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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, January 14, 2026, Vol. 27, No. 10
Headlines
A U S T R I A
AUSTRION LIFE: Fitch Affirms Then Withdraws 'BB' IFS Rating
F R A N C E
COLISEE GROUP: Moody's Cuts CFR to Ca, Alters Outlook to Stable
TEREOS FINANCE: S&P Rates Proposed EUR300MM Sr. Unsec. Notes 'BB-'
I R E L A N D
SEAPOINT PARK: S&P Affirms 'B- (sf)' Rating on Class E Notes
N E T H E R L A N D S
Q-PARK HOLDING: S&P Rates New EUR630M Sr Sec. Fixed-Rate Notes 'BB'
VINCENT MIDCO: Moody's Withdraws 'B2' CFR on Facilities Repayment
P O L A N D
MLP GROUP: Moody's Rates New EUR350MM Senior Unsecured Notes 'Ba2'
R O M A N I A
MAS PLC: Fitch Affirms 'BB-' LongTerm IDR, Off Watch Negative
S P A I N
CERVANTES TOPCO: S&P Affirms 'B' ICR on Dividend Recap Transaction
JERONIMO FUNDING: Fitch Affirms Bsf Rating on Class F Notes
TELEFONICA EMISIONES: S&P Rates Proposed Hybrid Securities 'BB'
T U R K E Y
ALTERNATIFBANK AS: Moody's Affirms 'Ba3' Bank Deposit Ratings
KUVEYT TURK: Fitch Affirms LongTerm 'BB-' IDR, Outlook Stable
TURKIYE FINANS: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
U N I T E D K I N G D O M
4U FRESH: RSM UK Appointed as Joint Administrators
ALFRED LONDON: James Cowper Kreston Named as Joint Administrators
BREAKSPEAR ARMS: Quantuma Advisory Appointed as Administrators
CONTOURGLOBAL POWERHOLDINGS: S&P Affirms 'BB-' ICR, Outlook Stable
CRICKET BIDCO: Ernst & Young Appointed as Joint Administrators
DEV6 LIMITED: Oury Clark Appointed as Administrators
DRS RECRUITMENT: Exigen Group Appointed as Administrators
FOSSE SIL WY: PKF Littlejohn Appointed as Joint Administrators
GASCORP (PLAXTON): RSM UK Named as Joint Administrators
INDUSTRIAL WATER: Bespoke Insolvency Appointed as Administrator
LANTEGLOS HOTEL: KR8 Advisory Appointed as Administrators
LEGATO EURO II: Fitch Gives Class F Notes 'B-sf' Final Rating
LIGHTFOOT SOLUTIONS: Begbies Traynor Appointed as Administrator
SW DRAINAGE: FRP Advisory Named as Joint Administrators
UDNY ARMS: Begbies Traynor Appointed as Administrator
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A U S T R I A
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AUSTRION LIFE: Fitch Affirms Then Withdraws 'BB' IFS Rating
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Fitch Ratings has affirmed Austrian life insurer austrion Life
Insurance AG's Insurer Financial Strength (IFS) Rating at 'BB' with
a Stable Outlook. Fitch has subsequently withdrawn Austrion's
rating.
The rating continues to reflect Austrion's weak company profile and
financial performance, in part offset by good capitalisation.
Fitch has withdrawn Austrion's rating for commercial reasons.
Fitch will no longer provide analytical coverage of this entity.
Key Rating Drivers
Weak Company Profile: Fitch's assessment of Austrion's company
profile is driven by its small operating scale and weak competitive
positioning. However, Austrion acquired a closed book of Austrian
policies from Liechtenstein-based life insurer Youplus Assurance AG
in December 2025, marginally enhancing its scale.
Good Capitalisation: Austrion's Solvency II ratio was 197% at
end-2024 and Fitch expects it to have been about 200% at end-2025.
Fitch considers its capital position supportive of its rating,
although the equity base is small due to the small operating
scale.
Weak Profitability: Fitch assesses Austrion's financial performance
as weak. Fitch said, "We expect the insurer to have been loss
making in 2025, although we forecast the net loss to be much
smaller at about EUR1 million (2024: net loss of EUR6.4 million).
We consider that Austrion's result benefits from the acquired
closed book, and that the net result will return to profits in
2026."
Potential Sale Neutral to Rating: Fitch said, "We expect Austrion's
credit quality to be unaffected by its potential sale to a new
owner. We consider downside risks to persist from ongoing
reputational risks. However, we expect reputational risk to reduce
once a sale is completed."
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Not applicable as the rating has been withdrawn.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Not applicable as the rating has been withdrawn.
RATING ACTIONS
Rating Prior
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austrion Life Insurance AG
LT IFS BB Affirmed BB
LT IFS WD Withdrawn
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F R A N C E
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COLISEE GROUP: Moody's Cuts CFR to Ca, Alters Outlook to Stable
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Moody's Ratings has downgraded to Ca from Caa2 the corporate family
rating and affirmed the Ca-PD/LD probability of default rating of
Colisee Group (Colisee or the company). At the same time, Moody's
have downgraded to Ca from Caa2 the instrument ratings of its
senior secured bank credit facilities, including term loans and a
revolving credit facility (RCF), all maturing in 2027. The outlook
has been changed to stable from negative.
RATINGS RATIONALE
The downgrade of the ratings reflects Moody's expectations of
substantial reductions to claims for senior secured creditors,
following the commencement of accelerated safeguard proceedings at
the end of 2025, which is expected to close by April 2026. Moody's
anticipates that senior secured lenders will convert about 50% of
their claims into equity.
Under the agreement, total net debt will decrease from EUR1.8
billion to EUR1.2 billion (including EUR1 billion of senior debt),
while the maturity of senior debt will be extended to 2031, while
some senior lenders will provide around EUR285 million of new
financing. Upon completion of the contemplated restructuring, some
of the company's senior lenders will become the new shareholders of
Colisee. Finally, Moody's understands that most of Colisse's
short-term bank facilities will also be renewed as part of this
agreement, with some maturity extensions.
Governance is one of the key drivers of the rating action as
reflected in the very high risk associated with the company's
financial strategy and risk management. The contemplated
restructuring will result in material losses for creditors because
of the large equitisation and the maturity extension for the debt.
The company's operational efficiency programme is progressing and
addressing cost inefficiencies and weak execution of the previous
management, with the company estimating about EUR40 million in cost
savings year-to-date October 2025. Moreover, occupancy rates remain
robust, supporting revenue stability. However, Moody's anticipates
key credit metrics to remain weak with a Moody's-adjusted leverage
around 8.6x over the next 12-18 months and negative
Moody's-adjusted free cash flow (FCF).
OUTLOOK
The stable outlook reflects Moody's views that it is unlikely that
creditors will incur losses higher than those implied by the
current ratings.
LIQUIDITY
Colisee has a weak liquidity. As of September 30, 2025, the company
had a cash balance of EUR75 million, while its EUR217.6 million RCF
is fully drawn. Moody's expects continued negative Moody's-adjusted
FCF in 2025 due to high interest burden and lease obligations.
Colisee has done several real estate and operating asset disposals
over 2025 which have supported short-term liquidity.
If the restructuring is completed as planned, total cash will
amount to around EUR166 million, with access to the new RCF of
EUR69 million (expected to be undrawn at closing) and a reinstated
EUR80 million fully drawn RCF. The planned maturity for the new
secured debt facilities will be in 2031.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure could develop if the company delivers a solid
operating performance with sustainable revenue and EBITDA growth,
which combined with the completion of the debt restructuring, leads
to a more sustainable capital structure.
The ratings could be downgraded if expected recovery rates for
lenders are lower than Moody's current expectations.
STRUCTURAL CONSIDERATIONS
The Ca-PD/LD PDR, reflects the default by the company on its
interest payment, which has now been deferred until closing of the
restructuring. The Ca ratings on the senior secured Term Loan B,
Term Loan B3 and the RCF reflect their pari passu ranking, with
upstream guarantees from material subsidiaries representing at
least 80% of EBITDA.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Colisee's Ca rating is four notches below the scorecard-indicated
outcome of B3, reflecting the company's unsustainable capital
structure, the company's default on its debt facilities and weak
liquidity.
COMPANY PROFILE
Colisee, headquartered in Paris, France, is the fourth-largest
private operator of nursing homes in Europe. The group operated 395
facilities and around 33,400 beds as of end 2024. The group is
mainly present in France, Belgium and Spain, but it also has a
smaller presence in Italy. Colisee generated net revenue of
EUR1,700 million and company-adjusted EBITDA (pre-IFRS16) of EUR125
million for the twelve months ending in September 2025. Patrick
Teycheney founded Colisee in 1989. EQT Infrastructure has owned a
controlling stake in Colisee since October 2020, while Caisse de
dépôt et placement du Québec, the Teycheney family and previous
management own minority stakes.
TEREOS FINANCE: S&P Rates Proposed EUR300MM Sr. Unsec. Notes 'BB-'
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S&P Global Ratings assigned its 'BB-' issue rating to the proposed
EUR300 million senior unsecured notes to be issued by Tereos
Finance Groupe I, a group financing vehicle for French sugar
producer Tereos SCA (BB-/Negative/--). The company will mostly use
the proceeds of the proposed notes, which mature in 2032, alongside
available cash to repay the EUR350 million outstanding senior notes
maturing in April 2027.
S&P said, "We view positively that this transaction will improve
Tereos' debt maturity profile. The recovery rating on the proposed
notes is '3', reflecting our expectation of meaningful recovery
prospects (50%-70%; rounded estimate: 50%). Our assessment is
supported by our valuation of the business as a going concern and
constrained by the large amount of debt held by local subsidiaries
and the unsecured nature of the instrument.
"We forecast Tereos' operational performance to deteriorate in
fiscal 2026 (ending March 31, 2026), such that its S&P Global
Ratings-adjusted debt-to-EBITDA ratio will be about 6.3x, from 3.2x
in fiscal 2025. This reflects current European sugar prices, which
are at similar levels to the previous contracting period amid
above-average sugar yields, lower sugarcane processing volumes in
Brazil, and lower prices for starch products.
"In fiscal 2027, we forecast Tereos' performance will improve and
support our expectation of an S&P Global Ratings-adjusted
debt-to-EBITDA ratio of approximately 4.9x. This reflects our
expectation of rising sugar prices due to normalized yields and
reduced cultivated areas in Europe, while higher sugarcane
processing volumes in Brazil, driven by improved yields, could
offset the lower prices. We also anticipate the margin for starch
products could gradually improve thanks to growing volumes.
However, we believe Tereos' capacity to improve its credit metrics
remains dependent on external factors, such as European sugar
prices and Brazilian sugarcane crushing volumes."
Tereos is a France-headquartered marketing cooperative group, whose
shareholders are 10,200 French sugar beet farmers. The company
specializes in processing sugar beets, sugar cane, and cereals,
with 41 industrial sites mostly across France and Brazil. In fiscal
2025, Tereos generated EUR5.9 billion in revenue and S&P Global
Ratings-adjusted EBITDA of EUR790 million.
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I R E L A N D
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SEAPOINT PARK: S&P Affirms 'B- (sf)' Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Seapoint Park CLO
DAC's class A-2A and A-2B notes to 'AAA (sf)' from 'AA+ (sf)',
class B notes to 'AA- (sf)' from 'A+ (sf)', and class C notes to
'BBB+ (sf)' from 'BBB (sf)'. At the same time, S&P affirmed its
'AAA (sf)' rating on the class A-1 notes, 'BB (sf)' rating on the
class D notes, and 'B- (sf)' rating on the class E notes.
The rating actions follow the application of our global corporate
CLO criteria and S&P's credit and cash flow analysis of the
transaction based on the November 2025 trustee report.
Since closing in November 2019:
-- The portfolio's weighted-average rating remains at 'B'.
-- The portfolio has become less diversified, as the number of
performing obligors has decreased to 127 from 183.
-- The portfolio's weighted-average life has decreased to 3.01
years from 3.74 years.
-- The percentage of 'CCC' rated assets has increased to 7.75%
from 4.47%.
Following the deleveraging of the senior notes, the class A-1 to E
notes benefit from higher levels of credit enhancement compared
with S&P's previous review.
