accordance with the agreement and subject to customary exceptions. Security will be granted over key shares, material intercompany receivables and bank accounts. Incremental facilities are permitted up to the greater of EUR65 million and 75% of EBITDA plus unlimited amounts up to a senior secured net leverage ratio (SSNLR) of 3.3x. Unlimited restricted payments are permitted subject to a 2.8x total net leverage ratio (TNLR) and permitted investments are allowed up to a 3.3x SSNLR. Asset sale proceeds are only required to be applied in full where SSNLR is greater than 3.3x. Adjustments to consolidated EBITDA include the full run rate of cost savings and synergies, capped at 25% of EBITDA arising from actions expected to be taken within 18 months. The proposed terms, and the final terms may be materially different. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's expectations that the company's credit metrics will continue to improve over the next 12 to 18 months, supported by revenue growth and sustained operational improvement. Moody's expects the company to maintain at least good liquidity and adhere to a financial policy consistent with moderate leverage and strong interest coverage. The outlook also incorporates Moody's expectations that the company will not undertake sizeable debt-funded acquisitions or shareholder distributions that could weaken its credit profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade could occur over time if the company successfully implements its expansion strategy and continues to diversify its product offerings, channel mix, and geographic reach. Additionally, the company would need to maintain its Moody's-adjusted gross debt/EBITDA below 2.5x on a sustained basis, a free cash flow to debt consistently above 15%; and a good liquidity profile. An upgrade would also require the company to adhere to a financial policy that is consistent with these credit metrics and demonstrates substantial levels of predictability. A rating downgrade could occur if the company's operating performance deteriorates significantly because of significant market share losses or declining profitability; the company engages in large debt-funded distributions and acquisitions, such that it fails to maintain Moody's-adjusted gross debt/EBITDA below 4.0x on a sustained basis; or it fails to maintain FCF/debt above 10%; or its liquidity materially weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. COMPANY PROFILE The Quality Group GmbH is a leading German Better-For-You Nutrition platform, operating primarily in Germany, Austria and Switzerland (DACH region), but with a foothold in US and other European countries. It offers premium lifestyle products, such as protein powder, weight management items, vitamins, drinks and sports supplements, under its four brands More Nutrition, ESN, RAW Nutrition and BUM Energy. In the 12 months that ended June 2026, the company generated EUR1.4 billion in revenue and EUR287 million in company-adjusted EBITDA (including the US business) or EUR274 million as Moody's adjusted. CVC Capital Partners is the majority shareholder, with the founding shareholders holding a minority stake. GOLDEN RAY 3: Moody's Assigns (P)Ba1 Rating to Class D Notes ------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to Notes to be issued by Golden Ray S.A., Compartment 3: EUR [ ]M Class A Floating Rate Asset Backed Notes due July 2059, Assigned (P)Aa2 (sf) EUR [ ]M Class B Floating Rate Asset Backed Notes due July 2059, Assigned (P)Aa3 (sf) EUR [ ]M Class C Floating Rate Asset Backed Notes due July 2059, Assigned (P)Baa1 (sf) EUR [ ]M Class D Floating Rate Asset Backed Notes due July 2059, Assigned (P)Ba1 (sf) EUR [ ]M Class E Floating Rate Asset Backed Notes due July 2059, Assigned (P)B2 (sf) EUR [ ]M Class X Floating Rate Asset Backed Notes due July 2059, Assigned (P)Ba1 (sf) Moody's have not assigned a rating to the EUR[ ]M Class G Fixed Rate Asset Backed Notes due July 2059 or to the EUR[ ]M Class R Variable Rate Asset Backed Notes due July 2059. RATINGS RATIONALE The Notes are backed by a static pool of German consumer solar and heat pumps loans originated by ENPAL B.V., Enpal Heat GmbH and EFS Deutschland GmbH (together "Enpal"). This represents the third issuance out of the Golden Ray S.A. program. The portfolio of loans amounts to approximately EUR372.5 million as of 9 June 2026 pool cut-off date. The loans to private individuals finance solar panels (64%) and heat pumps (36%) bought by private individuals. After closing, the initial liquidity reserve top-up will be funded with principal proceeds from the portfolio up to 1.0% of the Class A and B Notes balance. Once the liquidity reserve initial top-up is completed, the liquidity reserve will be replenished up to its target amount in the principal waterfall. The total credit enhancement for the Class A Notes will be 18.01%. The Class A Notes' to Class E Notes' and the Class X Notes' ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. Moody's have concluded that the Class A Notes' rating is constrained by a new combination of credit risks: (i) financing a new asset type with limited performance history untested through an economic cycle, (ii) long loan tenors, and (iii) operational risks. The transaction benefits from various credit strengths, such as: (i) an amortizing liquidity reserve fund sized at 1.0% of the Class A and B Notes balance, (ii) a granular portfolio of assets, and (iii) a static portfolio. However, Moody's notes that the transaction features some credit weaknesses, such as: (i) an unrated servicer (Enpal), (ii) limited historical performance data, and (iii) loan maturities up to 25 years. Various mitigants have been included in the transaction structure, such as: (i) the appointment of a back-up servicer at closing, (ii) an independent cash manager, (iii) estimation language in case no servicer report is available, and (iv) principal to pay interest. The limited availability of historical data, compared with the long loan maturities, is reflected in the asset assumptions. Moody's determined the portfolio lifetime expected defaults of 4.75%, expected recoveries of 25.0% and Aaa portfolio credit enhancement of 25.0% related to borrower receivables. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the cash flow model to rate Consumer ABS. Portfolio expected defaults of 4.75% are higher than the EMEA Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) the limited historical performance data for the originator's portfolio, (ii) the long loan maturities, and (iii) other qualitative considerations. Portfolio expected recoveries of 25.0% are in line with the EMEA Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the book of the originator and (ii) other qualitative considerations. PCE of 25.0% is higher than the EMEA Consumer ABS average and is based on Moody's assessments of the pool, which is mainly driven by: (i) evaluation of the underlying portfolio, complemented by the historical performance information as provided by the originator, (ii) the 25 years maturity of the solar loan products, and (iii) other qualitative considerations. The PCE level of 25.0% results in an implied coefficient of variation ('CoV') of 64.5%. The principal methodology used in these ratings was "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may cause an upgrade of the ratings of the Notes include significantly better than expected performance of the pool together with an increase in credit enhancement of the Notes. Factors that would lead to a downgrade of the ratings include: (i) increased counterparty risk leading to potential operational risk of servicing or cash management interruptions, and (ii) economic conditions being worse than forecast resulting in higher arrears and losses. PROGROUP AG: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 long term corporate family rating of the German paper-based packaging producer Progroup AG (Progroup) and its Ba3-PD probability of default rating. Concurrently, Moody's affirmed the Ba3 instrument rating of the EUR300 million backed senior secured notes due 2029 and the EUR450 million backed senior secured notes due 2031. The outlook has been changed to stable from negative. RATINGS RATIONALE The rating action takes into account that Progroup's key credit metrics improved materially in 2025 and reflects Moody's expectations of a further strengthening of the credit quality over the next 12 – 18 months. The recovery was driven by gradually improving operating performance, increasing utilization of newly commissioned assets and stronger profitability. Revenue increased to EUR1.36 billion in 2025 from EUR1.31 billion in 2024, while Moody's-adjusted EBITDA margin improved to around 15% from 11.6% in 2024. As a result, Moody's-adjusted leverage declined to 4.3x debt/EBITDA at year-end 2025 from 6.2x a year earlier, while RCF / Debt improved to 17%. The improvement reflects continued volume growth despite still subdued end-market demand. Progroup's corrugated board and containerboard operations benefited from the ramp-up of the new PW15 corrugated sheet feeder plant in Petersberg, Germany, which commenced operations in August 2024, while profitability also received support from improving operating efficiencies and initial contributions from the group's second waste-to-energy plant PP02. In addition, production at the new PW16 corrugated board plant in Cessalto, Italy, started in August 2025 and supported volume growth towards the end of the year. Credit metrics weakened somewhat in Q1 2026 because of renewed pricing pressure across the containerboard and corrugated board markets. Although corrugated board volumes increased by 2.8% and containerboard volumes by 0.6% year-on-year, lower selling prices more than offset volume gains and revenue declined slightly to EUR352 million from EUR357 million in Q1 2025. EBITDA decreased to EUR35 million from EUR42 million and the EBITDA margin fell to 10.1% from 11.7%, resulting in Moody's-adjusted leverage increasing modestly to around 4.4x on an LTM basis. Nevertheless, Moody's expects leverage to improve again over the next 12-18 months. Progroup should continue to benefit from the successful ramp-up of PW16, full-year contributions from PP02 and its modern, cost-efficient asset base, which supports market-share gains despite a still challenging demand environment. Furthermore, management indicated that containerboard prices began to recover in spring 2026 following improvements in recovered paper markets, with corrugated board prices expected to follow with the usual lag. Consequently, Moody's expects Moody's-adjusted debt/EBITDA to improve towards 3.4x-3.8x over the next 12-18 months, while RCF Debt should strengthen towards 15%-20%. The rating is supported by (1) the company's track record of high profitability as Moody's adjusted EBITDA margin was around 17.5% on average over the last five years, which is above industry standards and even ahead of that of market leaders; (2) cost-efficient asset base that is technically advanced and conveniently located to limit transport costs; (3) a financial policy that targets maintaining a long-term net leverage ratio below 3.0x (Progroup definition, 4.3x as of March 2026), which is largely commensurate with a Ba rating; and (4) a track-record of swift deleveraging after capex-driven leverage spikes. The rating is primarily constrained by (1) the company's modest scale, narrow product range and geographical diversification compared to its larger peers, such as Smurfit Westrock plc (Baa2 positive); (2) some degree of operational risk because its own containerboard products come from three mills in Germany; (3) volatility in its credit metrics because of significant swings in input costs and selling prices, reflecting cyclical demand, exacerbated by periods of oversupply; and (4) the risk of leverage remaining at a high level because of high capex that is partially debt-funded. RATIONALE FOR STABLE OUTLOOK The rating is currently still weakly positioned. The stable outlook mirrors Moody's expectations that Progroup's credit metrics will continue to improve over the 12 - 18 months. Moody's expects that earnings contributions from growth investments, together with price increases announced, will assist to further strengthen operating performance and reduce leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could arise if: -- Moody's-adjusted gross debt/ EBITDA below 3x on a sustained basis; -- Moody's-adjusted retained cash flow/ debt above 20% on a sustained basis; -- Moody's-adjusted EBITDA margin above 20% on a sustained basis. Conversely, negative rating pressure could arise if: -- Moody's-adjusted gross debt/ EBITDA above 4x on a sustained basis; -- Moody's-adjusted retained cash flow/ debt below 10% on a sustained basis; -- Moody's-adjusted EBITDA margin below 15% on a sustained basis; -- Negative FCF over several years leading to deterioration in liquidity profile. LIQUIDITY Progroup's liquidity profile is solid. The company reported EUR53 million of cash on balance sheet at March 31, 2026. In addition, Progroup has a EUR200 million sustainability linked RCF that remained fully undrawn this year. The RCF, that has been extended by two years to July 2030 only recently contains a springing covenant in form of a minimum reported EBITDA amount tested quarterly in case more than 40% of the facility is in use. Progroup claims that its maintenance capex is very low at around EUR20-30 million p.a. However, its growth capex varies greatly and leads to periods of materially negative free cash flow as seen in 2024 during the construction of the corrugated board plant projects PW15 and PW16 in Germany/Italy as well as the company's second waste-to-energy power plant PP02 in Germany. Moody's assumes that in 2026-27 lower investments will lead to positive FCF once again, stabilizing Progroup's liquidity. STRUCTURAL CONSIDERATIONS The backed senior secured notes issued in March 2024 are rated Ba3, in line with the CFR. This is primarily because backed senior secured debt constitutes most of the company's outstanding liabilities, and the EUR200 million senior secured revolving credit facility is ranking pari passu with the bonds. The guarantor pool is strong and consist of all material subsidiaries representing 88% of revenue, 98% of EBITDA and 95% of assets as of December 2023. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Paper and Forest Products published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Landau, Germany, Progroup AG (Progroup) is one of the leading European paper-based packaging companies focusing on the production of containerboard and its conversion into corrugated sheet board. The company operates three containerboard mills in Germany and 14 corrugated sheet board plants across six European countries, as well as two combined heat and power plants in Eisenhüttenstadt and Sandersdorf-Brehna, Germany. During 2025, Progroup generated approximately EUR1.4 billion of revenue and employed around 1,758 people. The company was founded by Juergen Heindl in 1992 and remains family owned with the son of the founder Maximilian Heindl acting as its current CEO since the beginning of 2023. ============= I R E L A N D ============= AURIUM CLO XV: Fitch Assigns 'B-sf' Final Rating on Class F Notes ----------------------------------------------------------------- Fitch Ratings has assigned Aurium CLO XV DAC final ratings. Entity/Debt Rating ----------- ------ Aurium CLO XV DAC A XS3377441418 LT AAAsf New Rating A-Loan LT AAAsf New Rating B XS3377441764 LT AAsf New Rating C XS3377441921 LT Asf New Rating D XS3377442143 LT BBB-sf New Rating E XS3377442499 LT BB-sf New Rating F XS3377442655 LT B-sf New Rating Subordinated Notes XS3377442903 LT NRsf New Rating Transaction Summary Aurium CLO XV DAC is a securitisation of mainly (at least 90%) senior secured obligations with a component of senior unsecured obligations, second-lien loans, mezzanine obligations and high-yield bonds. Net proceeds from the notes have been used to fund an identified portfolio with a target par of EUR400 million. The portfolio is actively managed by Macquarie Credit Advisers Europe Limited. The CLO has a 4.5-year reinvestment period and an 8.5-year weighted average (WAL) test at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the 'B+'/'B' category. The Fitch weighted average rating factor of the identified portfolio is 23. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 65.5%. Diversified Portfolio (Positive): The transaction includes various concentration limits, including exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has two sets of matrices, each corresponding to two fixed-rate asset limits of 5% and 12.5% and a top 10 obligors limit of 21%. The first matrix set with a WAL test of 8.5 years is effective at closing. The second matrix set that corresponds to a WAL test of 7.5 years will be applicable 12 months from closing, subject to the collateral principal amount (defaults at Fitch-treated collateral value) being at least at the reinvestment target par balance. