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251223.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, December 23, 2025, Vol. 26, No. 255 Headlines F R A N C E CIRCET EUROPE: Moody's Affirms B1 CFR, Alters Outlook to Negative COOKIE INTERMEDIATE II: Moody's Lowers CFR to Caa2 & PDR to Caa2-PD I R E L A N D ALBACORE EURO I: Moody's Affirms B3 Rating on EUR9.2MM Cl. F Notes I T A L Y CERVED GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable EFESTO BIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Stable L U X E M B O U R G VANIR LOGISTICS: DBRS Finalizes BB(high) Rating on Class E Notes S P A I N SANTANDER CONSUMO 4: DBRS Hikes Series E Notes Rating to BB U N I T E D K I N G D O M ENTAIN PLC: Moody's Lowers CFR to Ba2, Alters Outlook to Stable GEMGARTO 2023-1: DBRS Confirms BB(low) Rating on Class F Notes HCP (LEVINGTON): Moorfields Named as Joint Administrators JANFORSTER-ESTATES: Begbies Traynor Appointed as Administrators JEALOUS SWEETS: KRE Corporate Appointed as Joint Administrators LONDON BRIDGE 2025-1: DBRS Confirms CCC Rating on Class X Notes PARK FIRST: January 22 Proofs of Claim Deadline Set SENSORY INT'L: Middlebrooks, Rathmell Appointed as Administrators TL REALISATIONS: Leonard Dillon Appointed as Joint Administrators X X X X X X X X [] Hogan Lovells and Cadwalader Announce Intent to Combine - - - - - =========== F R A N C E =========== CIRCET EUROPE: Moody's Affirms B1 CFR, Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings has affirmed Circet Europe SAS' (Circet or the company) B1 long-term corporate family rating and its B1-PD probability of default rating. Circet is the largest telecom network infrastructure services provider in Europe. Concurrently, Moody's have affirmed the B1 rating on the EUR2,000 million senior secured term loan B (TLB) and on the EUR345 million senior secured revolving credit facility (RCF), both due in 2028 and issued by Circet Europe SAS. Moody's have also affirmed the B1 rating on the $84 million senior secured term loan B1 (TLB1) due in 2028 and issued by Circet USA LLC. Moody's changed the outlook on both entities to negative from stable. RATINGS RATIONALE The change in outlook reflects Moody's expectations that Circet's credit metrics, including leverage and free cash flow generation, will be weaker than initially anticipated by the end of 2025. Circet's Moody's-adjusted leverage will be higher, at around 6.0x compared to below 5.5x expected in May 2025, pro forma for acquisitions in 2025. The main deviation is due to higher-than-expected restructuring charges of approximately EUR70.4 million in the first nine months of 2025, primarily related to restructuring in Germany and the redundancy plan in France. Moody's expects these costs to decline in 2026 because most of the redundancy plan in France and reworks in Germany should be completed by the end of 2025. In the first nine months of 2025, Circet's revenue and EBITDA growth were below budget expectations, which became more pronounced in the last quarter. Circet also completed two acquisitions in the US, financed partly with EUR171 million drawings under the RCF. These acquisitions are expected to contribute approximately EUR80 million to EBITDA. Circet's free cash flow will also likely be weaker than anticipated in 2025, driven by higher working capital consumption during the year and the cash impact from above mentioned one-off costs. Moody's forecasts leverage will improve in 2026 towards 5.0x from around 6.0x, while Moody's expects interest expense coverage, as measured by EBITDA/Interest expense, to remain between 3.0x and 3.5x during the same period. Moody's expects free cash flow to improve as well, driven by earnings growth, lower working capital, and reduced non-recurring costs. The B1 CFR continues to reflect the company's position as the leading European network infrastructure services provider for the telecommunications industry; its enhanced scale and geographical diversification, accelerated by acquisitions; the increasing share of recurring revenue related to "life of network" activities; its favourable growth prospects, thanks to significant spending in underpenetrated fibre-to-the-home (FTTH) markets and to the business diversification into high growth energy and transition activities; its high cash balance and positive free cash flow generation supported by low capital spending requirements; and management's equity ownership. The ratings also reflect the slowdown in organic revenue growth as fibre build ramps down in its main country of operations, France, as well as in some other mature markets; some customer concentration and contract renewal risks; execution risks related to its expansion into new geographies and new business segments; and the potential for significant M&A activity. LIQUIDITY Circet's liquidity is good, supported by a cash balance of EUR391 million as of September 2025. The company also has access to a EUR345 million senior secured revolving credit facility (RCF), of which EUR171 million is currently drawn. Moody's also expects Circet to maintain ample capacity under the springing net leverage covenant of 9.0x included in the RCF and tested when drawings exceed 40%. Moody's forecasts the net leverage ratio according to the covenant definition will be around 3x by year-end 2025. The company does not have significant maturities until the senior secured RCF and senior secured TLBs mature in 2028. STRUCTURAL CONSIDERATIONS The senior secured TLBs and the senior secured RCF are rated at the same level as the CFR reflecting their pari passu ranking and the absence of any liabilities ranking ahead or behind. The senior secured TLBs and senior secured RCF benefit from a security package that includes share pledges, bank accounts and intragroup receivables of material subsidiaries. Moody's typically view debt with this type of security package to be akin to unsecured debt. However, the senior secured term loans and the revolver benefit from upstream guarantees from operating companies accounting for at least 80% of consolidated EBITDA. The capital structure also includes a shareholder loan due in 2029 which has been treated as equity under Moody's Hybrid Equity Credit methodology. RATING OUTLOOK The negative outlook reflects the expected increased leverage and weaker than expected free cash flow 2025 mainly driven by higher-than-expected restructuring charges as well as higher debt following two acquisitions in the US and higher working capital consumption. Moody's expects the company's credit metrics to improve in 2026, but the negative outlook reflects the risk that any deviation would lead to credit metrics being weak for the rating category for a prolonged period of time. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if (1) the company continues to generate organic earnings growth despite the slowdown of fibre deployment in France; (2) the company's financial policy is supportive of it maintaining a Moody's-adjusted debt/EBITDA ratio below 4.0x on a sustained basis; and (3) the company maintains a solid liquidity profile including a Moody's-adjusted free cash flow/debt above 10%. Downward rating pressure could arise if (1) the company experiences a significant decline in revenue and earnings due to the slowdown of fibre deployment in France or other operational challenges; (2) Moody's-adjusted debt/EBITDA remains above 5.0x on a sustained basis; or (3) free cash flow or liquidity materially weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Construction published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in France, Circet Europe SAS is the largest telecom network infrastructure services provider in Europe, with a significant footprint in the US. In 2024, the company reported revenue of EUR4.3 billion and company adjusted EBITDA of EUR531 million pro forma for acquisitions. Circet is owned by private equity sponsor ICG (around 50%) and management (around 50%). COOKIE INTERMEDIATE II: Moody's Lowers CFR to Caa2 & PDR to Caa2-PD ------------------------------------------------------------------- Moody's Ratings has downgraded Cookie Intermediate Holding II SAS's (Biscuit) long-term corporate family rating to Caa2 from Caa1 and its probability of default rating to Caa2-PD from Caa1-PD. Cookie Intermediate Holding II SAS is the parent company of Biscuit Holding S.A.S., one of the largest European manufacturers of private-label sweet biscuits based in France. Concurrently, Moody's have downgraded to Caa1 from B3 the EUR493.8 million senior secured first-lien term loan B (TLB) due 2027 and the EUR85 million senior secured multi-currency revolving credit facility (RCF) due 2026 borrowed by Biscuit Holding S.A.S. At the same time, Moody's have also downgraded to Caa1 from B3 the EUR201.2 million senior secured first-lien term loan B due 2027 borrowed by De Banketgroep Holding International BV. Moody's changed the outlook on all entities to negative from stable. "The rating downgrade reflects weak operating performance, which is leading to deteriorating credit metrics and significant negative Moody's-adjusted free cash flow," says Valentino Balletta, a Moody's Ratings AVP-Analyst lead analyst for Biscuit. "The rating action also reflects Biscuit's weak liquidity and unsustainable capital structure, along with growing concerns about its ability to refinance upcoming debt maturities. Failure to refinance will likely result in a distressed debt exchange or restructuring, resulting in losses for lenders," added Mr. Balletta. RATINGS RATIONALE The rating action reflects Biscuit's ongoing underperformance, deteriorating credit metrics, and weakened liquidity, raising the risk of debt restructuring or other forms of default. The company's capital structure is deemed unsustainable, with growing concerns about its ability to refinance its EUR85 million senior secured revolving credit facility, partially drawn and due in August 2026, and its EUR695 million senior secured first-lien term loan Bs, due in February 2027. The ratings remain constrained by the company's very high leverage, projected to reach around 14.0x on a Moody's adjusted basis for fiscal 