Table 1
Credit enhancement
Class Current amount As of last
(mil. EUR) Current (%) review (%)
A-1 165.00 48.03 40.40
A-2A 29.00 35.43 29.89
A-2B 11.00 35.43 29.89
B 30.00 25.98 2é.à&
C 23.50 18.58 15.84
D 20.50 12.13 10.46
E 10.80 8.72 7.62
Sub 30.55 N/A N/A
N/A--Not applicable.
The scenario default rates (SDRs) have decreased for all rating
scenarios primarily due to the lower weighted-average life since
closing.
Table 2
Portfolio benchmarks
As of
Current last review
S&P Global Ratings' weighted-average
rating factor 2,813.99 2,875.60
Default rate dispersion 692.80 559.22
Weighted-average life (years) 3.01 3.74
Obligor diversity measure 82.35 134.58
Industry diversity measure 13.55 18.08
Regional diversity measure 1.33 1.24
SPWARF--S&P Global Ratings' weighted-average rating factor. All
figures presented in the table do not include defaulted assets.
On the cash flow side:
-- The reinvestment period ended in May 2024.
-- The class A-1 notes have deleveraged by EUR83.00 million since
closing.
-- No class of notes is currently deferring interest.
All coverage tests are passing as of the November 2025 payment
report.
Table 3
Transaction key metrics
As of last
Current review
Total collateral amount (mil. EUR)* 281.31 380.74
Defaulted assets (mil. EUR) 0.00 1.00
Number of performing obligors 127 183
Portfolio weighted-average rating B B
'AAA' SDR (%) 52.22 59.73
'AAA' WARR (%) 35.32 36.06
*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--Scenario default rate.
WARR--Weighted-average recovery rate.
In S&P's view, the portfolio is diversified across obligors,
industries, and asset characteristics.
S&P said, "In our credit and cash flow analysis, we considered the
transaction's available current cash balance of approximately
EUR32.07 million, per the November 2025 payment report. We also
considered the level of available principal proceeds in the last
two payment date reports and the amount of principal proceeds used
to deleverage the notes on the last two payment dates (EUR50.0
million).
"We therefore considered a base case cash flow scenario where the
full amount of principal cash will be reinvested to buy additional
collateral. Indeed, the manager may still reinvest unscheduled
redemption proceeds and sale proceeds from credit-risk and
credit-improved assets. Such reinvestments, as opposed to repayment
of the liabilities, may prolong the note repayment profile for the
most senior class.
"Our credit and cash flow analysis indicates that the available
credit enhancement for the class A-1 notes remains commensurate
with the 'AAA' rating level. We therefore affirmed our 'AAA (sf)'
rating.
"Our base case cash flow analysis indicates that the available
credit enhancement for the class A-2A, A-2B, B, and C notes is
commensurate with higher ratings than those assigned. For these
classes, we considered that the manager may still reinvest all or
part of unscheduled redemption proceeds and sale proceeds from
credit-risk and credit-improved assets. We also considered the
level of cushion between our break-even default rates (BDRs) and
SDRs for these notes at their passing rating levels, as well as
current macroeconomic conditions and these tranches' relative
seniority. We therefore raised our ratings on the class A-2A, A-2B,
B, and C notes.
"For the class D notes, our base case cash flow analysis indicates
that the available credit enhancement is commensurate with the 'BB'
rating level. However, the transaction includes an amortizing
reinvestment target par adjustment amount, which is equal to a
predetermined reduction in the value of the transaction's target
par amount, and unrelated to the principal payments on the notes.
This may allow for principal proceeds to be characterized as
interest proceeds when the collateral par exceeds this amount,
subject to a limit, and can affect the reinvestment criteria, among
others. This feature also allows some excess par to be released to
equity during benign times, which may lead to a reduction in the
amount of losses that the transaction can sustain during an
economic downturn.
"Since the manager has still not used this feature, in our cash
flow analysis, we also ran a sensitivity scenario assuming a
collateral size below actual par (EUR317.5 million target par minus
the EUR8.0 million maximum reinvestment target par adjustment
amount). Under this scenario, available credit enhancement is not
sufficient at the current rating level for the class D notes.
"However, we affirmed our rating on the notes, reflecting the
improved class D credit enhancement since our last review due to
deleveraging of the class A-1 notes. We also considered the
transaction's good performance, particularly the very low rate of
asset defaults and 'CCC' rated assets, as well as the transaction's
reduced tenor. We expect the class D notes to benefit from ongoing
future deleveraging, which we deem likely given the
weighted-average life test failure and language in the reinvestment
criteria. Finally, our affirmation also reflects our
forward-looking view, where we expect the class D notes'
performance to continue to improve."
S&P's base case cash flow analysis indicates that the available
credit enhancement for the class E notes is not commensurate with
the 'B-' rating level. Therefore, S&P applied its 'CCC' rating
criteria, and considered the following key factors:
-- The tranche's available credit enhancement, which is in the
same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.
-- The portfolio's average credit quality, which is similar to
other recent CLOs.
-- S&P's model generated BDR at the 'B-' rating level of 20.63%
(for a portfolio with a weighted-average life of 3.01 years),
versus if it was to consider a long-term sustainable default rate
of 3.2% for 3.01 years, which would result in a target default rate
of 9.63%.
-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.
-- S&P does not envision this tranche defaulting in the next 12-18
months.
Considering the above, S&P affirmed its 'B- (sf)' rating on the
class E notes.
Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's current criteria.
Seapoint Park CLO is a European cash flow CLO transaction that
securitizes loans granted to primarily speculative-grade corporate
firms. The transaction is managed by Blackstone/GSO Debt Funds
Management Europe Ltd.
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N E T H E R L A N D S
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Q-PARK HOLDING: S&P Rates New EUR630M Sr Sec. Fixed-Rate Notes 'BB'
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S&P Global Ratings assigned its 'BB' issue rating and '3' recovery
rating on the proposed EUR630 million senior secured fixed-rate
notes due 2031 to be issued by Netherlands-based car park operator
Q-Park Holding I B.V. (BB/Stable/--). The proposed notes will rank
pari passu with all Q-Park's existing and future senior debt. S&P's
issue and recovery ratings on the proposed notes are subject to its
review of the final issuance documentation.
S&P said, "We understand Q-Park will use the proceeds to refinance
existing EUR630 million 2.0% senior secured notes due 2027.
Therefore, we view the proposed transaction as neutral for the
company's adjusted leverage, while slightly extending its maturity
profile.
"To redeem the existing EUR630 million notes, Q-Park will run a
tender offer aimed to match the time of the closing of the proposed
EUR630 million notes issuance at a tender price of slightly below
par in addition to paying all accrued interest. We expect the
purchase price will be slightly higher than the prevailing market
price. The offer is voluntary and 100% payable in cash. Interest
rates are currently higher than what they were when the existing
notes were issued in 2020. We note that investors tendering
outstanding notes will be able to reinvest in the new notes at a
higher coupon compared to the outstanding notes. As such, we
consider the transaction as an opportunistic liability management
exercise.
"We expect that Q-Park will post an S&P Global Ratings-adjusted
funds from operations to debt above 7% from 2026 as it executes on
its growth strategy, posting revenue growth of about 7%-15% over
2025-2026, driven by its pricing revisions and the successful
integration of acquisitions. Additionally, we expect Q-Park's
financial policy will remain supportive through 2026 and 2027,
leading to credit metrics commensurate with our 'BB' rating (see
"Q-Park Holding I B.V. Upgraded To 'BB'; Outlook Stable," Dec. 10,
2025). While we anticipate that Q-Park will continue to pursue
growth opportunistically, we do not expect leverage to increase
significantly and anticipate the group prioritizing growth over
dividends.
"For instance, Q-Park demonstrated a disciplined approach to new
investments in 2025, focusing on the integration process of the
important acquisitions in France and Germany, completed in December
2024 and the first half of 2025. We think Q-Park will continue to
target relatively smaller assets at reasonable multiples, for which
we assume investments (including acquisitions) of around EUR150
million per year in our base case. Therefore, we expect Q-Park's
adjusted debt will remain broadly stable at EUR4.6 billion-EUR4.8
billion over 2025-2027. In 2025, our debt calculation includes
financial leases of about EUR1.5 billion and operating leases of
about EUR1.5 billion, which are not exposed to maturity
concentration like other financial debt."
Issue Ratings – Recovery Analysis
S&P's rate the EUR630 million proposed senior secured fixed-rate
notes (maturing July 2031) and the existing senior secured notes
(totaling EUR1.9 billion, with maturities spread over 2029-2031) at
'BB', in line with the issuer credit rating, with a '3' recovery
rating, reflecting its expectation of meaningful recovery prospects
(50%-70%; rounded estimate: 50%) in a default scenario.
The recovery rating factors the current volatile valuation
environment for the real estate industry.
S&P said, "Under our hypothetical default scenario, we assume a
default triggered by a combination of limited renewals of
off-street parking concessions and lease contracts, along with a
deterioration in the economies of the countries in which Q-Park
operates. This will result in declining revenue and pressure on
margins because of the company's high annual fixed-lease payments.
"We value Q-Park as a going concern, given its strong market
positions, well-diversified contract base, and geographic exposure,
the long-term nature of its contracts, and the large portfolio of
legally owned real estate in core European markets.
"We think that Q-Park's owned properties have high replacement
value, since they are in strategic locations, and the company could
convert the space for alternative use without any external
approval.
"We apply a combined approach, using a discrete asset valuation for
owned assets and ground leases, and EBITDA multiple valuations for
concession and lease agreements."
Simulated default assumptions
-- Simulated year of default: 2030
-- Jurisdiction: The Netherlands
Simplified waterfall
-- Emergence EBITDA: EUR147 million
-- EBITDA multiple at default (for concession and lease
agreements): 6.0x
-- Gross recovery value: EUR1.45 billion
-- Net recovery value for waterfall after administrative expense
(5%): EUR1.37 billion
-- Priority claims (revolving credit facility [RCF] and ancillary
facilities): EUR273 million
-- Value available for senior secured claims: EUR1.1 billion
-- Senior secured claims: EUR1.98 billion
--Recovery expectations: 50%-70% (rounded estimate: 50%)
Note: All debt amounts include six months of prepetition interest.
S&P assumes usage of 85% for the RCF at default.
VINCENT MIDCO: Moody's Withdraws 'B2' CFR on Facilities Repayment
-----------------------------------------------------------------
Moody's Ratings has withdrawn Vincent Midco BV (Vermaat)'s ratings,
including the company's B2 corporate family rating and the B2-PD
probability of default rating. Moody's have also withdrawn the B2
ratings on the company's EUR477 million backed senior secured first
lien term loan B1 due June 2030 and on the EUR110 million backed
senior secured first lien revolving credit facility due December
2029, both issued by Vincent Bidco BV, a direct subsidiary of
Vincent Midco BV. Prior to the withdrawal, the outlooks were on
review for upgrade.
The rating action follows the full repayment of its rated senior
secured facilities on December 15, 2025.
RATINGS RATIONALE
Moody's have withdrawn the ratings because Vermaat's facilities
previously rated by us have been fully repaid.
COMPANY PROFILE
Headquartered in the Netherlands, Vermaat is the market leader in
premium catering and hospitality services in the country, with a
growing presence in France and Germany. The company was majority
owned by Bridgepoint from December 2019 until December 2025, and
generated revenue of EUR608 million in 2024. Following its recent
acquisition, Vermaat has become a fully owned subsidiary of Compass
Group PLC since December 15, 2025.
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P O L A N D
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MLP GROUP: Moody's Rates New EUR350MM Senior Unsecured Notes 'Ba2'
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Moody's Ratings has assigned a Ba2 instrument rating to MLP Group
S.A.'s (MLP or the group) proposed EUR350 million senior unsecured
green notes due 2031.
Moody's expects the group to allocate the proceeds from the new
issuance to early refinance approximately EUR185 million of secured
bank loans, repay EUR41 million of domestic bonds, invest around
EUR121 million in new development projects including land
acquisitions, and cover anticipated fees and transaction costs.
