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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
Wednesday, August 5, 2026, Vol. 27, No. 155
Headlines
A R M E N I A
DEVELOPMENT AND INVESTMENT: Moody's Affirms Ba3 CFR & Issuer Rating
NATIONAL MORTGAGE: Moody's Affirms 'Ba3' CFR & Issuer Ratings
[] Moody's Takes Rating Action on 7 Armenian Banks
F R A N C E
SIRONA HOLDCO: Moody's Appends 'LD' Designation to PDR
S P A I N
GRUPO ANTOLIN-IRAUSA: Chapter 15 Case Summary
U N I T E D K I N G D O M
ABBOTSHOLME SCHOOL: Cowgills Appointed as Joint Administrators
ACACIUM GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment
B S P LABELS: Begbies Traynor Appointed as Administrators
BITTERLEY BIOGAS: Moorfields Appointed as Joint Administrators
ELBEC LIMITED: McTear Williams & Wood Appointed as Administrators
HALO FINANCIAL: Initial Meeting of Creditors Set for Aug. 6
JBOD FOOD: Westgates Restructuring Appointed as Administrator
KARAOKE BOX: PKF Littlejohn Appointed as Joint Administrators
MECHATHERM INTERNATIONAL: PwC Appointed as Joint Administrators
MUSCLE FOODS: Mackay Goodwin Appointed as Administrators
P. A. SMITH: Rushtons Insolvency Appointed as Administrator
PARAMOUNT STRUCTURES: Seneca IP Appointed as Administrators
RED SKY DELIVERIES: Leonard Curtis Named as Joint Administrators
TFP GROUP: S&P Assigns Preliminary 'B+' Rating, Outlook Positive
X1 MANCHESTER: Creditors' Meeting Set for Aug. 11
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A R M E N I A
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DEVELOPMENT AND INVESTMENT: Moody's Affirms Ba3 CFR & Issuer Rating
-------------------------------------------------------------------
Moody's Ratings has affirmed the Ba3 long-term Corporate Family
Rating and Ba3 long-term issuer ratings of the Development and
Investment Corporation of Armenia (DICA) and changed the issuer
outlook to positive from stable. Concurrently, Moody's affirmed the
company's b1 standalone assessment.
This rating action follows the affirmation of the Ba3 issuer rating
of the Government of Armenia, with the outlook changed to positive
from stable, on July 28, 2026.
RATINGS RATIONALE
The affirmation of DICA's Ba3 CFR and issuer ratings reflects its
standalone assessment of b1 and one notch of rating uplift that
incorporates Moody's expectations of a very high probability of
support from the Government of Armenia (Ba3 positive). This
assumption is based on the full ownership of DICA by the Government
of Armenia and its public policy role of supporting the development
of Armenia's SME sector. DICA's Ba3 long-term issuer ratings are
aligned with its Ba3 CFR and reflect the absence of structural
subordination of senior unsecured obligations.
The change in outlook to positive from stable reflects the
corresponding change in the sovereign outlook and Moody's
expectations of the government's strengthened capacity to provide
support to DICA, if required. The sovereign rating action reflects
a material reduction in geopolitical risks from previously very
high levels, a more balanced external policy stance, and contained
domestic political risks.
DICA's standalone assessment of b1 primarily reflects its strong
capital metrics, with the tangible common equity to tangible
managed assets (TCE/TMA) ratio at around 69%; its good
profitability with net income/average managed assets increasing to
4.5% in 2025 from 2.7% in 2024; and improving asset quality with
problem loans (defined as Stage 3 loans and finance lease
receivables) declining to around 2.7% of total loans and leases at
the end of 2025 from 4.7% in 2024. Access to government funding
sources, combined with good liquidity buffers, is also instrumental
in ensuring that the company can finance new projects and meet
maturing liabilities.
At the same time, the standalone assessment reflects Armenia's
potentially volatile operating environment and high industry and
asset risks given DICA's focus on the risky SME sector, in line
with its development mandate. The company's small size, and limited
franchise positioning and business diversification also constrain
its standalone assessment at the current level.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
DICA's ratings could be upgraded following an upgrade of Armenia's
sovereign rating. Conversely, the ratings could face downward
pressure or the outlook could be changed to stable in case of a
deterioration in the sovereign's credit profile, or if the
company's standalone credit profile deteriorates.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Finance
Companies published in July 2024.
DICA's "Assigned standalone Assessment" score of b1 is set nine
notches below the "Financial Profile" initial score of A1 to
reflect the operating environment that is characterized by high
industry risks, earnings volatility, and Moody's assessments of
higher asset and cash flow and liquidity risks.
NATIONAL MORTGAGE: Moody's Affirms 'Ba3' CFR & Issuer Ratings
-------------------------------------------------------------
Moody's Ratings has affirmed National Mortgage Company RCO CJSC's
(NMC) Ba3 long-term Corporate Family Rating and Ba3 long-term local
and foreign currency issuer ratings and changed the issuer outlook
to positive from stable. Concurrently, Moody's affirmed the
company's ba3 standalone assessment.
This rating action follows the affirmation of the Government of
Armenia's Ba3 issuer rating, with the outlook changed to positive
from stable, on July 28, 2026.
RATINGS RATIONALE
--- POSITIVE OUTLOOK
The decision to change NMC's issuer outlook to positive from stable
reflects the company's robust financial performance, particularly
its strong asset quality metrics and solid loss-absorption
capacity, as well as the fact that its standalone credit profile is
currently constrained by Armenia's Ba3 sovereign rating.
The positive outlook also reflects the government's potentially
enhanced capacity to provide support to NMC, if needed. The
sovereign rating action 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.
An improvement in Armenia's credit profile, as reflected in a
higher sovereign rating, would also benefit NMC, given Moody's
assumptions of a very high probability of government support. This
assumption is based on NMC's full ownership by the Central Bank of
Armenia (CBA), its public policy role in supporting the development
of Armenia's housing finance market, and the CBA's demonstrated
track record of support through capital injections and the
provision of funding lines. NMC remains an important policy vehicle
through which the Armenian authorities implement housing finance
and broader development policies.
--- RATINGS AFFIRMATION
NMC's Ba3 CFR reflects its ba3 standalone assessment and Moody's
assumptions of a very high probability of government support,
although this does not result in any rating uplift. NMC's Ba3
long-term issuer ratings are aligned with its Ba3 CFR and reflect
the absence of structural subordination for senior unsecured
obligations.
The affirmation of NMC's ratings, including its standalone
assessment, reflects its strong capital buffers, which provide
substantial capacity to support asset growth and absorb potential
losses. Moody's expects the company's Tangible Common Equity as a
percentage of tangible managed assets, which stood at 42% as of
year-end 2025, to remain above 35% over the next 12-18 months.