2025, due to continued pressure on earnings. As of September 30, 2025, year-to-date company adjusted EBITDA fell by 28.9% to EUR79.6 million from EUR111.9 million in the previous year, with the company adjusted EBITDA in the last twelve months as of September 2025 reducing to EUR120 million from EUR149 million in fiscal 2024. Biscuit is struggling in a challenging environment characterised by declining volumes and margin pressure due to high input costs for ingredients like cocoa, butter, and eggs, as well as competitive industry dynamics. Soft market demand in key European markets, driven by the cost-of-living crisis and higher chocolate product prices, exacerbates the situation. Additionally, branded competitors are limiting price increases and boosting promotions, narrowing the price gap with private labels and threatening their market share. Biscuit's private label offerings have been impacted, with a 7.9% decline in volumes and significantly affecting profitability. These challenges are expected to persist through 2025. While the company has taken steps to enhance its market position and profitability from fiscal 2026, and some improvement is anticipated as raw material prices stabilise, Moody's believes significant risks persist regarding the company's ability to sustainably improve performance amid industry challenges. Moody's expects Moody's-adjusted leverage to remain high at about 10x in 2026, with adjusted free cash flow likely staying negative, increasing the risk of distressed debt exchanges. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) CONSIDERATIONS Governance factors are a key consideration in the rating action, reflecting the track record of operating underperformance and the aggressive financial policy, resulting in a stretched capital structure and the weakening of the liquidity profile. These considerations are part of Moody's financial strategy and risk management considerations and reflected in the company's governance issuer profile score (IPS) of G-5 and its Credit Impact Score (CIS) of CIS-5. LIQUIDITY Biscuit's liquidity is weak due to debt maturities approaching in February 2027. Additionally, the EUR85 million senior secured revolving credit facility, partially drawn at approximately EUR36 million and expected to remain drawn, will mature in August 2026. Moody's expects free cash flow will be negative in 2025, affected by lower earnings, and will likely remain negative in 2026. The company's RCF has one financial covenant, a consolidated first-lien net coverage ratio with a maximum threshold of 8.5x, to be tested only when drawings, net of cash on balance sheet, exceed more than 50% of the size of the facility. RATIONALE FOR THE NEGATIVE OUTLOOK The negative outlook reflects the unsustainable capital structure, rising liquidity and default risks as maturities near, and potential for lower recoveries for debtholders compared to current ratings in the event of a debt restructuring. Additionally, there is execution risk regarding the company's ability to sustainably enhance its operating performance. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, a rating upgrade is currently unlikely and would nevertheless require a meaningful improvement in operating performance, liquidity and, ultimately, in Moody's assessments of the sustainability of Biscuit's capital structure, leading to stronger credit metrics. Negative pressure on the ratings could arise if the likelihood of a default under Moody's definitions increases or if recovery expectations weaken. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Cookie Intermediate Holding II SAS (Biscuit or the company) is the parent company of Biscuit Holding S.A.S., one of the largest European manufacturers of private-label sweet biscuits in terms of volume. The company produces and distributes traditional biscuits, nutrition biscuits, waffles and other sweet products across Europe. In the last twelve months as of September 2025, the company generated EUR1,174 million of revenue and a company-adjusted EBITDA of EUR120 million (EUR149 million in 2024). ============= I R E L A N D ============= ALBACORE EURO I: Moody's Affirms B3 Rating on EUR9.2MM Cl. F Notes ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by AlbaCore EURO CLO I Designated Activity Company: EUR26,600,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 3, 2021 Definitive Rating Assigned Aa2 (sf) EUR21,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Sep 3, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR240,000,000 Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Sep 3, 2021 Definitive Rating Assigned Aaa (sf) EUR26,800,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed A2 (sf); previously on Sep 3, 2021 Definitive Rating Assigned A2 (sf) EUR25,200,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Sep 3, 2021 Definitive Rating Assigned Baa3 (sf) EUR20,800,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Sep 3, 2021 Definitive Rating Assigned Ba3 (sf) EUR9,200,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Sep 3, 2021 Definitive Rating Assigned B3 (sf) AlbaCore EURO CLO I Designated Activity Company, issued in July 2020 and refinanced in September 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by AlbaCore Capital LLP. The transaction's reinvestment period will end in January 2026. RATINGS RATIONALE The rating upgrades on the Class B-1 and B-2 notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in January 2026. The affirmations on the ratings on the Class A, C, D, E and F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR386.7 million Defaulted Securities: EUR4.2 million Diversity Score: 61 Weighted Average Rating Factor (WARF): 2923 Weighted Average Life (WAL): 4.58 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.70% Weighted Average Coupon (WAC): 4.12% Weighted Average Recovery Rate (WARR): 43.75% Par haircut in OC tests and interest diversion test: None The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the debt's exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the debt are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: Once reaching the end of the reinvestment period in January 2026, the main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the notes' seniority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ========= I T A L Y ========= CERVED GROUP: Moody's Affirms 'B3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating and B3-PD probability of default rating of Cerved Group S.p.A (Cerved or the company). Concurrently, Moody's have affirmed the B3 rating on Cerved's EUR1.245 billion backed senior secured floating rate notes due 2029 and EUR350 million backed senior secured fixed rate notes due 2029. The outlook remains stable. "The rating action reflects the expectation of an improvement in Cerved's financial metrics over the next 12 months, following several years of underperformance" said Fabrizio Marchesi, a Moody's Ratings Vice President-Senior Analyst and lead analyst for the company. "That said, Moody's considers there to be significant execution risk and highlight that an inability to improve financial metrics over this period, could lead to negative rating pressure, also because it would raise doubts about the company's ability to successfully address its 2028 and 2029 debt maturities on a timely basis". RATINGS RATIONALE Cerved continued to demonstrate lacklustre financial performance in the nine months to September 30, 2025. Revenue declined 4% year-over-year while company-adjusted EBITDA slipped 1% during this period, with last-twelve-months (LTM) company-adjusted EBITDA broadly stable and Moody's-adjusted leverage remaining flat at 8.2x. The key reason for the underperformance compared to Moody's expectations was a greater-than-expected decline in revenue from the company's Credit Management business line, due to difficult market conditions. However, Moody's expects that Cerved's financial performance will improve over the next 12-18 months, with revenue stabilising and company-adjusted EBITDA rising thanks to cost savings. More specifically, revenue growth in the higher-margin Data Intelligence business line, which represented around two-thirds of total group revenue in 2024, has accelerated over the course of 2025 to mid-single-digit percentage levels. This follows successful product development, changes in the company's go-to-market strategy and improvements in contractual terms with its clients. Moody's expects that these revenue gains will offset any revenue attrition in the company's other business segments. At the same time, Moody's expects that management will increasingly focus on significantly improving the level of profitability in the Credit Management business line. Moody's thus forecast that Cerved's top-line will stabilize at around EUR455-460 million in 2025 and beyond. This, in combination with the aforementioned costs savings, would allow company adjusted EBITDA to improve to around EUR225 million in 2026 and EUR235 million in 2027, up from an expected EUR210-215 million in 2025. Moody's-adjusted leverage would also improve to 7.5x and 7.2x by December 2026 and December 2027, respectively, with Moody's-adjusted EBITA/interest rising to at least 1.8x. Concurrently, the rating continues to be supported by i) the company's role as the leading risk intelligence provider in Italy; ii) the high barriers to entry provided by Cerved's proprietary database, strong brand, and technological know-how; and iii) the company's customer diversification in the corporate segment. However, the rating is also constrained by Cerved's i) relatively small size and lack of geographic diversification; ii) significant exposure to the Italian financial sector and a certain degree of supplier concentration; iii) execution risk regarding the company's ability to deliver a material improvement in Moody's-adjusted credit metrics; and iv) refinancing risk related to the company's approaching debt maturities in 2028 and 2029. LIQUIDITY Moody's considers Cerved's liquidity to be good and supported by EUR60 million of cash on balance sheet as of September 30, 2025, access to