RATINGS RATIONALE
The Ba2 instrument rating on the new senior unsecured notes is in
line with MLP's Ba2 long-term corporate family rating (CFR) and the
Ba2 rating on its outstanding senior unsecured notes due October
2029. The outlook is stable. MLP's Ba2 rating reflects robust
rental growth in its big-box and city logistics real estate
portfolio and is based on the expectation of continued improvement
in credit metrics. Moody's positively view the planned bond
issuance, which will support the diversification of MLP's funding
sources.
Upon completion of the transaction, the company will have largely
transitioned to a predominantly unsecured funding structure. From
this perspective, the proposed transaction is credit positive, as
it will bolster the company's pool of unencumbered assets with the
addition of ca. EUR435 million income-generating properties
released following repayment of secured bank borrowings. Pro-forma
for the new notes' issuance and planned debt repayments, unsecured
debt will represent more than 75% of total debt. Bondholders will
remain subordinated to secured bank loans of about EUR187 million
(including EUR41m secured loan drawn for Vienna in October 2025).
Moody's expects the ratio of unsecured properties to unsecured debt
to improve toward 1.5x in 2026, driven by the proposed transaction
and the completion of ongoing development projects which will begin
generating income over the next 12 months.
Post-transaction and considering the full-year contribution of
newly contracted rents as of September 2025, Moody's expects MLP's
credit metrics to remain broadly in line with Moody's 2026
forecast, namely Moody's-adjusted net debt to EBITDA close to 12x,
interest coverage (Moody's-adjusted EBITDA to interest expense)
slightly above 1.5x, and Moody's-adjusted debt to assets just below
50%. Consequently, MLP's rating will remain weakly positioned
within the Ba2 category over the next few quarters. However, given
the group's commitment to effectively execute its business plan and
its robust leasing pipeline over the next six to 12 months, Moody's
continues to anticipate a sustained increase in earnings through
newly contracted or renewed rental agreements. This should support
a gradual strengthening of earnings-based credit metrics over the
next 12–18 months toward Moody's minimum expectations of 1.8x
interest coverage and net debt to EBITDA not exceeding 11x, which
Moody's considers commensurate with the Ba2 rating.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Factors that could lead to an upgrade
A rating upgrade is unlikely at this point. It would require the
company to continue strengthening its business profile via
increased scale and the successful execution of development
projects, a solid track record of good operating results, and solid
credit metrics. Specifically, Moody's could upgrade the rating if
MLP:
-- Continues to increase the scale of its portfolio while
maintaining a strong operational performance, measured by high
like-for-like (LFL) rental income growth and high occupancy and
tenant retention in a stable operating environment
-- Continues to diversify its funding sources, while maintaining
unsecured investment properties/unsecured debt well above 2x, with
a high-quality asset pool in strong jurisdictions, providing good
coverage for unsecured creditors
-- Maintains Moody's-adjusted gross debt/assets below 45% and net
debt/EBITDA below 9x
-- Maintains a Moody's-adjusted interest coverage ratio of more
than 2.5x
-- Maintains good liquidity and a long-dated, staggered debt
maturity profile with financing needs addressed 12-18 months in
advance
Factors that could lead to a downgrade
-- Failure to diversify funding sources, with the amount and
quality of unencumbered assets not improving in the 12-18 months
after its inaugural issuance or its unsecured properties/unsecured
debt coverage not improving above 1.5x over the same period
-- Significant operating underperformance, including a declining
occupancy rate, subdued like-for-like rental income growth, a
shortening weighted average lease term (WALT) or sharply weakening
property market fundamentals
-- Moody's-adjusted gross debt/assets increasing above 50% and net
debt/EBITDA sustained above 11x
-- Interest coverage ratio sustained below 1.8x
-- Increased development risk, with the total committed pipeline
cost increasing above 10% of GAV and no significant pre-letting
ratios
-- Failure to maintain adequate liquidity
LIQUIDITY
MLP's liquidity will remain adequate over the next 12–18 months.
As of September 30, 2025, the group's cash and cash equivalents
amounted to EUR36 million. Liquidity sources also include Moody's
forecasts of annual funds from operations (FFO) of EUR20 million–
EUR30 million, which will cover operating cash needs. Capital
spending over the next 12–18 months will be supported by EUR121
million of the new notes' proceeds earmarked for new development
projects, including land acquisitions.
Given the company's stated financial policy target to reduce its
reported net loan-to-value (LTV) ratio to 40% or below, from 44.9%
at the end of September 2025, Moody's liquidity analysis assumes no
material shareholder distributions over the next 12 to 18 months.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was REITs and Other
Commercial Real Estate Firms published in May 2025.
COMPANY PROFILE
MLP Group S.A. specializes in developing and managing modern big
box and city logistics assets strategically located near large
cities or main transport corridors in Poland, Germany, Austria, and
Romania. As of end of September 2025, their portfolio includes
around EUR1.5 billion in Gross Asset Value (GAV) and 1.6 million
square meters of Gross Leasable Area (GLA).
=============
R O M A N I A
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MAS PLC: Fitch Affirms 'BB-' LongTerm IDR, Off Watch Negative
-------------------------------------------------------------
Fitch Ratings has affirmed MAS PLC's Long-Term Issuer Default
Rating (IDR) at 'BB-' and removed it from Rating Watch Negative
(RWN). The Outlook is Stable. It has upgraded the senior unsecured
rating to 'BB-' from 'B+', revised its Recovery Rating to 'RR4'
from 'RR5', and removed it from RWN.
The rating actions reflect the prepayment of MAS's remaining EUR173
million unsecured bond ahead of its May 2026 maturity. The
prepayment was financed with MAS's cash and the redemption of
preference shares it received from PKM Development Ltd (DJV),
following PK Investments Limited's (PKI) voluntary bid for shares
in MAS in 2025.
The rating reflects DJV's, together with other PK-related parties
deemed to be acting in concert, controlling interest in MAS and
common management of a combined EUR1.6 billion portfolio of
convenience-led, community-based shopping centres, which are
Romania-focused and in secondary locations. Fitch expects the
combined portfolio to maintain net debt/EBITDA at a maximum 5.5x
during 2026-2029 and EBITDA net interest cover above 2.6x.
Key Rating Drivers
MAS's 2026 Refinance Risk Resolved: In November 2025, MAS prepaid
its May 2026 EUR173 million bonds through a tender offer, at par,
and a subsequent clean-up call option. The prepayments used EUR169
million of readily available cash at FYE25 (financial year-end
June) and EUR76 million from the redemption of DJV's preference
shares sourced from raising new debt against DJV's Arges Mall and
Mall Moldova assets.
Redeeming the preference shares, rather than paying the accrued
coupons on the preference shares, reduces DJV's future coupon cost.
The majority portion of the remaining accrued coupons are senior to
the accrued 'development margin' payable to Prime Kapital (PK;
FYE25: EUR42.6 million), which cannot be paid until these accrued
coupons are paid. MAS still has a EUR470 million preference shares
commitment to DJV until 2030 (about EUR394 million currently
drawn).
In-Concert Entities Gain Control: By November 14, 2025, MAS
completed EUR21 million of ordinary share buybacks representing
about 3% of its share equity, following the announcement of its
updated strategy, prioritising 'the most attractive investment
opportunities' instead of paying a dividend. As a result, DJV,
together with other PK-related parties deemed to be acting in
concert under Maltese legislation, currently own over 50% of MAS.
Fitch understands that because the control was achieved as a
consequence of the share buyback rather than acquisition of further
shares through open market transactions, this does not trigger a
mandatory bid for MAS's remaining shares nor the change of control
put option available to the holders of the bond maturing in April
2029. Both would require an additional significant cash outlay.
PSL Criteria: Fitch said, "Given the ownership structure, we have
applied our Parent-Subsidiary Linkage (PSL) Rating Criteria. We
have compared DJV's consolidated profile with MAS's own profile. We
assess the standalone credit profile of MAS at 'bb'. This is the
same as the 'BB' consolidated profile. Then both profiles are
notched down to 'BB-' for Corporate Governance."
Fitch's Consolidated Approach: Fitch said, "We consolidated the
portfolios of MAS and DJV, together with their rents, debt and cash
balances, eliminating the mutual receivables and liabilities
related to the preference shares commitment and their coupons, and
revolving credit facility (RCF). We included EUR27.7 million of
PKI's preferred shares subscribed by former MAS shareholders within
the consolidated profile's debt. We expect Fitch-calculated
consolidated net debt/EBITDA to be 5.2x-5.5x during FY26-FY29
(FY25: 5.1x) and EBITDA net interest cover at 2.6x in FY26,
increasing to 3.3x in FY29. The portfolio of income-producing
assets totals EUR1.6 billion."
Limited Cash Flow from DJV: MAS is entitled to receive DJV's common
stock dividends and a 7.5% coupon on its outstanding preference
shares (FYE25: EUR546 million including accrued coupons) in DJV.
Besides the EUR76 million redemption of DJV's preference shares,
since FYE23, MAS has received only EUR7 million of cash coupons as
DJV's distributions are subject to a liquidity test, including
planned capex. If the test is not met, the preference shares
coupons are accrued but not paid.
DJV Commercial Assets and Developments: At FYE25, DJV's
income-producing retail properties had a gross asset value of
EUR574 million (mainly retail) and will generate EUR37 million in
passing annual net rental income. In April 2025, the extension and
redevelopment of Mall Moldova was completed, yielding EUR18 million
of annual net rent. The DJV' portfolio's occupancy was 89% (retail
only: 96%). Pro forma loan-to-value (LTV) increased to 41%,
including new debt against Arges Mall and Mall Moldova.
Robust FY25 Performance: In FY25, MAS's portfolio recorded a 6.6%
like-for-like (lfl) growth in passing net rent, aided by 10.4% rent
reversion and 2.8% inflation-linked indexation. Lfl footfall
increased 3.3% and lfl tenants' sales per square metre were up
6.9%. Occupancy was 98%, helped by a stable occupancy cost ratio of
10.8%. Net debt/EBITDA was a moderate 6.0x and EBITDA interest
coverage was 2.2x. The performance of DJV's retail assets, managed
by MAS, was also robust.
Governance Structure Limitations: MAS has a high ESG Relevance
Score for Governance Structure, reflecting the potential for
conflicts of interest and ownership concentration. MAS disclosed
that, currently, DJV indirectly and together with other PK-related
shareholders deemed to be acting in concert, own over 50% in MAS.
It remains highly unusual that DJV's past investments in MAS's
shares were funded from DJV's internal resources and MAS's funding
of DJV's preference shares. This governance structure has a
negative impact on the credit profile, potentially harmful to
senior unsecured creditors, resulting in lower ratings.
Peer Analysis
MAS's fully owned EUR1 billion retail portfolio (or EUR1.6 billion
together with DJV) is similar in size to Akropolis Group, UAB's
(BB+/Stable) dominant shopping centers portfolio of EUR1.3 billion,
and Supernova Invest GmbH's (BBB-/Stable) community assets
portfolio of EUR1.5 billion (at share). Akropolis's portfolio of
predominantly five retail assets and smaller retail units in
Lithuania (A/Stable) and Latvia (A-/Stable) has higher asset and
geographic concentration, but MAS's portfolio is predominantly in
Romania (BBB-/Negative), which is a weaker operating environment
than Lithuania and Latvia. Supernova is better geographically
diversified across four central and eastern European countries and
Austria, primarily rated 'A-' or above.
The portfolios of NEPI Rockcastle N.V. (BBB+/Stable), valued at
EUR7.6 billion; Globalworth Real Estate Investments Limited
(BBB-/Stable), valued at EUR2.5 billion; and Globe Trade Centre
S.A. (GTC; B/RWN), valued at EUR2.4 billion, are bigger and more
diversified. However, only GTC is diversified between retail,
offices and residential-for-rent.
MAS differs from other Fitch-rated EMEA real estate companies in
its complex corporate structure, where new properties are
exclusively developed and held through DJV but financed with
MAS-committed preference shares. Peers typically directly develop
and own their assets or through jointly controlled JV structures.
MAS's forecast standalone net debt/EBITDA at 4.9x-5.3x is
comparable to Akropolis's expected net debt/rental-derived EBITDA
of below 5.5x until 2028 after the acquisition of Galio Group and
NEPI's below 5.1x during 2025-2028. Fitch estimates Supernova's net
debt/EBITDA at 8.1x in 2025, before falling to 7.8x in 2027.