Moody's also expects NMC's profitability to remain supported by a
healthy net interest margin and strong cost efficiency. In
addition, the company continues to report no problem loans, largely
reflecting its unique risk-sharing framework, under which the
credit risk of the underlying mortgage portfolio remains with the
originating lenders.
These strengths are balanced against several credit constraints.
NMC's standalone assessment remains constrained by Armenia's
sovereign rating, as well as by its relatively unseasoned loan
portfolio following several years of rapid growth, its modest
scale, and limited business diversification. The company also
maintains a relatively concentrated funding profile. However,
Moody's recognizes its ongoing efforts to diversify funding sources
and broaden its investor base, including through issuances under
its medium-term note programme.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade of NMC's ratings would require a stronger operating
environment as evidenced by a higher sovereign rating. Downward
pressure on the ratings would arise in case of a deterioration in
the sovereign's credit profile, as would be indicated by a
downgrade of the sovereign rating. A significant weakening of NMC's
standalone credit profile, driven by a deterioration in asset
quality, liquidity, and capital buffers, could also lead to a
downgrade.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Finance
Companies published in July 2024.
NMC's "Assigned Standalone Assessment" score of ba3 is set seven
notches below the "Financial Profile" initial score of A2 to
reflect the expected trend of its capitalisation, its still modest
funding diversification and high asset risks.
[] Moody's Takes Rating Action on 7 Armenian Banks
--------------------------------------------------
Moody's Ratings has changed the outlook to positive from stable on
the long-term deposit ratings of seven Armenian banks following the
change in the outlook on the Government of Armenia to positive from
stable.
At the same time Moody's affirmed all ratings for the seven banks.
The sovereign rating action reflects a material reduction in
political risks from previously very high levels, underpinned by a
lower likelihood of renewed large-scale hostilities with
Azerbaijan, a more balanced external policy stance, and contained
domestic political risks.
RATINGS RATIONALE
The change in outlook to positive from stable on the seven banks'
long-term deposit ratings reflects (i) the positive outlook on
Armenia and (ii) the potential for improvement in operating
conditions for the Armenian banks which could lead us to raise the
Macro Profile for Armenia to Weak+ from Weak.
In the event of an upgrade of the Armenian sovereign rating the
country's capacity to support its banks would be considered to be
greater, leading to the potential for the banks' long-term ratings
to be upgraded as a result of greater uplift from government
support.
At the same time Moody's sees improvements in the operating
environment for banks, which also drives the potential for upward
pressure on the banks' ratings.
Armenia's longer-term growth potential has strengthened, supported
by sustained capital investment that is driving productivity gains
and improving the economy's resilience to shocks. In addition,
government debt remains below pre-2022 levels.
A growing economy and moderating inflation provide an opportunity
for Armenia's banks to strengthen their franchises while
maintaining prudent risk management. Armenia's economic growth has
been exceptionally strong, averaging 8.5% annually during 2022-25,
since the onset of the Russia-Ukraine war. Large inflows of
capital, labor and remittances, together with the relocation of
businesses and skilled workers from Russia, have supported
consumption, investment and activity in the services sector.
Moody's projects real GDP growth of 5%-5.5% in both 2026 and 2027,
supported by robust domestic demand, continued, albeit moderating,
inflows of capital and labor, and sustained activity in the
services and trade sectors.
Against this backdrop, Moody's expects Armenian banks to further
strengthen the credit metrics achieved over the past several years.
Continued franchise expansion will support profitability, while the
economy's enhanced resilience will help contain credit costs and
support asset quality.
BANK-SPECIFIC FACTORS
Ardshinbank OJSC (ASHIB)
Moody's affirmed ASHIB's long-term deposit and senior unsecured
debt ratings at Ba3 and its ba3 Baseline Credit Assessment (BCA)
and Adjusted BCA. Concurrently, Moody's changed the outlook on the
long-term deposit ratings and senior unsecured debt rating to
positive from stable.
The positive outlook reflects the government's improving capacity
to support the banking system and the country's largest banks, if
needed, as well as improving operating environment. The affirmation
of ASHIB's ba3 BCA reflects Moody's expectations that the bank will
maintain its solvency and liquidity over the next 12-18 months.
ASHIB's BCA is supported by its robust capital adequacy and strong
profitability. During the first quarter of 2026 (Q1 2026), the bank
reported a very strong return on tangible assets of 4.7%. As of Q1
2026, Moody's preferred ratio of tangible common equity (TCE) to
risk-weighted assets (RWA) remained broadly stable at 21.1%,
compared with 21.0% at year-end 2025. At the same time, the BCA is
constrained by the high level of dollarisation on both sides of the
balance sheet and the bank's significant reliance on market funding
and current accounts.
ASHIB's Ba3 long-term deposit ratings are based on its ba3 BCA and
Moody's assessments of a high probability of support from the
Government of Armenia (Ba3 positive) in the event of need,
reflecting the bank's systemic importance as one of the largest
banks in Armenia.
Ameriabank CJSC (Ameriabank)
Moody's affirmed Ameriabank's long-term deposit ratings at Ba3 and
its ba3 BCA and Adjusted BCA. Concurrently, Moody's changed the
outlook on the long-term deposit ratings to positive from stable.
The positive outlook reflects the government's improving capacity
to support the banking system and the country's largest banks, if
needed, as well as improving operating environment. The affirmation
of Ameriabank's ba3 BCA reflects Moody's expectations that the bank
will preserve its solid credit metrics over the next 12-18 months.
Ameriabank's BCA is supported by its robust asset quality, solid
capital buffer and strong overall loss-absorption capacity. As of
Q1 2026, the bank's problem loans ratio declined slightly to 2.0%
of gross loans, from 2.1% at year-end 2025, while the problem loans
coverage ratio remained stable at 69%. Its TCE/RWA ratio stood at
14.7% as of Q1 2026, down slightly from 15.2% at year-end 2025, as
rapid RWA growth outpaced the bank's strong internal capital
generation. At the same time, the BCA is constrained by the bank's
high reliance on wholesale funding and the elevated dollarisation
of its balance sheet.
Ameriabank's Ba3 long-term deposit ratings are based on the bank's
ba3 BCA and Moody's assessments of a high probability of support
from the Government of Armenia in case of need, reflecting the
bank's systemic importance as one of the largest banks in Armenia.
ACBA BANK, OJSC (ACBA Bank)
Moody's affirmed ACBA Bank's long-term deposit ratings at Ba3 and
its ba3 BCA and Adjusted BCA. Concurrently, Moody's changed the
outlook on the long-term deposit ratings to positive from stable.
The positive outlook reflects the government's improving capacity
to support the banking system and the country's largest banks, if
needed, as well as improving operating environment. The affirmation
of ACBA Bank's ba3 BCA reflects Moody's expectations that the bank
will preserve its solvency and liquidity over the next 12-18
months.