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio analysis was reduced by 12 months. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period, which include passing the coverage tests and the Fitch 'CCC' maximum limit, and a WAL covenant that progressively steps down. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no negative rating impact on the class A, A-loan, B, C, D and E notes and lead to a downgrade to below 'B-sf' for the class F notes. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio, the class B notes display a rating cushion of two notches and the class C, D, E and F notes of three notches. The class A and A-loan 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 across all ratings and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to two notches for the class B and C notes, three notches for the class A, A-loan and D 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 across all ratings and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would result in an upgrade of no more than five notches across the structure, apart from the 'AAAsf' notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the Fitch-stressed portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Aurium CLO XV DAC 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 Aurium CLO XV 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. BLACK DIAMOND 2019-1: Moody's Ups Rating on EUR22MM E Notes to Ba2 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Black Diamond CLO 2019-1 Designated Activity Company: EUR22,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to Aaa (sf); previously on Sep 18, 2025 Upgraded to Aa1 (sf) EUR25,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to A1 (sf); previously on Sep 18, 2025 Upgraded to Baa1 (sf) EUR22,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2032, Upgraded to Ba2 (sf); previously on Sep 18, 2025 Affirmed Ba3 (sf) Moody's have also affirmed the ratings on the following notes: EUR187,000,000 (Current outstanding amount EUR14,413,670) Class A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Sep 18, 2025 Affirmed Aaa (sf) USD34,360,000 (Current outstanding amount USD2,646,079) Class A-2 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Sep 18, 2025 Affirmed Aaa (sf) USD25,000,000 (Current outstanding amount USD1,925,261) Class A-3 Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf); previously on Sep 18, 2025 Affirmed Aaa (sf) EUR27,000,000 Class B-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf); previously on Sep 18, 2025 Upgraded to Aaa (sf) EUR25,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032, Affirmed Aaa (sf); previously on Sep 18, 2025 Upgraded to Aaa (sf) EUR11,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2032, Affirmed B3 (sf); previously on Sep 18, 2025 Affirmed B3 (sf) Black Diamond CLO 2019-1 Designated Activity Company, originally issued in August 2019 and partially refinanced in October 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 Black Diamond CLO 2019-1 Adviser, L.L.C. The transaction's reinvestment period ended in August 2023. RATINGS RATIONALE The rating upgrades on the Class C, D and E notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in September 2025. The affirmations on the ratings on the Class A-1, A-2, A-3, B-1, B-2 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. Since the last rating action in September 2025, the Class A-1 notes have paid down by approximately EUR70.2 million (37.6%), while Class A-2 and A-3 have paid down collectively USD22.3 million (37.6%). 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, Class E and Class F OC ratios are reported at 231.22%, 176.14%, 138.62%, 116.74% and 108.20% compared to August 2025[2] levels of 150.92%, 134.89%, 120.36%, 109.94% and 105.38%, respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. 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: EUR167.9m Defaulted Securities: EUR0.2m Diversity Score: 33 Weighted Average Rating Factor (WARF): 3315 Weighted Average Life (WAL): 3.69 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.82% Weighted Average Coupon (WAC): 4.88% Weighted Average Recovery Rate (WARR): 45.12% Par haircut in OC tests and interest diversion test: 3.23% 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 Moody's are analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in April 2026. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. 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. -- Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values 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. SEABURY PARK: Fitch Assigns 'B-sf' Rating on Class F Notes ---------------------------------------------------------- Fitch Ratings has assigned Seabury Park CLO DAC final ratings. Entity/Debt Rating ----------- ------ Seabury Park CLO DAC A XS3366237231 LT AAAsf New Rating B XS3366237744 LT AAsf New Rating C XS3366238551 LT Asf New Rating D XS3366238718 LT BBB-sf New Rating E XS3366238981 LT BB-sf New Rating F XS3366239286 LT B-sf New Rating Subordinated Notes XS3366239526 LT NRsf New Rating X XS3366237405 LT AAAsf New Rating Transaction Summary Seabury Park CLO 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 has a target par of EUR400 million. The portfolio is actively managed by Blackstone Ireland Limited. The CLO will have a reinvestment period of about 4.5 years and a 8.54 year weighted average life test (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch weighted average rating factor of the identified portfolio is 24.0. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 66%. Diversified Portfolio (Positive): The transaction will include six Fitch test matrices, two of which are effective at closing. The matrices correspond to a top 10 obligor concentration limit at 20% and fixed-rate obligation limits at 5% and 12.5%. It has four forward matrices with the top 10 obligors and fixed-rate asset limits, which are effective six months after closing or 18 months after closing subject to the reinvestment target par condition. The transaction also includes various concentration limits, including a maximum exposure to the three largest Fitch-defined industries at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction will have a 4.5-year reinvestment period and include reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's matrix and the Fitch-stressed portfolio analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include, among others, passing both the coverage tests and the Fitch 'CCC' bucket limitation test post reinvestment and a WAL covenant that progressively steps down. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase in the mean default rate (RDR) across all ratings and a 25% decrease in the recovery rate (RRR) across all ratings of the current portfolio would lead to a downgrade of one notch for the class E notes and to below 'B-sf' for the F classes of notes. The class X to D notes would not be downgraded. Based on the current portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B, C, D and F notes have rating cushions of three notches and the class E notes of four notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class X and A notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the current portfolio and the stressed-case portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed-case portfolio would lead to downgrades of two notches for the class B and C notes; three notches for the class A and D notes and to below 'B-sf' for the class E and F notes. The class X notes would not be downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR across all ratings and a 25% increase in the RRR across all ratings of the stressed-case portfolio would lead to upgrades of up to five notches for the rated notes, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the stressed-case portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, leading to the ability of the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may occur in case of 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 Seabury Park CLO DAC 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 Seabury Park CLO 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. SILVER POINT 2: Fitch Assigns 'B-sf' Final Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Silver Point Euro CLO 2, DAC notes final ratings. Entity/Debt Rating ----------- ------ Silver Point Euro CLO 2, DAC A- Loan LT AAAsf New Rating A- Notes XS3308975898 LT AAAsf New Rating B XS3308975971 LT AAsf New Rating C XS3308976276 LT A+sf New Rating D XS3308976516 LT BBB-sf New Rating E XS3308976789 LT BB-sf New Rating F XS3308976946 LT B-sf New Rating Subordinated Notes XS3308977167 LT NRsf New Rating Transaction Summary Silver Point Euro CLO 2 is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Silver Point CLO Equity Fund II Manager, LP. The CLO has a 4.5-year reinvestment period and a seven-year weighted average life (WAL) test covenant at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the identified portfolio to be in the 'B' category. The Fitch weighted average rating factor of the identified portfolio is 23.3. Strong Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. The recovery prospects for these assets are more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 65.2%. Diversified Asset Portfolio (Positive): The transaction includes various concentration limits in the portfolio, including a fixed-rate obligation limit at 10%, a top 10 obligor concentration limit at 20%, and a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction includes one matrix set, based on a top 10 obligor limit of 20%. The matrix set is effective at closing, corresponding to fixed-rate asset limits of 5% and 10%, and to a seven-year WAL test. The transaction has a 4.5-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio is 12 months less than the WAL covenant, floored at six years, to account for structural and reinvestment conditions after the reinvestment period. These conditions include passing the over-collateralisation and Fitch 'CCC' limit tests, and a WAL covenant that gradually steps down before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A, B, C, D and E notes. The class F notes would be downgraded below 'B-sf'. 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 to F notes each have a rating cushions of two to five notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded, either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to three notches each for the class A to D 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 lead to upgrades of up to two 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 may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread being available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY 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 Silver Point Euro CLO 2, 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 ========= CARIBU SRL: July 27 Bid Submission Deadline Set for Business Lease ------------------------------------------------------------------ Potential bidders have until 12:00 p.m. on July 27, 2026 to submit offers for the lease of the business unit owned by Societa Caribu S.R.L. This invitation to offer and related competitive selection procedure is pursuant to the company's Crisis Resolution Procedure at Court of Milan, 2nd Civil Section - PU - no. 71/2026. Economic conditions of the base offer: EUR1,500,000 in monthly instalments until December 31, 2029; provision of a matching right in favor of the first bidder. Guarantee: EUR150,000.00 (equal to 10% of the total contractual value), at the bidder's choice in the form of a restricted security deposit or an independent first-demand bank guarantee. Documentation and conditions of participation can be found on the website: www.sivag.com The company's registered office is at: Corso Monforte 16 20122 Milan FLOS B&B: Moody's Affirms 'B2' CFR & Alters Outlook to Stable ------------------------------------------------------------- Moody's Ratings has changed the outlook to stable from negative on Flos B&B Italia S.p.A. (FBB Group or the company). FBB Group is the Italian high-end lighting and furniture company. Concurrently, Moody's affirmed the company's B2 long-term corporate family rating, its B2-PD probability of default rating, and the B2 rating on the EUR425 million (EUR340 million outstanding) backed senior secured fixed rate notes due November 2028 and on the EUR550 million backed senior secured floating rate notes due December 2029. "The outlook change to stable from negative reflects Moody's expectations that FBB Group will apply to debt repayment most of the proceeds from the sale of its subsidiary, the Danish lighting manufacturer Louis Poulsen, expected to complete in Q3 2026. This will result in a material improvement in its credit metrics, solidly positioning the company in the B2 rating category", says Giuliana Cirrincione, Moody's Ratings AVP-Ratings and lead analyst for FBB Group. "The use of proceeds from asset sales to repay financial debt represents positive governance considerations that are a key factor in this rating action, as the meaningful reduction in leverage and the positive impact on free cash flow generation more than offset the reduced diversity and a smaller perimeter", adds Mrs. Cirrincione. RATINGS RATIONALE The rating action was prompted by FBB Group's announcement on June 11 that it will sell its wholly owned subsidiary Louis Poulsen A/S (Louis Poulsen), and will use a portion of the sale proceeds to partly repay outstanding debt. In 2025, Louis Poulsen generated revenue of DKK966 million, equivalent to around EUR130 million, and reported EBITDA of DKK286 million, or around EUR38 million, representing approximately 17% and 21% of group totals, respectively. From a business profile perspective, the disposal reduces FBB Group's diversification across brands, geographies and product categories while marginally diluting its profitability. However, following the progressive deterioration in operating performance over the last couple of years, Moody's expects the company to remain committed to maintaining a solid balance sheet and restoring its traditionally robust free cash flow (FCF) generation capacity. As a result, Moody's assumes that FBB group will apply the vast majority of sale proceeds to debt repayment, leading to a significant reduction in its Moody's adjusted gross leverage towards 4x from 5.8x in 2025, which would solidly position the company in the B2 rating category. The debt repayment will also materially improve FBB Group's FCF generation and interest coverage, both of which have weakened since 2023 from historically strong levels because of higher interest rates. Moody's expects the company to prioritize the full repayment of its fixed-rate bond, which was refinanced in late 2023 at a high 10% coupon and currently has EUR340 million outstanding. As a result, Moody's anticipates annual interest expense to decline by at least EUR35 million from 2027 onwards, leading to a Moody's adjusted FCF of up to around 9% of total gross debt and a Moody's adjusted EBIT to interest ratio of slightly above 2x. FBB Group is still exposed to the risk of a persistently soft consumer demand in the highly discretionary high-end lighting and furniture market. In addition, following the envisaged disposal, FBB Group will no longer benefit from the ongoing positive sales momentum of the Louis Poulsen brand, which has reported a strong performance over the past few quarters. As a result, Moody's forecasts low single digit organic sales growth rates over the next 12-18 months, but broadly stable EBITDA margins of around 21%-22% (on a pro-forma and Moody's-adjusted basis). This reflects the company's continued focus on cost controls and productivity gains, as well as Moody's expectations that FBB Group will fully offset the negative impact of input cost inflation with price adjustments and better product mix owing to a growing contribution of the contract business. FBB Group's B2 rating is constrained by its moderate size in a highly fragmented industry and its reliance on external designers for new products to remain competitive. The B2 rating also factors in a degree of event risk, in the form of debt-funded acquisitions and shareholder distributions. Following the expected debt repayment, and supported by the capacity available under its debt documentation, FBB Group will build substantial financial flexibility over the next 12–18 months, that could be used for debt funded acquisitions, consistent with the group's historical growth strategy, or shareholder distributions. Positively, FBB Group's B2 rating also reflects its leading positions globally in the niche high-end designer lighting and furniture market, with a large and well-recognised brand portfolio; its high profit margins and track record of good free cash