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260728.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, July 28, 2026, Vol. 27, No. 149 Headlines F R A N C E FCT YOUNI 2026-1: Fitch Assigns 'BBsf' Final Rating to Cl. E Notes G E R M A N Y AUTONEX GMBH: Moody's Affirms 'B2' CFR, Outlook Remains Negative I R E L A N D AQUEDUCT EUROPEAN 5-2020: Fitch Rates Class F-RR Notes 'B-sf' GOLDENTREE LOAN 7: Fitch Affirms 'B-sf' Rating on Class F-R Notes PROVIDUS CLO XI: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Notes SOUND POINT 10: Fitch Affirms 'B-sf' Final Rating on Class F Notes K A Z A K H S T A N FORTEBANK JSC: Moody's Upgrades Long Term Deposit Ratings to Ba1 L U X E M B O U R G CONSTELLATION OIL: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable S W I T Z E R L A N D ARCHROMA HOLDINGS: Fitch Assigns 'B-' Final LT IDR, Outlook Stable T U R K E Y DENIZBANK AS: Moody's Affirms 'Ba2' Long Term Deposit Rating SEKERBANK TAS: Moody's Affirms Ba3 Deposit Rating, Outlook Stable TURK EKONOMI: Moody's Affirms Ba2 LT Deposit Rating, Outlook Stable TURKIYE HALK: Fitch Puts 'BB-' LT Rating to USD5BB GMTN Programme TURKIYE IS BANKASI: Moody's Affirms 'Ba3' LT Deposit Rating TURKIYE VAKIFLAR: Moody's Affirms 'Ba3' LT Deposit Bank Rating U N I T E D K I N G D O M CENTILI GROUP: Begbies Traynor Appointed as Administrators HEIR HILL: Begbies Traynor Named as Administrators HERMITAGE 2026: Fitch Assigns 'BB+sf' Final Rating to Class E Notes HOPS HILL NO.6: Fitch Assigns 'BB+sf' Final Rating to Class E Notes MO-SYS ENGINEERING: BTG Begbies, Kirker Named as Administrators NOMAD FOODS: Fitch Rates New EUR800M Sr. Sec. Notes 'BB+(EXP)' OCEAN COATINGS: FRP Advisory Appointed as Joint Administrators PIERPONT BTL 2026-2: Moody's Assigns Ba1 Rating to GBP3.9MM X Notes R A W CLARK: FRP Advisory Appointed as Joint Administrators SILICON ASSET: Oury Clark Appointed as Joint Administrators ST. JOSEPH'S COLLEGE: BDO Appointed as Joint Administrators TLAM LIMITED: Greenfield Recovery Appointed as Joint Administrators - - - - - =========== F R A N C E =========== FCT YOUNI 2026-1: Fitch Assigns 'BBsf' Final Rating to Cl. E Notes ------------------------------------------------------------------ Fitch Ratings has assigned FCT Youni France 2026-1 final ratings, as listed below. Entity/Debt Rating Prior ----------- ------ ----- FCT Youni France 2026-1 Class A FR00140197X7 LT AAAsf New Rating AAA(EXP)sf Class B FR0014019808 LT AAsf New Rating AA(EXP)sf Class C FR00140197V1 LT Asf New Rating A(EXP)sf Class D FR0014019816 LT BBBsf New Rating BBB(EXP)sf Class E FR00140197Y5 LT BBsf New Rating BB(EXP)sf Class F FR00140197W9 LT NRsf New Rating NR(EXP)sf Class R FR00140197Z2 LT NRsf New Rating NR(EXP)sf Class X FR00140197N8 LT Asf New Rating A(EXP)sf Transaction Summary FCT Youni France 2026-1 is a static true-sale securitisation of unsecured consumer loans granted to borrowers domiciled in metropolitan France by Younited S.A. The securitised portfolio consists of general-purpose personal loans advanced to individuals. All the loans bear a fixed interest rate and are amortising with constant monthly instalments. KEY RATING DRIVERS Score Bands Drive Credit Risk: Fitch expects a lifetime portfolio weighted average (WA) default rate of 6.2% and a WA recovery rate of 60%. Fitch applied a WA 'AAAsf' default multiple of 4.3x and a WA recovery haircut of 55% to stress the base-case assumptions for the notes' ratings. In setting its assumptions, Fitch considered Younited's underwriting standards and the performance of individual score bands. Strong Excess Spread: The structure benefits from an initial net annual excess spread of about 5.7% after deducting senior fees, swap costs and the WA cost of liabilities, providing a source of credit enhancement (CE). Fitch tested more severe WA coupon compression assumptions for defaults than those set out in its criteria, which did not constrain the note ratings. Sensitivity to Pro-Rata Length: The transaction amortises pro-rata if no sequential amortisation event occurs. In Fitch's expected case, a switch to sequential amortisation is unlikely during the first two years, given the gap between the portfolio performance assumptions relative to the transaction's trigger levels. Tail risk is mitigated by a mandatory switch to sequential paydown once the outstanding collateral balance falls below a specified threshold. Sufficient Liquidity Protection: Payment interruption risk is mitigated by the presence of an amortising cash reserve to cover shortfalls on senior fees, swap payments and the interest on the class A to E notes. This cash reserve is funded at closing through the issue of the class X notes, which Fitch caps at 'Asf' due to reliance on excess spread for repayment. Servicing Continuity Risk Mitigated: Younited is the servicer of the transaction. Fitch views servicing continuity risks adequately mitigated by, among other features, the monthly transfer of borrowers' notification details to a management company; the presence of a specially dedicated account bank; a cash reserve funded at closing to cover liquidity; and by the management company being responsible for appointing a substitute servicer within 30 calendar days of a servicer termination event. In addition, a back-up servicer has been appointed at closing. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by adverse changes in market conditions and the economic environment. Weakening asset performance is strongly correlated with increasing levels of delinquencies and defaults, which could reduce credit enhancement available to the notes. Unanticipated declines in recoveries could also result in lower net proceeds, which combined with higher defaults may negatively affect the rating of the notes. Sensitivities to higher default rates and lower recoveries are shown below: Defaults increase by 25% Class A; 'AAsf'; Class B: 'A+sf'; Class C: 'A-sf'; Class D: 'BBB-sf'; Class E: 'BBsf'; Class X: 'Asf' Recoveries decrease by 25% Class A; 'AA+sf'; Class B: 'AA-sf'; Class C: 'Asf'; Class D: 'BBBsf'; Class E: 'BBsf'; Class X: 'Asf' Defaults increase by 25% and recoveries decrease by 25% Class A; 'AA-sf'; Class B: 'Asf'; Class C: 'BBB+sf'; Class D: 'BB+sf'; Class E: 'B+sf'; Class X: 'Asf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An unexpected decrease in the frequency of defaults or increase in the recovery rates could produce smaller losses than its expectation, which could lead to an upgrade. Defaults decrease by 25% and recoveries increase by 25% Class A; 'AAAsf'; Class B: 'AA+sf'; Class C: 'AAsf'; Class D: 'A+sf'; Class E: 'BBB+sf'; Class X: 'Asf' USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ============= G E R M A N Y ============= AUTONEX GMBH: Moody's Affirms 'B2' CFR, Outlook Remains Negative ---------------------------------------------------------------- Moody's Ratings has affirmed the B2 corporate family rating of Autonex GmbH (Autonex, the owner of AutoScout24) and its B2-PD probability of default rating (PDR). Moody's have also affirmed the B1 rating on the backed senior secured first lien bank credit facilities. The outlook remains negative. "The affirmation of the B2 rating reflects Autonex's strong business profile as one of the leading automotive online classifieds providers across Europe and Canada, its solid organic growth, strong recurring revenue profile and high profitability margins," said Agustin Alberti, Moody's Ratings Vice President - Ratings and lead analyst for Autonex. "The negative outlook reflects the company's persistently elevated leverage following the integration of Trader Canada and a delay in deleveraging and in expected improvement in free cash flow," added Mr. Alberti. RATINGS RATIONALE The affirmation reflects Autonex's strong market position in automotive online classifieds and dealer software, its geographically diversified operations, recurring subscription-based revenue model and high profitability. These strengths are balanced against the company's elevated leverage following the acquisition of Trader Canada, which has resulted in higher-than-expected integration and restructuring costs. While organic revenue growth is solid, leverage remains high for the B2 rating category and free cash flow generation has been weaker than originally anticipated. In 2025, Autonex delivered solid organic net revenue growth at 8%, driven by continued increases in average revenue per dealer (ARPD) across its core marketplace business, supported by successful pricing initiatives, product upselling and the rollout of value-added dealer solutions. However, profitability was below Moody's original expectations, mainly due to higher than expected integration costs. Moody's-adjusted EBITDA reached EUR377 million in 2025, corresponding to an adjusted EBITDA margin of 41.5%, while Moody's-adjusted free cash flow (FCF) was broadly flat compared to expected positive levels. As a result, pro forma leverage remained elevated at around 9.0x Moody's-adjusted debt-to-EBITDA at year-end 2025, above Moody's previous expectations. Moody's projects that Moody's-adjusted debt/EBITDA will gradually improve to around 8.0x in 2026 and to 7.3x in 2027, supported by solid organic revenue growth above a mid-single-digit rate as well as by an improvement in EBITDA margins to around 45% driven by the successful integration of Trader Canada, realization of synergies and lower integration costs. Moody's estimates that Moody's-adjusted free cash flow will improve to around EUR60 million in 2026 and close to EUR100 million in 2027, but still in the low-single-digit FCF/Debt rate. Moody's nevertheless acknowledge that the company remains open to opportunistic bolt-on acquisitions. In December 2025, Autonex announced the debt funded acquisition of AutoTrack and Gaspedaal for an enterprise value of around EUR325 million. This acquisition complements the group's existing marketplace portfolio, but has slowed the pace of deleveraging and the improvement of credit metrics. The rating also reflects the highly competitive environment and embedded threat of new business models and disruptive technologies such as AI; the exposure to dealers' performance and related discretionary spending; and the company's track record of debt-funded acquisitions which have delayed deleveraging expectations. LIQUIDITY Autonex's liquidity is good. As of March 2026, the company had approximately EUR424 million of available liquidity, consisting of EUR74 million of cash balances and full availability under its EUR350 million backed senior secured first lien revolving credit facility (RCF). The revolving credit facility is subject to a net leverage springing covenant set at 10.25x, with ample headroom at closing, tested only in case the RCF is drawn by more than 40%. STRUCTURAL CONSIDERATIONS The capital structure primarily consists of a EUR1,750 million backed senior secured first lien term loan B due in 2031, a $1054.7 million backed senior secured first lien term loan B due in 2031, a CAD1,125 million senior secured second lien term loan due in 2032, and a EUR350 million backed senior secured first lien revolving credit facility due in 2031. The B2-PD probability of default rating is at the same level as the long term CFR reflecting the assumption of a 50% family recovery rate as typical for structures including a mix of first lien and second lien facilities and a springing financial maintenance covenant. The backed senior secured first lien term loan Bs and the backed senior secured first lien RCF are rated B1, one notch higher than the CFR because of the cushion provided by the subordinated position in the capital structure of the senior secured second lien term loan. RATING OUTLOOK The negative outlook reflects that the rating is weakly positioned because of the high leverage levels following the Trader Canada acquisition, with limited room for deviation from Moody's expectations for leverage reduction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings is unlikely in the near term in view of the high leverage. Upward rating momentum could develop over time if the company continues to report steady revenue growth while maintaining high margins and leading market shares after the successful integration of Trader Canada; improves its credit metrics on a sustainable basis such that its Moody's-adjusted debt/EBITDA remains well below 6.0x, and generates positive FCF such that its FCF/debt (Moody's-adjusted) improves towards high single digit rate; and it maintains good liquidity. The ratings could be downgraded if the company's competitive profile and operating performance deteriorate, such that its Moody's-adjusted debt/EBITDA does not reduce towards 7.0x within the next 12-18 months; its free cash flow turns negative; or its liquidity weakens. The ratings could also be downgraded if the company undertakes material debt-funded acquisitions or makes distributions to shareholders that delay Moody's leverage reduction expectations. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Autonex GmbH (formerly Speedster Bidco GmbH) owns AutoScout24 and Trader Canada, leading online automotive marketplaces in Europe and Canada. The company provides digital marketplace, advertising and lead generation services to automotive dealers and consumers. Autonex is owned by funds advised by Hellman & Friedman. ============= I R E L A N D ============= AQUEDUCT EUROPEAN 5-2020: Fitch Rates Class F-RR Notes 'B-sf' ------------------------------------------------------------- Fitch Ratings has assigned Aqueduct European CLO 5-2020 DAC's reset notes final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Aqueduct European CLO 5-2020 DAC A-R XS2389541009 LT PIFsf Paid In Full AAAsf A-RR XS3428238318 LT AAAsf New Rating B-1-R XS2389541777 LT PIFsf Paid In Full AA+sf B-2-R XS2389541850 LT PIFsf Paid In Full AA+sf B-RR XS3428238581 LT AAsf New Rating C-R XS2389542155 LT PIFsf Paid In Full Asf C-RR XS3428238748 LT Asf New Rating D-R XS2389542312 LT PIFsf Paid In Full BBB-sf D-RR XS3428239043 LT BBB-sf New Rating E-R XS2389542585 LT PIFsf Paid In Full BB-sf E-RR XS3428239399 LT BB-sf New Rating F-R XS2389542742 LT PIFsf Paid In Full B-sf F-RR XS3428239555 LT B-sf New Rating Subordinated Notes XS3428240488 LT NRsf New Rating Z-1 XS3428239712 LT NRsf New Rating Z-2 XS3428239985 LT NRsf New Rating Z-3 XS3428240132 LT NRsf New Rating Transaction Summary Aqueduct European CLO 5-2020 DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. The refinancing note proceeds have been used to redeem existing notes) and to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by HPS Investment Partners CLO (UK) LLP. The collateralised loan obligation (CLO) has a three-year reinvestment period, and a seven-year weighted average life test (WAL) at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch places the average credit quality of obligors at 'B'/'B-'. The Fitch weighted-average rating factor (WARF) of the current portfolio is 24.6. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second lien, unsecured and mezzanine assets. The Fitch weighted-average recovery rate (WARR) of the current portfolio is 64.4%. Diversified Portfolio (Positive): The transaction includes various concentration limits, including a maximum 40% exposure to the three largest Fitch-defined industries in the portfolio and a top 10 obligor concentration limit at 20%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has two matrices that are effective at closing, with fixed-rate limits of 5% and 12.5%. The closing matrices correspond to a seven-year WAL test. The transaction has an approximately three-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL for the transaction's Fitch-stressed portfolio analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These conditions include passing the coverage tests and the Fitch 'CCC' bucket limitation test, as well as a WAL covenant that gradually steps down, before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no impact on the classes A-RR to D-RR notes and would lead to a downgrade of one notch for the class E-RR notes, and below 'B-sf' for the class F-RR notes. Downgrades, which are based on the current portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-RR notes have a rating cushion of two notches and the class C-RR to F-RR notes each have a cushion of four notches, due to the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. The class A-RR notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the current portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of three notches each for the class A-RR and D-RR notes, two notches each for the class B-RR and C-RR notes, and below 'B-sf' for the class E-RR and F-RR notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to two notches each for the class B-RR to F-RR notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, upgrades, except for the 'AAAsf' notes, may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority- registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Aqueduct European CLO 5-2020 DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. GOLDENTREE LOAN 7: Fitch Affirms 'B-sf' Rating on Class F-R Notes ----------------------------------------------------------------- Fitch Ratings has assigned GoldenTree Loan Management EUR CLO 7 DAC's refinancing class A-1-R notes final ratings, affirmed the others, and removed the class D-R notes from Under Criteria Observation (UCO), as detailed below. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- GoldenTree Loan Management EUR CLO 7 DAC Class X XS2827789046 LT AAAsf Affirmed AAAsf Class A-1 XS2827789392 LT PIFsf Paid In Full AAAsf Class A-1-R XS3431976326 LT AAAsf New Rating Class A-2-R XS3281029358 LT AAAsf Affirmed AAAsf Class B-R XS3281029515 LT AAsf Affirmed AAsf Class C-R XS3281029788 LT Asf Affirmed Asf Class D-R XS3281030018 LT BBB-sf Affirmed BBB-sf Class E-R XS3281030281 LT BB-sf Affirmed BB-sf Class F-R XS3281030448 LT B-sf Affirmed B-sf Transaction Summary GoldenTree Loan Management EUR CLO 7 DAC is a European cash flow CLO comprising mostly (at least 96%) with a component of corporate rescue loans, senior unsecured, mezzanine, second-lien loans and high-yield bonds. The refinancing class A-1-R notes' proceeds have been used to redeem the class A-1 notes. The transaction is actively managed by GLM III GP, LLC and will exit its reinvestment period on 20 January 2029. KEY RATING DRIVERS CLO Criteria Update: The assignment of final ratings to the refinancing class A-1-R notes and the affirmation of the ratings on the other classes of notes primarily reflect the combined effects of Fitch's updated CLOs and Corporate CDOs Rating Criteria, published on 1 June 2026, and the lower weighted average cost of debt following the reduction in the applicable margin on the class A-1-R notes to 1.21% from 1.45% on the redeemed class A-1 notes. The positive impact from the updated criteria, increased the Fitch weighted average recovery rate from 62.7% as per the trustee report dated 15 June 2026 to 65.1% as calculated by Fitch. Matrix Update: The transaction includes two updated Fitch matrices, effective at closing, corresponding to a six-year WAL, fixed-rate asset limits at 7.5% and 12.5% and a top 10 obligor concentration limit at 20%. The transaction includes various concentration limits in the portfolio, including the maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Stable Performance: The portfolio does not include any defaulted, deferring, current pay, or discount obligations. Exposure to Fitch 'CCC' obligations is 1.2% of the aggregate collateral balance, which is well within the 7.5% limit. Fitch-calculated exposure to obligors with a Negative Outlook stands at 12%. The transaction is currently passing all compliance tests. Since closing on 12 July 2024, the transaction has recorded par losses. According to the latest trustee report dated 15 June 2026, the aggregate collateral balance was just over EUR1 million below the target par amount of EUR400 million, equivalent to a 0.26% shortfall. Transaction Inside Reinvestment Period: The transaction is within its reinvestment period, which ends on 20 January 2029, and the manager can reinvest principal proceeds and sale proceeds subject to compliance with the reinvestment criteria. Given the manager's ability to reinvest, Fitch's analysis is based on a stressed portfolio, testing the notes' achievable ratings across the matrices, since the portfolio can still migrate to different collateral quality tests. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the obligors in the portfolio to be in the 'B+'/'B' rating category. The trustee-calculated Fitch weighted average rating factor is 22.7, below the covenant maximum of 25. High Recovery Expectations: Based on the trustee report dated 15 June 2026, senior secured obligations represent 99% of the portfolio. Fitch considers the recovery prospects for these assets to be stronger than those for second-lien, unsecured, and mezzanine obligations. Cash Flow Analysis: The transaction needs to satisfy the coverage tests and the Fitch 'CCC' obligations test after the reinvestment period, among other reinvestment criteria. Together with a consistently decreasing WAL, which is six years at closing, this would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase in the mean default rate (RDR) and a 25% decrease in the recovery rate (RRR) across all ratings in the identified portfolio would have no impact on the ratings. Based on the identified portfolio, downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B-R notes have a cushion of two notches, the class C-R notes of four notches, and the class D-R, E-R and F-R notes of five notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class X, A-1-R and A-2-R notes are rated at the highest level on Fitch's scale so have no cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would result in downgrades of three notches for the class A-2-R and E-R notes, two notches for the class A-1-R, B-R, C-R and D-R notes and to below 'B-sf' for the class F-R notes. There is no rating impact on the class X notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of Fitch-stressed portfolio would result in upgrades of two notches for the class B-R and C-R notes, four notches for the class D-R notes and five notches for the class E-R and F-R notes. The class X, A-1-R and A-2-R notes are rated at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the Fitch-stressed portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the transaction's remaining life. After the end of the reinvestment period, upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for GoldenTree Loan Management EUR CLO 7 DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. PROVIDUS CLO XI: Fitch Assigns 'B-sf' Final Rating to Cl. F-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned Providus CLO XI DAC reset notes final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Providus CLO XI DAC A-Loan LT PIFsf Paid In Full AAAsf A-Loan R LT AAAsf New Rating A-Notes R XS3433784082 LT AAAsf New Rating A-Notes XS2934526877 LT PIFsf Paid In Full AAAsf B XS2934528907 LT PIFsf Paid In Full AAsf B-R XS3433784249 LT AAsf New Rating C XS2934532503 LT PIFsf Paid In Full Asf C-R XS3433784751 LT Asf New Rating D XS2934535274 LT PIFsf Paid In Full BBB-sf D-R XS3433784918 LT BBB-sf New Rating E XS2934538294 LT PIFsf Paid In Full BB-sf E-R XS3433785139 LT BB-sf New Rating F-1 XS2934616512 LT PIFsf Paid In Full B-sf F-2 XS2948504142 LT PIFsf Paid In Full B-sf F-R XS3433785303 LT B-sf New Rating Transaction Summary Providus CLO XI DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds were used to redeem the existing notes, except the existing subordinated notes, and to fund the portfolio with a target par of EUR425 million. The portfolio is managed by Permira Credit CLO Manager LLP. The CLO has a 4.5-year reinvestment period and an 8.5-year weighted-average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch places the average credit quality of obligors at 'B'. The Fitch weighted average rating factor (WARF) of the identified portfolio is 24.7 High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favorable than for second-linen, unsecured and mezzanine assets. The Fitch weighted average recovery rate (WARR) of the identified portfolio is 65.5 Diversified Asset Portfolio (Positive): The transaction has various concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The deal has a 4.5-year reinvestment period, which is governed by reinvestment criteria that are similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the deal structure against its covenants and portfolio guidelines. The legal documents include three sets of matrices (set A, set B and set C). Each set contains two matrices with fixed-rate limits of 5% and 12.5%. All six matrices have a top 10 largest obligor concentration limit at 20%. Set A applies at the issue date and is linked to an 8.5-year WAL test covenant. From six months after the issue date, the collateral manager may switch to set B, which references an eight-year WAL test covenant, subject to the collateral principal amount (measured with defaults at Fitch collateral value) being at least at the reinvestment target par amount. From 18 months after the issue date, the collateral manager may switch to set C, which references a seven-year WAL test covenant, subject to the collateral principal amount (measured with defaults at Fitch collateral value) being at least at the reinvestment target par amount. Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed portfolio analysis is 12 months less than the WAL covenant at the issue date to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include passing the coverage tests, the Fitch WARF and 'CCC' bucket limitation test, It also requires that the WAL covenant gradually steps down over time, both before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the rated notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-R notes have a rating cushion of two notches, the class C-R notes have a cushion of four notches, and the class D-R and E-R notes each have a cushion of five notches, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A-R notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of two notches each for the class A-R, C-R and D-R notes, three notches for the class B-R, and below 'B-sf' for the class E-R and F-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to two notches for the class B-R notes, up to three notches each for the class C-R and F-R notes, up to four notches for the class D-R notes and up to five notches for the class E-R notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, except for the 'AAAsf' notes, may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority- registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Providus CLO XI DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. SOUND POINT 10: Fitch Affirms 'B-sf' Final Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Sound Point Euro CLO 10 Funding DAC's refinancing notes final ratings and affirmed the existing class F notes, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Sound Point Euro CLO 10 Funding DAC A XS2751619425 LT PIFsf Paid In Full AAAsf A-R LT AAAsf New Rating B XS2751619854 LT PIFsf Paid In Full AAsf B-R LT AAsf New Rating C XS2751620357 LT PIFsf Paid In Full Asf C-R LT Asf New Rating D XS2751620514 LT PIFsf Paid In Full BBB-sf D-R LT BBB-sf New Rating E XS2751620787 LT PIFsf Paid In Full BB-sf E-R LT BB-sf New Rating F XS2751620944 LT B-sf Affirmed B-sf Transaction Summary Sound Point Euro CLO 10 Funding DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds, and is managed by by Sound Point CLO C-MOA, LLC. The deal closed in March 2024. Net proceeds from the refinancing notes were used to redeem the existing notes, except for the class F notes and the subordinated notes. The CLO has 2.9 years remaining in the reinvestment period and a 6.75-year weighted average life (WAL) test at the refinancing close, with an original target par of EUR450 million. KEY RATING DRIVERS Matrix Update (Neutral): The transaction has had its Fitch matrices at the refinancing, corresponding to a WAL covenant of 6.75 years. Its two matrices both correspond to a top 10 obligor concentration of 20%, and fixed-rate asset limits of 5% or 12.5%. The transaction is within its reinvestment period, which is governed by reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Par Losses: The transaction has recorded par losses since closing in March 2024. Based on the latest trustee report dated 2 June 2026, the collateral principal amount was slightly more than EUR6 million below the current reinvestment target par balance, representing a 1.34% shortfall (calculated as the current par difference below the original target par amount). Exposure to assets with a Fitch-Derived Rating of 'CCC+' and below, as reported by the trustee, is 5.6%, within the transaction's 7.5% limit. The portfolio also included four defaulted obligations with a notional amount of EUR4.9 million. Fitch calculated that exposure to obligors with a Negative Outlook at 11.9%. The transaction was passing all its collateral quality tests, coverage tests and portfolio profile tests, according to the latest trustee report. Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'/'B-'. The Fitch-calculated weighted average rating factor of the current portfolio is 24.8. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 66%. Diversified Asset Portfolio (Positive): The transaction has a concentration limit for the 10 largest obligors of 20%. The transaction also includes various other concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Cash Flow Modelling (Positive): The WAL for the transaction's Fitch-stressed portfolio is six years, which is lower than the transaction's 6.75-year WAL covenant. This reflects the transaction's strict reinvestment conditions that apply after the reinvestment period, including the satisfaction of the coverage tests and of the Fitch 'CCC' bucket limitation test, and a WAL covenant test that steps down during and after the reinvestment period. The approach is consistent with Fitch's criteria, which allow a 12-month reduction to the transaction's WAL covenant, subject to a six-year floor, when the transaction provides for strict conditions after the reinvestment period that reduce the portfolio's effective risk horizon during stress periods. In addition, its analysis considered that the transaction was about 1% below the EUR450 million target par at refinancing RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase in the mean default rate (RDR) and a 25% decrease in the recovery rate (RRR) across all ratings for the current portfolio, would have no impact on the class A-R to D-R notes . It would result in a one-notch downgrade for the class E-R notes and a downgrade to below 'B-sf' for the class F notes. Downgrades, which are based on the current portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-R and class F notes each have a rating cushion of two notches, the class C-R notes have a cushion of three notches, the class D-R notes have four notches while the class E-R notes have five notches, reflecting the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. The class A-R notes do not have any rating cushion, as they are already at the highest achievable rating. Should the cushion between the current portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to three notches for the class A-R to D-R notes, and to below 'B-sf' for the class E-R and class F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches each for the rated notes, except for the 'AAAsf' notes, which are at the highest level on Fitch's scale and cannot be upgraded. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the transaction's remaining life. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority- registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Sound Point Euro CLO 10 Funding DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. =================== K A Z A K H S T A N =================== FORTEBANK JSC: Moody's Upgrades Long Term Deposit Ratings to Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the following ratings of ForteBank JSC (ForteBank): long-term local and foreign currency deposit ratings to Ba1 from Ba2, long-term Counterparty Risk Assessment (CR Assessment) to Baa3(cr) from Ba1(cr), long-term local and foreign currency Counterparty Risk Ratings (CRR) to Baa3 from Ba1, foreign currency senior unsecured rating to Ba2 from Ba3, foreign currency Pref. Stock Non-cumulative non-viability contingent capital instrument's rating to B2(hyb) from B3(hyb), short-term local and foreign currency CRRs to Prime-3 from Not Prime, and short-term CR Assessment to Prime-3(cr) from Not Prime(cr) as well as Baseline Credit Assessment (BCA) and Adjusted BCA to ba2 from ba3. The outlooks on the bank's long-term deposit and senior unsecured ratings are changed to stable from positive. At the same time, Moody's affirmed the short-term foreign currency deposit rating at Not Prime. RATINGS RATIONALE The upgrade of ForteBank's BCA to ba2 from ba3 reflects the bank's ability to maintain credit metrics consistent with this higher BCA level, despite the temporary pressure arising from the acquisition of JSC "Home Credit Bank" (not rated). While the transaction has weakened ForteBank's capitalisation and profitability, both remain solid and are expected to strengthen over the next 12–18 months. The upgrade also reflects ForteBank's successful management of integration-related risks to date and Moody's expectations that these will remain contained. In addition, the acquisition has strengthened the bank's business diversification by expanding its retail franchise and broadening its customer base. JSC "Home Credit Bank" is a medium-sized bank focused primarily on retail lending, with a significant concentration in unsecured consumer loans. As of end-May 2026, it accounted for 1.9% of total banking system assets in Kazakhstan, compared with ForteBank's 7.2% market share. The acquisition was completed in December 2025. While problem loans increased to 7.4% of gross loans at end-March 2026 from 6.6% at end-2025 and 5.1% at end-2024, Moody's expects asset quality to stabilise during the next 12 months, with the problem loan ratio eventually declining to 6.5%-7.0%. This expectation is supported by ForteBank's plans to adopt a more cautious growth strategy and by easing pressure on SME borrowers as economic conditions and demand gradually improve. The deterioration in asset quality reflects, in part, the seasoning of the bank's previously fast-growing loan book, as well as the consolidation of retail portfolio of JSC "Home Credit Bank", which is concentrated in higher-risk unsecured consumer lending. However, this portfolio generates high yields that more than compensate for the associated credit costs and operating and interest expenses. Due to the consolidation of risk-weighted assets of JSC "Home Credit Bank" and the impact of previously rapid loan growth, ForteBank's capitalisation weakened, with its tangible common equity (TCE) to risk-weighted assets ratio declining to a still-solid 15% at end-2025 from around 19% historically. However, Moody's expects this to recover to approximately its previous level over the next 12–18 months, supported by the bank's strong earnings generation, prudent dividend retention and more moderate asset growth. As a result, the TCE-to-risk-weighted assets ratio had already improved to 16% by end-Q1 2026. ForteBank's capital position also benefited from a shareholder capital injection of more than KZT45 billion in Q2 2026. ForteBank maintains solid profitability, although earnings have moderated from exceptionally strong levels. Its return on average assets (ROAA) declined to 2.1% in Q1 2026 from 3.7% in 2025 and 4.5% in 2024, reflecting pressure on net interest margins from regulatory changes, higher credit costs as the loan portfolio matures, and temporary cost duplication following the acquisition of JSC "Home Credit Bank". Moody's expects profitability to improve over the next 12–18 months, with ROAA gradually recovering toward 3%, supported by integration synergies, stabilising credit costs, improved margins, and the expansion of the higher-yielding retail lending business. ForteBank's funding and liquidity profile remains strong. Customer deposits accounted for 75% of total liabilities at end-March 2026, providing a stable funding base. The bank also maintains a sizeable liquidity buffer, with cash, cash equivalents and high-quality securities representing nearly 30% of total assets. While Moody's expects some utilization of excess liquidity to support business growth, liquidity is likely to remain a key credit strength over the next 12–18 months. ForteBank's Ba1 long-term deposit ratings are based on its ba2 BCA and incorporate a one-notch rating uplift, given Moody's assessments of a moderate probability of support from the Government of Kazakhstan. At end-May 2025, the bank's assets comprised 7.4% of total banking system assets and retail deposits accounted for 4.9% of retail customer deposits. RATIONALE FOR THE STABLE OUTLOOK The stable outlook on ForteBank's long-term deposit ratings reflects Moody's expectations that the bank will successfully manage the credit risks associated with its previously rapid loan growth and contain potential integration-related risks stemming from the acquisition of JSC "Home Credit Bank". The outlook also incorporates Moody's views that capitalisation will gradually recover following its temporary weakening in 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Higher market shares and greater systemic importance could increase the government's willingness to provide support in times of stress, potentially leading to higher deposit ratings. Positive rating pressure could also arise from further diversification of ForteBank's franchise, provided the bank maintains strong asset quality, capitalisation and profitability. Although not expected over the next 12–18 months, negative rating pressure could emerge if (1) asset quality deteriorates materially, (2) significant unforeseen risks arise from the integration of JSC "Home Credit Bank", or (3) the bank increases its risk appetite, as evidenced by rapid loan growth or other risk-taking activities that weaken its financial profile. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. =================== L U X E M B O U R G =================== CONSTELLATION OIL: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded Constellation Oil Services Holdings S.A.'s (Constellation) Long-Term Issuer Default Ratings (IDR) to 'B+' from 'B'. The Outlook on the IDRs is Stable. Fitch also upgraded the existing USD650 million secured notes to 'B+' from 'B' with a Recovery Rating of 'RR4' and assigned a 'B+'/'RR4' rating to Constellation's proposed USD625 million senior secured notes. The upgrade reflects improved earnings visibility and deleveraging following the extension of contracts for three rigs at higher day rates with limited downtime. The rating is also supported by a USD2.7 billion backlog that supports revenue visibility, although the company remains constrained by limited scale, and high client and geographic concentration. Key Rating Drivers Contract Extension Supports Deleveraging: Constellation's ability to renew contracts of three of its rigs at increased day rates while benefiting from minimal downtime supports the rating upgrade. Constellation announced two- to three-year extensions for these contracts at higher rates and better utilization, due to minimal downtime for rig re-work. This increases EBITDA and free cash flow (FCF) forecasts. Fitch expects that FCF will be sufficient to comfortably meet annual amortizations, and that the new issuance at a lower coupon will also support metrics. Fitch forecasts EBITDA leverage to decrease to 1.8x in 2026 from 2.9x in 2025 and remain below 2.0x through the rating horizon. Backlog Supports Visibility: In addition to enhancing financial metrics, the successful re-contracting of the three rigs enhances the company's business profile by increasing revenue and EBITDA scale and mitigating risk to sector volatility. Constellation's backlog of USD2.7 billion as of March 2026 supports revenue visibility within the volatile oilfield services market. The company expects to convert approximately USD830 million of its backlog into revenue annually in 2026 and 2027. Limited Global Scale: Constellation's fleet and operating footprint are smaller than those of leading global peers with larger fleets and broader service portfolios. This increases exposure to competitive pressure. In Brazil, Constellation is the largest drilling rig operator, with about 24% market share and 46 years of operating history, focused on mid-, deep- and ultra-deepwater production. This partly offsets the rating constraint from its smaller scale. Fitch forecasts revenue and EBITDA to improve to an average of USD765 million and USD316 million, respectively, over the rating horizon. These metrics are in line with the higher end of the 'B' category and, together with a clear deleveraging plan, support the rating upgrade. Client and Geographic Concentration: Constellation is fully concentrated in Brazil, and 75% of its backlog is contracted with Petroleo Brasileiro (Petrobras; BB/Stable). This concentration increases vulnerability to changes in the local market and to Petrobras' dominant position. These risks are reduced by the average length of the contracts, which is about three times the global average. The longer tenor smooths pricing and supports resilience in a downturn, although it delays the benefit of higher day rates. Constellation's geographic concentration in Brazil is partially mitigated by its longstanding tenure and highly efficient operations within a booming market. Peer Analysis Constellation's upgrade places it in the same rating category as Seadrill Limited (B+/Stable) and Valaris Limited (B+/Negative). Seadrill benefits from low leverage, strong liquidity and a leading position in ultra-deepwater drilling, while Valaris is supported by favorable long-term contracts, a growing backlog, positive FCF, leverage below 2.0x and strong liquidity. Constellation compares well with both peers through stronger contract coverage. Constellation's credit profile is stronger than Oceanica Engenharia e Consultoria S.A.'s (B-/Stable) and Nabors Industries, Ltd.'s (B/Stable). Oceanica has improved short-term liquidity but still needs more consistent uptime to strengthen credit metrics. Nabors remains constrained by the Parker Wellbore acquisition, softer U.S. drilling conditions and refinancing needs. Fitch’s Key Rating-Case Assumptions Brent oil price of USD87 per barrel (bbl) in 2026, USD65/bbl in 2027, and USD60/bbl thereafter; Number of vessels: seven owned and two third-party agreements in 2026 - 2029; Average utilization rate of 89% in 2026 and 95% in 2027; Average efficiency rate of 91% in 2026 and 93% in 2027; Average day rates of USD340,000 in 2026 and USD329,000 in 2027; Average annual capex of USD106 million in 2026 and 2027; Dividend payments of 40% of EBITDA 2026-2028, no payment in 2029; Cash taxes of 5% of EBITDA; Issuance of USD625 million seven-year amortizing notes with a coupon of 8.25%, with USD50 million annual amortization; Repayment of existing USD654 million debt with proceeds from new issuance. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Moderate), sector characteristics ('b+', Moderate), market and competitive positioning ('b', Higher), diversification and asset quality ('b', Higher), company operational characteristics ('bb-', Moderate), profitability ('bbb', Lower), financial structure ('bbb-', Moderate), and financial flexibility ('bb-', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'bb' has no impact. The SCP is 'b+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis The recovery analysis assumes Constellation would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. GC Approach Constellation's GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise value. The GC EBITDA assumption of USD244 million represents the mid-point between a stress-case average EBITDA and LTM 1Q26 EBITDA. Fitch's stress case assumes the non-renewal of the Atlantic Star contract expiring in July 2026, and day rates 2.5% lower than the base case. An enterprise value multiple of 5.