ACBA Bank's BCA is supported by its robust asset quality and strong
capital buffer. The bank has consistently reported relatively low
problem loans, defined as stage 3 lending, at 2.7% of gross loans
as of Q1 2026. The reported problem loan coverage remained moderate
at 64% as of the same date. Its TCE/RWA ratio stood at 20.9% as of
Q1 2026, down from 21.4% at year-end 2025, reflecting moderate RWA
growth and dividend payouts. At the same time, the BCA is
constrained by the bank's significant exposure to the high-risk
agriculture sector, small and medium-sized enterprises (SMEs), and
unsecured consumer lending.
ACBA Bank's Ba3 long-term deposit ratings are based on the bank's
ba3 BCA and Moody's assessments of a high probability of support
from the Government of Armenia in case of need, reflecting the
bank's systemic importance as one of the three largest banks in
Armenia.
Inecobank CJSC (Inecobank)
Moody's affirmed Inecobank's long-term deposit ratings at Ba3 and
its ba3 BCA and Adjusted BCA. Concurrently, Moody's changed the
outlook on the long-term deposit ratings to positive from stable.
The positive outlook reflects the government's improving capacity
to support the banking system and Armenia's largest banks, if
needed, as well as the improving operating environment. The
affirmation of Inecobank's ba3 BCA reflects Moody's expectations
that the bank will maintain its robust credit metrics over the next
12-18 months.
Inecobank's ba3 BCA is supported by its solid capitalization and
profitability. As of Q1 2026, the bank's TCE/RWA ratio remained
broadly stable at 14.9%, compared with 15.1% at year-end 2025. In
2025, profitability began to normalise, with net income remaining
broadly stable at AMD29.6 billion, compared with AMD29.2 billion in
2024, despite rapid balance-sheet growth. As a result, annualised
return on tangible assets declined to 3.2% from 3.8% in 2024. At
the same time, the BCA is constrained by the bank's significant
reliance on demand deposits and its large share of foreign-currency
loans and deposits.
Inecobank's Ba3 long-term deposit ratings are based on its ba3 BCA
and Moody's assessments of a moderate probability of government
support from the Government of Armenia in the event of need,
reflecting the bank's meaningful market position. However, this
support does not result in any uplift to the bank's long-term
deposit ratings.
Converse Bank CJSC (Converse Bank)
Moody's affirmed Converse Bank's long-term deposit ratings at Ba3,
as well as its ba3 BCA and Adjusted BCA. Concurrently, Moody's
changed the outlook on the long-term deposit ratings to positive
from stable.
The positive outlook reflects the government's improving capacity
to support the banking system and the country's largest banks, if
needed, as well as improving operating environment. The affirmation
of Converse Bank's ba3 BCA reflects Moody's expectations that the
bank will preserve its robust credit metrics over the next 12-18
months.
Converse Bank's ba3 BCA is supported by its strong loss-absorption
capacity, stable funding profile and robust liquidity, but
constrained by elevated exposure to foreign-currency lending and
related-party transactions. The bank's capitalisation remains
strong, with TCE/RWA ratio of 19.1% as of Q1 2026. In 2025,
Converse Bank reported net profit of AMD 16.7 billion, translating
into a return on tangible assets of 2.8% for the year and 2.9% on
an annualised basis in Q1 2026.
Converse Bank's Ba3 long-term deposit ratings are based on its ba3
BCA and Moody's assessments of a moderate probability of government
support in the event of need, reflecting the bank's market shares
of around 5% in total assets, loans and retail deposits. However,
this support does not result in any uplift to the bank's long-term
deposit ratings.
ID Bank CJSC (ID Bank)
Moody's affirmed ID Bank's long-term deposit ratings at Ba3, as
well as its ba3 BCA and Adjusted BCA. Concurrently, Moody's changed
the outlook on the bank's long-term deposit ratings to positive
from stable.
The positive outlook reflects the improving operating environment
in Armenia, which could place upward pressure on the bank's BCA and
ratings. The affirmation of ID Bank's ba3 BCA reflects Moody's
expectations that the bank will maintain strong solvency and
liquidity over the next 12-18 months.
ID Bank's ba3 BCA is supported by its strong capitalisation and
solid recurring profitability. Its TCE/RWA ratio remained robust at
21.1% as of year-end 2025, despite rapid loan growth of 34% and
substantial dividend payouts. In 2025, the bank reported net income
of AMD17.7 billion, translating into a strong 3.5% return on
tangible assets. These strengths are, however, moderated by the
bank's rapid loan growth, which may exert pressure on asset
quality, as well as by the volatility of its earnings.
ID Bank's Ba3 long-term deposit ratings are based solely on its ba3
BCA and do not incorporate any government support. This reflects
the bank's private ownership and its relatively modest market
position, with an asset market share of around 4%.
Unibank OJSC (Unibank)
Moody's affirmed Unibank's long-term deposit ratings at B1, as well
as its b2 BCA and Adjusted BCA. Concurrently, Moody's changed the
outlook on the bank's long-term deposit ratings to positive from
stable.
The positive outlook on the long-term deposit ratings reflects the
improving operating environment in Armenia, which could place
upward pressure on the bank's BCA and ratings. The affirmation of
Unibank's b2 BCA and Adjusted BCA reflects the bank's materially
improved asset quality, strong problem loan coverage, robust
profitability and limited reliance on less-stable funding.
Unibank's b2 BCA reflects its good asset quality, high problem loan
coverage and good profitability. Its problem loan ratio declined to
2.6% as of year-end 2025 from 3.3% at year-end 2024, while
provisioning coverage remained strong at 93%. Unibank reported a
return on tangible assets of 2.1% in 2025, compared with 2.5% in
2024. The BCA remains constrained by the bank's modest capital
adequacy and the risks associated with its concentration in
unsecured consumer lending.
Unibank's B1 long-term deposit ratings are based on its b2 BCA and
Moody's assessments of a moderate probability of government support
in the event of need. This assessment reflects the bank's
meaningful franchise, including a market share of around 5% in
retail deposits, resulting in one notch of uplift from its BCA to
its long-term deposit ratings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
A sustained strengthening of Armenian banks' financial profiles,
together with an improvement in the sovereign's creditworthiness
and operating environment, could lead to upgrades of their BCAs and
deposit ratings over the next 12-18 months.
Downward pressure on Armenian banks' ratings could arise from a
deterioration in the sovereign's credit profile or a material
weakening in banks' solvency, asset quality or liquidity positions,
although this is not Moody's baseline expectation.