Globalworth's net debt/EBITDA is forecast at 8.1x-8.5x during
2025-2028 and GTC's Fitch-adjusted net debt/EBITDA is estimated at
11.6x for 2025, before falling below 11x in 2027.
Fitch's Key Rating-Case Assumptions
MAS's Standalone Profile:
- Only dividends and cash-paid preference share coupons received
from DJV (generated from recurring, rental-derived, post-interest
expense profits) are included in MAS's Fitch-adjusted EBITDA.
Coupons are assumed at zero in the forecast period. In FY26, Fitch
includes the cash inflow from the announced EUR75.9 million
redemption of preference shares to MAS
- Lfl net rental income growth of 2% in FY26-FY29, due to
indexation and rent increases on renewals
- No ordinary dividend during FY26, but EUR21 million of the
announced MAS share buyback. In FY27, EUR20 million of
dividend/shares buyback. Dividend at 90% of funds from operations
in FY28-FY29
- No acquisitions, except EUR15 million for two small extensions
purchased from DJV given the already exercised put option available
to DJV
- Remaining commitments to DJV at FYE25 of EUR30 million RCF is
paid in FY26
MAS's and DJV's Consolidated Profile:
Fitch analyses the consolidated profile of MAS together with DJV's
assets and net rental income.
- Lfl net rental income growth of 2% in FY26-FY29 due to indexation
and rent increases on renewals
- No acquisitions, except the EUR115 million of the cash
considerations related to the PKI voluntary bid
- PKI's EUR27.7 million preferred shares subscribed by former MAS
shareholders included in debt
- No dividend during FY26, but EUR21 million of MAS's share
buybacks. In FY27, EUR30 million of listed preferred shares in PKI
are redeemed (including 7% yearly escalation). Combined DJV and MAS
pay 90% consolidated funds from operations as external dividends
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Material deterioration in operating metrics, such as occupancy
below 90%
- Net debt/EBITDA (including cash-paid preference share coupons)
exceeding 8.5x
- Changes in the group structure that would negatively affect the
rating assessment under Fitch's PSL Rating Criteria
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Material increase in geographic diversification, while
maintaining portfolio quality
- Net debt/EBITDA (including cash-paid preference share coupons)
below 7.5x
- Changes in the group structure that would positively affect the
rating assessment under Fitch's PSL Rating Criteria
Liquidity and Debt Structure
At FYE25, MAS had EUR169 million of cash and access to a EUR20
million undrawn RCF (which was scheduled to mature in November
2025). After FYE25, MAS was in negotiations for a EUR45 million
loan to refinance debt secured on the DN1 Value Centre with a
top-up and received EUR76 million of DJV's preference shares
redemption. The available cash was used to fully prepay the
remaining EUR173 million of bonds by November 2025 (maturing in May
2026) and EUR21 million of share buybacks.
The next significant debt repayment is in FY28 when about EUR107
million of secured debt matures.
EBITDA interest coverage was 2.2x in FY25 and Fitch expects it to
increase to 3.7x in FY27. Fitch's EBITDA calculations include only
cash income from the DJV preference share coupons and dividends,
with none assumed during the forecast years.
Issuer Profile
MAS is a real estate company owning and operating a portfolio of
retail assets mainly in Romania, but also Bulgaria, Poland and
Germany. The shopping centres are largely focused on secondary
locations weighted towards convenience-led stores. MAS has exposure
to asset development exclusively through DJV.
RATING ACTIONS
Rating Prior
------ -----
MAS PLC
LT IDR BB- Affirmed BB-
senior unsecured LT BB- Upgrade RR4 B+
=========
S P A I N
=========
CERVANTES TOPCO: S&P Affirms 'B' ICR on Dividend Recap Transaction
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Cervantes Topco S.L.U. (Europa Education Group; EEG) and issue
rating on the upsized EUR975 million term loan B (TLB). The
recovery rating on the TLB is '3' (estimated recovery 55%).
The stable outlook reflects S&P's expectation that EEG revenue and
EBITDA will continue to grow organically, supported by strong
earnings visibility and resilient margins, while FOCF generation
will benefit from the reduction in expansion capital expenditure
(capex) following the completion of major campus investments.
Cervantes Topco S.L.U. (Europa Education Group; EEG) plans to issue
a EUR300 million add-on to its existing EUR675 million term loan B
(TLB) maturing in December 2031. It will use the proceeds to repay
EUR50 million of drawn revolving credit facility (RCF) and
distribute a dividend of about EUR250 million to its shareholders.
The proposed dividend recapitalization is expected to increase
leverage to above 6x in 2026, from an estimated 5.4x in 2025,
thereby reducing rating headroom over the next 12 months.
However, we expect leverage to improve and trend toward 5x by 2027,
on the back of strong revenue and EBITDA growth and positive free
operating cash flow (FOCF) generation after leases, supported by
elevated earnings visibility of the sector.
Although the proposed dividend recapitalization keeps the group's
credit metrics within the thresholds for the current rating, we
expect headroom to remain tight over the next six to 12 months. EEG
plans to use the proposed EUR300 million add-on to its TLB to
distribute approximately EUR250 million in dividends to its
shareholders and repay EUR50 million of drawn RCF, strengthening
its liquidity profile. This dividend recapitalization is happening
only about one year after EQT acquired a majority stake in the
group, delaying the company's deleveraging prospects. Following the
proposed transaction, EEG's S&P Global Ratings-adjusted debt is
expected to increase to approximately EUR1.1 billion, with S&P
Global Ratings-adjusted leverage peaking at around 6.2x in 2026
before improving toward 5.0x by 2027. S&P also forecasts funds from
operations (FFO) cash interest coverage will remain above 2.0x in
both 2026 and 2027.
EEG is expected to sustain robust operating performance in
2026-2027, with continued revenue growth and stable profitability,
underpinned by the successful completion of a significant multiyear
investment cycle. The opening of the new campuses in Málaga and
Lisbon marks the final phase of this expansion program, which also
included the development of a new campus in Alicante, the expansion
of the historical Madrid campus, and extensions to the Canary
Islands and Valencia campuses. During this investment phase, the
group incurred substantial capex, which increased from about EUR30
million per year in 2021-2022, to about EUR75 million in 2023-2024
and peaked in 2025 at EUR106 million. Collectively, the new
campuses add capacity for around 16,000 additional students,
materially enhancing the group's medium-term growth potential.
Following this period of elevated investments, EEG is transitioning
into a consolidation phase, focusing on optimizing utilization
across its expanded campus network and further strengthening its
value proposition within existing universities. S&P expects the
total student base to reach approximately 71,300 by 2027.
Consequently, revenue is projected to grow by around 19% in 2025
and 16% in 2026, reaching approximately EUR490 million and EUR568
million, respectively. As growth increasingly shifts from capacity
expansion to cohort maturation and pricing, total enrolment growth
is expected to moderate, while revenue growth will be supported by
mix improvement and continued premiumization. S&P Global
Ratings-adjusted EBITDA margins are forecast to be around 32% in
2025 and to remain broadly stable thereafter, reflecting operating
leverage, disciplined cost control, and the maturation of recently
opened campuses.
The group benefits from strong earnings visibility, a resilient
margin profile, and high cash conversion. EEG's earnings visibility
is underpinned by a sizable captive student base, reflecting its
focus on undergraduate programs with typical tenures of four to six
years. These programs account for more than half of total enrolment
and over 70% of revenue, supporting stable and predictable cash
flows. Management indicates around 94% visibility on 2026 revenue
and earnings, assuming existing enrolments. However, relative to
the broader education sector, earnings visibility remains lower
than that of K-12 operators, which typically benefit from longer
student tenures of eight to nine years. Despite rapid expansion,
EEG has maintained solid profitability, with its S&P Global
Ratings-adjusted EBITDA margin stable at around 29% in both 2023
and 2024. S&P expects margins to stabilize at around 32% from 2025
as recently opened campuses ramp up and operating leverage
increases. Limited working-capital volatility and low maintenance
capex support strong cash conversion.
After projecting materially negative FOCF after leases in 2025,
driven by elevated expansion capex and working capital outflows, we
except a progressive improvement in 2026-2027. S&P said, "We
estimate FOCF after leases to deteriorate to approximately negative
EUR54 million in 2025 compared with negative EUR15 million in 2024,
principally underpinned by material capex of about EUR106 million
and working capital outflows of EUR20 million in 2025. This level
of investments was significantly above our previous expectation. We
forecast, FOCF after leases will improve to about neutral in 2026
before a strong recovery in 2027, as the group ends its heavy
investment phase. We anticipate capex will normalize to around
EUR23 million from 2027, alongside a normalization of working
capital as major campus developments are completed. As a result, we
expect FOCF after leases to turn positive and improve significantly
to approximately EUR85 million in 2027."
The private higher education sector in Iberia presents a supportive
operating environment for EEG, with the recent introduction of
Royal Decree 905/2025 further strengthening barriers to entry. The
sector has demonstrated resilience across economic cycles and is
expected to continue expanding, driven by structural long-term
trends, including a gradual shift from public to private education,
rising demand for master's degrees amid delayed labor-market entry
and lifelong learning needs, increasing internationalization, and
growing adoption of online education. In Spain, the
higher-education market benefits from structurally high barriers to
entry, underpinned by strict regulatory requirements at both the
national and regional levels, quality and accreditation standards,
strong brand recognition, and the need for sizable upfront
investment. These dynamics favor well-capitalized incumbents like
EEG, which has invested significantly in its campus network and
academic infrastructure. S&P said, "Against this backdrop, we
expect EEG to capture a meaningful share of industry growth. Recent
regulatory changes related to the accreditation of new universities
and enhanced obligations for existing institutions further
reinforce barriers to entry while creating potential consolidation
of smaller players, in our view. The group is largely insulated
from these developments, as it has no new university licenses under
development and is already compliant--or on track to comply--with
the new requirements. While the regulation does not materially
constrain EEG's operations, higher education remains a sector of
heightened public scrutiny and ongoing regulatory attention. In
addition, Spain's evolving regional political landscape introduces
some uncertainty around future regulatory changes, which could
affect operating conditions. Although we do not anticipate a
material impact from such changes, regulation remains a potential
source of event risk."
S&P said, "We view generative AI as a strategic opportunity rather
than a near-term credit risk for EEG. The group operates in a
highly regulated environment, with more than 90% of its programs
officially accredited and a strong focus on health-related degrees,
which materially limits the disruptive potential of AI on its core
business. At the same time, management is proactively leveraging AI
to enhance both the academic proposition and the operating model.
EEG has embedded AI-related content across its entire degree
portfolio and developed dedicated undergraduate and postgraduate
programs in areas such as AI, cybersecurity, and data analytics.
Beyond academics, the group is deploying AI across teaching,
assessment, content creation, commercial processes, and academic
management, with the objective of improving student outcomes,
operational efficiency, and retention. AI governance is formalized
through a dedicated executive committee role responsible for IT and
AI, ensuring alignment with academic standards, ethical
considerations, and business objectives. Overall, we believe EEG's
structured and disciplined approach to AI supports its competitive
positioning and operating efficiency without introducing material
execution or regulatory risk in the near to medium term.
"The stable outlook reflects our expectation that EEG's revenue and
EBITDA will continue to grow organically, supported by strong
earnings visibility and resilient margins, while FOCF generation
will benefit from the reduction in expansion capex following the
completion of major campus investments. The stable outlook reflects
our expectation that leverage will decline from its 6.2x peak in
2026 on EBITDA expansion, while FOCF after leases will be neutral
in 2026 but will grow in excess of EUR50 million per year from
2027."
S&P could lower the rating on EEG over the next 12 months if:
-- The group's leverage increases above 7x on debt-funded
acquisitions, additional shareholder distributions or material
underperformance;
-- FOCF after leases remains structurally negative, resulting in
pressured liquidity; or
-- S&P's view of the business risk profile is impacted by
unfavorable regulatory developments, or significant operational
setbacks impacting the group's growth prospects, profitability, or
cash-conversion.
S&P said, "We view a positive rating action over the next 12 months
as unlikely, given that the company's highly leveraged capital
structure and financial-sponsor ownership. We could raise the
ratings if EEG overperforms our base case in terms of growth and
FOCF, while leverage declines sustainably below 5.0x, accompanied
by a sponsor's clear commitment to preserve leverage at or below
this level."