flow (FCF) generation, as well as its good liquidity. LIQUIDITY FBB Group's liquidity is good, with around EUR69 million in cash and EUR125 million available under its EUR145 million super senior revolving credit facility (RCF) as of March 31, 2026. These resources, together with around EUR45 million of funds from operations in 2026, which Moody's estimates will increase to around EUR75 million in 2027 mainly due to lower interest expense, will abundantly cover all of the company's future cash needs for the next 12-18 months. These include modest annual capital expenditures of approximately EUR33 million (including lease repayment), given the relatively asset-light business model, as well as manageable working capital requirements, as inventory buildup is driven predominantly by a made-to-order model and wholesalers represent the largest distribution channel for the company. The super senior RCF includes a springing financial covenant defined as super senior net debt/EBITDA of 2.5x (tested when drawn amounts less company's cash holdings at quarter-end are greater than 40% of committed RCF amounts), which, if not met, would stop any incremental drawing under the facility. STRUCTURAL CONSIDERATIONS According to Moody's Loss Given Default for Speculative-Grade Companies (LGD) methodology, the B2 CFR is aligned with the B2-PD probability of default rating, based on an assumed recovery rate of 50%, as customary for transactions that include both bonds and bank debt. The B2 rating on the EUR550 million backed senior secured floating-rate notes due December 2029 and on the EUR425 million (EUR340 million outstanding) backed senior secured fixed-rate notes due November 2028 are in line with the CFR, reflecting the fact that they represent most of the company's debt structure. The EUR145 million super senior RCF, maturing in November 2028, ranks ahead of the notes because it benefits from a priority call on the security package but its size is not significant enough to warrant a notching of the notes below the CFR. Both the super senior RCF and the notes benefit from guarantees from main operating companies (representing more than 80% of the group's EBITDA), and are secured on the shares of the issuer, guarantors and substantial subsidiaries, including the target companies; certain intercompany receivables; and bank accounts. Moody's typically view debt with this type of security package to be akin to unsecured debt. RATING OUTLOOK The stable outlook reflects Moody's expectations that FBB Group's credit metrics will return to levels commensurate with the B2 rating following Moody's assumptions that the company will use most of the proceeds from the sale of Louis Poulsen for debt repayment. Moody's expects Moody's-adjusted leverage to decline to around 4x over the next 12-18 months, as well as an improvement in the Moody's-adjusted EBIT-to-interest coverage to slightly above 2x and Moody's-adjusted FCF-to-debt of around 9% thanks to lower interest costs. However, the outlook also reflects Moody's expectations that this improvement may not be sustained over time, because the company's increased financial flexibility could be used to fund acquisitions and shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if FBB Group achieves stronger than expected top-line and earnings growth such that its Moody's-adjusted gross debt/EBITDA trends sustainably towards 4.5x and its Moody's-adjusted EBIT interest cover ratio improves to above 2.5x. A rating upgrade would also require the company to have a Moody's-adjusted EBIT margin in the high-teen percentages, as well as good liquidity, supported by consistently positive FCF and a prudent approach towards M&A and shareholder distributions. Moody's could downgrade FBB Group's ratings if its operating performance deteriorates as a result of persistently weak consumer demand, such that its Moody's-adjusted EBIT margin declines towards the low-teen percentages, its Moody's-adjusted EBIT interest cover ratio fails to remain well above 1x and its Moody's-adjusted gross debt/EBITDA is sustainably above 6.0x. A downgrade could also occur if liquidity weakens materially, as a result of persistently negative FCF and/or an aggressive M&A strategy. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Durables published in December 2025. COMPANY PROFILE Flos B&B Italia S.p.A. (FBB Group) was created from the combination of three high-end design companies: Flos, a leading Italian high-end lighting manufacturer; B&B Italia, a leading Italian high-end furniture company; and Louis Poulsen, a leading Danish high-end lighting company. In the 12 months that ended March 2026, FBB Group generated EUR749 million in revenue and around EUR170 million in company-adjusted EBITDA, that is, before non-recurring items (or EUR161 million on a Moody's adjusted basis). Following the LBO completed in late 2018, the group is owned by the Carlyle Group Inc. (The), Investindustrial Development S.A., certain members of management and some third-party investors. FORTUNA CONSUMER 2024-2: Fitch Affirms BB-sf Rating on Cl. F Notes ------------------------------------------------------------------ Fitch Ratings has upgraded Fortuna Consumer Loan ABS 2023-1 Designated Activity Company (Fortuna 2023-1) class D and E notes; Fortuna Consumer Loan ABS 2024-1 Designated Activity Company (Fortuna 2024-1) class B to F notes; and Fortuna Consumer Loan ABS 2024-2 Designated Activity Company (Fortuna 2024-2) class B notes. It has affirmed the rest. Entity/Debt Rating Prior ----------- ------ ----- Fortuna Consumer Loan ABS 2024-1 Designated Activity Company A XS2746123558 LT AAAsf Affirmed AAAsf B XS2746464465 LT AA+sf Upgrade AAsf C XS2746465272 LT AA-sf Upgrade Asf D XS2746465439 LT Asf Upgrade BBBsf E XS2746465785 LT BBBsf Upgrade BB+sf F XS2746465868 LT BBB-sf Upgrade BB-sf Fortuna Consumer Loan ABS 2023-1 Designated Activity Company C XS2585849297 LT AAAsf Affirmed AAAsf D XS2585849370 LT AAAsf Upgrade AAsf E XS2585849453 LT AA-sf Upgrade BBB+sf Fortuna Consumer Loan ABS 2024-2 Designated Activity Company A XS2887887581 LT AAAsf Affirmed AAAsf B XS2887887664 LT AAsf Upgrade AA-sf C XS2887887748 LT A-sf Affirmed A-sf D XS2887888043 LT BBB-sf Affirmed BBB-sf E XS2887889793 LT BBsf Affirmed BBsf F XS2887890882 LT BB-sf Affirmed BB-sf Transaction Summary The transactions are true-sale securitisations of unsecured consumer loans sold by auxmoney Investments Limited. The transactions' 12-month revolving periods have ended. The securitised consumer loan receivables are derived from loan agreements between Süd-West-Kreditbank Finanzierung GmbH (SWK) and individuals in Germany and brokered by auxmoney GmbH via its online lending platform. Fortuna 2023-1 and Fortuna 2024-1 are amortising sequentially, whereas Fortuna 2024-2 is amortising pro-rata. KEY RATING DRIVERS Performance in Line with Expectations: The transactions' performance is mostly in line with its expectations. Fitch has therefore maintained the current default base cases at 12.5%, 11.6%, 9.4% for Fortuna 2023-1, 2024-1 and 2024-2, respectively. The 'AAAsf' multiple also remains unchanged at 3.8x for Fortuna 2023-1 and 2024-1, while Fitch has reduced it to 3.8x from 4x for Fortuna 2024-2 due to the end of the revolving period. Base case recoveries also remain at 33% with a 'AAAsf' haircut of 55% for all three transactions. CE Build-up Drives Upgrades: Fortuna 2023-1 and 2024-1 are amortising sequentially, leading to a build-up of credit enhancement (CE) compared with the last surveillance review. For Fortuna 2023-1, the class A and B notes have been paid in full. Fortuna 2024-2 is currently paying pro-rata since the end of its revolving period as long as no sequential amortisation trigger is breached. Consequently, CE has seen modest increases, supported by the class G notes only amortising sequentially after the more senior class notes have been redeemed. The CE build-up drives the notes' upgrades. Hedging Structure Exposed to Mismatches: Interest-rate risk is hedged using a fixed-schedule cap for Fortuna 2023-1, and fixed-schedule interest-rate swaps for Fortuna 2024-1 and 2024-2. The actual balance of the hedged notes can differ substantially from the fixed schedule, depending on default rates and prepayments. High defaults and prepayments would expose the structure to over-hedging, which reduces excess spread in certain interest-rate environments. Servicing Continuity Risk Addressed: CreditConnect GmbH, a subsidiary of auxmoney, is the servicer, with some of the servicing duties being performed by SWK. The deals do not have a back-up servicer in place, but rather a back-up servicing facilitator. Fitch believes that the presence of a back-up servicer facilitator, the split of servicing duties between two entities and the presence of a liquidity reserve reduce the risk of servicer discontinuity and payment interruptions to senior expenses and interest on the rated notes. The key rating drivers listed in the applicable sector criteria, but not mentioned above, are not material to this rating action. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in default rates or decreases in recovery rates producing larger losses than its assumptions could result in negative rating action on the notes. The sensitivities below describe the model-implied impact of a change in one of these input variables. Fortuna 2023-1 Expected impact on the ratings of class C/D/E notes: Increase default rates by 10%: 'AAAsf'/'AAAsf'/'A+sf' Increase default rates by 25%: 'AAAsf'/'AAAsf'/'Asf' Increase default rates by 50%: 'AAAsf'/'AAsf'/'BBB+sf' Reduce recovery rates by 10%: 'AAAsf'/'AAAsf'/'AA-sf' Reduce recovery rates by 25%: 'AAAsf'/'AAAsf'/'AA-sf' Reduce recovery rates by 50%: 'AAAsf'/'AAAsf'/'A+sf' Increase default rates and reduce recovery rates each by 10%: 'AAAsf'/'AAAsf'/'A+sf' Increase default rates and reduce recovery rates each by 25%: 'AAAsf'/'AA+sf'/'A-sf' Increase default rates and reduce recovery rates each by 50%: 'AAAsf'/'AA-sf'/'BBBsf' Fortuna 2024-1 Expected impact on the ratings of class A/B/C/D/E/F notes: Increase default rates by 10%: 'AAAsf'/'AA+sf'/'A+sf'/'A-sf'/'BBB-sf'/'BB+sf' Increase default rates by 25%: 'AA+sf'/'AA-sf'/'Asf'/'BBBsf'/'BB+sf'/'BBsf' Increase default rates by 50%: 'AAsf'/'Asf'/'BBB+sf'/'BBB-sf'/'BBsf'/'B+sf' Reduce recovery rates by 10%: 'AAAsf'/'AA+sf'/'A+sf'/'A-sf'/'BBBsf'/'BBB-sf' Reduce recovery rates by 25%: 'AAAsf'/'AA+sf'/'A+sf'/'A-sf'/'BBBsf'/'BB+sf' Reduce recovery rates by 50%: 'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BB+sf' Increase default rates and reduce recovery rates by 10% each: 'AAAsf'/'AA+sf'/'Asf'/'BBB+sf'/'BBB-sf'/'BB+sf' Increase default rates and reduce recovery rates by 25% each: 'AA+sf'/'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'/'BBsf' Increase default rates and reduce recovery rates by 50% each: 'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'/'B+sf'/'CCCsf' Fortuna 2024-2 Expected impact on the ratings of class A/B/C/D/E/F notes: Increase default rates by 10%: 'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'CCCsf' Increase default rates by 25%: 'AAsf'/'A+sf'/'BBBsf'/'BB+sf'/'BB-sf'/'NRsf' Increase default rates by 50%: 'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'CCCsf'/'NRsf' Reduce recovery rates by 10%: 'AAAsf'/'AAsf'/'A-sf'/'BBB-sf'/'BBsf'/'Bsf' Reduce recovery rates by 25%: 'AAAsf'/'AAsf'/'A-sf'/'BBB-sf'/'BBsf'/'CCCsf' Reduce recovery rates by 50%: 'AA+sf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'/'NRsf' Increase default rates and reduce recovery rates by 10% each: 'AA+sf'/'AA-sf'/'BBB+sf'/'BBB-sf'/'BBsf'/'CCCsf' Increase default rates and reduce recovery rates by 25% each: 'AAsf'/'Asf'/'BBBsf'/'BB+sf'/'B-sf'/'NRsf' Increase default rates and reduce recovery rates by 50% each: 'Asf'/'BBB+sf'/'BB+sf'/'B+sf'/'NRsf'/'NRsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Lower defaults and higher recoveries could lead to positive rating action. Fortuna 2023-1's class C and D notes and the class A notes of Fortuna 2024-1 and Fortuna 2024-2 are already at the highest rating on Fitch's scale and cannot be upgraded. For the remaining notes in all three transactions, a simultaneous 25% decrease in defaults and 25% increase in recoveries could result in upgrades of up to four notches. 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 Fortuna 2023-1 Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction's closing, Fitch sought to receive a third-party assessment conducted on the asset portfolio information, but none was available for these transactions. 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. Fortuna 2024-1 Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction's closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Prior to the transaction's closing, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. Fortuna 2024-2 Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. LA DORIA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has affirmed La Doria S.p.A.'s Long-Term Issuer Default Rating (IDR) at 'B+' with Stable Outlook. Fitch has also affirmed La Doria's senior secured notes (SSNs) at 'BB-' with a Recovery Rating of 'RR3' following its announcement of a EUR50 million tap. The company intends to use the proceeds to fund the recently announced acquisition of Solana, which Fitch views as neutral to rating, given its accretive profitability and conservatively structured funding with adequate credit metrics for the rating. The ratings reflect La Doria's niche scale and concentrated retail customer base, balanced against its longstanding customer relationships and adequate operating profitability for a private-label food processing company. Moderate leverage metrics and sustained positive free cash flow (FCF) also support the ratings. Key Rating Drivers SSN Tap Neutral to Rating: Fitch views the tap as neutral to ratings.The increase of total debt will be offset by revenue and EBITDA expansion over 2027-2029. Fitch now projects EBITDA leverage at 5.1x in 2026, compared with 4.9x estimated previously, before declining to 4.5x in 2027, supported by organic growth and the integration of Solana. Solana generates EUR90 million revenue and has a higher EBITDA margin than La Doria at 30%. The transaction is expected to close in September 2026. Acquisitive Strategy: The 'B+' IDR is supported by La Doria's cash-generative operations, which allow it to swiftly deleverage organically to below 5.0x as the business continues to grow profitably. However, the company's highly acquisitive, partly debt-funded, business development strategy and a fragmented market imply ample scope for inorganic growth. Fitch projects La Doria will focus on acquiring smaller, established businesses, limiting integration risk and capital resources. Frequent, larger debt-funded acquisitions could increase execution risks and hinder deleveraging, putting pressure on ratings. Improving Profitability: Fitch projects group EBITDA margins at 11.8% in 2026, broadly in line with 2025, and to increase to 12.6% and above in 2027-2029, reflecting the full consolidation of Solana. Profitability will be further supported by product mix changes, premiumisation, efficiency measures and more agile contractual pricing terms reducing the lag between input and output prices, thereby limiting EBITDA margin volatility. La Doria's ability to maintain profitability at 11%-12% is central to its rating. Volume to Support Growth: Fitch expects revenue to grow 8.4% in 2026, driven by the full integration of Fege and Pasta Lensi and three months of Solana's acquisition. Fitch expects only moderate pricing power, given intense competition from branded producers, while recognising the defensive characteristics of private label, which support volumes during periods of high inflation. In 2025, La Doria reported 2% organic revenue growth, while EBITDA margin remained broadly stable at 11.5%. Its recent performance was constrained by intense competition from branded goods producers, particularly in 1H25, and limited pricing momentum in a deflationary environment. Positive FCF Generation: Fitch forecasts that La Doria will generate positive FCF margins of 3.5%, except in 2026, when the margin is projected at 1% due to higher capex, equivalent to 3.7% of sales. Over 2026-2029, FCF will also benefit from tax credit and government grants of EUR10 million-12 million a year, equivalent to an improvement of about 70bp in the FCF margin. The group's credit profile is supported by its ability to generate FCF, underpinned by strong profitability for the rating category, limited working-capital outflows and modest capex intensity. Shareholder Distributions Possible: The group's approach to acquisitions is opportunistic, and Fitch expects any new acquisitions to be modest, limiting integration and execution risks. Fitch estimates the group could also use its rising cash balance for shareholder distributions, subject to compliance with financial documentation. Slow Cost Pass-Through: La Doria