LIST OF AFFECTED RATINGS
Issuer: ACBA BANK, OJSC
Affirmations:
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2
LT Counterparty Risk Rating (Local Currency), Affirmed Ba2
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to POS from STA
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Counterparty Risk Assessment, Affirmed Ba2(cr)
ST Counterparty Risk Assessment, Affirmed NP(cr)
LT Issuer Rating (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
LT Issuer Rating (Local Currency), Affirmed Ba3, outlook changed
to POS from STA
ST Issuer Rating (Foreign Currency), Affirmed NP
ST Issuer Rating (Local Currency), Affirmed NP
Baseline Credit Assessment, Affirmed ba3
Adjusted Baseline Credit Assessment, Affirmed ba3
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: Ameriabank CJSC
Affirmations:
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2
LT Counterparty Risk Rating (Local Currency), Affirmed Ba2
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to POS from STA
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Counterparty Risk Assessment, Affirmed Ba2(cr)
ST Counterparty Risk Assessment, Affirmed NP(cr)
Baseline Credit Assessment, Affirmed ba3
Adjusted Baseline Credit Assessment, Affirmed ba3
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: Ardshinbank OJSC
Affirmations:
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2
LT Counterparty Risk Rating (Local Currency), Affirmed Ba2
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to POS from STA
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Counterparty Risk Assessment, Affirmed Ba2(cr)
ST Counterparty Risk Assessment, Affirmed NP(cr)
Baseline Credit Assessment, Affirmed ba3
Adjusted Baseline Credit Assessment, Affirmed ba3
Senior Unsecured (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: Converse Bank CJSC
Affirmations:
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2
LT Counterparty Risk Rating (Local Currency), Affirmed Ba2
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to POS from STA
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Counterparty Risk Assessment, Affirmed Ba2(cr)
ST Counterparty Risk Assessment, Affirmed NP(cr)
Baseline Credit Assessment, Affirmed ba3
Adjusted Baseline Credit Assessment, Affirmed ba3
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: ID Bank CJSC
Affirmations:
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2
LT Counterparty Risk Rating (Local Currency), Affirmed Ba2
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to POS from STA
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Counterparty Risk Assessment, Affirmed Ba2(cr)
ST Counterparty Risk Assessment, Affirmed NP(cr)
Baseline Credit Assessment, Affirmed ba3
Adjusted Baseline Credit Assessment, Affirmed ba3
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: Inecobank CJSC
Affirmations:
LT Counterparty Risk Rating (Foreign Currency), Affirmed Ba2
LT Counterparty Risk Rating (Local Currency), Affirmed Ba2
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
LT Bank Deposits (Foreign Currency), Affirmed Ba3, outlook changed
to POS from STA
LT Bank Deposits (Local Currency), Affirmed Ba3, outlook changed
to POS from STA
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Counterparty Risk Assessment, Affirmed Ba2(cr)
ST Counterparty Risk Assessment, Affirmed NP(cr)
Baseline Credit Assessment, Affirmed ba3
Adjusted Baseline Credit Assessment, Affirmed ba3
Outlook Actions:
Outlook, Changed To Positive From Stable
Issuer: Unibank OJSC
Affirmations:
LT Counterparty Risk Rating (Foreign Currency), Affirmed B1
LT Counterparty Risk Rating (Local Currency), Affirmed B1
ST Counterparty Risk Rating (Foreign Currency), Affirmed NP
ST Counterparty Risk Rating (Local Currency), Affirmed NP
.
LT Bank Deposits (Foreign Currency), Affirmed B1, outlook changed
to POS from STA
LT Bank Deposits (Local Currency), Affirmed B1, outlook changed to
POS from STA
ST Bank Deposits (Foreign Currency), Affirmed NP
ST Bank Deposits (Local Currency), Affirmed NP
LT Counterparty Risk Assessment, Affirmed B1(cr)
ST Counterparty Risk Assessment, Affirmed NP(cr)
Baseline Credit Assessment, Affirmed b2
Adjusted Baseline Credit Assessment, Affirmed b2
Outlook Actions:
Outlook, Changed To Positive From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published
in November 2025.
Unibank OJSC's "Assigned BCA" score of b2 is set two notches below
the "Financial Profile" initial score of ba3 to reflect bank's
modest capital adequacy and risks associated with its focus on
unsecured consumer lending in its loan portfolio.
For Ardshinbank OJSC, Ameriabank CJSC, ACBA BANK, OJSC, Inecobank
CJSC, Converse Bank CJSC and ID Bank CJSC 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.
===========
F R A N C E
===========
SIRONA HOLDCO: Moody's Appends 'LD' Designation to PDR
------------------------------------------------------
Moody's Ratings has appended a limited default (LD) designation to
Sirona HoldCo (Seqens or the company)'s probability of default
rating, revising it to Caa3-PD/LD from Caa3-PD. The LD designation
reflects the company's failure to make scheduled interest payments
under its senior secured term loan B and revolving credit facility
(RCF) following the expiry of the applicable grace period. 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 to the Caa3 ratings on the debt instruments issued by
Sirona BidCo France. The outlook on both entities remains
negative.
The payment default follows the company's non-payment of interest
due under its senior facilities agreement, including interest due
on the term loan B on June 18, 2026 and on the revolving credit
facility on several dates in June and July 2026. Seqens has entered
into a forbearance and deferral agreement with participating
lenders, under which lenders temporarily agree not to take
enforcement action in relation to the specified payment defaults
and to defer certain interest payments. However, the agreement does
not waive the defaults, and lenders retain their rights once the
forbearance expires or terminates.
Seqens' liquidity remains weak. Moody's continues to forecast
material negative free cash flow in 2026, mainly because of
elevated restructuring-related fees, and expect that additional
liquidity will be required to cover cash needs through year-end. In
the short-term, liquidity is supported by a committed EUR70 million
bridge facility, of which EUR55 million is currently drawn, and the
deferral of interest payments.
The company continues to negotiate a broader capital structure
solution with its creditors. The restructuring could include
new-money financing, and/or the reinstatement or amendment of
existing debt instruments. Seqens' credit quality remains driven by
weak liquidity, high restructuring execution risk and an
unsustainable capital structure, notwithstanding the company's
ongoing operational turnaround measures and cost-reduction
initiatives.
Seqens, headquartered in Ecully, France, is a producer of small
molecules active pharmaceutical ingredients (APIs), solvents for
pharmaceutical customers as well as chemicals for the personal care
industry. In 2025, Seqens reported revenues of around EUR793
million and EBITDA of around EUR29 million. The company is
majority-owned (76.9%) by funds of private equity sponsor SK
Capital.
=========
S P A I N
=========
GRUPO ANTOLIN-IRAUSA: Chapter 15 Case Summary
---------------------------------------------
Lead Debtor: Grupo Antolin-Irausa, S.A.U.
C/Vitoria numero 307
Burgos 09007
Spain
Business Description: Grupo Antolin is a Burgos, Spain-based
manufacturer of automotive interior components founded in 1950.
The company produces doors and integrated interior products,
instrument panels, central consoles, coatings, headliners,
vehicle-roof components, and electronic systems including lighting
technologies, overhead consoles, smart surfaces, human-machine
interfaces, and sun visors. It operates production plants,
just-in-time delivery centers, and technical-commercial offices
across 23 countries, supplying components to automobile
manufacturers.