JERONIMO FUNDING: Fitch Affirms Bsf Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Jeronimo Funding DAC's notes.
RATING ACTIONS
Rating Action
------ ------
Jeronimo Funding DAC
Class A XS2956114727 LT AAAsf Affirmed AAAsf
Class B XS2956118637 LT AA-sf Affirmed AA-sf
Class C XS2956118801 LT A-sf Affirmed A-sf
Class D XS2956119106 LT BBB-sf Affirmed BBB-sf
Class E XS2956119361 LT BB-sf Affirmed BB-sf
Class F XS2956119528 LT Bsf Affirmed Bsf
Transaction Summary
Jeronimo Funding DAC is a cash-flow securitisation of residential
mortgages originated in Spain by Unicaja Banco, S.A. (Unicaja, BBB
/Stable/F2) and other financial entities integrated into Unicaja.
As of 30 September 2025, 68% of the portfolio balance related to
restructured loans.
KEY RATING DRIVERS
Credit Enhancement Compensates Performance Volatility: Fitch said,
"We expect the portfolio's performance to be volatile, driven by a
material share of restructured loans at 68% of the current balance,
although this is sufficiently compensated by increasing credit
enhancement (CE). We expect ratings to be constrained by eventual
reductions in the portfolio's recovery rates upon default, as
signaled by the related model sensitivities."
As of end-October 2025, 9.7% of the portfolio balance had more than
three missed monthly instalments, up from 7.6% at the portfolio-cut
off closing in October 2024. At the same time, CE has increased
rapidly for all notes, driven by the collection of interim funds
since October 2024 until the transaction closing in January 2025
and the ongoing mandatory sequential turbo amortisation of the
notes. CE for the class A notes has increased to 28.1% from 24.3%,
and the class F notes to 16.7% from 14.2% during the same period.
High Foreclosure Frequency Expectations: Fitch's foreclosure
frequency (FF) expectation on the non-defaulted portfolio, at 18.5%
and 48% for the 'Bsf' and 'AAAsf' rating cases, has increased from
the FF expectations at closing, of 15.3% and 41.6%, respectively.
This is driven by a recent increase of late-stage arrears and
reflects that over a third of the restructured loans have less than
12 months of clean payment history. Since calibrating the portfolio
FF rates at closing, Fitch has maintained a 1.2x transaction
adjustment to reflect its general assessment of the pool, based on
historical performance data and the servicing strategies for
restructured loans.
Projected Deferrals on Mezzanine Notes: Fitch said, "We expect the
class B to F notes to incur material interest deferrals for a
period of more than eight years in their respective rating driving
scenarios, according to our cash flow modelling. Such long
deferrals may also take place under the 'CCCsf' rating case (linked
to a weighted average FF on the portfolio of 16.1%), primarily
influenced by back-loaded defaults, low prepayments and decreasing
interest rates, as well as step-up margins on the notes. We expect
the deferred amounts to be repaid in a short period of time once
each note becomes the most senior outstanding."
In line with Fitch's Global Structured Finance Rating Criteria, the
rating analysis reflects Fitch's expectation that any interest
deferrals will be fully recovered by the legal maturity date, that
deferrals are a common structural feature in Spanish RMBS, and that
the transactions' documentation include a defined mechanism for the
repayment of deferred amounts.
Payment Interruption Risk Mitigated: Fitch said, "We deem payment
interruption risk (PiR) on the class A notes in a servicer
disruption as mitigated up to the 'AAAsf' rating case, considering
the dedicated liquidity cash reserve for the class A notes that
covers more than five months of senior fees and interest due
amounts, which is sufficient time to implement alternative
arrangements. Similarly, we assess PiR on the class B to F notes to
be sufficiently mitigated up to 'AAAsf' due to the presence a
general reserve fund that covers each note's interests and senior
costs for a similar period of time in a collection disruption
event."
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
CE ratios unable to fully compensate the credit losses and cash
flow stresses associated with the current ratings, all else being
equal, will result in downgrades. For example, a 15% increase in
defaults and a 15% decrease in recoveries would result in
approximately a one-category downgrade for the class A notes and
multi-category downgrades for the class B to F notes.
Weaker-than-expected performance of restructured loans, especially
those with shorter clean payment history, would lead to
downgrades.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Increase in CE ratios as the transaction deleverages to fully
compensate for the credit losses and cash flow stresses
commensurate with higher ratings would lead to upgrades, except for
the 'AAAsf' notes. For example, a 15% decrease in defaults and a
15% increase in recoveries would result in two-notch upgrades to
the class B notes and multi-category upgrades to the class C to F
notes.
TELEFONICA EMISIONES: S&P Rates Proposed Hybrid Securities 'BB'
---------------------------------------------------------------
S&P Global Ratings had assigned its 'BB' long-term issue rating to
the proposed hybrid securities to be issued by Telefonica Emisiones
S.A.U. (BBB-/Stable/--), the Spanish finance subsidiary of
Spain-based telecom group Telefonica S.A. (BBB-/Stable/A-3), which
will guarantee the proposed securities.
Telefonica intends to use the proceeds to refinance a portion or
the entirety of several outstanding subordinated guaranteed
fixed-rate reset securities, including the following:
-- EUR1.0 billion in securities with a first call date of June 22,
2026,
-- EUR0.5 billion in securities with a first call date of Feb. 5,
2027,
-- EUR0.75 billion in securities with a first call date of Aug.
23, 2028.
-- The total refinancing amount targeted is between EUR1.0 billion
and EUR1.75 billion.
S&P said, "The company has said it might also repurchase some of
the existing instruments via a tender offer, and we understand that
Telefonica does not intend to permanently increase its stock of
hybrids, totaling EUR7.550 billion at the end of 2025. After the
replacement and liability management transaction, Telefonica
expects its hybrid portfolio to be similar in size to the current
portfolio. We expect to assess the new issuance as having
intermediate equity content and an equivalent amount of the
existing hybrids as having minimal equity content.
"We estimate that hybrids will continue to comprise about 14%-14.5%
of Telefonica's S&P Global Ratings-adjusted capitalization, leaving
limited capacity under our 15% cap as per our criteria.
"We expect to classify the proposed hybrid as having intermediate
equity content until the first reset date, which is set to be 5.25
to 10 years after issuance. During this period, it will meet our
criteria for subordination, permanence, and optional deferability.
Consequently, when we calculate Telefonica S.A.'s adjusted credit
ratios, we will treat 50% of the principal outstanding under the
proposed securities as equity, rather than debt; and 50% of the
related payments on these securities as equivalent to a common
dividend."
The two-notch difference between S&P's 'BB' issue rating on the
securities and its 'BBB-' issuer credit rating on Telefonica S.A.
reflects the following downward adjustments from the issuer credit
rating:
-- One notch for the proposed securities' subordination, because
S&P's long-term issuer credit rating on Telefonica S.A. is
investment grade; and
-- An additional notch for payment flexibility due to the optional
deferability of interest.
S&P said, "The notching indicates that in our view there is a
relatively low likelihood that Telefonica Emisiones will defer
interest payments. Should our view change, we may significantly
increase the number of downward notches that we apply to the issue
rating. We may lower the issue rating before we lower the issuer
credit rating."
Key Factors In S&P's Assessment Of The Securities' Permanence
Although the proposed securities have no maturity date, Telefonica
Emisiones can redeem them on any date between the first call date
and the first reset date, and on every interest payment date
thereafter. The first call date will be three months before the
first reset date, itself likely to be 5.25 to 10 years after
issuance.
In addition, Telefonica can call the instrument any time, at a
premium, through a make-whole redemption option. S&P said,
"Telefonica has stated that it has no intention of redeeming the
instrument before the first call date, and we do not consider that
this type of make-whole clause creates an expectation that the
proposed securities will be redeemed before then. Accordingly, we
do not view it as a call feature in our hybrid analysis, even
though the documentation for the hybrid instrument refers to it as
a make-whole option clause."
More generally, S&P understand that the group intends to replace
the proposed hybrid securities, although it is not obliged to do
so. In its view, this statement of intent, combined with the
group's record of replacing hybrid securities, mitigates the
likelihood that it will repurchase the securities without
replacement.
Telefonica Emisiones will pay a coupon on the proposed securities
equal to the applicable benchmark rate plus a margin. The margin
will increase by 25 basis points (bps) 10 years after issuance, and
by a further 75 bps 20 years after the first reset date. S&P views
the cumulative 100 bps increase as a step-up that provides
Telefonica Emisiones with a material incentive to redeem the
instruments 20 years after the first reset date.
After the first reset date, S&P will no longer recognize the
proposed securities as having intermediate equity content because
the remaining period until economic maturity would, by then, be
less than 20 years.
Key Factors In S&P's Assessment Of The Securities' Subordination
The proposed securities will be deeply subordinated obligations of
Telefonica Emisiones and will have the same seniority as the
hybrids issued in 2013, 2014, 2016, 2017, 2018, 2019, 2020, 2021,
2022, 2023, and 2024. As such, they will be subordinated to the
senior debt instruments and are only senior to common. S&P
understands that the group does not intend to issue any preferred
shares.
Key Factors In S&P's Assessment Of The Securities' Deferability
S&P said, "In our view, Telefonica Emisiones' option to defer
payment of interest on the proposed securities is discretionary. It
may, therefore, choose not to pay accrued interest on an interest
payment date. However, if an equity dividend or interest on any
equal-ranking or junior securities is paid, or if there is a
redemption or repurchase of the hybrid or any equal-ranking or
junior securities, Telefonica Emisiones would have to settle any
deferred interest payment in cash.
"This condition remains acceptable under our rating methodology
because, once the issuer has settled the deferred amount, it can
choose to defer payment on the next interest payment date."
The issuer retains the option to defer coupons throughout the life
of the securities. The deferred interest on the proposed securities
is cash cumulative and compounding.
===========
T U R K E Y
===========
ALTERNATIFBANK AS: Moody's Affirms 'Ba3' Bank Deposit Ratings
-------------------------------------------------------------
Moody's Ratings has affirmed Alternatifbank A.S.'s (Alternatifbank)
long-term and short-term bank deposit ratings of Ba3 and NP
respectively. Moody's also affirmed the long-term Counterparty Risk
Ratings (CRRs) and Counterparty Risk (CR) Assessment of the bank of
Ba2 and Ba2(cr) respectively, as well as the short-term CRRs and CR
Assessment of NP and NP(cr) respectively. At the same time, Moody's
affirmed the bank's Baseline Credit Assessment (BCA) of b3 and
Adjusted BCA of ba3 which incorporates three notches of uplift to
reflect the very high probability of support from The Commercial
Bank (P.S.Q.C.) (CBQ, A3, ba1, stable). The bank's long-term and
short-term National Scale bank deposit ratings and National Scale
long-term and short-term CRRs have also been affirmed at
Aa1.tr/TR-1 and Aaa.tr/TR-1 respectively. The outlook on the bank's
long-term bank deposit ratings remains stable.
RATINGS RATIONALE
RATINGS AFFIRMATION
The affirmation of Alternatifbank's b3 BCA reflects its modest
asset quality and liquidity buffers, balanced by single-name and
sectoral credit concentrations, modest core capital, volatile
earnings, and a continued reliance on less-stable wholesale
funding.
As of September 2025, the bank's non-performing loan ratio was 1.3%
below the sector average of 2.3%, supported by limited retail and
small and medium (SME) exposures given its predominantly corporate
lending focus. Credit concentrations will continue to weigh on
credit quality, and overall asset quality is likely to weaken
moderately despite ongoing disinflation. Still-high, though
improving, inflation and the appreciation of the Turkish lira will
likely continue to weigh on the repayment capacity of SMEs and
certain corporate borrowers, particularly exporters.
Alternatifbank's modest capital buffers are reflected in a Common
Equity Tier 1 ratio of 10.0%, which remains sensitive to volatility
in the Turkish Lira and continues to benefit from regulatory
forbearance by the Central Bank of the Republic of Turkiye. While
the removal of forbearance measures starting in 2026 will likely
reduce reported ratios, Moody's already exclude these measures from
Moody's analysis. Moody's expects capital to increase modestly as
profitability normalizes, supporting internal capital generation.
