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

                          E U R O P E

          Monday, August 3, 2026, Vol. 27, No. 153

                           Headlines



A R M E N I A

ARMENIA: Moody's Affirms Ba3 Issuer Ratings, Alters Outlook to Pos.


B E L G I U M

CREAFIN RMBS 2026-1: Moody's Assigns B1 Rating to EUR6.25MM F Notes


F R A N C E

ASMODEE GROUP: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable


G E R M A N Y

DELIVERY HERO: Moody's Puts 'B3' CFR on Review for Upgrade
GOLDEN RAY 3: Moody's Assigns B2 Rating to EUR6.1MM Class E Notes


I R E L A N D

BILBAO CLO VI: S&P Assigns B- (sf) Rating to Class E Notes
CVC CORDATUS IX: Fitch Assigns B-sf Final Rating to Cl. F-R-R Notes
INVESCO EURO XVII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
INVESCO EURO XVII: S&P Assigns B- (sf) Rating to Class F Notes
OCP EURO 2026-16: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes



I T A L Y

FEDRIGONI SPA: Moody's Rates New EUR665MM Senior Secured Notes 'B3'
TELECOM ITALIA: S&P Places 'BB+/B' ICRs on CreditWatch Positive


N E T H E R L A N D S

LOPAREX MIDCO: Moody's Appends 'LD' Designation to PDR


R O M A N I A

PUBLIC POWER: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable


R U S S I A

UZPROMSTROYBANK JSCB: S&P Affirms 'BB-/B' ICR, Outlook Now Negative


S P A I N

CLAVEL RESIDENTIAL 4: Fitch Affirms 'B-sf' Rating to Class F Notes


T U R K E Y

HSBC BANK: Moody's Affirms 'Ba1' LC Deposit Ratings, Outlook Stable


U N I T E D   K I N G D O M

AIRA FORCE 2026-1: S&P Assigns B- (sf) Rating to Cl. X-Dfrd Notes
CYF MANAGEMENT: FTS Recovery Appointed as Administrators
ICELAND VLNCO: Moody's Affirms 'B2' CFR, Alters Outlook to Positive
JUST PERFECT: FRP Advisory Appointed as Joint Administrators
VIOLA MONEY: Interpath's Kristina Kicks Named as Administrator


                           - - - - -


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A R M E N I A
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ARMENIA: Moody's Affirms Ba3 Issuer Ratings, Alters Outlook to Pos.
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Moody's Ratings has changed the outlook on Government of Armenia to
positive from stable. Concurrently, Moody's affirmed the Ba3 local
and foreign currency long-term issuer ratings, as well as the
foreign currency senior unsecured rating.

The positive outlook reflects a material reduction in political
risks underpinned by a lower probability of renewed large-scale
hostilities with Azerbaijan, a rebalancing of external relations
toward a more diversified set of partners, and contained domestic
political risks. The positive outlook also captures an increasing
likelihood that Armenia's strengthened growth prospects will drive
broader improvements in its economic fundamentals.

The decision to affirm the Ba3 rating reflects Armenia's robust
growth potential and its moderately high institutions and
governance strength. These credit strengths are balanced against
rising interest expenditures and lingering geopolitical risks,
which continue to weigh on the sovereign's credit profile. While
geopolitical risks have eased, uncertainties surrounding Armenia's
evolving external orientation and its relationship with Russia
continue to pose risks to Armenia's economic security given the two
countries' strong economic ties.

Armenia's local and foreign currency country ceilings remain
unchanged at Baa2 and Ba1, respectively. The four-notch gap between
the local currency ceiling and the sovereign rating balances the
government's small footprint in the economy and relatively strong
institutions against geopolitical risk and sizeable current account
deficits that expose the economy to external shocks. The two-notch
gap between the foreign currency ceiling and local currency ceiling
incorporates Moody's assessments of Armenia's moderate policy
effectiveness and an open capital account, indicating some transfer
and convertibility risks in times of stress.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=c7RkOA

RATINGS RATIONALE

RATIONALE FOR POSITIVE OUTLOOK

POLITICAL RISKS HAVE MATERIALLY EASED, BUT DURABILITY OF REGIONAL
STABILITY IS UNTESTED

The relative stability of relations between Armenia and Azerbaijan
following the US-mediated peace framework signed by the two
countries in August 2025 has meaningfully lowered the probability
of large-scale hostilities between the two countries. This
framework, together with an ongoing Armenia–Turkiye normalization
process aimed at reopening borders and establishing diplomatic
relations, has produced early signs of improving regional
connectivity and trade. However, a full peace treaty is unlikely in
the foreseeable future as Azerbaijan continues to demand that
Armenia amend its Constitution, which remains politically sensitive
and domestically challenging for Yerevan.

Armenia has gradually diversified its external relations, achieving
a more balanced engagement with Russia, the US and EU,
strengthening its resilience to shocks. Armenia has reduced its
reliance on Russia as its principal security partner, even as
economic ties remain substantial. However, Armenia's transition to
a more balanced external orientation carries some friction with
Russia, evident in Russia's expanding import restrictions on some
Armenian goods, although the impact has remained contained given
the still-limited range of affected goods.

At the same time, Armenia has deepened engagement with the US and
EU through a combination of diplomatic mediation, connectivity
initiatives and reform linked financial assistance. Engagement with
the US has strengthened in particular through its role in regional
peace facilitation, linking normalization efforts to improvements
in transport and infrastructure connectivity across southern
Armenia. Armenia has also intensified cooperation with the EU
through reform focused frameworks and financial support tied to
institutional strengthening and economic resilience.

Domestic political risks are largely contained. Political
polarization remains elevated, reflecting sensitivities around
border delimitation and peace negotiations. However, institutions
have remained effective, while episodes of protests have been
sporadic and contained. The outcome of the June 2026 parliamentary
elections, in which Prime Minister Nikol Pashinyan and the ruling
Civil Contract party secured a renewed mandate and a parliamentary
majority, supports policy continuity.

STRENGTHENED GROWTH PROSPECTS RAISE LIKELIHOOD FOR BROADER
IMPROVEMENTS IN ECONOMIC FUNDAMENTALS

Armenia's growth has been exceptionally strong, averaging 8.5%
annually over 2022-2025, following the Russia-Ukraine war. Large
inflows of capital, labour and remittances, alongside the
relocation of businesses and skilled workers from Russia, have
supported consumption, investment and services activity.

Moody's projects Armenia's real GDP growth to come in at 5-5.5% for
2026 and 2027, supported by robust domestic demand, continued,
albeit moderating, inflows of capital and labor, and sustained
activity in services and trade sectors. Additional fiscal impulse
from the rollout of universal health insurance and pension-related
spending will support household consumption. Moody's expects the
ongoing Middle East conflict to have only a moderate impact, given
Armenia's limited direct trade and financial linkages with the
region and the cushioning effect of preferential gas supply
arrangements with Russia.

Improving relations with the US are yielding stronger investments
in Armenia's technology and infrastructure sectors. The
announcement of Phase 2 of the US–Armenia AI supercomputing data
center project, amounting to approximately $3.5 billion (around 12%
of Armenia's 2025 GDP), illustrates the scale of project that
Armenia has recently been able to attract. If such inflows are
sustained, they will likely support higher productivity growth,
accelerate economic diversification and strengthen Armenia's
medium-term growth prospects.

Armenia's longer-term growth potential could rise further, beyond
Moody's current estimate of 5%, if investments pick up further.
Gross fixed capital formation growth has remained elevated,
averaging 12.5% annually over 2022–2025, compared with 6.3% over
2017–2019. Labour productivity growth has also strengthened,
averaging 6.4% year-on-year over 2022–2025, up from 5.8% over
2015–2019, according to Conference Board data. Economic
diversification has deepened. The ICT sector's share of GDP rose to
6.5% in 2025, from 5.0% in 2022 and 3.7% in 2017, with ICT exports
mainly directed toward the US and EU.

However, the spillovers from strong growth outcomes to broader
improvements in economic fundamentals are not yet evident. The
pass-through to labour market outcomes appears weak. The
unemployment rate has declined but remains in double digits, in
part reflecting a narrow growth base concentrated in a few sectors,
as well as structural constraints such as skills mismatches and
high informality. Domestic savings have also remained low, weighed
down by shallow domestic capital markets and the same informality
that limits household savings mobilization. As a result, Armenia
continues to run sizeable current account deficits financed largely
by external capital inflows, with only a modest contribution from
foreign direct investment, which remains low at around 2% of GDP.
Moreover, another consequence of shallow savings is relatively high
domestic borrowing costs.

RATIONALE FOR AFFIRMING Ba3 RATING

The decision to affirm the Ba3 rating reflects Armenia's robust
growth potential and moderately high institutions and governance
strength. Economic and fiscal management has remained effective
through successive external shocks. However, these gains have yet
to translate into broader improvements in economic fundamentals,
such as more significant declines in unemployment rates and the
deepening of domestic capital markets that would help lower
domestic borrowing costs.

Armenia's debt structure has improved, with a shift toward domestic
borrowing and a lower share of foreign-currency-denominated debt.
However, this has been accompanied by some weakening in debt
affordability. The greater reliance on domestic-currency borrowing
has raised interest costs, reflecting in part the still-shallow
domestic capital markets. The share of foreign currency-denominated
government debt reduced to around 47% in 2025 from an average of
about 80% during 2017-2019. Interest payments increased to 11.5% of
government revenue in 2025, up from an average of about 10% over
2017-2019, despite a higher debt burden during that earlier
period.

The fiscal deficit will widen to about 4.5% of GDP in 2026
reflecting a ramp-up in capital expenditure and social spending,
including the rollout of universal health insurance. Beyond 2026,
Moody's expects the government to resume consolidation, supported
by ongoing tax policy efforts, strengthened revenue administration
and expenditure prioritization, with the IMF Stand-By Arrangement
serving as a credible policy anchor.

Moody's expects the interest payments to revenue ratio to remain
broadly stable, with the government debt burden stabilizing at
around 50% of GDP, well below the 2020 peak of 63.5%.

These credit strengths are balanced against elevated geopolitical
risks, which continue to weigh on the sovereign's credit profile.
Despite recent improvements in regional stability, Armenia's
evolving security and foreign policy orientation introduces
uncertainties regarding its relations with Russia, with potential
implications for Armenia's economic and fiscal prospects given the
two countries' deep economic linkages.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Armenia's CIS-3 ESG credit impact score is driven primarily by its
exposure to social and environmental risks, balanced against its
low governance risk that is underpinned by a track record of policy
effectiveness and institutional reforms.

Armenia's E-3 issuer profile score for environmental risks reflects
the country's moderate exposure to heat and water stress, sizeable
agricultural sector and its landlocked geography and small land
area.

Armenia's S-3 issuer profile score for social risks is driven by
demographic challenges including a small, ageing population and
high youth unemployment that may act as a drag on long-term
potential growth. High emigration by higher skilled Armenians
supports inbound remittances, a mitigating factor, but also
exacerbates demographic dynamics. The pivot to higher productivity
services sectors including information technology may help to
mitigate these risks.

Armenia's G-2 issuer profile score for governance risks reflects
the country's relative strength versus peers in economic
policymaking, with a track record of fiscal and monetary prudence,
and initial progress toward institutional reforms. Ongoing
challenges include control of corruption and rule of law, although
reforms in these areas are underway, with a number of legislative
and institutional measures already implemented, supported by
international technical assistance. The banking system's large size
and still-high dollarization pose some risks to financial
stability, although the central bank's macroprudential policies
help to contain these risks.

