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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, July 17, 2026, Vol. 27, No. 142

                           Headlines



F R A N C E

DELACHAUX GROUP: Moody's Rates Upsized EUR760MM Term Loan 'B1'


G E R M A N Y

EVIDIA HOLDING: S&P Assigns 'B' Long-Term ICR, Outlook Stable


I R E L A N D

ANCHORAGE CAPITAL 3: S&P Assigns B- (sf) Rating to F-R-R Notes
CAPITAL FOUR III: S&P Assigns B- (sf) Rating to Class F-R Notes
GS MORTGAGE-BACKED 2026-IRPM1: S&P Assigns (P) BB Rating to X Notes
HAYFIN EMERALD IV: Moody's Affirms B3 Rating on EUR14.8MM F Notes
MADISON PARK XI: S&P Assigns B- (sf) Rating on Class F-R Notes

MADISON PARK XI: S&P Assigns Prelim. B-(sf) Rating on Cl. F-R Notes
NEWHAVEN CLO: S&P Lowers Class E Notes Rating to 'B (sf)'
PENTA CLO 18: S&P Assigns B- (sf) Rating to Class F-R Notes


I T A L Y

BANCA IFIS: Fitch Alters Outlook on BB+ LongTerm IDR to Negative
CERVED GROUP: Moody's Lowers CFR & Senior Secured Debt to Caa1


L U X E M B O U R G

AUTO1 CAR: S&P Assigns B (sf) Rating to Class F-Dfrd Notes


N E T H E R L A N D S

JUBILEE PLACE 3: Moody's Ups Rating on EUR3.3MM E Notes from Ba3


S W E D E N

RECIPHARM HOLDING: S&P Assigns 'B' ICR on Proposed Refinancing


U N I T E D   K I N G D O M

AIRA FORCE 2026-1: S&P Assigns Prelim B-(sf) Rating to X-Dfrd Notes
ARENA FINANCE: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
BESPAK HOLDINGS: S&P Assigns Prelim 'B' LT ICR, Outlook Stable
DYNAMIC PIZZA 2: Springfields Advisory Appointed as Administrator
EQUINOX MAINTENANCE: Leonard Curtis Named as Administrators

GORTRUSH FOOD: Keenan Corporate Appointed as Joint Administrators
LIGHTSENSE TECHNOLOGIES: Opus Appointed as Administrators
LOGBOOK LENDING: BTG Begbies Appointed as Administrators
NAAMA STUDIOS: Opus Restructuring Appointed as Administrators
NES FIRCROFT: Moody's Cuts CFR to B1 & Senior Secured Notes to B2

PHOSTERS (FM): KRE Corporate Appointed as Administrators
SL REALISATIONS 2026: Begbies Traynor Appointed as Administrators
SVL REALISATIONS 2026: BTG Begbies Appointed as Administrators
THAMES WATER: Moody's Cuts Rating on Class A Sr. Secured Debt to Ca
UK LOGISTICS 2026-3: S&P Assigns Prelim. BB-(sf) Rating on E Notes

VICTORIA PLC: S&P Lowers ICR to 'CCC-' on Proposed Debt Exchange


X X X X X X X X

KYRGYZ SDB: S&P Assigns 'B+/B' ICRs, Outlook Stable
[] BOOK REVIEW: Bankruptcy in United States History

                           - - - - -


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F R A N C E
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DELACHAUX GROUP: Moody's Rates Upsized EUR760MM Term Loan 'B1'
--------------------------------------------------------------
Moody's Ratings has assigned a B1 instrument rating to Delachaux
Group SAS's (Delachaux) extended and upsized EUR760 million backed
senior secured term loan B (TLB) due in April 2032 and to the EUR75
million backed senior secured revolving credit facility (RCF) due
in October 2031. The outlook is stable.

The new amended and extended EUR760 million backed senior secured
term loan B will be used to refinance the outstanding EUR710
million backed senior secured TLB and to pay transaction fees and
expenses. The proposed transaction extends maturities of its backed
senior secured RCF and backed senior secured TLB by three years,
each. The transaction will increase leverage by c. 0.3x debt /
EBITDA with pro forma Moody's adjusted leverage at 5.2x at the end
of 2025, well within the 4.5x – 5.5x debt / EBITDA range expected
for the B1 rating of Delachaux.

The B1 ratings on the company's existing backed senior secured term
loan B and backed senior secured RCF are unaffected and will be
withdrawn once the refinancing transaction is completed.

RATINGS RATIONALE

The rating is supported by the company's dominant positions within
a niche of the global rail infrastructure market, complemented by
strong positions in Energy & Data Management systems (EDMS) and in
the Chromium business; good geographical and segmental
diversification; solid margins and low capex requirements, which,
absent of large dividend payments, have supported consistent
positive FCF even through cyclical downturns; and relatively
balanced financial policy reflected by the company's regular
voluntary debt repayments and the track record of operating with
lower leverage over the last three years.

At the same time, the rating continues to be constrained by the
company's exposure to cyclical end markets, and its exposure to raw
material price volatility. Delachaux' direct exposure to tariffs is
limited so far, however the slower economic growth and ongoing
tariff related uncertainties could impact future earnings growth.

LIQUIDITY

The liquidity profile is good with EUR142 million of cash on
balance sheet as of end March 2026 pro-forma for the payment of
EUR615 million dividend in April 2026 and a fully undrawn backed
senior secured RCF of EUR75 million. The latter has one springing
net leverage covenant tested when the RCF is drawn by more than 40%
with ample headroom. The company has also access to non-recourse
factoring lines.

For 2026 Moody's-adjusted FCF will be significantly negative
because of the large dividend payment to Delachaux' shareholders.
Delachaux has no near-term debt maturities with the backed senior
secured RCF and the backed senior secured TLB expiring in 2028 and
2029, respectively, which will be expanded by another three years
upon completion of the pending transaction.

COVENANTS

Moody's have reviewed the marketing draft terms for the amended
credit facilities. Notable terms include the following:

Guarantor coverage will be at least 80% of consolidated EBITDA
(determined in accordance with the agreement) in security
jurisdictions and include all companies representing 5% or more of
consolidated EBITDA. Security will follow the existing deal.

Unlimited pari passu debt is permitted up to a total net leverage
ratio of 5.5x TNLR, and unlimited junior debt is permitted subject
to 6.25x TNLR. Unlimited restricted payments are permitted subject
to a 4.75x TNLR.

Adjustments to consolidated EBITDA include the full run rate of
cost savings and synergies, capped at 20% of consolidated EBITDA
and believed to be realisable within 18 months of the test period.

The above are proposed terms, and the final terms may be materially
different.

STRUCTURAL CONSIDERATIONS

Pro forma for the transaction, Delachaux's capital structure will
consist of EUR760 million backed senior secured term loan B and
EUR75 million backed senior secured RCF, both ranking pari passu in
terms of priority of claims, sharing the same security package and
guaranteed by entities accounting for at least 80% of consolidated
EBITDA. The senior secured facilities are rated in line with the
long-term CFR at B1, in the absence of any liabilities ranking
ahead or below. The B1-PD probability of default rating is at the
same level as the CFR, reflecting the use of a standard recovery
rate of 50%, which reflects a capital structure with first lien
bank loans and the covenant-lite nature of the loan documentation.

RATING OUTLOOK

Following the sale of the rail signaling business the rating
remains solidly positioned. The stable outlook reflects Moody's
expectations that Moody's-adjusted leverage will remain around 5.2x
over the next 12-18 months with an EBITA/interest expense ratio
well above 2.5x. The stable outlook also assumes that the company
will continue to maintain a balanced financial policy while keeping
a good liquidity profile.

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

Upward rating pressure could develop if Moody's-adjusted gross
debt/EBITDA declines to well below 4.5x on a sustained basis;
Moody's-adjusted FCF/debt remains at high-single digit percentages
while maintaining a good liquidity position; and Moody's-adjusted
EBITA margin remains above 14% on a sustained basis. An upgrade
would also require a continued commitment to a balanced financial
policy.

Negative rating pressure could develop if Moody's-adjusted gross
debt/EBITDA consistently exceeds 5.5x; in case of negative FCF,
resulting in a substantial weakening of its liquidity profile; or
if Moody's-adjusted EBITA/interest expense were to decline to below
2.0x on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2025.

COMPANY PROFILE

Headquartered in Colombes, France, Delachaux Group SAS is a
manufacturer of critical equipment and systems for the rail
infrastructure industry. Its core activity is complemented by its
Energy & Data Management Systems (EDMS) and Chromium businesses. In
2025, the company operated in 38 countries globally and had 3,381
employees. For the 12 months that ended March 2026, Delachaux
generated around EUR1.02 billion in revenue and EUR169 million in
management-adjusted EBITDA.

The company is majority owned by Ande Investissements SCA, which
belongs to the Delachaux family, and Caisse de Dépôt et Placement
du Québec (CDPQ).

With the planned exit of minority shareholder CDPQ and the purchase
of the shares by Ande Investissements SCA, Delachaux will become
wholly-owned by the Delachaux family again.



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G E R M A N Y
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EVIDIA HOLDING: S&P Assigns 'B' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit ratings
to leading European radiology player Evidia Holding GmbH (Evidia)
and its 'B' issue rating to the EUR625 million term loan B (TLB).
The recovery rating on the debt is '3' reflecting its expectation
of meaningful recovery (50%-70%; rounded estimate 55%) in the event
of default.

The stable outlook indicates S&P's expectation that Evidia's EBITDA
will continue to increase, supported by stable and recurrent
revenues that stem from favorable underlying market trends and the
critical nature of its procedures.

Evidia benefits from positive underlying market trends, revenue
stability, and barriers to entry in some of its key markets. That
said, it has a highly leveraged capital structure to support its
ambitious growth plans.

Evidia intends to issue a EUR625 million term loan B (TLB),
maturing in 2031--split between a euro-denominated tranche and a
Swedish krona (SEK)-denominated tranche, with the exact amounts to
be determined--to refinance all existing debt and pay transaction
fees. It is also raising a EUR115 million revolving credit facility
(RCF) with a 4.75-year tenor.

S&P said, "Our 'B' rating mainly reflects Evidia's leading position
in European radiology and the highly leveraged capital structure
that supports its market consolidation and expansionary strategy.
It intends to issue a EUR625 million TLB, maturing in 2031via two
tranches, to refinance all existing debt and pay transaction fees.
It is also raising a EUR115 million RCF with a 4.75-year tenor. We
estimate S&P Global Ratings-adjusted debt of EUR840 million in 2026
including the proposed TLB's and EUR200 million-EUR230 million in
lease liabilities (including operating leases which we
capitalize)." The 'B' rating also aligns with the group's S&P
Global Ratings-adjusted debt to EBITDA of 6.7x in 2026 decreasing
to 6.2x by 2027.

With both on-site radiology and teleradiology capabilities, Evidia
is a leading player in the European diagnostic imaging market. The
company provides radiology, nuclear medicine, radiotherapy, and
teleradiology services across Germany (63% of total revenue in
financial year 2025), Sweden and Norway (25%), and the U.K. (12%),
with about 140 radiology practices producing more than 4.5 million
diagnostic reports annually. Evidia holds market-leading positions
across all its geographies, including a No. 1 position in Germany,
Norway (tied with Unilabs Norge), and Sweden, as well as No. 3
position in the U.K. That said, the strength of the market
positions varies by geography. In Germany, Evidia is the No. 1
player but still only holds about 4% market share, reflecting a
highly fragmented provider landscape. The position is much stronger
in Sweden and Norway, where it holds about 45% market share, while
its U.K. position is meaningful but exposed to competitive
teleradiology pricing and NHS procurement pressure. Radiology
services generated about 80% of total sales in 2025, teleradiology
(12%), radiotherapy (5%), and other services accounted for the
remaining 3%, which demonstrates the group's concentration on a
single therapeutical area. S&P said, "We also note that Evidia has
a degree of treatment concentration focusing primarily on high
valued procedures such as MRI, representing more than half of its
total revenue base, (and computer tomography, with the remainder on
X-rays and other procedures. In 2026, we forecast revenue of EUR480
million-EUR500 million, S&P Global Ratings-adjusted EBITDA of
EUR120 million-EUR130 million, and an EBITDA margin of
25.5%-26.0%."

Evidia's market consolidation strategy in Germany and its aim to
further expand in the U.K. will be key to maintaining its
competitive advantage as it leverages its value-based business
model. S&P notes that Germany, Evidia's largest market, is highly
fragmented, with 84% of the market consisting of small players with
less than 15 practices. This market fragmentation has created a
favorable environment in which to pursue consolidation and Evidia
has grown significantly and gained market share over the past few
years. Furthermore, Evidia may consider to increase its presence in
the U.K. where it currently only operates teleradiology services
via expansion into on site radiology services. Longer national
health service waiting times, together with accessible prices,
could increase out-of-pocket and private health insurance spending
adoption, with Evidia likely to benefit from higher profitability
and wider regional diversification. S&P considers that this M&A
strategy could carry some integration risks while the company will
continue consolidating the acquired clinics within the group's
perimeter, although it notes the group's strong integration track
record.

Evidia stands to benefit from positive underlying market trends and
has good revenue stability and visibility. The European markets in
which Evidia operates are expected to grow at a compound annual
growth rate of 5% through 2030, supported by an aging population,
rising importance of diagnostic analysis, preventive medicine, and
healthcare services being increasingly outsourced to independent
providers due to the structural imbalance between demand and
supply. S&P said, "We view the company's end-market as relatively
defensive because diagnostic imaging is embedded in most patient
pathways and is generally less discretionary than many other
healthcare services. In Germany, growth is supported by outpatient
shift, modality mix, and higher exam frequency; in the Nordics,
growth is more modest but supported by the MRI/CT mix shift;
finally, in the U.K., outsourced reporting demand is sustained by
limited NHS capacity, backlogs, and continued outsourcing
penetration. Considering the structural increase in scan per
diagnosis driven by advances in preventive medicine, technological
innovation, and rising clinical scrutiny, we consider that the
company has good visibility on about half of its revenue."

Although barriers to entry are high, potential regulatory changes
represent a major risk for Evidia as it has material exposure to
Germany (63% of sales) and Norway and Sweden (25%). As healthcare
services are usually highly regulated, country-specific rules
governing medical infrastructure and the licensing of professionals
are significant hurdles for new entrants to be competitive. For
example, Germany requires private players to obtain a license (KV
seat) to serve publicly insured patients (representing circa 90% of
the German population), the number of which is fixed by federal
states with approval needed for additional sites. The limited
availability of radiologists and the asset-heavy nature of this
business is another constraint for companies looking to enter this
space, despite the opportunities for market consolidation that have
recently attracted players to this segment. Norway and Sweden have
tender-based systems in which volumes are allocated between two
winners. S&P said, "For instance, in Norway we note that this
allocation tends to be 60%/40% of volumes. We note that this
provides a certain degree of stability but does not rule out future
price pressures as tenders become more competitive."

On the other hand, exposure to a limited number of reimbursement
systems could hamper Evidia's growth trajectory if any tariff cuts
should occur. S&P said, "Although most of Evidia's markets have
fairly stable regulatory landscapes, we note increasing tariff
pressure on national healthcare systems throughout Europe, with the
U.K. being the most recent example. If such an unfavorable shift
should materialize in one of Evidia's core markets, the company's
EBITDA margins would be deeply affected, together with its cash
flow generation ability. Although in the U.K. the teleradiology
market is growing quickly, competitive pricing pressure is expected
to create modest annual price-per-scan erosion as providers compete
for contract renewals. This limits pricing power and means volume
growth may not fully translate into margin expansion. As a result,
we note that the group's geographic diversity, therapeutical
offering, and absolute scale remains modest compared with larger
healthcare service groups, constraining its business risk
assessment."

S&P said, "We expect the group's FOCF in 2026 and 2027 to be about
EUR20 million-EUR30 million despite its M&A strategy and capex
requirements.Under our base case, we forecast Evidia's capex to
remain elevated at about EUR40 million in 2026 and increasing to
EUR50 million by 2027. FOCF should support the group's expansionary
plans and maintain the relatively asset-heavy cost base of EUR50
million-EUR80 million in 2026. That said, we note that the group
has limited working capital needs mainly linked to revenue growth
and timing of trade payables. This is supported by Evidia's payer
mix, including statutory health insurance and private health
insurance, and NHS and hospital counterparties, which provide good
visibility on receivables despite some timing movements. Finally,
we expect Evidia to embark on M&A transactions, although the timing
and size of these remain unknown." Overall, the group's S&P Global
Ratings-adjusted debt to EBITDA is expected to be about 6.7x in
2026, decreasing to 6.2x by 2027.