However, profitability remains pressured by elevated funding costs
and high operating expenses. While overall earnings have been
volatile, the bottom-line has been supported by fee and commission
income and one-off gains from asset disposals, which Moody's
considers non-recurring and unsustainable. Moody's expects core
profitability to improve as funding costs decline following
reductions in the monetary policy rate. However, the still-tight
monetary policy environment, including macroprudential caps on
monthly loan growth rates; which particularly impact corporate and
SME lending, will likely temper margin recovery.
Alternatifbank remains primarily funded by wholesale funding
sources including bilateral loans and repurchase agreements which
weigh on refinancing risk. Customer deposits accounted for around
37% of the balance sheet as of September 2025, with some
concentrations among the largest corporate depositors. While the
bank is likely to remain notably reliant on less-stable wholesale
funding, ongoing efforts to increase the share of stable retail
depositors will support gradual funding diversification. Liquidity
buffers remain modest, as core banking liquidity represented 15.4%
of tangible banking assets as of September 2025 and reported
Liquidity Coverage Ratio remained well above the regulatory limit
of 100%.
Alternatifbank's ba3 Adjusted BCA reflects the affirmation of the
b3 BCA and the continued three-notch uplift based on Moody's
assumptions of a very high probability of affiliate support from
the parent bank Qatar based CBQ, which reflects their 100%
ownership and Alternatifbank's status as a material subsidiary to
CBQ.
RATING OUTLOOK
The stable outlook on Alternatifbank's long-term bank deposit
ratings reflects Moody's expectations that the bank's profitability
will likely improve and normalize over the next 12-18 months, while
solvency will remain constrained by still-modest capital buffers.
The stable outlook also reflects Moody's expectations that
Alternatifbank's funding and liquidity profile will remain broadly
stable over the next 12 to 18 months. The stable outlook is also in
line with the stable outlook on the Government of Turkiye.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Upward pressure on Alternatifbank's BCA may emerge from (1) a
sustained recovery in core margins, improved cost efficiency and a
normalization in bottom-line profitability, (2) stronger core
capital buffers, (3) reduced balance-sheet concentrations and/or
(4) Turkiye's operating environment improves further with inflation
declining materially faster than expected.
Additionally, the bank's long-term bank deposit ratings may also be
upgraded if Turkiye's sovereign rating of Ba3 is upgraded.
Conversely, Alternatifbank's ratings could be downgraded if (1) the
bank's solvency weakens beyond Moody's expectations due to asset
quality pressures and limited improvement in profitability, (2) its
funding and liquidity profile deteriorate, demonstrated by higher
deposit concentrations or increased reliance on less-stable funds,
(3) the authorities revert to unorthodox policies, and/or (4)
Turkiye's sovereign rating of Ba3 is downgraded.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published
in November 2025.
Alternatifbank's "Assigned BCA" score of b3 is three notches below
the "Financial Profile" score of ba3 to reflect the issuer's single
name concentrations, modest core capital buffers and weaker
profitability reflected in pressured albeit improving core margins
and earnings volatility.
KUVEYT TURK: Fitch Affirms LongTerm 'BB-' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded Kuveyt Turk Katilim Bankasi A.S's
Viability Rating (VR) to 'bb-' from 'b+' and affirmed the Long-Term
Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer
Default Ratings (IDR) at 'BB-'. The Outlooks on the IDRs are
Stable.
The upgrade of Kuveyt Turk's VR reflects Fitch's improved
assessment of the Turkish operating environment, as shown by the
recent revision of the operating environment score for Turkish
banks to 'bb-'/stable from 'b+'/positive. The upgrade also
considers the bank's reasonable franchise as the largest
participation bank in Turkiye and strong financial profile metrics
amid improved operating conditions.
Key Rating Drivers
Individual Creditworthiness: Kuveyt Turk's IDRs are driven by its
intrinsic strength, as reflected in the VR. The VR reflects the
bank's niche as a leading participation bank in Turkiye, above
sector average profitability and capitalisation metrics, and
ordinary funding support from the parent, Kuwait Finance House
(K.S.C.P.) (KFH; A/Stable). The IDRs are also underpinned by
potential extraordinary support from KFH, as reflected in the 'bb-'
Shareholder Support Rating (SSR).
Improved but Challenging Operating Environment: Fitch said, "Our
view of the improved Turkish operating environment reflects the
normalisation and a stronger record of the country's monetary
policy. This has reduced refinancing risks and improved external
market access, policy credibility and consistency, and fostered
exchange-rate stability, despite financial market volatility.
However, banks are exposed to still high - but declining -
inflation, slowing economic growth, domestic political volatility
and macro-prudential regulations, despite simplification efforts."
Leading Participation Bank: Kuveyt Turk is the largest
participation bank in Turkiye, a segment defined as strategically
important by the government. However, the bank had a fairly small
market share of 3% of domestic banking sector assets at end-3Q25.
High Risk Appetite: Kuveyt Turk has high exposure to SME financing
(52% of gross financing), the construction and real estate sector
and a high share of foreign-currency (FC) financing (47% of gross
financing) which result in heightened credit risk.
Asset Quality Risks: The bank's Stage 3 financing ratio increased
to 2.3% at end-3Q25 (end-2024: 1.7%), similar to the sector's,
reflecting financing book seasoning and a high interest rate
environment. Fitch expects the impaired financing ratio to
deteriorate further to around 3.5% by end-2026, reflecting
sector-wide impairments within the SME segment due to slower
economic growth.
Strong Profitability Metrics: Operating profit was equal to an
annualised 5.5% of average total assets in 9M25 (2024: 6.1%), aided
by a strong net financing margin derived from one of the lowest
deposit costs in the sector. Fitch expects Kuveyt Turk's operating
profit/average total assets ratio to remain strong, but to decline
gradually to below 5% in 2026.
Adequate Capitalisation: Kuveyt Turk's common equity Tier 1 (CET1)
ratio remained adequate at 19.3% at end-3Q25 (16.8% net of
forbearance) in light of the bank's risk profile and growth
appetite. Balance-sheet leverage - as measured by the equity/assets
ratio - of 9.4%, which does not capture a 50% risk-weight reduction
on assets financed by profit-share accounts, compares well with the
sector average of 8.5%. Fitch expects the common equity Tier 1
(CET1) ratio to reduce to 18% in 2026 following the removal of
forbearance, but to remain adequate.
Ordinary Support, Adequate FC Liquidity: Customer deposits made up
73% of total non-equity funding at end-3Q25, with a high 60% in FC,
including sizeable precious metal deposits. Wholesale funding
comprised a high 27% of total funding at end-3Q25 (including a
subordinated sukuk issue), with 69% in FC. Its adequate FC
liquidity cushion and potential ordinary support from KFH mitigate
refinancing risks.
Shareholder Support: Kuveyt Turk's SSR considers potential support
from KFH, reflecting the former's strategic importance to KFH, its
role within the wider group and reputational risks for KFH from a
subsidiary default. However, the SSR is capped at the level of
Turkiye's Country Ceiling of 'BB-', which reflects potential
transfer and convertibility restrictions.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of the bank's Long-Term IDRs would follow a downgrade
of both its VR and SSR.
The VR is primarily sensitive to a weakening of the Turkish
operating environment. The VR could also be downgraded due to
erosion of Kuveyt Turk's capital buffers, most likely stemming from
weakening asset quality or pressure on profitability, or a decline
in FC liquidity buffers, if not offset by ordinary shareholder
support on a timely basis.
The SSR is sensitive to a downward revision of Turkiye's Country
Ceiling or an adverse change in Fitch's view of government
intervention risk, although this is not Fitch's base case. The SSR
is also sensitive to Fitch's view of KFH's ability and propensity
to provide support.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upward revision of the Country Ceiling could lead to an upgrade
of the bank's SSR and Long-Term IDRs.
A VR upgrade is currently unlikely given that it is already at the
level of the sovereign rating. An upgrade of the VR could result
from a sovereign upgrade and an upward revision of the operating
environment score, along with a material strengthening of Kuveyt
Turk's domestic franchise and a continued record of strong
financial metrics.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Kuveyt Turk's subordinated debt, issued through its special-purpose
vehicle KT21 T2 Company Limited, is rated one notch below the
bank's 'BB-' LTFC IDR anchor rating. Fitch uses Kuveyt Turk's LTFC
IDR as the anchor rating as Fitch believes shareholder support is
likely to be extended to the subordinated notes.
The notching for the subordinated notes includes one notch for loss
severity and zero notches for non-performance risk relative to the
anchor rating. The one notch for loss severity, rather than Fitch's
baseline two notches, reflects Fitch's view that shareholder
support (as reflected in the bank's LTFC IDR) could help mitigate
losses. Fitch has not applied any additional notching for
non-performance risk, as the notes do not incorporate going-concern
loss-absorption features.
The bank's National Long-Term Rating of 'AA(tur)' is underpinned by
support from its parent KFH, and is in line with those of
foreign-owned peers.
The Short-Term IDRs of 'B' are the only possible option mapping to
Long-Term IDRs in the 'BB' category.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The subordinated debt rating is sensitive to a change in Kuveyt
Turk's LTFC IDR anchor rating. The rating of the subordinated notes
is also sensitive to a reassessment of potential loss severity and
non-performance risk.
The National Long-Term Rating is sensitive to changes in Kuveyt
Turk's LTLC IDR and its creditworthiness relative to that of other
Turkish issuers.
The Short-Term IDRs are sensitive to changes in the bank's
Long-Term IDRs.
VR ADJUSTMENTS
The operating environment score of 'bb-' for Turkish banks is below
the 'bbb' category implied score due to the following adjustment
reason: sovereign rating (negative).
The asset quality score of 'b+' is below the category implied score
of 'bb' due to the following adjustment reason: concentrations
(negative).
The earnings and profitability score of 'bb-' is below the category
implied score of 'bbb' due to the following adjustment reason:
revenue diversification (negative).
Public Ratings with Credit Linkage to other ratings
Kuveyt Turk's ratings are linked to KFH's.
RATING ACTIONS
Rating Prior
------ -----
Kuveyt Turk Katilim Bankasi A.S
LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT AA(tur) Affirmed AA(tur)
Viability bb- Upgrade b+
Shareholder
Support bb- Affirmed bb-
KT21 T2 Company Limited
subordinated LT B+ Affirmed B+
TURKIYE FINANS: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Turkiye Finans Katilim Bankasi A.S.'s
(TFKB) Viability Rating (VR) to 'b+' from 'b' and affirmed its
Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency
(LTLC) Issuer Default Ratings (IDR) at 'BB-'. The Outlooks on the
IDRs are Stable.
The VR upgrade reflects Fitch's improved assessment of the Turkish
operating environment, as shown by the recent revision of its
operating environment score for Turkish banks to 'bb-'/stable from
'b+'/positive. The upgrade also considers the bank's adequate
business model and financial profile metrics in the context of
improved operating conditions.
Key Rating Drivers
Support Drives IDRs: TFKB's IDRs and National Long-Term Rating are
driven by potential shareholder support, as reflected by its
Shareholder Support Rating (SSR). Its LTFC IDR is constrained by
Turkiye's Country Ceiling of 'BB-', while its LTLC IDR also
considers Turkish country risks. The Stable Outlooks mirror those
on the sovereign. The bank's 'B' Short-Term IDRs are the only
possible option mapping to Long-Term IDRs in the 'BB' rating
category.
The VR reflects TFKB's small but reasonable franchise in
participation banking, adequate asset quality and ordinary funding
support from the parent, The Saudi National Bank (SNB; A/Stable).
It also reflects a high-risk appetite and moderate capitalisation.
Shareholder Support: TFKB's SSR considers potential extraordinary
support from its ultimate parent, SNB, primarily reflecting TFKB's
strategic importance to SNB's franchise, its role within the wider
group, and reputational risk for the parent. However, the SSR is
constrained by Turkiye's country risks.
Improved but Challenging Operating Environment: Fitch said, "Our
view of the improved Turkish operating environment reflects the
normalisation and stronger record of monetary policy. This has
reduced refinancing risks, and improved external market access,
policy credibility and consistency, and exchange-rate stability,
despite financial market volatility. However, banks are exposed to
still high - but declining - inflation, slowing economic growth,
domestic political volatility and macroprudential regulations,
despite simplification efforts."