a fully undrawn EUR80 million super-senior revolving credit facility (RCF), and Moody's expectations of positive FCF generation of around EUR50-60 per year over the next 12-18 months. However, Moody's also highlights that the RCF will eventually mature in March 2028, which would have negative implications for the company's liquidity unless it is extended. The RCF also features a springing Senior Secured Net Leverage Ratio test, which is tested when the RCF is drawn above 40% and must be maintained below 10.24x, with a breach leading to a draw-stop on the RCF. STRUCTURAL CONSIDERATIONS The capital structure includes EUR1,245 million of backed senior secured floating rate notes due in February 2029 and EUR350 million of backed senior secured fixed rate notes also due in February 2029, as well as an EUR80 million super-senior RCF, which is due in March 2028. The security package provided to senior secured lenders is ultimately limited to pledges over shares and intercompany receivables. The B3 rating of the backed senior secured floating and fixed rate notes is in line with the CFR, reflecting the size of the super-senior RCF which ranks ahead. The B3-PD probability of default rating is at the same level as the CFR, reflecting Moody's assumptions of a 50% family recovery rate. RATING OUTLOOK The stable outlook reflects expectations of a stabilisation in revenue and a material improvement in Moody's-adjusted EBITDA over the next 12 months, such that Moody's-adjusted leverage improves to at least 7.5x, Moody's-adjusted EBITA/interest rises to well above 1.5x, and the company generates Moody's-adjusted FCF/debt of at least low-single digits. The outlook also assumes that the company successfully addresses its 2028 and 2029 debt maturities over the next 12-18 months while maintaining a good liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on the ratings is unlikely at this stage, given the company's high leverage, limited FCF generation, and aggressive financial policy, but could develop over time if management maintains Moody's-adjusted leverage below 6.0x on a sustained basis; the ratio of Moody's-adjusted EBITA/interest rises sustainably to around 2.5x, and Moody's-adjusted FCF/debt improves to mid-single-digit levels, also on a sustained basis. Any positive rating action would also require the company to maintain good liquidity and a prudent financial policy with respect to acquisitions or additional shareholder distributions. Negative ratings pressure could occur if the expected stabilisation in revenue and gains in EBITDA do not materialise over the next 12 months such that Moody's-adjusted leverage does not improve to below 7.5x on a sustained basis, Moody's-adjusted EBITA/interest does not improve to above 1.5x, or Moody's-adjusted FCF generation is weaker than expected; or if the company's liquidity deteriorates. Negative rating pressure could occur if the company does not successfully address its 2028 and 2029 debt maturities on a timely basis. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Cerved is a leading provider of data intelligence, solutions consulting and credit management services in Italy. It was established in 1974 as an electronic version of the Italian chamber of commerce. Listed on the Milan stock exchange since 2014, the company was taken private by ION Group, through Castor S.p.A., via a voluntary tender offer announced in March 2021 and initial closing in September 2021. In the year ended December 2024, Cerved generated revenue of EUR469 million and company-adjusted EBITDA of EUR214 million. EFESTO BIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has affirmed the B3 long-term corporate family rating and the B3-PD probability of default rating of Efesto Bidco S.p.A. (Efesto Bidco), a holding company of the Italian manufacturer of forged components for the aerospace and industrial markets Forgital Group. Concurrently, Moody's affirmed the B3 instrument rating on the $825 million backed senior secured notes issued by Efesto Bidco S.p.A. and co-issued by Efesto US, LLC. The outlook has been changed to stable from positive. RATINGS RATIONALE The rating action reflects weaker than expected performance since Forgital's secondary LBO by Stonepeak signed in December 2024 (closed in June 2025). This underperformance stems from several factors, including softness in the company's cyclical Industrial segment, slower-than-anticipated widebody ramp-up, persistent supply chain constraints in Aerospace, as well as the impact of US tariffs and a weak USD. Although the company's core Aerospace segment (representing 75% of group sales) grew by 4% in LTM Q3 2025 versus 2024, Industrial sales declined by 14%. Moody's-adjusted EBITDA margin fell by nearly 2 percentage points to 20%, resulting in Moody's-adjusted gross leverage of around 7x (7.5x including off-balance-sheet factoring) as of September 2025 - approximately 1x above Moody's prior expectations and positioning the company at the weaker end of the range Moody's considers adequate for the B3 rating category. However, the outlook for the Aerospace industry remains positive, supported by a substantial order backlog and airframers' production ramp-up plans. Additionally, order intake in Forgital's Industrial segment suggests performance stabilization over the next 12–18 months. Absent significant external shocks, Moody's expects leverage to decline to the 6.5x–7x range in 2026 and below 6x by year-end 2027, creating upward rating pressure. However, downside risks persist, including volatility in Industrial businesses and a stubbornly slow ramp-up in A&D. Moody's also take comfort in Forgital's rating positioning despite high leverage, given its relatively strong liquidity profile, including a fully undrawn EUR125 million RCF and a long-dated debt maturity schedule. The rating is mainly supported by (1) the company's market position as a leading manufacturer of forged aero-engine components in Europe; (2) good revenue visibility in the Aerospace & Defense (A&D) segment, underpinned by a EUR4.9 billion backlog as of September 2025; (3) greater focus on A&D business, which diversification in terms of end-markets, programs and materials has improved over the past five years; and (4) high level of profitability, with Moody's adjusted EBITDA margin of around 20% in LTM September 2025. However, the rating is constrained by (1) Forgital's small size, with around EUR0.5 billion of revenue in LTM September 2025; (2) leveraged capital structure, with Moody's adjusted gross debt/ EBITDA ratio of around 7x (c. 7.5x including off-balance sheet factoring) as of September 2025; (3) exposure to a cyclical Industrial segment (c. 25% of sales YTD Q3 2025), where the market environment has been significantly more challenging recently; and (4) its relative concentration on wide-body programs (around 50% of the Aerospace sales). RATIONALE FOR STABLE OUTLOOK The stable outlook reflects Moody's expectations that Forgital will continue to benefit from favorable market conditions in the aerospace and defense industry, while its Industrial segment stabilizes over the next 12-18 months. With a greater share of more profitable aerospace and defense markets in its business mix, combined with operational leverage and improved plant efficiency, Moody's anticipates earnings growth in 2026/27, supporting deleveraging. However, given the currently elevated leverage, Moody's expects the leverage ratio to remain within an adequate range for the rating over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could arise if: -- Moody's adjusted gross debt/ EBITDA declines towards 5.5x (6x including off-balance sheet factoring); -- Moody's adjusted EBITA/ Interest sustained above 1.5x; -- Sustainably positive free cash flow generation and good liquidity. Conversely, negative rating pressure could arise if: -- Moody's adjusted gross debt/ EBITDA sustained above 7x (7.5x including off-balance sheet factoring); -- Moody's adjusted EBITA/ Interest sustained below 1x; -- Material deterioration in liquidity profile. LIQUIDITY The liquidity profile of Efesto Bidco is adequate. This is reflected in EUR26 million of cash as of September 2025 and the full availability of the EUR125 million super senior revolving credit facility (RCF), which matures in August 2031. Additionally, the company's liquidity is bolstered by Moody's projections of modestly positive free cash flow generation over the next 12-18 months. The RCF is subject to a springing covenant set at 3.0x super senior net leverage ratio tested quarterly in case of more than 40% drawing net of cash on balance sheet. STRUCTURAL CONSIDERATION In the loss given default (LGD) assessment for Efesto Bidco S.p.A., Moody's rank the $825 million backed senior secured notes maturing in 2032 behind the EUR125 million super senior RCF. However, Moody's rates backed senior secured notes at B3, which is in line with the CFR, because the size of the priority ranked RCF is not large enough to cause notching. Both instruments share the same security package and guarantor coverage consisting of subsidiaries accounting for around 74% of the group's consolidated EBITDA. Moody's rank trade payables, as well as unsecured lease rejection claims and pension obligations at the same level as the backed senior secured notes and Moody's assumed a standard recovery rate of 50% due to the covenant lite package consisting of bonds and loans. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Aerospace and Defense published in July 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. COMPANY PROFILE Headquartered in Velo d'Astico (Vicenza), Italy, Efesto Bidco S.p.A. is an intermediate holding company of the Forgital Group, a leading vertically integrated forging company servicing the commercial and military aerospace industries and various industrial end-markets. The company operates nine facilities located in Italy, France and the United States. It is specialized in forging and laminating of rolled rings using a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminum. Founded in 1873, the company now serves all major aircraft aero-engine suppliers and customers working in the oil & gas, transmission, power generation and general mechanics markets. In December 2024, a private-equity company Stonepeak entered into a definitive agreement to acquire Forgital from Carlyle, which has been its major shareholder since 2019, for a total purchase price of EUR1.5 billion. In the last twelve months ended September 2025, Forgital generated approximately EUR500 million of revenue and employed around 1,100 people worldwide. =================== L U X E M B O U R G =================== VANIR LOGISTICS: DBRS Finalizes BB(high) Rating on Class E Notes ---------------------------------------------------------------- DBRS Ratings GmbH took the following credit rating actions on the bonds issued by Vanir Logistics Finance S.a r.l. (the Issuer): -- Class A at AAA (sf) -- Class B at AA (low) (sf) -- Class C at A (low) (sf) -- Class D at BBB (low) (sf) -- Class E at BB (high) (sf) The trend on all credit ratings is Stable. CREDIT RATING RATIONALE The transaction is the securitization of EUR 212.0 million floating-rate commercial real estate (CRE) loan originated by Morgan Stanley Bank AG (MS original lender) backed by a portfolio of 18 logistics properties located across France, Belgium, and the Netherlands. The loan amount is the aggregate of the Facility A, the Facility B (EUR 41.8 million and EUR 72.9 million respectively) and the 2025 Accordion Facility (EUR 97.3 million). The portion of the loan under Facility A and B was advanced by MS original lender to each original borrower on 19 May 2025 and secured over the French properties. The existing loan was subsequently sold by the MS original lender to Parlex 6 EUR FINCO, LLC, an indirectly owned subsidiary of Blackstone Mortgage Trust, Inc. (Bx original lender). Following the transfer to the Bx original lender, on 25 July 2025, a further loan, the 2025 Accordion Facility, was advanced in connection with the addition of the Dutch and Belgian properties to the property portfolio. Prior to the closing date, 10 December 2025, the loan was assigned from the Bx original lender to Morgan Stanley Bank, N.A. (MSBNA, issuer lender), from MSBNA to MSPFI, and MSPFI (the loan seller) assigned the loan to the Issuer on the closing date pursuant to the loan sale documents. The borrowers are 11 obligors (BidCos and PopCos) ultimately controlled by funds managed by EQT AB Plc (EQT, the Sponsor). The loan has a term of five years, with no extension options available. The collateral securing the loan comprises 18 properties, of which seven are French assets, eight are Dutch assets, and three are Belgian assets. The portfolio is diversified across three countries, with 54.4% of portfolio by market value (MV) based in France, 35.5% in the Netherlands, and 10.1% in Belgium. On 15 April 2025, Jones Lang LaSalle Limited (JLL) concluded valuations on the 18 properties and appraised their aggregate MV at EUR 301.5 million. This translates to a day-one loan-to-value ratio (LTV) of 70.3%. As of 7 July 2025 (the cut-off date), the property portfolio totaled 343,982 square meters (m2) of gross lettable area (GLA) let to 36 different tenants at an average occupancy level of 87.3%. At the cut-off date, the property portfolio generated EUR 19.0 million in gross rental income (GRI) and EUR 17.7 million net rental income (NRI) on a weighted-average lease term to break (WAULB) and to expiry (WAULT) of 2.7 years and 4.0 years, respectively. This translates into a day-one debt yield ratio (DY) of 8.3%. Morningstar DBRS' long-term sustainable net cash flow (NCF) assumption for the property portfolio is EUR 16.0 million per annum (p.a.). Based on Morningstar DBRS' long-term capitalization rate assumption of 6.65%, the resulting Morningstar DBRS Value is EUR 239.9 million, which reflects a haircut of 20.3% to the JLL valuation. The cash trap levels are set at 6.0% Projected DY until the second anniversary of the closing date and 8.25% afterwards until final loan repayment date, and at 77.5% LTV throughout the term of the loan. The financial default covenants are set at 5.5% Projected DY until the third anniversary of the closing date and afterwards 6.5% until final loan repayment date, and 85.0% LTV during the term of the loan. The Sponsor can dispose of any assets securing the loan by repaying a release price, which varies according to the property. For any property other than the Montbartier I, the Lauwin-Planque I (or Lille) and the Miramas I (or Marseille) properties, the release price is: (1) 105% of the allocated loan amount (ALA) if less than or equal to 15% of the initial total commitment (EUR 31,803,405) has been prepaid via disposal proceeds and the release price of such property does not exceed the 15% of the initial total commitment; or (2) 115% of the ALA if and when 15% or more of the initial total commitment has been prepaid or will be prepaid as a result of the disposal of such property. For the Lille and the Marseille properties, the release price is (1) 107.071% of the ALA if less than or equal to 15% of the initial total commitment has been prepaid and the release price of such property does not exceed the 15% of the initial total commitment; or (2) 115% of the ALA if and when 15% or more of the initial total commitment has been or will be prepaid as a result of such property disposal. In respect of the Montbartier I property, the release price is equal to 119% of the ALA. The loan is interest only and carries a floating rate of three-month Euribor (subject to zero floor) plus 2.7% margin p.a. To protect against fluctuations in Euribor, Morningstar DBRS understood that the borrower entered into an hedging agreement that will remain in place until the third anniversary of first loan interest date (the First Hedge Term) for the 100% of the outstanding loan balance. The borrower undertakes to enter into a replacement hedging document at least 10 business days prior to its expiry for the fourth (the Second Hedge Term) and fifth year from the first loan interest date, the 20 October 2025, until the final loan repayment date. The hedging agreements can take the form of interest rate cap with a maximum strike rate on any day of 3.0% p.a. Failure to comply with any of the required hedging conditions outlined above will constitute a loan event of default (EOD). The hedging counterparties are Standard Chartered Bank and Morgan Stanley Europe SE. On the closing date, for the purpose of satisfying the applicable risk retention requirements, MSBNA as the retention holder and a majority-owned affiliate of the retaining sponsor advanced the loan (the issuer loan) of EUR 11.3 million pursuant to the issuer loan agreement and representing 5% of the total securitized balance. The proceeds of the issuance of the notes were used by the Issuer, together with the amount borrowed by the Issuer under the Issuer loan, to acquire the loan from the loan seller pursuant to the loan sale documents and to fund the Class X account in an amount of EUR 100,000. Morningstar DBRS understood that Class X notes were subscribed by the Bx original lender or its affiliates on the closing date. On the closing date, EUR 12.5 million of the proceeds from the issuance of the Class A notes and EUR 0.6 million of the Issuer loan were used to fund the Issuer liquidity reserve. The Issuer liquidity reserve is an aggregate amount of EUR 13.2 million. The liquidity reserve covers Class A, Class B, Class C, and Class D notes and the relevant portion of the Issuer loan. Morningstar DBRS estimates that the commitment amount at closing is equivalent to approximately 18 months of coverage based on the hedging term of strike rate of 3.0% or approximately 13 months of coverage based on the 4.5% Euribor cap. The liquidity reserve will be reduced based on note amortization, if any. The Class E notes are subject to an available funds cap where the shortfall is attributable to an increase on the WA margin payable on the notes (however arising) or to a final recovery determination of the loan. The transaction includes a Class X interest diversion trigger event, meaning that if (1) an EOD is continuing; (2) the Projected DY falls below 6.0% during the time until the second anniversary of the first utilization date, or below 8.25% during the time from the second anniversary until the final loan repayment date; (3) the LTV rises above 77.5%; as a consequence, any interest due to the Class X noteholders will instead be paid directly to the Issuer transaction account and credited to the Class X diversion ledger. However, such funds can potentially be used to amortize the notes only following a sequential payment trigger event or the delivery of a note acceleration notice. If there is a change of control (CoC) on or after the closing date, the outstanding loan, accrued interest and other amounts will become immediately due and payable, unless the facility, acting on the instruction of the majority of the lenders, has given its prior written consent or the original asset manager (or another EQT affiliate) is the sole asset manager at the time of that change (pre-approved CoC). The five-year loan matures on 19 July 2030. There are no extension options. The first loan interest payment after the closing date falls on 23 April 2026. The first note payment date shall also be in April 2026. The expected maturity of the notes is on 24 July 2030. The final legal maturity of the notes is in July 2037, seven years after the loan maturity date. Morningstar DBRS believes that this provides sufficient time to enforce the loan collateral and repay the bondholders, given the security structure and jurisdiction of the underlying loan. Morningstar DBRS' credit rating on the Issuer addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the note interest at the applicable interest rate and the related class principal balance. Notes: All figures are in euros unless otherwise noted. ========= S P A I N ========= SANTANDER CONSUMO 4: DBRS Hikes Series E Notes Rating to BB ----------------------------------------------------------- DBRS Ratings GmbH upgraded its credit ratings on the following series of notes (collectively, the Rated