GDP per capita (PPP basis, US$): 24,871 (2025) (also known as Per
Capita Income)

Real GDP growth (% change): 7.2% (2025) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.3% (2025)

Gen. Gov. Financial Balance/GDP: -3.5% (2025) (also known as Fiscal
Balance)

Current Account Balance/GDP: -8.7% (2025) (also known as External
Balance)

External debt/GDP: 65% (2025)

Economic resiliency: baa2

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On July 23, 2026, a rating committee was called to discuss the
rating of the Armenia, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer has become less
susceptible to event risks.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's would consider upgrading the rating on the basis of
continued delivery on reforms, such as those aimed at facilitating
exports, improving business environment, and increasing employment
opportunities, resulting in stronger policy effectiveness and a
durable improvement in economic and fiscal performance.

Increasing evidence of the durability of regional stability would
also be credit positive. This could come from further progress in
normalising relations with Azerbaijan and Türkiye, advancing on
projects supported by EU and US that enhance Armenia's regional
connectivity and trade prospects, or greater clarity around
Armenia's evolving relationship with Russia.

Furthermore, upward pressure on the rating could result from
economic growth being accompanied by broader improvements in
economic fundamentals, such as stronger labour market outcomes and
deeper domestic capital markets that support lower borrowing costs
and stronger debt affordability.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The positive outlook signals that a rating downgrade is unlikely
over the near term.

Moody's would consider changing the outlook to stable if there were
a material escalation in geopolitical tensions, with a significant
impact on policymaking or economic and fiscal outcomes.

Moody's would also consider a stable outlook if it becomes
increasingly likely that spillovers from strong GDP growth to
economic fundamentals remain weak, and that policy reforms are
increasingly unlikely to address key weaknesses in the credit
profile. This could manifest through a further, material weakening
in debt affordability, driven either by a significantly higher
government debt burden or persistently rising domestic borrowing
costs.

The principal methodology used in these ratings was Sovereigns
published in May 2026.

The weighting of all rating factors is described in the methodology
used in this credit rating action, if applicable.

Armenia's assigned rating of Ba3 is below the final
scorecard-indicated outcome range of Baa2-Ba1, reflecting Moody's
assessments that the scorecard does not fully capture the risks
posed by Armenia's evolving relationship with Russia, and the
uncertainties around whether reforms will translate into materially
stronger policy effectiveness and generate improvements in broader
economic and fiscal fundamentals.



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B E L G I U M
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CREAFIN RMBS 2026-1: Moody's Assigns B1 Rating to EUR6.25MM F Notes
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Moody's Ratings has assigned definitive ratings to Notes issued by
Creafin Credits NV, Compartment Creafin RMBS BE 2026-1:

EUR262.75M Class A Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned Aaa (sf)

EUR15M Class B Mortgage Backed Floating Rate Notes due July 2060,
Definitive Rating Assigned Aa2 (sf)

EUR8.75M Class C Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned A1 (sf)

EUR4.25M Class D Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned A2 (sf)

EUR3M Class E Mortgage Backed Floating Rate Notes due July 2060,
Definitive Rating Assigned Baa1 (sf)

EUR6.25M Class F Mortgage Backed Floating Rate Notes due July
2060, Definitive Rating Assigned B1 (sf)

Moody's did not rate the EUR3.5M Class X Floating Rate Notes due
July 2060 and the EUR3.5M Class Z Floating Rate Notes due July
2060.

RATINGS RATIONALE

The Notes are backed by a static pool of Belgian residential
mortgage loans originated by Creafin NV ("Creafin", not rated).
This represents the first issuance from Creafin.

The portfolio of assets amounts to approximately EUR300 million
(including retained amounts) as of May 31st, 2026 pool cutoff date.
The loans are extended to (near-) prime individuals and
professional landlords to finance or refinance the acquisition of
properties in Belgium. The aggregate mortgage inscription
supporting the loans consists of both the first-ranking mortgage on
the financed properties and any additional mortgages on external
properties. This is Moody's first rating of a transaction with
these features.

The reserve fund includes two ledgers, each starting at 1.25% of
the total rated Notes balance. The liquidity reserve equals 1.25%
of the initial Class A and B Notes, reducing to 1.25% of their
outstanding balance over time. The general reserve is set at 1.25%
of the initial rated Notes balance minus the required liquidity
reserve. At closing, the Class A Notes will benefit from a total
subordination of 12.42%, supplemented by excess spread and the
credit support afforded by the reserve fund.

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 portfolio and a non-amortising reserve
fund sized on aggregate at closing at 1.25% of the total Notes
balance. However, Moody's notes that the transaction features some
credit weaknesses such as an unrated originator also acting as
servicer and the focus on a small and niche market, the Belgian
intermediary-served loan market. Creafin, with its current size and
set-up acting as servicer of the securitised portfolio, would not
have the capacity to service the portfolio on its own. However, the
day-to-day servicing of the portfolio is outsourced to Stater
Belgium NV/SA ("Stater", NR) as subservicer and special servicer.
Stater is obliged to continue servicing the portfolio after a
servicer termination event in its role of stand-by servicer. This
risk of servicing disruption is further mitigated by structural
features of the transaction. These include, among others, the
presence of a backup servicer facilitator who will assist the
issuer in appointing a backup servicer on a best-effort basis upon
termination of the servicing agreement.

The interest rate mismatch between the fixed-rate underlying
portfolio and the floating-rate Notes will be hedged by individual
interest rate swap agreements provided by NatWest Markets Plc
(A1/P-1; A1(cr)/P-1(cr)) and subsequently by Deutsche Bank AG
(A1/P-1; A1(cr)/P-1(cr)) from the first reset date of the loans. At
closing, Natwest Markets Plc will pay 1-month Euribor on the loans
against a pre-determined swap rate. Upon the first reset date and
until the loan maturity, the issuer will pay to Deutsche Bank AG
the interest received on the loan and receive 3mE + 2.75%, thereby
guaranteeing a fixed margin on the portfolio. Due to a combination
of collateral and transfer trigger rating levels, WAL of the Notes
and available credit enhancement for the mezzanine Notes, the
ratings of the Notes have a higher linkage to the Deutsche Bank
AG's rating, resulting in a one notch constraint for the Classes B,
C, D and E Notes.

Moody's determined the portfolio lifetime expected loss of 1.5% and
MILAN Stressed Loss of 12.10% related to the mortgage portfolio.
The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the MILAN Stressed
Loss captures the loss Moody's expects the portfolio to suffer in
the event of a severe recession scenario. Expected loss and MILAN
Stressed Loss 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 1.50%: This is higher than the Belgian
RMBS sector and is based on Moody's assessments of the lifetime
loss expectation for the pool taking into account: (1) no
historical performance data for the originator's portfolio is
available; (2) benchmarking with comparable transactions in the
European RMBS market; (3) peculiarities of the Belgian RMBS market,
and (4) the current economic conditions and forecasts in Belgium.

MILAN Stressed Loss of 12.10%: This is higher than the Belgian RMBS
sector average and follows Moody's assessments of the loan-by-loan
information taking into account the following key drivers: (1) the
calculated weighted average current loan-to-value (LTV) of
approximately 81.0%; (2) the low seasoning of the portfolio, (3)
the adjustments relating to the experience and strength of the
originator, and (4) the current economic conditions and forecasts
in Belgium.

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

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to an upgrade of the ratings include:
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of swap counterparties
ratings; and (ii) economic conditions being worse than forecast
resulting in higher arrears and losses.



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F R A N C E
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ASMODEE GROUP: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Asmodee Group AB's (Asmodee) Long-Term
Issuer Default Rating (IDR) to 'BB' from 'BB-' with a Stable
Outlook. Fitch has also upgraded the senior secured rating of
Asmodee's 2029 and 2031 notes to 'BB+' from 'BB' with a Recovery
Rating of 'RR3'.

The rating upgrades reflect consistent growth in Asmodee's scale,
driven by continuous organic and acquisitive growth, and
consistently strong profitability. The company's financial profile
is supported by low leverage and sustained positive free cash flow
(FCF).

The Stable Outlook reflects its expectation that Asmodee has ample
leverage headroom for the current rating following the upgrade. It
also assumes that the group will adhere to its conservative
financial policy, with dividends upstreamed to shareholders only if
company-defined leverage ratios are maintained.

Key Rating Drivers

Business Scale Expansion Drives Deleveraging: Asmodee materially
outperformed its rating case in FY26 (financial year-end March
2026), increasing its Fitch-calculated EBITDA to over EUR250
million from about EUR200 million in FY25, which resulted in EBITDA
gross leverage declining to 2.5x at end-FY26 from 3.2x at end-FY25.
A combination of strong organic deleveraging and the company's
conservative financial policy resulted in the upgrade, even though
Asmodee's current scale is still moderate compared with Fitch-rated
peers in the 'BB' category.

Mixed Segmental Results; Strong Profitability: Sales of games
published by Asmodee moderately declined, primarily due to a
post-release decline in some of its previous years' new launches,
as well as FX challenges. However, partner-published games showed
strong sales growth of 40% in 2026, driven by the success of recent
card releases under both the Pokemon and Magic: The Gathering
franchises. Asmodee's profitability improved due to strong cost
discipline, despite a margin-dilutive shift in the sales mix
towards partner games.

Fitch expects the existing business margins to stabilise further,
in line with FY24-FY25 levels, but consolidated profitability to
benefit from the planned ATM Gaming acquisition, supporting EBITDA
margin improvement towards 15.3% by FY28 (FY26: 15.1%).

Positive FCF; Acquisitive Growth: Asmodee delivered positive FCF
consistently in FY24-FY26, with an average margin of 8.9%. Fitch
forecasts that pre-dividend FCF margins will remain in the
high-single-digit range, supporting further deleveraging, subject
to the maintenance of a moderate dividend policy. M&A remain part
of the Asmodee's growth strategy, making sizeable debt-funded
acquisitions likely, which could affect the deleveraging
trajectory. Fitch assumes only moderate bolt-on acquisitions,
mainly financed by through FCF, in addition to existing
commitments, which Fitch calculates at about EUR315 million over
FY27-FY28.

Financial Policy Central to Rating: The rating reflects its
expectation that Asmodee will adhere to its stated financial policy
of returning excess liquidity to shareholders, provided reported
EBITDA net leverage remains below 2.0x, as calculated by the
company. A sustainable departure from this stated policy, resulting
in releveraging, is likely to put Asmodee's ratings under
pressure.

Distribution Model Prevails: Asmodee has a creative factory that
develops new IP in board games, although this accounted for only a
small share of FY26 sales. Trading cards, which were about 60% of
sales in FY26, are almost entirely distributed by Asmodee, but
published by third parties. The remaining sales mainly involve
internally published and third-party published board games. The
company faces renewal risk for licenses, which carry minimum
royalty payment commitments. Asmodee's expertise in cards and games
formats, along with its proven distribution capabilities, is
crucial for retaining licensors.

Concentration on Pokémon: The distribution of Pokémon-related
trading cards represented a meaningful portion of Asmodee's revenue
in FY26, and Fitch expects this to continue over the next four
years. Its partnership with the brand, owned and published by
Nintendo Co. Ltd and other parties, dates back to 2003. It
exclusively distributes Pokémon-related cards and games, primarily
in Europe. These are typically distributed across all channels,
with a focus on independent stores.

Peer Analysis

Asmodee's rated peers include multinationals like Hasbro, Inc. and
Mattel, Inc. (BBB-/Stable), which have larger scale, stronger and
more valuable IP portfolios, and greater product and geographic
diversification, only partially offset by Asmodee's slightly lower
leverage ratios.

Asmodee is highly comparable with its broader European consumer
product companies in the 'BB' category, such as Birkenstock Holding
plc (BB+/Stable), whose rating is supported by greater scale,
higher profitability, and lower leverage, which are partially
offset by its exposure to a single brand developed around a sandal
model. Similar differences are visible between Asmodee and US
consumer credit Reynolds Consumer Products Inc. (BB+/Stable).

Asmodee has similar scale and leverage to Spectrum Brands Holdings,
Inc. (BB/Stable), which explains their similar rating level.