Small Franchise as Participation Bank: TFKB made up only 1% of
total banking sector assets at end-3Q25, resulting in limited
pricing power. However, at end-3Q25, it made up 10% of
participation banking sector assets, a niche subsector with
reasonable growth prospects.
Concentration Risk: TFKB's high industry concentrations, including
to the SME segment, and high share of foreign-currency (FC)
financing (end-3Q25: 47% of gross financing) weigh on its risk
profile.
Asset-Quality Risks Manageable: The bank's impaired (Stage 3)
financing ratio of 1.1% at end-3Q25 was unchanged from end-2024,
aided by strong financing growth (9M25: 41%; 2024: 31%) similar to
other participation banks. Coverage of the impaired financing by
total financing loss allowances was 133%. Fitch said, "We expect
the Stage 3 ratio to rise towards 2% by end-2026, as some borrowers
struggle with still high financing rates."
Profitability to Improve: Operating profit decreased to 1.4% of
average assets in 9M25 (2024: 1.6%), due to a narrow net financing
margin and growing operating expenses. Fitch said, "We expect
TFKB's operating profit/average assets ratio to improve to around
2% in 2026, as the net financing margin widens in a declining
interest rate environment."
Moderate Capitalisation: The common equity Tier 1 (CET1) ratio
declined to 12.4% (11% net of forbearance) at end-3Q25 (end-2024:
15%) due to weaker profitability and fast growth of risk-weighted
assets. TFKB's capital ratios are supported by a favourable
risk-weighting on assets financed by profit-share accounts, with an
uplift of about 210bp to its CET1 ratio. Fitch forecasts the ratio
will be around 11% at end-2026 due to the removal of forbearance.
Ordinary Support, Adequate Liquidity: Customer deposits made up 79%
of total non-equity funding at end-3Q25, with 50% in FC. FC
wholesale funding comprised another 14% of total funding. However,
potential liquidity support from SNB limits refinancing risk.
Available FC liquidity fully covered total third-party FC wholesale
debt and a moderate proportion of FC deposits.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A downgrade of Turkiye's sovereign rating or an increase in Fitch's
view of government intervention risk would lead to a downgrade of
TFKB's SSR, leading to negative rating action on its Long-Term
IDRs, although this is not Fitch's base case. The SSR is also
sensitive to Fitch's view of SNB's ability and propensity to
provide support.
The bank's Short-Term IDRs are sensitive to a multi-notch downgrade
of its Long-Term IDRs.
The National Long-Term Rating is sensitive to negative changes in
TFKB's LTLC IDR and in its creditworthiness relative to that of
other Turkish issuers.
The bank's VR is primarily sensitive to a weakening in the Turkish
operating environment and a sovereign downgrade. The VR could also
be downgraded due to an erosion of TFKB's capital buffers, most
likely due to weakening asset quality, or pressure on profitability
and FC liquidity, if not offset by ordinary shareholder support on
a timely basis.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of Turkiye's Long-Term IDRs would likely lead to similar
action on TFKB's SSR and Long-Term IDRs. An upward revision of
Turkiye's Country Ceiling could also lead to an upgrade of the
bank's SSR and Long-Term IDRs.
The bank's Short-Term IDRs are sensitive to positive changes in the
Long-Term IDRs.
The National Long-Term Rating is sensitive to positive changes in
TFKB's LTLC IDR and in its creditworthiness relative to that of
other Turkish issuers.
An upgrade of TFKB's VR would require an upward revision of Fitch's
assessment of the operating environment in Turkiye, which in turn
would require an upgrade of the sovereign rating, along with TFKB
strengthening its domestic franchise, profitability metrics and
capital buffers.
VR ADJUSTMENTS
The operating environment score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason(s):
sovereign rating (negative).
The business profile score of 'b+' is below the 'bb' category
implied score due to the following adjustment reason(s): market
position (negative).
The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason(s): concentrations
(negative).
The earnings & profitability score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason(s):
earnings stability (negative).
The capitalisation & leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason(s):
leverage and risk-weight calculation (negative).
RATING ACTIONS
Rating Prior
------ -----
Turkiye Finans
Katilim Bankasi A.S.
LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT AA(tur) Affirmed AA(tur)
Viability b+ Upgrade b
Shareholder
Support bb- Affirmed bb-
===========================
U N I T E D K I N G D O M
===========================
4U FRESH: RSM UK Appointed as Joint Administrators
--------------------------------------------------
4U Fresh Produce 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.
CR‑2025‑009019, and David Shambrook, Gordon Thomson, and
Stephanie Sutton of RSM UK Restructuring Advisory LLP were
appointed as joint administrators on Jan. 6, 2026.
4U Fresh Produce Ltd specialized in the processing and preserving
of potatoes.
Its registered office and principal trading address is Unit 6,
Plaxton Bridge Road, Woodmansey, Beverley, HU17 0RT.
The joint administrators can be reached at:
David Shambrook
Gordon Thomson
Stephanie Sutton
RSM UK Restructuring Advisory LLP
25 Farringdon Street
London, EC4A 4AB
Correspondence address & contact details of case manager:
Waqaar Raja
RSM UK Restructuring Advisory LLP
25 Farringdon Street
London, EC4A 4AB
Tel: 020 3201 8000
Further details contact:
The Joint Administrators
Tel: 020 3201 8000
ALFRED LONDON: James Cowper Kreston Named as Joint Administrators
-----------------------------------------------------------------
Alfred London 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.
CR‑2025‑009129, and Sandra Lillian Mundy and Paul Michael
Davies of James Cowper Kreston were appointed as joint
administrators on Dec. 31, 2025.
Alfred London Ltd specialized in advertising agencies.
Its registered office is at Third Floor, Old Street Works, 205 City
Road, London, England, EC1V 1JN.
Its principal trading address is First Floor, Old Street Works, 205
City Road, London, England, EC1V 1JN.
The joint administrators can be reached at:
Sandra Lillian Mundy
Paul Michael Davies
c/o James Cowper Kreston
The White Building
1–4 Cumberland Place
Southampton, SO15 2NP
Further details contact:
Sydney May
Tel: 023 8022 1222
Email: smay@jamescowper.co.uk
BREAKSPEAR ARMS: Quantuma Advisory Appointed as Administrators
--------------------------------------------------------------
Breakspear Arms Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts of
England and Wales, Court No. CR-2025-008831, and Andrew Andronikou
and Michael Kiely of Quantuma Advisory Limited were appointed as
administrators on Dec. 16, 2025.
Its registered office is at Waters Meet, Willow Avenue, Denham,
Uxbridge, UB9 4AF (in the process of being changed to c/o Quantuma
Advisory Limited, 7th Floor, 20 St. Andrew Street, London, EC4A
3AG).
Its principal trading address is Waters Meet, Willow Avenue,
Denham, Uxbridge, UB9 4AF.
The joint administrators can be reached at:
Andrew Andronikou
Michael Kiely
Quantuma Advisory Limited
7th Floor, 20 St. Andrew Street
London, EC4A 3AG
Further details contact:
Tom Miller
Email: tom.miller@quantuma.com
CONTOURGLOBAL POWERHOLDINGS: S&P Affirms 'BB-' ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit ratings on
Contour Global Ltd. (CG) and ContourGlobal Power Holdings (CGPH)
and assigned a 'BB' issue rating to the proposed issuance, with a
recovery rating of '2' reflecting its expectation of 70%-75%
recovery in the event of a default.
The stable outlook reflects S&P's view that the group's power
generation portfolio will continue to perform strongly,
facilitating its ambitious growth strategy and timely phase-out of
coal-fired assets, with the weighted average debt-to-EBITDA ratio
staying generally below 6.0x and funds from operations (FFO) to
debt higher than 10%.
ContourGlobal Power Holdings (CGPH) plans to issue about EUR675
million of senior secured notes to refinance its EUR300 million
notes due in January 2028 and retire EUR350 million of debt
maturing in 2030 at ContourGlobal Finance Holdings (MidCo).
This will have a largely neutral leverage impact and reduce the
structural subordination of CGPH's lenders, with the remaining
revolving credit facility (RCF) at MidCo to be addressed before
maturity.
In S&P's view, unwinding MidCo's capital structure reinforces
CGPH's commitment to the current ratings, as does CGPH's consistent
execution of its strategy, which will strengthen its business
fundamentals and provide greater financial flexibility, with debt
to EBITDA staying within the 5.0x-6.0x range through its
transformation.
S&P said, "We view the refinancing as credit positive, since it
improves CGPH's lenders' position and further demonstrates
management's commitment to the ratings. The proposed transaction
represents another step toward fully eliminating MidCo's capital
structure, which in turn reduces the structural subordination of
CGPH's lenders. We expect MidCo's remaining EUR240 million fully
available RCF to be repaid or refinanced by CGPH by 2027, one year
in advance of its maturity, thereby simplifying the capital
structure and reducing the risk of cash flow interruptions.
"We expect ongoing acquisitions, greenfield developments, and solid
operating performance to support the quality of the dividends CGPH
will receive, despite current volatility. Management's consistent
execution of strategy and disciplined reinvestment of cash flows,
without increasing debt at the holding companies, while maintaining
reasonable consolidated leverage continue to underpin credit
quality. The proven commitment during this transition away from
coal, together with our expectation that ongoing developments will
strengthen the group's business fundamentals, allow us to view S&P
Global Ratings-adjusted debt to EBITDA of 5.0x-6.0x as commensurate
with our ratings, versus a maximum of 5.5x previously."
Timely execution of the proposed strategy remains the key credit
risk. Before KKR Infrastructure acquired CG, the group focused on
high-profit thermal assets in higher-risk geographies, which
supported rapid portfolio growth. The current shift toward
contracted renewable assets in mature economies enhances stability
and cash-flow predictability, but at the cost of lower margins and
returns to shareholders. As a result, S&P believes efforts to
replace divested assets will need to be more substantial to
maintain dividend distribution levels and credit metrics.
S&P said, "The stable outlook reflects our expectation that S&P
Global Ratings-adjusted debt to EBITDA will be 5.0x-6.0x and FFO to
debt will exceed 10% in 2026-2027 while the group develops its
growth plan. We also expect acquisitions and greenfield investments
will increase the group's energy capacity and respective dividend
distributions to CGPH. This should compensate for the phase-out of
coal plants, which represented a material and stable portion of
total distributions. We expect the expanding asset portfolio will
continue to operate under long-term contracts with mostly
investment-grade (rated 'BBB-' and higher) counterparties and
generate predictable cash flows to support its debt obligations."
S&P could downgrade CG and CGPH by one notch if:
-- S&P sees an increase in debt at CGPH, such that adjusted debt
to EBITDA at the holding company rises and remains higher than 6.0x
and FFO to debt trends below 10% in the next two years;
-- There is a material reduction of distributions from the asset
portfolio, which could happen because of setbacks related to growth
while phasing out coal, or significant operating underperformance;
-- There is increased leverage at the corporate level or at MidCo;
or
-- Contrary to S&P's expectations, S&P sees the new sponsor
maximizing shareholders' returns to the detriment of the group's
credit quality.
S&P said, "We could lower the issue ratings by one notch if we
lower the issuer credit rating by one notch, if we see management
leveraging MidCo's structure, or if we estimate recovery prospects
for the holding company's creditors have fallen below 70% because
of additional subordination of debt, or lower/deteriorated quality
of distributions.
"We could consider raising the rating if the group delivers on its
business plan while consistently maintaining debt to EBITDA of
about 5.0x and FFO to debt of about 12%."
CRICKET BIDCO: Ernst & Young Appointed as Joint Administrators
--------------------------------------------------------------
Cricket Bidco Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD), Court No.
CR‑2026‑000014, and Samuel James Woodward and Dan Edkins of
Ernst & Young LLP were appointed as joint administrators on Jan. 6,
2026.
Cricket Bidco Limited specialized in the wholesale of other
intermediate products.
Its registered office is at c/o Ernst & Young LLP, 2 St Peter’s
Square, Manchester, M2 3EY (formerly of 80 Cheapside, London, EC2V
6EE).