S&P said, "Consistent with its investment mandate and its
long-term, through-the-cycle approach, we expect majority
shareholder EQT will continue to support Evidia's M&A. We
understand EQT is committed to maintaining a solid balance sheet
and consider any acquisition subject to a disciplined approach in
terms of financial policy, with the goal of maintaining Evidia's
debt to EBITDA below the opening leverage post transaction.
Moreover, we view positively its track record of no dividend
extraction throughout the investment horizon and any future
distributions are constrained by the facility agreement, indicating
a current focus on reinvestment and value creation. We believe that
any further debt-financed acquisitions that cause leverage to
deviate significantly from current levels could materially pressure
Evidia' credit metrics, reducing its ability to consistently
generate cash flow." Therefore, continued support from shareholders
remains a key factor underpinning the current rating.

S&P said, "The stable outlook indicates our expectation that Evidia
will generate continued EBITDA growth, supported by stable and
recurrent revenues that stem from favorable underlying market
trends and the critical nature of its procedures. We assume EQT
will support the group's M&A strategy, and we do not expect major
debt-financed acquisitions. This should allow Evidia to maintain
adjusted debt to EBITDA of close to 6.7x in 2026, decreasing to
close to 6.0x in 2027, while posting moderately positive free
operating cash flow.

"We could lower the rating if Evidia's liquidity position
deteriorates or if it deviates from its expected deleveraging
trajectory with adjusted debt to EBITDA remaining above 7.0x. We
could also take a negative rating action if we believe the group is
unable to self-fund its operations, with free operating cash flows
sustainably negative. This could happen if there were operational
setbacks, changes in regulations affecting the group's operations,
or a failure to successfully integrate new clinics. Finally, we
could downgrade Evidia if the sponsor 's financial policy becomes
more aggressive than our base case assumes.

"We could raise the rating if management's initiatives lead to
operating performance improving above our base case, with a gradual
improvement in FOCF generation and deleveraging, leading to
adjusted debt to EBITDA comfortably below 5x, coupled with a clear
commitment from its shareholders to sustain this level."




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I R E L A N D
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ANCHORAGE CAPITAL 3: S&P Assigns B- (sf) Rating to F-R-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Anchorage Capital
Europe CLO 3 DAC's class A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and
F-R-R notes. At closing, the issuer has unrated subordinated notes
outstanding from the existing transaction and also issued
additional subordinated notes.

This transaction is a reset of the already existing transaction,
which S&P rates. The existing classes of notes were fully redeemed
with the proceeds from the issuance of the replacement notes on the
reset date. The ratings on the original notes have been withdrawn.

The reinvestment period will be approximately 4.5 years, while the
noncall period will be 1.5 years after closing.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,790.72
  Default rate dispersion                                590.76
  Weighted-average life (years)                            4.69
  Obligor diversity measure                              168.58
  Industry diversity measure                              23.75
  Regional diversity measure                               1.35

  Transaction key metrics

  Total par amount (mil. EUR)                               400
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             176
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          3.27
  Target 'AAA' weighted-average recovery (%)              36.33%
  Actual weighted-average spread net of floors (%)         3.55
  Actual weighted-average coupon (%)                        6.08

Rationale

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

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

"In our cash flow analysis, we used the EUR400.00 million target
par amount, the covenanted weighted-average spread of 3.40%, the
covenanted weighted-average coupon of 4.50%, and the actual
weighted-average recovery rate. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R-R to E-R-R notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from the effective date, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
assigned to the notes."

The class A-R-R notes can withstand stresses commensurate with the
assigned rating.

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

S&P's analysis further reflects several factors, including:

-- The class F-R-R notes' available credit enhancement, which is
in the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P said, "Our model-generated portfolio default risk, which is
at the 'B-' rating level at 23.96% (for a portfolio with a
weighted-average life of 4.89 years) versus 15.65% if we were to
consider a long-term sustainable default rate of 3.2% for 4.89
years."

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

-- If there is a one-in-two chance for this note to default.

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

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-R-R notes is commensurate with
the assigned 'B- (sf)' rating.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
ratings are commensurate with the available credit enhancement for
all rated classes of notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-R-R to E-R-R notes, based
on four hypothetical scenarios.

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

Environmental, social, and governance

S&P regards the exposure to environmental, social, and governance
(ESG) credit factors in the transaction as being broadly in line
with S&P's benchmark for the sector.

Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average.

For this transaction, the documents prohibit assets from being
related to certain activities. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and S&P's ESG benchmark for the
sector, no specific adjustments have been made in S&P's rating
analysis to account for any ESG-related risks or opportunities.

Anchorage Capital Europe CLO 3 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. Anchorage Collateral Management, LLC manages the
transaction.

  Ratings

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

  A-R-R   AAA (sf)  244.00    39.00    Three/six-month EURIBOR
                                       plus 1.28%

  B-R-R   AA (sf)    48.00    27.00    Three/six-month EURIBOR
                                       plus 1.80%

  C-R-R   A (sf)     24.00    21.00    Three/six-month EURIBOR
                                       plus 2.05%

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

  E-R-R   BB- (sf)   18.00     9.50    Three/six-month EURIBOR
                                       plus 5.60%

  F-R-R   B- (sf)    12.00     6.50    Three/six-month EURIBOR
                                       plus 8.59%

  Add sub    NR      18.35      N/A    N/A

  Sub        NR      51.58      N/A    N/A

*The ratings assigned to the class A-R-R and B-R-R notes address
timely interest and ultimate principal payments. S&P's ratings
address ultimate interest and principal payments on 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.
Sub. notes--Subordinated notes.
NR--Not rated.
N/A--Not applicable.


CAPITAL FOUR III: S&P Assigns B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Capital Four CLO
III DAC's class X, A-R, B-R, C-R, D-R, E-R, and F-R notes. At
closing, there are outstanding unrated subordinated notes from the
existing transaction.

This transaction is a reset of the already existing transaction,
which S&P rates. The existing classes of notes were fully redeemed
with the proceeds from the issuance of the replacement notes on the
reset date. The ratings on the original notes have been withdrawn.

The reinvestment period will be approximately 4.51 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 payment.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,778.09
  Default rate dispersion                                 665.00
  Weighted-average life (years)                             3.96
  Obligor diversity measure                               125.01
  Industry diversity measure                               20.60
  Regional diversity measure                                1.15

  Transaction key metrics

  Total par amount (mil. EUR)                                302
  Defaulted assets (mil. EUR)                            2405317
  Number of performing obligors                              148
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           3.58
  Target 'AAA' weighted-average recovery (%)               36.07%
  Actual weighted-average spread net of floors (%)          3.53
  Actual weighted-average coupon (%)                        2.74
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.51

Rationale

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

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

"In our cash flow analysis, we used the EUR300 million target par
amount, the target weighted-average spread of 3.53%, the target
weighted-average coupon of 2.74%, and the target weighted-average
recovery rate. We applied various cash flow stress scenarios, using
four different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R to D-R notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO will be in its reinvestment phase starting from
the effective date, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes."

The class X, A-R, and E-R notes can withstand stresses commensurate
with the assigned ratings.

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

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P said, "Our model-generated portfolio default risk, which is
at the 'B-' rating level at 24.43% (for a portfolio with a
weighted-average life of 4.51 years) versus 14.43% if we were to
consider a long-term sustainable default rate of 3.2% for 4.51
years."

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

-- If there is a one-in-two chance for this note to default.

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

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-R notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
ratings are commensurate with the available credit enhancement for
all rated classes of notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class X to E-R notes, based on
four hypothetical scenarios.

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

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 S&P's ESG benchmark for the
sector, no specific adjustments have been made in its rating
analysis to account for any ESG-related risks or opportunities.

Capital Four CLO III 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.
Capital Four CLO Management K/S manages the transaction as lead
manager and Capital Four Management Fondsmæglerselskab A/S as
co-collateral manager.

  Ratings

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

  X      AAA (sf)      3.5    N/A      Three/six-month EURIBOR
                                       plus 1.00%

  A-R    AAA (sf)    184.5    38.5     Three/six-month EURIBOR
                                       plus 1.28%

  B-R    AA (sf)      33.0 27.5     Three/six-month EURIBOR
                                       plus 1.75%

  C-R    A (sf)       18.0 21.5     Three/six-month EURIBOR
                                       plus 2.00%

  D-R    BBB- (sf)    21.0 14.5     Three/six-month EURIBOR
                                       plus 3.00%

  E-R    BB- (sf)     13.5 10.0     Three/six-month EURIBOR
                                       plus 5.50%

  F-R    B- (sf)      10.5 6.5      Three/six-month EURIBOR
                                       plus 8.88%

  Sub notes    NR     29.1 N/A      N/A

*The ratings assigned to the class X, A-R, and B-R notes address
timely interest and ultimate principal payments. S&P's ratings
address ultimate interest and principal payments on 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.


GS MORTGAGE-BACKED 2026-IRPM1: S&P Assigns (P) BB Rating to X Notes
-------------------------------------------------------------------
S&P Global Ratings today assigned its preliminary credit ratings to
GS Mortgage-Backed Securities Trust 2026-IRPM1's class A, B-Dfrd,
C-Dfrd, D-Dfrd, and X-Dfrd notes. At closing, the issuer will also
issue unrated class RFN, R, Y notes, and a VRR loan.

The loans in the pool were originated between 2016 and 2026 by
Finance Ireland Credit Solutions DAC (Finance Ireland), Pepper
Finance Corp. (Ireland) DAC (Pepper), and Nua Money Ltd. (Nua). The
majority of the loans originated by Finance Ireland and Pepper were
previously securitized in the S&P Global Ratings' rated
transactions Finance Ireland RMBS No.4 and Finance Ireland RMBS
No.5.

The transaction includes a prefunded amount of 25% of the total
transaction size, allowing the issuer to purchase additional loans
until the first interest payment date (IPD). All of the loans added
during the prefunding period will be Nua-originated assets.

The capital structure provides 5% of available credit enhancement
for the class A notes through subordination. A fully funded
liquidity reserve fund will be available to meet revenue shortfalls
on the class A and B-Dfrd notes, and the general reserve fund will
be available to meet revenue shortfalls and provide credit
enhancement where available to all rated notes.

S&P said, "Our preliminary ratings address the timely payment of
interest and the ultimate payment of principal on the class A
notes. Our preliminary ratings on the class B-Dfrd to X-Dfrd
interest-deferrable notes address the ultimate payment of interest
and principal, until they are the most senior note outstanding at
which point interest is due timely in line with the transaction
events of default. Any deferred interest on the deferrable notes
before they become most senior will accrue at the note-specific
coupons and be due at the notes' legal final maturity.

"We have not yet reviewed legal opinions providing comfort that the
sale of the receivables would survive the seller's insolvency. In
addition, we have not yet reviewed documentation incorporating our
counterparty, operational or legal criteria. For the purpose of
this analysis, we assume final transaction and legal documents will
be consistent with our criteria. However, we may revise our ratings
should risks emerge under any of these areas."

  Preliminary ratings

  Class  Prelim. rating*  Prelim. class size (%)§

  A         AAA (sf)       95.00
  B-Dfrd    AA (sf)         2.50
  C-Dfrd    A (sf)          1.00
  D-Dfrd    BBB (sf)        1.50
  X-Dfrd    BB (sf)         1.61
  RFN       NR               N/A
  Y         NR               N/A
  R         NR               N/A
  VRR       NR               N/A

*S&P said, "Our ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes and the
ultimate payment of interest and principal on the other rated
notes. Our preliminary ratings also address the timely payment of
interest on the rated notes when they become most senior
outstanding."
§Size is inclusive of the equivalent VRR amount.
NR--Not rated.
N/A--Not applicable.

HAYFIN EMERALD IV: Moody's Affirms B3 Rating on EUR14.8MM F Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Hayfin Emerald CLO IV DAC:

EUR25,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Aug 16, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR17,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Aug 16, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR20,000,000 Class B-3 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Aug 16, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR33,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Aug 16, 2021
Definitive Rating Assigned A2 (sf)

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

EUR318,000,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Aug 16, 2021 Definitive
Rating Assigned Aaa (sf)

EUR37,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Aug 16, 2021
Definitive Rating Assigned Baa3 (sf)

EUR28,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Aug 16, 2021
Definitive Rating Assigned Ba3 (sf)

EUR14,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Aug 16, 2021
Definitive Rating Assigned B3 (sf)

Hayfin Emerald CLO IV DAC, originally issued in August 2020 and
refinanced in August 2021, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European loans. The portfolio is managed by Hayfin Emerald
Management LLP. The transaction's reinvestment period ended in
April 2026.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2, B-3 and C notes are
primarily a result of the transaction having reached the end of the
reinvestment period in April 2026.

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

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

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

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

Performing par and principal proceeds balance: EUR517.9m

Defaulted Securities: EUR5.5m

Diversity Score: 52

Weighted Average Rating Factor (WARF): 2911

Weighted Average Life (WAL): 4.04 years

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.55%

Weighted Average Coupon (WAC): 3.13%

Weighted Average Recovery Rate (WARR): 43.47%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

MADISON PARK XI: S&P Assigns B- (sf) Rating on Class F-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Madison Park Euro
Funding XI DAC's class A-R, B-R, C-R, D-R, E-R, and F-R reset
notes. At closing, the issuer has unrated subordinated notes
outstanding from the existing transaction and also issued
additional subordinated notes.

S&P said, "This transaction is a reset of the already existing
transaction that we did not rate. The issuance proceeds of the
refinancing debt were used to redeem the refinanced debt, and pay
fees and expenses incurred in connection with the reset."

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

The portfolio's reinvestment period will end approximately 4.6
years after closing, while the noncall period will end 1.5 years
after closing.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows and excess spread.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,747.79
  Default rate dispersion                                 561.67
  Weighted-average life (years)                             4.08
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.58
  Obligor diversity measure                                95.41
  Industry diversity measure                               21.37
  Regional diversity measure                                1.21

  Transaction key metrics

  Total par amount (mil. EUR)                                450
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              143
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.43
  Target 'AAA' weighted-average recovery (%)               35.26
  Actual weighted-average spread net of floors (%)          3.67
  Actual weighted-average coupon (%)                        4.87

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

S&P said, "In our cash flow analysis, we used the EUR450.00 million
target par amount, the covenanted weighted-average spread of 3.56%,
the covenanted weighted-average coupon of 4.00%, and the target
weighted-average recovery rate. We used a 1% haircut on the 'AAA'
weighted-average recovery rate. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R and C-R notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO will be in its reinvestment phase until Feb.
15, 2031, during which the transaction's credit risk profile could
deteriorate, we have capped our ratings assigned to the notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class F-R notes could withstand stresses
commensurate with a lower rating. However, we applied our 'CCC'
rating criteria, resulting in a 'B- (sf)' rating on this class of
notes."

The ratings uplift for the class F-R notes reflects several key
factors, including:

-- Their available credit enhancement, which is in the same range
as that of other CLOs S&P has rated and that has recently been
issued in Europe.

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.28% (for a portfolio with a
weighted-average life of 4.59 years) versus 14.69% if S&P was to
consider a long-term sustainable default rate of 3.2% for 4.59
years.

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

-- If there is a one-in-two chance for this note to default.

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

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-R notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
ratings are commensurate with the available credit enhancement for
all rated classes of notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A-R to E-R notes, based on
four hypothetical scenarios.

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

Environmental, social, and governance

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

Madison Park Euro Funding XI 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 is co-managed by UBS Asset Management
Credit Investments Group (UK) Ltd. and UBS Asset Management
(Americas) LLC.

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

  A-R    AAA (sf)   279.00    38.00    Three/six-month EURIBOR
                                       plus 1.27%

  B-R    AA (sf)     49.50    27.00    Three/six-month EURIBOR
                                       plus 1.85%

  C-R    A (sf)      27.00    21.00    Three/six-month EURIBOR
                                       plus 2.10%

  D-R    BBB- (sf)   31.50    14.00    Three/six-month EURIBOR
                                       plus 3.25%

  E-R    BB- (sf)    20.20     9.51    Three/six-month EURIBOR
                                       plus 5.90%

  F-R    B- (sf)     13.50     6.51    Three/six-month EURIBOR
                                       plus 8.74%

  Additional
  sub. notes   NR    29.00      N/A    N/A

  Sub. notes   NR    47.00      N/A    N/A

*The ratings assigned to the class A-R and B-R notes address timely
interest and ultimate principal payments. S&P's ratings address
ultimate interest and principal payments on 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.
Sub--Subordinated notes.
NR--Not rated.
N/A--Not applicable.