Fitch’s Key Rating-Case Assumptions

- Revenue growth of 2% in FY27, followed by mid-single-digit growth
of 3%-4% to FY30

- Fitch-defined EBITDA margin growing to 15.6% by FY30 from 15.1%
in FY26

- Working-capital outflows of about EUR30 million a year

- Capex at 1.5% of sales a year over FY27-FY30

- Dividends payouts of EUR20 million in FY27, progressively
increasing to EUR100 million by FY30

- Additional bolt-on M&As of EUR5 million per year over FY27-FY30,
in addition to expected M&A earn-out outflows

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+', Lower), profitability
('bb+', Higher), financial structure ('a', Lower), and financial
flexibility ('bb+', Moderate).

The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year FY26, 40% for the forecast year FY27 and 40% for the forecast
year FY28.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'aa-' has no impact.

The SCP is 'bb'.

To derive the Long-Term IDR:

Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'.

Recovery Analysis

Fitch rates the senior secured debt of Asmodee at 'BB+', one notch
above the IDR, following its generic approach. The one-notch uplift
reflects the presence of a super senior revolving credit facility
of EUR150 million and a lower collateral quality in an asset-light
business model compared with other senior secured instruments, for
which Fitch gives two-notch instrument rating uplift.

RATING SENSITIVITIES

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

- Reduction in scale with Fitch-calculated EBITDA consistently
below EUR250 million

- Total debt rising to above 3.5x Fitch-calculated EBITDA, due to
operational challenges or more debt-funded acquisitions

- Deterioration of EBITDA margins to 15% or below, led by higher
reliance on third-party licenses or weakened product appeal

- FCF margins reducing towards neutral to positive low single
digits

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

- Consistent increase in scale with Fitch-calculated EBITDA
trending above EUR350 million

- Record of strong commitment to the financial policy, with total
debt below 2.5x Fitch-calculated EBITDA on a sustained basis

- FCF margins sustained at mid-single digits

Liquidity and Debt Structure

Asmodee had strong cash balance of over EUR400 million at FYE26.
Fitch expects FY27 cash balances to reduce to below EUR300 million
due to acquisition-related cash outflows, but Fitch still views
Asmodee's liquidity as strong, with no pressure on liquidity from
debt maturities until 2029. A fully undrawn revolving credit
facility of EUR150 million, together with positive FCF, which Fitch
expects throughout the forecast horizon, provides additional
support to liquidity.

Debt maturities are split equally between 2029 and 2031. Fitch
expects Asmodee to maintain sufficient cash balances to pay down
senior secured notes in 2029, but Fitch still assumes these will be
refinanced.

Issuer Profile

Asmodee is a global publisher and distributor of tabletop games,
including board games and card games. As of March 2025, Asmodee had
23 studios and has over 400 IPs, with a presence in over 100
countries.

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 Asmodee.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Asmodee Group AB     LT IDR BB  Upgrade                BB-

   senior secured    LT     BB+ Upgrade      RR3       BB



=============
G E R M A N Y
=============

DELIVERY HERO: Moody's Puts 'B3' CFR on Review for Upgrade
----------------------------------------------------------
Moody's Ratings placed Delivery Hero SE's (Delivery Hero or the
company) B3 corporate family rating and the B3-PD probability of
default rating on review for upgrade. Concurrently, Moody's have
placed on review for upgrade the B3 rating of the backed senior
secured instruments issued by Delivery Hero Finco Germany GmbH.
Previously, the outlook on both entities was stable.

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

The placement of Delivery Hero's ratings on review for upgrade
reflects the recently announced business combination agreement
(BCA) between the company and Uber Technologies, Inc. (Uber, Baa1
positive). Pursuant to the BCA, Uber will make a voluntary public
takeover offer for the purchase of all Delivery Hero shares for
EUR41.5 per share, implying a fully diluted equity value of EUR13
billion. Uber has already received an irrevocable tender commitment
in relation to the Offer from Delivery Hero's major shareholder
Prosus N.V. (Baa2 positive) in the amount of 16.68%. This
agreement, together with its indirect shareholding of 24.77% and
holding of instruments of 11.74%, would increase Uber's total
economic interest to a total of more than 53%. The management and
supervisory boards of Delivery Hero have unanimously welcomed and
supported the takeover offer and intend to recommend shareholders
to tender into the offer.

The takeover offer is expected to close in the second half of 2027,
subject to customary closing conditions, including receipt of
applicable regulatory approvals. Subject to the completion of the
takeover offer, Delivery Hero has agreed to the sale of its
operations in 14 markets to SSW Partners LP for EUR1.4 billion.
This sale focuses particularly in markets where Delivery Hero and
Uber already overlap and should beneficial for anti-trust
consideration by regulatory authorities.

As part of the review for upgrade, Moody's will focus on the
completion of the transaction following receipt of all necessary
approvals, and whether Delivery Hero's debt will be fully repaid at
closing. Upon closing of the acquisition, Moody's anticipates
withdrawing Delivery Hero's CFR, PDR and instrument ratings.

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

COMPANY PROFILE

Delivery Hero SE, established in 2011 and headquartered in Berlin,
Germany, is predominantly active in the online food ordering and
delivery business. The company is active in over 60 countries and,
through its proprietary online platform, connects restaurants with
end-consumers and riders. In addition, the company is active in the
quick commerce business, where it connects local shops with
end-consumers and operates 800 own grocery stores (Dmarts) in
around 50 countries. Since its initial public offering in 2017 the
company is broadly free float, with anchor shareholder Prosus N.V.
(Baa2 stable) holding around 17%.

In the last twelve months to March 2026, the company generated
EUR14.4 billion in revenues from a gross merchandise value (GMV) of
EUR49.3 billion.

GOLDEN RAY 3: Moody's Assigns B2 Rating to EUR6.1MM Class E Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to Notes issued by
Golden Ray S.A., Compartment 3:

EUR301.1M Class A Floating Rate Asset Backed Notes due July 2059,
Definitive Rating Assigned Aa2 (sf)

EUR33.7M Class B Floating Rate Asset Backed Notes due July 2059,
Definitive Rating Assigned Aa3 (sf)

EUR12.5M Class C Floating Rate Asset Backed Notes due July 2059,
Definitive Rating Assigned A3 (sf)

EUR7.7M Class D Floating Rate Asset Backed Notes due July 2059,
Definitive Rating Assigned Baa3 (sf)

EUR6.1M Class E Floating Rate Asset Backed Notes due July 2059,
Definitive Rating Assigned B2 (sf)

EUR5M Class X Floating Rate Asset Backed Notes due July 2059,
Definitive Rating Assigned Baa3 (sf)

Moody's have not assigned a rating to the EUR6.1M Class G Fixed
Rate Asset Backed Notes due July 2059 or to the EUR10,000 Class R
Variable Rate Asset Backed Notes due July 2059.

RATINGS RATIONALE

The Notes are backed by a static pool of German consumer solar and
heat pumps loans originated by ENPAL B.V., Enpal Heat GmbH and EFS
Deutschland GmbH (together "Enpal"). This represents the third
issuance out of the Golden Ray S.A. program.

The portfolio of loans amounts to approximately EUR367.2 million as
of June 09, 2026 pool cut-off date. The loans to private
individuals finance solar panels (64.8%) and heat pumps (35.2%)
bought by private individuals. After closing, the initial liquidity
reserve top-up will be funded with principal proceeds from the
portfolio up to 1.0% of the Class A and B Notes balance. Once the
liquidity reserve initial top-up is completed, the liquidity
reserve will be replenished up to its target amount in the
principal waterfall. The total credit enhancement for the Class A
Notes will be 18.0%.

The Class A Notes to Class E Notes and the Class X Notes' ratings
are primarily based on the credit quality of the portfolio, the
structural features of the transaction and its legal integrity.
Moody's have concluded that the Class A Notes' rating is
constrained by a new combination of credit risks: (i) financing a
new asset type with limited performance history untested through an
economic cycle, (ii) long loan tenors, and (iii) operational
risks.

The transaction benefits from various credit strengths, such as:
(i) an amortizing liquidity reserve fund sized at 1.0% of the Class
A and B Notes balance, (ii) a granular portfolio of assets, and
(iii) a static portfolio.

However, Moody's notes that the transaction features some credit
weaknesses, such as: (i) an unrated servicer (Enpal), (ii) limited
historical performance data, and (iii) loan maturities up to 25
years. Various mitigants have been included in the transaction
structure, such as: (i) the appointment of a back-up servicer at
closing, (ii) an independent cash manager, (iii) estimation
language in case no servicer report is available, and (iv)
principal to pay interest. The limited availability of historical
data, compared with the long loan maturities, is reflected in the
asset assumptions.

Moody's determined the portfolio lifetime expected defaults of
4.75%, expected recoveries of 25.0% and Aaa portfolio credit
enhancement of 25.0% related to borrower receivables. The expected
defaults and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expects the portfolio to suffer in the event of a
severe recession scenario. Expected defaults and PCE are parameters
used by us to calibrate Moody's lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the cash flow model to rate
Consumer ABS.

Portfolio expected defaults of 4.75% are higher than the EMEA
Consumer ABS average and are based on Moody's assessments of the
lifetime expectation for the pool taking into account: (i) the
limited historical performance data for the originator's portfolio,
(ii) the long loan maturities, and (iii) other qualitative
considerations.

Portfolio expected recoveries of 25.0% are in line with the EMEA
Consumer ABS average and are based on Moody's assessments of the
lifetime expectation for the pool taking into account: (i)
historical performance of the book of the originator and (ii) other
qualitative considerations.

PCE of 25.0% is higher than the EMEA Consumer ABS average and is
based on Moody's assessments of the pool, which is mainly driven
by: (i) evaluation of the underlying portfolio, complemented by the
historical performance information as provided by the originator,
(ii) the 25 years maturity of the solar loan products, and (iii)
other qualitative considerations. The PCE level of 25.0% results in
an implied coefficient of variation ('CoV') of 64.5%.

The principal methodology used in these ratings was "Consumer Loan
Securitizations" published in May 2026.

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

Factors that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of the Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions, and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.



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

BILBAO CLO VI: S&P Assigns B- (sf) Rating to Class E Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Bilbao CLO VI
DAC's class A-1, A-2, B, C, D, and E notes. At closing, the issuer
also issued EUR32.400 million unrated subordinated notes.

The reinvestment period will be approximately 4.7 years, while the
noncall period will be 1.5 years after closing.

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

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,857.35
  Default rate dispersion                                 419.70
  Weighted-average life (years)                             5.02
  Obligor diversity measure                               104.24
  Industry diversity measure                               16.55
  Regional diversity measure                                1.30

  Transaction key metrics

  Total par amount (mil. EUR)                                400
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              115
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.99
  Target 'AAA' weighted-average recovery (%)               36.71
  Actual weighted-average spread net of floors (%)          3.58
  Actual weighted-average coupon (%)                        5.64

Rating rationale

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

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

"In our cash flow analysis, we used the EUR400.00 million target
par amount, the actual weighted-average spread of 3.58%, the actual
weighted-average coupon of 5.64%, and the target weighted-average
recovery rate for all rated notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-2 to C notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO is still in its reinvestment phase starting
from the effective date, during which the transaction's credit risk
profile could deteriorate, we capped our ratings on these notes."

The class A-1 and D notes can withstand stresses commensurate with
the assigned ratings.

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

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

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 26.21% (for a portfolio with a
weighted-average life of 5.02 years) versus 16.07% if it was to
consider a long-term sustainable default rate of 3.2% for 5.02
years.

-- Whether the tranche is vulnerable to nonpayment.

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

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

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

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we have also included the
sensitivity of the ratings on the class A-1 to D notes, based on
four hypothetical scenarios.

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

Environmental, social, and governance

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

Bilbao CLO VI DAC is a European cash flow CLO securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Guggenheim
Partners Europe Ltd. manages the transaction.