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - The historical bankruptcy case study exit multiples for peer energy oilfield service companies have a wide range with a median of 6.1x; - The oil field service subsector ranges from 2.2x to 42.5x due to the more volatile nature of EBITDA swings in a downturn. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized through sale or liquidation processes during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch assigns standard discounts to the liquidation value of the company's cash, accounts receivable, inventory and net property, plant and equipment (PP&E). Despite the material write-down of the company's PP&E, Fitch continues to apply a 20% liquidation value to the company's March 2026 book value, given the high uncertainty around assets values during a downturn. The allocation of value in the liability waterfall results in a recovery corresponding to 'RR1' for the USD625 million in senior secured notes. However, because the assets are concentrated in Brazil (Group D, as per Fitch's criteria), the recovery is capped at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Midcycle net leverage greater than 4.0x on a recurring basis; - EBITDA margins below 25% on a recurring basis; - EBITDA interest coverage below 3.5x; - Failure to renew contracts and/or material reduction in day rates; - Inability to refinance upcoming maturities; - Consistent negative FCF generation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Midcycle net leverage below 3.0x on a recurring basis; - Enhanced customer diversification maintaining length of contracts; - Geographic diversification beyond Brazil Liquidity and Debt Structure Fitch expects Constellation to maintain an adequate liquidity position over the next three years after its successful bond issuance in September 2024. With the issuance of the 2033 notes, Constellation's liquidity profile will likely continue to improve, as lower interest rates and a more favorable amortization schedule support its cash position. Total debt of USD656 million, considering net derivatives, was comprised exclusively of the 2029 senior secured notes. The company's financial flexibility remains somewhat constrained, reflecting its limited market access due to its weak risk profile. Constellation's successful refinancing of its existing debt partly eases concerns about market access and improves liquidity metrics. The new structure includes lower annual amortization, and CFO comfortably covers annual debt obligations. Improved EBITDA forecast bolstered financial flexibility with EBITDA to interest coverage exceeding 5.0x. Issuer Profile Constellation is the largest provider of offshore drilling rigs services in Brazil with seven of its own offshore rigs and two managed third-party rigs, all of which are floaters. The company mainly works for Petrobras. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The fiscal 2025 revenue-weighted Climate.VS for Constellation is 60 for 2035, which is consistent with the oilfield services industry. Offshore drilling operations, as well as their onshore counterparts, face the risk of regulatory scrutiny and environmental regulations. Furthermore, oilfield services also face risks relating to emission production, personnel safety, environmental disasters and other catastrophic events. Constellation's geographic concentration in Brazil exposes the company to localized regulatory impact. Key transition risks arise from potential reductions in oil and gas demand, and related demand for oil field services, driven by policies designed to reduce the use of oil and gas in the global economy, and in the shorter term from policies designed to limit greenhouse gas emissions from the production of oil and gas. These risks currently do not have a material influence on the rating currently, given the very long-term time frame over which the transition may take place and uncertainty regarding the extent and nature of changes, and markets and companies' response to them. For further information on how Fitch perceives climate-related risks in the oil and gas sector, see "Oil & Gas and Chemicals - Long-Term Climate Vulnerability Signals Update". ESG Considerations Constellation Oil Services Holding S.A. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to the risk of offshore oil spills that may affect the drilling company, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Constellation Oil Services Holding S.A. LT IDR B+ Upgrade B LC LT IDR B+ Upgrade B senior secured LT B+ New Rating RR4 senior secured LT B+ Upgrade RR4 B ===================== S W I T Z E R L A N D ===================== ARCHROMA HOLDINGS: Fitch Assigns 'B-' Final LT IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Archroma Holdings S.a.r.l. a final Long-Term Issuer Default Rating (IDR) of 'B-' with a Stable Outlook. Fitch has also assigned Archroma Finance S.a.r.l.'s senior secured first-lien term loans final 'B' ratings with Recovery Ratings of 'RR3'. Archroma's IDR reflects its high leverage, small scale, lack of long-term contractual backlog, execution risk around expanding the company's packaging business into a much larger contributor of earnings and weak chemical sector fundamentals. Rating strengths are its leading market position and product mix, including the specialty textiles chemical and dyes segment, long-term customer relationships and a global production presence. Key Rating Drivers High Leverage: Archroma's EBITDA gross leverage was high at 8.1x as of FYE25 (financial year-end September) as a weak macro environment and tariffs, coupled with high recurring restructuring charges, negatively affected its earnings. Fitch expects EBITDA leverage to reduce to about 6.4x in FY26 as the company's EBITDA is lifted by lower underlying costs and modest volumes growth. Fitch expects leverage to gradually reduce towards 6x by FY27, supported by improved product offerings, a growing share of the largest customers' wallet in textile effects, and new product launches in packaging technology. Fitch expects the textile market to grow in low-single digits by 2030, with Archroma gradually capturing higher market shares in sustainability-linked solutions. Fitch assumes the paper-based packaging market will grow in the mid-single digits by 2030, driven by a shift away from plastic and regulatory support for environmentally friendly products. In 1Q26, the company reported improving margins in a challenging market and Fitch assumes a manageable impact from the conflict in the Middle East due to Archroma's pass-through pricing and diversified operations. Refinancing Completed: Archroma successfully refinanced its outstanding term loans due in 2027 and partly pre-paid and extended the maturity of its revolving credit facility (RCF). The company raised a new term loan B, with USD218 million and EUR537 million first-lien tranches totalling USD846 million equivalent, along with an additional USD200 million second-lien term loan all maturing in 2030. The transaction extends the company's maturity profile and satisfies the conditions for assigning final ratings. Established Market Position: Archroma benefits from a leading market position in its niche within the textile supply chain, supported by a product mix that includes specialty offerings and a globally diverse manufacturing footprint. The company is a top two producer in the Americas and EMEA in the packaging dyes and optical brighteners agent market, with a strong presence in Asia and India. Its textile effects segment accounted for 74% of FY25 EBITDA, with operations in 21 production facilities worldwide. Limited Revenue Visibility: The textiles effects industry is characterised by a vast customer base with short-term contracts and limited long-term revenue visibility. About 60% of Archroma's textiles sales are direct to consumer, with about 75% of sales over the past three years coming from repeat business, reflecting the company's production reliability and product quality. Recurring revenue provides partial protection against industry characteristics. However, the company remains exposed to the current market downturn given the sector's competitive nature and price-sensitive end-users. Small Scale, Challenging Market: Archroma's business and geographic diversification and global presence are partly offset by its modest scale, with annual run-rate EBITDA of about USD200 million. On top of cost-savings progress, earnings depend on volume growth, which Fitch expects to average about 4% in 2026-2029. Soft demand and pricing pressure persisted in 1Q26 due to end-customers tightening discretionary spending, while geopolitical risks affected trade flows. Fitch does not expect the Iran conflict to materially affect Archroma in the short term, but prolonged trade disruptions and lower-than-forecast global GDP growth could soften medium term end-market demand. Technology and Sustainability Premiums: Sustainability is core to Archroma's specialties portfolio, which helps drive robust margins for certain products in textile effects, largely stemming from benefits to customers such as reduced carbon footprint as well as lower water and electricity usage. Packaging technologies include a higher share of commoditised products, but Archroma's focus remains on the expansion of value-add solutions. An increasing preference for sustainable offerings by end-users, along with a similar regulatory focus, should continue to drive price premiums. Archroma's investment in centres for innovation should also position it well for this trend. Litigation and Fraud Exposure: In April 2026, Archroma was subject to USD36.6 million of third-party fraud. Fitch understands this was a one-off issue, with a manageable impact on its credit profile and business relationships. The criminal investigation is ongoing and the company is gradually recovering part of funds lost. Like other chemical companies, Archroma is also subject to litigation claims concerning polyfluoroalkyl substances. The legal proceedings are ongoing, and Fitch treats potential fines as event risk. The company is partly protected by its insurance policy and has indemnity from Clariant for liabilities incurred prior to its business carve-out in 2013. Preferred Equity Certificates: The company's capital structure includes yield-free preferred equity certificates (PECs), issued within the restricted group and held by shareholders as well as yield-producing PECs issued outside the restricted group and held by third parties. Fitch treats yield-free PECs as equity under its criteria and do not include third-party PECs in its leverage ratios as they sit outside the senior secured restricted group. Peer Analysis Archroma's scale is larger than specialty producer Italmatch Chemicals S.p.A. (B/Stable), but its gross leverage at FYE25 was higher than its forecast for Italmatch. Like Italmatch, Archroma's growth prospects include sustainability-linked products, while it also benefits from fairly high barriers to entry in its specialty niches. Envalior Finance GmbH (B/Negative) is larger than Archroma, with 2025 EBITDA estimated to be about USD0.4 billion, and its 2025 gross leverage was in line with Archroma's, but Fitch expects the latter to deleverage more quickly. Archroma has lower vertical integration and remains exposed to a narrower spectrum of cyclical end-markets than Envalior. Fitch’s Key Rating-Case Assumptions - EBITDA margin recovering to about 12% by 2029 from 8.5% in 2025 - Volume 3.7% CAGR and 4.5% CAGR in textile effects and packaging technologies, respectively, in 2026-2029 - Annual capex of USD30 million in 2026-2029 - No dividends Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb-', Moderate), sector characteristics ('bb+', Moderate), market and competitive positioning ('b+', Higher), diversification and asset quality ('bb+', Lower), company operational characteristics ('bb', Moderate), profitability ('bb-', Lower), financial structure ('b-', Higher), and financial flexibility ('b-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year FY25, 10% for the forecast year FY26, 30% for the forecast year FY27, 30% for the forecast year FY28 and 20% for the forecast year FY29. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'a-' has no impact. The SCP is 'b-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-' Recovery Analysis The recovery analysis assumes that Archroma would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Its GC EBITDA estimate reflects its view of a sustainable, post-reorganisation EBITDA level upon which Fitch bases the enterprise value. The GC EBITDA of USD150 million takes into account a recovery in EBITDA, driven by the benefit of cost-saving initiatives and reduced recurring restructuring charges while the weak macro environment may continue to negatively affect pricing and volumes recovery. Fitch uses a multiple of 5x to estimate a GC enterprise value for Archroma because of its focus on specialty chemicals that translates into moderate volume and margin volatility. It also captures the company's geographical diversification and modest scale. Fitch assumes the RCF to be fully drawn. The total USD170 million RCF tranches, term loan of USD846 million and local debt of USD17 million rank pari-passu with one another. Fitch's analysis, after deducting 10% for administrative claims, resulted in a waterfall-generated recovery computation for the senior secured instruments in the 'RR3' band, indicating a 'B' instrument rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA gross leverage above 7.5x on a sustained basis - EBITDA interest coverage below 1.25x on a sustained basis - EBITDA margin consistently below 10% and negative free cash flow on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA gross leverage below 6.0x on a sustained basis - EBITDA interest coverage above 2.0x on a sustained basis - Sustainable reduction in restructuring charges and sustained positive free cash flow generation Liquidity and Debt Structure At end of 1Q26 (December 2025), Archroma had a cash balance of USD171 million and an undrawn RCF of USD93 million. The company had two term loan facilities of about USD968 million equivalent due in June 2027, while the USD225 million RCF was due in March 2027. In May 2026 the term loans were refinanced with a new USD846 million equivalent senior loans due in June 2030 and a USD200 million second-lien loan due in December 2030. Post refinancing the RCF remains partly drawn and is split into two tranches: USD125 million due in December 2029 and USD45 million due in March 2027. Fitch views the company's liquidity after the refinancing as adequate, although it has been temporarily weakened by the fraud. The company aims to maintain a minimum cash balance of about USD120 million. The broad geographic spread of operations may also create time lag for cash transfers within Archroma. Issuer Profile Switzerland-based Archroma is a global chemical producer with a specialty focus serving the branded and performance textiles, packaging and paper, and coatings, adhesives and sealants markets. The company is wholly owned by private equity sponsor SK Capital Partners. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Archroma. ESG Considerations Archroma has an ESG Relevance Score of '4' for waste & hazardous materials management; ecological impacts, due to its exposure to environmental litigations. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Archroma Holdings S.a.r.l. LT IDR B- New Rating B-(EXP) Archroma Finance S.à r.l. senior secured LT B New Rating RR3 B(EXP) =========== T U R K E Y =========== DENIZBANK AS: Moody's Affirms 'Ba2' Long Term Deposit Rating ------------------------------------------------------------ Moody's Ratings has affirmed Denizbank A.S.'s (Denizbank) long-term/short-term foreign and local-currency deposit ratings of Ba2/NP and Ba1/NP respectively. Moody's also affirmed Denizbank's long-term/short-term foreign-currency and local-currency Counterparty Risk Ratings (CRRs) of Ba2/NP and Ba1/NP respectively, as well as their long-term/short-term Counterparty Risk (CR) Assessments of Ba1(cr)/NP(cr). Denizbank's long-term foreign-currency deposit rating and CRR are constrained by Turkiye's foreign-currency country ceiling at Ba2. At the same time, Moody's affirmed Denizbank's Baseline Credit Assessment (BCA) of b1 and Adjusted BCA of ba1. The outlook on the bank's long-term bank deposit ratings remains stable. RATINGS RATIONALE BCA AFFIRMATION The affirmation of Denizbank's BCA at b1 reflects Moody's expectations of elevated asset risk, driven by the bank's meaningful exposure to small and medium-sized enterprises and retail borrowers; at around two-thirds of the loan book, and a rapidly expanding agricultural lending portfolio. Although improving policy credibility and continued disinflation efforts have helped stabilize operating conditions in Turkiye, the recent slowdown in disinflation momentum has prolonged the period of elevated interest rates, which continues to weigh on borrowers' repayment capacity. Asset quality metrics therefore remain vulnerable to pressures across retail and SME segments, while the growth of the agricultural loan book has increased exposure to relatively unseasoned loans. These considerations are reflected in a nonperforming loan ratio of 4.8% as of March 2026. The b1 BCA also reflects Moody's expectations that the recovery in Denizbank's core net interest margin and the normalisation of profitability will remain gradual. Elevated funding costs, constrained balance-sheet growth and persistent asset quality pressures will likely continue to weigh on core earnings generation and keep cost of risk elevated. Nevertheless, profitability remains resilient as reflected in an annualized net income to tangible assets ratio of 3.4% during the first quarter of 2026. Earnings are expected to continue to benefit from solid fee and commission income linked to the interest rate environment, income from investment securities and gains from asset sales. These pressures are expected to remain balanced by Denizbank's strong capital buffers above regulatory requirements, as indicated by a tangible common equity ratio of 14.5% as of March 2026. The bank also benefits from ample liquidity and a predominantly deposit-funded balance sheet. Core banking liquidity accounted for 20.2% of tangible banking assets as of March 2026, providing a meaningful buffer against its recourse to less-stable funding sources, which represented 27.0% of tangible banking assets. ADJUSTED BCA AND LONG-TERM DEPOSIT RATINGS AFFIRMATION The affirmation of Denizbank's Adjusted BCA at ba1 continues to incorporate a three-notch uplift from the bank's b1 BCA, reflecting Moody's assumptions of a very high probability of support from Emirates NBD Bank PJSC (ENBD, A1 stable, baa2). This assumption is supported by ENBD's 100% ownership of Denizbank and their status as a material and strategically important subsidiary. The affirmation of Denizbank's long-term foreign-currency and local-currency bank deposit ratings at Ba2 and Ba1 respectively, reflects the bank's ba1 Adjusted BCA and Moody's continued assessment of a low likelihood of support from the Government of Turkiye (Ba3 stable). Consequently, the ratings receive no uplift from government support. OUTLOOK The stable outlook on Denizbank's long-term bank deposit ratings reflects Moody's expectations that asset quality and profitability will weaken, balanced by the bank's sound capital and liquidity buffers. The stable outlook on the long-term bank deposit ratings also considers the stable outlook on ENBD's - the bank's parental support provider - long-term bank deposit and senior unsecured ratings and on the Government of Turkiye. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Denizbank's ratings could be upgraded if the bank's solvency profile improves, demonstrated by improved asset quality metrics and seasoning of the higher-risk segment exposures, and a sustained recovery in core margins. Denizbank's ratings could be downgraded if (1) the bank's asset quality and profitability deteriorate beyond current expectations; (2) the authorities revert to unorthodox policies that weaken operating conditions; and/or (3) Turkiye's sovereign rating of Ba3 is downgraded. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Denizbank A.S.'s "Assigned BCA" score of b1 is set three notches below the "Financial Profile" initial score of ba1 to reflect the bank's pressured asset quality amid considerable exposures to higher risk retail and SME sectors, as well as the cyclical agricultural sector and their constrained core margins. SEKERBANK TAS: Moody's Affirms Ba3 Deposit Rating, Outlook Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Sekerbank T.A.S.'s (Sekerbank) long-term and short-term deposit ratings of Ba3 and NP, respectively. Moody's also affirmed Sekerbank's long-term and short-term Counterparty Risk Ratings (CRRs) of Ba3 and NP, respectively, as well as their long-term/short-term Counterparty Risk (CR) Assessments of Ba3(cr)/NP(cr). At the same time, Moody's affirmed Sekerbank's Baseline Credit Assessment (BCA) and Adjusted BCA of b1. The bank's long- and short-term National Scale deposit and CRRs have been affirmed at Aa2.tr and TR-1, respectively. The outlook on the bank's long-term bank deposit ratings remains stable. RATINGS RATIONALE BCA AFFIRMATION The affirmation of Sekerbank's BCA at b1 reflects an asset risk profile that remains exposed to the cyclical agricultural sector and to higher-risk small and medium-sized enterprises, while benefiting from disciplined underwriting standards and sound risk management practices. The bank's business model and lending franchise have resulted in meaningful concentrations in these segments, which Moody's expects will remain vulnerable to a prolonged period of elevated interest rates and inflation amid a slowdown in disinflation momentum. However, Sekerbank's prudent loan origination, disciplined portfolio monitoring and long-standing franchise expertise continue to support comparatively stronger asset quality than many peers, as reflected in a nonperforming loan ratio of 1.4% as of March 2026, below the sector average of 2.7%. The b1 BCA also reflects Sekerbank's structurally modest earnings generation. Moody's expects the recovery in core net interest margins and profitability normalization to remain gradual, reflecting elevated funding costs and still constrained balance-sheet growth. However, comparatively lower funding costs than domestic peers, supported by the bank's granular retail deposit base and extensive rural footprint, provide support to core net interest margins. In addition, interest income from investment securities continue to support margins and earnings generation. At the same time, profitability remains constrained by structurally modest fee income generation and cost-efficiency pressures associated with the bank's extensive branch network. Nevertheless, earnings remain sufficient to support internal capital generation, as reflected in an annualised net income to tangible assets ratio of 1.0% during the first quarter of 2026. The bank's credit strength further benefits sound capital buffers as evidenced by tangible common equity ratio of 7.9% as of March 2026. Sekerbank's funding profile benefits from granular retail deposits and established relationships with development finance institutions and international financial institutions that support lending to agricultural and SME borrowers. These funding sources complement the bank's deposit franchise and support funding diversification. Liquidity remains ample, with core banking liquidity accounting for 15.4% of tangible banking assets as of March 2026, while less-stable funds represented 28.5% of tangible banking assets. LONG-TERM DEPOSIT RATINGS AFFIRMATION The affirmation of Sekerbank's long-term bank deposit ratings at Ba3, reflects the bank's b1 BCA and Moody's continued assessment of a high likelihood of support from the Government of Turkiye (Ba3 stable) which continues to result in a one-notch uplift given Sekerbank's strategic role as a lender to agricultural SMEs in largely unbanked rural areas across Turkiye. OUTLOOK The stable outlook on Sekerbank's long-term bank deposit ratings reflects Moody's expectations that elevated asset risk stemming from the bank's exposure to agricultural and SME lending, together with structurally modest profitability, will remain balanced by sound loss-absorbing buffers, a stable funding structure and liquidity buffers over the next 12-18 months. The stable outlook on the long-term bank deposit ratings also considers the stable outlook on the Government of Turkiye. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Sekerbank's ratings could be upgraded if the bank's solvency profile improves, demonstrated by lower concentrations in higher-risk lending segments and sustained profitability enhancement including revenue diversification and operating efficiency gains. Sekerbank's ratings could be downgraded if (1) the bank's solvency and funding profile deteriorate beyond anticipated asset quality and profitability pressures; (2) the authorities revert to unorthodox policies that weaken operating conditions; and/or (3) Turkiye's sovereign rating of Ba3 is downgraded. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. TURK EKONOMI: Moody's Affirms Ba2 LT Deposit Rating, Outlook Stable ------------------------------------------------------------------- Moody's Ratings has affirmed Turk Ekonomi Bankasi A.S.' (TEB) long-term and short-term bank deposit ratings of Ba2 and NP respectively. Moody's also affirmed the TEB's long-term and short-term foreign-currency and local-currency Counterparty Risk Ratings (CRRs) of Ba2/NP and Ba1/NP respectively, as well as its long-term and short-term Counterparty Risk (CR) Assessments of Ba1(cr) and NP(cr) respectively. TEB's long-term foreign-currency CRR remains constrained by Turkiye's foreign-currency country ceiling of Ba2. At the same time, Moody's affirmed the bank's Baseline Credit Assessment (BCA) of b1 and Adjusted BCA of ba2. The outlook on TEB's long-term bank deposit ratings remains stable. RATINGS RATIONALE BCA AFFIRMATION The affirmation of TEB's BCA at b1 reflects Moody's expectations that asset quality pressures will persist among retail borrowers and small and medium-sized enterprises amid persistently high inflation and elevated interest rates, which continues to weigh on borrowers' repayment capacity. For TEB, this is reflected in a nonperforming loan ratio of 2.7% as of March 2026, given the bank's exposure to retail and SME lending, which remains vulnerable to a prolonged period of tighter operating conditions. The b1 BCA also reflects Moody's expectations that the recovery in the bank's core net interest margin and the normalisation of profitability will remain gradual. Elevated funding costs, macroprudential measures that continue to constrain loan growth and asset quality pressures will likely continue to weigh on earnings growth. Nevertheless, profitability remains supportive of loss-absorbing buffer generation, as reflected in an annualised net income to tangible assets ratio of 2.4% during the first quarter of 2026, supported by solid fee and commission generation as well as income from investment securities. Nevertheless, these considerations remain balanced by TEB's sound capital buffers reflected in a tangible common equity ratio of 10.1% as of March 2026. The bank also benefits from ample liquidity and a predominantly deposit-funded balance sheet. Core banking liquidity accounted for 21.2% of tangible banking assets as of March 2026, providing a meaningful buffer against its recourse on less-stable funding sources, which represented 33.0% of tangible banking assets which remains broadly aligned with domestic peers. ADJUSTED BCA AND DEPOSIT RATINGS AFFIRMATION The affirmation of TEB's Adjusted BCA at ba2 continues to incorporate a two-notch uplift from the bank's b1 BCA, reflecting Moody's assumptions of a very high probability of support from BNP Paribas (BNP, A1 stable, baa1). This assumption is supported by BNP's combined direct and indirect ownership stake of approximately 73%, TEB's strategic importance to the group and its strong brand integration. The affirmation of TEB's long-term bank deposit ratings at Ba2 reflects the bank's Adjusted BCA of ba2 and Moody's continued assessment of a low likelihood of support from the Government of Turkiye (Ba3 stable). Consequently, the ratings receive no uplift from government support. OUTLOOK The stable outlook on TEB's long-term bank deposit ratings reflects Moody's expectations that asset quality pressures and the gradual recovery in profitability will continue to weigh on the bank's solvency profile, balanced by TEB's stable funding profile and sound capital and liquidity buffers. The stable outlook on the long-term bank deposit ratings also considers the stable outlook on BNP's - the bank's parental support provider - long-term bank deposit and senior unsecured ratings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TEB's ratings could be upgraded if (1) the bank's fundamentals improve materially, demonstrated in improved asset quality metrics and a sustained recovery and normalization of core-profitability towards long-term averages. TEB's ratings could be downgraded if (1) the bank's solvency profile weakens beyond Moody's expectations, reflecting sharper deterioration in asset quality and profitability; (2) the authorities revert to unorthodox policies that weaken operating conditions; and/or (3) Turkiye's sovereign rating of Ba3 is downgraded. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Turk Ekonomi Bankasi A.S.' "Assigned BCA" score of b1 is set two notches below the "Financial Profile" initial score of ba2 to reflect the bank's asset quality pressures amid exposures to high-risk retail and SME loan segments and constrained core net interest margins. TURKIYE HALK: Fitch Puts 'BB-' LT Rating to USD5BB GMTN Programme ----------------------------------------------------------------- Fitch Ratings has assigned Turkiye Halk Bankasi A.S.'s (Halk; BB-/Stable) USD5 billion global medium term note (GMTN) programme a long-term senior unsecured rating of 'BB-' and a short-term senior unsecured rating of 'B'. Fitch has also assigned the programme a long term ex-government support rating of 'B(xgs)' and short-term ex-government support rating of 'B(xgs)'. Key Rating Drivers The programme's ratings are in line with Halk's Foreign-Currency (FC) Issuer Default Ratings (IDR) and FC IDRs(xgs) and apply only to senior unsecured notes to be issued under the programme. The notes represent senior, direct, and unsecured obligations of the bank and rank equally with other unsecured and unsubordinated obligations of the bank. There is no assurance that notes issued under the programme will be assigned a rating. Halk's IDRs are driven by potential support from Turkish authorities, as reflected in its 'bb-' Government Support Rating (GSR). Halk's GSR, which is in line with the sovereign's Long-Term FC IDR, reflects the government's high propensity to provide support, given Halk's policy role, the bank's systemic importance, state-related funding and record of capital support. The GSR also reflects the moderate probability of support in FC being forthcoming from the sovereign, given the government's reasonable FC reserves relative to the bank's size. Halk's Short-Term FC IDR is the only option mapping to a Long-Term FC IDR in the 'BB' rating category. Halk's IDRs(xgs) are driven by its Viability Rating. For further information about the drivers and rating sensitivities for Halk's ratings, see "Fitch Upgrades Halk's VR to 'b'; Affirms IDRs at 'BB-'/Stable", dated 11 June 2026. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The programme's ratings are sensitive to downgrades of Halk's FC IDRs and FC IDRs(xgs). Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The programme's ratings are sensitive to upgrades of Halk's FC IDRs and FC IDRs(xgs). Date of Relevant Committee 25-Jun-2026 Public Ratings with Credit Linkage to other ratings The ratings of the programme are driven by Halk's IDRs. ESG Considerations Halk's ESG Relevance Score for Management Strategy of '4' reflects an increased regulatory burden on all Turkish banks. Management ability across the sector to determine their own strategy and price risk is constrained by regulatory burden and also by the operational challenges of implementing regulations at the bank level. This has a moderately negative impact on Halk's credit profile and is relevant to the ratings in combination with other factors. Halk's ESG Relevance Score for Governance Structure of '4' reflects potential government influence over the board's effectiveness and management strategy in the challenging Turkish operating environment, which has a negative impact on the bank's credit profiles and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Turkiye Halk Bankasi A.S. senior unsecured LT BB- New Rating senior unsecured ST B New Rating senior unsecured ST (xgs) B(xgs) New Rating senior unsecured LT (xgs) B(xgs) New Rating TURKIYE IS BANKASI: Moody's Affirms 'Ba3' LT Deposit Rating ----------------------------------------------------------- Moody's Ratings has affirmed the long-/short-term local- and foreign- currency deposit ratings of Turkiye Is Bankasi A.S. (Isbank) at Ba3/NP as well as the bank's Baseline Credit Assessment (BCA) and Adjusted BCA at b1. Concurrently, Moody's affirmed Isbank's long-/short-term Counterparty Risk Ratings at Ba3/NP as well as the bank's long-/short-term Counterparty Risk Assessments at Ba3(cr)/NP(cr). At the same time, the bank's local- and foreign-currency senior unsecured MTN program ratings have been affirmed at (P)Ba3 while its foreign-currency subordinate debt rating has been affirmed at B3 (hyb). The outlook on the bank's long-term deposit ratings remains stable. RATINGS RATIONALE BCA AFFIRMATION The affirmation of Isbank's b1 BCA reflects the bank's resilient standalone credit profile, supported by sound profitability and strong liquidity. This is balanced by Moody's expectations of sustained increase in problem loans for Turkish banks. The bank benefits from its leading domestic franchise, strong deposit base and diversified business model, which support recurring earnings and funding stability. The BCA affirmation also incorporates Moody's expectations that higher-for-longer interest rates and still-elevated inflation will continue to pressure borrowers' repayment capacity. The bank's asset quality continued to soften, with a problem loan ratio of 3.3% as of March 2026 (2.3% as of March 2025). Although problem loans are expected to increase over the next 12 to 18 months given a sizeable exposure to the higher risk retail and SME segments, the bank's diversified corporate loan portfolio and sizeable reserve buffers should continue to mitigate the impact of asset quality deterioration. The BCA continues to be supported by sound profitability, with annualized return on tangible assets of 1.8% in the first quarter of 2026. While Moody's expects margin recovery to be delayed from higher-for-longer interest rates and eventually profitability to normalize over the next 12-18 months as inflation declines, trading gains moderate and funding costs remain elevated, earnings are expected to remain supportive of capital generation. Capitalization remains stable (tangible common equity to risk-weighted assets at 7.6% as of March 2026), albeit lower than that of the privately owned Tier 1 peers. Moody's expects Isbank's internal capital generation to maintain stable capital buffers over the outlook period. The BCA is further supported by Isbank's strong liquidity profile. Core banking liquidity represented 20.7% of tangible banking assets as of March 2026. Although the bank maintains recourse to less-stable funds (31.5% of tangible banking assets as of March 2026), this is mitigated by its stock of core liquidity, stable and established deposit franchise as well as continued strong market access. DEPOSIT RATINGS AFFIRMATION The affirmation of Isbank's long-term deposit ratings at Ba3 reflects the bank's BCA of b1 and Moody's continued assessment of a high probability of support from the Government of Turkiye (Ba3, stable). This results in a one-notch uplift based on Moody's assessments of the bank's systemic relevance to the Turkish banking system. STABLE OUTLOOK The stable outlook on Isbank's long-term deposit ratings reflects expectations of weakening asset quality and profitability balanced by stable capital and liquidity buffers. The stable outlook also considers the stable outlook on the Government of Turkiye. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Isbank's ratings could be upgraded if (1) Turkiye's sovereign rating of Ba3 is upgraded; and (2) the bank reverses asset quality weakening and improves financial fundamentals. Isbank's ratings could be downgraded if (1) the bank's solvency and funding profile deteriorates beyond anticipated asset quality and profitability weakening; (2) the authorities revert to unorthodox policies which could lead to challenging operating conditions; and/or (3) Turkiye's sovereign rating of Ba3 is downgraded. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TURKIYE VAKIFLAR: Moody's Affirms 'Ba3' LT Deposit Bank Rating -------------------------------------------------------------- Moody's Ratings has affirmed Turkiye Vakiflar Bankasi T.A.O.'s (Vakifbank) long-term and short-term bank deposit ratings of Ba3 and NP respectively. Moody's also affirmed the long-term Counterparty Risk Ratings (CRRs) and Counterparty Risk (CR) Assessment of the bank of Ba3 and Ba3(cr) respectively, as well as the short-term CRRs and CR Assessment of NP and NP(cr) respectively. At the same time, the bank's local- and foreign-currency senior unsecured MTN program ratings have been affirmed at (P)Ba3. Concurrently, Moody's affirmed the bank's Baseline Credit Assessment (BCA) and Adjusted BCA of b2. The outlook on the bank's long-term bank deposit ratings remains stable. RATINGS RATIONALE BCA AFFIRMATION The affirmation of Vakifbank's BCA at b2 reflects the moderating operating conditions in Turkiye, supported by the authorities' continued commitment to orthodox macroeconomic policies and disinflation efforts. However, the recent slowdown in disinflation momentum has contributed to a longer period of elevated interest rates, which continues to weigh on borrowers' repayment capacity. Against this backdrop, Moody's expects asset risks to remain elevated, as indicated by a nonperforming loan ratio of 3.1% as of March 2026, reflecting the bank's sizeable exposure to small and medium-sized enterprises and retail borrowers, which accounted for around 30% and 20% of gross loans, respectively. The b2 BCA also reflects Moody's expectations that the recovery in Vakifbank's core net interest margin and the normalisation of profitability will remain gradual. Elevated funding costs, macroprudential measures that continue to limit loan growth, persistent asset quality pressures and inflation-driven increases in operating expenses will likely temper earnings growth. Nevertheless, profitability remains modest, as reflected in an annualised net income to tangible assets ratio of 1.2% during the first three months of 2026, supported by interest income from investment securities. The BCA also reflects Vakifbank's still-modest capital buffers. Although the bank's core Common Equity Tier 1 ratio (including countercyclical and systemic risk buffers), was 9.8% as of March 2026 and remained above regulatory requirements, additional buffers above minimum requirements still remain modest. Moody's expects the gradual, albeit stalled, recovery in profitability is likely to result in a more measured build-up of core capital buffers. The bank also benefits from ample liquidity buffers and a predominantly deposit-funded balance sheet. Core banking liquidity accounted for 25% of tangible banking assets as of March 2026, providing a meaningful buffer against the bank's recourse to less-stable funding sources, which amounted to 33% of tangible banking assets. LONG-TERM RATINGS AFFIRMATION The affirmation of Vakifbank's long-term bank deposit ratings at Ba3 reflects the bank's b2 BCA and Moody's assessments of a very high probability of support from the Government of Turkiye (Ba3 stable), resulting in a two-notch uplift. This assessment is underpinned by Vakifbank's around 90% ultimate government ownership and its strong systemic importance. OUTLOOK The stable outlook on Vakifbank's long-term bank deposit reflects Moody's expectations that asset quality is expected to weaken and profitability will normalize only gradually, while capital buffers remain modest. These pressures are expected to remain balanced by the bank's strong franchise, sound funding profile and ample liquidity buffers over the next 12-18 months. The stable outlook on the long-term deposit ratings also considers the stable outlook on the Government of Turkiye. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Vakifbank's ratings could be upgraded if (1) the bank's solvency profile strengthens through a sustained increase in capital buffers supported by a recovery in core profitability; and/or (2) Turkiye's sovereign rating of Ba3 is upgraded. Vakifbank's ratings could be downgraded if (1) the bank's solvency profile weakens beyond Moody's expectations, driven by a sharper deterioration in asset quality and further pressure on its capital buffers; (2) the authorities revert to unorthodox policies that weaken operating conditions; and/or (3) Turkiye's sovereign rating of Ba3 is downgraded. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. =========================== U N I T E D K I N G D O M =========================== CENTILI GROUP: Begbies Traynor Appointed as Administrators ---------------------------------------------------------- Centili Group Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-005561. Andrew Hosking and Andrew Andronikou of BTG Begbies Traynor (London) LLP were appointed as Administrators on July 15, 2026. The company specialized in other information technology service activities. Its registered office is at 20 Wenlock Road, London, England, N1 7GU. The Administrators can be contacted at: Andrew Hosking Andrew Andronikou BTG Begbies Traynor (London) LLP Level 33 One Canada Square London E14 5AB Further details contact: Vida Urbutiene BTG Begbies Traynor (London) LLP Tel: 020 7516 1500 Email: vida.urbutiene@btguk.com HEIR HILL: Begbies Traynor Named as Administrators -------------------------------------------------- A notice was filed on July 20, 2026, disclosing that Andrew Andronikou and Jack Caten who were appointed as administrators on April 14, 2026, to Heir Hill Limited (formerly Mercantile & Maritime UK Limited) are connected with BTG Begbies Traynor (London) LLP. This notice is in substitution of the notice filed in April 2026, stating that Andrew Andronikou and Jack Caten are from Quantuma Advisory Limited. Heir Hill Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List, Court Number CR-2026-002907. The company specialized in other business support service activities not elsewhere classified. Its registered office is at PO Box 4385, 09648525, Companies House Default Address, Cardiff, CF14 8LH. Its principal trading address is Sloane Avenue Mansions Garage, Sloane Avenue, Chelsea, London, SW3 3JF. The Administrators can be contacted at: Andrew Andronikou Jack Caten BTG Begbies Traynor (London) LLP Level 33 One Canada Square Canary Wharf London E14 5AB Further details contact: Boyd Yeung BTG Begbies Traynor (London) LLP Tel: 020 7516 1500 Email: boyd.yeung@btguk.com HERMITAGE 2026: Fitch Assigns 'BB+sf' Final Rating to Class E Notes ------------------------------------------------------------------- Fitch Ratings has assigned Hermitage 2026 PLC final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Hermitage 2026 PLC Class A XS3375210963 LT AAAsf New Rating AAA(EXP)sf Class B XS3375206342 LT AA+sf New Rating AA+(EXP)sf Class C XS3375206425 LT Asf New Rating A(EXP)sf Class D XS3375206698 LT BBBsf New Rating BBB(EXP)sf Class E XS3375206771 LT BB+sf New Rating BB+(EXP)sf Class F XS3375210617 LT NRsf New Rating NR(EXP)sf Transaction Summary Hermitage 2026 PLC is the fourth securitisation of equipment finance receivables originated by Haydock Finance Limited to SME borrowers in the UK. Affiliates of funds managed by Apollo Global Management, Inc. acquired a majority stake in Haydock in 2018. KEY RATING DRIVERS Moderate Obligor Credit Risk: Fitch assumed a default base case of 7.5%, slightly lower than the 8% assumption made for the previous deal, Hermitage 2025. The reduction in the base case largely reflects the longer performance data history available for this issuance. Performance has been stable despite a challenging operating environment for SMEs. Haydock targets riskier segments than prime-only lenders, resulting in higher interest rates and an increased focus on asset recovery value. The base case reflects the subdued macroeconomic environment for SMEs in the UK and Fitch's 'deteriorating' sector outlook. Revolving Period Risk Addressed: The transaction has a 12-month revolving period from closing, slightly higher than the nine-month revolving period in Hermitage 2025. The longer transaction horizon heightens the risk of changes in origination standards and the risk of an economic downturn. Fitch has set the 'AAA' default multiple at 4.25x, resulting in a 'AAA' default rate of 32%. Pro Rata Increases Risk: The class A to E notes and the unrated class F notes will amortise pro rata with one another until the breach of certain triggers. In Fitch's view, this increases tail risk and makes the ratings more sensitive to default timing and prepayment rates. Nevertheless, the package of triggers has been analysed in its cash flow modelling. Fitch believes they are adequate to mitigate the risk at the assigned ratings. Limited Portfolio Concentration: Obligor concentrations are higher than in a typical EMEA ABS pool due to the commercial nature of the borrowers and the presence of some high value assets. However, the pool is still sufficiently granular for Fitch's Consumer ABS Rating Criteria approach to apply. The largest obligor comprises 0.85% of the total pool balance. There is wide diversification across industries, asset types and geographies. Heterogenous Equipment Collateral: The loans finance many asset types, including heavy goods vehicles, light commercial vehicles, prestige vehicles, industrial machinery and buses. Haydock focuses on business-critical, high recovery and easily movable assets. This supports strong recoveries. Fitch assigned a recovery base case of 60%. Fitch also applied a median 'AAA' recovery haircut of 50%. The secured nature of recoveries is a strength but there is risk of volatility stemming from exposure to larger, more specialised and higher-value assets. Servicing Continuity Risk Addressed: The credit risk of the obligors and the heterogeneity of the financed equipment increase the complexity of finding replacement servicers. However, Fitch views the risk as adequately mitigated by the presence of back-up servicer and the availability of liquidity to preserve timely payments on the notes during the transition period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Rating sensitivity to increased default rates: Increase default rate by 10% / 25% / 50% Class A: 'AAAsf' / 'AA+sf' / 'AA+sf' Class B: 'AA+sf' / 'AAsf' / 'A+sf' Class C: 'Asf' / 'A-sf' / 'BBBsf' Class D: 'BBBsf' / 'BBB-sf' / 'BB+sf' Class E: 'BBB-sf' / 'BB+sf' / 'BBsf' Rating sensitivity to reduced recovery rates: Reduce recovery rate by 10% / 25% / 50% Class A: 'AAAsf' / 'AAAsf' / 'AAAsf' Class B: 'AA+sf' / 'AAsf' / 'AA-sf' Class C: 'Asf' / 'A-sf' / 'BBBsf' Class D: 'BBBsf' / 'BBB-sf' / 'BB+sf' Class E: 'BB+sf' / 'BBsf' / 'B+sf' Rating sensitivity to increased default rates and reduced recovery rates: Increase default rate and reduce recovery rate each by 10% / 25% / 50% Class A: 'AAAsf' / 'AA+sf' / 'AA-sf' Class B: 'AAsf' / 'A+sf' / 'A-sf' Class C: 'A-sf' / 'BBBsf' / 'BBsf' Class D: 'BBBsf' / 'BB+sf' / 'B-sf' Class E: 'BB+sf' / 'BB-sf' / 'NRsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Reduce default rate and increase recovery rate each by 10% Class B: 'AAAsf' Class C: 'AA-sf' Class D: 'A-sf' Class E: 'BBB+sf' The class A notes are already rated 'AAAsf', which is the highest level on Fitch's scale and cannot be upgraded. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. HOPS HILL NO.6: Fitch Assigns 'BB+sf' Final Rating to Class E Notes ------------------------------------------------------------------- Fitch Ratings has assigned Hops Hill No.6 plc final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Hops Hill No.6 plc A XS3402919057 LT AAAsf New Rating AAA(EXP)sf B XS3402919214 LT AA+sf New Rating AA+(EXP)sf C XS3402919487 LT A+sf New Rating A+(EXP)sf D XS3402920147 LT A-sf New Rating BBB+(EXP)sf E XS3402920220 LT BB+sf New Rating BB+(EXP)sf Transaction Summary Hops Hill No.6 plc is a securitisation of buy-to-let mortgages originated in England and Wales by Keystone Property Finance Limited (not rated). The transaction includes a pre-funding period between the closing date and the first interest payment date (IPD) and allows for product switches of up to 5% of the post-pre-funding pool balance until the first optional redemption date. Keystone also acts as servicer. KEY RATING DRIVERS Newly Originated Assets: The loans in the mortgage pool were originated in 2025 (33.2%) and 2026 (66.8%). The pool has a weighted average (WA) original loan-to-value (LTV) of 72.9% and a Fitch-calculated WA interest coverage ratio (ICR) of 90.4%, leading to a WA sustainable LTV of 83.6%. The WA LTVs and ICR are in line with peer transactions rated by Fitch. Keystone's target market consists of professional landlords and limited companies with large portfolios. The borrower concentration, while comparable with peer transactions rated by Fitch, is at the upper end of that range. Pre-Funding Mechanism: The transaction documentation permits the inclusion of additional mortgage loans to be purchased with the proceeds of the over-issuance of notes at closing (pre-funding). The pre-funding occurs over the four months between the closing date and the first IPD, during which proceeds remaining after the issuance of the notes can be used to purchase additional loans up to 20% of the transaction size. Principal collections during this period can also be used to purchase new loans. The additional loans must meet additional mortgage loan conditions to be included in the pool. Fitch believes the conditions required for the inclusion of additional mortgage loans largely mitigate the risk of negative portfolio migration. Furthermore, the current portfolio is already close to most of the limits outlined in these conditions. Therefore, Fitch applied no further stress. Alternative Prepayment Rates: The mortgage pool is made up almost exclusively of fixed-rate loans, which are subject to a steep roll-off in years four and five of the transaction's life. Fitch therefore applied an alternative high prepayment stress tracking the fixed-rate reversion profile of the pool. The prepayment rate applied is floored at 10% during periods of no reversion and capped at a maximum of 40% a year during reversionary peaks. Final Pricing: The notes and swap rates were priced at lower margins than those provided to Fitch at the expected ratings stage. This led to the class D notes' final rating being one notch higher than the expected rating. The class E notes have been capped at 'BB+sf' due to an excessive reliance on the turbo feature. The class D notes' rating displays a smaller sensitivity to excess spread. Fitch did not deem this to be excessive but assigned a final rating one notch below the model-implied rating to account for the potential variability of excess revenue funds. In addition, as part of its rating determination, the class C notes are capped due to liquidity constraints. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by changes in market conditions and economic environment. Weakening asset performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce the credit enhancement (CE) available to the notes. Additionally, unanticipated declines in recoveries could also result in lower net proceeds, which may make certain notes susceptible to potential negative rating action depending on the extent of the decline in recoveries. Fitch conducts sensitivity analyses by stressing both a transaction's base-case foreclosure frequency (FF) and recovery rate (RR) assumptions and examining the rating implications for all classes of notes. Fitch found that a 15% WAFF increase and a 15% WARR decrease would result in downgrades of one notch for the class B, C and D notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance, driven by stable delinquencies and defaults, would lead to increasing CE levels and consideration for potential upgrades. Fitch tested an additional rating sensitivity scenario by applying a decrease in the FF of 15% and an increase in the RR of 15%. This would lead to upgrades of one notch for the class B notes, and up to two notches for the class D notes (subject to a test of reliance on excess spread). The class A, C and E notes are already rated at their maximum achievable ratings. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MO-SYS ENGINEERING: BTG Begbies, Kirker Named as Administrators --------------------------------------------------------------- Mo-Sys Engineering Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Court Number CR-2026-5562. Bai Cham of BTG Begbies Traynor (Central) LLP and Edwin David Stanley Kirker of Kirker & Co were appointed as Administrators on July 15, 2026. The company specialized in the manufacture of photographic and cinematographic equipment. Its registered office and principal trading address is Ground Floor, Kings House, 101–135 Kings Road, Brentwood, Essex, CM14 4DR. The dministrators can be contacted at: Bai Cham BTG Begbies Traynor (Central) LLP Innovation Centre Medway Maidstone Road Chatham Kent ME5 9FD -- and -- Edwin David Stanley Kirker Kirker & Co Centre 645 2 Old Brompton Road South Kensington London SW7 3DQ Further details contact: Aaron Parks BTG Begbies Traynor (Central) LLP Tel: 01634 975440 Email: medway@btguk.com NOMAD FOODS: Fitch Rates New EUR800M Sr. Sec. Notes 'BB+(EXP)' -------------------------------------------------------------- Fitch Ratings has assigned Nomad Foods BondCo Plc's prospective seven-year EUR800 million senior secured notes an expected rating of 'BB+(EXP)' with a Recovery Rating of 'RR2'. The entity is a fully-owned subsidiary of Nomad Foods Limited (Nomad Foods, BB/ Stable). The proceeds will be used to refinance the existing 2.5% EUR800 million bond maturing in 2028, leading to a neutral impact on leverage, but extending the debt maturity profile. The assignment of a final rating is contingent on the receipt of final documents conforming to information already received. The company also plans to increase its revolving credit facility (RCF) by EUR105 million to EUR280 million, further enhancing its financial flexibility. Nomad Foods' IDR reflects its leading position as western Europe's largest frozen-food producer, resilient free cash flow (FCF) and a reiterated financial policy to maintain EBITDA net leverage below 3.5x. Key Rating Drivers Expected Notes' Rating: The rating on the proposed notes is in line with Nomad Foods' other secured debt, and one notch above its Long-Term Issuer Default Rating (IDR) reflecting Fitch's view of superior recovery prospects. Stretched Leverage: Fitch forecasts Fitch-adjusted EBITDA net leverage will rise to 4.4x in 2026 (2025: 4.1x), above the negative sensitivity of 4.0x. Stretched leverage headroom limits Nomad Foods' capacity to absorb further external shocks or larger-than-expected shareholder distributions. However, Fitch expects net leverage to fall towards 4.0x in 2027 and rating headroom to be restored from 2028, as EBITDA recovers and the group exercises discipline over its shareholder distributions. Disrupted 2026 Performance: Fitch forecasts the Fitch-adjusted EBITDA margin will decline to 14.2% in 2026 (2025: 15.3%), affected by delayed price increases to offset cost inflation and potential sales volumes reduction amid tough price negotiations with retailers. The group has guided declines of up to 5% in revenue and 10% in EBITDA in 2026 -with 1H26 most affected - reflecting volumes pressure from intense competition, including from private label, and potential disruptions from operational restructuring. Nevertheless, its EBITDA margin remains strong for its rating. EBITDA Recovery From 2027: Fitch assumes that completion of the price negotiations, optimisation of commercial activities, and alignment of shipments to the trade with end-customer demand from 2H26, will help return revenue growth to the low single digits from 2027. Together with the EUR200 million three-year savings programme launched in 2025, this will lead to an EBITDA margin recovery to 15%-15.5%. This remains under the historical average of 16%, constrained by expected investments in promotion, marketing, innovation, and merchandising, using a large part of the ongoing cost-savings initiatives. Financial Policy Adherence Anchors Ratings: The Stable Outlook is supported by Nomad Foods' public commitment to its long-term net debt/EBITDA target of 2.5x-3.5x, which corresponds to Fitch-calculated EBITDA net leverage of below 4.0x. It also reflects its expectations of no material debt-funded M&A in 2026-2028 and a moderation in share buybacks following the completion of its USD500 million share buyback programme in 2026. Continued disciplined distributions to shareholders, without compromising the group's financial policy, is vital to maintaining the rating. Moderated but Strong FCF: Fitch expects Nomad Foods' FCF margins to be about 3% over 2026-2028 (2025: 0.8%), despite weaker operating profitability due to limited additional investment in working capital, moderate capex at 2.6% of revenue and slight moderation in interest costs following the recent refinancing. Strong FCF, alongside Nomad Foods' resilient market position and adequate scale, remain a credit strength, which differentiates the group from lower-rated packaged food peers. Leading European Frozen Food Producer: Nomad Foods is the largest branded frozen food producer in western Europe, with leading positions across markets and