MADISON PARK XI: S&P Assigns Prelim. B-(sf) Rating on Cl. F-R Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Madison Park Euro Funding XI DAC's class A-R, B-R, C-R, D-R, E-R,
and F-R reset notes. At closing, the issuer will have unrated
subordinated notes outstanding from the existing transaction and
will issue additional subordinated notes.

This transaction is a reset of the already existing transaction.
The existing classes of notes will be fully redeemed with the
proceeds from the issuance of the replacement notes on the reset
date.

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

The portfolio's reinvestment period will end approximately 4.6
years after closing, while the noncall period will end 1.5 years
after closing.

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 governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows and excess spread.

-- 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   2,747.79
  Default rate dispersion                                561.67
  Weighted-average life (years)                            4.08
  Weighted-average life (years) extended
  to cover the length of the reinvestment period           4.58
  Obligor diversity measure                               95.41
  Industry diversity measure                              21.37
  Regional diversity measure                               1.21

  Transaction key metrics

  Total par amount (mil. EUR)                               450
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             143
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          2.43
  Target 'AAA' weighted-average recovery (%)              35.26
  Actual weighted-average spread net of floors (%)         3.67
  Actual weighted-average coupon (%)                       4.87

S&P said, "We expect the portfolio to be well diversified at
closing, primarily comprising broadly syndicated speculative-grade
senior secured term loans and senior secured bonds. Therefore, we
have conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR450.00 million target
par amount, the covenanted weighted-average spread of 3.56%, the
covenanted weighted-average coupon of 4.00%, and the target
weighted-average recovery rate. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"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 B-R to C-R notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO will be in its reinvestment phase until Feb.
15, 2031, during which the transaction's credit risk profile could
deteriorate, we have capped our preliminary ratings assigned to the
notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class F-R notes could withstand stresses
commensurate with a lower rating. However, we applied our 'CCC'
rating criteria, resulting in a preliminary 'B- (sf)' rating on
this class of notes."

The ratings uplift for the class F-R notes reflects several key
factors, including:

-- Their available credit enhancement, which is in the same range
as that of other CLOs S&P has rated and that has recently been
issued in Europe.

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.28% (for a portfolio with a
weighted-average life of 4.59 years) versus 14.69% if it was to
consider a long-term sustainable default rate of 3.2% for 4.59
years.

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

-- If there is a one-in-two chance for this note to default.

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

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

"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-R to E-R notes, based on
four hypothetical scenarios.

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

Environmental, social, and governance

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

Madison Park Euro Funding XI 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 co-managed by UBS Asset
Management Credit Investments Group (UK) Ltd. and UBS Asset
Management (Americas) LLC.

  Preliminary ratings

                   Prelim
         Prelim    amount   Credit          Indicative
  Class  rating*  (mil EUR) enhancement (%) interest rate§

  A-R    AAA (sf)  279.00    38.00   3/6-month EURIBOR plus 1.27%

  B-R    AA (sf)    49.50    27.00   3/6-month EURIBOR plus 1.85%

  C-R    A (sf)     27.00    21.00   3/6-month EURIBOR plus 2.10%

  D-R    BBB- (sf)  31.50    14.00   3/6-month EURIBOR plus 3.25%

  E-R    BB- (sf)   20.20     9.51   3/6-month EURIBOR plus 5.90%

  F-R    B- (sf)    13.50     6.51   3/6-month EURIBOR plus 8.74%

  Additional
  Sub. notes   NR   29.00     N/A    N/A

  Sub. notes   NR    7.00     N/A    N/A

*The preliminary ratings assigned to the class A-R and B-R notes
address timely interest and ultimate principal payments. S&P's
preliminary ratings address ultimate interest and principal
payments on 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.


NEWHAVEN CLO: S&P Lowers Class E Notes Rating to 'B (sf)'
---------------------------------------------------------
S&P Global Ratings raised its credit ratings on Newhaven CLO DAC's
class B notes to 'AAA (sf)' from 'AA (sf)', class C notes to 'AA+
(sf)' from 'A (sf)', and class D notes to 'BBB+ (sf)' from 'BBB-
(sf)'. At the same time, S&P lowered to 'B (sf)' from 'BB- (sf)'
its rating on the class E notes and to 'CCC+ (sf)' from 'B- (sf)'
our rating on the class F notes. S&P also affirmed its 'AAA (sf)'
rating on the class A notes.

The rating actions follow the application of S&P's global corporate
CLO criteria and S&P's credit and cash flow analysis of the
transaction based on the May 2026 payment date report.

S&P's ratings on the class A and B notes address the payment of
timely interest and ultimate principal, and the payment of ultimate
interest and principal on the class C, D, E, and F notes.

Since closing in April 2021:

-- The weighted-average rating of the portfolio is 'B'.

-- The portfolio remains well diversified, with the number of
performing obligors unchanged at 146.

-- The portfolio's weighted-average life has decreased to 4.03
years, down from 4.09 years.

-- The percentage of 'CCC' rated assets has increased to 8.19%
from 6.6%.

-- The percentage of defaulted assets has risen to 0.87%, from no
defaults.

-- The liabilities and assets decreased by EUR92.65 million and
EUR106.23 million, respectively, resulting in a EUR13.58 million
loss since closing, which is 3.88% of the aggregate collateral
balance.

  Table 1

  Portfolio benchmarks

                             Current review  Closing review

  SPWARF                          2911.23       2,793.38
  Default rate dispersion          650.45         694.79
  Weighted-average life (years)      4.03           4.09
  Obligor diversity measure        114.75         112.43
  Industry diversity measure        18.79          17.67
  Regional diversity measure         1.19           1.34

SPWARF--S&P Global Ratings' weighted-average rating factor.

On the cash flow side:

-- The transaction's reinvestment period ended in February 2025.
Since then, the class A notes have started deleveraging, with about
EUR92.65 million paid down.

-- Since closing, credit enhancement has increased for all classes
of notes and has decreased for class E and F notes. This reduction
is largely attributable to the par loss of approximately EUR13.57
million and defaults of EUR2.13 million.

-- No class of notes is currently deferring interest.

-- All coverage tests have passed as of the May 2026 payment date
report, except for the class F notes' par value test.

Table 2

  Transaction key metrics

                                  Current review   Closing review

  Total collateral amount (mil. EUR)*   243.77          350
  Defaulted assets (mil. EUR)             2.13         0.00
  Number of performing obligors            146          146
  Portfolio weighted-average rating          B            B
  'CCC' assets (%)                        8.19          6.6
  'AAA' SDR (%)                          60.87        59.68
  'AAA' WARR (%)                         35.45        36.50

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.

In S&P's view, the portfolio is diversified across obligors,
industries, and asset characteristics. Since closing, the
transaction is now out of its reinvestment period, and the CLO has
started deleveraging. Nevertheless, credit enhancement has
increased for the class A to class D notes mainly due to the
deleveraging of the senior notes, but it has decreased for the
class E and F notes, primarily because of defaults and par losses
in the transaction. At the same time, the weighted average life
test is failing, and the weighted-average recovery rate has
decreased at all rating levels.

S&P said, "We affirmed our 'AAA (sf)' rating on the class A notes
due to the rise in credit enhancement as these notes are repaid.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B, C, and D notes is commensurate
with higher ratings than those currently assigned. This is largely
driven by the deleveraging of the senior note. We therefore raised
our ratings on the class B notes to 'AAA (sf)' from 'AA (sf)',
class C notes to 'AA+ (sf)' from 'A (sf)', and class D notes to
'BBB+ (sf)' from 'BBB- (sf)'.

"Our downgrade of the class E notes considers the negative cushion
between our break-even default rates (BDR) and scenario default
rates for these notes at its passing rating level, which is mainly
due to defaults and par loss in the transaction. There are
shortfalls under our standard cash flow analysis at higher rating
levels than that assigned. We also considered current macroeconomic
conditions, this tranche's relative seniority, and additional
sensitivity scenarios with recoveries at 'BB'.

"Our downgrade of the class F notes reflects the deterioration in
our cash flow results, given the decreased credit enhancement to
4.84% from 7.25% at closing and the abovementioned factors. This
tranche continues to face shortfalls under our standard cash flow
analysis at the 'B' rating level.

"Therefore, we applied our 'CCC' criteria to assess if either a
rating of 'B-' or a rating in the 'CCC' category would be
appropriate. Our 'CCC' rating criteria specify the need to assess
whether there is any reliance on favorable business, financial, and
economic conditions to meet the payment of interest and principal.

"We considered our model-generated BDR at the 'B-' rating level of
10.72%, versus if we were to consider a long-term sustainable
default rate of 3.2% for the WAL of 4.03 years, which would result
in a target default rate of 12.896%. This would result in a loss to
the class F noteholders at this rating level unless the transaction
performs better than under our stressed scenarios.

"Therefore, in our view, payment of interest and principal on the
class F notes does depend on favorable business, financial, and
economic conditions. As we do not expect these notes to face a
near-term (within 12 months) credit or payment crisis, we have
lowered our rating to 'CCC+ (sf)'.

"Counterparty, operational, and legal risks are adequately
mitigated in line with our criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited, as the exposure to individual sovereigns does not
exceed the diversification thresholds outlined in our criteria."

Newhaven CLO DACis a European cash flow CLO transaction that
securitizes loans granted to primarily speculative-grade corporate
firms. Bain Capital Credit Ltd. manages the transaction.


PENTA CLO 18: S&P Assigns B- (sf) Rating to Class F-R Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 18
DAC's class X-R, A-R, B-R, C-R, D-R, E-R, and F-R notes. At
closing, the issuer has unrated subordinated notes outstanding from
the existing transaction and also issued additional subordinated
notes.

This transaction is a reset of the already existing transaction,
which S&P rates. The existing classes of notes were fully redeemed
with the proceeds from the issuance of the replacement notes on the
reset date. The ratings on the original notes have been withdrawn.

The reinvestment period will be approximately 4.5 years, while the
noncall period will be 1.5 years after closing.

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

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor   2,744.68
  Default rate dispersion                                529.48
  Weighted-average life (years)                            4.68
  Obligor diversity measure                              133.48
  Industry diversity measure                              22.74
  Regional diversity measure                               1.27

  Transaction key metrics

  Total par amount (mil. EUR)                               407
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             164
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.45
  Target 'AAA' weighted-average recovery (%)              35.90
  Actual weighted-average spread net of floors (%)         3.51
  Actual weighted-average coupon (%)                       4.83

Rationale

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

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

"In our cash flow analysis, we used the EUR407.46 million target
par amount, the actual weighted-average spread of 3.51%, the actual
weighted-average coupon of 4.83%, and the actual weighted-average
recovery rate. We applied various cash flow stress scenarios, using
four different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the classes B-R, C-R, and D-R notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from the effective date, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
assigned to the notes."

The class X-R, A-R, and E-R notes could withstand stresses
commensurate with the assigned ratings.

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

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.94% (for a portfolio with a
weighted-average life of 4.68 years) versus 14.98% if it was to
consider a long-term sustainable default rate of 3.2% for 4.68
years.

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

-- If there is a one-in-two chance for this note to default.

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for all rated
classes of notes.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class X-R to E-R notes, based on
four hypothetical scenarios.

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

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 S&P's ESG benchmark for the
sector, no specific adjustments have been made in its rating
analysis to account for any ESG-related risks or opportunities.

Penta CLO 18 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. Partners
Group CLO Advisers LP manages the transaction.

  Ratings

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

  X-R    AAA (sf)     1.00      N/A    Three/six-month EURIBOR
                                       plus 0.90%

  A-R    AAA (sf)   248.00    38.00    Three/six-month EURIBOR
                                       plus 1.27%

  B-R    AA (sf)     44.00    27.00    Three/six-month EURIBOR
                                       plus 1.75%

  C-R    A (sf)      24.00    21.00    Three/six-month EURIBOR
                                       plus 1.95%

  D-R    BBB- (sf)   28.00    14.00    Three/six-month EURIBOR
                                       plus 2.85%

  E-R    BB- (sf)    19.00     9.25    Three/six-month EURIBOR
                                       plus 5.10%

  F-R    B- (sf)     12.00     6.25    Three/six-month EURIBOR
                                       plus 8.36%

  Z      NR           5.00      N/A    N/A

  Additional
  sub. notes   NR    05.30      N/A    N/A

  Sub notes    NR    34.50      N/A    N/A

*The ratings assigned to the class X-R, A-R, and B-R notes address
timely interest and ultimate principal payments. S&P's ratings
address ultimate interest and principal payments on the rest of the
other rated notes. The payment frequency switches to semiannual,
and the index switches to six-month EURIBOR when a frequency switch
event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.




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

BANCA IFIS: Fitch Alters Outlook on BB+ LongTerm IDR to Negative
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Banca IFIS S.p.A.'s (IFIS)
Long-Term Issuer Default Rating (IDR) to Negative from Stable and
affirmed the IDR at 'BB+' and Viability Rating (VR) at 'bb+'.

The Outlook revision primarily reflects the recent increase in
risks to IFIS's business profile, risk profile, profitability and
capitalisation, which add to its reduced financial flexibility
following the acquisition of illimity Bank S.p.A.'s (illimity).
These risks mainly stem from higher-than-expected provisions on
illimity's securitised non-performing loans (NPL), proactive
provisions on some of IFIS's credit exposure following an
inspection by the Bank of Italy, and a sharp reduction in earnings
contribution from the NPL business.

The Negative Outlook also considers execution risks around IFIS's
decision to sell its NPL investing and servicing business and move
towards a lower-risk business profile with increased focus on SME
lending and nascent wealth management activities. Fitch views the
planned disposal as potentially credit positive, as it could
strongly benefit capital and improve the risk profile and asset
quality, but its execution remains subject to a competitive bidding
process and regulatory approvals, which will likely happen in 2027.
In addition, IFIS faces medium-term execution challenges to replace
the lost earnings from the NPL business, which was its largest
revenue and profit contributor historically.

Fitch has taken similar action on illimity, as its ratings are
driven by support from, and equalised with, IFIS following the
completion of the takeover in 2025.

Unless noted below, IFIS's and illimity's key rating drivers are
unchanged (see "Fitch Affirms Banca IFIS at 'BB+'; Outlook Stable"
and "Fitch Upgrades illimity to 'BB+', off Rating Watch Positive;
Withdraws VR", both dated 27 March 2026).

Key Rating Drivers

Specialised Bank Undergoing Strategic Pivot: IFIS's ratings
primarily reflect its specialised business model, with an
established but niche franchise and adequate through-the-cycle
profitability. The ratings also reflect the bank's ongoing shift
towards SME and commercial banking and wealth management and away
from its NPL business, which it plans to deconsolidate in the
coming quarters. The ratings also consider a higher risk profile
and impaired loans ratio, even when excluding purchased NPLs, than
higher-rated peers, acceptable capital buffers despite the erosion
caused by the acquisition and clean-up of illimity, and adequate
but price-sensitive funding.

Negative Outlook: The Negative Outlook on IFIS's Long-Term IDR
reflects medium-term risks to the bank's earnings and capital
metrics while it executes a significant strategic repositioning by
moving away from the NPL business, which is its largest profit
contributor. These risks are primarily due to recent setbacks on
its integration and clean-up of illimity and some one-off credit
provisions connected to the inspection by the Bank of Italy.

The planned disposal of IFIS's NPL business will result in lower
earnings in the short term, but it could materially improve
capitalisation, asset quality and risk profile, and free up
significant resources to support the bank's medium-term growth
strategy amid a highly competitive environment in Italy.

Niche Franchise, Adequate Record: IFIS's business profile is
underpinned by an opportunistic strategy and adequate record, which
builds on its established domestic franchise in factoring, leasing
and NPL purchasing. The bank has also grown rapidly in SME lending,
including through the acquisition of illimity in 2025, and has just
launched a new wealth management offering. Operational efficiency
should fully benefit in 2027 from the group's enlarged scale in
commercial banking, delivery of the planned synergies from
illimity's integration, and additional cost management actions to
address the recent earnings weakness.

