260716.mbx

260716.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 Thursday, July 16, 2026, Vol. 27, No. 141 Headlines I R E L A N D RRE 31: S&P Assigns Prelim BB- (sf) Rating on Class D Notes I T A L Y LEATHER SPA: S&P Assigns 'B-' Rating to New EUR400MM Sr. Sec. Notes L U X E M B O U R G AEA INTERNATIONAL: S&P Rates $700MM Sr. Secured Term Loan 'BB' U N I T E D K I N G D O M 34 LAVENDER: BTG Begbies Appointed as Administrators 5 MAY: BTG Begbies Appointed as Administrators 7 EDGEWARE: BTG Begbies Appointed as Administrators AJT INTERNATIONAL: Marshall Peters Appointed as Administrators DIXTON INVESTMENTS: Forvis Mazars Appointed as Administrators FENCHURCH SPV 3: Quantuma Appointed as Administrators FENCHURCH SPV 6: Quantuma Appointed as Administrators KELVIN KBB: Alvarez & Marsal Appointed as Joint Administrators L BURRIDGE: FTI Consulting Appointed as Joint Administrators RMAC SECURITIES 2007-NS1: S&P Affirms 'BB (sf)' Rating on Two Notes SIXTY EIGHT: Leonard Curtis Appointed as Joint Administrators - - - - - ============= I R E L A N D ============= RRE 31: S&P Assigns Prelim BB- (sf) Rating on Class D Notes ----------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to RRE 31 Loan Management DAC's class A-1, A-2, B, C, and D notes. At closing, the issuer will also issue EUR46.45 million unrated subordinated notes. The reinvestment period will be approximately 4.7 years, while the noncall period will be 1.5 years after closing. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payments. The preliminary ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which S&P expects to be bankruptcy remote. -- The transaction's counterparty risks, which S&P expects to be in line with its counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,696.56 Default rate dispersion 551.45 Weighted-average life (years) 5.22 Obligor diversity measure 111.26 Industry diversity measure 19.55 Regional diversity measure 1.54 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 132 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0 Target 'AAA' weighted-average recovery (%) 36.48 Actual weighted-average spread net of floors (%) 3.41 Actual weighted-average coupon (%) 4.41 Rationale S&P said, "Our preliminary ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread of 3.35%, the covenanted weighted-average coupon of 4%, and the covenanted weighted-average recovery rate at the 'AAA' level. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "At closing, we expect the transaction's documented counterparty replacement and remedy mechanisms to adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned preliminary ratings. "We expect the transaction's legal structure and framework to be bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class A-2, B, C, and D notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we have capped our preliminary ratings assigned to the notes." The class A-1 notes can withstand stresses commensurate with the assigned preliminary ratings. S&P said, "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our preliminary ratings are commensurate with the available credit enhancement for all rated classes of notes. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A-1 to D notes, based on four hypothetical scenarios." Environmental, social, and governance S&P regards the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with its benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in S&P's rating analysis to account for any ESG-related risks or opportunities. RRE 31 Loan Management DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. The transaction will be managed by Redding Ridge Asset Management (UK) LLP. Ratings Prelim Prelim amount Credit Class rating* (mil. EUR) enhancement (%) Interest rate§ A-1 AAA (sf) 244.00 39.00 Three/six-month EURIBOR plus 1.25% A-2 AA (sf) 40.00 29.00 Three/six-month EURIBOR plus 1.72% B A (sf) 32.00 21.00 Three/six-month EURIBOR plus 1.95% C BBB- (sf) 28.00 14.00 Three/six-month EURIBOR plus 2.80% D BB- (sf) 18.00 9.50 Three/six-month EURIBOR plus 4.90% Sub notes NR 46.45 N/A N/A *The preliminary ratings assigned to the class A-1 and A-2 notes address timely interest and ultimate principal payments. S&P's preliminary ratings address ultimate