Foreign Proceeding: Proceeding under Spanish Insolvency Law
Chapter 15 Petition Date: July 20, 2026
Court: United States Bankruptcy Court
Southern District of New York
Thirty-six affiliates that concurrently filed voluntary petitions
for relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Grupo Antolin-Irausa, S.A.U. (Lead Case) 26-11679
Antolin Alabama, LLC 26-11680
Antolin Deutschland GmbH 26-11681
Antolin Interiors Mexico, S.A. de C.V. 26-11682
Antolin Interiors UK Limited 26-11683
Antolin Interiors USA, Inc. 26-11684
Antolin Liban, S.R.O. 26-11685
Antolin Shelby, Inc. 26-11686
Grupo Antolin Tlaxcala, S. de R.L. de C.V. 26-11687
Antolin Silesia Sp. zo.o. 26-11688
Antolin Straubing GmbH 26-11689
Grupo Antolin Turnov S.R.O. 26-11690
Grupo Antolin UK Limited 26-11691
Grupo Antolin North America, Inc. 26-11692
Grupo Antolin Bamberg GmbH & Co. KG 26-11693
Grupo Antolin Ostrava S.R.O. 26-11694
Grupo Antolin Bohemia, A.S. 26-11695
Grupo Antolin-Cuautitlan, S. de R.L. de C.V. 26-11696
Grupo Antolin Bratislava S.R.O. 26-11697
Grupo Antolin Saltillo, S. de R.L. de C.V. 26-11698
Grupo Antolin-Aragusa, S.A.U. 26-11699
Grupo Antolin Sibiu SRL 26-11700
Grupo Antolin Kentucky, Inc. 26-11701
Grupo Antolin Silao, S.A. de C.V. 26-11702
Grupo Antolin Leamington Limited 26-11703
Grupo Antolin South Africa (PTY) Ltd. 26-11704
Grupo Antolin-Eurotrim, S.A.U. 26-11705
Grupo Antolin Logistik Deutschland GmbH 26-11706
Grupo Antolin-Glass, S.A.U. 26-11707
Grupo Antolin-Ingenieria, S.A.U. 26-11708
Grupo Antolin Michigan, Inc. 26-11709
Grupo Antolin Lusitania-Componentes Automovel,
Unipessoal, LDA. 26-11710
Grupo Antolin-Plasbur, S.A.U. 26-11711
Grupo Antolin Missouri, LLC 26-11712
Grupo Antolin-RYA, S.A.U. 26-11713
Grupo Antolin-Autotrim, S.A.U. 26-11714
Judge: Hon. Shireen A Barday
Foreign Representative: Cristina Blanco Santo Tomas
C/Vitoria numero 307
Burgos 09007
Spain
Foreign
Representative's
Counsel: Chad J. Husnick, Esq.
KIRKLAND & ELLIS LLP AND
KIRKLAND & ELLIS INTERNATIONAL LLP
333 West Wolf Point Plaza
Chicago, Illinois 60654
Tel: (312) 862-2000
E-mail: chad.husnick@kirkland.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Lead Debtor's Chapter 15 petition is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/WGEICHA/Grupo_Antolin-Irausa_SAU_and_Cristina__nysbke-26-11679__0001.0.pdf?mcid=tGE4TAMA
===========================
U N I T E D K I N G D O M
===========================
ABBOTSHOLME SCHOOL: Cowgills Appointed as Joint Administrators
--------------------------------------------------------------
Abbotsholme School Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Manchester,
Insolvency and Companies List (ChD), Court Number CR2026MAN001050.
Keeley Lord and Craig Johns of Cowgills Limited were appointed as
Joint Administrators on July 22, 2026.
The company operated a school.
Its registered office and principal trading address is Abbotsholme
School, Rocester, Uttoxeter, ST14 5BS.
The Joint Administrators can be contacted at:
Keeley Lord
Craig Johns
Cowgills Limited
Fourth Floor, Unit 5B
The Parklands
Bolton
BL6 4SD
Telephone: 0161 827 1200
Further details contact:
Katie Parker
Tel: 0161 672 5763
Email: Katie.Parker@cowgills.co.uk
Address: Fourth Floor, Unit 5B, The Parklands, Bolton, BL6 4SD
ACACIUM GROUP: S&P Lowers ICR to 'SD' on Missed Interest Payment
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.K.-based
healthcare and life sciences staffing and services provider Acacium
Group Ltd. to 'SD' from 'CCC-' and lowered the issue credit rating
on the term loan B to 'D' from 'CCC-'.
On July 31, 2026, Acacium Group Ltd. missed an interest payment on
its senior secured term loan B.
S&P said, "In accordance with terms agreed with term loan lenders
in respect of the recapitalization transaction, we do not expect
Acacium to make the overdue payment during the loan's specified
grace period, which is consistent with the terms of the
recapitalization transaction announced on June 22, 2026, and agreed
with more than 90% of the term loan lenders. We view this as a
selective default by the company."
The downgrade reflects the missed interest payment on Acacium's
term loan B, which was due on July 31, 2026. The company, together
with its shareholders and a group of lenders that represent more
than 90% by value of the senior term loan B, has decided to
preserve liquidity during the implementation of the
recapitalization transaction. S&P said, "We lowered the rating on
Acacium because, under the terms of the recapitalization
transaction that have been agreed, we do not expect it to pay the
interest due on the term loan B before the end of the stated grace
period. Therefore, the creditors will not receive what they were
initially promised. We understand that the company is current on
its other obligations."
Acacium's shareholders have agreed a recapitalization of the
group's debt with lenders that represent more than 90% of the term
loan B. Acacium initiated a financial recapitalization process to
address its unsustainable capital structure. The proposed
transaction, among other things, would be a debt-to-equity swap
that converts about 60% of all outstanding term loans and all
accrued and unpaid interest (including the July 31 payment
referenced above). As a result, the existing GBP375 million and
$140 million term loans would be replaced with a new GBP200 million
term loan B, due in 2032. When the transaction closes, the term
loan B lenders will control the group and will own 92.5% of
Acacium's equity. The existing shareholders' combined stake will
shrink to 7.5%.
S&P said, "In our view, the proposed transaction is a distressed
exchange. It would materially reduce the company's debt burden and
boost liquidity. However, it would also amend the size, tenor, and
interest payments of the term loans. We consider the transaction as
distressed and tantamount to a default, because, in our view,
investors would receive less than they were promised when the
original securities were issued, without receiving compensation
that we view as adequate.
"We understand that the company hopes to reach a consensual
agreement with lenders. If it cannot negotiate a consensual
agreement, it will pursue a scheme of arrangement. We expect to
reassess our ratings once we have more clarity on the next steps."