  Ratings

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

  A-1    AAA (sf)    248.00    38.00    Three/six-month EURIBOR
                                        plus 1.27%

  A-2    AA (sf)      40.00    28.00    Three/six-month EURIBOR
                                        plus 1.75%

  B      A (sf)       28.00    21.00    Three/six-month EURIBOR
                                        plus 1.95%

  C      BBB- (sf)    28.60    13.85    Three/six-month EURIBOR
                                        plus 2.90%

  D      BB- (sf)     18.40     9.25    Three/six-month EURIBOR
                                        plus 5.10%

  E      B- (sf)      11.00     6.50    Three/six-month EURIBOR
                                        plus 8.24%

  Sub notes   NR      32.40      N/A    N/A

*The ratings assigned to the class A-1 and A-2 notes address timely
interest and ultimate principal payments. S&P's ratings address
ultimate interest and principal payments on the rest of the other
rated notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.

CVC CORDATUS IX: Fitch Assigns B-sf Final Rating to Cl. F-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund IX DAC reset
notes final ratings, as detailed below.

   Entity/Debt             Rating           
   -----------             ------           
CVC Cordatus Loan
Fund IX DAC

   A-R-R XS3422267289   LT AAAsf  New Rating
   B-R-R XS3422267362   LT AAsf   New Rating
   C-R-R XS3422267446   LT Asf    New Rating
   D-R-R XS3422267529   LT BBB-sf New Rating
   E-R-R XS3422267792   LT BB-sf  New Rating
   F-R-R XS3422267875   LT B-sf   New Rating

Transaction Summary

CVC Cordatus Loan Fund IX DAC is a securitisation of mainly (at
least 90%) senior secured obligations with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to redeem the existing notes (except the
subordinated notes) and to fund the existing portfolio with a
target par of EUR400 million.

The portfolio is actively managed by CVC Credit Partners Investment
Management Limited. The CLO will have a 4.6-year reinvestment
period and an 8.5-year weighted average life (WAL) test covenant at
closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-weighted
average rating factor of the identified portfolio is 23.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 63.2%.

Diversified Portfolio (Positive): The transaction includes various
portfolio concentration limits, including a top 10 obligor
concentration limit of 20% and a maximum exposure to the
three-largest Fitch-defined industries of 40%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The reset transaction includes six
matrices. One set is effective at closing and corresponds to an
8.5-year WAL, and the two forward sets are effective six months and
1.5 years after closing, corresponding to an eight-year WAL and a
seven-year WAL, respectively. Matrix switch is subject to the
reinvestment target par condition and/or rating agency
confirmation. Each matrix set corresponds to fixed-rate asset
limits of 5% and 12.5%, respectively.

The transaction has an approximately 4.6-year reinvestment period
and includes reinvestment criteria similar to those of other
European transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used in Fitch's stressed
portfolio analysis and matrix analysis is 12 months less than the
WAL covenant at closing to account for structural and reinvestment
conditions after the reinvestment period. These conditions include
passing the over-collateralisation and Fitch 'CCC' limit tests, and
a WAL covenant that gradually steps down before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no negative impact on the class
A-R-R to E-R-R notes, and would lead to downgrades to below 'B-sf'
for the class F-R-R notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than assumed, due to unexpectedly high levels
of defaults and portfolio deterioration. The class B-R-R and F-R-R
notes have a rating cushion of two notches, the class C-R-R and
D-R-R notes of three notches, and the class E-R-R notes of four
notches, due to the better metrics and shorter life of the current
portfolio than the Fitch-stressed portfolio. The class A-R-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 of the Fitch-stressed portfolio
across all ratings would lead to downgrades of up to three notches
for the class A-R-R to D-R-R notes and to below 'B-sf' for the
class E-R-R and F-R-R notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to five notches for the
notes, except the class A-R-R notes, which are at the highest level
on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the remaining life of
the transaction. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for CVC Cordatus Loan
Fund IX 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.

INVESCO EURO XVII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Invesco Euro CLO XVII DAC expected
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to the information already received.

   Entity/Debt             Rating           
   -----------             ------           
Invesco Euro
CLO XVII DAC

   A XS3395948725       LT AAA(EXP)sf  Expected Rating

   B XS3395949020       LT AA(EXP)sf   Expected Rating

   C XS3395949707       LT A(EXP)sf    Expected Rating

   D XS3395949962       LT BBB-(EXP)sf Expected Rating

   E XS3395950119       LT BB-(EXP)sf  Expected Rating

   F XS3395950382       LT B-(EXP)sf   Expected Rating

   Subordinated Notes
   XS3395950549         LT NR(EXP)sf   Expected Rating

   X XS3395948485       LT AAA(EXP)sf  Expected Rating

Transaction Summary

Invesco Euro CLO XVII 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 will be used to fund the portfolio with a target par of
EUR350 million and will be managed by Invesco CLO Equity Fund 6
LLC. The collateralised loan obligation (CLO) will have a 4.5-year
reinvestment period and an 8.5-year weighted average life test
(WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the identified portfolio at
'B+'/'B'. The Fitch weighted average rating factor (WARF) of the
identified portfolio is 22.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise 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 identified portfolio is 66.1%.

Diversified Asset Portfolio (Positive): The transaction will have a
concentration limit for the 10 largest obligors of 20%, for maximum
fixed-rate assets of 12.5% and a maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Neutral): The transaction will have 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 transaction structure against its
covenants and portfolio guidelines.

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 and the Fitch WARF and 'CCC'
bucket limitation test, as well as a WAL covenant that 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 class A notes to D notes, the
class F notes and the class X notes, but would lead to a downgrade
of one notch to the class E notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B
notes have a rating cushion of two notches, the class D and E notes
each have a cushion of three notches, the class C notes have a
cushion of four notches and the class F notes have a cushion of
five notches, due to the better metrics and shorter life of the
identified portfolio than the Fitch-stressed portfolio.

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of two notches each for the class B and C notes, three
notches for the class D notes, four notches for the class E notes
and five notches for the class F notes. The 'AAAsf' rated notes
would not be affected.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than- expected losses for the
remaining life of the transaction. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Invesco Euro CLO
XVII 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.

INVESCO EURO XVII: S&P Assigns B- (sf) Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Invesco Euro CLO
XVII DAC's class X, A, B, C, D, E, and F notes. At closing, the
issuer also issued EUR27.34 million unrated subordinated notes.

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

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

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

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,516.32
  Default rate dispersion                                 658.47
  Weighted-average life (years)                             5.15
  Obligor diversity measure                               142.22
  Industry diversity measure                               27.84
  Regional diversity measure                                1.40

  Transaction key metrics

  Total par amount (mil. EUR)                                350
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              157
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B+
  'CCC' category rated assets (%)                           1.10
  Actual 'AAA' weighted-average recovery (%)               37.02
  Actual weighted-average spread net of floors (%)          3.35
  Actual weighted-average coupon (%)                        4.18

S&P said, "The transaction also features a principal redemption
mechanism for the class E and F notes (turbo redemption). Through
the turbo redemption, 10% of the remaining interest proceeds
available before equity distribution are used to pay down principal
on the class E and F notes, respectively. We have not given credit
to turbo redemption in our cash flow analysis, considering the
position of the payments in the waterfall and the ability to divert
interest proceeds to purchase workout loans and bankruptcy
exchange."

Rating rationale

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

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

"In our cash flow analysis, we used the EUR350.0 million target par
amount, the actual weighted-average spread of 3.35%, the actual
weighted-average coupon of 4.18%, and the actual weighted-average
recovery rate for all rated notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

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

The class X and A notes can withstand stresses commensurate with
the assigned ratings.

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class X to E notes, based on four
hypothetical scenarios."

Environmental, social, and governance

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

Invesco Euro CLO XVII DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. Invesco CLO Equity Fund 6 LLC manages the transaction.

  Ratings

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

  X      AAA (sf)      3.00    N/A      Three/six-month EURIBOR
                                        plus 0.93%

  A      AAA (sf)    217.00    38.00    Three/six-month EURIBOR
                                        plus 1.29%

  B      AA (sf)      38.50    27.00    Three/six-month EURIBOR
                                        plus 1.90%

  C      A (sf)       21.00    21.00    Three/six-month EURIBOR
                                        plus 2.40%

  D      BBB- (sf)    24.50    14.00    Three/six-month EURIBOR
                                        plus 3.50%

  E      BB- (sf)     16.30     9.34    Three/six-month EURIBOR
                                        plus 6.35%

  F      B- (sf)       4.00     8.20    Three/six-month EURIBOR
                                        plus 7.84%

  Sub notes    NR     27.34      N/A    N/A

*The ratings assigned to the class X, A, and B notes address timely
interest and ultimate principal payments. Our ratings address
ultimate interest and principal payments on the other rated notes.

§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


OCP EURO 2026-16: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned OCP Euro CLO 2026-16 DAC final ratings,
as detailed below.

   Entity/Debt             Rating           
   -----------             ------           
OCP Euro
CLO 2026-16 DAC

   Class A Loan         LT AAAsf  New Rating
   Class A Note         LT AAAsf  New Rating
   Class B Loan         LT AAsf   New Rating
   Class B Note         LT AAsf   New Rating
   Class C              LT Asf    New Rating
   Class D              LT BBB-sf New Rating
   Class E              LT BB-sf  New Rating
   Class F              LT B-sf   New Rating
   Subordinated Notes   LT NRsf   New Rating

Transaction Summary

OCP Euro CLO 2026-16 DAC is a securitisation of mainly (at least
90%) senior secured obligations with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund the identified portfolio with a
target par of EUR400 million.

The portfolio is actively managed by Onex Credit Partners, LLC. The
CLO portfolio will have an approximately 4.5-year reinvestment
period and an 8.5-year weighted average life (WAL) test at
closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the identified portfolio as
in the 'B' category. The Fitch weighted average rating factor of
the identified portfolio is 23.7.

High Recovery Expectations (Positive): At least 90.0% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 65.6%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 10%, a top 10 obligor concentration limit at
20%, and a maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction will have two sets
of matrices with each matrix within the same set corresponding to
two fixed-rate asset limits of 5% and 10%. The first matrix set
with a WAL test of 8.5 years will be effective at closing. The
second matrix set that correspond to a WAL test of 7.5 years will
be applicable after 12 from closing, subject to the collateral
principal amount (defaults at Fitch collateral value) being at
least at the reinvestment target par amount.

The transaction has a 4.5-year reinvestment period and includes
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 transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio is 12 months less than the WAL covenant at
closing to account for structural and reinvestment conditions after
the reinvestment period. These conditions include passing the
over-collateralisation and Fitch 'CCC' limit tests, and a WAL
covenant that gradually steps down. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no negative impact on the class A
to E notes, and would lead to a downgrade below 'B-sf' for the
class F notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
stressed-case portfolio, the class E and F notes display a cushion
of five notches, the class C and D notes of four notches and the
class B notes of two notches. The class A notes are already at the
maximum achievable rating of 'AAAsf'.

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

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

A 25% reduction of the RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades of up to five notches for the rated notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the stressed-case
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, leading to the
ability of the notes to withstand larger-than-expected losses for
the remaining life of the transaction.

After the end of the reinvestment period, upgrades may occur in
case of a stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for OCP Euro CLO
2026-16 DAC.

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



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

FEDRIGONI SPA: Moody's Rates New EUR665MM Senior Secured Notes 'B3'
-------------------------------------------------------------------
Moody's Ratings assigned a B3 rating to the EUR665 million backed
senior secured floating rate notes issued by Fedrigoni S.p.A.
(Fedrigoni). All other ratings of Fedrigoni are unaffected,
including the company's B3 corporate family rating and B3-PD
probability of default rating. The outlook remains unaffected at
stable.

The proposed transaction seeks to refinance the current EUR665
million backed senior secured floating rate notes maturing in 2030
and together with cash on hand cover transaction-related fees and
expenses.