interest and principal payments on the rest of the other rated notes. The payment frequency switches to semiannual, and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. ========= I T A L Y ========= LEATHER SPA: S&P Assigns 'B-' Rating to New EUR400MM Sr. Sec. Notes ------------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue rating and '4' recovery rating to the proposed EUR400 million senior secured notes to be issued by Italy-based Leather SpA (B-/Stable/--) through its subsidiary Conceria Pasubio SpA. The '4' recovery rating reflects its expectation of 30%-50% recovery (rounded estimate: 35%) for lenders in the event of a default. Pasubio is refinancing its EUR360 million senior secured notes due in September 2028 through the proposed EUR400 million issuance, at substantially unchanged terms. The transaction aims to extend debt maturities and strengthen the group's liquidity position. It will use EUR40 million of the additional proceeds to repay EUR19 million of drawings from the EUR90 million super senior revolving credit facility (RCF), add EUR11 million of cash to the balance sheet, and cover transaction-related fees and expenses. The transaction includes a five-year extension of the super senior RCF, which was originally due in 2028. At closing, the RCF limit will be EUR90 million until April 2028, then reduced to EUR72 million thereafter, with a maturity date six months before that of the notes. The proposed EUR400 million senior secured notes will be subordinated to the EUR90 million super senior RCF, and rank pari passu with Pasubio's existing or future obligations that are not contractually subordinated to the notes. The group's accelerated transition toward "Pasubio 2.0" is expected to support deleveraging. Since 2025, Pasubio has expanded in the fashion end market through the acquisitions of SKIN, Antiba, and more recently, Luilor in April 2026. S&P said, "Under our updated base case, pro forma Luilor's full-year contribution, we project revenue of EUR382 million in 2026, representing a 1.2% year-over-year increase compared to that in 2025, considering the impacts of all the acquisitions in the fashion segment (Antiba, SKIN, and Luilor) starting from Jan. 1, 2025. For 2026, we estimate the S&P Global Ratings-adjusted EBITDA margin at 15.6% as the more-profitable fashion division helps offset subdued demand and lower volumes within the premium and luxury automotive categories." S&P said, "In our view, the proposed refinancing is approximately leverage neutral, since we estimate the S&P Global Ratings-adjusted debt-to-EBITDA ratio at 7.3x at year-end 2026 (pro forma the transaction and Luilor's EBITDA). Additionally, we estimate that free operating cash flow (FOCF), incorporating this transaction, will remain positive, albeit minimal, throughout 2026." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's issue rating on the EUR400 million fixed-rate senior secured notes due 2032 is 'B-'. The recovery rating of '4' indicates its expectation of average (30%-50%) recovery (rounded estimate: 35%) in the event of default. -- Recovery prospects are constrained by the sizable super senior RCF of EUR90 million and other priority debt in the capital structure. As of March 31, 2026, Pasubio's overall capital structure included use of a nonrecourse factoring facility amounting to EUR7 million and other financial liabilities totaling EUR19.0 million. -- Within 120 days from issuance, the notes, alongside the senior secured RCF (not rated), will benefit from a senior guarantee from operating entities accounting for about 87% of the group's pro forma consolidated EBITDA in 2025, adjusted as per the company's definition. -- Under S&P's hypothetical default scenario, it assumes a default resulting from significantly reduced profitability in adverse market conditions. This would primarily be driven by factors in the automotive sector, such as order cancellations or delays in programs, higher price pressure from automotive customers, or the loss of customer contracts. This may be compounded by shifts in the global personal luxury market or changes in demand from luxury fashion houses that could affect sales in the fashion division. -- S&P values the group as a going concern, given its established