The group's exit strategy from the NPL business is credible,
although this will materially reduce IFIS's earnings in the short
term as ongoing diversification initiatives remain insufficient to
offset the lost earnings from this highly profitable division.

Above-Average Risk Profile: IFIS's focus on smaller enterprises,
its granular NPL business and the challenging clean-up of illimity
result in an above-average risk profile. The disposal of the NPL
business could benefit the bank's risk profile, as these assets are
becoming increasingly capital-intensive and leave IFIS's exposed to
a higher-risk asset class. The EUR30 million provisions incurred in
2Q26 following the central bank inspection relate to some specific
exposures in structured finance, factoring and pharma.

Further provisions or reclassifications add downside risk to IFIS's
risk profile, but Fitch's baseline scenario is that they would
remain consistent with its current view of the bank's risk
management.

NPL Disposal to Support Asset Quality: IFIS's reported organic
impaired loans ratio (i.e. excluding purchased NPL division or
impaired loans acquired from illimity) of just above 6% at
end-March 2026 is above the domestic average. Fitch expects it to
remain above 6% in the next three years, due to potential
reclassifications following the central bank inspection, IFIS's
focus on smaller firms and Italy's subdued economic environment.
The sale of the NPL business should improve IFIS's asset quality
given the large size of this portfolio (EUR1.6 billion book value,
or 13% of customer loans).

Weaker Earnings Trajectory: Fitch expects the operating profit/risk
weighted assets (RWAs) ratio to fall sharply in 2026 to a modest
0.6% (2025: 1.3%), mainly reflecting the EUR40 million additional
impairments on illimity's portfolio, the credit provisions
connected to the central bank inspection and weak contribution of
the NPL business, while cost savings will gradually feed through.

With the upcoming sale of the NPL business, Fitch no longer expects
the ratio to return sustainably above 2%, which was IFIS's
long-term average, within the next three years. Instead, Fitch
forecasts the ratio will bounce back to slightly above 1.5% by 2028
driven by cost and revenue synergies from illimity, gradual margin
improvements, additional cost savings and moderate growth in SME
lending.

Adequate Capitalisation, Moderate Downside Risks: The common equity
Tier 1 (CET1) of 13.7% at end-March 2026 provides sufficient
cushion over regulatory requirements, but short-term profitability
weakness could pressure the ratio. Fitch forecasts IFIS's CET1
ratio will remain close to 13.5% throughout 2026, even if losses
moderately worsen, as the bank has some flexibility to modulate RWA
consumption and dividend payout.

The final conditions of a transaction are uncertain, but Fitch
estimates the planned disposal of the NPL business could boost the
CET1 ratio, by at least 200bp in 2027, as it should free up about
14% of the group's RWA. Fitch therefore forecasts IFIS's CET1 ratio
to rise comfortably above 15% by end-2027.

Price-Sensitive Funding, Prudent Liquidity: IFIS's loans/deposits
ratio benefited from the acquisition of illimity, which has a
larger deposit base, falling to 117% at end-2025 (end-2024: 151%).
However, deposits still represent less than 60% of funding and
remain more price-sensitive than commercial banks. IFIS manages its
liquidity prudently and has well-matched assets and liabilities by
maturity, providing headroom in case of deposit erosion. The group
is actively working to optimise its funding costs, notably as it
replaces illimity's more expensive instruments. Access to wholesale
funding is adequate and fairly diversified through securitisations,
repos and senior unsecured debt, but remains vulnerable to market
sentiment and results in some balance sheet encumbrance.

Rating Sensitivities

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

IFIS's ratings are primarily sensitive to the materialisation of
further setbacks to its earnings, capital trajectory and business
model repositioning in 2026-2027. These setbacks could result, for
instance, from additional higher-than-expected one-offs on
illimity's legacy book or if material remedial actions need to be
implemented following the Bank of Italy inspection, the final
outcome of which should be known in 3Q26. IFIS's ratings could also
be downgraded if it failed to extract planned synergies and to
successfully integrate illimity's core activities. Evidence of
funding pressure, through weaker ability to access funding or at
materially higher cost, or materially weaker liquidity metrics
could also lead to a downgrade.

In particular, IFIS's ratings could be downgraded if the bank's
CET1 ratio remains well below 14% without prospects of reversing in
the short term. Operating profit remaining structurally below 1.5%
of RWAs would also lead to a downgrade. A material weakening of
IFIS's organic asset quality, excluding its NPL activities, with an
impaired loans ratio structurally increasing towards 10%, could
also result in a downgrade, especially if there is evidence of weak
underwriting standards.

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

The Outlook on the Long-Term IDR could be revised to Stable if
downside risks to IFIS's business model stability, earnings and
capital abate materially once the Bank of Italy inspection findings
are clear and if illimity's legacy book stops leading to impairment
risks. This could be evidenced by the ability to maintain an
operating profit/RWAs close to 1.5%, while the completion of the
disposal of its NPL portfolio would support restoring its CET1
ratio to at least 14%.

In the event IFIS withstands rating pressure, rating upside would
be primarily contingent on evidence of progress in its
diversification strategy, notably through the realisation of
planned synergies with illimity, diversification into wealth
management and a successful disposal of the NPL business, which
would ultimately benefit the stability of its business profile
while strengthening risk profile.

In particular, IFIS would have to sustain higher earnings
generation than its long-term average (e.g. an operating
profit/RWAs ratio sustainably above 2%), which means it would have
to demonstrate its ability to offset the structural loss of
profitability from the disposal of the NPL business through
sustained growth in its core segments. This would have to be
accompanied by continued prudent capital management, with a CET1
ratio of about 14%, and materially stronger asset quality metrics.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SHORT-TERM IDR

IFIS's Short-Term IDR of 'B' is the only option mapping to a
Long-Term IDR of 'BB+' under Fitch's correspondence table.

DEPOSITS

IFIS's long-term deposit rating of 'BBB-' is one notch above the
bank's VR, which is the anchor, given full depositor preference in
Italy, IFIS's resolution strategy being liquidation, and the
composition and level of the group's resolution debt buffers and
requirements. The short-term deposit rating of 'F3' is mapped to
IFIS's 'BBB-' long-term deposit rating.

SENIOR PREFERRED DEBT

IFIS's senior preferred debt is rated in line with the VR. This
mainly reflects the group's resolution strategy and its expectation
that illimity and IFIS will continue to have a buffer of
subordinated debt and other junior instruments that remains lower
than 10% of RWAs.

SUBORDINATED DEBT

IFIS's Tier 2 debt is rated two notches below IFIS's VR for loss
severity to reflect poor recovery prospects.

GOVERNMENT SUPPORT RATING (GSR)

IFIS's GSR of 'no support' reflects Fitch's view that senior
creditors cannot rely on receiving full extraordinary support from
the sovereign if the bank becomes non-viable. The EU's Bank
Recovery and Resolution Directive and the Single Resolution
Mechanism for eurozone banks provide a framework for resolving
banks that requires senior creditors participating in losses ahead
of a bank receiving sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

IFIS's debt ratings are primarily sensitive to changes in the
bank's VR, from which they are notched. In addition, the long-term
deposit rating could be upgraded if IFIS's preferred resolution
strategy ceases to be liquidation and if its resolution buffer
requirements increase to levels above its capital requirements. In
this scenario, the senior preferred debt could also be upgraded if
IFIS is expected to meet its resolution buffer requirements
exclusively with more junior instruments, or if Fitch expects
resolution debt buffers represented by more junior instruments to
be at least 10% of RWAs on a sustained basis, neither of which is
currently the case.

The subordinated debt rating is also sensitive to a change in the
notes' notching, which could result from a change in Fitch's
assessment of their non-performance relative to the risk captured
in the VR.

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. Fitch believes this
is highly unlikely, although not impossible.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

illimity Bank S.p.A.

Following the rating action on IFIS, Fitch has also revised the
Outlook on illimity's Long-Term IDR to Negative from Stable and
affirmed its Long-Term and Short-Term IDRs at 'BB+' and 'B',
respectively. llimity's IDRs are equalised with IFIS's and factor
in Fitch's view of a moderate probability of support from IFIS -
its 100% shareholder - which is reflected in the 'bb+' Shareholder
Support Rating (SSR). Fitch considers illimity to be a key and
integral part of IFIS, following the former's clear strategic
repositioning, ensuing risk reduction, high operational integration
and capital and funding fungibility. The Negative Outlook on
illimity's Long-Term IDR mirrors that on IFIS.

DEPOSITS

illimity's long-term deposit rating of 'BBB-' is equalised with
that of IFIS and is one notch above the bank's Long-Term IDR, given
full depositor preference in Italy, IFIS's resolution strategy, and
the composition and level of the group's resolution debt buffers
and requirements, as Fitch expects the two banks to ultimately be
merged. The short-term deposit rating of 'F3' is mapped to
illimity's 'BBB-' long-term deposit rating.

SENIOR PREFERRED DEBT

illimity's senior preferred debt is equalised with that of IFIS and
with the bank's Long-Term IDR. This mainly reflects the group's
resolution strategy and its expectation that illimity and IFIS will
continue to have a buffer of subordinated debt and other junior
instruments that remains lower than 10% of RWAs.

SUBORDINATED DEBT

illimity's subordinated Tier 2 debt is equalised with that of IFIS
and is notched down from illimity's Long-Term IDR because Fitch
believes support from IFIS will extend to illimity's subordinated
bondholders. The subordinated Tier 2 debt is rated two notches
below the Long-Term IDR for loss severity to reflect poor recovery
prospects.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

Illimity's IDRs and SSR would be downgraded if IFIS's Long-Term IDR
was downgraded. They would also likely be downgraded if IFIS
changed its plans to merge with illimity or if the latter ceased to
be a key part of IFIS's upcoming medium-term strategic plan.

An upgrade of illimity's IDRs and SSR would be contingent on an
upgrade of IFIS's Long-Term IDR.

illimity's debt ratings are primarily sensitive to changes in the
bank's IDRs, from which they are notched. In addition, the
long-term deposit rating could be upgraded if IFIS's preferred
resolution strategy ceases to be liquidation and if its resolution
buffer requirements increase to levels above its capital
requirements. In this scenario, the senior preferred debt could
also be upgraded if IFIS is expected to meet its resolution buffer
requirements exclusively with more junior instruments, or if Fitch
expects resolution debt buffers represented by more junior
instruments to be at least 10% of RWAs on a sustained basis,
neither of which is currently the case.

The subordinated debt rating is also sensitive to a change in the
notes' notching, which could result from a change in Fitch's
assessment of their non-performance relative to the risk captured
in the Long-Term IDR.

VR ADJUSTMENTS

The operating environment score of 'bbb+' is below the 'a' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The asset quality score of 'bb' is above the 'b & below' category
implied score due to the following adjustment reason: loan
classification policies (positive).

The earnings & profitability score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason:
revenue diversification (negative).

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
   -----------                        ------             -----
illimity Bank
S.p.A.             LT IDR              BB+  Affirmed     BB+
                   ST IDR              B    Affirmed     B
                   Shareholder Support bb+  Affirmed     bb+

   Subordinated    LT                  BB-  Affirmed     BB-

   long-term
   deposits        LT                  BBB- Affirmed     BBB-

   Senior
   preferred       LT                  BB+  Affirmed     BB+

   short-term
   deposits        ST                  F3   Affirmed     F3

Banca IFIS
S.p.A.             LT IDR              BB+  Affirmed     BB+
                   ST IDR              B    Affirmed     B
                   Viability           bb+  Affirmed     bb+
                   Government Support ns    Affirmed     ns  

   subordinated    LT                 BB-   Affirmed     BB-

   long-term
   deposits        LT                 BBB-   Affirmed    BBB-

   Senior
   preferred       LT                 BB+    Affirmed    BB+

   short-term   
   deposits        ST                 F3     Affirmed    F3


CERVED GROUP: Moody's Lowers CFR & Senior Secured Debt to Caa1
--------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of
Cerved Group S.p.A (Cerved) to Caa1 from B3 and the probability of
default rating to Caa1-PD from B3-PD. Moody's have also downgraded
the ratings on the company's backed senior secured debt instruments
to Caa1 from B3. The outlook remains stable.

RATINGS RATIONALE

The downgrade to Caa1 reflects weak operating performance in its
core Data Intelligence segment on an organic basis, resulting in
very weak credit metrics that have deviated materially from Moody's
forecasts from December 2025, and elevated refinancing risk over
the next 18 months.

Since 2022, the company has underperformed compared to management's
budgets and Moody's forecasts, with revenues declining organically
and limited evidence so far of an improvement in the underlying
performance of the core business.

The rating reflects low visibility on any near term recovery in
organic growth and significant execution risk surrounding the
company's transformation and new product initiatives. Moody's
expects that any meaningful benefit from these new product
initiatives is unlikely to materialise before 2027, while the
company may need to access capital markets in the next 18 months
for a refinancing, limiting the time available to demonstrate a
turnaround in its operating performance.

The rating also reflects concerns about the transparency of
earnings disclosures, following the inclusion of approximately
EUR72 million of licensing revenue from its parent, ION Platform
Investment Group Limited (ION) in 2025, which contributed directly
to EBITDA without associated costs. Excluding this licensing
revenue, its core Data Intelligence segment experienced an organic
revenue decline of around 16% in 2025 compared to 2024, driven by
customer losses, contract renegotiations, pricing pressure and
execution challenges related to its ongoing go-to-market
transformation.  This strategic transformation is part of
management's efforts to move towards more secure contracts with
greater revenue visibility and a stronger client base. Moody's
expects a continuation of such non-recurring licensing revenue in
2026 and 2027 and view this as a form of implicit support from
ION.

Cerved's credit profile is characterized by very weak financial
metrics with Moody's-adjusted debt/EBITDA of 9.4x as of the last
twelve months (LTM) ending in March 2026, and is expected to remain
around 10x in the next 12-18 months, driven by a stabilisation in
the Data Intelligence segment, growth in new product initiatives,
and decline in the non-recurring licensing revenue. Interest
coverage is modest, with Moody's adjusted EBITA/interest of around
1.2x-1.3x, limiting financial flexibility. Free cash flow (FCF) to
debt is expected to be neutral at around 1%.  

The Caa1 rating also reflects refinancing risk, ahead of maturities
in 2028–2029. Moody's considers a distressed exchange or
restructuring increasingly likely absent a material and sustained
improvement in operating performance or support from ION.

However, the rating also reflects (i) the company's role as the
leading risk intelligence provider in Italy; (ii) the high barriers
to entry provided by Cerved's proprietary database, strong brand,
and technological know-how; and (iii) the company's customer
diversification in the corporate segment.

Governance considerations are a key driver of the rating action,
reflecting weak transparency, limited disclosure and concerns about
execution and financial policy, which increase uncertainty around
the company's financial trajectory.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Cerved will
maintain adequate liquidity over the next 12 months, while
operating performance remains weak and credit metrics remain
elevated. The outlook also reflects Moody's expectations that
Cerved will refinance its debt maturities in a timely manner.

LIQUIDITY

Moody's considers Cerved's liquidity to be adequate and supported
by EUR80 million of cash on the balance sheet as of March 31, 2026,
access to a fully undrawn EUR80 million super-senior revolving
credit facility (RCF), and Moody's expectations of weak FCF
generation of around EUR8-10 million per year over the next 12-18
months. The RCF, which matures in March 2028, features a springing
Senior Secured Net Leverage Ratio test, which is tested when the
RCF is drawn above 40% and must be maintained below 10.24x, with a
breach leading to a draw-stop on the RCF.

STRUCTURAL CONSIDERATIONS

The capital structure includes EUR1,245 million of backed senior
secured floating rate notes due in February 2029 and EUR350 million
of backed senior secured fixed rate notes also due in February
2029, as well as an EUR80 million super-senior RCF, which is due in
March 2028.

The security package provided to senior secured lenders is
ultimately limited to pledges over shares and intercompany
receivables. The Caa1 rating of the backed senior secured floating
and fixed rate notes is in line with the CFR, reflecting the size
of the super-senior RCF which ranks ahead. The Caa1-PD probability
of default rating is at the same level as the CFR, reflecting
Moody's assumption of a 50% family recovery rate.