RATINGS RATIONALE

The contemplated transaction would extend Fedrigoni's maturity
profile by three years, which Moody's views as credit positive.
Fedrigoni's B3 rating remains weakly positioned following a
prolonged industry downturn driven by low consumer confidence,
leading to a decline in volumes for its core products. There is
currently little visibility on when market conditions might
improve. However, the company has managed to shrink its cost base
and achieved volume gains in certain market niches (e.g collectible
cards and RFID) which has enabled an uptick in EBITDA during the
first half of 2026, albeit from low levels. Moody's forecasts for
2026 incorporates moderate growth in EBITDA, driven by the cost
reductions and volume growth in niche products. This should support
deleveraging toward 7x, from levels around 7.5x in FY 2025. Moody's
also forecasts Fedrigoni to generate break-even free cash flow
during 2026, absent unexpected one-off items, which have been
frequent in the past.

Fedrigoni's capital structure also consists of EUR300 million
(nominal value) pay-if-you-can (PIYC) toggle notes due 2029, issued
by Fiber Midco S.p.A. These notes are located outside the
restricted group and are not guaranteed by, do not cross-default
with and do not have any creditor claim against the senior secured
notes' restricted group and, therefore, are not included in Moody's
credit metrics. However, Moody's considers the existence of PIYC
notes as an indication of an aggressive financial policy and think
that they increase the risk of releveraging of the restricted
group. Although not a priority, Fedrigoni may be willing to
distribute cash to service or to repay the PIYC notes, especially
as they approach maturity.

Fedrigoni's B3 CFR continues to reflect its leading market
positions in attractive niche markets with favorable long-term
growth characteristics and high value-added products; its
geographically diversified sales base and manufacturing footprint,
supported by a largely local-for-local production setup; and its
relatively stable margins.

However, the company's highly leveraged capital structure,
including the sizeable PIK notes outside the restricted group; its
historically negative Moody's-adjusted free cash flow because of
sustained reinvestment of cash generation; the risk of further
performance deterioration in the Luxury Packaging segment amid a
weak macroeconomic environment; and event risk associated with its
private-equity ownership constrain the rating.

LIQUIDITY

Fedrigoni's liquidity is adequate. This is reflected by EUR147
million of cash on balance sheet as of March 2026 and access to a
fully undrawn EUR220 million revolving credit facility (RCF). The
RCF contains a springing covenant set at 7x senior secured net
leverage (3.0x in March 2026), tested quarterly only when the
facility is more than 40% drawn. Moody's expects ample headroom
under the covenant.

Fedrigoni uses factoring extensively and typically draws around
EUR300 million on its non-recourse factoring program. The B3 CFR
assumes continued access to this program. In addition to the notes,
Fedrigoni has sizable local debt of around EUR210 million, with
partial mandatory amortization until 2029.

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

Upward pressure on the rating could develop if Moody's-adjusted
gross debt/EBITDA is sustained below 6x, Moody's-adjusted EBITDA
margin is sustained in the mid-teens, and the company generates
positive free cash flow on a sustained basis.

Conversely, the rating could come under pressure if liquidity
deteriorates as a result of negative FCF, shareholder distributions
or M&A; Moody's-adjusted gross debt/EBITDA remains above 7x,
without expectation of its significant improvement;
Moody's-adjusted EBITDA margin declines below 10%; or
Moody's-adjusted EBITDA/interest expense is sustained below 2x.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Paper and Forest
Products published in November 2025.

COMPANY PROFILE

Headquartered in Milan, Italy, Fedrigoni S.p.A is a producer of
specialty paper used in luxury packaging and of self-adhesive
labels. The group sells and distributes its production in over 130
countries. It has around 80 facilities across 28 countries,
including production sites, cutting and distribution centers.

Fedrigoni generated revenue of around EUR2.0 billion in 2025 and
employed about 6,000 people globally. Fedrigoni was founded in
1888, and since July 2022, the company has been owned by Bain
Capital and BC Partners, each indirectly holding a 45.6% stake, the
remaining 8.8% is held by management and minority co-investors.

TELECOM ITALIA: S&P Places 'BB+/B' ICRs on CreditWatch Positive
---------------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term and 'B' short-term
issuer credit ratings on Telecom Italia S.p.A. (TIM), as well as
its 'BB+' issue ratings on all of its unsecured debt, on
CreditWatch with positive implications.

S&P said, "The CreditWatch placement with positive implications
reflects our view that we will likely raise our ratings on TIM by
more than one notch upon close of the proposed transaction. We
expect to resolve the CreditWatch placement at transaction close in
late 2026, subject to shareholders' acceptance."

On July 18, 2026, TIM's board of directors unanimously approved the
voluntary tender and exchange offer by Poste Italiane S.p.A.
(BBB+/Positive/A-2).

The CreditWatch placement reflects the likelihood that S&P will
raise its ratings on TIM, potentially by more than one notch. In
March 2026, Poste Italiane announced its offer to buy all of TIM's
capital, in which it has been the largest shareholder since 2025.
Under the proposed terms, Poste Italiane intends to acquire TIM
through a combination of newly issued Poste Italiane ordinary
shares and cash for EUR0.167 per share. The total valuation of the
transaction upon announcement was approximately EUR10.8 billion. On
July 18, 2026, TIM announced that the company's board of directors
had unanimously approved this transaction.

Poste Italiane anticipates annual synergies of approximately EUR700
million. These synergies are expected to materialize in two
phases:

-- Cost synergies: Approximately EUR500 million expected within
two years through back-office consolidation, IT platform
integration, distribution network and real estate rationalization,
procurement savings, combined workforce optimization, and funding
cost efficiencies.

-- Revenue synergies: Approximately EUR200 million expected within
three years, driven by cross-selling and upselling opportunities,
leveraging the expanded retail network and SuperApp ecosystem, and
the expansion of tech services for enterprises and public
administration in connectivity, cloud, and agentic AI solutions.

This transaction further reinforces Poste Italiane's role as
Italy's leading digital champion, as it will be able to capitalize
on TIM's established presence in the consumer and enterprise
information and communication technology (ICT) telecom market. The
transaction remains subject to acceptance by TIM shareholders. Upon
completion, S&P anticipates that TIM will be part of a group with a
stronger credit profile than TIM currently has.

S&P said, "The CreditWatch placement with positive implications
reflects our view that we will likely raise our ratings on TIM by
more than one notch upon close of the proposed transaction. We
expect to resolve the CreditWatch placement at transaction close in
late 2026, subject to shareholder acceptance."




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

LOPAREX MIDCO: Moody's Appends 'LD' Designation to PDR
------------------------------------------------------
Moody's Ratings appended a limited default "/LD" designation to
Loparex Midco B.V.'s (Loparex) probability of default rating,
changing the PDR to Caa3-PD/LD from Caa3-PD. The /LD designation
reflects the skipped interest payment on Loparex's Ca-rated backed
senior secured second lien term loan due August 2027 as the company
continues to work on a recapitalization proposal with lenders. The
interest payment on its second-lien loan was due on June 30, 2026.

The LD designation will remain in place until the company is no
longer in default. There is no change to the company's Caa3
corporate family rating or the ratings on its debt instruments. The
stable outlook is unaffected.

The company has entered into a forbearance agreement with lenders
and the required lenders agreed to forbear from any enforcement
actions through August 17, 2026, and complete a Restructuring
Support Agreement (RSA).

Dual headquartered in Apeldoorn, the Netherlands, and Cary, North
Carolina, Loparex Midco B.V. (Loparex) is a manufacturer of
paper-based and film-based silicone release liners, which are used
in building and construction, industrial applications, tape
manufacturing, graphic arts, medical, labels, hygiene and composite
products. The company's raw materials include paper, resin,
silicone and film. The company has been a portfolio company of
Pamplona Capital Management, a private equity sponsor, since August
2019.



=============
R O M A N I A
=============

PUBLIC POWER: Fitch Hikes Long-Term IDR to 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Public Power Corporation S.A.'s (PPC)
Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-' and has
revised its Standalone Credit Profile (SCP) to 'bb' from 'bb-'. The
Outlook on the IDR is Stable.

The upgrade reflects Fitch's expectation that PPC's accelerated
renewables expansion through 2030 will strengthen its business
profile by enhancing geographic diversification, improving
integration with supply and reducing exposure to legacy thermal
generation. The growth strategy will modestly dilute the
contribution of regulated earnings, but Fitch expects the overall
credit impact to be positive.

The strategy entails significant execution risk and will result in
persistently negative free cash flow (FCF) and temporary
releveraging. Nevertheless, Fitch expects PPC's leverage metrics to
be consistent with the 'BB, especially given the revised debt
capacity. The upgrade is also supported by the public financial
policy aimed at keeping reported net debt / EBITDA below 3.5x by
2028.

Key Rating Drivers

Improved Scale, Diversification and Integration: The 2030 strategy
accelerates PPC's transformation into a larger, more diversified
integrated utility, increasingly focused on clean generation and
supply activities. By 2030, the group's generation asset base is
expected to double from 2025. Geographic diversification will also
improve by 2030 throughout expansion across Central and
Southeastern Europe (CSEE) markets, reducing reliance on Greece and
Romania. PPC is also developing new growth opportunities in
high-demand sectors such as data centres, as a power purchase
agreement (PPA) provider and the lessor of non-IT infrastructure.

The integrated (generation and supply) business attracts 69% of the
EUR24 billion gross investment plan (2026-2030) announced in May.
The growth strategy is aligned with favourable long-term
electricity demand growth and supportive power market fundamentals
in the CSEE region, strengthening the balance between generation
and supply activities and providing earnings diversification and
sustainable growth. As a result, Fitch has revised debt capacity up
by 0.5x, with a negative sensitivity of 5.0x at 'BB'.

Execution and Policy Sensitivity: PPC remains exposed to execution
risk on the renewables and flexible generation build-out, timely
lignite decommissioning, unwinding of working-capital related to
state receivables and funding of around 31% of total capital needs
in the debt markets, including hybrids. The upgrade assumes the
successful delivery of the strategy and supportive policy
frameworks in Greece and Romania, with ongoing commitment to the
public financial policy of below 3.5x net debt to EBITDA on a
reported basis.

Renewables, Flexible Generation Drive Growth: Renewable generation
is PPC's primary growth engine, supported by a sizeable and
increasingly mature project pipeline (22GW, of which 12GW is to be
commissioned by 2030) with good visibility to 2028 (100% under
construction, ready to build or in tender process). Investment in
flexible generation, storage and new gas-fired plants support
system reliability, mitigates price volatility and strengthens
integration benefits, while reducing carbon exposure. Fitch expects
renewables to contribute about 32% of EBITDA by 2028, up from about
13% in 2025.

Flexible Capacity Strengthens Earnings: Flexible generation is
central to PPC's strategy to mitigate structural price volatility,
curtailment risk and tightening capacity balances in the region.
Key projects include the Alexandroupoli combined cycle gas turbine
(CCGT), conversion of lignite-fired Ptolemaida V to gas, new
peaking capacity in Romania, alongside the retirement of ageing,
inefficient gas plants. Batteries development of about 0.8GW and
0.5GW of pumped hydro projects by 2030 enhances system flexibility
and supports earnings from balancing services.

Lower Share of Regulated Networks: Regulated activities will
decline to around 29% of EBITDA by 2028 from 38% in 2025, as PPC
directs most growth capex towards renewables and flexible
generation. Regulated asset base (RAB) growth should remain
positive but will be outpaced by the expansion of unregulated
businesses. Regulated oil-fired generation will also shrink as
island interconnections and renewables replace legacy assets. This
contrasts with the growing network focus of many Western European
utilities and limits PPC's debt capacity relative to peers.
Regulatory resets in Greece (2029) and Romania (2030) could support
a renewed increase in network investment.