position in its niche market, its solid revenue visibility, and a track record of resilient profitability. Simulated default assumptions -- Year of default: 2028 -- Jurisdiction: Italy Simplified waterfall -- Emergence EBITDA: EUR57 million -- Multiple: 5.0x -- Recovery enterprise value: EUR284 million -- Net recovery value for waterfall after 5% administrative expenses: EUR270 million -- Priority claims: EUR17 million -- Super senior debt: EUR79 million -- Senior secured debt claims: EUR435 million --Recovery rating: '4' --Recovery prospects: 30%-50% (rounded estimate: 35%) *All debt amounts include six months of prepetition interest and the RCF is assumed 85% drawn. Priority debt claims include factoring assumed 100% drawn in a default scenario. =================== L U X E M B O U R G =================== AEA INTERNATIONAL: S&P Rates $700MM Sr. Secured Term Loan 'BB' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue rating and its '3' recovery rating to the $700 million senior secured term loan due 2033 issued by AEA International Holdings (Luxembourg) S.a.r.l. (ISOS; BB/Stable/--). The recovery rating indicates S&P's expectation of meaningful recovery prospects (50%-70%; rounded estimate: 65%) for debtholders in the event of a payment default. As part of this transaction, ISOS plans to increase its revolving credit facility to $114 million from $100 million. ISOS intends to use the net proceeds of the new term loan after associated fees and expenses to refinance its $672 million senior secured debt due 2028. The refinancing will extend debt maturities by five years and add some limited cash to the balance sheet. S&P views the extended debt maturity and improved liquidity as modestly positive. The ISOS group is a global integrated provider of health and security subscription services to corporate and government employees. In fiscal 2025 (ended June 30, 2025), ISOS reported weaker-than-expected organic growth, primarily because the volatile macroeconomic environment partly weighed on business pipelines from corporate and government customers. That said, S&P forecasts modest revenue growth resuming by the end of fiscal 2026, underpinned by business wins in medical services and stable growth in the health and security subscription services division. Revenue in the medical services and Aspire business lines is likely to recover gradually. Although the contracting process has resumed, any contracts ISOS wins will take time to mature. The group implemented initiatives to reduce costs in fiscal 2025, including optimizing headcount in some business units, creating a flatter management structure, and streamlining support functions. The resulting efficiency gains and cost savings are expected to protect margins, enhance profitability, and support cash flow generation. This should enable ISOS to reduce leverage, so that S&P Global Ratings-adjusted debt to EBITDA falls toward 3x over the medium term. Nevertheless, ISOS's current rating headroom remains very limited and is sensitive to any future underperformance or ongoing high exceptional costs. S&P said, "The stable outlook on ISOS is unchanged and reflects our expectation that ISOS will generate sound free operating cash flow and that ISOS will report adjusted EBITDA margins at 11%-12% for fiscal 2026, underpinned by its longstanding relationships with customers and by growth in health and security subscription services, and in medical services. In addition, we project the group will report adjusted debt to EBITDA at 3.5x-4.0x in fiscal 2026 and that adjusted debt to EBITDA will improve toward 3.0x in fiscal 2027, with funds from operations to debt at about 15% in fiscal 2026, improving toward 20% thereafter." =========================== U N I T E D K I N G D O M =========================== 34 LAVENDER: BTG Begbies Appointed as Administrators ---------------------------------------------------- 34 Lavender Lane 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-2026-004985. Andrew Little and Gillian Margaret Sayburn of BTG Begbies Traynor (Central) LLP were appointed as administrators on June 25, 2026. The company specialized in business services, specifically property services. Its registered office is at Ground Floor, Portland House, 54 New Bridge