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

Positive pressure on the ratings is unlikely at this stage, given
the company's high leverage, organic revenue decline, limited FCF
generation, and aggressive financial policy. Positive pressure
could develop over time if the company maintains Moody's adjusted
leverage below 7.5x on a sustained basis; the ratio of Moody's
adjusted EBITA/interest rises sustainably to above 1.5x, and
Moody's-adjusted FCF/debt improves to low-single-digit levels, also
on a sustained basis. Any positive rating action would also require
the company to successfully refinance its 2028 and 2029 maturities
in a timely manner in a way that avoids a distressed exchange,
maintain adequate liquidity and a prudent financial policy with
respect to shareholder distributions.

Negative rating pressure could occur if organic operating
performance and credit metrics continue to deteriorate or liquidity
weakens. An increase in refinancing risk, including any indication
of a distressed exchange, evidence of loss to investors beyond what
is implied by the Caa1 rating, debt restructuring or inability to
address upcoming maturities on a timely basis can also lead to a
negative rating action.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Cerved is a leading provider of data intelligence, solutions
consulting and credit management services in Italy. It was
established in 1974 as an electronic version of the Italian chamber
of commerce. Listed on the Milan stock exchange since 2014, the
company was taken private by ION Group, through Castor S.p.A., via
a voluntary tender offer announced in March 2021 and initial
closing in September 2021. In the 12 months ending in March 2026,
Cerved generated revenue of EUR450 million and Moody's adjusted
EBITDA of EUR179 million.



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

AUTO1 CAR: S&P Assigns B (sf) Rating to Class F-Dfrd Notes
----------------------------------------------------------
S&P Global Ratings assigned credit ratings to AUTO1 Car Funding S.a
r.l., Compartment FinanceHero 3's asset-backed floating-rate class
A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes.

This is Autohero GmbH's third German publicly placed ABS
transaction and the second that S&P has rated. The underlying
collateral comprises 89.5% German and 10.5% Austrian IPA
receivables for used cars. Autohero originated and granted the IPA
receivables for its private customers. Of the loans in the pool,
19.9% of the principal balance on contracts amortizes with a final
balloon payment. The balloon payment portion totals 7.2% of the
portfolio.

The transaction amortizes from closing and has separate interest
and principal waterfalls. The interest waterfall features a
principal deficiency ledger (PDL) mechanism, by which the issuer
can use excess spread to cure principal losses.

The transaction amortizes pro rata conditional to a series of
non-reversible sequential triggers.

A combination of excess spread, subordination, and the liquidity
reserve provides credit enhancement. The liquidity reserve is used
to pay any senior expenses, swap payments, and interest shortfalls.
Any excess of the reserve over the required amount flows through
the interest waterfall and is available to cure any principal
default ledger shortfall.

The assets pay a monthly fixed interest rate, and the notes pay
one-month Euro Interbank Offered Rate plus a margin. Consequently,
the rated notes benefit from an interest rate swap. Nevertheless,
the swap notional follows a predetermined schedule which exposes
the transaction to potential under- or over-hedging in certain
scenarios.

S&P's ratings address the timely payment of interest and ultimate
payment of principal on the class A notes, while addressing the
potential deferral of interest payments until the notes are the
most senior, and ultimate payment of principal on the class B-Dfrd,
C-Dfrd, D-Dfrd, and E-Dfrd notes. Once the notes are the most
senior, they must pay timely interest, and any accrued interest
shortfall from previous periods is due at legal maturity. The
rating on the class F-Dfrd notes addresses the ultimate payment of
interest and principal.

The application of our structured finance sovereign risk criteria
does not constrain our ratings. Operational, legal, and
counterparty risks are adequately mitigated in line with our
operational, legal, and counterparty criteria.

  Ratings

                       Amount      Available
  Class     Rating*  (mil. EUR)  credit enhancement (%)

  A         AAA (sf)    183.3      28.0
  B-Dfrd    AA (sf)      18.5      20.7
  C-Dfrd    A (sf)       17.8      13.7
  D-Dfrd    BBB (sf)     14.6       8.0
  E-Dfrd    B+ (sf)       8.9       4.5
  F-Dfrd    B (sf)        6.9       1.8

*S&P said, "Our ratings address the timely payment of interest and
ultimate payment of principal on the class A notes, while our
ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes
address the potential deferral of interest payments until the notes
are the most senior, and ultimate payment of principal." Once the
notes are the most senior, they must pay timely interest. Any
accrued interest shortfall from previous periods is due at legal
maturity. The rating on the class F-Dfrd notes addresses the
ultimate payment of interest and principal.




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

JUBILEE PLACE 3: Moody's Ups Rating on EUR3.3MM E Notes from Ba3
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings of four Notes in Jubilee
Place 3 B.V. The rating action reflects better-than-expected
collateral performance and the increased levels of credit
enhancement for the affected Notes.

The Notes are backed by Dutch buy-to-let mortgage loans originated
by Dutch Mortgage Services B.V. (NR; "DMS"), DNL 1 B.V. (NR; "DNL")
and Community Hypotheken B.V. (NR; "Community").

Moody's affirmed the rating of the Class A Notes that had
sufficient credit enhancement to maintain the current rating.

EUR287.7M Class A Notes, Affirmed Aaa (sf); previously on Feb 1,
2024 Affirmed Aaa (sf)

EUR18.9M Class B Notes, Upgraded to Aa2 (sf); previously on Feb 1,
2024 Affirmed Aa3 (sf)

EUR10.7M Class C Notes, Upgraded to Aa2 (sf); previously on Feb 1,
2024 Upgraded to Aa3 (sf)

EUR7.4M Class D Notes, Upgraded to Aa3 (sf); previously on Feb 1,
2024 Upgraded to Baa1 (sf)

EUR3.3M Class E Notes, Upgraded to Baa3 (sf); previously on Feb 1,
2024 Affirmed Ba3 (sf)

RATINGS RATIONALE

The upgrades are prompted by the decreased key collateral
assumptions, namely the MILAN Stressed Loss and the expected loss
assumption due to better-than-expected collateral performance and
an increase in credit enhancement for the affected tranches.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date.

The performance of the transaction has been good since closing. 90
days plus arrears currently stand at 0.34% of current pool balance
showing a stable trend over the past year. There have been no
losses since closing. Furthermore, the underlying loans are
seasoned, with a weighted average seasoning of approximately 4.5
years, while the weighted average current LTV has decreased to
68.6% from 72.4% at closing. Strong house price appreciation in the
Netherlands over the transaction's life has further enhanced
borrower equity positions, resulting in a weighted average indexed
LTV of 49.7%, compared with 72.6% at closing.

Moody's decreased the expected loss assumption to 1.2% as a
percentage of current pool balance due to the better-than-expected
collateral performance. The revised expected loss assumption
corresponds to 0.65% as a percentage of original pool balance from
1.4%.

Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
Moody's also considered the servicing framework, under which DNL
(NR), DMS (NR) and Community (NR) act as servicers of the portfolio
and BCMGlobal Netherlands B.V. (NR) acts as sub-servicer. The
overall servicing ability and stability has been classified as
average. As a result, Moody's have decreased the MILAN Stressed
Loss assumption to 6.4% from 8.8%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, the credit enhancement for the Class B Notes, the
most senior tranche affected by the upgrade action, increased to
13.2% from 8.1% since the last rating action in February 2024.

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as the servicer.

Moody's considered how the liquidity available in the transaction
and other mitigants support continuity of Note payments, in case of
servicer default, using the CR assessment as a reference point for
servicers. The transaction has an amortising liquidity reserve
fund, which provides liquidity for the Class A Notes only. The
Notes ranking below the Class A Notes do not benefit from any
reserve fund and rely on the principal to pay interest mechanism,
subject to the respective Note being the most senior, to support
timely payments of interest. Therefore, the ratings of the Classes
B and C Notes in Jubilee Place 3 B.V. are constrained by
operational risk due to insufficient liquidity. However, reflecting
on the increased maturity and resilience of the Dutch buy-to-let
market, despite it being a small and niche market, and the more
established nature of the Jubilee Place program, Moody's have
revised the operational risk cap on the mezzanine notes to Aa2 (sf)
from Aa3 (sf).

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

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.



===========
S W E D E N
===========

RECIPHARM HOLDING: S&P Assigns 'B' ICR on Proposed Refinancing
--------------------------------------------------------------
S&P Global Ratings assigned a 'B' issuer credit rating to Recipharm
Holding GmbH and a 'B' issue rating to the EUR880 million term loan
B (TLB) maturing in July 2033, with a recovery rating of '3',
indicating its expectation of about 60% recovery (rounded estimate)
in the event of a payment default; at the same time, S&P upgraded
Roar Bidco AB to 'B' from 'B-'.

The stable outlooks on S&P's ratings on both entities reflect its
view that Recipharm Holding and Roar BidCo display strong operating
performance and solid deleveraging prospects that should support
credit metrics commensurate with the ratings in the next 12
months.

Recipharm Holding is the new parent of the Recipharm Group, a
leading global contract development and manufacturing organization
(CDMO), with Sweden-based Roar BidCo AB and Recipharm AB below it
in the group structure, following a recent reorganization to a
Switzerland-based holding company.

The group, which generated EUR837 million in sales in 2025, will
refinance the debt at Roar BidCo and Recipharm with a new EUR880
million term loan B (TLB) maturing in July 2033 and a new revolving
credit facility (RCF) of up to EUR200 million maturing in January
2033 (undrawn), as part of which it will complete the financial
separation of the U.K.-based Bespak division (operationally carved
out in April 2024).

S&P said, "We assess Recipharm Holding by the same metrics we use
to assess Roar BidCo, since both entities will cover the same
business scope once the carve out of the Bespak division is
finalized in July 2026.

"Following the official separation from Bespak, we believe that
Recipharm Holding's credit metrics will be commensurate with a 'B'
rating with S&P Global Ratings-adjusted debt to EBITDA ratio at
5.5x-6.0x in 2026 after the transaction. Recipharm Holding is
seeking to issue an EUR880 million TLB maturing in July 2032 and a
fully undrawn RCF of up to EUR200 million maturing in January 2033.
This should bring down the total debt quantum to S&P Global
Ratings-adjusted EUR1.0 billion after the transaction from EUR1.5
billion in 2025. In 2026, our estimated debt calculation includes
pension spending of EUR20 million, EUR80 million-EUR85 million of
lease liabilities, and EUR75 million-EUR80 million of factoring
agreements." This, combined with projected solid profitability
levels, would result in an S&P Global Ratings-adjusted debt to
EBITDA ratio at 5.5x-6.0x in 2026.

In 2025, Recipharm Holding (including Bespak) reported revenue of
EUR1.2 billion, a 9.1% decrease from 2024, primarily driven by
divestments and the closure of noncore sites rather than underlying
operational weakness. This was in line with previous expectations
for Roar BidCo. Although S&P Global Ratings' metrics are based on
the consolidated group (including Bespak) for 2025, S&P's analysis
now focuses on the core drivers of Oral Solid Dosages (OSD),
Sterile Fill & Finish (SFF), and Advanced Biologics (BIO). The
group demonstrated resilient like-for-like performance, with the
S&P Global Ratings-adjusted EBITDA margin expanding to 23.9% as the
growth in the Advanced Biologics division turned EBITDA positive in
2025 through asset optimization and increased utilization.
Excluding Bespak, revenue reached EUR837 million (+1.2% year on
year), as robust momentum in Advanced Biologics (+23%) mitigated
softer volume development in OSD (-2%) and flat performance in SFF
(+1%), despite elevated nonrecurring restructuring costs impacting
overall profitability.

S&P said, "We expect Recipharm Holding to deliver sustained revenue
growth through its specialized capabilities in injectables and
biologics. Following the Bespak separation, we forecast an
artificial revenue decline of about 27% in 2026, followed by
organic growth of 7.0%-7.5% over 2027-2028. We believe growth will
be supported by the group's differentiated product offering, which
leverages complex technical capabilities in SFF and Advanced
Biologics--especially its expertise in microbiome, xRNA, and virus
technologies. We anticipate volume growth will be underpinned by
the OSD division (58% of revenue) through large-scale contract
wins. Although further expanding commercial manufacturing into
commercial manufacturing within the SFF segment presents execution
risks, we believe Recipharm Holding is well positioned to capture
growth within specialized modalities like lyophilization and
blow-fill-seal. We understand that the Advanced Biologics division
will continue to expand significantly. Therefore, we view the
group's Phase III gene-editing programs and new microbiome
contracts as revenue accretive.

"Although execution risks persist, we expect profitability to
improve through cost optimization and operating leverage,
underpinned by the customer stickiness of Recipharm Holding's
end-to-end outsourcing model. Following the Bespak carve-out, we
forecast S&P Global Ratings-adjusted EBITDA margins of 21.0%-21.5%
in 2026, improving toward 21.5%-22% over 2027-2028. In our view,
this improvement will stem from increased volumes in OSD and
further commercial ramp-up of SFF, translating into operating
leverage as the group scales up. We also expect that the
integration of automation and AI will enhance productivity and
scalability. Additionally, we view targeted cost-optimization at
Advanced Biologics sites in the U.S. and Germany as margin
accretive. However, we believe these prospects may be mitigated by
execution risks in new contracts, project delays, and inflationary
pressures in the markets. We anticipate that this profitability
improvement, coupled with lower debt quantum after the transaction,
will result in S&P Global Ratings-adjusted debt to EBITDA at
5.5x-6.0x in 2026. Our calculations include EUR880 million in new
TLB and EUR70 million-EUR80 million factoring line, with the RCF of
up to EUR200 million remaining fully undrawn.

"We expect Recipharm Holding to generate positive free operating
cash flow (FOCF) in the next 12-18 months, driven by improving
profitability and gradually moderating capital expenditure (capex).
In 2026, we forecast FOCF to remain positive up to EUR5 million,
impacted by elevated capex of EUR90 million-EUR100 million for
secured projects. From 2027, FOCF is projected to grow toward EUR40
million-EUR50 million as capex normalizes to an annual EUR40
million-EUR60 million. This stabilization is supported by the
completion of capital-intensive projects and current low facility
utilization, which allows for moderate investment to meet growth
targets. We also believe that cash generation will be supported by
moderate working capital outflows between EUR20 million-EUR25
million from 2027, in line with sales growth. Our base case also
includes some acquisitions during the next 12-18 months, because we
see a possibility that Recipharm Holding could resume external
growth to scale up the business, although we acknowledge the
company will prioritize organic growth in the near term. In our
view, the absence of near-term maturities will further reinforce
the group's liquidity position, supported by an undrawn RCF up to
EUR200 million.

"The stable outlooks reflect our expectation that Recipharm Holding
and Roar BidCo's credit metrics will remain commensurate with a 'B'
rating after Bespak is separated and the refinancing transaction in
July 2026. Based on the assumption that Recipharm Holding will
significantly ramp up its Advanced Biologics division, while
maintaining commercial momentum in Sterile Fill & Finish and volume
growth in Oral Dosages, we expect S&P Global Ratings-adjusted
EBITDA margins to gradually improve toward 22% throughout 2028,
maintaining the S&P Global Ratings-adjusted debt to EBITDA ratio
sustainably below 7x. The stable outlook reflects earnings
predictability and simplified capital structure post transaction.
This is also underpinned by our projection of positive FOCF from
2027 owing to lower capex and improved EBITDA base.

"We could lower the rating on Recipharm Holding if we observe a
deviation from our base-case scenario such that adjusted debt to
EBITDA exceeds 7x sustainably or FOCF turns negative with no
prospects of improvement in the next 12 months. This could result
from operational disruptions leading to an inability to execute on
time and on budget its volume growth and capex spending that
significantly overcome our projections. We would also view
negatively Recipharm Holding entering transformative debt-financed
acquisitions such that it would impair its ability to deleverage
and bring execution risks to the business.

"We could raise the rating on Recipharm Holding if the company's
credit metrics and cash flow are much stronger than our base-case
scenario sustainably. This would mean, for example, S&P Global
Ratings-adjusted debt to EBITDA decreasing to below 5x with
significantly positive FOCF. We would also require a commitment
from the financial sponsor to maintain these metrics as part of the
financing policy. This scenario could occur if Recipharm Holding's
operating performance benefits from stronger-than-expected volume
growth in its most profitable product segments, notably Sterile
Fill & Finish and Oral Dosages, from faster-than-anticipated
ramp-up Advanced Biologics, and fixed-cost absorption above our
current expectations."