B S P LABELS: Begbies Traynor Appointed as Administrators
---------------------------------------------------------
B S P Labels Limited was placed into administration in the Business
and Property Courts of England and Wales, Insolvency & Companies
List (ChD), Case Number CR-2026-005726. Simon Lowes and Stephen
Mark Powell of BTG Begbies Traynor (Central) LLP were appointed as
Administrators on July 22, 2026.
The company specialized in the manufacture of bespoke labels.
Its registered office is at 2nd Floor, Endeavour House, Meridians
Cross, Ocean Way, Ocean Village, Southampton, SO14 3TJ.
Its principal trading address is Unit 11, Saxon Way, Melbourn,
Royston, SG8 6DN.
The Administrators can be contacted at:
Simon Lowes
Stephen Mark Powell
BTG Begbies Traynor (Central) LLP
2nd Floor
Endeavour House
3 Meridians Cross
Ocean Way
Southampton
SO14 3TJ
Further details contact:
Denicia Pather
BTG Begbies Traynor (Central) LLP
Tel: 01722 435 133
Email: Denicia.Pather@btguk.com
BITTERLEY BIOGAS: Moorfields Appointed as Joint Administrators
--------------------------------------------------------------
Bitterley Biogas AD Limited was placed into administration in the
High Court of Justice, Business and Property Courts, Insolvency and
Companies List, No 005431 of 2026, and Milan Vuceljic and Andrew
Pear of Moorfields were appointed as Joint Administrators on July
20, 2026.
The company’s registered office and principal trading address is
Bitterley Court, Bitterley, Ludlow, SY8 3HL.
The Joint Administrators can be contacted at:
Milan Vuceljic
Andrew Pear
Moorfields
82 St John Street
London
EC1M 4JN
Further details contact:
Heather Gibb
Tel: 020 7186 1156
Email: heather.gibb@moorfieldscr.com
Address: 82 St John Street, London, EC1M 4JN
ELBEC LIMITED: McTear Williams & Wood Appointed as Administrators
-----------------------------------------------------------------
Elbec Limited, trading as Elbec Garden Buildings, was placed into
administration in the High Court of Justice, Court Number
CR-2026-001064. Jo Watts and Kelly Goodman of McTear Williams &
Wood Limited were appointed as Administrators on July 23, 2026.
The company specialized in the sale of bespoke garden buildings.
Its registered office is 3 Castlegate, Grantham, Lincolnshire, NG31
6SF.
Its principal trading address is Brookfields Garden Centre, 431
Mapperley Plains, Nottingham, NG3 5RW.
The Administrators can be contacted at:
Jo Watts
Kelly Goodman
McTear Williams & Wood Limited
Prospect House
Rouen Road
Norwich
NR1 1RE
Office: 01603 877540
Fax: 01603 877549
Email: saskiapeck@mw-w.com
HALO FINANCIAL: Initial Meeting of Creditors Set for Aug. 6
-----------------------------------------------------------
An Initial Meeting of the customers and creditors of Halo Financial
Limited is being convened and will be held on August 6, 2026, at
11:00 am at c/o BTG Begbies Traynor, One Canada Square, Canary
Wharf, London, E14 5AB (access to the meeting is also available
remotely via Microsoft Teams for Customers and Creditors who have
submitted a claim form, for voting purposes. Should you wish to
attend the Initial Meeting remotely please e-mail halo@btguk.com to
request dial in details). Bai Cham in his capacity as Joint Special
Administrator is the convener of the meeting.
The primary purpose of the Initial Meeting is for creditors to
consider a decision on approval of the Joint Special
Administrators' Proposals.
Customers and Creditors participating in the Initial Meeting or
attending by proxy (unless a committee is formed), will also be
asked to consider approving the basis of the Joint Special
Administrators' remuneration and whether they also approve the
Joint Special Administrators drawing their expenses, details of
which have been provided in their Proposals.
In order to be entitled to vote at the meeting (either in person or
by proxy), customer and creditors must have submitted a proof in
respect of their claim (unless a proof has already been submitted)
to the Convener via the contact details below, by no later than
4:00 p.m. on August 5, 2026.
Any customer or creditor entitled to attend and vote at the meeting
is entitled to do so either in person or by proxy. If you cannot
attend and wish to be represented at the meeting, a completed proxy
form must be delivered to the Convener via e-mail at halo@btguk.com
or by post to their correspondence address at BTG Begbies Traynor,
Floor 2, 10 Wellington Place, Leeds, LS1 4AP prior to the meeting.
Any person who requires further information should contact the
Joint Special Administrators by telephone on 0121 669 0256 or
alternatively by e-mail on halo@btguk.com.
Halo Financial Limited entered special administration proceedings
in the High Court of Justice, Business and Property Courts of
England and Wales, Insolvency & Companies List (ChD), Court Number:
CR-2026-004043.
JBOD FOOD: Westgates Restructuring Appointed as Administrator
-------------------------------------------------------------
JBOD Food Limited, trading as Good Its Gluten Free (formerly GIGF
Food Limited), was placed into administration in the High Court of
Justice, Business and Property Courts of England and Wales,
Insolvency & Companies List (ChD), Case Number CR-2026-005752.
Frazer Ulrick of Westgates Restructuring Limited was appointed as
Administrator on July 22, 2026.
The company operated other food service activities.
Its registered office and principal trading address is Units 1–2
Devro Court, Knowsthorpe Way, Leeds, West Yorkshire, LS9 0SW.
The Administrator can be contacted at:
Frazer Ulrick
Westgates Restructuring Limited
Ferriby Hall
2 High Street
North Ferriby
East Riding of Yorkshire
HU14 3JP
Tel: 01482 427175
Further details contact:
Alternative contact: Jenny Parker
Email: jenny@westgates.uk
KARAOKE BOX: PKF Littlejohn Appointed as Joint Administrators
-------------------------------------------------------------
Karaoke Box Limited was placed into administration in the High
Court of Justice, Business and Property Courts of England and
Wales, Company & Insolvency List (ChD), Court Number
CR-2026-005546. Paul Williams and Stephen Goderski of PKF
Littlejohn Advisory Limited were appointed as Joint Administrators
on July 23, 2026.
The company operated licensed restaurants.
Its registered office is 18 Frith Street, London, W1D 4RQ.
The Joint Administrators can be contacted at:
Paul Williams
Stephen Goderski
PKF Littlejohn Advisory Limited
30 Churchill Place
London
E14 5RE
Further details contact:
Miriam Raja
Tel: 020 3885 1020
Email: mraja@pkf-l.com
MECHATHERM INTERNATIONAL: PwC Appointed as Joint Administrators
---------------------------------------------------------------
Mechatherm International Limited was placed into administration in
the High Court of Justice, Business and Property Courts in
Birmingham, Insolvency and Companies List (ChD), Court Number
CR-2026-BHM-00374. Helen Laura Wheeler-Jones, Edward Williams, and
Timothy Andrew Higgins of PricewaterhouseCoopers LLP were appointed
as Joint Administrators on July 24, 2026.