Notes) issued by FT Santander Consumo 4 (the Issuer) as follows: -- Series A Notes to AA (high) (sf) from AA (sf) -- Series B Notes to AA (low) (sf) from A (high) (sf) -- Series C Notes to A (sf) from A (low) (sf) -- Series D Notes to BBB (high) (sf) from BBB (low) (sf) -- Series E Notes to BB (sf) from BB (low) (sf) Additionally, Morningstar DBRS removed the Under Review with Developing Implications (UR-Dev.) status on the Series A, Series B, Series C, Series D, and Series E Notes. These credit ratings were placed UR-Dev. following the release of an updated Interest Rate and Currency Stresses for Global Structured Finance Transactions methodology. With respect to European interest rate stresses, the methodology updated the initial increase or decrease period to a length of four years from five years, happening in two consecutive linear steps of one and three years each, instead of a single linear step of five years. The credit rating on the Series A Notes addresses the timely payment of interest and the ultimate payment of principal on or before the legal final maturity date in September 2032. The credit rating on the Series B Notes addresses the ultimate payment of interest but the timely payment of interest when most senior, and the ultimate payment of principal before the legal final maturity date. The credit ratings on the Series C, Series D, and Series E Notes address the ultimate payment of interest and the ultimate payment of principal on or before the legal final maturity date. The upgrades follow an annual review of the transaction and are based on the following analytical considerations: -- The portfolio performance, in terms of delinquencies and defaults, as of the September 2025 payment date; -- Probability of default (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and -- Current available credit enhancement to the Rated Notes to cover the expected losses at their respective credit rating levels. The transaction is a securitization collateralized by receivables related to consumer loans granted by Banco Santander SA (Banco Santander; the originator) to private individuals residing in Spain. The originator also services the portfolio. The transaction closed in February 2021 and included an initial 13-month revolving period, which ended on the March 2022 payment date. PORTFOLIO PERFORMANCE As of the September 2025 payment date, loans that were one to two months and two to three months in arrears represented 0.4% and 0.3% of the outstanding portfolio balance, respectively. Gross cumulative defaults (defined as loans more than 90 days in arrears) amounted to 2.4% of the aggregate initial portfolio balance (including additional receivables purchased during the revolving period). PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and maintained its base case PD and LGD assumptions at 4.3% and 85.0%, respectively. The credit rating upgrades are driven by the stable demonstrated transaction performance following the end of the revolving period. CREDIT ENHANCEMENT The subordination of the respective junior obligations provides credit enhancement to the Rated Notes. As of the September 2025 payment date, credit enhancement to the Series A, Series B, Series C, Series D, and Series E Notes was 15.8%, 8.8%, 6.0%, 2.9%, and 0.0%, respectively. The credit enhancement levels have remained unchanged since Morningstar DBRS' initial credit ratings due to the continuing pro rata amortization of the Rated Notes following the end of the revolving period. The Rated Notes will continue to pay on a pro rata basis unless certain events such as a breach of performance triggers, a servicer insolvency, or a servicer termination occur. Under these circumstances, the principal repayment of the Rated Notes will become fully sequential and the switch is not reversible. The transaction benefits from an amortizing cash reserve funded through the subscription proceeds of the Series F Notes, which has a target balance equal to 2.0% of the Rated Notes, subject to a floor of EUR 7.5 million. The cash reserve can be used to cover senior costs and interest on the Series A Notes, Series B Notes, Series C Notes, Series D Notes, and Series E Notes. As of the September 2025 payment date, the cash reserve was at its floor balance of EUR 7.5 million. Banco Santander acts as the account bank for the transaction. Based on Morningstar DBRS' reference rating of AA (low) on Banco Santander (one notch below its Long Term Critical Obligations Rating (COR) of AA), the downgrade provisions outlined in the transaction's documents, and other mitigating factors inherent in the transaction's structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned to the Rated Notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. An interest rate cap is in place to hedge fixed-floating interest rate risk, with Banco Santander acting as the hedging counterparty. Based on its COR and the collateral posting provisions included in the documentation, Morningstar DBRS considers the risk arising from the swap counterparty to be consistent with the credit ratings assigned to the Rated Notes, in accordance with Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Notes: All figures are in euros unless otherwise noted. =========================== U N I T E D K I N G D O M =========================== ENTAIN PLC: Moody's Lowers CFR to Ba2, Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings has downgraded to Ba2 from Ba1 the corporate family rating of Entain plc (Entain). Concurrently, Moody's have downgraded to Ba2-PD from Ba1-PD Entain's probability of default rating. Finally, Moody's have downgraded to Ba2 from Ba1 the senior secured notes, senior secured term loans and backed senior secured revolving credit facility (RCF) issued and borrowed by Entain as well as its wholly-owned subsidiaries Entain Holdings (Gibraltar) Limited and Ladbrokes Group Finance Plc. The outlook on all entities has changed to stable from negative. RATINGS RATIONALE The repositioning of Entain's ratings reflects Moody's expectations of a moderate deterioration across key Moody's-adjusted credit metrics in the next 12-18 months compared to Moody's previous forecasts. Moody's updated base case incorporates net adverse impacts on Entain's profitability and cash generation from its large UK operations from 2026 onwards, as a result of the substantial tax increases on online gaming and betting activities announced by the UK government. Moody's estimated, tax-related net variance of - GBP90 million in 2026 and - GBP150 million in 2027 is relatively modest in relation to Entain's forward looking EBITDA and cashflow generation, yet sufficient to keep Moody's-adjusted gross leverage above 3.5x and deplete free cash flow (FCF, as defined and adjusted by us) towards breakeven levels. As a result of Moody's re-assessment, Moody's sees Entain's credit quality as commensurate with a Ba2 rating. Entain's Ba2 CFR continues to reflect the company's: diversified business profile across both mature and growing geographies, as well as by products and distribution channels; support from growing demand in online activities on top of stable retail operations; ongoing focus on product innovation and operations in regulated and regulating markets; proprietary technology platforms providing some barriers to entry, and first-mover advantage in the growing US market through its JV BetMGM. Concurrently, the Ba2 CFR remains constrained by Entain's: limited FCF due to rising UK tax outflows adding to yearly payments related to the HMRC settlement until 2027; the potential for additional financial obligations arising from ongoing legal proceedings, primarily in Australia, as well as the exercise of put option rights held by minority shareholders in Entain CEE; the evergreen risk of higher gaming tax being introduced in its countries of operation; high competitive pressure among gaming operators and a limited track record of adhering to stated financial policies, notably reducing company-defined net leverage towards 2.0x. ESG CONSIDERATIONS Social considerations associated to Customer Relations are a driver of the rating action. In Moody's views, the substantial announced tax rise will reduce Entain's UK revenue base and constrain the company's engagement with customers as a result of a planned reduction in marketing spending expected to be implemented to safeguard profitability. LIQUIDITY Entain's liquidity is good. Moody's assessments reflects: -- Reported cash of GBP267 million at June 30, 2025 (net of cash held on behalf of customers) and expected retention of cash balances that are commensurate with the needs of the business -- Mildly positive Moody's-adjusted FCF generation expected in the next 12-18 months, after larger outflows for higher taxes as well as settlements with the HM Revenue & Customs in the UK -- Access to a sizeable GBP645 million backed senior secured RCF borrowed by Ladbrokes Group Finance Plc which Moody's expects to remain undrawn. The RCF benefits from a springing covenant once drawn for at least 40%; the covenant level of 6.0x provides ample headroom -- Absence of meaningful debt maturity events before June 2028, when EUR765 million of outstanding drawings under the EUR1,265 million of senior secured term loan B4 borrowed by Entain Holdings (Gibraltar) Limited come due. Minority investors in Entain CEE hold a put option that could be exercised from November 2025 and which may result in significant cash outflows. Moody's base case assumes no exercise of the put option. However, if an exit payment needs to be made to the minorities, Entain would likely raise additional debt, as evidenced by abridge financing of GBP500 million already being in place for this purpose, should it be required. OUTLOOK The stable outlook reflects Moody's expectations that Entain's key credit metrics will track within the current rating guidance in the next 12-18 months. Specifically, Moody's expects Entain to maintain or grow its market share in key jurisdictions and manage the adverse impacts from upcoming UK tax changes as guided while prudently managing its balance sheet and liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Absent further material adverse regulatory or tax events in core markets, upward rating pressure could materialise if: EBIT margins exceed 15%; Moody's-adjusted debt/EBITDA falls sustainably well below 3.5x and FCF (as defined and adjusted by us) is positive. An upgrade would also require Entain to demonstrate stronger adherence to conservative financial policies and retention of a good liquidity position. Downward rating pressure would occur if: Moody's-adjusted debt/EBITDA consistently exceeds 4.25x, or FCF turns sustainably negative, or if liquidity significantly worsens due to either major negative regulatory actions or due to financial policies that are more aggressive than expected. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming 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. PROFILE Entain is one of the world's largest sports-betting and gaming groups. It operates in 31 regulated or regulating markets and employs around 29,000 people. Entain's portfolio features more than 35 brands, including Coral, Eurobet, Ladbrokes and Bwin. The group also owns proprietary technology across the vast majority of its core product verticals, as well as its B2C operations. The company reported net gaming revenue of GBP5,233 million and management EBITDA of GBP1,148 million for the LTM June 2025. The BetMGM JV operating in North America is not consolidated, and reported net gaming revenue of $2,452 million for the LTM June 2025. Listed on the London Stock Exchange and a constituent of the FTSE 100 index, Entain had a market capitalisation of about GBP4.9 billion as of December 10, 2025. GEMGARTO 2023-1: DBRS Confirms BB(low) Rating on Class F Notes -------------------------------------------------------------- DBRS Ratings Limited took the following credit rating actions on the notes issued by Gemgarto 2021-1 PLC (Gemgarto 2021) and Gemgarto 2023-1 PLC (Gemgarto 2023) (together, the Issuers): Gemgarto 2021 -- Class A confirmed at AAA (sf) -- Class B confirmed at AAA (sf) -- Class C upgraded to AAA (sf) from AA (high) (sf) -- Class D upgraded to AA (high) (sf) from AA (sf) Gemgarto 2023 -- Class A confirmed at AAA (sf) -- Class B upgraded to AA (high) (sf) from AA (sf) -- Class C upgraded to AA (sf) from A (high) (sf) -- Class D confirmed at BBB (high) (sf) -- Class E confirmed at BB (high) (sf) -- Class F confirmed at BB (low) (sf) With respect to Gemgarto 2021, the credit ratings on the Class A, Class B, and Class C notes address the timely payment of interest and ultimate payment of principal on or before the legal final maturity date. The credit rating on the Class D notes addresses the ultimate payment of principal and interest when junior, and the timely payment of interest when they become the most senior outstanding. With respect to Gemgarto 2023, the credit rating on the Class A notes addresses the timely payment of interest and ultimate payment of principal on or before the legal final maturity date. The credit ratings on the Class B, Class C, Class D, Class E and Class F notes address ultimate payment of principal and interest when junior, and the timely payment of interest when they become the most senior outstanding. CREDIT RATING RATIONALE The credit rating actions follow an annual review of the transactions and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults and losses, as of the September 2025 payment date. -- Portfolio default rate (PD), loss given default (LGD) and expected loss assumptions on the remaining receivables. -- Current available credit enhancement to the notes to cover the expected losses at their respective credit rating levels. The transactions are securitizations of owner-occupied residential mortgage loans granted by Kensington Mortgage Company Limited in England, Wales, and Scotland. Gemgarto 2021 has a legal final maturity date in December 2067 and its first optional redemption date was on the March 2025 payment date. Gemgarto 2023 has a legal final maturity date in December 2073 and its first optional redemption date is on the March 2027 payment date. PORTFOLIO PERFORMANCE Gemgarto 2021 As of August 31, 2025, loans two to three months in arrears represented 2.2% of the outstanding portfolio balance, up from 0.8% one year prior. Loans more than three months in arrears represented 21.4%, up from 10.6% one year prior. The cumulative loss ratio was 0.00%. Gemgarto 2023 As of August 31, 2025, loans two to three months in arrears represented 0.7% of the outstanding portfolio balance, down from 0.9% one year prior. Loans more than three months in arrears represented 8.0%, up from 1.9% one year prior. The cumulative loss ratio was 0.00%. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables for each transaction and has updated its base case PD and LGD assumptions at the B (sf) credit rating level as follows: -- Gemgarto 2021: PD of 20.1% and LGD of 6.4%; -- Gemgarto 2023: PD of 10.6% and LGD of 17.7%. CREDIT ENHANCEMENT Credit enhancement in both transactions is provided by the subordination of the junior notes and a general reserve fund. As of the September 2025 payment date, credit enhancement to the rated notes had increased from the Morningstar DBRS Initial Rating date as follows: Gemgarto 2021 -- Class A notes: 83.5%, up from 12.3%; -- Class B notes: 53.4%, up from 7.7%; -- Class C notes: 36.7%, up from 5.2%; -- Class D notes: 33.4%, up from 4.7%. Gemgarto 2023 -- Class A notes: 58.1%, up from 14.0%; -- Class B notes: 29.0%, up from 7.0%; -- Class C notes: 20.7%, up from 5.0%; -- Class D notes: 12.4%, up from 3.0%; -- Class E notes: 8.3%, up from 2.0%; -- Class F notes: 6.2%, up from 1.5%. Each transaction has a non-amortizing general reserve fund (GRF) that is available to cover senior fees, senior swap payments, interest on the rated notes, and principal losses on the rated notes via the principal deficiency ledgers. The Gemgarto 2021 GRF is funded to its target level of GBP 9.4 million, equal to 2.0% of the initial Class A to Class E notes balance. The Gemgarto 2023 GRF is funded to its target level of GBP 5.5 million, equal to 1.0% of the initial Class A to Class G notes balance. A Liquidity Reserve Fund (LRF) will also be funded through available principal funds in the event the GRF balance falls below 1.5% of the outstanding Class A to E notes in relation to Gemgarto 2021, or if the GRF balance falls below 0.5% of the outstanding Class A to G notes in relation to Gemgarto 2023. In this event, the LRF will be funded to 2.0% of the outstanding Class A and Class B notes balances for Gemgarto 2021, and to 1.5% of the outstanding Class A and B notes balances for Gemgarto 2023 and replenished each payment date. Citibank N.A., London Branch (Citibank London) and Barclays Bank PLC (Barclays) act as the account banks for Gemgarto 2021 and Gemgarto 2023, respectively. Based on the Morningstar DBRS private credit rating on Citibank London and the account bank reference rating of Barclays Bank PLC at A (high) - being one notch below the Morningstar DBRS public Long-Term Critical Obligations Rating of AA (low), the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned to the rated notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. BNP Paribas, London Branch (BNPP London) and Barclays act as the swap counterparties for Gemgarto 2021 and Gemgarto 2023, respectively. Morningstar DBRS's private credit rating on BNPP London and public Long-Term Critical Obligations Rating on Barclays Bank PLC at AA (low) are consistent with the First Rating Threshold as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Notes: All figures are in British pound sterling unless otherwise noted. HCP (LEVINGTON): Moorfields Named as Joint Administrators --------------------------------------------------------- HCP (Levington) Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court No. 008522 of 2025, and Arron Kendall and Michael Solomons of Moorfields were appointed as joint administrators on Dec. 2, 2025. Its registered office and principal trading address is 467 Rainham Road South, Dagenham, RM10 7XJ. The joint administrators can be reached at: Arron Kendall Michael Solomons Moorfields 82 St John Street London, EC1M 4JN Tel: 020 7186 1144 For further information contact: Ralph Williams Moorfields Tel: 020 7186 1163 Email: ralph.williams@moorfieldscr.com JANFORSTER-ESTATES: Begbies Traynor Appointed as Administrators --------------------------------------------------------------- Janforster-Estates Limited, trading as Jan Forster Estates, was placed into administration proceedings in the County Court at Newcastle Upon Tyne, Court No. CR-2025-000153, and Andrew Little and Gillian Margaret Sayburn of Begbies Traynor (Central) LLP were appointed as administrators on Dec. 10, 2025. Janforster-Estates Limited specialized in real estate agency activities. Its registered office is Polwarth House, 55 Polwarth Drive, Newcastle upon Tyne, NE3 5NJ. The administrators can be reached at: Andrew Little Gillian Margaret Sayburn Begbies Traynor (Central) LLP Ground Floor, Portland House 54 New Bridge Street West Newcastle upon Tyne, NE1 8AP For further information, contact: Rose Johnston Begbies Traynor (Central) LLP Tel: 0191 269 9820 Email: rose.johnston@btguk.com JEALOUS SWEETS: KRE Corporate Appointed as Joint Administrators --------------------------------------------------------------- Jealous Sweets Limited, fka Grosvenor Castle Limited, was placed into administration proceedings in the High Court of Justice, Court No. CR-2025-004821, and Paul Ellison and Christopher Errington of KRE Corporate Recovery Limited were appointed as joint administrators on Dec. 10, 2025. Jealous Sweets Limited specialized in the retail sale of bread, cakes, flour confectionery, and sugar confectionery in specialised stores. Its registered office is c/o KRE Corporate Recovery Limited, Unit 8, The Aquarium, 1–7 King Street, Reading, RG1 2AN. Its principal trading address is 82 St John Street, London, EC1M 4JN. The joint administrators can be reached at: Paul Ellison Christopher Errington KRE Corporate Recovery Limited Unit 8, The Aquarium 1–7 King Street Reading, RG1 2AN Further details contact: Joint Administrators Tel: 01189 479090 Email: info@krecr.co.uk Alternative contact: Kelly Rowbotham LONDON BRIDGE 2025-1: DBRS Confirms CCC Rating on Class X Notes --------------------------------------------------------------- DBRS Ratings Limited confirmed its credit ratings on the notes issued by London Bridge Mortgages 2025-1 PLC (the Issuer) as follows: -- Class A Notes confirmed at AAA (sf) -- Class B Notes confirmed at AA (low) (sf) -- Class C Notes confirmed at A (low) (sf) -- Class D Notes confirmed at BBB (sf) -- Class E Notes confirmed at BB (high) (sf) -- Class F Notes confirmed at B (high) (sf) -- Class X Notes confirmed at CCC (sf) The credit rating on the Class A Notes addresses the timely payment of interest and ultimate payment of principal on or before the legal final maturity date in March 2067. The credit ratings on the Class B, Class C, Class D, Class E and Class F Notes address timely payment of interest while the senior-most class outstanding otherwise the ultimate payment of interest and the ultimate payment of principal on or before the legal final maturity date. The credit rating on the Class X Notes addresses the ultimate payment of interest and ultimate payment of principal on or before the legal final maturity date. Morningstar DBRS also removed the Under Review with Developing Implications (UR-Dev.) status from the Class B, Class C, Class D, Class E, Class F and Class X Notes, where they were placed on 10 September 2025. CREDIT RATING RATIONALE The confirmations result from a full transaction review following Morningstar DBRS' finalization of its "Interest Rate and Currency Stresses for Global Structured Finance Transactions" methodology (the Methodology) on 3 September 2025. The credit rating actions conclude the under review period for the transaction, which began on September 10, 2025. The Methodology outlines the framework for generating interest rate and foreign exchange stresses that Morningstar DBRS uses in its analysis of structured finance transactions and covered bonds. In addition to the material changes introduced in the methodology, the confirmations are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults and losses as of 31 October 2025 (corresponding to the November 2025 payment date). -- Portfolio default rate (PD), loss given default (LGD) and expected loss assumptions on the remaining receivables. -- Current available credit enhancement (CE) to the notes to cover the expected losses at their respective credit rating levels at the November 2025 payment date. The transaction is a securitization of first-lien mortgage loans collateralized by owner-occupied and buy-to-let (BTL) residential properties located in the United Kingdom. The mortgages were originated and are serviced by Vida Bank Limited (Vida Bank, formerly Belmont Green Finance Limited). The portfolio contains some adverse features such as a high portion of self-employed borrowers and borrowers with previous county court judgements. The first optional redemption date is at the April 2030 payment date and coincides with a step-up of the margins on the Class A to Class F Notes. PORTFOLIO PERFORMANCE As of 31 October 2025, loans two to three months in arrears represented 0.4% of the outstanding portfolio balance and loans more than three months in arrears represented 0.2%. As of 31 October 2025, there were no cumulative losses. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Morningstar DBRS conducted a loan-by-loan analysis of the remaining pool of receivables and updated its base case PD and LGD assumptions at the B (sf) credit rating level to 4.2% and 13.1% respectively, compared to 3.9% and 13.7%, respectively at closing. CREDIT ENHANCEMENT CE to the rated notes consists of the subordination of junior classes (except the Class X Notes). As of the November 2025 payment date, CE to the rated notes marginally increased and remains as follows since closing: -- CE to the Class A Notes at 14.0%; -- CE to the Class B Notes at 7.5%; -- CE to the Class C Notes at 4.0%; -- CE to the Class D Notes at 2.5%; -- CE to the Class E Notes at 1.0%; and -- CE to the Class F Notes at 0.0%. As of the November 2025 payment date, the liquidity reserve fund was at its target level of approximately GBP 2.3 million, equal to 1.0% of both the Class A and Class B Notes' outstanding balances. The liquidity reserve fund is available to cover senior fees, swap payments interest on the Class A Notes, principal via the Class A Notes principal deficiency ledger (PDL) and interest on the Class B Notes. As of the November 2025 payment date, PDLs related to the rated notes were clear. The Bank of New York Mellon - London Branch (BNY Mellon London) acts as the account bank for the transaction. Based on Morningstar DBRS' public credit rating of AA (low) on BNY Mellon London, the downgrade provisions outlined in the transaction's documents, and other mitigating factors inherent in the transaction's structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit rating assigned to the Class A Notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Crédit Agricole - Corporate & Investment Bank (CACIB) acts as the swap counterparty for the transaction. Morningstar DBRS' private Long Term Critical Obligations Credit Rating on CACIB is consistent with the first credit rating threshold as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Notes: All figures are in British pound sterling unless otherwise noted. PARK FIRST: January 22 Proofs of Claim Deadline Set --------------------------------------------------- The Joint Supervisors of 13 companies, trading as (All) Park First, intend to declare a third interim dividend to unsecured creditors, within the period of two months from the last date for proving. These companies are: - PARK FIRST FREEHOLDS LIMITED - HELP ME P. GATWICK LIMITED - AIRPORT PARKING RENTALS (GATWICK) UIMITED - PARK FIRST GATWICK RENTALS LIMITED - PARK FIRST GLASGOW RENTALS LIMITED - PAYPARK LIMITED - GROUP FIRST GLOBAL LIMITED - HARLEY SCOTT RESIDENTIAL LIMITED - PARK FIRST SKYPORT LIMITED - COPHALL PARKING GATWICK LIMITED - PARK FIRST MANAGEMENT LIMITED - HELP-ME-PARK.COM LIMITED - LONDON LUTON PORT PARKING LIMITED Creditors who have not yet done so must prove their debts by delivering their proofs (in the format specified in Rule 14.4) to the Joint Supervisors at c/o Restructuring department, S&W Partners Services Limited,45 Gresham Street, London, EC2V 7BG by no later than January 22, 2026 (the last date for proving). Creditors who have not proved their debt by the last date for proving may be excluded from the benefit of this dividend or any other dividend declared before their debt is proved. These companies were placed into administration proceedings in the High Court of Justice Business & Property Courts of England and Wales, Court Number: CR-2021-001712, and Finbarr Thomas O'Connell, Adam Henry Stephens, Clare Lloyd and Christopher Marsden of S&W Partners LLP, were appointed as Joint Supervisors on Oct. 14, 2025. The Joint Supervisors can be reached at: Finbarr Thomas O'Connell Adam Henry Stephens Clare Lloyd Christopher Marsden S&W Partners LLP c/o Restructuring Department 45 Gresham Street London, EC2V 7BG Further details contact: The Joint Supervisors Email: parkfirst@swgroup.com Phone: 020 8146 7261 SENSORY INT'L: Middlebrooks, Rathmell Appointed as Administrators ----------------------------------------------------------------- Sensory International Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court No. CR-2025-MAN-001647, and Claire Middlebrook and Stuart Rathmell were appointed as administrators on Dec. 9, 2025. Sensory International Limited specialized in other construction installation. Its registered office and principal trading address is Unit G1 Redwood Court, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XH. The administrators can be reached at: Claire Middlebrook Middlebrooks Business Recovery & Advice 14–18 Hill Street Edinburgh, EH2 3JZ Stuart Rathmell Stuart Rathmell Insolvency Egyptian Mill Egyptian Street Bolton, BL1 2HS Further details contact: Lauren Brown Tel: 0131 297 7899 Email: enquiries@middlebrooksadvice.com TL REALISATIONS: Leonard Dillon Appointed as Joint Administrators ----------------------------------------------------------------- TL Realisations Ltd, previously known as Tyson Lighting Limited, was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Manchester, Company & Insolvency List (ChD), Court No. CR-2025-MAN-001691, and Mike Dillon and Andrew Knowles of Leonard Curtis were appointed as joint administrators on Dec. 9, 2025. TL Realisations Ltd specialized in the manufacture and retail of lighting products and furniture. Its registered office is at Gibson House, Walpole Street, Blackburn, Lancashire, BB1 1DB. Its principal trading address is D1 Broadheath Network Centre, Atlantic Street, Altrincham, WA14 5EW. The joint administrators can be reached at: Mike Dillon Andrew Knowles Leonard Curtis Riverside House Irwell Street Manchester, M3 5EN Further details contact: Joint Administrators Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative contact: Avery Lewis =============== X X X X X X X X =============== [] Hogan Lovells and Cadwalader Announce Intent to Combine ---------------------------------------------------------- Hogan Lovells and Cadwalader, Wickersham & Taft on December 18, 2025, announced their intention to combine, creating Hogan Lovells Cadwalader. The combination will unite Hogan Lovells, a global leader in advising clients in highly regulated sectors operating across G20 markets, with Cadwalader, Wall Street's oldest law firm, with longstanding relationships with a range of blue-chip clients, including many of the world's leading financial institutions and providers of private capital. This will be the largest law firm combination in history, creating the world's fifth largest firm by revenue, with annual revenue in excess of US$3.6 billion based on 2024 performance. The combined firm's revenue will be balanced across premier legal markets on both sides of the Atlantic. With 3,100 world-class lawyers across the Americas, EMEA, and