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

AIRA FORCE 2026-1: S&P Assigns Prelim B-(sf) Rating to X-Dfrd Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Aira
Force 2026-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd,
G-Dfrd, and X-Dfrd notes. At closing, Aira Force 2026-1 will also
issue unrated class H-Dfrd notes, as well as RC1 and RC2 residual
certificates.

The majority of loans in the pool were originated between 2024 and
2026 by UK Mortgage Lending Ltd., which is wholly owned by Pepper
Money Ltd.

Prefunding of loans of up to 20% of the collateralized notes'
balance will take place until the second interest payment date
(IPD), using prefunding reserves. If these loans are not purchased,
any unused prefunding amount will be applied to redeem the
collateralized notes pro rata.

The assets backing the notes are second-lien mortgage loans. Most
loans in the pool (85.5%) were originated under UK Mortgage
Lending's prime product range. S&P analyzed the nature of the
first-lien mortgage holders and consider most to be lenders
operating in the prime mortgage market.

The class A and B-Dfrd notes benefit from liquidity provided by a
liquidity reserve fund, and principal can be used to pay senior
fees and interest on the rated notes, subject to various
conditions.

S&P said, "Our preliminary ratings address timely payment of
interest and ultimate payment of principal on the class A notes,
and ultimate payment of interest and principal on all other rated
notes.

"Our cash flow analysis indicates that the available credit
enhancement for the class E-Dfrd and F-Dfrd notes is commensurate
with higher preliminary ratings than those assigned. However, the
preliminary ratings on these notes also reflect the sensitivity
results related to higher levels of defaults, prefunding, product
switches, as well as sensitivity to decreasing excess spread caused
by high prepayments.

"The class G-Dfrd notes do not pass our cash flow stresses at the
'B' level. In the steady state scenario, with historical
prepayment, they do not face shortfalls at the 'B' rating level.
Our preliminary rating on these notes addresses ultimate payment of
principal and interest and we believe default is unlikely, as the
notes can continue to defer interest until maturity. In line with
our 'CCC' ratings criteria, the payment of interest and principal
on this tranche does not depend on favorable business, financial,
and economic conditions. We therefore assigned our preliminary 'B-
(sf)' rating to this class of notes.

"Our rating on the class X-Dfrd notes reflects the results of the
higher prepayment sensitivity given their reliance on excess
spread, and the results of our prefunding and product switch
sensitivities. These notes are paid interest and principal from the
revenue waterfall.

"In our analysis, we considered our current macroeconomic forecasts
and forward-looking view of the U.K. residential mortgage market
through additional cash flow sensitivities, including higher
defaults and extended recoveries."

At closing, the issuer will use the issuance proceeds to purchase
the full beneficial interest in the mortgage loans from the seller.
The issuer grants security over all its assets in the security
trustee's favor.

S&P said, "The issuer is an English special-purpose entity, which
we consider to be bankruptcy remote, subject to our review of the
executed transaction documents and legal opinions. We expect to
receive legal and tax opinions that aim to provide assurance that
the sale of receivables would survive the seller's insolvency and
the issuer's tax liabilities, respectively.

"We consider the servicer Pepper (UK) Ltd., to have
well-established and fully integrated servicing systems and
policies."

  Preliminary ratings

  Class  Prelim. Rating   Prelim. class size (%)

  A          AAA (sf)      77.50
  B-Dfrd*    AA (sf)        5.50
  C-Dfrd*    A (sf)         5.00
  D-Dfrd*    BBB (sf)       3.50
  E-Dfrd*    BB (sf)        2.75
  F-Dfrd*    B- (sf)        2.75
  G-Dfrd*    B- (sf)        1.50
  H-Dfrd*    NR             1.50
  X-Dfrd*    B- (sf)        4.00
  RC1 residual
  certificates NR         N/A
  RC2 residual
  certificates NR         N/A

*S&P's preliminary rating on this class of notes considers the
potential deferral of interest payments.
NR--Not rated.
N/A--Not applicable.

ARENA FINANCE: S&P Assigns Prelim. B-(sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings has assigned its preliminary credit ratings to
Arena Finance Securities DAC's A, B, C, D, E, and F notes.

Arena Finance Securities DAC is a CMBS transaction backed by a
senior loan secured on a portfolio of five properties in
Birmingham, comprising the National Exhibition Centre (NEC), the
International Convention Centre, the Vox Conference Venue, Utilita
Arena, and bp pulse LIVE.

At closing, the issuer will advance a GBP611.4 million senior
facility A1 loan to LHTCA Bidco Ltd., the borrower, pursuant to the
facilities agreement.

Certain lenders will also advance a GBP51.2 million senior capital
expenditure (capex) facility loan to the borrower. The total senior
loan is GBP662.6 million.

At closing, the issuer will also advance at least a GBP32.2 million
facility R loan to the borrower, which will rank junior to the
senior loan. Facility A1 and R loans are the securitized loans.

After the closing date, the issuer may issue additional notes,
subject to certain conditions, including obtaining a rating agency
confirmation (RAC) stating that the additional issuance will not
result in a downgrade or withdrawal of the current ratings on the
notes.

To satisfy E.U., U.K., and U.S. risk-retention requirements, an
additional amount of unrated class R notes will be acquired by the
retaining sponsor, LHTCA Midco Ltd. For EU and U.K. risk retention
requirements, this is at least 5% of the nominal value of the
securitized loan, and for U.S. risk retention requirements, this is
at least 5% of the fair value of all the notes issued by the issuer
at closing (determined using a fair value measurement framework
under U.S. generally accepted accounting principles).

The senior loan includes cash-trap mechanisms if the loan-to-value
(LTV) ratio exceeds 80% or the debt yield is less than 8.2%.

The senior loan has an initial two-year term with four one-year
extension options available, subject to the satisfaction of certain
conditions. For the fourth extension option, conditions include
obtaining the approval of the majority of lenders (or all lenders
after a permitted change of control). There is no scheduled
amortization during the loan term.

The portfolio's market value as of March 11, 2026, was GBP940.6
million, which equates to an LTV ratio of 70.4%, based on the total
senior loan and 65.0% excluding the capex loan.

S&P's preliminary ratings address the issuer's ability to meet
timely payment of interest on the class A, B, C, and D notes,
ultimate payment of interest on the class E and F notes, and
payment of principal not later than the legal final maturity in
August 2038 on all classes of notes. The legal final maturity will
be initially August 2037. However, there is the option to extend
the loan term once by 12 months beyond the third extended loan
maturity date in 2032, subject to approval by lenders holding 66.7%
of the senior loan. Should the lenders choose to exercise this
option, the legal final maturity date will be automatically
extended to August 2038.

S&P's preliminary ratings on the notes reflect its assessment of
the underlying loan's credit, cash flow, and legal characteristics,
and an analysis of the transaction's counterparty and operational
risks.

  Preliminary ratings

         Prelim    Preliminary
  Class  rating*   amount (mil. GBP)

  A      AAA (sf)   256.0
  B      AA (sf)     54.0
  C      A (sf)      56.0
  D      BBB- (sf)   96.1
  E      BB- (sf)    75.3
  F      B- (sf)     74.0
  R      NR          32.2

*S&P's ratings address timely payment of interest on the class A,
B, C, and D notes, ultimate payment of interest on the class E and
F notes, and payment of principal not later than the legal final
maturity in August 2038 on all classes of rated notes.
NR--Not rated.


BESPAK HOLDINGS: S&P Assigns Prelim 'B' LT ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Bespak Holdings Ltd. and its preliminary 'B' issue
and '3' recovery ratings to the company's proposed EUR935 million
and GBP200 million term loan B (TLB).

The stable outlook reflects S&P's view that Bespak will display
strong EBITDA growth in the next 12 months, which will enable
deleveraging toward 6.5x adjusted debt to EBITDA and absorb
significant capex.

Bespak is a U.K.-based contract development and manufacturing
organization (CDMO) for inhalation and respiratory devices, with
revenue of GBP299 million and S&P Global Ratings-adjusted EBITDA of
GBP110 million in 2025.
In April 2024, the company was carved out from parent company
Recipharm (Roar BidCo AB) and has been operating separately since.
The repayment of debt allocated to Bespak from Recipharm marks the
final stage of the separation. For this, it is raising a EUR935
million senior secured euro term loan B (TLB) and GBP200 million
sterling TLB to repay existing debt and fund a dividend to
financial sponsor owner, EQT. It is also raising a GBP200 million
revolving credit facility (RCF).

S&P said, "Over 2026 and 2027, we forecast solid operating
performance with adjusted EBITDA of GBP145 million-GBP155 million
and positive free operating cash flow (FOCF), although tempered by
significant growth capital expenditure (capex) plans relating to
contracted pMDI fill and finish volumes. We foresee credit metrics
elevated at transaction close but improving, such that adjusted
debt leverage should be near 6.5x in 2027, assuming no
acquisitions.

"The 'B' rating mainly reflects Bespak's highly leveraged capital
structure after the proposed debt transaction. Under our base-case
scenario, we forecast S&P Global Ratings-adjusted debt to EBITDA
near 7x in 2026 before decreasing to about 6.5x in 2027, with funds
from operations (FFO) cash interest coverage of about 2.0x. Bespak
was carved out from Recipharm in April 2024 and has since been
operating on a stand-alone basis, running independent operating
functions such as IT and supply chains, and has its own governance
and board structure. Upon completion of the transaction, Bespak's
capital structure and financing activities will be independent of
Recipharm, marking the final stage of the separation. We rate
Bespak on a stand-alone basis."

Bespak intends to issue a EUR935 million TLB (about GBP800 million
equivalent) with a seven-year maturity and a GBP200 million
sterling TLB with a seven-year maturity. It plans to use the
proceeds of these to refinance debt allocated to Bespak from
Recipharm, distribute up to GBP423 million in dividends to
private-equity owner EQT (which will remain the majority owner in
Bespak), fund cash on balance sheet, and pay transaction fees and
expenses. Bespak will also benefit from a new GBP200 million RCF
maturing in 2033, which S&P assumes will remain undrawn at the
transaction's close.

Bespak operates in the large and growing respiratory healthcare
sector, with well-entrenched leading market positions in component
and device contract manufacturing. Following the carve-out from
Recipharm in April 2024, Bespak became the only CDMO specializing
in inhalation and nasal drug delivery devices with a global scale,
benefiting from vertical integration across the entire
pharmaceutical value chain, from design and development to
manufacturing. The company is well positioned in a stable, growing
respiratory healthcare market, which benefits from secular growth
trends. With an aging population and rising pollution, chronic
issues such as asthma and chronic obstructive pulmonary disease are
becoming more prevalent, with requirements for specialized devices
for routine disease management.

Bespak's portfolio of products holds robust market positions thanks
to high barriers to entry and long-established customer
relationships, underpinned by scaled manufacturing capabilities and
specialist expertise dedicated to respiratory and inhalation drug
delivery devices. The company has a leading market share in
pressurized metered dosage inhalation (pMDI) valve manufacturing,
at an estimated 40%, in a market dominated by two scaled players.
It also has well-established relationships as a supplier of
dry-powder inhalation (DPI) devices, supplying three of the top 10
DPI products globally. The recurring demand for fully outsourced
component manufacturing, along with high switching costs for
embedded components in drug development, provides good visibility
for Bespak's volume expectations.

S&P said, "We see strong revenue growth prospects, particularly in
2026, thanks to the ramp-up of the pMDI fill and finish
capabilities. We forecast growth in 2026 of 19.0%-19.5%, primarily
due to the expected step-up in volume growth in pMDI fill and
finish after the new fill and finish line 3 began commercial
manufacturing in March 2026." Underlying the volume growth in pMDI
fill and finish is an industrywide shift toward low global warming
potential (GWP) propellants in pMDI devices as new legislation,
including the 2016 Kigali Amendments to the Montreal Protocol,
become more stringent on greenhouse gas reductions in developed
countries and mandates to control hydrofluorocarbons. In addition,
large pharmaceutical companies driving their own net zero targets
are leading to reformulations toward adoption of low-GWP
propellants. This is also fueling the increase in the outsourcing
of pMDI fill and finish to specialized CDMOs such as Bespak.
Currently, there are only two suppliers offering pMDI fill and
finish at scale, one of which is Bespak. This provides an
opportunity for the company to capture the growing volume
opportunity, because outsourced volumes are expected to increase 3x
from 2023-2029.

The remainder of the portfolio provides robust underlying growth
due to solid revenue visibility, with the smaller, next-generation
drug delivery device segment providing growth potential. S&P
expects the well-established pMDI valves and DPI devices segments
to maintain stable growth given recurring demand requirements by
end patients and well-entrenched components parts in drug delivery
devices. Bespak's soft mist inhaler (SMI) and nasal segment
provides growth opportunities as the company invests in a pipeline
of next-generation inhalation devices, which can support
formulations that administer larger, more complex molecules,
including biologics. Nevertheless, this segment remains a small
part of the business and is still in clinical development stage.
For meaningful contribution, this would require increasing
investments before the company can reach device commercialization.

Positive operating leverage from strong volume intake should lift
adjusted EBITDA in 2026 and 2027, supporting debt deleveraging
toward 6.5x in 2027. S&P said, "We forecast S&P Global
Ratings-adjusted EBITDA of GBP145 million-GBP155 million in both
2026 and 2027, versus GBP110 million in 2025. This is supported by
strong revenue growth and increased use of its manufacturing
facilities through secured contracted volumes. In our adjusted
EBITDA calculations, we remove fees from customers for capex
projects recognized as deferred income. In addition, because the
company is increasing its contribution through higher margin pMDI
fill and finish, along with volume increase through cross-selling
across the entire CDMO process, especially in services, this will
likely translate into adjusted EBITDA margins stepping up to
40%-41%. Bespak has a relatively flexible cost structure, with
direct material costs only representing about 20% of net sales. We
expect cost inputs to increase in line with inflation, including
direct materials and labor costs." However, Bespak has cost
pass-through mechanisms, which enable protection against large cost
increases.

That said, Bespak's profitable growth trajectory remains subject to
good execution on pMDI fill and finish expansion, with some
concentration in the customer base and asset footprint. S&P said,
"Our assessment of the business factors in the relatively
concentrated manufacturing footprint, with only two manufacturing
facilities in the U.K. Like other CDMOs, Bespak is also subject to
stringent manufacturing and regulatory standards. Therefore,
operating efficiency and capacity to renew or gain new contracts
are essential to our assessment of Bespak's business risk profile.
We consider that operational setbacks, such as potential material
production bottlenecks, could jeopardize the company's capacity to
retain its customer base. Consequently, any misplaced orders or
delays in deliveries, loss of key accounts, or underutilized
capacity could cause a deviation from our base-case scenario and
constrain the ratings."

S&P said, "We expect positive FOCF in 2026 and 2027, although
depressed by capex investments required for new capacity to service
new volumes. We anticipate Bespak investing significantly in growth
capex over the next two to three years as the company looks to
expand capabilities in pMDI fill and finish. To win contracts from
ongoing reformulations by pharma companies to new low-GWP
propellants, Bespak is required to expand its current fill and
finish capacity, as next-generation propellants require new
dedicated manufacturing lines. We incorporate growth capex of GBP60
million-GBP75 million annually over 2026 and 2027. The majority of
growth capex relates to two new fill and finish lines as part of
signed customer contracts, with the first only expected to come
online in 2029. Maintenance capex remains a small portion of
investments, at an expected GBP5 million annually. In addition,
Bespak looks to invest in incremental capacity for pMDI valves, and
to expand nasal and SMI capabilities. At the same time, we expect
working capital dynamics to remain in line with revenue growth,
with limited seasonality.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. The preliminary
ratings should not be construed as evidence of final ratings. If
S&P Global Ratings does not receive final documentation within a
reasonable time frame, or if final documentation departs from
materials reviewed, we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to, use of
loan proceeds, maturity, size and conditions of the loans,
financial and other covenants, security, and ranking.

"The stable outlook reflects our view that Bespak's credit metrics
should gradually improve, with adjusted debt to EBITDA decreasing
to 6.5x in 2027 and FFO cash interest coverage of about 2x. We also
expect FOCF to remain positive, despite capex investments required
to expand capacity in pMDI fill and finish over the next two
years.

"We think that, despite the relatively high starting S&P Global
Ratings-adjusted leverage, Bespak will see profitable growth in the
next 12-18 months, driven by increasing penetration of pMDI fill
and finish, and maintaining robust growth across the rest of the
portfolio. We therefore expect adjusted EBITDA to expand to 40%-41%
from 37% in 2025, supported by volume growth and positive operating
leverage.