Street West, Newcastle upon Tyne, NE1 8AP. Its principal trading address is c/o 09102956 – Companies House Default Address, PO Box 4385, Cardiff, CF14 8LH. The 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 For further details, contact: Rheanne Chalmers Email: rheanne.chalmers@btguk.com Tel: 0191 269 9820 5 MAY: BTG Begbies Appointed as Administrators ---------------------------------------------- 5 May 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-2026-004981. Andrew Little and Gillian Margaret Sayburn of BTG Begbies Traynor (Central) LLP were appointed as administrators on June 25, 2026. The company offered business services, specifically property services. Its registered office is at Ground Floor, Portland House, 54 New Bridge Street West, Newcastle upon Tyne, NE1 8AP. Its principal trading address is FCLS Group, B1 Vantage Office Park, Old Gloucester Road, Hambrook, Bristol, BS16 1GW. The 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 For further details, contact: Rheanne Chalmers BTG Begbies Traynor (Central) LLP Email: rheanne.chalmers@btguk.com Tel: 0191 269 9820 7 EDGEWARE: BTG Begbies Appointed as Administrators --------------------------------------------------- 7 Edgeware Court 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-2026-004982. Andrew Little and Gillian Margaret Sayburn of BTG Begbies Traynor (Central) LLP were appointed as administrators on June 25, 2026. The company specialized in business services, specifically property services. Its registered office is at Ground Floor, Portland House, 54 New Bridge Street West, Newcastle upon Tyne, NE1 8AP. Its principal trading address is Fcls Group, B1 Vantage Office Park, Old Gloucester Road, Hambrook, Bristol, BS16 1GW. The 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 For further details, contact: Rheanne Chalmers BTG Begbies Traynor (Central) LLP Email: rheanne.chalmers@btguk.com Tel: 0191 269 9820 AJT INTERNATIONAL: Marshall Peters Appointed as Administrators -------------------------------------------------------------- AJT International Limited was placed into administration in the High Court of Justice, Court Number CR2026MAN000968. Lee Morris and John Thompson of Marshall Peters were appointed as Joint Administrators on June 26, 2026. The company specialized in freight transport by road. Its registered office and principal trading address is Unit 2, 3 & 7 Meadow Place, Hitchcocks Business Park, Willand, EX15 3FA. The Joint Administrators can be contacted at: Lee Morris John Thompson Marshall Peters Bartle House Oxford Court Manchester M2 3WQ Telephone: 0161 914 9255 Further details contact: Nikita Rose Marshall Peters Tel: 0161 914 9255 Email: nikitarose@marshallpeters.co.uk Address: Bartle House, Oxford Court, Manchester, M2 3WQ DIXTON INVESTMENTS: Forvis Mazars Appointed as Administrators ------------------------------------------------------------- Dixton Investments Limited was placed into administration in the High Court of Justice, Court Number CR-2026-005077. Michael Pallott and Adam Ramsey of Forvis Mazars LLP were appointed as administrators on June 29, 2026. The company specialized in the buying and selling of its own real estate. Its registered office and principal trading address is Broughton Grounds House, Broughton Grounds Lane, Newport Pagnell, MK16 0HZ. The Administrators can be contacted at: Michael Pallott Adam Ramsey Forvis Mazars LLP 30 Old Bailey London EC4M 7AU Contact details for Administrators: Tel: 07484 465070 Alternative contact: Kelsey Mitchell Email: Kelsey.Mitchell@mazars.co.uk FENCHURCH SPV 3: Quantuma Appointed as Administrators ----------------------------------------------------- Fenchurch SPV 3 Limited was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Court Number CR-2026-MAN-000939. Jeremy Woodside and Tracey Pye of Quantuma Advisory Limited were appointed as Administrators on June 30, 2026. The company specialized in financial intermediation not elsewhere classified. Its registered office is at 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 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 6th Floor, The Lexicon 10–12 Mount Street Manchester M2 5NT Further details contact: Shelley Stuart-Cole Tel: 0161 694 9144 Email: shelley.stuart-cole@quantuma.com