benefits from a largely variable cost base. Its supplier base is fairly diversified, with the top five suppliers accounting for about 18% of cost of goods sold. Tomato sourcing is strong due to framework agreements with several producers, but pulse suppliers are more concentrated. However, the group is exposed to fluctuations in the price and yield of tomatoes and other commodities, with slow cost pass-through of up to a year. This could affect profitability in low-yielding seasons or at times of geopolitical tension. Fitch expects the gap between input and output prices to reduce as sales contracts are renegotiated, enhancing margin stability. Niche Product, Concentrated Customers: La Doria's ratings are constrained to the 'B' rating category by its niche position in food processing and modest business scale. It also has a highly concentrated customer base, with its top 10 clients representing about 46% of revenue. However, this is mitigated by La Doria's longstanding customer relationships and the absence of contract cancellations, backed by its logistic and production capabilities. The group's profitability of above 10% is strong for the rating, underscoring its attractive product offering, despite its customers' stronger bargaining power. Peer Analysis La Doria compares favourably with several consumer, food and beverage leveraged buyouts in Fitch's public and private rating coverage. Sigma Holdco BV (B/Stable) has materially larger scale, greater geographic diversification and higher margins, supported by its branded portfolio and a different cost base. Fitch allows Sigma a higher debt capacity, despite its focus on a single product facing secular difficulties. Nomad Foods Limited (BB/Stable), which is strong in branded and private-label frozen food, is larger with stronger profitability. Its leverage is also lower, justifying a higher rating than La Doria. Flamingo Group International Limited (B/Stable) operates in the highly fragmented, agriculture-like floriculture market, with a concentrated customer base and limited FCF generation. It is smaller than La Doria, with limited diversification by geography and product. It is also exposed to crop breeder risks and adverse weather conditions, leading to overall higher credit risk and lower debt capacity. Sammontana Italia S.p.A. (B+/Stable), rated at the same level as La Doria, has comparable credit metrics and similar scale, but a slightly stronger business profile due to its broader product offering, stronger brand awareness and lower customer concentration. Its profits are also less exposed to input cost volatility. These strengths are partly offset by La Doria's lower execution risks, as Sammontana is pursuing market consolidation and expansion, including in overseas markets. Platform Bidco's (Valeo Foods; B-/Stable) business profile is stronger than La Doria's, supported by a diverse branded portfolio, complemented by broad private-label offerings and wider product diversification. However, it has weaker leverage, which Fitch forecasts at 8.0x-7.0x in 2026-2027. Fitch’s Key Rating-Case Assumptions - Overall revenue growth of 7% in 2026 and 4.5%-6% in 2027-2029. Organic revenue growth of 3% in 2026-2029, with the rest coming from acquisitions - EBITDA margin at 11.8% in 2026 (2025: 11.5%), before improving to 12.6%-12.8% in 2027-2029, due to easing inflationary pressure and an improved product mix - Gross capex at EUR55 million in 2026, before normalising to about EUR46 million a year in 2027-2029 - Cash inflow from tax credits and grants at about EUR10 million in 2026 and EUR12 million a year in 2027-2029 - Fitch assumed M&A spending of about EUR150 million in 2026 followed by EUR35 million a year in 2027-2029, funded by FCF and readily available cash. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Lower), sector characteristics ('bb-', Lower), market and competitive positioning ('b', Higher), diversification and asset quality ('b+', Moderate), company operational characteristics ('b', Moderate), profitability ('bb-', Higher), financial structure ('bb-', Moderate), and financial flexibility ('bb', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and have no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis Its recovery analysis assumed that La Doria would be considered as a going concern (GC) in bankruptcy and would be reorganised rather than liquidated. This is because most of its value lies in its client-and-supplier relationships, as well as its production and logistic capabilities. Fitch assumed a 10% administrative claim. Fitch assessed GC EBITDA at EUR120 million, reflecting the recently acquired businesses and corrective measures that would allow la Doria to retain a viable business model. Financial distress may arise from the loss of customer contracts, sourcing challenges and difficulties in passing on input costs. Fitch applied a recovery multiple of 5.0x, which is in the mid-range for packaged food companies in EMEA. Fitch assumed the revolving credit facility (RCF) of EUR122.5 million to be fully drawn on default. The RCF ranks super senior to the SSNs. Fitch expects La Doria's existing receivables factoring facilities of about EUR240 million to remain available during and after distress without requiring alternative funding, although it may be available at a reduced amount. This assumption is driven by the strong credit quality of the group's client base. Its waterfall analysis generated a ranked recovery for the SSN noteholders in the 'RR3' category, leading to a 'BB-' instrument rating, one notch above the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Increase in EBITDA gross leverage to above 5.0x, due to lower profitability or debt-funded acquisitions - EBITDA margin below 12%, resulting in lower FCF margins below 2% - EBITDA interest coverage weakening towards 3.0x or below Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Greater scale and broader geographic diversification, while product premiumisation supports EBITDA growth to EUR300 million - Higher EBITDA margin, supporting FCF margins at above 3% - EBITDA gross leverage consistently below 4.0x, driven by organic expansion, integration of bolt-on targets or gross debt prepayment, and EBITDA interest coverage above 4.0x for an extended period Liquidity and Debt Structure Fitch forecasts La Doria's cash balance at about EUR13 million at end-2026, after restricting EUR20 million of cash for operating purposes, and supported by EUR122.5 million undrawn RCF. Positive FCF generation should sustain comfortable liquidity headroom and support cash build-up to 2029, which is likely to be used for bolt-on acquisitions. La Doria has no major debt maturities before 2030, when its EUR725 million (following the EUR50 million tap) SSNs and EUR122.5 million RCF come due. Issuer Profile La Doria is an Italian manufacturer of private-label tomato, vegetable and fruit derivatives, including sauces, soups, dressings, purees and juices. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for La Doria. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- La Doria S.p.A. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- MUNDYS SPA: Fitch Affirms 'BB+' Rating on EUR5 Billion Programme ---------------------------------------------------------------- Fitch Ratings has affirmed Mundys S.p.A.'s EUR5 billion Euro medium-term programme at 'BB+'. The Outlook is Stable. The affirmation reflects the continued resilience of the group's diversified asset portfolio, which delivered strong operating performance in 2025 amid an active investment phase. Cash flow generation across the group's subsidiaries remains robust and provides solid support for the holding company's acquisitive strategy, while helping preserve financial flexibility. Mundys' acquisition strategy continues to be supported by multiple sources of financial flexibility, including stable upstream dividends from subsidiaries, the potential for asset rotation and discretion over equity distributions. Its updated rating case forecasts average proportional consolidated net leverage of 6.2x, which Fitch considers commensurate with the current rating. The Stable Outlook reflects Fitch's expectation that the group will maintain disciplined execution of its growth strategy, preserving leverage and cash flow metrics within rating sensitivities. KEY RATING DRIVERS Revenue Risk - Volume: 'Stronger' Mature, Diversified Portfolio: Mundys operates 51 concessions, predominantly in France, Spain, Italy and Latin America, with a weighted-average life, including recent acquisitions and extensions, of about 15.3 years at March 2026. Its business is well diversified, with toll roads accounting for 81% of consolidated 2025 EBITDA and airports 14%. French toll roads accounted for 26% of consolidated EBITDA. Most assets are either national networks with no material exposure to competition, or strategic assets located in large urban areas or industrial corridors. The overall portfolio has a modest 2007-2019 traffic peak-to-trough change of 5% due to its geographical diversification. Revenue Risk-Price: 'Midrange' Inflation-Linked Tariffs: Mundys' concession frameworks are robust and generally track inflation or a portion of it. Some jurisdictions also allow the recovery of capex through tariffs, modestly detaching the group's cash flow generation from traffic volumes. Generally, tariffs have increased regularly. However, fiscal policy changes in France have created uncertainty around the stability of the regulatory environment. Infrastructure Development and Renewal: 'Stronger' Flexible Plan, Experienced Operator: The group's capex plan is manageable and has some flexibility. Mundys is well-equipped to deliver its investment programme as it has extensive experience and expertise in implementing investments on time and on budget Debt Structure - 'Midrange' Unsecured Bullet Debt: The non-amortising nature of most of Mundys' debt and the lack of material structural protection are weaknesses. However, refinancing risk is mitigated by a well-diversified range of bullet maturities, a proactive and prudent debt management policy and proven access to banks and capital markets, even in uncertain times. Liquidity at holding looks solid. At 31 December 2025, Mundys had approximately EUR2.8 billion of liquidity sources, including EUR0.8 billion of cash and cash equivalents and EUR2.0 billion of committed credit facility (maturing in July 2030), with no refinancing needs until mid-2027. Rating Approach: Fitch rates Mundys' debt on the basis of the group's proportional consolidation, by considering its majority stakes and operational control over its subsidiaries. Fitch also assesses the company's access to the cash flow generation of most subsidiaries through control of their dividend and financial policies and therefore its ability to releverage these assets, if needed. Abertis is included on a proportional consolidated basis, in line with Mundys' 50% equity stake. Fitch rates Mundys' debt one notch below the proportional consolidated credit profile given its structural subordination to subsidiaries' debt. Good financial flexibility and reasonable liquidity mitigate the high leverage at the company and the restrictions embedded in Abertis's governance. Peer Analysis Mundys has common features with France's Vinci SA (A-/Stable). Both are global infrastructure operators with a focus on brownfield toll road, airport concessions and resilient traffic profiles due to their diversification, which is reflected in their 'Stronger' volume risk assessment. Vinci also shares similar pricing systems across different jurisdictions and senior unsecured bullet debt structure to Mundys. Both have balance-sheet flexibility. Nevertheless, Vinci's much lower projected leverage of less than 3.0x places its rating in the 'A' category, although exposure to the construction and energy-transition businesses results in tighter rating sensitivities than for a pure concessionaire. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A material increases in Mundys' debt above its expectations, deterioration in the company's liquidity to below the next 12 months of debt maturities or a reduction in group balance-sheet flexibility could lead to a widening of the notching on its notes' rating from the consolidated group credit assessment. - Proportional consolidated net leverage above 6.5x on a sustained basis under Fitch's rating case may lead to negative rating action. Fitch may tighten this sensitivity and the associated debt capacity if the business risk profile or average concession tenor adversely changes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Clear visibility of the capital structure and proportional consolidated net leverage consistently below 6.0x under the Fitch rating case Financial Profile Fitch's base case projects a decrease in the group's proportional consolidated net leverage to 4.9x by 2030, from 6.4x in 2025, driven by the progressive deleveraging of Abertis and robust cash flow contribution from Aeroporti di Roma, Telepass and Costanera, the Chilean motorway operator. The FRC assumes more cautious operational expansion and lower operating leverage, which will result in proportional consolidated net leverage declining to 5.6x by 2030. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Mundys S.p.A. Mundys S.p.A./Toll Revenues - Senior Unsecured Debt/1 LT LT EUR 5 bn EMTN program LT BB+ Affirmed BB+ EUR 1 bln 1.875% bond/note 13-Jul-2027 XS1645722262 LT BB+ Affirmed BB+ EUR 1 bln 1.875% bond/note 12-Feb-2028 XS2301390089 LT BB+ Affirmed BB+ EUR 750 mln 4.75% bond/note 24-Jan-2029 XS2750308483 LT BB+ Affirmed BB+ EUR 600 mln 4.5% bond/note 24-Jan-2030 XS2864439158 LT BB+ Affirmed BB+ EUR 500 mln 3.7% bond/note 29-Sept-2031 XS3192254632 LT BB+ Affirmed BB+ EUR 500 mln 4.375% bond/note 12-Jan-2032 XS3367640680 LT BB+ Affirmed BB+ =========== L A T V I A =========== AIRBALTIC CORP: Fitch Puts 'CCC-' IDR on Watch Negative ------------------------------------------------------- Fitch Ratings has put Air Baltic Corporation AS's (airBaltic) Long-Term Issuer Default Rating (IDR) of 'CCC-' on Rating Watch Negative (RWN). Fitch has also placed airBaltic's EUR380 million senior secured bonds - also rated 'CCC-' - on RWN. The Recovery Rating on the bonds is 'RR4'. The RWN reflects airBaltic's increasingly weak financial flexibility and acute liquidity pressure. Barring additional external support, this could lead to a liquidity crisis or a form of debt restructuring that could meet Fitch's criteria for a distressed debt exchange (DDE). The IDR reflects airBaltic's weak financial profile, with unsustainably high lease-adjusted debt and weaker financial performance in 2025, which Fitch expects to persist for the rest of 2026. Key Rating Drivers Default Probable: airBaltic did not fund the bond reserve account to the required balance under its outstanding EUR380 million 2029 senior secured notes on 26 June 2026. The funding would have required the company to set aside about EUR21 million, reducing the funds available for normal operations. The decision not to fund the account has resulted in higher quarterly interest payment on 14 August at 16.5%, compared with 14.5%. Fitch believes the action underscores the company's increasingly weakening liquidity and points to an increased probability of default in 2026. Debt Restructuring a Possibility: Fitch believes the company faces a high likelihood of a payment default or a form of debt restructuring during the year, in the absence of additional funding from existing shareholders or an external investor. Fitch believes that both management and bond investors have engaged advisors to discuss the potential for debt restructuring as a solution. Fitch typically treats restructurings as DDEs if they impose material reductions to terms to creditors and have the effect of avoiding an eventual probable default. Weakening Liquidity: Increases in fuel prices have added further pressure to liquidity. The company remains highly exposed to high oil and jet fuel prices, due to unhedged fuel consumption, although jet fuel prices have declined in the last few weeks but still remain materially higher than last year. Liquidity is also constrained by stretching the payments terms of suppliers. The company might retain some short-term liquidity management levers, such as delaying payables or deferring capex, but Fitch views the flexibility provided by these measures as limited. Limited Benefit from State Loan: airBaltic secured a EUR30 million short-term loan from the Latvian state in April 2026 at market-based interest rates. However, repayments on this loan only started in June, two months before final maturity in August 2026. The loan provided a temporary liquidity bridge until the seasonally strong summer period and a few months of reprieve to secure a broader funding solution, including a potential equity injection from the state or an industrial investor. External Funding to Sustain Operations: Fitch forecasts airBaltic