APAC, the combined firm will serve clients in every major financial market. Hogan Lovells Cadwalader will have unmatched strengths across finance, corporate, regulatory, IP, and disputes, positioning the combined firm to represent the world's leading financial institutions, multinational corporations, private capital funds, and sovereign entities on their highest value strategic challenges. "Clients are increasingly looking for law firms with deep sector expertise and broad global reach to advise on their most complex mandates around the world," said Hogan Lovells CEO Miguel A. Zaldivar, Jr. "Cadwalader, a premier Wall Street institution, brings top of the market finance capabilities, which combined with Hogan Lovells' powerful global platform, expands our abilities to comprehensively advise clients at a time when cross-border investment is increasingly driving growth in key sectors—including finance, energy, technology, life sciences, and others." "This combination fulfills our shared ambition to create a global firm with a strong transatlantic platform anchored in the most important financial centers around the world," said Wes Misson, Co-Managing Partner, Cadwalader. "Our clients are at the center of this strategic decision, as this combination will enhance our ability to provide best-in-class service at scale." Added Pat Quinn, Co-Managing Partner, Cadwalader: "Together, Hogan Lovells Cadwalader will become one of the world’s most formidable legal platforms -- built to advise clients on the most critical legal and business issues of the moment and transactions that will shape the future. Throughout our discussions, it has been clear that we are driven by the same core values – excellence, ambition, collaboration, and an unwavering commitment to our clients, people, and society. This alignment gives us confidence that our cultures will complement one another and help us thrive." Miguel Zaldivar will serve as CEO of the combined firm. Cadwalader is currently led by two Co-Managing Partners, Pat Quinn and Wes Misson, and both would take on International Management Committee roles: Pat Quinn as Global Managing Partner for Client and Practice Integration, and Wes Misson as Global Managing Partner for the Finance practice. Misson will be working alongside James Doyle, Corporate and Finance Practice Group Leader, and David Bonser, Global Managing Partner for the Corporate Practice. The proposed combination is subject to customary closing conditions, including a vote by the partners of each firm to be held in 2026. Strength in the World's Most Critical Markets Together, Hogan Lovells Cadwalader will have the uniqueness of operating through five primary hubs -- Washington, D.C., New York, London, Germany, and the region comprising France, Italy, and Spain -- serving clients in complex matters across a balanced global platform. It will also have a particular strength in the London--New York--Charlotte financial corridor. In New York, the combined firm will rank among the top 25 law firms, with more than 370 lawyers. Cadwalader, founded in 1792 and Wall Street's oldest law firm, played a defining role in the evolution of structured finance and securitization, fund finance, real estate finance, derivatives, and other sophisticated structured products. The firm has also built leading practices in bank lending, corporate/M&A, litigation, restructuring, and private wealth. Hogan Lovells has expanded rapidly in New York, adding strength in M&A, real estate, sports transactions, and commercial litigation, among other areas. Cadwalader's premier real estate finance practice will significantly complement Hogan Lovells' investment two years ago in the acquisition of the highly respected U.S. real estate practice from legacy New York firm Stroock & Stroock & Lavan. In London, the combined firm will be among the top 10, with nearly 600 lawyers, offering unique scale and depth to serve clients across the New York--London transactional corridor. Hogan Lovells was formed from one of London’s oldest law firms, founded 125 years ago, and long known for its premier finance and litigation practices. Cadwalader's market-leading fund finance, structured finance, and leveraged finance and private credit platforms strengthen the transatlantic link to New York, creating a preeminent capability in complex finance and transactions. In Washington, D.C., Hogan Lovells Cadwalader will be one of the city's largest firms, with more than 500 lawyers, cementing the firm's position as the premier platform for high-stakes matters at the intersection of business and government. Hogan Lovells, one of the oldest and largest law firms in Washington, D.C., founded over 120 years ago, is widely recognized as a regulatory leader in international trade, antitrust, and key sectors including life sciences and health care, technology, and energy, coupled with leading corporate and litigation practices. Cadwalader brings nationally recognized strengths in compliance, investigations and enforcement, financial restructuring, fund finance, structured finance, and derivatives and financial services regulation. Among the synergies in Washington, D.C., the combined firm will also create a market leader focused on resolving disputes with state attorneys general offices. In Charlotte, N.C. -- the second-largest U.S. banking center -- Cadwalader's over 100 lawyers include highly specialized and market-leading teams in fund finance, bank lending, securitization and structured finance, real estate finance, and CMBS. This financial services focus provides synergies with the combined firm's finance practices in London and New York, as well as financial services regulation in Washington, D.C. In Germany, Hogan Lovells' leading IP, litigation, finance and corporate platform will unite with Cadwalader's world-class finance capabilities -- creating a full-service offering for clients and opening new markets for the combined firm. With more than 450 lawyers across Berlin, Düsseldorf, Frankfurt, Hamburg, and Munich, Hogan Lovells has one of Germany’s most established and prestigious platforms, rooted in over 135 years of market presence. In France, Italy, and Spain, the combination pairs Cadwalader’s premier finance capabilities with Hogan Lovells' established platform in this fast-growing market -- providing clients with significant support in Europe's expanding private capital markets. With over 400 lawyers, Hogan Lovells' platform in this region is one of the strongest in Continental Europe, backed by 22 Chambers-ranked practices, including leading structured finance, real estate finance, securitization, derivatives, and capital markets practices. In APAC, Cadwalader's prestigious finance capabilities enhance Hogan Lovells' established and targeted local presence, sharpening the combined firm's ability to deliver seamless, premium, and cross-border support to clients doing business across the region. With more than 140 lawyers across Beijing, Hong Kong, Shanghai, Singapore, Tokyo, Vietnam, and Jakarta, the combined firm will continue a 50-year legacy in APAC and market-leading practices in corporate, finance, compliance and investigations, TMT, IP, life sciences, data protection, and international trade. Transformative Trends The strengths of Hogan Lovells Cadwalader are well matched to the forces shaping the global economy. The rise of the private capital sector has helped fuel significant growth across the global economy. A critical component of this industry is fund finance and related highly specialized financial products. Since 2018, Cadwalader has advised lenders on more than $1.4 trillion in fund finance commitments across subscription, NAV, hybrid, GP, management fee, hedge fund and venture capital facilities, as well as preferred share issuances. The combined firm will be the global leader in this space, and will help drive the continued development of transformative industries going forward. Structured finance and structured products -- including securitization and derivatives -- have become critical tools for capital-intensive, high-growth, and transformative industries, including energy, technology, and infrastructure, all of which require innovative financing structures to scale. Cadwalader's platform has long helped design and execute the financial structures that power these industries, pioneering many of the tools now used for renewable energy assets, digital infrastructure, data centers, technology rollouts, private equity solutions, complex supply chains, and life sciences portfolios. As a result, Cadwalader has become a global leader in capital relief trades and other regulatory optimization practices. Paired with Hogan Lovells' strength in highly regulated cross-border work, the firm will offer a singular platform built to advise, structure, and finance the next generation of deals across sectors and geographies. AI and Innovation Leadership The combination will also accelerate Hogan Lovells Cadwalader's leadership in innovation and AI-enabled legal services. Hogan Lovells has made significant investments to become a fully technology-enabled firm, embedding advanced AI capabilities across client work and internal operations as a core strategic priority. Cadwalader will likewise benefit from Hogan Lovells’ joint venture, ELTEMATE, and its proprietary chatbot, CRAIG, which already supports more than 4,400 users and provides the combined firm with a unique level of independence from external technology providers. By integrating proprietary AI tools seamlessly with its global legal teams, Hogan Lovells Cadwalader will deliver enhanced efficiency, deeper insights, and higher-value outcomes for clients navigating their most complex cross-border mandates. Few law firms globally can match this depth of in-house AI capability, positioning the combined firm at the forefront of technology-driven service delivery. Additional information on the combination and both firms can be found at www.oursharedambition.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 2025. 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. 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