FENCHURCH SPV 6: Quantuma Appointed as Administrators ----------------------------------------------------- Fenchurch SPV 6 Limited was placed into administration in the Business and Property Courts in Manchester, Court Number CR-2026-MAN-000938. Jeremy Woodside and Tracey Pye of Quantuma Advisory Limited were appointed as Administrators on June 30, 2026. The company specialized in financial intermediation not elsewhere classified. Its registered office is at 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 principal trading address is Room 343, Linen Hall, 162–168 Regent Street, London, W1B 5TB. The Administrators can be contacted at: Jeremy Woodside Tracey Pye Quantuma Advisory Limited The Lexicon 10–12 Mount Street Manchester M2 5NT Further details contact: Shelley Stuart-Cole Tel: 0161 694 9144 Email: shelley.stuart-cole@quantuma.com KELVIN KBB: Alvarez & Marsal Appointed as Joint Administrators -------------------------------------------------------------- Kelvin KBB Limited was placed into administration in the Court of Session, No P630-26. Benjamin Cairns and Michael Magnay of Alvarez & Marsal Europe LLP were appointed as Joint Administrators on June 26, 2026. The company is a manufacturer of kitchen furniture. Its registered and principal trading address office is 59 Napier Road, Cumbernauld, Glasgow, G68 0EF. The Joint Administrators can be contacted at: Benjamin Cairns Michael Magnay Alvarez & Marsal Europe LLP Suite 3, Avery House 69 North Street Brighton BN41 1DH Further details contact: Emma Ovington Alvarez & Marsal Europe LLP Tel: +44 (0) 20 7715 5223 Email: INS_KELVKL@alvarezandmarsal.com L BURRIDGE: FTI Consulting Appointed as Joint Administrators ------------------------------------------------------------ L Burridge Ltd (trading as ecoSense) 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-2026-005178. Andrew James Johnson, Matthew Boyd Callaghan and Oliver Stuart Wright of FTI Consulting LLP were appointed as Joint Administrators on July 1, 2026. The company specialized in combined facilities support activities. The registered office is at Onega House, 112 Main Road, Sidcup, Kent, England, DA14 6NE. The principal trading address is Unit 8A Green Lane Business Park, Green Lane, London, SE9 3TL. The Joint Administrators can be contacted at: Andrew James Johnson Matthew Boyd Callaghan FTI Consulting LLP 200 Aldersgate Aldersgate Street London EC1A 4HD -- and -- Oliver Stuart Wright FTI Consulting LLP Gilbanks - No1 St Jackson’s Row Manchester M2 5WD Further details contact: FTI Consulting LLP Tel: +44 20 3077 0157 Email: ecosense@fticonsulting.com RMAC SECURITIES 2007-NS1: S&P Affirms 'BB (sf)' Rating on Two Notes ------------------------------------------------------------------- S&P Global Ratings affirmed and removed from CreditWatch negative its 'BBB (sf)' credit ratings on RMAC Securities No. 1 PLC's series 2006-NS4 class B1a and B1c notes. At the same time, S&P affirmed its 'AA- (sf)' ratings on the class A3a, M1a, and M1c notes, and 'A+ (sf)' ratings on the class M2a and M2c notes. S&P also affirmed and removed from CreditWatch negative its 'BB (sf)' ratings on RMAC Securities No. 1 PLC's series 2007-NS1 class B1a and B1c notes and affirmed its 'A+ (sf)' ratings on the class A2a, A2b, A2c, M1a, M1c, and M2c notes. S&P said, "The rating actions follow our May 5, 2026, placement of our ratings on both transactions' class B1a and B1c notes on CreditWatch negative 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." Credit analysis: RMAC 2006-NS4 S&P said, "Since our previous review, the performance of the loans in the collateral pool has deteriorated slightly. Based on our analysis, total arrears rose to 27.9% in March 2026, up from 27.1% in September 2025." Cumulative losses are stable at 2.9%. The transaction's pro rata priority of payments and the nonamortizing reserve fund have increased available credit enhancement for all classes of notes, with the pool factor falling to 11.6% in March 2026. The three-month prepayment rate increased to 13.1% in March 2026. Credit analysis: RMAC 2007-NS1 S&P said, "Since our previous review, the performance of the loans in the collateral pool has deteriorated slightly. Based on our analysis, total arrears rose to 25.6% in