to generate about EUR130 million EBITDAR in 2026 (2025: EUR124 million), which is insufficient to cover about EUR160 million lease payments and a bond coupon payment of EUR57 million. Fitch forecasts the company will generate negative free cash flow (FCF) of about EUR156 million in 2026. Fitch expects the funding gap to be covered by an equity injection from either shareholders — mainly Latvia (88.37%; A-/Stable) and Deutsche Lufthansa AG (10%; BBB-/Stable) — or a new strategic investor for the company to remain a going concern (GC). However, Fitch has limited visibility on the feasibility of such support. Leverage Remains Unsustainably High: The company's EBITDAR gross leverage increased to about 10.6x at end-2025 from 8.4x in 2024, reflecting weaker-than-expected operating performance, which reduced EBITDAR, while debt (including leasing) remained broadly in line with its expectations at EUR1.3 billion. Under its revised forecasts, Fitch expects leverage to rise further to an unsustainable level of about 12x at end-2026. Moderate State Linkages: Fitch views support from the government of Latvia as 'Strong' for responsibility-to-support factors, but 'Not Strong Enough' under incentive-to-support factors. The state continues to see airBaltic as a strategic asset, due primarily to the connectivity it provides. However, EU state aid rules and political considerations may make it difficult to provide timely and large equity-like support to the company, in its view. Fitch does not expect contagion risk for Latvia from an airBaltic default. Fitch therefore does not incorporate in the IDR any uplift from airBaltic's Standalone Credit Profile (SCP) of 'ccc-'. Peer Analysis airBaltic has the business profile of a small network carrier, which, alongside its liquidity issues and high leverage, places it in the 'ccc' category. Comparable rated peers include JetBlue Airways Corporation (CCC+). Rated European network airlines generally have lower leverage, but JetBlue's gross debt is likely to remain high in the near term. Fitch had expected modest deleveraging through scheduled maturities and amortisation in 2026, but fuel-related cost pressure and ongoing cash consumption could lead the airline to increase debt to maintain liquidity targets. Unlike airBaltic, JetBlue has better financial flexibility as its cash balance and unencumbered assets provide flexibility to absorb near-term cost pressures. Fitch’s Key Rating-Case Assumptions - Fleet to expand to 56 aircraft in 2026 from 51 in 2025 - Some recovery in yields in 2026 - Fuel price at 1,100 USD/ metric tonne - Growth in own network available seat kilometres of about 6% in 2026 - Capex of EUR82 million in 2026, in line with 2025 - No dividends - Growth of lease debt to about EUR1.15 billion at end-2026 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: Business and financial profile factors (assessment, relative importance): management ('bb', Moderate), sector characteristics ('b-',Moderate), market and competitive positioning ('b', Moderate), diversification and asset quality ('bb-', Moderate), company operational characteristics ('b', Moderate), profitability ('ccc', Moderate), financial structure ('ccc-', Higher), and financial flexibility ('ccc-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. The governance assessment of 'good' has no impact. The operating environment assessment of 'bbb' has no impact. The SCP is 'ccc-'. To derive the Long-Term IDR: Application of Fitch's Government Related Entities Rating Criteria results in a standalone approach Recovery Analysis The recovery analysis assumes airBaltic would be reorganised as a GC in bankruptcy rather than liquidated. The airline's GC EBITDA of EUR35 million is based on its assumption of a sustainable post-restructuring EBITDA. The figure is 30% lower than the EBITDA reported in 2023, but higher than the results for 2025 and its expectations for 2026, which Fitch views as exceptionally weak years in profitability. Fitch applies the standard 4.5x multiple used for EMEA airlines to GC EBITDA to calculate a post-reorganisation enterprise value. Its waterfall analysis, after deducting 10% for administrative claims, generated a ranked recovery in the 'RR4' band, indicating a 'CCC-' instrument rating for the senior secured bond. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to secure sufficient external funding to cover the company's liquidity needs leading to a form of payment default - Steps taken towards a debt restructuring that Fitch would view as a DDE, which would lead to a downgrade the IDR to 'C' once the DDE has been agreed with investors and a date for the exchange has been set. Upon the completion of the DDE the IDR would be downgraded to 'RD' (Restricted Default) Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A large equity injection or other committed external funding that materially improves liquidity and supports operations through 2026, alongside signs of operational improvement - Improved financial flexibility, including better visibility over funding sources relative to projected cash consumption Liquidity and Debt Structure At end-2025, airBaltic's total cash balance, including the bond service reserve account, was about EUR28 million (EUR33 million at end-March 2026), above the EUR25 million minimum liquidity covenant under its bond documentation. Fitch forecasts negative FCF of about EUR156 million in 2026 before any external funding, implying a material funding need. Barring any equity injections, the company may rely on short-term liquidity measures, such as a state loan or working capital management, although these will provide only limited flexibility. The company's outstanding bond matures in 2029. Issuer Profile airBaltic, founded in 1995, is an airline operating in the Baltic region, with its main hub in Riga and operating bases in Tallinn and Vilnius, and market shares of 58%, 28% and 15% respectively. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for airBaltic is 51. This is in line with other airlines and reflects gradually growing costs linked to the decarbonisation of the sector. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Air Baltic Corporation AS LT IDR CCC- Rating Watch On CCC- senior secured LT CCC- Rating Watch On RR4 CCC- =================== L U X E M B O U R G =================== CIRSA FINANCE: Fitch Rates EUR500MM Sr. Secured Notes 'BB+(EXP)' ---------------------------------------------------------------- Fitch Ratings has assigned Cirsa Enterprises S.A.'s announced EUR500 million issuance of senior secured notes (SSNs) a 'BB+(EXP)' expected rating with a recovery rating of 'RR2'. The notes are issued by Cirsa Finance International S.a r.l, a fully-owned subsidiary of Cirsa. Fitch expects the issue proceeds to be used primarily to repay Cirsa's outstanding EUR375 million senior secured notes, with the balance of around EUR100 million, after call and transaction costs, allocated to general corporate purposes. The assignment of final rating to the SSNs is subject to the receipt of final documentation conforming with the draft terms provided to Fitch. Key Rating Drivers Issue Neutral to Net Leverage: The transaction is neutral to net leverage; Fitch continues to forecast EBITDAR net leverage at 3.4x in 2026, improving from 3.7x in 2025. This leaves Cirsa with comfortable debt capacity. Fitch forecasts leverage headroom to increase further, as EBITDAR net leverage improves towards 3.0x in 2028. However, this will also depend on the evolution of its business profile, with growth in scale supported by continuous improvement in geographic and product diversification. Leader in Large, Growing Market: Cirsa has a leading position in its core market, Spain, which is the fifth-largest for gaming in Europe. Fitch expects the market in Spain to be the fastest-growing among the top five, due to lowest online penetration, potentially overtaking France and Germany over the medium term to become the third-largest market in Europe. Cirsa's position in Spain is cemented by its presence in both land-based and online segments, as well as by its B2B operations. This omnichannel presence provides promotional benefits in markets with severe advertising restrictions like Spain. LatAm Provides Opportunities and Risks: Cirsa also has leading positions in its core LatAm markets - Peru, Panama and Colombia. It is present in most fully regulated markets in LatAm, except for Brazil and Argentina, and Fitch expects these markets to provide higher revenue growth in the mid-single digits under the Fitch rating case, than the low single-digit growth in EMEA. This should support overall revenue CAGR of about 4.6% in 2025-2029. However, exposure of about 30% of Cirsa's revenue to LatAm currencies creates unhedged FX positions that could affect cash flow and financial flexibility, although this is partly mitigated by its geographic diversification across the region. Material Geographic Concentration; Product Diversification: Cirsa generates 38% of its revenue in Spain, and about 50% on an EBITDA basis. This is partly mitigated by the nature of regulation in Spain, where land-based gaming regulation is implemented at a regional level, although online regulation is enforced on a nationwide basis. Cirsa's product diversification is moderate, with its online proposition skewed towards gaming and its land-based proposition including casinos and gaming halls, supplemented by a B2B business in Spain. Moderate Regulatory and Fiscal Exposure: Fitch assumes continued pressure from European gaming regulation over the medium term, driven by a focus on responsible gaming and the moderation of customer spending on gaming and sports betting, especially among young adults. Fitch expects regulation to primarily focus on iGaming and online sports betting and estimate that Cirsa will continue to generate most of its Spanish revenue from land-based operations, which Fitch views as less exposed to regulatory risks over the medium term. Cirsa does not operate in dot-com markets, and its LatAm exposure is limited to fully regulated markets, reducing regulatory and fiscal risks. PIK Notes Treated as Debt: Fitch views Cirsa's EUR756 million 2030 payment-in-kind (PIK) notes (including accrued interest), issued by LHMC Finco 2 S.a r.l. (holdco indirectly owning about 74% of Cirsa's share capital), as debt. The notes' pay-if-you-can interest payment feature, limited portability and maturity falling inside the senior secured debt create refinancing risk and would not prevent acceleration in the event of an inability to refinance at maturity. Fitch therefores treat the PIK notes as debt under its Corporate Rating Criteria, despite their lack of direct recourse to the senior secured restricted group. The PIK notes add 0.9x to Fitch-defined EBITDAR net leverage. Healthy Free Cash Flow Generation: Cirsa's strong profitability of about 35% on an EBITDAR basis in 2025 translated into a solid free cash flow (FCF) margin of 9.5%, which Fitch considers to be strong for the rating. Fitch forecasts the FCF margin to remain at 9%-10% over 2026-2029, comfortably supporting medium-term capex intensity of about 10% and dividends in line with company guidance. The high margin will allow Cirsa to fund bolt-on M&A with internally generated cash flow. However, large or transformative acquisitions would likely require additional funding and, if funded by debt, could put pressure on Cirsa's rating. Peer Analysis Cirsa is firmly positioned at its 'BB' rating. It has smaller scale and higher geographic concentration on an EBITDAR basis than Entain plc (BB/Stable) and Allwyn AG (BB/Stable), but these are balanced by Cirsa's more conservative leverage, resulting in equal IDRs. Cirsa's limited geographic diversification is slightly better than that of Betclic Everest Group (BB-/Stable) and Meuse Bidco S.A. (B+/Stable), which, in combination with its slightly stronger leverage profile, justifies a one- and two-notch rating difference, respectively. Cirsa is substantially smaller and less diversified by both product and geography than Flutter Entertainment plc (BBB-/Stable). These business profile differences result in its rating being two notches lower than Flutter's. Fitch's Key Rating-Case Assumptions - Mid-single digit revenue growth in online and low single-digit growth in land-based EMEA markets, and about 10% growth in LatAm markets in 2026 - Low single-digit revenue growth in EMEA and mid-single digit revenue growth in LatAm across 2027-2029 - EBITDAR margin improving to 36.7% in 2026 from 35.4% in 2025, before moderating to 35.5% by 2029 - Capex intensity of about 10% over 2026-2028, moderating to 8% in 2029 - FCF margin of about 10% in 2026-2029 - Dividends (excluding the portion considered interest on the PIK notes) of EUR21 million in 2026, before increasing to EUR70 million by 2029 - PIK notes issued outside the group treated as debt for leverage and interest calculation purposes, with a total amount of about EUR750 million added to debt Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Lower), sector characteristics ('bb-', Higher), market and competitive positioning ('bb', Moderate), diversification and asset quality ('bb', Higher), company operational characteristics ('bb', Moderate), profitability ('bbb', Moderate), financial structure ('bbb-', Lower), and financial flexibility ('bb', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The Governance assessment of 'Good' has no impact. The Operating Environment assessment of 'bbb+' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Recovery Analysis Fitch rates Cirsa's senior secured notes - EUR375 million notes due July 2028, EUR450 million due March 2029, EUR575 million due October 2031 and EUR425 million due October 2032 - all ranking pari passu, using its generic approach for 'BB' rating category issuers. Fitch uses the same approach to rate the planned EUR500 million SSN issue, which will rank pari passu with the existing debt. All instruments are issued by Cirsa Finance International Sarl. The Recovery Rating is 'RR2', given adequate collateral and guarantor coverage, resulting in a one-notch uplift to arrive at the senior secured rating at 'BB+'/'RR2', and the expected senior secured rating at 'BB+(EXP)'/'RR2' for the announced SSNs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDAR net leverage above 4.0x - Low-single-digit FCF margin - Aggressive financial policy, with debt-funded acquisitions or consistently high shareholder distributions - EBITDAR fixed-charge coverage below 3.0x, alongside a reduced liquidity buffer Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent increase in scale, supported by greater geographic diversification of revenue and operating profit, and healthy revenue growth in both land-based and online segments - Mid-to-high single-digit FCF margin - EBITDAR net leverage trending towards 3.0x on a sustained basis - EBITDAR fixed-charge coverage above 3.5x Liquidity and Debt Structure Fitch estimates that Cirsa had sound liquidity at end-March 2026, with about EUR240 million of Fitch-calculated unrestricted cash, excluding EUR78 million assumed unavailable for debt service. Its revolving credit facilities of EUR356 million were largely undrawn as of end-March 2026. The new SSNs will slightly improve Cirsa's liquidity with more than EUR100 million, after debt prepayments and transaction and call costs. Fitch expects the company to be cash-generative, with mid-to-high single-digit FCF over 2026-2029, supporting its liquidity profile. Pro forma for the new SSNs, all 2028 maturities will be redeemed, and debt maturities will comprise bonds maturing between 2029 and 2032. In 2030, EUR756 million PIK notes will come due. Fitch views the maturity profile of Cirsa as well-balanced for its 'BB' rating. Issuer Profile Cirsa is a leading gaming operator in Spain, Panama, Colombia and the Dominican Republic, and has a strong presence in Italy, Morocco and other LatAm markets, including Mexico and Peru, operating exclusively in fully regulated markets. Date of Relevant Committee June 10, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Cirsa. ESG Considerations Cirsa has an ESG Relevance Score of '4' for Group Structure due to the presence of material obligations outside the restricted group that Fitch treats as debt, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Cirsa Finance International S.a r.l senior secured LT BB+(EXP) Expected Rating RR2 =========== P O L A N D =========== MLP GROUP: Moody's Rates New EUR100MM Unsecured Green Notes 'Ba2' ----------------------------------------------------------------- Moody's Ratings has assigned a Ba2 instrument rating to MLP Group S.A.'s (MLP or the group) proposed EUR100 million fungible tap issuance under its existing senior unsecured green notes due October 2029. Moody's expects MLP Group to use the proceeds from the proposed EUR100 million tap issuance to support its growth strategy, primarily by funding land acquisitions and new development