"We could lower the ratings on Bespak if we observe a deviation
from our base-case scenario such that adjusted debt to EBITDA
exceeds 7x on a sustained basis or FOCF is negative with no
prospects of improvement in the next 12 months. This could result
from operational disruptions, leading to an inability to execute on
time and on budget its volume growth and related significant capex
plans. We would also view negatively Bespak entering debt-financed
acquisitions that would impair its ability to deleverage.

"We could raise the ratings on Bespak if the company's credit
metrics and cash flow are much stronger than our base-case scenario
sustainably. This would mean, for example, S&P Global
Ratings-adjusted debt to EBITDA decreasing to below 5x with
significantly positive FOCF. We would also require a commitment
from the financial sponsor to maintain these metrics as part of the
financing policy. This scenario could occur if Bespak's operating
performance benefits from stronger-than-expected volume growth in
its most profitable product segments, a faster-than-anticipated
ramp-up of pMDI fill and finish, and seamless execution of
operating efficiency measures."

DYNAMIC PIZZA 2: Springfields Advisory Appointed as Administrator
-----------------------------------------------------------------
Dynamic Pizza 2 Ltd (trading as Pizza Hut) was placed into
administration in the High Court of Justice, Business and Property
Courts in Leeds, Court Number CR2026LDS000684, and Situl Devji
Raithatha of Springfields Advisory LLP was appointed as
Administrator on June 26, 2026.

The company specialized in fast food takeaways.

Its registered office is at 57 Magnolia Road, Leeds, LS14 6WQ.

Its principal trading address is 121A London Road, Leicester, LE2
0QT.

The Administrator can be contacted at:

  Situl Devji Raithatha  
  Springfields Advisory LLP  
  38 De Montfort Street  
  Leicester  
  LE1 7GS  
  Tel: 0116 299 4745  

Further details contact:

  Sachin Raithatha
  Springfields Advisory LLP
  38 De Montfort Street,
  Leicester, LE1 7GS  
  Tel: 0116 299 4745  
  Email: sachin.r@springfields-uk.com  


EQUINOX MAINTENANCE: Leonard Curtis Named as Administrators
-----------------------------------------------------------
Equinox Maintenance Limited (formerly Technical Maintenance
Services (UK) Limited) was placed into administration in The
Business & Property Courts of England & Wales, Court Number
CR-2026-005167, and Joph Young and Elizabeth Welch of Leonard
Curtis were appointed as Joint Administrators on July 1, 2026.

The company specialized in information technology and services.

Its registered office and principal trading address is Unit 10
Shannon Way, Tewkesbury Business Park, Tewkesbury, Gloucestershire,
GL20 8ND.

The Joint Administrators can be contacted at:

  Joph Young  
  Elizabeth Welch  
  Leonard Curtis  
  Cavendish House  
  39-41 Waterloo Street  
  Birmingham  
  B2 5PP  

Further details:

  The Joint Administrators
  Email: Creditors.Birmingham@leonardcurtis.co.uk
  Alternative Contact: Jodie Hollinshead  



GORTRUSH FOOD: Keenan Corporate Appointed as Joint Administrators
-----------------------------------------------------------------
Gortrush Food Services Limited was placed into administration in
the High Court of Justice in Northern Ireland, Chancery Division
(Company Insolvency), No 30309 of 2026, and Scott Murray and Ian
Davison of Keenan Corporate Finance Ltd were appointed as Joint
Administrators on June 29, 2026.

The company provided non-specialised wholesale of food, beverages
and tobacco.

Its registered office is at Unit 2, 46 Beltany Road, Omagh, County
Tyrone, Northern Ireland, BT78 5NF.

The Joint Administrators can be contacted at:

  Scott Murray  
  Ian Davison  
  Keenan Corporate Finance Ltd  
  10th Floor Victoria House  
  15-17 Gloucester Street  
  Belfast  
  BT1 4LS  
  Tel: 028 9023 3023  
  Email: tfleming@keenancf.com  



LIGHTSENSE TECHNOLOGIES: Opus Appointed as Administrators
---------------------------------------------------------
Lightsense Technologies Ltd was placed into administration in the
High Court of Justice, Business and Property Courts in Leeds, Court
Number CR-2026-LDS-000679, and Emma Mifsud and Mark Nicholas Ranson
of Opus Restructuring LLP were appointed as Administrators on June
25, 2026.

The company specialized in other professional, scientific and
technical activities not elsewhere classified.

Its registered office and principal trading address is 727-729 High
Road, London, N12 0BP.

The Administrators can be contacted at:

  Emma Mifsud  
  Mark Nicholas Ranson  
  Opus Restructuring LLP  
  Fourth Floor  
  One Park Row, Leeds  
  West Yorkshire  
  LS1 5HN  

Further details contact:

  Owen Marshall  
  Tel: 0113 512 5020  
  Email: owen.marshall@opusllp.com  



LOGBOOK LENDING: BTG Begbies Appointed as Administrators
--------------------------------------------------------
Logbook Lending Limited was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD), Court Number
CR-2026-004861, and Adam Shama, Paul Appleton, and Robert Ferne of
BTG Begbies Traynor (London) LLP were appointed as Administrators
on July 1, 2026.

The company specialized in business and financial services.

Its registered office is at 3 Greengate, Cardale Park, Harrogate,
North Yorkshire, HG3 1GY.

Its principal trading address is The Kinetic Centre, Theobald
Street, Borehamwood, WD6 4PJ.

The Administrators can be contacted at:

  Adam Shama  
  Paul Appleton  
  Robert Ferne  
  BTG Begbies Traynor (London) LLP  
  Level 33  
  One Canada Square  
  London  
  E14 5AB  

Further details contact:

  Chloris Kwong
  Tel: 020 7400 7900  
  Email: as-team@btguk.com  
  



NAAMA STUDIOS: Opus Restructuring Appointed as Administrators
-------------------------------------------------------------
Naama Studios Ltd was placed into administration in the High Court
of Justice, Business and Property Courts in Leeds, Insolvency &
Companies List (ChD), Court Number CR-2026-LDS-000680, and Emma
Mifsud and Mark Nicholas Ranson of Opus Restructuring LLP were
appointed as administrators on June 25, 2026.

The company specialized in other professional, scientific and
technical activities not elsewhere classified.

Its registered office and principal trading address is 727-729 High
Road, London, N12 0BP.

The Administrators can be contacted at:

  Emma Mifsud  
  Mark Nicholas Ranson  
  Opus Restructuring LLP  
  Fourth Floor  
  One Park Row  
  Leeds  
  West Yorkshire  
  LS1 5HN  

Further details:
  
  Contact: Owen Marshall  
  Tel: 0113 512 5020  
  Email: owen.marshall@opusllp.com  


NES FIRCROFT: Moody's Cuts CFR to B1 & Senior Secured Notes to B2
-----------------------------------------------------------------
Moody's Ratings has downgraded to B1 from Ba3 the long-term
corporate family rating and to B1-PD from Ba3-PD the probability of
default rating of NES Fircroft BondCo AS (NESF). Concurrently,
Moody's have downgraded to B2 from B1 the rating on the $350
million guaranteed senior secured Nordic Bond due in 2029, and
assigned a B2 rating to the proposed $650 million guaranteed senior
secured notes due 2031, issued by NESF. The outlook remains
stable.

The rating action reflects:

An increase in the company's leverage to a forecasted
Moody's-adjusted debt to EBITDA of 5.2x for fiscal 2026, pro-forma
the company's $350 million largely debt-financed shareholder
distribution

The company's well-established position in the global specialised
and highly fragmented oil and gas engineering staffing sector

Generally resilient operating performance through the cycle.

RATINGS RATIONALE

The action reflects that the company's leverage is set to increase
substantially to 5.2x in fiscal 2026, from 3.4x in fiscal 2025, pro
forma the company's intention to pay a $350 million largely
debt-funded shareholder distribution, a governance consideration.
Proceeds from the $650 million guaranteed senior secured Nordic
Bond alongside cash will be used to fund the distribution and to
refinance the $350 million September 2029 Nordic Bond. Moody's
expects the company will reduce leverage in 2027 to around 4.7x
assuming continued net fee income (NFI) growth and stable
profitability, and assuming no further shareholder distributions or
large debt funded acquisitions. Despite the increase in debt
contributing to an annualised $73.5 million in interest costs,
Moody's expects the company to return to a moderate Moody's
adjusted free cash flow of around $32 million in fiscal 2027.

Moody's expects NESF's revenue to reach around $3.25 billion and
its reported NFI to around $396 million for fiscal 2026 (ending
October 31, 2026), representing year-on-year growth of 4.5% and a
sustainable margin performance of 12.2%. Operating performance is
expected to be driven by stable underlying trading conditions, with
broadly flat organic NFI supplemented by the partial-year
contribution from the acquisition of NES Halian Limited, a UK-based
international IT and digital staffing company. For fiscal 2027,
Moody's forecasts NFI growth of around 7.1%, supported by the
full-year contribution from recent acquisitions and continued
resilient demand across the group's key end markets.

NESF's B1 CFR also reflects (1) its well-established position in a
specialised recruitment market for oil and gas engineering staffing
and its increasing diversification into other specialised
industries, (2) its ability to withstand cyclical downturns in the
industry  because of its market position, its flexible cost base
and countercyclical working capital, (3) its long-standing
relationships with blue-chip clients, with limited churn, and (4)
its well-diversified revenue by geography.

At the same time the rating remains constrained by (1) the
significant liquidity needs to meet intra-month working capital
swings that require access to external sources of financing, (2)
exposure to the cyclical oil and gas industry, (3) a material
largely debt-funded shareholder distribution, and (4) potential M&A
activity that could be funded with additional debt until the
company returns to positive Moody's-adjusted free cash flow, which
Moody's expects in 2027.

ESG CONSIDERATIONS

Governance is a key consideration for this rating action.
Governance risk largely stems from the company's adoption of a more
aggressive financial policy, reflecting the material largely
debt-funded distribution to shareholders. Governance risk also
reflects the company's concentrated ownership and the lack of an
independent board. The main beneficial owners are private equity
AEA INVESTORS LP with 52%, existing and former management at 26%,
and investment companies Akastor ASA and Equistone Partners Europe
Limited at 22%.

LIQUIDITY

Pro forma the newly issued $650 million Nordic Bond, NESF's
liquidity position as at July 2026 is supported by projected cash
on the balance sheet of $133 million, and a fully undrawn committed
$85 million super senior revolving credit facility (RCF) maturing
in June 2029. The RCF contains a maintenance covenant requiring the
company to maintain a minimum EBITDA of $75 million. Additionally,
the company has access to a committed $100 million ABL (Asset Based
Lending) maturing in September 2027, currently drawn to $70 million
as at April 2026, reducing its reliance on its uncommitted
short-term invoice discounting facilities (IDFs). The company,
excluding the ABL and the RCF, has no meaningful maturities until
the newly issued bond of $650 million maturing in 2031.

STRUCTURAL CONSIDERATIONS

The newly issued $650 million Nordic Bond instrument rating of B2
is one notch lower than the CFR because of its subordination in
right of payment to the super senior RCF. The ABL and Receivables
facility create an additional degree of subordination. The recovery
rate is assumed at 50% for a capital structure with both bonds and
bank debt. The bond is secured by pledges of shares of NES Fircroft
BondCo AS and all other guarantors, and intercompany loans, and is
guaranteed effectively by all operating companies. Moody's views
the security package as weak.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that NESF's NFI
will grow by a mid-single digit percentage while maintaining stable
EBITDA margin. The stable outlook also assumes no further material
debt funded shareholder distributions or large M&A and gradual
deleveraging.

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

Moody's could upgrade the rating if NESF demonstrates continued
year on year growth while maintaining its current level of
profitability. An upgrade would also require the company to
maintain Moody's-adjusted leverage at or below 3.5x on a
sustainable basis, and meet Moody's-adjusted Free Cash Flow to Debt
approaching double digit percentage. In addition, an upgrade would
require the company to maintain its adequate liquidity position
with balanced financial policies.

Conversely, Moody's could downgrade the rating if NESF's growth
starts to decline and/or profitability deteriorates. Moody's could
also downgrade if Moody's-adjusted leverage does not reduce to
4.5x, the company's liquidity position deteriorates, and/or Moody's
adjusted Free Cash Flow to Debt fails to return to low to
mid-single digit percentages.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

NESF is the bond issuer within the NES Fircroft Group. The NES
Fircroft Group places skilled contract engineers and project
managers with blue chip and multi-national clients globally,
principally in the oil and gas industries and also in the power,
chemicals and infrastructure sectors, including renewables. Founded
in 1978, it has 85 offices across the globe and employs over 2,000
staff. The company operates across three main divisions (1)
Contract Engineering – where NESF provides placement services of
white-collar contractors needed for complex engineering projects;
(2) Managed Solutions – where the company provides outsourced,
exclusive global recruitment services, including recruitment
process outsourcing; and (3) Permanent Placement – through which
NESF provides permanent staffing services. For the 12 months that
ended October 2025, the company recorded $3.2 billion of revenue
and company-adjusted EBITDA of $148 million.

PHOSTERS (FM): KRE Corporate Appointed as Administrators
--------------------------------------------------------
Phosters (FM) Limited was placed into administration in the High
Court of Justice, Court Number CR-2026-004914, and Rob Keyes and
David Taylor of KRE Corporate Recovery Limited were appointed as
administrators on June 30, 2026.

The company specialized in combined facilities support activities.

Its registered office and principal trading address is Lifford
Hall, Lifford Lane, Kings Norton, Birmingham, West Midlands, B30
3JN.

The Administrators can be contacted at:

  Rob Keyes  
  David Taylor  
  KRE Corporate Recovery Limited  
  Unit 8  
  The Aquarium  
  1-7 King Street  
  Reading  
  RG1 2AN  

Further details contact:

  Vikki Claridge  
  Tel: 01189 977355  
  Email: Vikki.claridge@krecr.co.uk  



SL REALISATIONS 2026: Begbies Traynor Appointed as Administrators
-----------------------------------------------------------------
SL Realisations 2026 Ltd (formerly Simworx Ltd) was placed into
administration in the High Court of Justice, Business and Property
Courts in Birmingham, Insolvency & Companies List (ChD), Court
Number CR-2026-BHM-000272, and Gareth Prince and Mark Malone of BTG
Begbies Traynor (Central) LLP were appointed as administrators on
June 12, 2026.

The company specialized in the design, manufacture and assembly of
media-based attractions supplying theme parks, family entertainment
centres, museums and zoos worldwide.

Its registered office and principal trading address is 37 Second
Avenue, The Pensnett Estate, Kingswinford, West Midlands, DY6 7UL.

The Administrators can be contacted at:

  Gareth Prince  
  Mark Malone  
  BTG Begbies Traynor (Central) LLP  
  11th Floor  
  One Temple Row  
  Birmingham  
  B2 5LG  

Further details contact:

  Josh Lloyd  
  BTG Begbies Traynor (Central) LLP
  Tel: 01782 569510  
  Email: birmingham@btguk.com  



SVL REALISATIONS 2026: BTG Begbies Appointed as Administrators
--------------------------------------------------------------
SVL Realisations 2026 Ltd (formerly Simworx Ventures Ltd) was
placed into administration in the High Court of Justice, Business
and Property Courts in Birmingham, Insolvency & Companies List
(ChD), Court Number CR-2026-BHM-000270, and Gareth Prince and Mark
Malone of BTG Begbies Traynor (Central) LLP were appointed as
administrators on June 12, 2026.

The company specialized in the manufacture of other special-purpose
machinery not elsewhere classified.

Its registered office and principal trading address is 37 Second
Avenue, Pensnett Trading Estate, Kingswinford, West Midlands, DY6
7UL.

The Administrators can be contacted at:

  Gareth Prince  
  Mark Malone  
  BTG Begbies Traynor (Central) LLP  
  11th Floor  
  One Temple Row  
  Birmingham  
  B2 5LG  

Further details contact:

  Josh Lloyd  
  BTG Begbies Traynor (Central) LLP
  Tel: 0121 200 8150
  Email: Birmingham@btguk.com  



THAMES WATER: Moody's Cuts Rating on Class A Sr. Secured Debt to Ca
-------------------------------------------------------------------
Moody's Ratings has downgraded Thames Water Utilities Finance Plc's
(TWUF) Class A backed senior secured debt ratings to Ca from Caa3
and backed senior secured MTN programme rating to (P)Ca from
(P)Caa3.