Capex-Driven Leverage Increase: The successful EUR4.5 billion
equity raise, including the EUR250 million treasury share
placement, significantly strengthens PPC's short-term balance sheet
and mitigates funding risk. However, Fitch expects the investment
programme to keep FCF deeply negative and drive a temporary
increase in leverage, peaking at 5.4x in 2028, above the revised
negative sensitivity of 5.0x, with a reduction thereafter. This
will constrain financial flexibility in 2028-2029, but Fitch looks
through it since leverage should improve as projects are
commissioned. Its rating case assumes the issuance of hybrid debt
to maintain credit metrics in line with PPC's financial policy.

Romanian Policy-Driven Liquidity Risk: Delayed state compensation
under Romania's retail price cap scheme created working-capital
pressure for suppliers in 2024-2025. Reimbursements lagged
deliveries by nine to 12 months, resulting in high
government-related entities' (GREs) receivables and increasing
short-term funding needs. PPC disclosed over EUR350 million of
state-related receivables in 2025. Management expects an almost
full recovery following abolition of the scheme in July 2025 and
court-mandated payments, although timing remains subject to
government payment discipline. Fitch has therefore assumed
conservative cash-in assumptions.

Standalone Approach: Fitch assesses the precedent of support as
'Strong', due to PPC's legacy state-guaranteed debt, although this
is set to materially decrease. Fitch also views contagion risk as
'Strong', due to large supranational funding and Greek banks'
exposure to PPC. However, Fitch assesses decision-making and
oversight, and the preservation of public role as 'Not strong
enough', given the state's 33.4% ownership with no enhanced
governing or voting rights. The overall assessment leads to a
standalone rating approach, with the 'BB' IDR, the same as the
SCP.

Peer Analysis

Domestic peer Metlen Energy & Metals Single Member S.A.
(BB+/Stable) is smaller than PPC in market share and scale. Metlen
operates in metallurgy, construction and power sectors, with power
generation and supply expected to contribute about one-third of
EBITDA by 2027. Metlen has more efficient gas-fired plants and no
lignite exposure. Its one-notch higher rating reflects lower
forecast adjusted EBITDA net leverage of around 3.0x (2026-2028)
versus PPC's at about 4.3x.

PPC's international peers include Bulgarian Energy Holding EAD
(BEH; BB+/Stable; SCP: bb) and Societatea Energetica Electrica S.A.
(BBB-/Stable). BEH's business profile is weaker than PPC's, in its
view. However, Fitch estimates BEH's funds from operations (FFO)
net leverage will average 2.7x in 2026-2028, significantly lower
than PPC's, resulting in a stronger SCP due to a better financial
profile. BEH's rating benefits from sovereign support from Bulgaria
(BBB+/Stable).

Romanian network Electrica has a higher regulated EBITDA mix (80%
networks versus PPC's about 29% by 2028) and lower leverage,
averaging about 3.1x for 2026-2028. However, Romania's regulatory
environment is less predictable, exposing Electrica's cash flow to
regulatory risks and subsidy receivables. No notching uplift is
applied to Electrica's or PPC's ratings for support from the
state.

PPC's integrated structure and strong domestic market position
align it with central European peers like PGE Polska Grupa
Energetyczna S.A. and ENEA S.A. (both BBB/Stable). These peers
share environmental challenges from coal but benefit from more
stable regulatory environments and lower leverage, underlining
their higher ratings than PPC's.

Fitch’s Key Rating-Case Assumptions

- EBITDA CAGR of about 17% over 2025-2030, driven by the phasing
out of loss-making lignite, higher integrated margins, renewables
ramp-up, and expanding regulated networks

- Electricity generation growing to about 28TWh by 2030 (2025:
20.9TWh) and 28TWh volumes supplied (including public service
obligations in Greece) by end-2030 in Greece and Romania (2025:
26.9TWh); remaining geographies adding around 9TWh in renewable
generation by 2030

- Average baseload day-ahead prices of about EUR96/MWh in Greece
(down from EUR104/MWh in 2025) and EUR94/MWh in Romania over
2026-2030 (down from EUR108/MWh in 2025); remaining geographies
benefiting from a high-price environment

- Average unitary electricity selling price in Greece of about
EUR154/MWh over 2026-2030 (2025: EUR162/MWh)

- Complete lignite phase-out by end-2026, including Ptolemaida V,
with commissioning of an 840MW CCGT in Alexandroupolis and 295MW
open cycle gas turbine. conversion, offset by the closure of
1,045MW of legacy CCGTs

- Renewables capacity (excluding hydro) rising to about 15GW by
end-2028 from about 4GW at end-2025, mainly merchant

- RAB increasing to about EUR5.7 billion in Greece by end-2030, and
broadly flat in Romania at about EUR1.6 billion

- Working-capital unwinding of about EUR1.2 billion for 2026-2030,
mainly related to GREs' receivables in Greece and Romania

- Cumulative net capex of about EUR21.4 billion over 2026-2030,
after customer contributions and grants

- Dividends per share rising to EUR1.4 by 2030 (EUR1.2 by 2028;
2025: EUR0.6), with no share buybacks

- Issuance of hybrid debt

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):

Business and financial profile factors (assessment, relative
importance): management ('bbb-', Lower), sector characteristics
('bb+', Moderate), market and competitive positioning ('bbb-',
Moderate), diversification and asset quality ('bb+', Higher),
company operational characteristics ('bbb-', Moderate),
profitability ('b+', Higher), financial structure ('bbb-',
Moderate), and financial flexibility ('bb+', Moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 25% weight for the historical year
2025, 25% for the forecast year 2026, 25% for the forecast year
2027 and 25% for the forecast year 2028.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'bbb-' has no impact.

The SCP is 'bb'.

To derive the Long-Term IDR:

Application of Fitch's Government Related Entities Rating Criteria
results in a(n) standalone approach.

RATING SENSITIVITIES

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

- FFO net leverage consistently exceeding 5.0x due to a more
aggressive than expected financial policy

- FFO interest coverage lower than 3.5x

- Slower-than-expected execution of the business plan to 2028,
including lower renewables or additional delays in lignite
phase-out and/or a worsened operating environment in Greece and
Romania, including failure to improve customer trade and state
receivables collections

- Failure to keep prior-ranking debt at about 2.5x consolidated
EBITDA, which could lead to a one-notch downgrade of the senior
unsecured rating

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

- FFO net leverage below 4.3x on a sustained basis

- FFO interest coverage higher than 4.0x

Liquidity and Debt Structure

PPC had EUR2.2 billion of readily available cash and cash
equivalents at end-December 2025. It also had a combined EUR4.6
billion of unused committed revolver plus working capital and capex
facilities. This is sufficient to cover limited debt maturities of
EUR0.7 billion and negative FCF of about EUR2.3 billion until
end-2026. In October 2025, the company issued EUR775 million
unsecured green senior notes, due in 2030, with a coupon price of
4.25% for the repayment of sustainability-linked senior unsecured
notes of EUR775 million maturing in 2026.

Strategic plan execution to 2030 with a capex plan of EUR24 gross
investments will require additional external debt financing of
about EUR8 billion (around 31% of the total funding needs). The
main source of funding remains the generated FFO (54% of total
needs) and the capital increase of EUR4.25 billion.

Fitch believes PPC will prioritise holding-company funding over
subsidiary debt and monitor structural subordination (through
down-streamed intercompany loans and upstreamed guarantees from
operating companies to the holding company). Fitch estimates
prior-ranking debt at close to 2.5x consolidated EBITDA at end-2025
with limited headroom under Fitch's criteria guidance, and to
improve thereafter with new debt expected to be issued at Holdco
and being pushed down to the group structure.

Issuer Profile

PPC is the incumbent integrated utility in Greece and one of
Romania's largest. Its generation portfolio consists of lignite to
be decommissioned by end-2026, gas-fired, regulated oil-fired and
hydro power plants, and a growing base of wind and solar plants. It
owns 51% of Hedno, the sole electricity distribution system
operator in Greece.

Summary of Financial Adjustments

Fitch treats the EUR1.5 billion fair value of the put option for
the 49% stake sale of HEDNO as financial debt.

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 Public Power Corporation S.A..

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Public Power
Corporation S.A.        LT IDR BB  Upgrade    BB-

   senior unsecured     LT     BB  Upgrade    BB-



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R U S S I A
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UZPROMSTROYBANK JSCB: S&P Affirms 'BB-/B' ICR, Outlook Now Negative
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Uzpromstroybank JSCB
(SQB) to negative from stable and affirmed the 'BB-/B' long- and
short-term issuer credit ratings.

The asset quality of Uzpromstroybank, in Uzbekistan commonly known
as Sanoat Qurilish Bank (SQB), continued to deteriorate, as
indicated by stage 3 loans and other owned real-estate assets
reaching 9.1% and stage 2 loans increasing to 35% as of Dec. 31,
2025, and we think that the negative trend could continue in 2026.

S&P expects SQB's asset quality metrics to remain slightly worse
than the system average, mitigated by planned sizable capital
support from the government in 2026, while the bank continues
efforts to enhance its risk management systems.

For several years, the bank has been undergoing transformation to
prepare for privatization, which we believe carries execution
risks.

S&P said, "Revision of the outlook to negative from stable reflects
our expectation that SQB's asset quality will likely remain below
system averages and could undergo further deterioration. We expect
that the bank's stage 3 loans and other owned real-estate assets
could further increase up to 12% over the next 12-24 months from
9.1% at year-end 2025, which is above our expectations for the
system average of 7.5%-8.5%. A sizable increase in this metric from
6.8% at year-end 2024 and 5.1% at year-end 2023 reflects the bank's
high concentration in lending to corporates and small and midsize
enterprises (SMEs). Those account for 86% of total loans and show a
high 10% nonperforming loan ratio. Exposure to vulnerable
industries, such as cotton clusters, textile, and construction;
high single-name concentrations (top 20 borrowers accounted for
1.7x total adjusted capital); and a high share of loans in foreign
currencies (60% at SQB versus 44% system average) as of year-end
2025 also contributed to asset quality deterioration. Stage 3 loans
were covered by provisions by 38% at year-end 2025, what we
consider lower than for international peers. We also note that, in
2025, interest income received in cash was only 75% of interest
income accrued, signaling an increase in credit risk.

"We think that the bank's target to increase the share of SME
lending in its total loans while decreasing the share of corporate
lending is likely to lead to further deterioration of credit
quality. This is because, in our view, the SME segment is riskier
than the large corporate segment with a materially higher cost of
risk. Stage 3 loans to state and municipal organizations remained
very low at 0.1% of total loans and increased in the retail segment
to 4.8% from 4.5% accordingly. Owned real estate assets on the
bank's balance sheet increased to Uzbekistani sum (UZS) 2.3
trillion ($190 million) at year-end 2025 and accounted for 2.4% of
total assets. Of these, UZS1.0 trillion inventory (completed
buildings and construction work intended for future sale, such as
residential developments, a shopping mall, and offices) and UZS629
billion repossessed property, and the rest properties intended for
disposal. In the first half of 2026 the bank sold UZS454 billion of
real estate assets, about 20% of the total. In general, real estate
assets take time to dispose of and hence currently contribute to an
increase in credit losses. At the same time, SQB's stage 2 loans
increased to 35% from 27%, which is significantly worse than
domestic and international peers. We understand that, to a large
extent, the increase in stage 3 and stage 2 loans was related to
the bank's efforts to more conservatively recognize its problem
loans as part of strengthening its credit risk management and
demonstrating better transparency while it is preparing for
privatization. At the same time, the high amount of stage 2 loans
also suggests substantial headroom for further asset quality
deterioration.