projects. RATINGS RATIONALE The Ba2 instrument rating on the proposed EUR100 million tap issuance is in line with MLP's Ba2 corporate family rating (CFR) and the Ba2 rating on its existing senior unsecured green notes due October 2029. The outlook is stable. MLP's Ba2 rating reflects the company's established position in the Polish logistics market, continued rental growth across its big-box and urban logistics portfolio, and Moody's expectations of further material improvement in credit metrics over the remainder of 2026. This expectation is supported by healthy demand fundamentals which enable earnings generation from completed developments and support the company's growth plans. Moody's views the proposed tap issuance as consistent with the group's business plan and funding strategy, with proceeds expected to support land acquisitions and new development projects. Moody's positively note that the company has largely transitioned to a predominantly unsecured funding structure. Pro-forma for the proposed issuance, unsecured debt will continue to represent more than 75% of total debt. Bondholders remain structurally subordinated to approximately EUR185 million of secured bank debt, while the ratio of unsecured debt to unsecured assets remains around 2.0x as of March 2026. Nevertheless, MLP's credit metrics remain weakly positioned for the Ba2 rating category. As of March 2026, Moody's-adjusted net debt to EBITDA was 15.5x, excluding unrealized foreign-exchange effects, and Moody's-adjusted EBITDA to interest expense was 1.3x. Based on the company's estimate of the full-year earnings contribution from contracted rents and, pro forma for the proposed debt issuance, these metrics would improve to around 12.9x and 1.8x, respectively. While these metrics indicate the potential for a meaningful strengthening in credit quality over the remainder of 2026 as contracted leases become income-generating, they remain broadly in line with Moody's 2026 forecast of Moody's-adjusted net debt to EBITDA of around 12x, Moody's-adjusted EBITDA to interest expense modestly above 1.5x, and Moody's-adjusted debt to assets of just below 50%. Still, these metrics remain weak for the Ba2 rating category and provide limited headroom against potential operational underperformance. The expected improvement in credit metrics is highly dependent on the successful execution of the development pipeline, the leasing of completed projects, and the stabilization of the company's earnings profile. Visibility over the pace and timing of earnings contributions from contracted rents on existing development projects remains a key rating consideration. Consequently, over the next three to six months, Moody's will focus on the company's ability to deliver operating performance broadly in line with Moody's expectations and convert its leasing pipeline into contracted and income-generating leases, which Moody's recognizes MLP has demonstrated an ability to achieve historically, despite more challenging market conditions. However, given the limited headroom within the current rating level, Moody's will continue to assess whether operating performance and leasing execution develop in line with Moody's base-case expectations. Any material deviation from these expectations could result in additional negative rating pressure and potentially lead to a negative rating action over the next few months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade A rating upgrade is unlikely at this point. It would require the company to continue strengthening its business profile via increased scale and the successful execution of development projects, a solid track record of good operating results, and solid credit metrics. Specifically, Moody's could upgrade the rating if MLP: -- Continues to increase the scale of its portfolio while maintaining a strong operational performance, measured by high like-for-like (LFL) rental income growth and high occupancy and tenant retention in a stable operating environment -- Continues to diversify its funding sources, while maintaining unsecured investment properties/unsecured debt well above 2x, with a high-quality asset pool in strong jurisdictions, providing good coverage for unsecured creditors -- Maintains Moody's-adjusted gross debt/assets below 45% and net debt/EBITDA below 9x -- Maintains a Moody's-adjusted interest coverage ratio of more than 2.5x -- Maintains good liquidity and a long-dated, staggered debt maturity profile with financing needs addressed 12-18 months in advance Factors that could lead to a downgrade -- Failure to diversify funding sources, with the amount and quality of unencumbered assets not improving in the 12-18 months after its inaugural issuance or its unsecured properties/unsecured debt coverage not improving above 1.5x over the same period -- Significant operating underperformance, including a declining occupancy rate, subdued like-for-like rental income growth, a shortening weighted average lease term (WALT) or sharply weakening property market fundamentals -- Moody's-adjusted gross debt/assets increasing above 50% and net debt/EBITDA sustained above 11x -- Interest coverage ratio sustained below 1.8x -- Increased development risk, with the total committed pipeline cost increasing above 10% of GAV and no significant pre-letting ratios -- Failure to maintain adequate liquidity LIQUIDITY MLP's liquidity will remain adequate over the next 12–18 months. As of March 31, 2026, the group's cash and cash equivalents amounted to around EUR131 million. Liquidity sources also include Moody's forecasts of annual funds from operations (FFO) of EUR20 million– EUR30 million, which will cover operating cash needs. Capital spending over the next 12–18 months will be supported by EUR100 million of the new notes' proceeds earmarked for new development projects, including land acquisitions. Given the company's stated financial policy target to reduce its reported net loan-to-value (LTV) ratio to 40% or below from 44% at the end of March 2026, Moody's liquidity analysis assumes no material shareholder distributions over the next 12-18 months. PRINCIPAL METHODOLOGY The principal methodology used in this rating was REITs and Other Commercial Real Estate Firms published in March 2026. COMPANY PROFILE MLP Group S.A. specializes in developing and managing modern big box and city logistics assets strategically located near large cities or main transport corridors in Poland, Germany, Austria, and Romania. As of the end of March 2026, its portfolio includes around EUR1.6 billion in Gross Asset Value (GAV) and 1.7 million square meters of Gross Leasable Area (GLA). =============== P O R T U G A L =============== TAGUS STC VIRIATO 2: Fitch Rates Class C Notes 'BB(EXP)' -------------------------------------------------------- Fitch Ratings has assigned Tagus, STC S.A. / Viriato Finance No. 2 (Viriato 2) expected ratings, as detailed below. The assignment of final ratings is contingent on the receipt of final documents conforming to information already received. Entity/Debt Rating ----------- ------ Tagus, STC S.A. / Viriato Finance No. 2 Class A LT A+(EXP)sf Expected Rating Class B LT BBB+(EXP)sf Expected Rating Class C LT BB(EXP)sf Expected Rating Class D LT NR(EXP)sf Expected Rating Class E LT NR(EXP)sf Expected Rating Class X LT A(EXP)sf Expected Rating Transaction Summary Viriato 2 is a nine-month revolving securitisation of a portfolio of fully amortising unsecured consumer loans originated and serviced in Portugal by WiZink Bank S.A.U. Sucursal em Portugal (WiZink Portugal). WiZink Portugal is the Portuguese branch of Wizink Bank, S.A.U., registered in Spain and majority-owned by Värde Partners, and acts as portfolio servicer, originator and seller. KEY RATING DRIVERS Asset Assumptions Reflect Pool Profile: Fitch sets base-case lifetime default and recovery rates of 8% and 20% for the total pool, based on the historical data provided by the originator, Portugal's economic outlook, pool features, and WiZink Portugal's underwriting and servicing strategies. The estimated lifetime loss rate is 18.5% for the 'A+sf' rating case. Short Revolving Period: The transaction has a nine-month revolving period during which new receivables can be purchased by the special purpose vehicle (SPV). Fitch considers any credit risk stemming from the revolving period to be sufficiently captured by default multiples. Fitch expects about 17% of the pool balance to be replenished during the revolving period, assuming an annualised prepayment rate of 10%. Pro-Rata Amortisation: The class A to E notes will be repaid pro-rata after the revolving period until a sequential amortisation event occurs, primarily linked to performance triggers, such as the cumulative balance of defaults or entries to the principal deficiency ledger (PDL). Fitch views triggers sufficiently robust to prevent the pro-rata amortisation from continuing in the event of a deterioration in performance. Fitch also considers the tail risk posed by the pro-rata pay-down to be mitigated by a mandatory switch to sequential amortisation when the outstanding pool balance falls below 10% of the initial balance. Payment Interruption Risk Mitigated: Fitch views payment interruption risk (PIR) on the notes as mitigated in the event of servicer distress. This is based on liquidity protection in the form of dedicated liquidity reserve (LR), the operational capabilities of WiZink Portugal, the very high frequency of cash collection sweeps into the transaction account bank every two days, and the presence of a back-up servicer facilitator. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-term asset performance deterioration such as increased delinquencies or reduced portfolio yield, which could be driven by changes in portfolio characteristics, macroeconomic conditions, business practices or the legislative landscape. Expected impact on the notes' ratings of increased defaults (class A/B/C/D/E/X) Increase default rates by 10%: 'A-sf'/'BBBsf'/'BBsf'/'NRsf'/'NRsf'/'Asf' Increase default rates by 25%: 'BBB+sf'/'BBB-sf'/'B+sf'/'NRsf'/'NRsf'/'Asf' Increase default rates by 50%: 'BBBsf'/'BB+sf'/'CCCsf'/'NRsf'/'NRsf'/'Asf' Expected impact on the notes' ratings of reduced recoveries (class A/B/C/D/E/X) Reduce recovery rates by 10%: 'Asf'/'BBB+sf'/'BBsf'/'NRsf'/'NRsf'/'Asf' Reduce recovery rates by 25%: 'Asf'/'BBB+sf'/'BBsf'/'NRsf'/'NRsf'/'Asf' Reduce recovery rates by 50%: 'A-sf'/'BBBsf'/'BBsf'/'NRsf'/'NRsf'/'Asf' Expected impact on the notes' ratings of increased defaults and reduced recoveries (class A/B/C/D/E/X) Increase default rates by 10% and reduce recovery rates by 10%: 'A-sf'/'BBBsf'/'BBsf'/'NRsf'/'NRsf'/'Asf' Increase default rates by 25% and reduce recovery rates by 25%: 'BBB+sf'/'BBB-sf'/'Bsf'/'NRsf'/'NRsf'/'Asf' Increase default rates by 50% and reduce recovery rates by 50%: 'BBB-sf'/'BBsf'/'NRsf'/'NRsf'/'NRsf'/'Asf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Increasing credit enhancement ratios as the transaction deleverages to fully compensate for the credit losses and cash flow stresses commensurate with higher ratings will be positive for ratings. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ========= S P A I N ========= BBVA CONSUMER 2024-1: Moody's Cuts Rating on EUR24MM D Notes to B2 ------------------------------------------------------------------ Moody's Ratings has downgraded the rating of the Class D notes in BBVA CONSUMER 2024-1, FT. Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. EUR674M Class A Notes, Affirmed Aaa (sf); previously on Oct 6, 2025 Upgraded to Aaa (sf) EUR32M Class B Notes, Affirmed A2 (sf); previously on Oct 6, 2025 Upgraded to A2 (sf) EUR50M Class C Notes, Affirmed Baa3 (sf); previously on Oct 6, 2025 Affirmed Baa3 (sf) EUR24M Class D Notes, Downgraded to B2 (sf); previously on Oct 6, 2025 Affirmed B1 (sf) The notes are backed by unsecured consumer loan contracts originated and serviced by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA, A2(cr)/P-1(cr)). RATINGS RATIONALE The rating action is prompted by increased key collateral assumptions due to worse-than-expected collateral performance. Revision of Key Collateral Assumptions: As part of the rating action, Moody's reassessed Moody's expected default rate and recovery rate assumptions for the portfolio reflecting the collateral performance to date. The collateral performance of the transaction has deteriorated since the last rating action. 90 days plus arrears currently stand at 0.68% of current pool balance showing an increasing trend over the past year. Cumulative defaults currently stand at 3.26% of original pool balance plus replenishments and additions since closing date, up from 1.69% at the time of the last rating action. Moody's increased the expected default rate assumption to 5.90% as a percentage of current pool balance from 4.70%. The revised expected default rate assumption corresponds to 6.32 % as a percentage of original pool balance (previously 4.50%). Moody's maintained the assumption for the fixed recovery rate at 15.00%. Moody's reassessed Moody's Portfolio Credit Enhancement ("PCE") assumption for this transaction. PCE reflects the credit enhancement consistent with the highest rating achievable in Spain. Moody's have increased the PCE assumption to 18.00% from 17.00%. The principal methodology used in these ratings was "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expected, (2) an increase in available credit enhancement and (3) improvements in the credit quality of the transaction counterparties. Factors or circumstances that could lead to a downgrade of the ratings include (1) an increase in sovereign risk, (2) performance of the underlying collateral that is worse than Moody's expected, (3) deterioration in the notes' available credit enhancement and (4) deterioration in the credit quality of the transaction counterparties. =========================== U N I T E D K I N G D O M =========================== 35 WORSLEY CLOSE: BTG Begbies Appointed as Administrators --------------------------------------------------------- 35 Worsley Close Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Case Number CR-2026-004916. Andrew Little and Gillian Margaret Sayburn of BTG Begbies Traynor (Central) LLP were appointed as Joint Administrators on June 23, 2026. The company operated in the buying and selling of its own real estate. The company's registered office is Ground Floor, Portland House, 54 New Bridge Street West, Newcastle upon Tyne, NE1 8AP. The company's principal trading address is c/o 09062872 – Companies House Default Address, PO Box 4385, Cardiff, CF14 8LH. The Joint Administrators can be contacted at: Andrew Little Gillian Margaret Sayburn BTG Begbies Traynor (Central) LLP Ground Floor, Portland House 54 New Bridge Street West Newcastle upon Tyne NE1 8AP Further details: Rheanne Chalmers Email: rheanne.chalmers@btguk.com Tel: 0191 269 9820 88 LYON: BTG Begbies Traynor Appointed as Administrators -------------------------------------------------------- 88 Lyon Street Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Case Number CR-2026-004917. Andrew Little and Gillian Margaret Sayburn of BTG Begbies Traynor (Central) LLP were appointed as Joint Administrators on June 23, 2026. The company operated in the buying and selling of its own real estate. The company's registered office is Ground Floor, Portland House, 54 New Bridge Street West, Newcastle upon Tyne, NE1 8AP. The company's principal trading address is FCLS Group, B1 Vantage Office Park, Old Gloucester Road, Bristol, BS16 1GW. The Joint Administrators can be contacted at: Andrew Little Gillian Margaret Sayburn BTG Begbies Traynor (Central) LLP Ground Floor, Portland House 54 New Bridge Street West Newcastle upon Tyne NE1 8AP Further details: Rheanne Chalmers Email: rheanne.chalmers@btguk.com Tel: 0191 269 9820 BGL CONTRACTS: Interpath Appointed as Administrators ---------------------------------------------------- BGL Contracts Limited was placed into administration in the Court of Session, Case Number P672 of 26. Geoffrey Isaac Jacobs and Alistair McAlinden of Interpath Advisory were appointed as Joint Administrators on June 30, 2026. The company engaged in electrical installation. The company's registered office and principal trading address is 29/31 Lister Road, Hillington Park, Glasgow, G52 4BH The Joint Administrators can be contacted at: Geoffrey Isaac Jacobs Alistair McAlinden Interpath Advisory 5th Floor, 130 St Vincent Street Glasgow G2 5HF Further details: Jamie Wilson Email: jamie.wilson@interpath.com Tel: 0141 648 4281 C.V. A.C LIMITED: Mackay Goodwin Appointed as Administrators ------------------------------------------------------------ C.V. A.C Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies, Case Number CR-2026-005170. Stuart Kelly and Claire Harsley of Mackay Goodwin Limited were appointed as Joint Administrators on July 1, 2026. The company was into steam and air conditioning supply, construction of commercial buildings, construction of