categories. Its market share of 18% in western Europe's savoury frozen food market is more than twice its next competitor's. Nomad Foods' market position and annual EBITDA close to USD500 million put it firmly in the 'BB' rating category. Its focus on one packaged food category (frozen food) and mostly mature markets in one geographic region, albeit with a wide footprint across different countries, results in weaker business diversification than investment-grade packaged food producers. Peer Analysis Nomad Foods compares well with Conagra Brands, Inc (BBB-/Negative), which is the second-largest branded frozen food producer globally with operations mostly in the US. The two-notch rating differential stems from the latter's larger scale and product diversification as it also sells snacks, which account for about 20% of its revenue. Further, its organic growth profile is stronger than Nomad Foods, allowing it to better cope with cost inflation, in turn supporting greater business resilience. Nomad Foods is rated below Premier Foods plc (BB+/Stable), one of the UK's largest food businesses, which also benefits from a strong market position in its product categories. Nomad Foods is larger in size and has wider geographic diversification of operations, but the one-notch differential is mainly driven by Premier Foods' higher EBITDA and FCF margin and significantly more conservative leverage. Nomad Foods' two-notch differential with Sammontana Italia S.p.A. (B+/Stable) reflects the former's strength in branded and private-label frozen food, a more diverse portfolio of categories and geographies of operation, and larger overall scale, leading to a stronger business profile. Combined with higher cash generation, this justifies Nomad Foods' larger debt capacity. Nomad Foods' rating also reflects its lower gross leverage of about 4.5x. Nomad Foods is rated higher than the world's largest plant-based spreads and margarine producer, Sigma Holdco BV (B/Stable), despite its more limited geographical diversification and smaller business scale. The rating differential is due to Nomad Foods' lower leverage, proven ability to generate positive FCF and less challenging demand fundamentals for frozen food than plant-based spreads. Fitch’s Key Rating-Case Assumptions - Organic revenue decline in 2026, followed by low single-digit growth annually to 2029 - EBITDA margin to decline to 14.2% in 2026 (2025: 15.3%) driven by cost inflation and a negative product mix, before gradually recovering towards 15.3% in 2029 - Capex at 2.6% of revenue in 2026-2029 - Dividend payments at about EUR86 million in 2026, growing at about 7% annually to EUR105 million in 2029 - Lower share buybacks at about EUR25 million in 2026 under the USD500 million share buyback programme scheduled to end in 2026, before gradually increasing to EUR50 million in 2027 and EUR100 million a year in 2028 and 2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening organic sales growth, resulting in market share erosion across key markets - Shift in the financial policy leading to EBITDA net leverage above 4.0x on a sustained basis - A reduction in EBITDA margins or higher-than-expected exceptional charges, leading to FCF margins below 2% on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strengthened business profile through increased business scale or greater geographical and product diversification - Continuation of organic growth in sales and EBITDA - EBITDA net leverage below 3.5x on a sustained basis, supported by a consistent financial policy - Maintenance of strong FCF margins Liquidity and Debt Structure At end-2025, Nomad Foods had sufficient liquidity, with EUR291 million cash and EUR165 million available under a EUR175 million RCF (of which EUR10 million is carved out as a guarantee facility), which has now been extended. The proposed increase of the RCF to EUR280 million would further strengthen liquidity. Following the successful refinancing, the next material debt maturity will be in 2032. The one-notch uplift to the rating of the senior secured loans and notes to 'BB+' reflects its view of above-average recovery prospects. These are supported by moderate leverage partly offset by the lack of material subordinated, or first-loss, debt tranche in the capital structure. The senior credit facilities and notes share the same collateral and therefore rank equally among themselves. Date of Relevant Committee 16 March 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The result of its Climate.VS screener did not indicate an elevated risk for Nomad Foods. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Nomad Foods BondCo Plc senior secured LT BB+(EXP) Expected Rating RR2 OCEAN COATINGS: FRP Advisory Appointed as Joint Administrators -------------------------------------------------------------- Ocean Coatings Limited was placed into administration in the Business and Property Courts, Newcastle upon Tyne, Court Number CR-2026-NCL-000085. Steven Philip Ross and Shaun Hudson of FRP Advisory Trading Limited were appointed as Joint Administrators on July 14, 2026. The company specialized in research and experimental development. Its registered office is at FRP Advisory, Suite 5, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS. Its principal trading address is Netpark Plexus, Thomas Wright Way, Sedgefield, Stockton-on-Tees, TS21 3FD. The Joint Administrators can be contacted at: Steven Philip Ross Shaun Hudson FRP Advisory Trading Limited Suite 5, 2nd Floor Bulman House Regent Centre Newcastle upon Tyne NE3 3LS Further details contact: The Joint Administrators Tel: 0191 605 3737 Alternative contact: Georgia Foster Email: cp.newcastle@frpadvisory.com PIERPONT BTL 2026-2: Moody's Assigns Ba1 Rating to GBP3.9MM X Notes ------------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to Notes issued by Pierpont BTL 2026-2 Plc: GBP289.5M Class A Mortgage Backed Floating Rate Notes due June 2063, Definitive Rating Assigned Aaa (sf) GBP19.8M Class B Mortgage Backed Floating Rate Notes due June 2063, Definitive Rating Assigned Aa2 (sf) GBP6.1M Class C Mortgage Backed Floating Rate Notes due June 2063, Definitive Rating Assigned A1 (sf) GBP3.7M Class D Mortgage Backed Floating Rate Notes due June 2063, Definitive Rating Assigned A3 (sf) GBP2.6M Class E Mortgage Backed Floating Rate Notes due June 2063, Definitive Rating Assigned Baa2 (sf) GBP3.9M Class X Mortgage Backed Floating Rate Notes due June 2063, Definitive Rating Assigned Ba1 (sf) RATINGS RATIONALE The Notes are backed by a pool of specialist UK buy-to-let ("BTL") mortgage loans originated by LendInvest BTL Limited ("LendInvest", NR) and MTF (LE) Limited ("MTF", NR). The pool was acquired by JPMorgan Chase Bank, N.A., London Branch (Aa1/P-1 & Aa1(cr)/P-1(cr)) from the originators. The portfolio of assets amounts to approximately GBP321.6 million as of May 31, 2026 pool cut-off date. The subordination for the Class A Notes will be 10.0% excluding the liquidity reserve fund that will be funded to 1.05% of the balance of Class A to B Notes at closing. The liquidity reserve fund is available to pay senior expenses, interest on Class A and interest on Class B, with the latter subject to either the Class B Note being the most senior Note outstanding, or having a PDL less than 10%. The release amounts from the liquidity reserve fund will flow through the principal waterfall. The ratings are primarily based on the credit quality of the portfolio, the structural features of the transaction and its legal integrity. According to us, the transaction benefits from various credit strengths such as a static structure, and that there is no obligation for the originators to grant further advances or product switch, all of which prevents the portfolio from changes after closing. However, Moody's notes that the transaction features some credit weaknesses such as unrated originators also acting as servicers. Various mitigants have been included in the transaction structure, such as an experienced delegated servicer, Pepper (UK) Limited (NR), acting on behalf of MTF, while the transaction also benefits from a back-up servicer facilitator and an independent cash manager. Moody's determined the portfolio lifetime expected loss of 1.2% and 12.5% MILAN Credit Enhancement ("MILAN CE") related to borrower receivables. The expected loss captures Moody's expectations of performance considering the current economic outlook, while the MILAN CE captures the loss, Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults and MILAN CE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate RMBS. Portfolio expected loss of 1.2%: This is broadly in line with the recent UK BTL RMBS sector average and is based on Moody's assessments of the lifetime loss expectation for the pool taking into account: (i) blended expected loss following analysis of Lendinvest and MTF historical data; (ii) the current macroeconomic environment in the UK, and the impact of future interest rate rises on the performance of the mortgage loans; and (iii) benchmarking with other UK BTL transactions. MILAN CE for this pool is 12.5%, which is in line with other UK BTL RMBS transactions, owing to: (i) the WA current LTV for the pool of 75.8%; (ii) top 20 borrowers constituting 15.30% of the pool; (iii) the fact that all the loans in the pool are interest-only; (iv) 0.72% exposure to borrowers with CCJ history; and (v) benchmarking with similar UK BTL transactions. Interest Rate Risk Analysis: 100.0% of the loans in the pool are fixed rate loans reverting to three months BBR. The Notes are floating rate securities with reference to daily SONIA. To mitigate the fixed-floating mismatch between fixed-rate assets and floating liabilities, there will be a scheduled notional fixed-floating interest rate swap provided by J.P. Morgan SE (Aa1(cr)/P-1(cr)). The in-place swap rate also guarantees a minimum excess spread amount at closing, based on the weighted average interest rates of the loans in the portfolio at cut-off, senior fees and the weighted average margin of the collateralised Notes. At closing, on the first interest payment date only, the seller will inject GBP1.2 million into the transaction, which will form part of the available revenue receipts and be distributed via the revenue waterfall. 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 that would lead to a upgrade of the ratings include: (i) significantly better-than-forecast macroeconomic conditions; (ii) increase in the available credit enhancement to the Notes; and (iii) better-than-expected collateral performance. Factors that would lead to a downgrade of the ratings include: (i) an increase in the level of arrears resulting in a higher level of losses than forecast; (ii) increased counterparty risk leading to potential operational risk of servicing or cash management interruptions; or (iii) economic conditions being worse than forecast resulting in higher arrears and losses. R A W CLARK: FRP Advisory Appointed as Joint Administrators ----------------------------------------------------------- R A W Clark LLP, trading as Melia Mumford, was placed into administration in the Business and Property Courts in Newcastle-upon-Tyne, Court Number CR-2026-000083. Shaun Hudson and Allan Kelly of FRP Advisory Trading Limited were appointed as Joint Administrators on July 16, 2026. R A W Clark was a company of solicitors. Its registered office is at 35 Newgate Street, Morpeth, Northumberland, NE61 1AT and is to be changed to Suite 5, 2nd Floor, Bulman House, Regent Centre, Newcastle upon Tyne, NE3 3LS. Its principal trading address is 35 Newgate Street, Morpeth, Northumberland, NE61 1AT. The Joint Administrators can be contacted at: Shaun Hudson Allan Kelly FRP Advisory Trading Limited Suite 5, 2nd Floor Bulman House Regent Centre Newcastle upon Tyne NE3 3LS Further details contact: The Joint Administrators Tel: 0191 605 3737 Alternative contact: Andrew Corfield Email: cp.newcastle@frpadvisory.com SILICON ASSET: Oury Clark Appointed as Joint Administrators ----------------------------------------------------------- Silicon Asset Management Limited, trading as Silicon Credit Management, 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-2026-005318. Carrie James and Nick Parsk of Oury Clark Chartered Accountants were appointed as Joint Administrators on July 15, 2026. The company specialized in the activities of collection agencies. Its registered office is Bawtry Hall, South Parade, Doncaster, South Yorkshire, DN10 6JH. Its principal trading address is Gresley House, Ten Pound Walk, Doncaster, DN4 5HX. The Joint Administrators can be contacted at: Carrie James Nick Parsk Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough SL1 1PG Further details contact: The Joint Administrators Tel: 020 7067 4300 Email: silicon@ouryclark.com Alternative contact: Henry Everitt ST. JOSEPH'S COLLEGE: BDO Appointed as Joint Administrators ----------------------------------------------------------- St. Joseph's College Reading Trust was placed into administration in the Business and Property Courts of England and Wales in London, Insolvency and Companies List (ChD), Case Number CR-2026-005508. Danny Dartnaill and Timothy Townley of BDO LLP were appointed as Joint Administrators on July 14, 2026. The company specialized in general secondary education. Its registered office is at 64 Upper Redlands Road, Reading, RG1 5JT and is to be changed to c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH. Its principal trading address is 64 Upper Redlands Road, Reading, RG1 5JT. The Joint Administrators can be contacted at: Danny Dartnaill Timothy Townley BDO LLP Thames Tower Level 12 Station Road Reading RG1 1LX Further details contact: BDO LLP Tel: +44 (0) 151 237 4432 Email: BRCMTLondonandSouthEast@bdo.co.uk TLAM LIMITED: Greenfield Recovery Appointed as Joint Administrators ------------------------------------------------------------------- TLAM Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-005322. Nicholas Stratten and Michelle Breslin of Greenfield Recovery Limited were appointed as Joint Administrators on July 16, 2026. The company specialized in accounting and auditing activities. Its registered office is at Trinity House, 28–30 Blucher Street, Birmingham, B1 1QH. Its principal trading address is 93 High Street, Tewkesbury, Gloucestershire, GL20 5JZ. The Joint Administrators can be contacted at: Nicholas Stratten Michelle Breslin Greenfield Recovery Limited Trinity House 28–30 Blucher Street Birmingham B1 1QH Further details contact: The Joint Administrators Tel: 0121 201 1720 Email: cameron.young@greenfieldrecovery.co.uk Alternative contact: Cameron Young ********* 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. 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