The company specialized in the manufacture of ovens, furnaces and
furnace burners.
Its registered office is at Haden House, Waterfall Lane Trading
Estate, Cradley Heath, West Midlands, B64 6PU.
The Joint Administrators can be contacted at:
Helen Laura Wheeler-Jones
Edward Williams
Timothy Andrew Higgins
PricewaterhouseCoopers LLP
One Chamberlain Square
Birmingham
B3 3AX
Further details contact:
PricewaterhouseCoopers LLP
Tel: 0113 289 4000
Email: UK_mechatherm_suppliers@pwc.com
MUSCLE FOODS: Mackay Goodwin Appointed as Administrators
--------------------------------------------------------
Muscle Foods Limited (formerly New M Food Limited) was placed into
administration in the High Court of Justice, Business and Property
Courts in Birmingham, Insolvency and Companies List (ChD), Court
Number CR-2026-BHM-000369. Stuart Kelly and Claire Harsley of
Mackay Goodwin Limited were appointed as Joint Administrators on
July 21, 2026.
The company specialized in the manufacture of prepared meals and
dishes, retail sale via mail order houses or via internet, and
other food services.
Its registered office and principal trading address is 23–25 Park
Lane Business Park, Park Lane, Old Basford, Nottingham, NG6 0DW.
The Joint Administrators can be contacted at:
Stuart Kelly
Claire Harsley
Mackay Goodwin Limited
7 Smithford Walk
Prescot
Liverpool
L35 1SF
Further details contact:
Adam Farnworth
Tel: 0151 739 2398
Email: advice@mackaygoodwin.co.uk
P. A. SMITH: Rushtons Insolvency Appointed as Administrator
-----------------------------------------------------------
P. A. Smith (Contractors) Limited was placed into administration in
the High Court of Justice, Business and Property Courts in Leeds,
Insolvency & Companies List (ChD), Case Number CR-2026-000774.
Dominic Wolski of Rushtons Insolvency Limited was appointed as
Administrator on July 23, 2026.
The company specialized in hygienic wall cladding.
Its registered office is c/o Smith Butler, Sapper Jordan Rossi
Park, Otley Road, Baildon, BD17 7AX.
Its principal trading address is Unit 2, Winchester Business Park,
Broad Lane, Bradford, BD4 8NY.
The Administrator can be contacted at:
Dominic Wolski
Rushtons Insolvency Limited
6 Festival Building
Ashley Lane
Saltaire
BD17 7DQ
Further details contact:
Tel: 01274 598 585
Email: dwolski@rushtonsifs.co.uk
Alternative contact: Simon Robinson
PARAMOUNT STRUCTURES: Seneca IP Appointed as Administrators
-----------------------------------------------------------
Paramount Structures Limited was placed into administration in the
High Court of Justice, No 005543 of 2026. John Hedger of Seneca IP
Limited was appointed as Administrator on July 20, 2026.
The company specialized in engineering-related scientific and
consulting activities.
Its registered office is at 74 Smedley Street, Matlock, Derbyshire,
DE4 3JJ. The previous registered office was 25a High Street,
Moreton-in-Marsh, GL56 0AF.
The Administrator can be contacted at:
John Hedger
Seneca IP Limited
74 Smedley Street
Matlock
Derbyshire
DE4 3JJ
Further details contact:
Michelle Shaw
Tel: 01629 761700
Email: Michelle.Shaw@seneca-ip.co.uk
RED SKY DELIVERIES: Leonard Curtis Named as Joint Administrators
----------------------------------------------------------------
Red Sky Deliveries Ltd (formerly Driven Deliveries Limited) was
placed into administration in the High Court of Justice, Business
and Property Courts in Manchester, Insolvency & Companies List
(ChD), Court Number CR-2026-001094. Katy McAndrew and Mike Dillon
of Leonard Curtis were appointed as Joint Administrators on July
22, 2026.
The company specialized in driven delivery services.
Its registered office and principal trading address is 10 Buxton
Road, Disley, Stockport, Cheshire, SK12 2DY.
The Joint Administrators can be contacted at:
Katy McAndrew
Mike Dillon
Leonard Curtis
Riverside House
Irwell Street
Manchester
M3 5EN
Further details contact:
The Joint Administrators
Email: Creditors.Manchester@leonardcurtis.co.uk
Alternative contact: Amelia Heeds
TFP GROUP: S&P Assigns Preliminary 'B+' Rating, Outlook Positive
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' rating to TFP
Group Ltd. and its financing subsidiaries TFP U.S. Financing LLC
and TFP Financing Bermuda Ltd. Additionally, S&P assigned its
preliminary 'B+' issue rating and '3' recovery rating (rounded
estimate: 60%) to the company's senior secured debt.
The positive outlook reflects S&P's expectation that Fidelis will
achieve high-single-digit organic growth in the next 12-24 months
by maintaining its S&P Global Ratings-adjusted EBITDA margin at
60%, gradually deleveraging its debt to EBITDA below 4.0x, and
generating positive free operating cash flow (FOCF) from fiscal
2026 onward.
Bermuda-based managing general agent (MGA) TFP Group Ltd. (Fidelis)
is raising a $2,040 million seven-year first-lien term loan B (TLB)
and a $200 million five-year revolving credit facility (RCF) to
refinance $1,970 million unitranche debt and transaction costs.
Pro forma for the transaction, S&P forecasts S&P Global
Ratings-adjusted leverage of 4.3x for fiscal 2026 (ending Dec. 31)
and thereafter deleveraging toward 3.5x by fiscal 2028.
Fidelis is refinancing its capital structure. Fidelis is raising a
$2,040 million seven-year first-lien TLB and a $200 million
five-year RCF to refinance $1,970 million unitranche debt and
transaction costs. Pro forma for the transaction, S&P forecasts S&P
Global Ratings-adjusted leverage of 4.3x and gradual deleveraging
toward 3.5x by end of fiscal 2028.
Fidelis' fair business risk profile reflects its long-term
capacity, capital-light model, and high EBITDA margins of 60%. The
company benefits from meaningful geographic diversification (with
approximately half of earnings generated outside North America),
and a balanced product mix across the specialty, bespoke, and
reinsurance pillars. Fidelis' strong underlying track record,
long-standing distributor relationships, growing direct-client
base, and tech-enabled underwriting sophistication reinforce its
competitive standing. Nevertheless, Fidelis has a limited market
share in a fragmented and highly competitive MGA landscape and
remains reliant on the Fidelis balance sheet company, Pelagos for
capacity (53%). Revenue was $682 million as of end-fiscal 2025, the
company is relatively smaller in the insurance intermediary and
services portfolio, with narrow focus and limited carrier
diversification.