Concurrently, Moody's have affirmed Thames Water Utilities Ltd.'s
(TWUL) Corporate Family Rating (CFR) at Caa3 and Probability of
Default Rating (PDR) at Ca-PD; Thames Water Super Senior Issuer
PLC's (TWSSI) super senior ranking backed senior secured debt
rating at B2; and TWUF's Class B backed subordinate debt ratings
and backed subordinate MTN programme rating at C and (P)C
respectively. The outlooks of all entities remain stable.

RATINGS RATIONALE

The one notch downgrade reflects that Moody's now expects lower
recovery rates for Class A creditors, compared to Moody's previous
assumptions, primarily driven by the Government's response to the
London & Valley Water consortium's (L&VW) revised recapitalisation
proposal.

The proposal was submitted to the regulator Ofwat on 6 March 2026,
and included; GBP3.35 billion of new equity; GBP6.55 billion of new
debt facilities; GBP20.4 billion of totex expenditure during the
AMP8 regulatory period; a 30% haircut to Class A debt and a
write-off of Class B debt; and a package of regulatory protections
against downside risk including an enhanced asymmetric Aggregate
Sharing Mechanism (ASM), and an upfront redress payment in exchange
for removal of Outcome Delivery Incentives (ODIs) during AMP8.

On June 16, Secretary of State for the Environment, Food & Rural
Affairs Emma Reynolds MP wrote to Ofwat[1] saying that "The
Proposal expects consumers to fund an unprecedented level of
regulatory adjustments...I am not yet convinced that the Proposal
demonstrates sufficient protection for consumers' interests". The
current proposals 30% haircut was close to the maximum 35% expected
loss for the previous Caa3 rating level. Moody's believes the
Government's intervention suggests that creditors may now face a
larger haircut.

Additionally, expected future Prime Minister Andy Burnham MP has
said[2] that for the water sector "public ownership is absolutely
an option… I would say for Thames Water that is what should be
done".

However, the Secretary of State has continued to say – including
at her appearance at Parliament's EFRA Select Committee hearing on
July 7[3] - that Thames Water has not met the criteria for either
an insolvency or performance Special Administration Regime (SAR).

The revised Ca Class A debt rating corresponds to an expected loss
of between 35% - 65%.

RATING OUTLOOK

Thames Water's stable outlook reflects Moody's views that the
expected recovery rates for the various seniorities of creditors
are unlikely to change in the near term.

LIQUIDITY ANALYSIS

Thames Water's liquidity is inadequate, with the company having no
access to the capital markets and reliant on the super senior
facilities to fund day-to-day operations.

On June 29, 2026, TWUL and TWSSI launched their twelfth set of
consent requests which if approved would allow Thames Water to draw
the final GBP213 million available under the super senior
facilities' first accordion tranche of GBP823 million. Under the
company's own cashflow forecast[4] the drawdown would be fully
spent by the week commencing September 21, 2026.

The restructuring plan envisioned a total GBP1.5 billion accordion
facility, albeit Thames Water has not currently fulfilled the
conditions to access the residual GBP677 million tranche and would
require new commitments and further waivers from the creditors to
draw upon it. Thames Water can also, subject to the relevant
creditor approval, access GBP73 million from the original super
senior facility which was previously deferred during the appeal
period. Moody's expects these waivers to be forthcoming given that
the creditors have waived all unmet conditions to date. At the
company's current run-rate, Moody's forecasts that the second
tranche would be fully utilised by the end of November 2026, after
which funding becomes more uncertain.

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

An upgrade of the ratings is unlikely in the near term. However,
upward pressure could arise in the medium to long term if there was
a substantial deleveraging, either as a result of a significant
equity injection or following a debt restructuring process,
combined with improved operating performance relative to regulatory
targets.

Thames Water's ratings could be downgraded if creditors incurred
more significant losses than embedded within current ratings, or if
the priority of claims is not expected to be respected under a
Special Administration scenario.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Regulated Water
Utilities published in August 2023.

The Caa3 CFR is four notches below the historic scorecard-indicated
outcome of B2 as of March 2025, reflecting Moody's expectations of
a further distressed exchange in the near term with creditor losses
through either a debt restructuring or Special Administration.

COMPANY PROFILE

Thames Water is the largest of the 10 water and sewerage companies
in England and Wales with a Regulatory Capital Value (RCV) of
GBP22.7 billion as of March 2026, and by number of customers,
serving around 16 million customers across London and the Thames
Valley.

UK LOGISTICS 2026-3: S&P Assigns Prelim. BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings has assigned its preliminary credit ratings to
UK Logistics 2026-3 DAC's class A, B, C, D, and E notes. At
closing, the issuer will also issue unrated class X1 and X2 notes

The transaction is backed by GBP603.0 million (80.1%) of a GBP753.0
million senior loan, which Deutsche Bank AG, London Branch,
Standard Chartered Bank, and Qatar National Bank, London Branch
advanced to Blackstone as part of its refinancing of a portfolio of
U.K. industrial and logistics assets. Qatar National Bank will hold
GBP150 million of the senior loan at closing.

The senior loan is secured on a portfolio of 39 U.K. industrial and
logistics assets, and a development land property. The portfolio
comprises approximately seven million square feet of gross leasable
area and is valued at GBP1.1 billion as of April 2026. The senior
loan-to-value (LTV) ratio is 66.3%. The loan has an initial term of
two years with three one-year extension options, subject to the
satisfaction of certain conditions being met. The senior loan is
interest only and includes cash trap mechanisms triggered if the
LTV ratio exceeds 80.0% or if the debt yield falls below 6.25%.
Payments due under the loan facility agreement will primarily fund
the issuer's interest and principal payments due under the notes.

The senior loan comprises a GBP732.5 million facility A and a
GBP20.5 million facility B. Facility A will be used to refinance
existing third-party debt. Facility B will be used to finance the
development property and will be held back and advanced to the
borrower when the development property reaches practical
completion.

As part of the EU, U.K., and U.S. risk retention requirements, the
issuer and the issuer lenders, Deutsche Bank AG, London Branch and
Standard Chartered Bank, will enter into a GBP31.9 million
(representing 5% of the securitized senior loan) issuer loan
agreement, which ranks pari passu with the notes. At closing, the
issuer lenders will advance the issuer loans to the issuer. The
issuer will apply the issuer loan proceeds as partial consideration
for the purchase of the securitized senior loan from the loan
sellers and to fund its portion of the liquidity reserve.

S&P said, "Our preliminary ratings on the class A, B, C, D, and E
notes address the issuer's ability to meet timely interest payments
on the class A, B, C, and D notes, ultimate payment of interest on
the class E notes, and payment of principal on the rated notes no
later than the legal final maturity in May 2037. The legal final
maturity date is initially May 2036. However, the servicer has the
option to extend the loan once for up to 12 months after the loan's
2031 maturity date. Should the servicer choose to exercise this
option, the legal final maturity date will be automatically
extended to May 2037.

"Our preliminary ratings on the notes reflect our assessment of the
underlying loan's credit, cash flow, and legal characteristics, and
an analysis of the transaction's counterparty and operational
risks."

  Preliminary ratings

         Prelim
  Class  rating*   Prelim amount (GBP)

  A      AAA (sf)    358,800,000
  X1     NR              100,000
  X2     NR              100,000
  B      AA- (sf)     60,400,000
  C      A- (sf)      55,200,000
  D      BBB- (sf)    66,500,000
  E      BB- (sf)     65,850,000

*S&P's ratings address timely payment of interest on the class A,
B, C, and D notes and ultimate payment of interest on the class E
and payment of principal on the rated notes not later than the
legal final maturity.
NR--Not rated.


VICTORIA PLC: S&P Lowers ICR to 'CCC-' on Proposed Debt Exchange
----------------------------------------------------------------
S&P Global Ratings lowered our long-term issuer credit ratings on
Victoria PLC and its first priority senior secured debt to 'CCC-'
from 'CCC+'. At the same time, S&P lowered the subordinated senior
secured notes, including the 2028 notes, to 'C' from 'CCC-'. There
are no changes to the existing recovery prospects on the debt
facilities.

The negative outlook reflects that S&P could lower the ratings on
Victoria to 'SD' (selective default) upon closing of the
transaction. Subsequently, S&P will review the rating, the group's
new capital structure, and its liquidity position.

On July 8, 2026, Victoria PLC announced it had entered into a
binding transaction support agreement (TSA) with holders
representing approximately two-thirds of its outstanding senior
secured notes maturing in March 2028; and with KED Victoria
Holdings LLC and Wood River Capital LLC (two entities of the Koch
group) to refinance the 2028 notes and the preferred shares held by
KED Victoria.

The transaction would exchange the remaining EUR166.7 million 2028
notes for new second priority notes at approximately 75% of
original value along with new ordinary shares, and exchange most of
the preferred shares with new ordinary shares and a small portion
of the new second priority notes.

S&P said, "In our view, the exchange transaction will result in
existing lenders of the 2028 notes receiving less than the original
promise and, therefore, if implemented and completed, would be
deemed a distressed exchange under our criteria.

"We view Victoria's proposed exchange offer as distressed, and, if
implemented, will result in the noteholders of 2028 senior secured
notes receiving less than originally promised." The downgrade
follows the announcement by Victoria that it has signed a binding
TSA with about two-thirds of noteholders for the EUR166.7 million
senior secured notes maturing March 2028 to refinance the 2028
notes. Victoria has also signed a binding agreement with the Koch
group (entities Wood River and KED Victoria) which is an important
shareholder (10.84%) and sole holder of the preferred shares.

The proposed transaction would be for the following:

-- Consenting 2028 noteholders to release their interest in the
existing notes and receive: A pro rata share of up to EUR125
million new second priority notes (2PN), with 12% payment-in-kind
(PIK) interest, due 2031 at an exchange rate of EUR750 2PNs for
every EUR1,000 participating 2028 notes; about 34.8 million new
ordinary shares; and approximately GBP3 million early bird fee and
GBP1.5 million work fee.

-- KED Victoria's preferred shares, which have a redemption value
of around GBP380 million at June 2026, will be: Reduced to GBP50
million of preferred shares with 8% fixed rate PIK or 7.5% cash
interest at the company's discretion; redesignated into about 33.2
million new ordinary shares; returned in the form of approximately
EUR20.5 million new 2PNs due 2031; and a noninterest bearing
contingent value right (CVR) with a face value of GBP270 million.

-- The current estimated balance sheet value of the CVR is about
GBP34 million.

S&P said, "We understand Victoria is seeking to receive at least
90% consent from 2028 noteholders to be able to implement the
refinancing transaction by way of consent solicitation. Should the
company achieve the at least 90% threshold and undertake the
transaction through a consent solicitation, for any nonconsenting
and nonparticipating 2028 noteholders, we expect that their
holdings would be written down to zero and released without any
offsetting consideration. Alternatively, if greater than 75% but
less than the required majorities of the 2028 noteholders
consensually participate, the transaction may be implemented
through an English scheme of arrangement. We view the proposed
transaction as distressed, in line with our criteria, as the
transaction would result in the 2028 noteholders receiving less
than the original promise without adequate offsetting compensation,
which is tantamount to a default. If enacted as proposed, we would
likely lower our ratings on the company accordingly. Upon
completion of the transaction, we will review our ratings based on
Victoria's updated capital structure, liquidity, operating
performance, and our forward-looking opinion of its
creditworthiness.

"The negative outlook reflects that we could lower our long-term
issuer credit rating on Victoria to 'SD' and the issue rating on
the 2028 senior secured notes to 'D' (default) if we receive
confirmation of the completion of the proposed transaction.
Subsequently, we expect to review the ratings on Victoria, focusing
on a forward-looking assessment of the company's credit profile,
including the new capital structure, liquidity position, and
business prospects."




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

KYRGYZ SDB: S&P Assigns 'B+/B' ICRs, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigns 'B+/B' issuer credit ratings to the
State Development Bank of the Kyrgyz Republic OJSC (Kyrgyz SDB).

The stable outlook reflects S&P's view that Kyrgyz SDB's ample
capital buffers at its banking operations, existing group structure
with cash generating subsidiary Alfa Telecom CJSC, and links with
the government of Kyrgyzstan government will support gradual
development of its currently limited business franchise and will
help the bank maintain its creditworthiness over the next 12
months.

S&P said, "We could lower the rating on Kyrgyz SDB in case of more
ambitious growth than we currently expect or in case of a tangible
pressure on its banking operations' profitability caused, for
example, by extensive provisioning if those are not compensated by
timely support from the government or in the case of a
deterioration in credit quality of Alfa Telecom CJSC. We could also
take a negative rating action if we were to lower our sovereign
credit rating on Kyrgyzstan or if nonfinancial risks unexpectedly
materialized, for example if the bank faced material sanctions or
regulatory intervention, which is not our base-case assumption.

"We are unlikely to take a positive rating action on Kyrgyz SDB
over the next 12 months. A prerequisite for any positive rating
action would be on an upgrade of Kyrgyzstan, but it would not be
sufficient. We would also need to see an improvement in the credit
standing of banking operations, with declining concentration risk
in the loan book and a better track record of risk management,
which may take time to materialize in our view."


[] BOOK REVIEW: Bankruptcy in United States History
---------------------------------------------------
Author: Charles Warren
Publisher: Beard Books
Softcover: 195 pages
List Price: $34.95
https://beardbooks.com/beardbooks/bankruptcy_in_united_states_history.html

Written by a lawyer, this book on the history of bankruptcy in the
United States from the latter 1700s, when the country first gained
its independence, through the years of the Great Depression in the
early 1930s has a legalistic slant.  Warren, a Harvard-educated
lawyer, gives some attention to social conditions of the day, the
effects on individuals such as debtors, and the overall evolution
of bankruptcy in the U.S., but he is mainly interested in the
groundbreaking legal decisions concerning bankruptcy, and
especially in major U.S. Supreme Court decisions.

The book is an amplification of lectures the author gave in 1934 at
the Law School of Northwestern University.  As Warren explains,
"This book is an attempt to place the subject [of bankruptcy] in
its proper historical setting."  The author proceeds to argue that
American history has neglected the important economic and social
subject of bankruptcy because "[h]istory and law have long been
regarded as distinct subjects."  By bringing the subjects of
history and bankruptcy law together, Warren provides the first
history of bankruptcy in the U.S. In doing so, he makes bankruptcy
law a useful, adaptable, comprehensible, and beneficial resource.

Warren was motivated to write the book after witnessing the effects
of the Great Depression.  He hoped that public officials, lawyers,
economists, and general readers would not only be heartened, but
also get practicable economic ideas, from the book's "sketch of the
great depressions of the past, and the description of the attempts
at legislative adjustment of the relations of debtor and creditor .
. . bearing upon present conditions."

Throughout U.S. history, major changes in bankruptcy laws have
always been related to financial crises and periods of economic
depression. During such times, states usually took the lead in
revising bankruptcy laws.  From time to time, the U.S. Congress
also intervened to make changes in national bankruptcy and business
law.  In many cases, with both state and national legislation, the
U.S. Supreme Court would have the final word on the
constitutionality of changes in existing laws or on new laws. The
phrase "to establish uniform laws upon the subject of bankruptcy .
. . ." was included as a late addition to Article I, Section 8 of
the U.S. Constitution.

During times of financial crisis, Warren discerns three distinct,
fundamental themes concerning bankruptcy law.  In its earliest
period, up until the 1820s, U.S.  bankruptcy laws were modeled
after English laws, which favored creditors.  In the following
years, up to the start of the Civil War in 1861, new bankruptcy
laws favored debtors.  The turmoil of the Civil War and the
subsequent Southern Reconstruction, large inflows of immigrants,
and the economic development of all parts of the country in the
latter 1800s and early 1900s produced bankruptcy laws with the
national interest in mind.  This national perspective of bankruptcy
law continues through today, sometimes favoring the creditor and
sometimes the debtor depending on prevailing social conditions and
political agendas.

Bankruptcy in United States History is a readable book which both
bankruptcy professionals and general readers will find informative
on the subject of bankruptcy.

After graduating from Harvard law school, Charles Warren
(1868-1954) practiced law in Boston.  He also served as Assistant
Attorney General of the United States in Washington, D.C.


                           *********


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 * * *