"We expect that the bank will maintain stable capital buffers
supported by retained earnings and capital support from the
government. We expect loans to grow at about 10%-15% in 2026-2027,
below its targeted growth rates, given muted growth in the first
half of 2026, high competition in the sector, and the general
industry trend. Together with growth in operating expenses at least
in line with inflation and cost of risk of about 3% on average, we
expect return on equity to decline materially in 2026-2027 from
15.8% in 2025. At the same time, we acknowledge that the government
is ready to inject a large amount of common equity in order to
support portfolio clean up. We therefore forecast our risk-adjusted
capital (RAC) ratio will remain at a stable level of 8.5%-9.5% in
2026-2027. At year-end 2025, the bank's RAC ratio improved
significantly to 8.8% from 6.6% a year earlier, driven by loan
growth of only 2% and additional tier 1 (AT1) issuance of $300
million in October 2025. Nevertheless, we view hybrid capital in
the form of AT1s, which accounted for 25% of total adjusted capital
at year-end 2025, to have lower quality than common equity.

"We think that SQB's privatization is a complex task and will
likely take several years. We understand that the government has
indicated it would sell a minority stake in SQB to international
investors. Over the past five years as part of its transformation
project, the bank has accomplished many initiatives in
centralization, optimization, automation, and digitalization, and
enhanced its corporate governance to increase its efficiency and
profitability and become more attractive to investors. In addition,
SQB is currently undergoing full diagnostic analysis in relation to
future development initiatives and strategy. SQB remains largely
state-owned. In 2025-2026 the Uzbekistan Reconstruction and
Development Fund transferred a 40% stake in the bank to National
Investment Fund of Uzbekistan (UzNIF), which completed an IPO in
May 2026. UzNIF holds strategic minority stakes of 25%-40% in 13
major state-owned enterprises in Uzbekistan, among which SQB is the
only bank.

"Despite the intended privatization, our rating continues to factor
in the expectation that SQB will maintain its solid business
position, thanks to strong ties with the government over the next
two years. Our assessment of SQB's stand-alone credit profile
incorporates the government's ongoing support to the bank because,
among other things, about 19% of loans were to state and municipal
organization and they were 45% covered by government guarantees. We
believe that the bank will maintain a significant volume of
government business over the next several years, including lending
and settlement services to large government-related entities and
strategically important sectors and projects. We anticipate that,
if the bank is privatized, the share of government-related lending
and funding is likely to decline gradually.

"We expect SQB's funding and liquidity metrics to continue
benefiting from material ongoing government support, while the bank
progresses in improving its funding metrics. SQB's stable funding
ratio improved to 102.3% at year-end 2025 from 79.0% on average
over the past three years, but remained weaker than peers'. SQB
continues to rely on international financial institutions and
government funding sources, which accounted for about 59% of total
funding as of year-end 2025. The bank's access to domestic and
external funding sources is an important factor that allows it to
extend the maturity profile of its funding base in the Uzbek
market, where long-term funding is scarce. Unlike regional peers,
which are mostly funded by customer deposits, retail, private
companies' and state and public organizations' deposits accounted
for 39% of total funding. As of year-end 2025, the bank's broad
liquid assets accounted for about 20% of total assets and covered
1.2x short-term wholesale funding. We consider that SQB can rely on
liquidity support from the central bank if needed, given its
importance for the economy and the banking sector's stability.

"The negative outlook on SQB reflects our expectation of further
asset quality deterioration over the next 12-24 months as the bank
continues to proactively recognize its problem loans while
preparing for privatization.

"We will lower the ratings on the SQB over the next 12 months if
the bank reports further material asset quality deterioration and
does not demonstrate progress in working out its legacy problems
loans via proactive recoveries and disposals, and this is not
compensated by timely and sufficient capital support.

"We could consider revising the outlook to stable if we conclude
that the bank has undertaken sufficient efforts to address its
asset quality problems and adequately provisioned its problem loans
while maintaining a RAC ratio comfortably above 7%."



=========
S P A I N
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CLAVEL RESIDENTIAL 4: Fitch Affirms 'B-sf' Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Clavel Residential 4 DAC's (Clavel 4)
class B to D notes and removed them from Rating Watch Positive
(RWP). The Outlooks are Stable.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Clavel Residential 4 DAC

   Class A XS3186943620     LT AAAsf  Affirmed   AAAsf
   Class B XS3186943893     LT AAsf   Upgrade    AA-sf
   Class C XS3186943976     LT Asf    Upgrade    A-sf
   Class D XS3186944198     LT BBBsf  Upgrade    BBB-sf
   Class E XS3186944271     LT BB-sf  Affirmed   BB-sf
   Class F XS3186944354     LT B-sf   Affirmed   B-sf

Transaction Summary

Clavel 4 is a cash flow securitisation of a static pool of legacy
first-lien residential mortgages originated and serviced in Spain
by multiple entities. It includes the refinancing of Clavel
Residential 3 DAC, a Spanish RMBS that closed in 2023. Clavel 4 has
been amortising sequentially since its closing in October 2025, and
its portfolio balance represented about 94% of the initial balance
as of the latest reporting date in April 2026.

KEY RATING DRIVERS

Updated HPI for Spain: The rating actions reflect the updated
assumptions driving Fitch's recovery rates under the European RMBS
Rating Criteria. Since the previous house price index (HPI) update
in October 2024, the data indicates that Spain has recorded strong
house price growth, which has reduced the weighted average indexed
current loan-to-value ratio of this transaction to about 52% as of
the latest reporting date in March 2026 (versus 58% as of the
closing in Octobre 2026). See 'Fitch Places 42 European RMBS
Tranches on Rating Watch Positive on House Price Decline Update'
dated 3 March 2026.

Credit Enhancement Protection Build-Up: Fitch considers credit
enhancement (CE) for the notes to sufficiently cover the credit and
cash flow stresses associated with the ratings, supporting the
upgrades of the class B to D notes. Fitch expects structural CE to
continue increasing, driven by the ongoing sequential amortisation
of the notes. CE for the class A notes has increased to 27.9% as of
April 2026 from 24.9% at closing, due to over-collateralisation
from non-defaulted assets.

Volatile Asset Performance Outlook: The transaction is exposed to
asset performance volatility due to a high share of restructured
mortgages and defaulted loans (defined as more than 12 missed
monthly instalments) at 94% and 14%, respectively, of the portfolio
balance as of March 2026. Fitch has migrated around half of the
defaulted loans into late-stage arrears (over 90 days), reflecting
the loan-by-loan servicing data received. This indicates that
borrowers are actively in discussions with servicers and its
expectation of a sustainable solution. This implies a reduction of
foreclosure frequency (FF) for the affected loans at all ratings,
except 'AAAsf' that remains unaffected.

Fitch has maintained a 1.5x transaction adjustment when calibrating
the portfolio FF rates to reflect its general assessment of the
pool, considering historical performance data and its observations
from the servicing strategies on restructured loans. It also
factors in its view that the pool is exposed to volatility in
rising interest rate environments, as 98% of the borrowers pay
floating interest rates on their mortgages.

Criteria Variations: Fitch has not accounted for further drawdowns
on multi-credit loan agreements within its rating analysis,
reflecting the residual amounts of further drawdowns since 2015. In
addition, Fitch has not applied the 1.2x FF adjustment defined
under its European RMBS Rating Criteria for long-tenor loans as
this risk is sufficiently captured by the restructured loan FF
adjustments.

RATING SENSITIVITIES

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

Failure of CE ratios to fully compensate for the credit losses and
cash flow stresses associated with the current ratings, all else
being equal, will result in downgrades Weaker-than-expected
recovery cash flows on defaults will also lead to downgrades.

Expected impact on the notes' ratings of increased defaults and
lower recoveries (class A/B/C/D/E/F):

Increase default by 15%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB+sf'/NR

Reduce recoveries by 15%:
'AA+sf'/'A+sf'/'BBBsf'/'BB-sf'/'CCCsf'/NR

Increase defaults and reduce recoveries by 15% each:
'AA+sf'/'Asf'/'BB+sf'/'B+sf'/NR/NR

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

Increased CE as the transaction deleverages to fully compensate for
the credit losses and cash flow stresses commensurate with higher
ratings could result in upgrades.

CRITERIA VARIATION

Fitch has not accounted for further drawdowns on multi-credit loan
agreements within its rating analysis, reflecting the residual
amounts of further drawdowns since 2015. The absence of further
drawdowns to date is most likely due to the stringent conditions
for application, which discourage debtors from requesting further
advances.

In addition, Fitch has not applied the 1.2x FF adjustment defined
under its European RMBS Rating Criteria for long-tenor loans as
this risk is sufficiently captured by the restructured loan FF
adjustments. There is no model-implied rating impact from the two
variations combined.

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.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small, targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

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.



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

HSBC BANK: Moody's Affirms 'Ba1' LC Deposit Ratings, Outlook Stable
-------------------------------------------------------------------
Moody's Ratings has affirmed HSBC Bank A.S. (Turkiye)'s (HSBC
Turkiye) long-term/short-term foreign currency and
long-term/short-term local currency bank deposit ratings of Ba2/NP
and Ba1/NP, respectively. Moody's also affirmed HSBC Turkiye's
long-term/short-term foreign currency and long-term/short-term
local currency Counterparty Risk Ratings (CRRs) of Ba2/NP and
Ba1/NP, respectively, as well as their long-term and short-term
Counterparty Risk (CR) Assessments of Ba1(cr) and NP(cr),
respectively. HSBC Turkiye's long-term foreign currency bank
deposit rating and CRR are constrained by Turkiye's foreign
currency country ceiling at Ba2. At the same time, Moody's affirmed
HSBC Turkiye's Baseline Credit Assessment (BCA) of b1 and Adjusted
BCA of ba1. The bank's long- and short-term National Scale deposit
ratings and CRRs have been affirmed at Aaa.tr and TR-1,
respectively. The outlooks on the long-term bank deposit ratings
remain stable.

RATINGS RATIONALE

BCA AFFIRMATION

The affirmation of HSBC Bank A.S.'s b1 BCA reflects Moody's
expectations that asset risk will remain moderate. Lending
exposures accounted for only around 20% of total assets as of March
2026, supporting a comparatively conservative asset composition
amid a disinflationary environment characterized by elevated
interest rates and macroprudential caps on loan growth, which have
been more restrictive on corporate lending. The bank's focus on
large, internationally active corporate customers has supported a
negligible stock of nonperforming loans. However, asset risks
remain constrained by concentrations among the bank's largest
borrowers and selected sectors. The b1 BCA reflects the bank's
limited long-term sustainability and through-the-cycle track record
of the current balance sheet structure and earnings profile.

Moody's expects profitability to remain sound and supportive of
internal capital generation. Earnings benefit from comparatively
low funding costs, reflecting the bank's predominantly
foreign-currency deposit base, while interest income from loans,
securities investments and remuneration from the Central Bank of
the Republic of Turkiye support revenue generation reflected in a
solid annualised net income to tangible assets ratio of 4.5% in the
first quarter of 2026. While current earnings remain strong,
profitability is concentrated in net interest income, with a
comparatively limited contribution from fee and commission income
relative to larger domestic peers. The b1 BCA also reflects Moody's
expectations that capitalisation will remain robust, as reflected
in a tangible common equity ratio of 17.9% as of March 2026.

Moody's expects funding and liquidity to remain supportive. HSBC
Turkiye's funding is primarily derived from customer deposits,
although the bank's corporate-focused franchise results in higher
funding concentrations than those of retail-oriented peers, as
reflected in less-stable funds accounting for 38.3% of tangible
banking assets as of March 2026. Wholesale funding remains modest
and primarily consists of repurchase agreements and liquidity
facilities provided by the parent bank. At the same time, ample
liquidity mitigates refinancing risks and supports the bank's
funding profile, as reflected in core banking liquidity of 65.7% of
tangible banking assets.