S&P thinks that Fidelis has a strong industry reputation and proven
underwriting track record. Unlike traditional brokers that compete
primarily on distribution, TFP's value proposition is largely based
on underwriting expertise. Fidelis has operated as an independent
entity separate from Pelagos Insurance Capital since 2023.
Management has a proven underwriting track record and strong
industry reputation. CEO and key shareholder, Richard Brindle, is
widely regarded for underwriting excellence in the industry. The
company's emphasis on organic growth--supported by its Pine Walk
partnership and 19 existing incubated cells--reinforces stability,
with only modest quasi‑acquisition activity planned (about $20
million to $30 million annually from 2026 for Pine Walk cell
buyouts).
Fidelis Underwriting acts as a lead underwriter on more than 90% of
its $5.4 billion of gross written premium. This allows it to
influence pricing, policy terms, and portfolio construction. Lead
positions are typically awarded to underwriters that brokers trust
to assess risk and deploy capacity effectively, making them an
indicator of market standing rather than simply underwriting
volume.
Furthermore, management reports approximately 19 percentage points
of loss ratio outperformance for TFP led underwriting on behalf of
Pelagos since 2017. Strong underwriting outcomes are particularly
important within the MGA model because capacity providers allocate
capital based largely on underwriting profitability. Consequently,
underwriting outperformance not only supports broker confidence but
also improves TFP's ability to attract capacity. S&P thinks that
this creates a positive feedback loop whereby strong underwriting
supports greater capacity, which, in turn, allows TFP to
participate in larger and more attractive risks.
S&P thinks that capacity certainty through the binder agreement
further mitigates concentration risk. The 10-year rolling binder
structure with contracts with Pelagos and long-term capacity
agreements with two Lloyd's syndicates will ensure the MGA is
provided dedicated long-term capacity and substantially reduces the
risk associated with carrier concentration. Though the structure
creates a co-dependence on the balance sheet company, it also
creates strong alignment and capacity certainty, while concurrently
the right of first refusal feature provides ability to underwrite
for third party capacity should there be risk appetite
divergences.
Fidelis' business risk is constrained by its relatively small
revenue base, narrow MGA focus, and limited carrier
diversification. While Fidelis' scale remains small relative to
diversified peers (Brown & Brown Inc., Arthur J. Gallagher & Co.,
Ryan Specialty Holdings, Inc.), its geographic spread (North
America 44%, Europe 17%, the U.K. and Ireland 15%, Asia 6%, Middle
East and Africa 5%, and other international 13%) and product
diversification (specialty 59%, bespoke 22%, and reinsurance 19%)
provide meaningful breadth within its niche. While Fidelis
continues to diversify its long-term capacity, Pelagos (53%) and
Lloyd's (14%) still have approximately 70% of total capacity.
S&P said, "In our view, Fidelis' financial risk profile reflects a
supportive financial policy and an expectation of gradual
deleveraging over the forecast. Pro forma for the transaction, we
expect S&P Global Ratings-adjusted leverage of 4.3x in fiscal 2026,
with leverage improving thereafter on the back of high-single-digit
organic growth and our adjusted EBITDA margins of about 60%. We
expect FOCF to turn materially positive from fiscal 2026 onward,
supporting Pine Walk cell buyouts and dividends to noncontrolling
shareholders. We do not forecast any dividends to equity
shareholders until fiscal 2028, once the group starts to deleverage
more materially. Management has indicated that there is no appetite
for external acquisitions, and that they will maintain a prudent
leverage profile, which is likely to be consistent with a higher
financial risk profile. However, our assessment reflects S&P Global
Ratings-adjusted leverage of 4.3x and limited cash generation in
fiscal 2026.
"Our analysis includes a negative comparable rating modifier. This
reflects our view that the business risk profile is at the lower
end of the fair range and the financial risk profile is at the
higher end of the aggressive range in fiscal 2026 with S&P Global
Ratings-adjusted leverage at 4.3x, funds from operations (FFO) to
debt of 13% and FOCF to debt of about 2.5%. Although financial
policy maps toward a higher financial risk profile and we forecast
gradual deleveraging, the absence of a demonstrated track record at
that leverage level reinforces the negative adjustment at present.
As such, our assessment places greater weight on actual pro forma
leverage and near-term cash generation rather than stated policy.
"The final ratings will depend on the successful completion of the
proposed transaction and receipt and satisfactory review of all
final transaction documentation. Accordingly, the preliminary
ratings should not be construed as evidence of final ratings. If we
do not receive final documentation within a reasonable time frame,
or if the final documentation departs from the material reviewed,
we reserve the right to withdraw or revise the ratings. Potential
changes include, but are not limited to, use of loan proceeds,
maturity, size, and conditions of the loans, financial and other
covenants, security, and ranking.
"The positive outlook reflects our expectation that Fidelis will
achieve high-single-digit organic growth in the next 12-24 months
by maintaining its S&P Global Ratings-adjusted EBITDA margin of
about 60%, gradually deleveraging its debt to EBITDA below 4.0x and
generating positive FOCF from fiscal 2027 onward.
"We could revise the outlook to stable if our expectations for S&P
Global Ratings-adjusted leverage decline to about 4.0x and FFO to
debt of more than 16% diminish or if Fidelis is unable to generate
improved FOCF to debt. This outcome could stem from weaker
-than-expected organic growth and profitability, or a shift toward
a more aggressive financial policy. We could also lower the rating
if our adjusted EBITDA margins fall materially below 60%, which
could result in a lower business risk profile assessment.
"We could raise the rating on Fidelis to 'BB-' or higher if the
group can sustain S&P Global Ratings-adjusted debt to EBITDA of
about 4.0x or below, FFO to debt of more than 16%, and if FOCF to
debt improves to about 10%, while demonstrating a consistent and
supportive financial policy that maintains leverage at that
level."
X1 MANCHESTER: Creditors' Meeting Set for Aug. 11
-------------------------------------------------
A meeting of creditors of X1 Manchester Waters Limited is to be
held at FRP Advisory Trading Limited, Derby House, 12 Winckley
Square, Preston, PR1 3JJ on August 11, 2026, at 11:30 a.m. for the
purpose of considering the Joint Administrators' statement of
proposals and to consider establishing a creditors' committee.
A person is only entitled to vote if details in writing of the debt
claimed to be due is given to the Joint Administrators not later
than 16.00 hours on the business day before the day fixed for the
meeting, and that such debt has been duly admitted in terms of Rule
15.28, and that any proxy which is intended to be used is lodged
with the Joint Administrator prior to this advertised meeting.
The Joint Administrators can be reached at:
David Acland
Joe Allen
FRP Advisory Trading Limited
Derby House
12 Winckley Square
Preston
PR1 3JJ
For further details, contact:
The Joint Administrators
Tel No: 01772 440700
Email: Manchester.waters@frpadvisory.com
Alternative contact: Katy Flynn
Email: katy.flynn@frpadvisory.com
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2026. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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