Its principal trading address is The Belfry, Fraser Road, Erith,
Kent, DA8 1QH.
The joint administrators can be reached at:
Samuel James Woodward
Ernst & Young LLP
2 St Peter’s Square
Manchester, M2 3EY
Dan Edkins
Ernst & Young LLP
1 More London Place
London, SE1 2AF
Further details contact:
The Joint Administrators
Email: battcables@uk.ey.com
Alternative contact: Catriona Lynch
DEV6 LIMITED: Oury Clark Appointed as Administrators
----------------------------------------------------
DEV6 Limited was placed into administration proceedings in the High
Court of Justice, Court No. CR‑2026‑000052, and Carrie James
and Nick Parsk of Oury Clark Chartered Accountants were appointed
as administrators on Jan. 7, 2026.
DEV6 Limited specialized in the development of building projects.
Its registered office is at PO Box 4385, 14026651 – Companies
House Default Address, Cardiff, CF14 8LH.
The administrators can be reached at:
Carrie James
Nick Parsk
Oury Clark Chartered Accountants
Herschel House, 58 Herschel Street
Slough, Berkshire, SL1 1PG
Further details contact:
The Joint Liquidators
Email: IR@ouryclark.com
Tel: 01753 551111
Alternative contact: James Langston
DRS RECRUITMENT: Exigen Group Appointed as Administrators
---------------------------------------------------------
DRS Recruitment Ltd was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Court No. CR‑2025‑009038, and David Kemp and Darren
Edwards of Exigen Group Limited were appointed as administrators on
Jan. 7, 2026.
DRS Recruitment Ltd specialized in other service activities not
elsewhere classified.
Its registered office is at Warehouse W, 3 Western Gateway, Royal
Victoria Docks, London, E16 1BD.
Its principal trading address is Bridle Close Business Centre,
Bridle Close, Finedon Road Industrial Estate, Wellingborough, NN8
4RN.
The administrators can be reached at:
David Kemp
Darren Edwards
Exigen Group Limited
Warehouse W, 3 Western Gateway
Royal Victoria Docks, London, E16 1BD
Further details contact:
David Kemp
Tel: 0207 538 2222
FOSSE SIL WY: PKF Littlejohn Appointed as Joint Administrators
--------------------------------------------------------------
FOSSE SIL WY LTD was placed into administration proceedings in the
High Court of Justice, Business and Property Courts in England and
Wales, Insolvency and Companies List (ChD), Court No.
CR-2025-009054, and Paul Williams and James Sleight of PKF
Littlejohn Advisory Limited were appointed as joint administrators
on Dec. 23, 2025.
FOSSE SIL WY LTD specialized in the development of building
projects.
Its registered office is at The East Wing, Holland Court, The
Close, Nowrich, NR1 4DY.
The joint administrators can be reached at:
Paul Williams
PKF Littlejohn Advisory Limited
15 Westferry Circus, London
E14 4HD
James Sleight
PKF Littlejohn Advisory Limited
4th Floor, 12 King Street
Leeds, LS1 2HL
For further details contact:
Michael Sullivan
Tel: 0113 241 5141
Email: msullivan@pkf-l.com
GASCORP (PLAXTON): RSM UK Named as Joint Administrators
-------------------------------------------------------
Gascorp (Plaxton) Ltd was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD) Court No.
CR‑2025‑009016, and David Shambrook, Gordon Thomson, and
Stephanie Sutton of RSM UK Restructuring Advisory LLP were
appointed as joint administrators on Jan. 6, 2026.
Gascorp (Plaxton) Ltd specialized in gas manufacturing.
Its registered office and principal trading address is Office 71,
The Colchester Centre, Hawkins Road, Colchester, CO2 8JX.
The joint administrators can be reached at:
David Shambrook
Gordon Thomson
Stephanie Sutton
RSM UK Restructuring Advisory LLP
25 Farringdon Street
London, EC4A 4AB
Correspondence address & contact details of case manager:
Waqaar Raja
RSM UK Restructuring Advisory LLP
25 Farringdon Street
London, EC4A 4AB
Tel: 020 3201 8000
Further details contact:
The Joint Administrators
Tel: 020 3201 8000
INDUSTRIAL WATER: Bespoke Insolvency Appointed as Administrator
---------------------------------------------------------------
Industrial Water Jetting Systems 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‑001681, and Peter John Harold of
Bespoke Insolvency Solutions was appointed as administrator on
Dec. 19, 2025.
Industrial Water Jetting Systems Limited specialized in sewerage.
Its registered office and principal trading address is Unit 1,
Barons Court Graceways, Whitehills Business Park, Blackpool,
FY4 5GP.
The administrator can be reached at:
Peter John Harold
Bespoke Insolvency Solutions
PO Box 798
Rochdale, OL16 9TX
Email: info@bespokeinsolvency.co.uk
Alternative contact: Jessica Hodgson
LANTEGLOS HOTEL: KR8 Advisory Appointed as Administrators
---------------------------------------------------------
Lanteglos Hotel and Villas Limited, formerly trading as Lanteglos
Farmhouse Hotel Limited, was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency and Companies List (ChD), Court No.
CR‑2026‑MAN‑000001, and Lauren Wentworth and Matthew Mills of
KR8 Advisory Limited were appointed as administrators on Jan. 2,
2026.
Lanteglos Hotel and Villas Limited specialized in hotels and
similar accommodation.
The company was previously known as Lanteglos Farmhouse Hotel
Limited (Dec 1979 - Mar 1983); and Limited and Appenhouse Limited
(Oct 1979 - Dec 1979).
Its registered office and principal trading address is Lowin House,
Tregolls Road, Truro, TR1 2NA.
The administrators can be reached at:
Lauren Wentworth
Matthew Mills
KR8 Advisory Limited
7th Floor, 20 St Andrew Street
London, EC4A 3AG
For further details, contact:
John Higgins
Tel: 0161 504 9799
Email: caseenquiries@kr8.co.uk
LEGATO EURO II: Fitch Gives Class F Notes 'B-sf' Final Rating
-------------------------------------------------------------
Fitch Ratings has assigned Legato Euro CLO II Designated Activity
Company notes final ratings.
RATING ACTIONS
Legato Euro CLO II Designated Activity Company
Class A Loan LT AAAsf New Rating
Class A XS3237199263 LT AAAsf New Rating
Class B XS3237199933 LT AAsf New Rating
Class C XS3237200293 LT Asf New Rating
Class D XS3237201697 LT BBB-sf New Rating
Class E XS3237203719 LT BB-sf New Rating
Class F XS3237204014 LT B-sf New Rating
Subordinated Notes
XS3237204105 LT NRsf New Rating
Transaction Summary
Legato Euro CLO II Designated Activity Company is a securitisation
of mainly senior secured obligations (at least 90%) with a
component of senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Note proceeds have been used to fund a portfolio
with a target par of EUR400 million that is actively managed by LGT
Capital Partners (U.K.) Limited. The collateralised loan obligation
(CLO) has a 4.5-year reinvestment period and a 7.5-year weighted
average life test (WAL) at closing.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.7.
High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 60.6%.
Diversified Portfolio (Positive): The transaction includes various
concentration limits, including a top 10 obligor concentration
limit of 20% and a maximum exposure to the three largest
Fitch-defined industries of 40%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.
Portfolio Management (Neutral): The transaction includes two Fitch
test matrix sets, and each set comprises two matrices that
correspond to fixed rate asset limits of 5% and 10%, respectively.
All matrices correspond to a top 10 obligor limit at 20%. One set
is effective at closing, corresponding to a 7.5-year WAL test. The
other set, which corresponds to a seven-year WAL test, is effective
six months after closing, or 18 months after closing if WAL steps
up by one year. Switching to the forward matrices is subject to the
satisfaction of the reinvestment target par condition.
The transaction has a 4.5-year reinvestment period, which is
governed by reinvestment criteria that are similar to those of
other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.
WAL Test Step Up Feature (Neutral): The transaction can extend its
WAL by one year on or after the WAL step up determination date,
which is one year after closing. The WAL extension is subject to
conditions including the adjusted collateral principal amount being
at least equal to the reinvestment target par balance.
Cash Flow Analysis (Neutral): The WAL used for the transaction's
Fitch-stressed portfolio is 12 months shorter than the WAL covenant
at issue date. This is to account for strict structural and
reinvestment conditions after the reinvestment period, including
the satisfaction of coverage tests and the Fitch 'CCC' limitation
test. These conditions reduce the effective risk horizon of the
portfolio in stress periods.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
An increase of the mean the default rate (RDR) by 25% and a
decrease of the recovery rate (RRR) by 25% at all ratings in the
identified portfolio would lead to downgrades of one notch each for
the class D and E notes, two notches each for the class B and C
notes, to below 'B-sf' for the class F notes, and would not affect
the class A notes.
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B and
C notes each have a one-notch cushion, and the class D to F notes
each have a two-notch cushion, due to the better metrics and
shorter life of the identified portfolio than the Fitch-stressed
portfolio. The class A notes have no rating cushion.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to three
notches each for the notes, except for the class F notes, which
would be downgraded to below 'B-sf'.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to two notches each for all notes, except the
'AAAsf' notes.
Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
transaction's remaining life. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread to cover losses in the remaining portfolio.
LIGHTFOOT SOLUTIONS: Begbies Traynor Appointed as Administrator
---------------------------------------------------------------
LIGHTFOOT SOLUTIONS GROUP LIMITED was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Court No. CR‑2025‑009029, and Bai
Cham and Gavin Savage of Begbies Traynor (Central) LLP were
appointed as administrators on Dec. 23, 2025.
LIGHTFOOT SOLUTIONS GROUP LIMITED specialized in business and
domestic software development.
Its registered office is at c/o Begbies Traynor, Innovation Centre
Medway, Maidstone Road, Chatham, Kent, ME5 9FD.
The administrators can be reached at:
Bai Cham
Gavin Savage
Begbies Traynor (Central) LLP
Innovation Centre Medway
Maidstone Road
Chatham, Kent, ME5 9FD
For further information contact:
Ben Parsons
Begbies Traynor (Central) LLP
Tel: 01634 975440
Email: medway@btguk.com
SW DRAINAGE: FRP Advisory Named as Joint Administrators
-------------------------------------------------------
SW Drainage Solutions Ltd was placed into administration
proceedings in the High Court of Justice, Court No.
CR‑2025‑008659, and Glyn Mummery and Julie Humphrey of FRP
Advisory Trading Limited were appointed as joint administrators on
Dec. 30, 2025.
SW Drainage Solutions Ltd specialized in sewerage.
Its registered office is at Northside House, 69 Tweedy Road,
Bromley, BR1 3WA (to be changed to Jupiter House, Warley Hill
Business Park, The Drive, Brentwood, Essex, CM13 3BE).
Its principal trading address is Unit OY 11 A, Elm Court Estate,
Capstone Road, Gillingham, Kent, ME7 3JQ.
The joint administrators can be reached at:
Glyn Mummery
Julie Humphrey
FRP Advisory Trading Limited
Jupiter House, Warley Hill Business Park
The Drive, Brentwood, Essex, CM13 3BE
Further details contact:
The Joint Administrators
Tel: 01277 50 33 33
Alternative contact: Elizabeth Heggs
Email: cp.brentwood@frpadvisory.com
UDNY ARMS: Begbies Traynor Appointed as Administrator
-----------------------------------------------------
Kevin Mapstone of Begbies Traynor (Central) LLP was appointed as
administrator of Udny Arms Hotel Limited on Dec. 18, 2025.
Trading as Udny Arms Hotel & Trellis Cafe, Udny Arms Hotel
Limited's registered office is at c/o Begbies Traynor (Central)
LLP, Woodburn House, 4/5 Golden Square, Aberdeen, AB10 1RD.
Its principal trading address is 50 Main Street, Newburgh, Ellon,
AB41 6BL.
The Administrator can be reached at:
Kevin Mapstone
Begbies Traynor (Central) LLP
Suite L1 & L2, Woodburn House
4/5 Golden Square, Aberdeen, AB10 1RD
Tel: 01224 602870
Email: udny.arms@btguk.com
Alternative contact:
Lucas Warren
Email: lucas.warren@btguk.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
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Information contained herein is obtained from sources believed to
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