roads and motorways, and other specialised construction activities not elsewhere classified. The company's registered office and principal trading address is Unit 32–34 Fourth Way, Wembley, London, HA9 0LH. The Joint Administrators can be contacted at: Stuart Kelly Claire Harsley Mackay Goodwin Limited 7 Smithford Walk Prescot Liverpool L35 1SF Further details: Adam Farnworth Tel: 0151 739 2398 Email: advice@mackaygoodwin.co.uk CADENCE (2026) NUMBER 1: FRP Advisory Appointed as Administrators ----------------------------------------------------------------- Cadence (2026) Number 1 Limited (formerly Le Col Holdings Limited) was placed into administration in the High Court of Justice, Case Number CR-2026-4796. Alastair Rex Massey and Anthony Wright of FRP Advisory Trading Limited were appointed as Joint Administrators on June 23, 2026. The company operated in the manufacture of textiles, specifically cycling apparel. The company's registered office is The Old Treacle Factory, Goodwin Road, London, W12 9JW and will be changed to 110 Cannon Street, London, EC4N 6EU. The company's principal trading address is The Old Treacle Factory, Goodwin Road, London, W12 9JW. The Joint Administrators can be contacted at: Alastair Rex Massey Anthony Wright FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further details: Alternative contact: Stanley Howarth The Joint Administrators Tel: 020 3005 4000 Email: cp.london@leonardcurtis.co.uk CADENCE (2026) NUMBER 2: FRP Advisory Appointed as Administrators ----------------------------------------------------------------- Cadence (2026) Number 2 Limited (formerly Le Col Limited) was placed into administration in the High Court of Justice, Case Number CR-2026-4797. Alastair Rex Massey and Anthony Wright of FRP Advisory Trading Limited were appointed as Joint Administrators on June 23, 2026. The company engaged in the manufacture of textiles, specifically cycling apparel. The company's registered office is The Old Treacle Factory, Goodwin Road, London, W12 9JW and will be changed to 110 Cannon Street, London, EC4N 6EU. The company's principal trading address is The Old Treacle Factory, Goodwin Road, London, W12 9JW. The Joint Administrators can be contacted at: Alastair Rex Massey Anthony Wright FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further details: Alternative contact: Stanley Howarth The Joint Administrators Tel: 020 3005 4000 Email: cp.london@leonardcurtis.co.uk E5 LIVING (MARKET RASEN): FRP Advisory Appointed as Administrators ------------------------------------------------------------------ E5 Living (Market Rasen) Ltd was placed into administration in the High Court of Justice, Case Number CR-2026-005082. Paul David Allen and David Hudson of FRP Advisory Trading Limited were appointed as Joint Administrators on June 29, 2026. The company engaged in the development of building projects. The company's registered office is The Coach House, Oldberrow Manor, Ullenhall Lane, Ullenhall, B95 5PF and will be changed to c/o FRP Advisory Trading Limited, 3rd Floor, 110 Cannon Street, London, EC4N 6EU. The company's principal trading address is The Coach House, Oldberrow Manor, Ullenhall Lane, Ullenhall, B95 5PF. The Joint Administrators can be contacted at: Paul David Allen David Hudson FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further details: Alternative contact: George Shallross Email: cp.london@frpadvisory.com The Joint Administrators Tel: 020 3005 4244 ELSTREE 2026-1: S&P Raises Class F-Dfrd Notes Rating to 'BB (sf)' ----------------------------------------------------------------- S&P Global Ratings raised and removed from CreditWatch positive its credit ratings on Elstree 2026-1 Mix PLC's class B-Dfrd notes to 'AA+ (sf)' from 'AA (sf)', C-Dfrd notes to 'AA (sf)' from 'A (sf)', D-Dfrd notes to 'A (sf)' from 'BBB (sf)', E-Dfrd notes to 'BBB (sf)' from 'BB+ (sf)', F-Dfrd notes to 'BB (sf)' from 'B+ (sf)', and X notes to 'BBB (sf)' from 'BB (sf)'. At the same time, S&P affirmed its 'AAA (sf)' rating on the class A notes. S&P said, "The rating actions follow our May 5, 2026, placement of our ratings on the class B-Dfrd to X notes on CreditWatch positive due to the implementation of updates to our U.K. sector and industry variables under our global RMBS criteria. They also reflect our full analysis of the most recent transaction information and the transaction's current structural features. "The performance of the loans in the collateral pool has remained stable since closing. Based on our calculation methodology, total arrears decreased to 0.75% in April 2026, of which 0.58% represents 30-90 days arrears--down from 1.14% at closing." There have been no principal losses since closing, and the prefunding period has finished. S&P said, "After applying our updated sector and industry variables, the overall effect in our credit analysis resulted in a decrease in the weighted-average foreclosure frequency (WAFF). The decline was mainly due to lower anchor default probabilities, lower income adjustment, lower payment shock adjustment, lower loan purpose adjustment, and lower second-lien adjustment. "Our weighted-average loss severities (WALS) have decreased at all rating levels, primarily driven by our lower overvaluation assessment for London and the southeast." Table 1 Credit analysis results Rating level WAFF (%) WALS (%) Credit coverage (%) AAA 16.69 66.64 11.12 AA 11.27 61.10 6.89 A 8.48 49.98 4.24 BBB 5.83 42.19 2.46 BB 3.03 35.67 1.08 B 2.37 28.97 0.69 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. The liquidity reserve fund is at its target levels. S&P said, "We affirmed our 'AAA (sf)' rating on the class A notes because our credit and cash flow results indicate their available credit enhancement remains commensurate with the rating. "Our rating on the class B-Dfrd notes is below the rating indicated by our cash flow analysis. This rating addresses the payment of ultimate interest and principal, and interest can therefore defer on these notes when they are not the most senior class outstanding. As we consider the presence of interest deferral mechanisms to be inconsistent with the definition of a 'AAA' rating, we limited our upgrade of this tranche to 'AA+ (sf)' and removed it from CreditWatch positive. "Although the class C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes passed cash flow stresses at higher rating levels than those assigned, we considered the deferrable nature of the notes, the relative levels of subordination, limited performance history since closing, and the current uncertain macroeconomic environment. We therefore limited our upgrades of these classes of notes and removed these ratings from CreditWatch positive." The class X-Dfrd notes have paid down by GBP2.8 million since closing. S&P said, "Our credit and cash flow results indicate that these notes can withstand stresses at a higher rating level than that previously assigned. We therefore raised our rating to 'BBB (sf)' from 'BB (sf)' and removed it from CreditWatch positive. Although the rating is below that indicated by our standard cash flow analysis, we limited the upgrade considering the notes' relative position in the capital structure and their lack of hard credit enhancement." Tail-end risk is limited given this class of notes' relatively short weighted-average life. Counterparty risk does not constrain the ratings as S&P considers the transaction to be in line with its counterparty criteria. Macroeconomic forecasts and forward-looking analysis S&P said, "We expect U.K. inflation to remain above the Bank of England's 2% target in 2026, and we forecast a 2.6% year-on-year change in house prices in the fourth quarter of 2026. Given our current macroeconomic forecasts and forward-looking view of the U.K. residential mortgage market, we performed additional sensitivities relating to higher default levels due to increased arrears and extended recovery timings. The sensitivity analysis results indicate a deterioration consistent with our credit stability considerations in our rating definitions." The transaction is backed by a pool of first- and second-lien, owner-occupied, and buy-to-let mortgage loans secured on U.K. properties. The loans were originated by West One Secured Loans Ltd. and West One Loan Ltd., which are wholly owned subsidiaries of Enra Specialist Finance Ltd. FENCHURCH SPV 4: Quantuma Advisory Appointed as Administrators -------------------------------------------------------------- Fenchurch SPV 4 Limited was placed into administration in the Business and Property Courts in Manchester, Case Number CR-2026-MAN-000937. Jeremy Woodside and Tracey Pye of Quantuma Advisory Limited were appointed as Joint Administrators on June 30, 2026. The company operated in financial intermediation. The company's registered office is Room 343, Linen Hall, 162-168 Regent Street, London, W1B 5TB and is in the process of being changed to c/o Quantuma Advisory Limited, 10–12 Mount Street, Manchester, M2 5NT. The company's principal trading address is Room 343, Linen Hall, 162-168 Regent Street, London, W1B 5TB. The Joint Administrators can be contacted at: Jeremy Woodside Tracey Pye Quantuma Advisory Limited The Lexicon 10–12 Mount Street Manchester M2 5NT Further details: Shelley Stuart-Cole Email: shelley.stuart-cole@quantuma.com Tel: 0161 694 9144 HEATHROW FINANCE: Fitch Rates New GBP350MM Notes 'BB+' ------------------------------------------------------ Fitch Ratings has assigned Heathrow Finance plc's new GBP350 million senior secured, high-yield notes a long-term rating of 'BB+' with Stable Outlook. The notes were already factored into its projections at the last rating review in December 2025. The new notes' rating is in line with that of Heathrow Finance plc's outstanding notes, as they constitute direct, unconditional, unsubordinated and secured obligations of the issuer and rank pari-passu among themselves. The notes are structurally subordinated to Heathrow Funding Limited's (OpCo) class A and class B bonds (rated A- and BBB, respectively). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade High-Yield notes: projected Fitch-defined net debt/EBITDA above 10.0x on a sustained basis at consolidated group level or Heathrow Funding entering dividend lock-up with insufficient liquidity at Heathrow Finance level Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade High-Yield notes: projected Fitch-defined net debt/EBITDA below 9.0x on a sustained basis at consolidated group level provided Heathrow Finance maintains adequate liquidity and no dividend lock-up is triggered at Heathrow Funding TRANSACTION SUMMARY The new senior secured notes have a fixed coupon of 6.5% and legal maturity in September 2030. The notes are secured by a pledge over the shares of Heathrow (SP) Limited, which owns the operating companies. The notes proceeds will be used for general corporate purposes. Summary of Financial Adjustments Finance and operating leases are removed from financial liabilities. Lease expenses are captured as an operating expense, reducing EBITDA. Date of Relevant Committee 11-Dec-2025 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Heathrow Finance plc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Heathrow Finance plc Heathrow Finance plc/Airport Revenues - Subordinate/2 LT GBP 350 mln 6.5% bond/note 01-Sep-2030 XS3307310444 LT BB+ New Rating KING HOLDCO: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned King HoldCo Limited (Kelvion) a final Long-Term Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook. Fitch has also assigned the financing entity, King US BidCo, Inc.'s, EUR750 million senior secured floating-rate notes due in 2032 a final rating of 'BB+' with a Recovery Rating of 'RR2'. The IDR reflects Kelvion's solid market position in thermal solutions across a broad range of end-markets, with data centres its largest and fastest growing segment. Improving operating margins and moderate opening EBITDA leverage of about 3.0x also support the rating. Narrow customer and product diversification and exposure to cyclical markets constrain the rating. The Stable Outlook assumes Kelvion will sustain solid EBITDA margins between 15%-16% and other credit metrics within the rating sensitivities, while delivering organic growth and refraining from shareholder distributions following its acquisition by Apollo completed in January 2026. Key Rating Drivers Moderate Leverage: On transaction close in January 2026, leverage was about 3.0x, based on Fitch-calculated EBITDA of about EUR260 million in 2025. Fitch expects leverage to decline over the medium term, driven by EBITDA growth under its rating-case assumptions. Management targets a conservative capital structure, underpinned by a financial policy focused on cash retention and reinvestment in the business, which Fitch views as supportive of deleveraging. Operating Earnings to Rise and Remain Stable: Kelvion's Fitch-calculated EBITDA margin was in line with expectations at 15.7% in 2025, up from about 12.3% in 2024. The improvement was driven primarily by operating leverage, product mix and cost savings. Fitch expects steady margins of 15%-16% in 2026-2029, supported by ongoing operational and commercial efficiency measures, which should help offset pricing pressure from increased competition or delays in capex investment of key customers. Limited Product Diversification: Kelvion's product range is broader than many direct peers, but remains concentrated in thermal solutions that are technologically and functionally adjacent and serve closely related thermal-management applications across heating, ventilation and air conditioning, industrial processes and data centres. As a result, Fitch assesses the product range as narrow under its product-diversification subfactor, reflecting high concentration in heat-transfer and cooling solutions rather than diversification into unrelated product families. Moderate Customer Concentration: Kelvion's customer base includes several large accounts, creating exposure to concentration risk. The top seven customers account for around 40% of revenue, which could amplify volatility in orders and pricing, particularly during downturns or if a key relationship is lost. Preferred supplier status, long-standing relationships, and a diversified end-market footprint provide some mitigation, but Fitch will continue to view customer concentration as a constraint on the business profile unless the revenue mix broadens and the share of revenue from the largest accounts continues to decline. Some Exposure to Cyclical End-Markets: Kelvion's exposure to cyclical, capex-driven end-markets is increasing due to growing data centre sales. Near-term demand appears strong based on hyperscaler capex announcements, but a reversal or delays could reduce revenue and margins through lower volume absorption and pricing pressure. Concentration risk and sensitivity to a few customers and projects will increase as data centres become a larger share of revenue and profit. Positive FCF to Continue: Fitch expects average 2026-2029 free cash flow (FCF) margins at mid-single digits, broadly in line with performance over the past two years. This reflects higher operating earnings offsetting increased interest expense from higher debt, relatively low working capital requirements, stable capex close to 3% of revenue and no dividends. Peer Analysis Kelvion's business profile is broadly comparable with other 'BB' category diversified industrials such as Trench Group Holdings GmbH (BB-/Negative) and Nova Alexandre III S.A.S. (Nova Orsay; BB/Stable), with similar market positioning, innovation, and diversification; by contrast, BE Semiconductor Industries N.V. (BB+/Positive) offers products with substantially higher technology content that require far greater R&D investment, while Hillman Solutions Corp. (BB/Stable) has a lower technology product set with limited innovation. Kelvion's EBITDA leverage is solid and broadly in line with Trench Group and Hillman Solutions, albeit higher than BE Semiconductor and Nova Orsay. Profitability is strong for the rating category, although the EBITDA margins remain below BE Semiconductor and Trench Group. Fitch expects Kelvion's FCF margin to be in the mid to high single digits territory, similar to Trench Group and higher than Nova Orsay. Fitch’s Key Rating-Case Assumptions - Revenue CAGR of 6.1% in 2026-2029, mainly supported by data-centre and green tech expansions - EBITDA margin to remain above 15% to 2029, supported by increased scale, cost savings, and a shift to higher-margin offerings despite potential competitive pricing pressure - Working capital outflow averaging 1% of revenue in 2026-2029 - Capex averaging about 2.7% of revenue - No dividends or M&As Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management ('bb+', Lower), sector characteristics ('b-', Higher), market and competitive positioning ('bb+', Lower), diversification and asset quality ('b+', Moderate), company operational characteristics ('bb', Moderate), profitability ('a', Lower), financial structure ('bbb', Higher), and financial flexibility ('bb+', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The governance assessment of 'good' has no impact. - The operating environment assessment of 'a+' has no impact. - The SCP is 'bb-'. - To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB-'. Recovery Analysis Fitch applies its generic approach to Recovery Ratings for instruments issued by corporates with an IDR in the 'BB' rating category. Fitch thus views the senior secured instrument as category 2 first-lien debt and rate it two notches above the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 3.5x - FCF margins consistently below 2% - Failure to deliver EBITDA-margin growth from optimisation initiatives and a structurally weaker business profile Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage below 2.5x - FCF margins consistently above 5% - Implementation of optimisation initiatives that leads to EBITDA margin growth and a structurally stronger business profile Liquidity and Debt Structure Fitch expects Kelvion to have a sound liquidity buffer over the rating horizon. The transaction included EUR100 million cash overfunding, a new and undrawn EUR120 million revolving credit facility and EUR170 million guarantee facility, both maturing in 6.5 years. Moreover, the company's solid profitability and asset-light business model provide solid cash flow generation potential, further enhancing financial flexibility. After refinancing, the company's debt mostly consists of the EUR750 million floating- rate notes maturing in 2032. Investor demand for the new notes was solid, with the interest margin reduced from the initial price talks. Issuer Profile Kelvion provides mission-critical resources for thermal management solutions globally across a broad spectrum of end-markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for King Holdco Limited. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- King Holdco Limited LT IDR BB- New Rating BB-(EXP) King US BidCo, Inc. senior secured LT BB+ New Rating RR2 BB+(EXP) OSPREY ACQUISITIONS: Fitch Alters Outlook on 'BB+' IDR to Stable ---------------------------------------------------------------- Fitch Ratings has revised midco Osprey Acquisitions Limited's (OAL) Outlook to Stable from Negative, while affirming its Long-Term Issuer Default Rating (IDR) at 'BB+' and senior secured debt at 'BBB-'. Fitch has also affirmed Anglian Water Services Financing Plc's (AWSF) senior secured class A debt at 'A-' with Stable Outlook. OAL's revised Outlook reflects the company's announced equity plan, which Fitch believes is sufficient to reduce net debt/regulated capital value (RCV) to below its negative sensitivity of 75% within the current five-year price control ending in FY30 (AMP8, year-end March). The equity received to date underlines ongoing shareholder support. Fitch expects the remaining equity amount to reflect operating performance and higher investment requirements under Ofwat's cost-change reopeners. Failure by shareholders to inject, or publicly commit to inject, sufficient equity would result in a downgrade. AWSF's rating reflects its strong net debt/RCV headroom and cash and nominal post-maintenance interest coverage ratios (PMICRs) exceeding their positive sensitivities. Key Rating Drivers Announced Equity Drives Revised Outlook: The Outlook revision follows the announcement of the required equity profile at the OAL consolidated group, alongside a commitment to reducing net debt/RCV at OAL to below 75%. Fitch forecasts that about GBP400 million additional fresh equity over FY27-FY30 will be needed to reduce net debt/RCV below 75%, net of dividends from OAL to Holdco, which compares favourably to the announced equity profile. Sector Risk Remains: Business risk remains moderately higher in AMP8 than for previous price controls, due to heightened environmental risk, increasing public scrutiny, and higher clawback risk, which is linked to the price control deliverables mechanism. The water sector is at a critical turning point. The Cunliffe Review recommendations, Water White Paper, and a forthcoming transition plan - expected in 2026 - introduce considerable additional uncertainty. The regulatory environment remains the most important building block in its analysis in defining sector debt capacity at a given rating. Fitch expects multiple iterations of the transition plan, which is designed to facilitate a handover from Ofwat to a new regulator towards end-AMP8. Major questions remain around execution, most critically, how responsibility can be transferred to a single regulator smoothly to sustain investment into AMP9. Positive Outcome from CMA Appeal: Opco AWS received an improvement to Ofwat's final determination from its CMA appeal, including a 2.4% net totex increase which, alongside an improved weighted average cost of capital and reduced frontier shift efficiency, drives a GBP152 million allowed revenue rise across the AMP. The CMA also included an additional GBP184 million gated allowances to support the relocation of the Cambridge wastewater treatment plant. AWS benefited from changes to the outcome delivery incentives (ODI) framework, with forecast AMP8 cash ODI penalties reducing to GBP170 million from GBP267 million. Fines Treated as Unfunded Capex: In FY26, AWS was ordered by Ofwat to undertake GBP63 million self-funded network improvements mostly to remove, attenuate or optimise wastewater flows. Fitch views such capex as not available for debt service, therefore weakening AWS's PMICRs. However, Fitch views the mandatory investment in the network as more beneficial to the business over the long term than a pure cash fine. The sector continues to face a heightened risk of fines for operational and environmental underperformance, and its forecast includes an additional GBP22 million fines. Regulatory Reopeners Assumed: AWS is seeking additional GBP345 million capex funding through Ofwat's cost change process, which allows companies to apply for an increase their totex allowances, provided the additional spend is a critical cost. If approved, most of this spend will be added to the asset base rather than recovered on a pay-as-you-go basis, therefore increasing AWS's funding requirement and negatively affecting PMICRs in the near term while being fairly neutral to net debt/RCV. Fitch assumes that this request will be approved by Ofwat and includes the additional capex in its rating case. Strong Gearing Headroom for AWS: Fitch forecasts adequate net debt/RCV rating headroom for AWS against its 70% negative sensitivity. Fitch forecasts net debt/RCV to decline to 65% by end-AMP8, from 70% at FYE26. This is driven by intercompany funding from OAL and fresh equity during AMP8. Fitch expects OAL's gearing to gradually decrease across AMP8 as equity is injected into the group. Strong PMICR Headroom: Fitch forecasts average cash PMICR of 2.0x and nominal PMICR of 1.9x for AWS in AMP8, above its negative sensitivities of 1.5x and 1.8x, respectively. The cash PMICR's greater headroom reflects Fitch's assumption of a growing share of AWS's inflation-linked (IL) debt to 70% from about 60% over the AMP affecting nominal interest costs, which are captured in nominal PMICR. Its ratios assume an average cost of new debt at AWS of 6.2% across AMP8, slightly better than the sector average. Weak Dividend Coverage Capacity: Fitch forecasts AWS dividends to cover OAL's interest costs - including that of holdco Aigrette Financing Limited - by 0.8x on average during AMP8, with the rest of debt service above opco being serviced with equity and new debt issuance. However, AWS retains net debt/RCV headroom to upstream additional dividends, supporting dividend coverage capacity and providing management with levers to maintain coverage above 1.8x. Standalone Assessment under PSL: Fitch rates AWS and OAL on a standalone basis by applying the stronger subsidiary/weaker parent approach under its Parent and Subsidiary Linkage (PSL) Criteria. This reflects 'insulated' legal ring-fencing, highlighted by a well-defined contractual framework, and tight financial controls imposed by Ofwat and designed to support AWS's financial profile. Fitch views access and control as overall 'porous' as AWS operates with separate cash management and uses a mixture of external and intercompany funding. Peer Analysis AWSF's senior secured debt (A-/Stable) is higher than Yorkshire Water Services Finance Limited's (YWS) senior secured debt rating of 'BBB+'/Stable. This is due to YWS's debt rating not benefitting from a one-notch uplift for sector-specific recovery, as a result of its large super senior mark-to-market (MtM) liabilities above 10% of its RCV. AWSF's class A debt rating is three notches above SW (Finance) I PLC's (Southern Water) class A debt rating of 'BBB-'/Stable. Similar to YWS, Southern Water also has substantial super senior MtM liabilities and does not benefit from the sector-specific recovery uplift. Combined with higher leverage, this results in lower rating than AWSF. Fitch’s Key Rating-Case Assumptions - Ofwat's final determination financial model used as the principal source of information - Neutral totex performance with GBP200 million regulatory reopeners for AWS and approved by Ofwat - Net cash ODI penalties of GBP170 million in FY26-FY30 - Fines totalling GBP85 million from the Environmental Agency or Ofwat - Nominal cost of new debt averaging 6.2% at AWS and 7.7% at OAL - CPIH averaging 3% (starting at 3.7% in FY27 and decreasing to 2.4% by FY30). RPI averaging 3.3% (starting at 3.9% in FY27 and trending down to 2.4% by FY30) - Fresh equity injection into OAL group of companies to meet the 75% net debt/RCV negative rating sensitivity. Based on its current estimates, this would be about GBP710 million during AMP8 (net of dividends from OAL to Holdco) - Equity from OAL to AWS totalling GBP1.4 billion over AMP8 - Dividends from AWS to OAL averaging about GBP110 million a year over AMP8 - No cash tax payments Corporate Rating Tool Inputs and Scores Fitch scored OAL as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb', Higher), market and competitive positioning ('bbb+', Moderate), diversification and asset quality ('bbb+', Lower), company operational characteristics ('bb+', Moderate), profitability ('bb', Moderate), financial structure ('bbb-', Higher), and financial flexibility ('bb-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for each of the forecast years from 2026 to 2030 for adjusted dividend capacity coverage and 100% weight for the forecast year 2030 for adjusted total net debt/RCV. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The calibration adjustment applies and results in an adjustment of -1 notch. The SCP is 'bb+'. To derive the Long-Term IDR: Application of Fitch's PSL Rating Criteria results in a standalone approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade AWS - Adjusted total net debt/RCV above 70%, cash PMICR below 1.5x or nominal PMICR below 1.8x - Deterioration in operational and environmental performance, resulting in financial penalties and fines that exceed Fitch's rating case - Lower-than-expected equity support or a more aggressive financial policy OAL - Failure to provide sufficient equity throughout AMP8 to achieve adjusted total net debt/RCV below 75% by the end of AMP8, or a change in the publicly announced financial policy to reduce gearing to that level - Adjusted dividend capacity cover (including midco and holdco interest) below 1.8x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade AWS - Adjusted total net debt/RCV below 65%, combined with cash PMICR above 1.7x and nominal PMICR above 1.9x OAL - Adjusted total net debt/RCV falling below 71%, alongside adjusted dividend capacity cover (including midco and holdco interest) exceeding 2.5x Liquidity and Debt Structure As of FY26, AWS had about GBP709 million cash and cash equivalents (after restricted cash of GBP40 million) and an undrawn committed facilities of GBP1.1 billion to finance working capital and capex requirements. Fitch expects AWS to access debt markets within the next 12 months to address debt maturities and negative free cash flow (FCF) totalling about GBP1.3 billion. In addition, AWS benefits from a committed undrawn debt service reserve liquidity facility of GBP294 million, sized to cover 12 months of interest payments (including hedge payments), and an operating expenses and maintenance capex facility of GBP146 million. The facilities are only available on trigger events. As of FY26, OAL had about GBP795 million unrestricted cash and cash equivalents and a GBP340 million undrawn revolving credit bank facilities. OAL is fully reliant on dividends from AWS for its cash flow, including for debt service and head office operational costs. Fitch expects OAL to have sufficient liquidity to service GBP30 million due debt in 2027. Issuer Profile AWS is an Ofwat-regulated regional monopoly providing water and wastewater services in the east of England and Hartlepool with an RCV of GBP11.2 billion at FYE25. Fitch forecasts this to increase to about GBP17.7 billion by the end of AMP8. Summary of Financial Adjustments - Statutory cash interest reconciled with investor reports - Statutory total debt reconciled with investor reports - Capex and EBITDA net of grants and contributions - Cash PMICRs adjusted to include 50% of the accretion charge on IL swaps with five-year paydowns, and 100% of the accretion charge on inflation-linked swaps with less than five-year paydowns MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for AWS or OAL. ESG Considerations OAL has an ESG Relevance Score of '4' for GST Group Structure as its debt is structurally and contractually subordinated to AWS's debt, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. OAL has an ESG Relevance Score of '4' for Exposure to Environmental Impacts, due to the Environment Agency's and Ofwat's heightened regulatory scrutiny and stricter controls over wastewater networks. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Osprey Acquisitions Limited LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- Anglian Water (Osprey) Financing Plc senior secured LT BBB- Affirmed RR2 BBB- senior secured LT BBB- Affirmed RR2 BBB- Anglian Water Services Financing Plc senior secured LT A- Affirmed A- SAINSBURY'S FINANCIAL: Moody's Affirms Ba1 Subordinated Debt Rating ------------------------------------------------------------------- Moody's Ratings has affirmed Sainsbury's Financial Services Limited's (formerly Sainsbury's Bank plc) Baseline Credit Assessment (BCA) and Adjusted BCA of baa3, long-term and short-term deposit ratings of Baa3/P-3, subordinated debt rating of Ba1, as well as its long-term and short-term Counterparty Risk Assessment of Baa2(cr)/P-2(cr) and long-term and short-term Counterparty Risk Ratings (CRRs) of Baa3/P-3. Following the affirmation, Moody's will withdraw all ratings and assessments of Sainsbury's Financial Services Limited, with the exception of the Ba1 subordinated debt rating, which will remain outstanding. Prior to withdrawal the outlook on the long-term deposit ratings was stable, the issuer outlook remains stable. RATINGS RATIONALE The affirmation of Sainsbury's Financial Services Limited's subordinated debt rating of Ba1 is based on its Adjusted BCA of baa3, which is aligned with the issuer rating of J Sainsbury plc (Sainsbury, Baa3 stable), as well as Moody's assumption of high loss given failure for the instrument under Moody's Advanced Loss Given Failure (LGF) analysis. The Adjusted BCA of baa3 reflects Moody's assumptions of a very high probability of affiliate support from the parent Sainsbury. The withdrawal of all other ratings and assessments reflects the reorganisation of Sainsbury's Financial Services Limited following the surrender of its banking license on 1 July[1] after its exit from banking activities. Following the withdrawal of the ratings assigned under the Banks methodology, Sainsbury's Financial Services Limited's subordinated debt will be rated under the Retail and Apparel methodology. OUTLOOK The stable outlook reflects Moody's expectations that Sainsbury's Financial Services Limited will maintain sufficient liquidity levels to meet its funding obligations, including its GBP120 million Tier 2 notes that become callable in September 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Sainsbury's Financial Services Limited' subordinated debt rating would be upgraded or downgraded together with Sainsbury's ratings, reflecting Moody's assumptions of a very high probability of affiliate support from the parent. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Sainsbury's Financial Services Limited's "Assigned BCA" score of baa3 is set two notches below the "Financial Profile" initial score of baa1, reflecting the alignment of the entity's standalone assessment with the issuer rating of the parent. ********* 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 * * *