ADJUSTED BCA AFFIRMATION

The affirmation of HSBC Turkiye's Adjusted BCA at ba1 reflects the
bank's b1 BCA and Moody's continued assessment of a very high
likelihood of support from HSBC Holdings plc (HSBC Holdings, A3
stable) which results in a three-notch uplift. This reflects HSBC
Holdings' ultimate 100% ownership of HSBC Turkiye and the bank's
strategic fit into HSBC Holdings.

LONG-TERM BANK DEPOSIT RATINGS AFFIRMATION

The affirmation of HSBC Turkiye's foreign currency and local
currency long-term 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), which results in no uplift from
government support.

OUTLOOK

The stable outlook on HSBC Turkiye's long-term bank deposit ratings
reflects Moody's expectations that asset quality and profitability
will weaken as operating conditions normalise, but remain balanced
by robust capital and liquidity buffers.

The stable outlook on the long-term bank deposit ratings also
considers the stable outlook on HSBC Holdings' – the bank's
parental support provider – senior unsecured ratings and the
Government of Turkiye.

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

HSBC Turkiye's BCA could be upgraded following a sustained track
record of resilient financial performance through the cycle,
supported by the long term-sustainability of its balance sheet
structure combined with reduced borrower and funding
concentrations.

HSBC Turkiye's ratings could be downgraded if (1) bank's solvency
weakens beyond Moody's 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.

HSBC Bank A.S. (Turkiye)'s (HSBC Turkiye) "Assigned BCA" score of
b1 is set four notches below the "Financial Profile" initial score
of baa3 to reflect market risks and single name concentrations, and
the limited track-record of earnings sustainability.



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

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

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

The assets backing the notes are second-lien mortgage loans. Most
loans in the pool (89.1%) were originated under UK Mortgage
Lending's prime product range. S&P analyzed the nature of the
first-lien mortgage holders and consider most to be lenders
operating in the prime mortgage market.

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

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

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

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

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

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

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

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

Pepper (UK) Ltd., the servicer, is an established and leading U.K.
servicer, and we consider the team experienced, having serviced
several transactions that we have rated. It has well-established,
fully integrated servicing systems and policies.

  Ratings

  Class         Rating    Amount (mil. GBP)

  A             AAA (sf)   191.610
  B-Dfrd*       AA (sf)     13.598
  C-Dfrd*       A (sf)      12.362
  D-Dfrd*       BBB (sf)     8.653
  E-Dfrd*       BB (sf)      6.799
  F-Dfrd*       B- (sf)      6.799
  G-Dfrd*       B- (sf)      3.708
  H             NR           3.711
  X-Dfrd*       B- (sf)      9.889
  RC1 residual
  Certificates       NR        N/A
  RC2 residual
  Certificates       NR        N/A

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

CYF MANAGEMENT: FTS Recovery Appointed as Administrators
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Cyf Management Ltd (formerly Hylayer 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-2026-005631, and Marco Piacquadio and Rachel Ennis
of FTS Recovery Limited were appointed as Administrators on July
17, 2026.

The company specialized in business and domestic software
development.

Its registered office and principal trading address is 32 De
Montfort Street, Leicester, LE1 7GD.

The Administrators can be contacted at:

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

  -- and --

  Rachel Ennis  
  FTS Recovery Limited  
  Alma Park  
  Woodway Lane  
  Lutterworth  
  Leicestershire  
  LE17 5FB  
  Tel: 01908 754666  

Further details:

  Alternative Contact: Mark Jones  
  Email: mark.jones@ftsrecovery.co.uk  


ICELAND VLNCO: Moody's Affirms 'B2' CFR, Alters Outlook to Positive
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Moody's Ratings has affirmed Iceland VLNCo Limited's (Iceland) B2
corporate family rating, the B2-PD probability of default rating
and the B2 instrument rating of the backed senior secured notes due
2028 issued by Iceland Bondco plc. Concurrently, Moody's assigned
B2 instrument ratings to the proposed backed senior secured notes
with an equivalent face value of EUR600 million and maturity 2033,
to be issued by Iceland Bondco plc. The outlook on all entities has
been changed to positive from stable.

The B2 ratings of Iceland Bondco plc's EUR250 million backed senior
secured floating-rate notes due 2027 and GBP265 million backed
senior secured notes due 2027 remain unaffected and will be
withdrawn upon redemption.

"The outlook change to positive reflects Iceland's strong sales
performance over recent quarters, showing growth in line with the
UK market leaders despite continuously intense competition", says
Timo Fittig, Assistant Vice President at Moody's Ratings. "The
rating action also considers the benefits to creditors of Iceland's
ownership structure with the founder and the CEO as shareholders,
and their commitment to a conservative financial policy", adds
Fittig.

RATINGS RATIONALE

The outlook change to positive from stable and affirmation of
Iceland's B2 CFR reflects the company's consistently solid
operating performance over the past three financial years, which
has resulted in gradual improvement in credit metrics. In financial
year 2026, which ended March 27, 2026, Iceland achieved 3.9% sales
growth and a 3.2% increase in Moody's-adjusted EBITDA compared with
the prior year. While the company experienced a slight decline in
its EBITDA margin, mainly due to headwinds from higher National
Insurance contributions, fuel and logistics costs, it outperformed
the market in terms of grocery volume growth and maintained a
stable year-on-year UK grocery market share at 2.3% (according to
Kantar Worldpanel).

Underpinned by the good sales performance, Iceland's free cash flow
generation (Moody's-adjusted) was consistently positive over the
past three years and reached nearly GBP40 million in financial year
2026, although remains constrained. While free cash flow last year
benefited from a substantial reduction in working capital, Moody's
expects the company to continue generating cash in financial years
2027 and 2028. The proposed refinancing of its bonds should also
help Iceland to improve its free cash flow through some interest
savings, depending on the pricing of the bonds. Capital spending is
also set to decrease by nearly GBP50 million in financial year
2027, after peaking at nearly GBP100 million (excluding leases)
last year, following large investments in the new Warrington
distribution centre and the new IGC manufacturing facility.

Despite limited earnings growth, Iceland has gradually reduced its
financial leverage in recent years, partly through debt
prepayments. Moody's-adjusted gross Debt/EBITDA was at 4.8x at
year-end March 2026, down from its 6.4x peak in 2023. Although the
proposed refinancing transaction will increase gross leverage by
around 0.3x due to the higher debt quantum, Moody's-adjusted net
Debt/EBITDA will remain unchanged at 4.3x, pro forma based on
financial year 2026.

In addition to Iceland's sustained strong operating performance,
the rating action was driven by governance considerations within
Moody's ESG framework, more specifically the company's ownership
structure and financial policy. Contrary to many of its peers,
Iceland is controlled by the families of the founder and the CEO.
Although the company's financial leverage was high in the past,
mainly because of the energy price shock experienced in 2023,
management is committed to further deleveraging and targets net
leverage (company definition) consistently below 4.0x over the next
12-24 months. This is in line with Moody's projections, which
assume no dividend distributions or debt-funded acquisitions over
the next two years.

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

RATING OUTLOOK

The positive outlook reflects Moody's expectations that Iceland
will continue to grow its earnings, maintaining a stable market
share and some grocery volume growth, driving further improvements
in interest coverage. The outlook also reflects Moody's views that
the company's management remains committed to a conservative
financial policy with a focus on deleveraging and a timely
refinancing of its 2028 bond maturity.

The outlook could be changed to stable if EBITDA does not increase
in line with Moody's expectations, reducing the pace of leverage
reduction, free cash flow generation and interest coverage
improvements.

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

The ratings could be upgraded if Iceland continues to consistently
grow sales while maintaining at least stable profitability. An
upgrade would also require Iceland to achieve Moody's-adjusted
Debt/EBITDA sustainably below 4.0x; Moody's-adjusted
(EBITDA–Capex)/Interest of around 1.8x; Moody's-adjusted Free
Cash Flow/Debt in the mid-single-digits in percentage terms; and
very good liquidity while using excess cash to reduce leverage.

Iceland's ratings could be downgraded if revenues or EBITDA
decline; Moody's-adjusted Debt/EBITDA sustainably increases well
above 5.0x; Moody's-adjusted (EBITDA–Capex) /Interest fails to
improve above 1.4x; free cash flow turns negative for a prolonged
period or liquidity weakens.

LIQUIDITY PROFILE

Moody's considers Iceland's liquidity to be good. At the end of
June 2026, the company had GBP153 million of cash on balance sheet
and access to its fully undrawn super senior revolving credit
facility (RCF) due 2027, to be extended to April 2028. Moody's
forecasts the company will consistently generate positive free cash
flow over financial years 2027 and 2028, further strengthening
liquidity.

The proposed transaction would add about GBP24 million of
additional cash to Iceland's balance sheet.

STRUCTURAL CONSIDERATIONS

The B2 instrument ratings assigned to Iceland Bondco plc's proposed
new backed senior secured notes are aligned with the CFR,
reflecting that they are essentially the primary financial
instruments in the company's capital structure and rank pari passu.
Although the super senior RCF at Iceland VLNCo level ranks ahead of
the notes, it does not affect instrument ratings given its
relatively small size.

The backed senior secured notes have a security package comprising
direct guarantees from material operating subsidiaries accounting
for at least 80% of consolidated EBITDA. Securities include fixed
and floating charges over substantially all of the material
property and assets, including share pledges, material bank
accounts, receivables, and fixed and current assets including
material real estate property.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in September 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.

CORPORATE PROFILE

Headquartered in Deeside, Wales, Iceland VLNCo Limited is the
parent holding company of the Iceland Foods group which was founded
in 1970. Iceland is a UK value-focused food retailer that
specialises in frozen and chilled food. At the end of financial
year 2026, the company operated 758 core Iceland stores and 212 The
Food Warehouse stores, generating revenue of GBP4.4 billion and a
company-reported EBITDA before rent of GBP311 million. Since 2020,
Iceland has been controlled by its founder, Sir Malcolm Walker (51%
of share capital), and the CEO, Tarsem Dhaliwal (49%), and their
families.

JUST PERFECT: FRP Advisory Appointed as Joint Administrators
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Just Perfect Catering Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Manchester,
Insolvency & Companies List (ChD), Court Number CR-2026-MAN-001084,
and Tom Bowes and Martyn Rickels of FRP Advisory Trading Limited
were appointed as Joint Administrators on July 20, 2026.

The company specialized in other food services.

Its registered office is at The Coal Exchange Building, Mount
Stuart Square, Cardiff, CF10 5FQ (to be changed to c/o FRP Advisory
Trading Limited, 2nd Floor, Abbey House, 32 Booth Street,
Manchester, M2 4AB).

Its principal trading address is The Coal Exchange Building, Mount
Stuart Square, Cardiff, CF10 5FQ.

The Joint Administrators can be contacted at:

  Tom Bowes  
  Martyn Rickels  
  FRP Advisory Trading Limited  
  2nd Floor, Abbey House  
  32 Booth Street  
  Manchester  
  M2 4AB  
  Tel: 0161 833 3344  

Further details:

  Alternative Contact: Ellie Clark
  Email: cp.manchester@frpadvisory.com  
  


VIOLA MONEY: Interpath's Kristina Kicks Named as Administrator
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On July 23, 2026, a notice was filed announcing the appointment of
Kristina Kicks of Interpath Ltd. as administrator of Viola Money
(Europe) Limited on December 21, 2021.

Viola Money (Europe) Limited, (formerly V-Wallet (Europe) Limited),
was placed into administration in the High Court of Justice with
Court Number CR-2021-002402. The company specialized in financial
intermediation.

Its registered office is at 10 Fleet Place, London, EC4M 7RB. Its
principal trading address is 6a Napier Court, Gander Lane,
Barlborough, Chesterfield, S43 4PZ.

The Administrator can be contacted at:

  Kristina Kicks  
  Interpath Ltd  
  10 Fleet Place  
  London  
  EC4M 7RB  

Further details contact:

  Kerry O'Sullivan  
  Email: kerry.osullivan@interpath.com  
  


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

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