March 2026, up from 24.5% in September 2025. Cumulative losses are stable at 3.6%." The transaction's pro rata priority of payments and the nonamortizing reserve fund have increased the available credit enhancement for all classes of notes, with the pool factor falling to 13.4% in March 2026. The three-month prepayment rate increased to 12.9% in March 2026. S&P said, "After applying our updated sector and industry variables, the overall effect in our credit analysis resulted in an increase in the weighted-average foreclosure frequency at all rating levels for both transactions. The rise is largely due to the income adjustment, self-certified adjustment, and seasoning adjustment. "Our weighted-average loss severities (WALS) have decreased at the 'AAA' rating level, driven by our lower overvaluation assessment for London and the southeast, and a slight decrease in the market value for both transactions." Credit analysis results: RMAC Securities No.1 PLC 2006-NS4 Rating level WAFF (%) WALS (%) Credit coverage (%) AAA 44.13 24.66 10.88 AA 36.62 19.99 7.32 A 32.16 13.43 4.32 BBB 27.89 10.11 2.82 BB 23.39 7.64 1.79 B 22.32 5.39 1.20 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. Credit analysis results: RMAC Securities No.1 PLC 2007-NS1 Rating level WAFF (%) WALS (%) Credit coverage (%) AAA 40.42 26.02 10.52 AA 32.91 21.39 7.04 A 28.71 14.44 4.14 BBB 24.73 10.78 2.67 BB 20.53 8.05 1.65 B 19.53 5.64 1.10 WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. The liquidity and credit reserve funds in both transactions are at their target levels. Rating rationale: RMAC 2006-NS4 S&P said, "We affirmed our 'AA- (sf)' ratings on the class A3a, M1a, and M1c notes as under our counterparty criteria, the swap arrangements support ratings of up to 'AA-', which corresponds to our 'AA-' resolution counterparty rating (RCR) on Barclays Bank PLC. "Although the class M2a, M2c, B1a, and B1c notes passed cash flow stresses at higher rating levels than those assigned, we considered the transaction's tail end risk, the high proportion of interest-only loans, as well as the nonconforming nature of the collateral, and the notes' relative levels of subordination. We therefore affirmed our ratings on these classes of notes and removed from CreditWatch negative our ratings on the class B1a and B1c notes." Rating rationale: RMAC 2007-NS1 S&P said, "We affirmed our 'A+ (sf)' ratings on the class A2a, A2b, A2c, M1a, M1c, and M2c notes as the results of our cash flow stresses are commensurate with the current level of credit enhancement. Under our counterparty criteria, we do not give credit to the liquidity facility above the 'A+' issuer credit rating on HSBC Bank PLC. Swap arrangements support ratings of up to 'AA-', which corresponds to our 'AA-' RCR on Barclays Bank. "Although the class B1a and B1c notes passed cash flow stresses at higher rating levels than those assigned, we considered the transaction's tail end risk, the high proportion of interest-only loans, as well as the nonconforming nature of the collateral, and the notes' relative levels of subordination. We therefore affirmed and removed from CreditWatch negative our ratings on these classes of notes." 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." These transactions are RMBS securitizations of legacy nonconforming owner-occupied and BTL mortgage loans secured over U.K. properties and originated by GMAC Residential Funding. SIXTY EIGHT: Leonard Curtis Appointed as Joint Administrators ------------------------------------------------------------- Sixty Eight People Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Case Number CR-2026-MAN-000966. Mike Dillon and Andrew Knowles of Leonard Curtis were appointed as Joint Administrators on June 30, 2026. The company was an employment placement agency. Its registered office isat Unit 1.04, Royal Mill, Ancoats, Manchester, M4 5BA. The Joint Administrators can be contacted at: Mike Dillon Andrew Knowles Leonard Curtis Riverside House Irwell Street Manchester M3 5EN Further details contact: The Joint Administrators Email: Creditors.Manchester@leonardcurtis.co.uk Alternative contact: Helen Hales ********* 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. 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